Hawthorn Suites Fishkill Fishkill, NY · Detroit, Fort Lauderdale, St. Petersburg and more. The...

Hawthorn Suites FishkillFishkill, NY

Investment Offering Memorandum

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Hawthorn Suites Fishkill — Investment Offering Memorandum

Opportunity Overview HREC Investment Advisors is pleased to offer for sale the fee-simple interest in the 139-room Hawthorn Suites Fishkill (herein referred to as the “Property” or “Hotel”), located in Fishkill, New York. The Fishkill area is set to undergo a $300 million development project which will bring 500-1000 new jobs to the area. The Hotel, located in southeast New York sits roughly 70 miles north of New York City, is strategically located next to major demand generators including Dutchess Stadium, SplashDown Beach Water Park, Indian Point Energy Center, and a range of premier golf courses. The Property benefits from heavy transient traffic as it sits at the intersection of two heavily travelled highways, US-9 and I-84 providing consistent corporate and leisure demand from travelers heading north from New York City.

The Property contains 325 sq. ft. of meeting and event space, an outdoor pool with BBQ area, heated whirlpool, a fitness center, complimentary buffet style breakfast, and on-site laundry facilities and services. Rooms at the Property include a variety of 2-story oversized family style rooms as well as standard rooms with King or Queen Beds. Each room contains a fully-equipped kitchen, flat screen TV, and Free High Speed WiFi. The acquisition of the Hawthorn Suites Fishkill presents an exceptional opportunity for an investor or investors to acquire a well-operating asset with notable branding in an area that is experiencing tremendous economic development and promising growth, with additional rate growth upside upon renovation.

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Investment HighlightsExcellent Location in Rapidly Developing Community

The Property is in an ideal location just 70 miles north of New York City and accessible to nearby Interstate 87. The Property sits between two major highways US-9 and I-84 and benefits from major through traffic from transient travelers making their way into upstate New York from New York City or Hartford, CT (80 miles). Both highways experience averages of 25,000-75,000 daily traffic counts through Fishkill providing consistent demand through town.

The Fishkill area is experiencing rapid economic development increasing overall demand to the area with new sports complexes, and over $300 million worth of renovations and new construction. The Hotel is in close proximity to major demand generators including Dutchess Stadium (6 miles), SplashDown Beach Water Park (2 miles), Fishkill Golf Course & Driving Range (1 mile), Indian Point Energy Center (21 miles), and the Cricket Valley Energy Center (28 miles).

Recognized Brand Affiliation

The Hawthorn Suites is recognized as one of the Wyndham Destination brands of hotels. The Property benefits from operating under a trusted hospitality company that is composed of over 9,000 hotels covering 75 different countries across the world. Wyndham Destinations offers a range loyalty programs and incentives for customers to continue to stay at their branded properties.

Operational Upside

As of April 2018, NOI is up over 40% since the end of 2017 and should continue to grow with additional economic development to the area. The Property is currently achieving market penetrations of 110.7 in occupancy, 81.0 in ADR, and 89.7 in RevPAR. A Hotel of this quality should be reaching significantly higher market penetrations relative to the competitive set and should be over 100 in all categories. With the Property improving its position against the competitive set and increasing penetrations to 100 in RevPAR, a new owner would see room revenues increase by roughly 11.5%. A new owner has the opportunity to renovate the Property as well as implement new revenue management strategies to drive market penetration in RevPAR and ADR.

Significantly Reduced Property Taxes

The new assessment of $4.567 million for the Hotel in 2018 is down from approximately $9 million, therefore the real estate taxes will be cut significantly. Property taxes for 2018 are estimated at approximately $129,000, which is $109,277 less than 2017.

Unencumbered by Management

The Hawthorn Suites presents an opportunity for an investor to purchase the Hotel offered unencumbered by a management company. This allows a new investor to maximize control over day-to-day operations and determine and cost cutting strategies and drive more cash flow to the bottom line.

Below Replacement Cost

As we continue to move further into the real estate cycle, an investor’s acquisition basis relative to building new has become an increasingly important investment metric. In this regard, the Property presents an opportunity to acquire a high quality hotel at a valuation that is well below replacement-cost – an investor’s best hedge against lingering economic and financial uncertainty.

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Property Overview The Property is a multi-building complex composed of 18 condo style buildings with standard rooms as well as oversized family rooms. Originally constructed as a Residence Inn by Marriott, the Property has an outdoor pool and picnic area with BBQ grills, a business center, fitness center, over 300 sq. ft. of meeting rooms, and on-site laundry services and facilities. Complimentary buffet style breakfast is available every morning.

PROPERTY OVERVIEWPROPERTY NAME Hawthorn Suites FishkillADDRESS 14 Schuyler Blvd

Fishkill, NY 12524COUNTY Dutchess CountyNUMBER OF ROOMS 139MEETING SPACE ±325 SFYEAR OPENED 1985LOT SIZE 5 AcresLAYOUT 18 Separate Guestroom BuildingsSTORIES 2AMENITIES • Business Center

• Fitness Center• Complimentary Breakfast• Laundry Facilities• Outdoor Pool• Whirlpool Spa• Suite-Style Rooms• Outdoor BBQ Area

GuestroomsEach room contains a flat screen TV, fully-equipped kitchen, and free high speed Wi-Fi. Standard rooms come with the option of King, King Suites, Queens, and Queen Suites with 300, 320, 250, and 280 sq. ft. of living space respectively. The Property’s 18-individual building exterior layout offers private access to guestrooms providing a unique style of private living.

ROOM TYPE SQ FTKING 300KING SUITE 320QUEEN 250QUEEN SUITE 280

Other AmenitiesThe Property offers amenities typical to the Hawthorn Suites branding. The Hotel has a seasonal outdoor pool and heated whirlpool, full-time fitness center, 235 on-site parking spaces, and a BBQ area for hosting events and picnics.

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Market OverviewFishkill/Poughkeepsie

The Hawthorn Suites Fishkill is located in the town of Fishkill part of Dutchess County. Fishkill is located roughly 70 miles north of New York City and about 80 miles west of Hartford, Connecticut and is part of the Poughkeepsie-Newburgh-Middleton, NY Metropolitan Statistical Area as well as the larger New York-Newark-Bridgeport, NY-NJ-CT-PA Combined Statistical Area. Fishkill was one of the largest colonial military encampments during the Revolutionary War and was home to George Washington’s confidential assistant and military officer Alexander Hamilton. The area now benefits from rich history where visitors can explore Franklin D. Roosevelts Home, the FDR Presidential Library and Museum, and more.

The Fishkill area has since turned into a highly desired area with over 23,000 residents. Fishkill offers a wide range of major businesses including IBM, CH Energy Group, Vassar Brothers Hospital, and one of Gap’s Distribution Centers. The Property’s location in Fishkill places it near other major demand generators including West Point, Vassar College, Marist College, and the Culinary Institute of America. Located just off the Hudson River, outdoor leisure attractions in the immediate area include Breakneck Ridge Trail, Hudson Highlands, and Storm King State Park where visitors can hike, hunt, fish, bike, or experience a hot air balloon tour over the Appalachians. Just outside of the Fishkill region, Dutchess County offers premier shopping including designer stores and outlets to hundreds of different antique stores.

Dutchess County is currently experiencing significant economic growth and development with upwards of $2.5 billion in commercial projects under construction and an additional $540 million in planning and development. The area has seen the market grow both residentially and commercially with real estate prices growing by over 200% in the past 20 years. The economic growth should attract more residents, businesses, and leisure visitors to the area that already benefits from a large and highly skilled labor force. Dutchess County receives roughly 4.5 million annual visitors each year.

DUTCHESS COUNTY MAJOR EMPLOYERS TOTAL

HealthQuest 5,600 IBM 4,100 Vassar Brothers Medical Center 2,100 Bard College 1,800 Global Foundries 1,800 Mid-Hudson Regional Hospital 1,800 Culinary Institute of America 1,500 Marist College 1,300 Vassar College 1,100 Central Hudson 1,000

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DEMAND GENERATORS

SplashDown Water ParkLocated 2 miles from the Property is SplashDown Beach known as “America’s Biggest Little Waterpark”. The park is home to over 15 different water slides as well as an oversized wave pool and lazy river. During 2018, the park introduced their largest attraction with a new ride nicknamed “The Meg”, sending riders down a slide into a near-vertical zero gravity tubing experience. In 2015, TripAdvisor Travelers’ Choice Award named SplashDown Beach a Top 25 Water Park in the US, coming in at 16th overall.

Dutchess StadiumThe 4,500-seat stadium is the home of the Hudson Valley Renegades minor league baseball team who are the A-Level affiliate of the Tampa Bay Rays. The stadium hosts a number of other events throughout the year including college sports games, and concerts that have featured Akon, Rihanna, Drake, Def Leppard, and more.

Outdoor Leisure ActivitiesThe Property’s location in upstate New York places it within near proximity of leisure and outdoor attractions that include hiking, hunting, fishing, and biking. With access to major destinations including the Fishkill Ridge Trail, Breakneck Ridge Trail, Hudson Highlands, and Storm King State Park; visitors can see some of the best views available the Dutchess County area has to offer. Less than 2 miles from the Property is Fishkill Golf Course, a 12-hole par 3 course that hosts a range of different events throughout the year.

Business and Manufacturing Industry Dutchess County and the Properties location on the Hudson River provide an area composed of an excess of wealth, financial, technical, and educational industries. The area is home to small specialty firms as well as multi-national corporations. The Dutchess County area is known for world – renowned educational institutions making the area dependable for a highly skilled and adaptable workforce. Dutchess County has become a desired location for new manufacturing and tech industries.

Fishkill major businesses include IBM, CH Energy Group, Vassar Brothers Medical Center, St. Francis Hospital, and a 2.3 million sq. ft. GAP Distribution Center. The distribution center will undergo an expansion over the next 5 years that will create up to 1,200 new jobs in the area.

TRANSPORTATION

AirRoughly 11 miles west of the Property, New York Stewart International Airport (SWF) offers direct flights to major markets including Philadelphia, Orlando, Detroit, Fort Lauderdale, St. Petersburg and more. The airport has flights from carriers that include JetBlue, Allegiant, American Airlines, Delta, and Norwegian Air.

Hudson Valley Regional Airport is 7 miles north of the Property. The Airport is currently going under $7.3 million of infrastructure upgrades and improvements to attract businesses and leisure travelers to Dutchess County and the Hudson Valley Region.

NEW YORK STEWART INTERNATIONAL AIRPORT PASSENGER TRAFFIC

YEAR PASSENGERS % CH.2009 390,0652010 395,244 1.33%2011 413,654 4.66%2012 364,848 -11.80%2013 320,682 -12.11%2014 309,357 -3.53%2015 281,754 -8.92%2016 275,421 -2.25%2017 448,698 62.91%

Regional AccessThe Property is accessible via major roadways an sits just past the intersection of Interstate 84 and U.S. Route 9 which both experience between 25,000 – 75,000 daily travelers through the Fishkill region. The town is also accessible via State Route 52. Visitors can also access Fishkill via regional bus routes and Amtrak.

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1

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3

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5# PROPERTY

Hawthorn Suites1 Splashdown2 Dutchess Stadium3 Fishkill Ridge Trail4 Vassar Brothers Medical Center5 St Francis Hospital6 GAP

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NEW DEVELOPMENT

iParkThe former IBM campus in East Fishkill is set to become a 300-acre mixed use development branded as iPark that will have retail, apartment complexes, a hotel, and premier dining. Over the next 3-5 years the area will see renovations to over 2 million sq. ft. of existing buildings as well as new construction. The $300 million new development will bring 500-1000 new jobs that range from entry level to specialized high skill positions. The campus is also one of the final top 20 locations where Amazon could potentially open their highly desired new headquarters.

Sports KingdomeCurrently under development is an eight-acre air-supported dome sports complex just 4 miles from the Property. Set to be completed during 2018, the dome is composed of over 347,000 sq. ft. and will offer fields for baseball, softball, soccer, lacrosse, flag football, and field hockey. The $25 million project will be the largest air-supported sports dome in the world with clear spans of 464 ft. and ceilings reaching 160 ft. The new complex is expected to draw up to 600,000 visitors a year.

Vassar Brothers Medical CenterThe Vassar Brothers Medical Center located 13 miles from the Property is currently undergoing a $545 million renovation/addition of an eight floor project covering 752,000 sq. ft. Currently in the second year of a three year development project, the new center when complete will house 264 private medical/surgical rooms for patients as well as a 66-bay emergency room with approximately 58,000 sq. ft. of space which is almost double the size of the current emergency room. The current emergency room treats 70,000 annual patients. The new expansion will also include 15 operating suites, a 30 bed Intensive Care Unit, a 300-seat community conference center, and a 240-seat cafeteria.

FISHKILL LODGING MARKET

Competitive Set Overview The Hotel is currently underpenetrating the competitive set in RevPAR by 10.3%. Although RevPAR has increased over recent years, a new owner has the opportunity to renovate and determine new strategies to improve its positioning against the competitive set and increase RevPAR. Upon reaching a competitive set RevPAR penetration of 100, the Hotel’s room revenue will increase 11.5% to $67.66 or an additional $354,107. The decreased occupancy and increased ADR may increase profit margins.

The Hawthorn Suites competitive set consists of a combination of limited to select service hotels that are in the Fishkill region. The subject market of Lower Hudson Valley has seen positive growth in occupancy and RevPAR over the April TTM period with 2.3% and 1.2% increases respectively and should continue to grow into the future with new development drawing more demand and interest to the area. The primary competitive set is determined to be the only compared set of hotels and were chosen based off size, location, and overall facility quality. Including the Property, the competitive set is composed of eight hotels that total 885 rooms.

APRIL 2018 TTM MARKET PENETRATION

PROJECTED 100% PENETRATION OF COMPETITIVE SET

Occupancy 74.1% 66.9%ADR $81.88 $101.09 RevPAR $60.68 $67.66

Room Revenues $3,078,600 98.9% $3,432,707 98.9%

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Competitive Set Locations

Quality Inn & Suites FishkillRooms: 72

Extended Stay America Fishkill Route 9Rooms: 106

Hyatt House FishkillRooms: 135

Holiday Inn Express Fishkill Mid Hudson Valley

Rooms: 71

Hawthorn SuitesRooms: 139

Ramada FishkillRooms: 157

Hampton Inn FishkillRooms: 98

Extended Stay America Fishkill Westage Center

Rooms: 104

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HOTEL Hawthorn Suites Ramada Fishkill Extended Stay America Fishkill Route 9 Hampton Inn Fishkill

ADDRESS 14 Schuyler Blvd, Fishkill, NY 12524 542 U.S. 9, Fishkill, NY 12524 25 Merritt Blvd, Fishkill, NY 12524 544 U.S. 9, Fishkill, NY 12524

YEAR OPENED Dec - 1985 Mar - 1966 Jun - 1998 Aug - 1998NUMBER OF ROOMS 139 157 106 98NUMBER OF STORIES 3 2 3 4MEETING SPACE (SF) ±325 ±10,000 None NoneAMENITIES

Swimming Pool Outdoor Outdoor None IndoorWhirlpool Spa x x x x

Fitness Room ü ü x x

Business Center x ü x ü

Continental Breakfast ü ü ü ü

High-Speed Internet ü ü ü ü

Free Shuttle x x x x

Guest Laundry Facilities ü ü ü x

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HOTEL Extended Stay America Fishkill Westage Center Hyatt House Fishkill Holiday Inn Express Fishkill

Mid Hudson Valley Quality Inn & Suites Fishkill

ADDRESS 55 West Merrit Blvd, Fishkill, NY 12524

100 Westage Business Center Dr Fishkill, NY 1254

21 Schuyler Blvd, Fishkill, NY 12524 849 NY-52, Fishkill, NY 12524

YEAR OPENED Feb - 2004 Mar - 2006 Dec - 2007 Aug - 2007NUMBER OF ROOMS 104 135 71 72NUMBER OF STORIES 3 4 4 3MEETING SPACE (SF) None ±2,000 ±480 ±784AMENITIES

Swimming Pool None Indoor Indoor NoneWhirlpool Spa x x x x

Fitness Room x ü ü ü

Business Center x ü ü ü

Continental Breakfast ü ü ü ü

High-Speed Internet ü ü ü ü

Free Shuttle x x x x

Guest Laundry Facilities x ü ü x

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Competitive Set Market ResultsThe table below summarized the Occupancy, ADR, and RevPAR for the competitive set during the trailing twelve month periods from April 2016-2018 and year-to-date periods from April 2017-April 2018.

OCCUPANCY, ADR & REVPAR PRIMARY COMPETITIVE SETOccupancy ADR RevPAR

HOTEL COMP SET PENET. HOTEL COMP SET PENET. HOTEL COMP SET PENET.

Apr 2016 TTM 69.2% 82.9% 83.5% $120.23 $103.05 116.7% $83.16 $85.38 97.4%Apr 2017 TTM 62.0% 71.5% 86.7% $120.80 $109.17 110.7% $74.90 $78.07 95.9%Apr 2018 TTM 63.9% 76.4% 83.6% $109.64 $112.19 97.7% $70.02 $85.70 81.7%% Change ('17-'18) 3.0% 6.8% -3.6% -9.2% 2.8% -11.7% -6.5% 9.8% -14.8%Apr 2017 YTD 53.2% 65.1% 81.8% $100.95 $99.37 101.6% $53.75 $64.67 83.1%Apr 2018 YTD 42.8% 68.2% 62.8% $103.72 $99.25 104.5% $44.39 $67.69 65.6%% Change ('17-'18) -19.6% 4.8% -23.3% 2.7% -0.1% 2.9% -17.4% 4.7% -21.1%Source: Smith Travel Research

Financial OverviewThe following pages provide the historical results of operations for the Hawthorn Suites Fishkill for YE 2016-2017 periods and April 2018 TTM. The profit and loss statements, although deemed to be accurate, are presented for informational purposes only and should not be relied upon in making a final investment decision with regard to the Hotel. In this regard, HREC Investment Advisors and the Owner encourage potential investors to conduct their own research and analysis of the Hotel and the market.

Apr 2016 TTM Apr 2017 TTM Apr 2018 TTMHotel 61.4% 59.2% 74.1%Comp Set 70.9% 68.3% 66.9%Penet. 86.6% 86.7% 110.8%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

120.0%

Occupancy Comparison

Apr 2016 TTM Apr 2017 TTM Apr 2018 TTMHotel $90.80 $88.48 $81.88Comp Set $101.47 $105.68 $101.09Penet. 89.5% 83.7% 81.0%

$0.00

$20.00

$40.00

$60.00

$80.00

$100.00

$120.00

ADR Comparison

Apr 2016 TTM Apr 2017 TTM Apr 2018 TTMHotel $55.75 $52.38 $60.67Comp Set $71.94 $72.18 $67.63Penet. 77.5% 72.6% 89.7%

$0.00

$10.00

$20.00

$30.00

$40.00

$50.00

$60.00

$70.00

$80.00

RevPAR Comparison

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Note 1: Departmental expenses ratios are expressed as a percentage of their respective departmental revenues.Note 2: A base management fee of 3% and a reserve for replacement expense of 4% of total revenues were imputed.Note 3: Property Taxes are estimated to be reduced to $129,000 in 2018 due to the Property’s most recent assessment.

Year YE 2016 % REV $POR $PAR YE 2017 % REV $POR $PAR Apr 2018 TTM % REV $POR $PAR

Number of Guestrooms: 139 139 139

Number of Days in Year: 366 365 365

Occupancy: 63.9% 63.8% 74.1%

Average Room Rate: $88.26 $83.21 $81.88

RevPAR: $56.38 $53.10 $60.68

Occupied Rooms: 32,499 32,378 37,602

Available Rooms: 50,874 50,735 50,735

REVENUES

Rooms $2,868,471 99.3% $88.26 $20,636 $2,694,074 98.7% $83.21 $19,382 $3,078,707 98.9% $81.88 $22,149

Other Income 19,505 0.7% 0.60 140 34,106 1.3% 1.05 245 32,986 1.1% 0.88 237

TOTAL REVENUES $2,887,976 100.0% $88.86 $20,777 $2,728,180 100.0% $84.26 $19,627 $3,111,693 100.0% $82.75 $22,386

DEPARTMENTAL COSTS1

Rooms $756,233 26.4% $23.27 $5,441 $725,830 26.9% $22.42 $5,222 $777,037 25.2% $20.66 $5,590

Other Expenses 0 0.0% 0.00 0 0 0.0% 0.00 0 0 0.0% 0.00 0

TOTAL DEPARTMENTAL COSTS $756,233 26.2% $23.27 $5,441 $725,830 26.6% $22.42 $5,222 $777,037 25.0% $20.66 $5,590

GROSS OPERATING INCOME $2,131,743 73.8% $65.59 $15,336 $2,002,350 73.4% $61.84 $14,405 $2,334,656 75.0% $62.09 $16,796

UNDIST. OPERATING EXPENSES

Administrative & General $118,864 4.1% $3.66 $855 $154,958 5.7% $4.79 $1,115 $172,896 5.6% $4.60 $1,244

Management Fee2 86,639 3.0% 2.67 623 81,845 3.0% 2.53 589 93,351 3.0% 2.48 672

Franchise Fees 228,789 7.9% 7.04 1,646 247,412 9.1% 7.64 1,780 291,134 9.4% 7.74 2,094

Sales & Marketing 56,049 1.9% 1.72 403 63,090 2.3% 1.95 454 60,353 1.9% 1.61 434

Property Operations & Maint. 232,947 8.1% 7.17 1,676 323,714 11.9% 10.00 2,329 348,840 11.2% 9.28 2,510

Utility Cost 271,884 9.4% 8.37 1,956 290,425 10.6% 8.97 2,089 322,139 10.4% 8.57 2,318

TOTAL UNDIST. OPERATING EXPENSES $995,172 34.5% $30.62 $7,160 $1,161,444 42.6% $35.87 $8,356 $1,288,713 41.4% $34.27 $9,271

GROSS OPERATING PROFIT $1,136,571 39.4% $34.97 $8,177 $840,906 30.8% $25.97 $6,050 $1,045,943 33.6% $27.82 $7,525

FIXED CHARGES

Property Taxes $297,483 10.3% $9.15 $2,140 $238,277 8.7% $7.36 $1,714 $238,718 7.7% $6.35 $1,717

Insurance 30,214 1.0% 0.93 217 20,867 0.8% 0.64 150 19,861 0.6% 0.53 143

TOTAL FIXED CHARGES $327,697 11.3% $10.08 $2,358 $259,144 9.5% $8.00 $1,864 $258,579 8.3% $6.88 $1,860

C/F BEFORE RESERVE $808,874 28.0% $24.89 $5,819 $581,762 21.3% $17.97 $4,185 $787,364 25.3% $20.94 $5,664

Reserve for Replacement2 115,519 4.0% 3.55 831 109,127 4.0% 3.37 785 124,468 4.0% 3.31 895

NET OPERATING INCOME $693,355 24.0% $21.33 $4,988 $472,634 17.3% $14.60 $3,400 $662,896 21.3% $17.63 $4,769

HISTORICAL OPERATING ANALYSIS

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Confidentiality & ConditionsTThis is a confidential Investment Offering Memorandum (“Memorandum”), which is intended solely for your limited use and benefit in determining whether you desire to express any further interest in participating in the acquisition of Hawthorn Suites by Wyndham Fishkill (the “Property” or “Hotel”) in Fishkill, NY. You are bound by the Confidentiality Agreement executed in connection with your receipt of this Memorandum. This Memorandum was prepared by HREC Investment Advisors and has been reviewed by the Owner. It contains select information pertaining to the Property and does not purport to be all-inclusive or to contain all of the information, which prospective investors may desire. It should be noted that all the market analysis projections are provided for general reference purposes and are based on assumptions relating to the general economy, competition and other factors beyond our control and, therefore, are subject to material variation. Additional information and an opportunity to inspect material related to the Property will be made available to interested and qualified prospective investors. Neither the Owner nor HREC Investment Advisors nor any of their respective officers have made any representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its contents, and no legal commitments or obligations shall arise by reason of this Memorandum or its contents. It is essential that all parties to real estate transactions be aware of the health, liability and economic impact of environmental factors on real estate. HREC Investment Advisors does not conduct investigations or analyses of environmental matters

and, accordingly, urges interested parties to retain qualified environmental professionals to determine whether hazardous or toxic wastes or substances (such as asbestos, PCBs and other contaminants or petrochemical products stored in underground tanks) or other undesirable materials or conditions are present at the Property and if so, whether any health danger or other liability exists. Various laws and regulations have been enacted at the federal, state and local levels dealing with the use, storage, handling, removal, transport and disposal of toxic or hazardous wastes and substances. Depending on past, current and proposed uses of the Property, it may be prudent to retain an environmental expert to conduct a site investigation and/or building inspection. If such substances exist or are contemplated to be used at the Property, special governmental approvals or permits may be required. Consequently, legal counsel and technical experts should be consulted where these substances are or may be present. In this Memorandum, certain documents are described in summary form. The summaries do not purport to be complete descriptions of the full agreements involved, nor do they purport to constitute any legal analysis of the provisions of the documents. This brochure shall not be deemed an indication of the state of affairs of the Owner nor constitute an indication that there has been no change in the business or affairs of the Owner since the date of preparation of this Memorandum. Photocopying or other duplication of the Investment Offering Memorandum in part or entirety is not authorized.own research and analysis of the Hotel and the market.

Ketan Patel Senior Vice President

410-598-7595 [email protected]

Mark von Dwingelo Senior Vice President

203-308-0142 [email protected]

Phil White Senior Associate 303-267-0057 x104 [email protected]

New York Broker #10491206329

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