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Las Vegas Hotel Property Prime Redevelopment Opportunity Close to the Strip

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Las Vegas Hotel Property Prime Redevelopment Opportunity Close to the Strip LAS VEGAS HOTEL PROPERTY PRIME REDEVELOPMENT OPPORTUNITY CLOSE TO THE STRIP • 150 ROOMS • PRIME LOCATION 2-3 MINUTES FROM THE LAS VEGAS STRIP • PRIME REDEVELOPMENT OPPORTUNITY CONFIDENTIALITY & DISCLOSURE SUN COMMERCIAL REAL ESTATE, INC. (the “Broker”) has been retained on an exclusive basis to market the property described herein (the “Property”). Broker has been authorized by the Seller of the Property (the “Seller”) to prepare and distribute the enclosed information (the “Material”) for the purpose of soliciting offers to purchase from interested parties. More detailed financial, title and tenant lease information may be made available upon request following the mutual execution of a letter of intent or contract to purchase between the Seller and a prospective purchaser. You are invited to review this opportunity and make an offer to purchase based upon your analysis. If your offer results in the Seller choosing to open negotiations with you, you will be asked to provide financial references. The eventual purchaser will be chosen based upon an assessment of price, terms, ability to close the transaction and such other matters as the Seller deems appropriate. The Material is intended solely for the purpose of soliciting expressions of interest from qualified investors for the acquisition of the Property. The Material is not to be copied and/or used for any other purpose or made available to any other person without the express written consent of Broker or Seller. The Material does not purport to be all-inclusive or to contain all of the information that a prospective buyer may require. The information contained in the Material has been obtained from the Seller and other sources and has not been verified by the Seller or its affiliates. The pro forma is delivered only as an accommodation and neither the Seller, Broker, nor any of their respective affiliates, agents, representatives, employees, parents, subsidiaries, members, managers, partners, shareholders, directors, or officers, makes any representation or warranty regarding such pro forma. Purchaser must make its own investigation of the Property and any existing or available financing, and must independently confirm the accuracy of the projections contained in the pro forma. Seller reserves the right, for any reason, to withdraw the Property from the market. Seller has no obligation, express or implied, to accept any offer. Further, Seller has no obligation to sell the Property unless and until the Seller executes and delivers a signed agreement of purchase and sale on terms acceptable to the Seller, in its sole discretion. By submitting an offer, a purchaser will be deemed to have acknowledged the foregoing and agreed to release Seller and Broker from any liability with respect thereto. PROPERTY WALK-THROUGHS ARE TO BE CONDUCTED BY APPOINTMENT ONLY. ACCESS IS LIMITED AND SECURED. CONTACT BROKER FOR ADDITIONAL INFORMATION. Anders Graciano Cathy Jones, CPA, SIOR, CCIM Senior Associate CEO 702.968.7336 702.968.7320 [email protected] [email protected] OFFERING MEMORANDUM: PRIME REDEVELOPMENT OPPORTUNITY 2 TABLE OF CONTENTS CONTACTS Property Highlights Section 1 Property Summary & Investment Highlights Property Overview Surrounding Aerial Aerial Map Property Description Section 2 Anders Graciano Senior Associate Property Matrix P (702) 968-7336 Site Plan [email protected] Property Photos Assessor Parcel Map Las Vegas Overview Section 3 Cathy Jones, CPA, SIOR, CCIM CEO P (702) 968-7320 [email protected] Property walk-throughs are to be conducted by appointment only. ACCESS IS LIMITED AND SECURED. Contact Broker for additional information. OFFERING MEMORANDUM: PRIME REDEVELOPMENT OPPORTUNITY 3 PROPERTY SUMMARY & INVESTMENT HIGHLIGHTS PROPERTY SUMMARY Fortune Hotel Las Vegas, superbly located 8 minutes from the new Las Vegas Raiders Stadium, 5 minutes from McCarran International Airport, 5 minutes from The Convention Center, 2-3 minutes from The Las Vegas Strip and right behind the Hard Rock Hotel & Casino, which in late 2018 will turn into a Virgin Hotel by Richard Branson. Previously approved plans for the site included expansion of the gaming enterprise district for a new resort hotel, 794 rooms, 261 feet total building height (26 stories), 100,462 SF gaming area, ±48,130 SF public space (restaurants, retail sales, spa area and other accessory use), ± 39,117 SF convention center facilities and ± 36,479 SF back-of-house area. All previously approved plans and special-use permits are subject to re-approval as they expired in June 2018. INVESTMENT HIGHLIGHTS • Location: Situated in the heart of Las Vegas • Highly attractive non-gaming property: 2-3 minutes from the Las Vegas Strip • Easy access: The Las Vegas Strip, McCarran International Airport, the Convention Center, T-Mobile Arena and the new Las Vegas Raiders Stadium • Independently Owned and Managed: Unencumbered by management • Franchise Affiliation: None (Former Ramada) • Asking Price: $17,950,000.00 OFFERING MEMORANDUM: PRIME REDEVELOPMENT OPPORTUNITY 4 PROPERTY OVERVIEW SUMMARY The 150-guest room Fortune Hotel Las Vegas is located in the heart of Las Vegas, one block East of the Las Vegas Strip. The extraordinary well located hotel is less than 1 mile from McCarran International Airport, 1 mile from The Strip, less than 2 miles from the Las Vegas Convention Center, 2 miles from T-Mobile Arena and the Golden Knights, and 3 miles from the Las Vegas Raiders Stadium. AMENITIES INCLUDE: BUSINESS CENTER The Business Center provides access to phone service, complimentary printing service, express mail, fax, and photo copying service. The entire hotel offers free WiFi. MEETING ROOM The hotel offers access to 2 versatile on site meeting rooms. The lower level meeting room seats 50, and the upper level meeting room seats 90. BOARDROOM The hotel also offers access to a 10 seat boardroom on the upper level. FOOD & BEVERAGE Complimentary hot breakfast is provided to guests each morning. Within walking distance of the hotel include Dunkin’ Donuts, Ferraro’s Italian Restaurant, Capriotti’s Sandwich Shop, Hofbrauhaus, and much more. OUTDOOR POOL The courtyard features an outdoor pool with lounging chairs for guests. FITNESS CENTER The courtyard also features a fitness center. The hotel offers FREE parking and FREE Airport Shuttle OFFERING MEMORANDUM: PRIME REDEVELOPMENT OPPORTUNITY 5 SURROUNDING AERIAL E DESERT INN ROAD TREASURE ISLAND PALAZZO MIRAGE VENETIAN SUBJECT THE LINQ/HIGHROLLER PROPERTY CAESARS RIO PALACE FLAMINGO E FLAMINGO ROAD PALMS BELLAGIO PARIS BALLY’S PARADISE ROAD Vegas Golden COSMOPOLITAN Knights PLANET HOLLYWOOD ARIA NEW YORK MGM GRAND NEW YORK E TROPICANA AVENUE TROPICANA EXCALIBUR LUXOR S LAS VEGAS BOULEVARD MANDALAY BAY Site of Raiders Stadium OFFERING MEMORANDUM: PRIME REDEVELOPMENT OPPORTUNITY 6 AERIAL MAP - LOOKING NORTHWEST CAESARS PALACE MIRAGE BELLAGIO PARIS VENETIAN & PALAZZO WYNN/ENCORE BALLY’S THE LINQ/HIGHROLLER LAS VEGAS GLOBAL BUSINESS DISTRICT SUBJECT FLAMINGO ROAD PROPERTY HARD ROCK HARMON AVENUE PARADISE ROAD OFFERING MEMORANDUM: PRIME REDEVELOPMENT OPPORTUNITY 7 PROPERTY DESCRIPTION PROPERTY MATRIX Ownership Interest: Fee Simple Franchise Affiliation: None (former Ramada) Management Co.: Offered free of any management encumbrance (independently managed) Address: 325 E. Flamingo Road, Las Vegas, Nevada 89169 Site Size: ±5.68 Acres Number of Rooms: 150 suites Building Area: ±127,167 Square Feet Building Description: 3 (Three), 3-story buildings; interior corridors Year Built: 1991 Parking Spaces: ±85 spaces Food & Beverage: Breakfast Lounge & Bar Meeting Facilities: ±1,000 SF of Meeting Space in Main Building Guest Amenities: Outdoor swimming pool and Fitness Center Zoning: The property is zoned H-1 and is located in the AE- 60 zone in the MUD-1 Overlay District. MUD-1 allows for the most intense urban form, designed to allow highly concentrated and intense development with high-rise buildings with heights exceeding 200 feet or more and densities exceeding 50 dwelling units per acre. With approval of a Special Use Permit the height of the structure on this property can be built to a maximum of 261 feet. OFFERING MEMORANDUM: PRIME REDEVELOPMENT OPPORTUNITY 8 PROPERTY DESCRIPTION (CON’T) ROOM DESCRIPTION ROOM TYPES Standard Queen 72 Rooms Standard King 53 Rooms Jacuzzi Suite 9 Rooms Pet Queen 7 Rooms Executive Suite 4 Rooms ADA accessible 3 Rooms Parlor Suite 2 Rooms TOTAL 150 Rooms The standard King, Queen, Pet Queen and ADA room all offer TV, Phone, Refridgerator, Free WiFi and bathroom with a bathtub. The Jacuzzi Suite offers, in addition to above, a separate room with a sofa and TV, Bar area with Microwave & 2 bar stools and a Jacuzzi and Shower in the bathroom. The Executive Suite offers, in addition to above minus the jacuzzi, a small meeting table. OFFERING MEMORANDUM: PRIME REDEVELOPMENT OPPORTUNITY 9 PROPERTY DESCRIPTION (CON’T) SITE PLAN E. FLAMINGO RD. TUSCANY CASINO DR. TUSCANY OFFERING MEMORANDUM: PRIME REDEVELOPMENT OPPORTUNITY 10 PROPERTY DESCRIPTION (CON’T) PROPERTY PHOTOS The ±5.68 acres, with only the current structure built on around half that, offers a prime redevelopment opportunity with previous plans for site development approved by Clark County Department of Comprehensive Planning and Land Use Planning. The approved plans for the site included expansion of the gaming enterprise district for a new resort hotel, 794 rooms, 261 feet total building height (26 stories), ±100,462 SF gaming area, ±48,130 SF public space (restaurants, retail
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