COURTYARD READING WYOMISSING READING, OFFERING MEMORANDUM COURTYARD READING WYOMISSING READING, PENNSYLVANIA

NATIONAL REACH. LOCAL KNOWLEDGE.

Teague Hunter Trey Scott David Perrin Jatin Patel Blair Revercomb President Vice President Vice President Associate Analyst [email protected] [email protected] [email protected] [email protected] [email protected] 770-916-0300 404-550-4231 770-701-2199 770-916-0300 770-916-0300

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Executive Summary ...... 3

Property Description ...... 7 Financial Overview ...... 11 Market Summary ...... 13 Disclaimers and Disclosures ...... 19 About Hunter ...... 20

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Recently Renovated Cash-Flowing Asset Property Overview The opportunity to acquire the recently renovated Courtyard Reading Wyomissing represents the addition of a growing revenue stream. The hotel Address 150 North Park Road, Reading, PA 19610 has consistently achieved a RevPAR of approximately $100, resulting in a TTM Date Opened 2009 July 2016 Topline Revenue of approximately $5.1M and an NOI of $1.9M. This NOI represents a 38.4% margin, indicating that it is being operated efficiently Ownership Interest Fee simple with solid revenue management. Number of Rooms 135 Guestrooms

Structure 6 Stories Prime Location in Ramping Market Restaurant: The Bistro; Business center; Fitness center; This asset is ideally located between major demand generators in Reading and Amenities Indoor pool and whirlpool Wyomissing. The Courtyard is located across the street from the popular VF Outlet Center, which features stores, restaurants, and entertainment options. Meeting Space 3 meeting rooms (2,341 square feet) Nearby job centers and educational institutions include the Reading Hospital First Energy Stadium; Reading Hospital and Medical & Medical Center, the Penn State University Berks Campus, and the Reading Center; ; ; VF Outlets; Maple Grove Raceway; Santander-Arena; GoogleWorks Area Community College. Demand Generators & Attractions Center for the Arts; Crystal Cave Park; Ontelaunee Orchards Inc & Corn Maze; Roadside America; Competitive Set Leader Shocktoberfest; Koziar’s Christmas Village The Courtyard is performing well in a strong Competitive Set and is 2 of 5 in Occupancy, 2 of 5 in ADR, and 2 of 5 in RevPAR, with index penetrations well above 100% for all metrics. As of TTM July 2016, the hotel is achieving a 125.1% index penetration in Occupancy, a 123.4% index penetration in ADR, and a 154.4% index penetration in RevPAR. These numbers suggest that the Courtyard is capturing far more than its proportionate share of the market, making it more resilient to external economic shocks.

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2014 2015 TTM July 2016

Occupancy 80.1% 76.6% 69.7%

ADR $129.20 $136.68 $131.24

RevPAR $103.43 $104.72 $91.50

Revenue Per Room $37,752 $38,222 $33,488

Room Revenue $5,096,542 $5,160,022 $4,520,922

Total Revenue $5,680,605 $5,804,995 $5,113,377

NOI* $2,336,034 $2,435,681 $1,965,974

NOI % 41.1% 42.0% 38.4%

*After 3% Management Fee and 4% FF&E Reserve

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Courtyard By Marriott Marriott’s largest brand by distribution, Courtyard has a legacy of impressive performance that include consistent delivery of high returns and solid RevPAR to owners. Courtyard owners also benefit from Marriot’s robust demand generation engine that drives top-line revenue while maximizing bottom-line savings.

Courtyard has long led the industry when it comes to meeting the needs of the modern business traveler. Since breaking into the market 30 years ago as a brand built for business, Courtyard has continuously evolved, pushing the boundaries of design, style and service in the upscale category.

Courtyard has introduced game-changing amenities like The Bistro – a leading fast casual restaurant – as well as guest insight-driven innovations like the GoBoard and collaborative lobby spaces. With a new, more flexible prototype that fits a wide range of site needs and the largest global rooms pipeline in the Marriott portfolio, Courtyard is poised to deliver owners even greater success in the future.

Courtyard by Marriott Highlights • Nearly 1,050 hotels and locations in all 50 U.S. states and over 45 countries • A robust pipeline of 285+ hotels • 924 hotels open in U.S. and Canada; 166 hotels in pipeline in U.S. and Canada • 1,047 hotels open globally; 285 hotels in pipeline globally • 110.4% average RevPAR Index • Marriott Rewards Member Paid Nights represent 56% of total Courtyard Nights • Marriott’s channels generate 66.3% of Courtyard’s reservations

Unencumbered by Management The Courtyard is being offered unencumbered of current management with Concord Hospitality.

Unencumbered by Debt The Courtyard is being offered unencumbered of debt.

Franchise & Property Improvement Plan (PIP) The change of ownership PIP for the Courtyard will be minimal due to recent renovation. The franchise license provides a high level of traveler allegiance and recognition, an excellent computerized reservation system, and Marriott’s popular “Marriott Rewards” guest loyalty program where guests earn free lodging.

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Guest Rooms and Amenities Food and Beverage Guest rooms in the Courtyard are furnished with comfortable amenities and The Courtyard features The Bistro, the hotel’s food and beverage outlet that modern décor. Guest rooms include premier linens, work desk, ergonomic serves Starbucks coffee during the breakfast meal and beer and wine during chair, and complimentary Wi-Fi. Suites feature flat-screen television, with the evening. A 24-hour sundry store is also on-site for guests to purchase food high-definition channels, that swivel so guests can watch television from the to prepare in their rooms. In addition to the restaurant and convenience store, bed or the sofa. Other amenities include a business center and fitness center. many local restaurants deliver dinner to hotel guests and there are restaurants within walking distance.

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Competitive Set Hotels

Courtyard Reading Wyomissing Crowne Plaza Reading The Inn at Reading Hampton Inn Reading Wyomissing Homewood Suites Reading

150 N Park Rd 1741 Papermill Rd 1040 N Park Rd 1800 Papermill Rd 2801 Paper Mill Rd Address Reading, PA 19610 Reading, PA 19610 Wyomissing, PA 19610 Wyomissing, PA 19610 Reading, PA 19610

Miles to Subject N/A 1.7 0.7 1.6 3.3

Opened 2009 1974 1962 1987 1999

# Rooms 135 253 170 142 119

Stories 6 5 1 5 4

1 restaurant: Prime Steak and Wine 1 restaurant: Publick House 1 bar/lounge: Goodnites Lounge Complimentary hot breakfast F&B 1 restaurant: The Bistro Restaurant and Tavern Complimentary hot breakfast and Nightclub Complimentary evening social 1 bar: The Cabana Bar Room service

3 meeting rooms 6 meeting rooms 15 meeting rooms 1 meeting room 1 meeting room Meeting Space 2,176 square feet 20,000 square feet 21,664 square feet 950 square feet 260 square feet

Fitness center Fitness center Fitness center Fitness center Fitness center Business center Business center Business center Business center Additional Amenities Business center Outdoor pool Indoor pool Outdoor pool Indoor pool Indoor pool Sundry shop Sundry shop Bakery Sundry shop Basketball court

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Homewood Suites Reading

Hampton Inn Reading The Inn at Reading Wyomissing

Crowne Plaza Reading

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STR June 2016 Smith Travel Research reports the following historical and comparative data for the Subject Asset. The Competitive Set is taken from those hotels that management considers to be in direct competition with the Courtyard.

The Courtyard has achieved consistently high index penetrations across all metrics, indicating it is performing well in its Competitive Set. As of TTM June 2016, the hotel achieved a 125.1% index penetration in Occupancy, a 123.4% index penetration in ADR, and a 154.4% index penetration in RevPAR, making it 2 of 5 in the Competitive Set. The Hotel’s RevPAR is $93.35 in comparison to the Competitive Set average of $60.46.

Subject & Competitive Set Historical Performance

Occupancy ADR RevPAR

Period Subject Comp. Set Index Subject Comp. Set Index Subject Comp. Set Index

Year End 2013 76.3% 59.7% 128.0% $125.46 $105.66 118.7% $95.77 $63.04 151.9%

Year End 2014 79.1% 59.8% 132.1% $130.79 $101.61 128.7% $103.42 $60.81 170.1%

Year End 2015 76.6% 59.8% 128.1% $136.68 $109.06 125.3% $104.72 $65.22 160.6%

TTM Jun 2014 76.6% 58.1% 131.7% $126.54 $103.68 122.0% $96.88 $60.25 160.8%

TTM Jun 2015 80.2% 60.9% 131.7% $134.88 $105.34 128.0% $108.19 $64.16 168.6%

TTM Jun 2016 70.4% 56.3% 125.1% $132.66 $107.47 123.4% $93.35 $60.46 154.4%

Change vs. Prior Year

Year End 2014 3.6% 0.3% 3.3% 4.2% -3.8% 8.4% 8.0% -3.5% 11.9%

Year End 2015 -3.1% -0.1% -3.0% 4.5% 7.3% -2.6% 1.3% 7.3% -5.6%

TTM Jun 2015 4.8% 4.8% 0.0% 6.6% 1.6% 4.9% 11.7% 6.5% 4.9%

TTM Jun 2016 -12.3% -7.6% -5.0% -1.6% 2.0% -3.6% -13.7% -5.8% -8.4%

Source: Smith Travel Research

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Year End 2014 Year End 2015 TTM July 2016

Rooms 135 135 135 Available Rooms 49,275 49,275 49,410

Occupied Rooms 39,446 37,753 34,448

Occupancy 80.05% 76.62% 69.7% ADR $129.20 $136.68 $131.24 ADR % Change -- 5.79% -- RevPAR $103.43 $104.72 $91.50 RevPAR % Change -- 1.25% -- Revenue Amount Percent Amount Percent Amount Percent Rooms $5,096,542 89.7% $5,160,022 88.9% $4,520,922 88.4% Food & Beverage $338,839 6.0% $578,758 10.0% $531,225 10.4% Other Operated Departments $245,224 4.3% $66,215 1.1% $61,230 1.2% Total Revenue $5,680,605 100.0% $5,804,995 100.0% $5,113,377 100.0% Departmental Expenses Rooms $939,583 16.5% $936,985 16.5% $878,092 15.5% Food & Beverage $320,605 5.6% $346,194 6.1% $325,510 5.7% Other Operated Departments $37,565 0.7% $31,392 0.6% $25,650 0.5% Total Expenses $1,297,753 22.8% $1,314,571 22.6% $1,229,252 24.0% Gross Operating Income $4,382,852 77.2% $4,490,424 77.4% $3,884,125 76.0% Undistributed Operating Expenses Administrative & General $471,191 8.3% $474,143 8.2% $439,642 8.6% Franchise Fees $357,389 6.3% $360,446 6.2% $315,941 6.2% Sales & Marketing $346,470 6.1% $353,404 6.1% $335,014 6.6% Repairs & Maintenance $206,254 3.6% $185,791 3.2% $183,353 3.6% Utilities $184,825 3.3% $180,185 3.1% $166,312 3.3% Total Undistributed Operating Expenses $1,566,129 27.6% $1,553,969 26.8% $1,440,262 28.2% Gross Operating Profit $2,816,723 49.6% $2,936,455 50.6% $2,443,863 47.8% Fixed Charges Insurance $44,246 0.8% $35,336 0.6% $37,494 0.7% Property Taxes $37,500 0.7% $57,272 1.0% $60,397 1.2% Management Fees (1) $170,418 3.0% $174,150 3.0% $174,150 3.4% Total Fixed Charges $253,465 4.5% $268,574 4.6% $273,354 5.3% EBITDA $2,563,258 45.1% $2,667,881 46.0% $2,170,509 42.4% Reserve for Replacement (2) $227,224 4.0% $232,200 4.0% $204,535 4.0%

Net Operating Income $2,336,034 41.1% $2,435,681 42.0% $1,965,974 38.4%

(1) Management Fees have been assumed to be 3.00% of Total Revenues. (2) Replacement Reserve has been assumed to be 4.00% of Total Revenues. 11 COURTYARD BY MARRIOTT PRO FORMA FINANCIAL STATEMENT (TAX ADJUSTED) READING, PENNSYLVANIA

Year 1 Year 2 Year 3 Year 4 Year 5

Rooms 135 135 135 135 135 Available Rooms 49,275 49,275 49,275 49,275 49,275

Rooms Sold 36,956 37,449 37,942 38,435 39,420

Occupancy 75.0% 76.0% 77.0% 78.0% 80.0% ADR $137.96 $142.10 $144.94 $147.84 $150.80 ADR % Change -- 3.0% 2.0% 2.0% 2.0% RevPAR $103.47 $108.00 $111.61 $115.32 $120.64 RevPAR % Change -- 4.4% 3.3% 3.3% 4.6% Revenue Amount Percent Amount Percent Amount Percent Amount Percent Amount Percent Rooms $5,098,571 90.1% $5,321,548 90.1% $5,499,400 90.0% $5,682,237 89.9% $5,944,494 89.8% Food & Beverage $345,410 6.1% $360,516 6.1% $376,218 6.2% $392,537 6.2% $414,680 6.3% Other Operated Departments $215,586 3.8% $225,014 3.8% $234,814 3.8% $245,000 3.9% $258,820 3.9% Total Revenue $5,659,567 100.0% $5,907,079 100.0% $6,110,432 100.0% $6,319,773 100.0% $6,617,994 100.0% Departmental Expenses Rooms $974,489 17.2% $1,017,106 18.0% $1,056,252 18.7% $1,091,369 19.3% $1,141,739 20.2% Food & Beverage $224,517 4.0% $227,125 4.0% $225,731 4.0% $235,522 4.2% $248,808 4.4% Other Operated Departments $97,014 1.7% $90,006 1.6% $89,229 1.6% $93,100 1.6% $98,352 1.7% Total Expenses $1,296,019 22.9% $1,334,237 22.6% $1,371,212 22.4% $1,419,990 22.5% $1,488,899 22.5% Gross Operating Income $4,363,548 77.1% $4,572,841 77.4% $4,739,220 77.6% $4,899,783 77.5% $5,129,095 77.5% Undistributed Operating Expenses Administrative & General $435,643 7.7% $448,712 7.6% $462,173 7.6% $476,038 7.5% $490,320 7.4% Sales & Marketing $342,412 6.1% $352,685 6.0% $363,265 5.9% $374,163 5.9% $385,388 5.8% Repairs & Maintenance $188,983 3.3% $194,653 3.3% $200,492 3.3% $206,507 3.3% $212,702 3.2% Utilities $178,951 3.2% $182,530 3.1% $186,180 3.0% $189,904 3.0% $193,702 2.9% Total Undistributed Operating Expenses $1,502,889 26.6% $1,551,088 26.3% $1,597,069 26.1% $1,644,370 26.0% $1,698,227 25.7% Gross Operating Profit $2,860,659 50.5% $3,021,754 51.2% $3,142,151 51.4% $3,255,414 51.5% $3,430,868 51.8% Fixed Charges Insurance $38,528 0.7% $39,299 0.7% $40,085 0.7% $40,887 0.6% $41,704 0.6% Property Taxes $77,272 1.4% $102,272 1.7% $350,000 5.7% $357,000 5.6% $364,140 5.5% Management Fees $169,787 3.0% $177,212 3.0% $183,313 3.0% $189,593 3.0% $198,540 3.0% Total Fixed Charges $286,900 5.1% $321,409 5.4% $576,103 9.4% $590,266 9.3% $607,254 9.2% EBITDA $2,573,758 45.5% $2,700,344 45.7% $2,566,048 42.0% $2,665,148 42.2% $2,823,615 42.7% Reserve for Replacement $226,383 4.0% $236,283 4.0% $244,417 4.0% $252,791 4.0% $264,720 4.0% Net Operating Income $2,347,376 41.5% $2,464,061 41.7% $2,321,631 38.0% $2,412,357 38.2% $2,558,895 38.7% Hunter and their respective affiliates, officers, and directors neither warrants nor guarantees the results of these projections and analyses since unanticipated events and/or circumstances may occur. All potential investors must conduct and rely upon their own due diligence as well as underwriting with respect to estimating the future operating performance of the property. 12 COURTYARD READING WYOMISSING LOCATION READING, PENNSYLVANIA DESCRIPTION

Location Overview & Demand Generators Demand Generator/Local Attraction Miles From Hotel The Courtyard Reading Wyomissing is an attractive, six-story, 135 guest room hotel VF Outlets 0.1 located in Reading, PA. The hotel is conveniently located within walking distance of the VF Outlets and a variety of restaurants and shops in downtown West Reading. GoggleWorks Center for the Arts 1.7 Reading Area Community College 1.7 The Courtyard is located in Wyomissing Square, an award-winning $80 million mixed- 2.4 use redevelopment project in the heart of Wyomissing Borough. Wyomissing Square stretches across 13 acres and features 250 luxury apartments, 60,000 square foot Alvernia University 3.2 office building, and a 13,000 square foot Euro-Mediterranean Restaurant. The 4.1 luxury apartment community, 100 Park at Wyomissing Square, is a very popular FirstEnergy Stadium 4.3 living destination in the local market, evidenced by its 96% occupancy rate, and is in particular very attractive to the young professionals demographic. The newest Shocktoberfest 4.5 addition to Wyomissing Square is a 33,000 square foot retail center, The Promenade Albright College 5.6 at Wyomissing Square, which is located across from the VF Outlet Village. Maple Grove Raceway 9.9

There are a number of exciting tourist attractions in Reading and the surrounding Ontelaunee Orchards 10.4 area: Boyertown Museum of Historic Vehicles, Daniel Boone Homestead Tour, Daniel Boone Homestead 12.1 Koziar’s Christmas Village, PA Glass Trail, and many others. In addition to tourist attractions, Albright College, Alvernia University, and Reading Area Community Kutztown University 18.7 College are located in Reading. Other Berks County universities include Kutztown Crystal Cave Park 19.5 University and Penn State University Berks Campus. These universities contribute Roadside America 19.5 to a total enrollment of 21,240, and drive demand on weekends such as graduation, parents’ weekend, alumnae celebrations, and move-in and move-out weekends. Boyertown Museum of Historic Vehicles 20.7

Reading, PA

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Albright College FirstEnergy Stadium

/ PREPARED BY HUNTER HOTEL ADVISORS / VF Outlet Center Maple Grove Raceway14 albright college

vf outlet center santander arena

reading hospital & medical center

alvernia university

Maple Grove Raceway

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Reading The county seat of Berks County, Reading is located in the southeastern corner of Pennsylvania. The city is well known for its rich history, natural beauty, and cultural offerings. Reading is ideally located within an overnight drive from 100 million people, and provides visitors with a central location to neighboring major cities. With a population of over 400,000, the city is built for business and continues to drive economic development, attract new companies, and encourage local growth. Greater Reading’s supportive business community is a major factor in many of the area’s largest employers remaining in the area for over 75 years. The area is home to the headquarters of nearly 400 companies and 600 manufacturing based businesses. The city’s low cost of living and advantageous business incentives have also attracted a large number of foreign owned companies, including Sprint Communications Inc., Siemens Industry Inc., Jiffy Lube International, and many others.

Reading, PA

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# of Advanced Manufacturing Employer City Product One time home to the largest corporation in the world, the Philadelphia & Employees Reading Railroad, and the largest textile manufacturing complex in the world, East Penn Manufacturing Co., Inc. Lyon Station Batteries 7145 the Berkshire Knitting Mills, Greater Reading has a strong tradition of innovation in the manufacturing industry. Today, Greater Reading is ranked sixth in the state Reading Hospital & Medical Center West Reading Hospital 6673 for the number of manufacturing jobs, employing 30,100 workers. The area is County of Berks Reading Government 2400 home to nearly 600 manufacturing companies, including battery manufacturers, Carpenter Technology Reading Specialty Steel 2305 Deka, and medical device titans, Teleflex Medical and Alcon. It is also home to numerous small machine shops, tooling design makers, and a variety of high Reading Education 2000 tech manufacturers. With five distinguished educational institutions and three Boscov's Department Store Reading Retail 1750 technical training centers, major companies continue to view Greater Reading as Pennsylvania Government Reading Government 1720 a haven of world class facilities, great workforce, and economic incentives. The area continues to encourage growth in the manufacturing industry, providing Reading Truck Leasing 1683 support with workforce training, research, and leadership development. St. Joseph Regional Health Network Reading Hospital/Health Care 1623

Redner's Markets, Inc. Reading Retail Foods 1361 Agribusiness Ranked one of the top five counties in the state for agriculture production value, Supportive Concepts for Families Reading Healthcare 1274 Greater Reading generates over $360 million in total income from agribusiness. Financial and Business Services The area also ranks third in total number of agricultural products sold in the Strategically located within close proximity to the financial and insurance hubs state, and is home to numerous agriculture and food processing businesses. of the country, Greater Reading is just 120 miles from New York City and 60 miles The state’s food processing companies generate approximately $28 billion from Philadelphia. The area is home to nearly 400 company headquarters and annually, with Greater Reading boasting a plethora of “green” agribusiness jobs boasts a wide-variety of economic resources that include lower costs of doing and over 3,200 jobs in manufacturing. It is no surprise that companies view business and access to talent that has created a strong environment of shared Greater Reading as a prime location to operate, expand, and succeed. services and back office facilities. Greater Reading is also home to numerous incubators and co-workspaces, including Jump Start Incubator, T.E.A. Factory, and Catalyst on Commerce. The area is also home to companies such as All State, Penske Truck Leasing, Santander, and multiple utility customer service centers.

Healthcare Second to manufacturing, healthcare is the largest industry in Greater Reading. The area offers some of the nation’s top healthcare institutions and the highest quality, most in-demand health professions and programs. Berk County provides access to a wealth of resources and currently employs a workforce of over Reading Hospital & Medical Center 27,000 skilled healthcare workers. Greater Reading is home to the Reading Hospital and Penn State Health St. Joseph Medical Center.

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Transportation

Interstate Travel Just a 60 minute drive from Philadelphia and 120 miles from New York City, Reading is serviced by numerous federal and state highways. U.S. Route 222, U.S. Route 422, and PA Route 12 allow visitors entry to and departure from Reading.

Airport Reading Regional Airport provides services to Reading and its surrounding area. The airport is served by three charter airlines, Millennium Aviation, Reading Air Charter, and Southwest Airlines chartered by Boscov’s Travel. Philadelphia International Airport is 70 miles from Reading, and provides commercial flights Reading Regional Airport to many of the major airlines.

Pennsylvania

/ PREPARED BY HUNTER HOTEL ADVISORS / 18 COURTYARD READING WYOMISSING DISCLAIMERS READING, PENNSYLVANIA AND DISCLOSURES BROKER DISCLAIMER AMERICANS WITH DISABILITIES ACT This confidential offering memorandum has been prepared by Hunter Hotel The owner and broker make no representations regarding this property Advisors (“Broker”) in cooperation with the Seller, solely for the limited use of and this law. A buyer should consult knowledgeable experts and attorneys prospective purchasers. The offering memorandum is not intended to provide regarding these matters. all the information necessary to reach a purchase decision. Each prospective purchaser is encouraged to do its own thorough review and gather and verify AGENCY to its satisfaction all information about the property. Hunter Hotel Advisors, is the exclusive agent of the Seller, represents the Seller only and shall be compensated by Seller. The undersigned understands and acknowledges that there is no representation or warranty as to accuracy or completeness of the information CONFIDENTIAL provided. All information contained in this offering is confidential in nature and must be held in the strictest confidence, except information which is a matter of public While the financial, operational, property description, projections and other record. Duplication or reproduction of any of the contents of this document or information herein is compiled from sources believed to be reliable, neither other information provided to you by Broker about this property, without the Broker nor Owner guarantee, represent or warrant its accuracy or completeness. express written permission of Broker, is prohibited. Because of the foregoing, and since the Property is being offered on an “As Is, Where Is” basis, Purchaser should use such information solely to facilitate RETURN OF INFORMATION his investigation and must make independent investigations, projections and This memorandum is the property of Hunter Hotel Advisors, and is intended to conclusions regarding the acquisition of the Property without reliance on this be used only by such parties to whom Broker has delivered the memorandum offering memorandum. As to pro forma projections, these were prepared by or to whom Broker has approved such delivery. If, after review, you have no Broker based on many assumptions and events over which owner and broker interest in purchasing the property at this time, KINDLY RETURN OR DESTROY have no control and are not guaranteed. Buyers should use such projections THIS MEMORANDUM and all other information provided to you by Seller, for an initial review only and are urged to do their own study and projections Broker or others to Broker at your earliest convenience. before taking action relative to the Property. PROPERTY TOURS AND INFORMATION No liability is assumed for errors and omissions, misstatements of facts, prior PLEASE DO NOT VISIT THE HOTEL WITHOUT MAKING PRIOR ARRANGEMENTS sale, change-of-price or withdrawal from the market without notice THROUGH THE BROKER. Please do not contact management or hotel owner, nor talk to any employees. All due diligence information must be provided AS IS, WHERE IS through Hunter Hotel Advisors and all property tours must be scheduled This hotel is being offered “As Is, Where Is,” with all faults and limitations. through Hunter Hotel Advisors. A Hunter representative must be present for Purchaser should do his own studies to properly understand what he will be all tours. buying.

ENVIRONMENTAL ISSUES The Seller and Broker specifically make no representations whatsoever about any environmental conditions on the property, including but not limited to issues such as asbestos, hazardous waste, mold and mildew, petroleum leaks or spills. Each prospective purchaser is encouraged to do his own study and analysis and determine to his own satisfaction the status of the various issues.

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Hunter Hotel Advisors is the nation’s leading investment Bob Hunter, CEO Mayank Patel, Vice President advisory firm focused exclusively on the hotel industry. [email protected] [email protected] Our seasoned team of investment professionals and Teague Hunter, President Tim Osborne, Vice President offices nationwide consistently provide clients with [email protected] [email protected] optimal results in hotel brokerage, financial advisory and capital markets services of any size or complexity. With Lee Hunter, COO David Perrin, Vice President over 35 years of experience in full and select-service [email protected] [email protected] single assets and portfolios, the firm’s capacity in Danny Givertz, Sr Vice President Shamir Patel, Vice President valuation, economic analysis, and industry relationships [email protected] [email protected] has allowed us to consistently maximize value regardless of market conditions. Robert M. Taylor, Sr Vice President Brian C. Embree, Sr Associate [email protected] [email protected]

Steve Taylor, Sr Vice President Jatin Patel, Associate [email protected] [email protected]

Trey Scott, Vice President Daniel Riley, Sr Analyst [email protected] [email protected]

Brown Kessler, Vice President Blair Revercomb, Analyst [email protected] [email protected]

Marilyn Cox, Vice President Capital Markets [email protected] Stephen Gaylor, SVP Capital Markets [email protected]

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