Hospitality Investment Services Mountaintop Management

HOSPITALITY INVESTMENT SERVICES

MOUNTAINTOP MANAGEMENT

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Asheville, NC Murfreesboro, TN

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Murfreesboro, TN Charleston, SC Pigeon Forge, TN

5341 Estate Office Drive, Suite 3 Memphis, TN 38119-3636 Telephone: 901-684-1234 * FAX 901-684-1267

Revised 4/1/07

INTRODUCTION TO THE COMPANY ( WEBSITE: WWW.MOUNTAINTOPMANAGEMENT.COM )

HOSPITALITY INVESTMENT SERVICES, LLC (HIS)

Hospitality Investment Services (HIS) is the development and brokerage arm of our Company.

* HIS Development Company develops hotels and oversees the entire development process starting with site identification and negotiation, selection of architectural services, negotiation of property construction contracts, and management of the entire construction development process. HIS Development is also responsible for administering major renovation projects for existing owned or managed assets.

* HIS Brokerage Company serves as a real estate agency for the buyer or seller of a hotel on a fee basis.

* HIS offers consultation services for hotel owners or lenders and makes recommendations, which might conclude in suggesting management changes or renovation, or re-affiliation of a hotel property or sale of the real estate assets. HIS also serves as asset manager for existing hotels or related projects for corporate- owned or third-party owned assets.

* HIS has been involved in the operations, development, and/or asset management of the following hotel projects:

Property Current Status

Ramada Airport-Atlanta, GA (acquisition) Sold Holiday Inn Airport-Montgomery, AL (acquisition) Sold Holiday Inn Washington Road-Augusta, GA (ground-up development) Sold Holiday Inn Fort Gordon Highway-Augusta, GA (ground-up development) Sold Holiday Inn South-Richmond, VA (acquisition) Sold Holiday Inn-Chester, VA (acquisition) Sold Holiday Inn-Petersburg, VA (acquisition) Sold Ramada Inn International Drive-Orlando, FL (ground-up development) Sold Quality Inn/Days Inn Airport-Mobile, AL (acquisition) Sold Holiday Inn-Aiken, SC (acquisition) Sold Clarion Riverfront Inn Downtown-Montgomery, AL (acquisition) Sold Holiday Inn Airport-Asheville, NC (acquisition) Sold Holiday Inn Tunnel Road-Asheville, NC (acquisition) Sold Days Inn Tunnel Road-Asheville, NC (acquisition) Sold Hampton Inn & Suites, South-Denver, CO (ground-up development) Sold prior to construction commencement Country Inn & Suites – Anderson, SC (management contract) Managed by Mountaintop Management until 9/30/04 Partridge Inn – Sevierville, TN (management contract) Managed by Mountaintop Management until 10/28/04 Hampton Inn - Holly Springs, MS (management contract) Managed by Mountaintop Management until 10/31/04 Hampton Inn-Gatlinburg, TN (management contract) Managed by Mountaintop Management until 10/31/04 Rivers Landing on the Parkway – Pigeon Forge, TN (management contract) Managed by Mountaintop Management until 1/31/05 The Mountain Lodge at Banner Elk, NC, dba Best Western (mgmnt. contract) Managed by Mountaintop Management until 7/31/05 Holiday Inn East/Blue Ridge Parkway-Asheville, NC (acquisition) 80% ownership by Nearn since 1993; Currently managed by MTM Baymont Inn & Suites-Murfreesboro, TN (acquisition) 25% ownership by Nearn since 1997; Currently managed by MTM Hampton Inn & Suites-Pigeon Forge, TN Purchased on 2/2006; 20% owned by principals of HIS/managed by MTM Best Western (formerly Howard Johnson)-Charleston, SC Purchased on 4/2006; 15% owned by principals of HIS/managed by MTM Hampton Inn & Suites-Murfreesboro, TN (ground-up development) Under development with anticipated completion on May 15, 2007; 22% owned by principals of HIS/managed by MTM

1 MOUNTAINTOP MANAGEMENT, LLC (MTM)

* Mountaintop Management, LLC (MTM) is the in-house management arm of Hospitality Investment Services, LLC (HIS) and operates corporate-owned or third party-owned hotels through an arms-length management contract. It manages the daily operations of the Holiday Inn-Biltmore East in Asheville, NC, the Baymont Inn & Suites-Murfreesboro, TN, the Hampton Inn & Suites-Pigeon Forge, TN, and the Best Western (formerly Howard Johnson Riverfront)-Charleston, SC, and has one project under construction, a Hampton Inn & Suites in Murfreesboro, TN. Over the past twenty-four months, Mountaintop Management has managed six additional hotels, which were sold during 2004/2005.

HOTELS OWNED / MANAGED BY MOUNTAINTOP MANAGEMENT, LLC

2007 2007 Property # Rooms # Employees Total Gross Sales Occ / ADR Comments

Asheville, NC – Holiday Inn East 111 26 $2,400,000 70% / $80 Full service – Restaurant leased to 3rd Party Murfreesboro, TN – Baymont Inn & Suites 114 24 $2,200,000 67% / $75 Limited Service Pigeon Forge, TN – Hampton Inn & Suites 100 30 $2,400,000 70% / $92 Limited Service Charleston, SC – Best Western 151 35 $3,700,000* 65% / $85 Full Service Murfreesboro, TN – Hampton Inn & Suites** 101 28 $2,000,000* 80% / $98 Limited Service TOTALS: 577 143 $12,200,000 72% / $88 * Partial Year ** Under Construction

THE PRINCIPALS OF HOSPITALITY INVESTMENT SERVICES (HIS) AND MOUNTAINTOP MANAGEMENT (MTM):

Bryan E. Nearn – HIS Principal / MTM Chairman and CEO

Mr. Nearn is a 38-year veteran of the hotel industry. He has vast experience in hotel ownership, asset and operational management, as well as hotel development and brokerage. He began his career at Holiday Inns, Inc. as Director-Franchise Development and later served as Senior Vice President-Real Estate Development. After ten years at Holiday Inns, he joined a real estate development firm, which bought and developed hotel assets; he also brokered hotels while working at this firm. In 1985, he formed Hospitality Investor Services, Inc., a hotel brokerage, development, and consultation firm. In 1997, he formed Hospitality Investment Services, LLC (HIS), which offers hotel development, operational and brokerage services to clients on all domestic and international fronts. Mr. Nearn is a member of Lambda Alpha International, a land development fraternity. Throughout his career, Mr. Nearn has managed assets and operations for various hotel brands including franchised Holiday Inns, Hampton Inns, Ramada Inns, Quality Inns, Days Inns, Best Westerns, Baymont Inn & Suites, Country Inns & Suites, and several independent hotels. He has been involved in the equity ownership of twenty hotels and is the sole proprietor of the award-winning Holiday Inn-Asheville, NC Biltmore East/Blue Ridge Parkway, 25% owner of the Baymont Inn & Suites-Murfreesboro, TN, and is an equity partner in the Pigeon Forge, TN Hampton Inn & Suites, the Charleston, SC Best Western, and the soon-to-open Hampton Inn & Suites in Murfreesboro, TN. He has successfully raised equity capital to acquire and develop numerous hotels. Mr. Nearn has been married for 35 years, is the father of two sons, and grandfather of three boys and two girls.

Timothy S. Rice - HIS Principal / MTM President and COO

Mr. Rice has been involved in the development and operations business for 23 years and is responsible for the management of all HIS developed properties. He is a partner in Hospitality Investments Services, LLC, Murfreesboro Baymont Inn & Suites, the new Murfreesboro Hampton Inn & Suites, the Pigeon Forge Hampton Inn & Suites, and the Charleston, SC Best Western. He has been active in general management for both resort and commercial locations, including full-service and limited-service hotels. He has operated Hilton Hotels, Choice Hotels, Sheraton Hotels, Holiday Inn Hotels, and one independently-owned resort hotel in the North Carolina mountains. Mr. Rice has served as a professor in the hotel/restaurant management program at a community college in Asheville, North Carolina. Mr. Rice’s vast experience in revenue management, cost management, sales and marketing, and guest services, adds tremendously to his role as Director of Operations, Mountaintop Management, LLC. Mr. Rice is married and the father of three. 2 Gary V. Koester, CHA - HIS Principal / MTM CFO and VP-Development

Mr. Koester joined HIS in July of 2004 and has been involved in the hotel industry since 1992. His experience and expertise is in strategic planning, project analysis, construction management, and hotel brokerage. He oversees the construction and development of all HIS projects. He is a partner in Hospitality Investment Services, Murfreesboro Baymont Inn & Suites, the new Murfreesboro Hampton Inn & Suites, the Pigeon Forge Hampton Inn & Suites, and the Charleston, SC Best Western. Mr. Koester is a seasoned veteran in the hotel business, having been responsible for overseeing the family’s hotel ventures in West Memphis, AR since 1992. His ownership and investment experience includes Choice, Marriott, Holiday, Radisson, and independent flags. Mr. Koester also worked with Procter & Gamble in Jackson, TN for 19 years, filling leadership roles in Manufacturing Operations and Strategic Planning, Finance and Information Systems, Customer Service & Logistics, and Total Quality implementation. While with P&G, Mr. Koester was responsible for a $12 million operating budget, and oversaw the operations of a 1,000,000 square foot primary warehouse for Pringles. He was also directly responsible for the welfare of over 250 employees. Mr. Koester participated in international training and consultation for Procter & Gamble in Argentina, Belgium, Chile, Mexico, and Peru as part of his tenure with P&G. His experience and expertise in strategic planning, project analysis, construction management, and hotel brokerage brings an added dimension to Mountaintop Management. Mr. Koester is married and the father of one son.

Jeannette Alexander - Executive Administrator

Ms. Alexander has been with Mountaintop Management since February of 2000. She has been involved in the hotel industry for 25+ years, holding various positions in hotel services, sales and marketing, database management, and contract administration. Ms. Alexander is the mother of two daughters, has one son-in-law, and one granddaughter.

Andrew Nearn - Consultant

Mr. Nearn holds a B.S. from Auburn University and an MA from the University of Denver. He spent two years as an analyst for Ernst & Young in Denver, CO. His expertise lies in computer programming and auditing analysis. Mr. Nearn serves as a consultant for Mountaintop Management and Hospitality Investment Services on a part-time basis while attending Medical School. Mr. Nearn is married and the father of two sons and one daughter.

Ashley Nearn - Chief Editing Officer

Mrs. Nearn holds a B.A. in Public Relations with a Minor in Marketing and Journalism, from Auburn University, where she was a 1995 graduate. She worked for four years for Promise Keepers Men’s Ministry, where she served as the editor of their newsletter. Mrs. Nearn is married to Andrew and the mother of two sons and one daughter.

Frazee Ivy & Davis, PLC, Certified Public Accountants

Led by Mr. John Ivy, the firm of Frazee Ivy & Davis serves Mountaintop Management's financial and tax reporting needs on a fee-for-service basis. Assisted by Vance Simmons, CPA, they are responsible for administering payroll and accounts payable, and compiling monthly financial statements for each property from their offices in Memphis, Tennessee. The 50-year old firm has a long history of serving the hospitality industry that includes both publicly and privately held hotel properties. With a total staff of some 22 professionals that includes 15 CPAs, Frazee Ivy & Davis interacts daily with each property as well as senior management. To learn more about the firm, visit their website at: www.fidcpa.com.

MANAGEMENT CONTACTS

Memphis Office Field Offices Bryan E. Nearn, Chief Executive Officer (CEO) Tim Rice, President / Chief Operating Officer (COO) Gary Koester, VP-Development / Chief Fin.Ofcr (CFO) Holiday Inn – Asheville East Jeannette Alexander, Exec. Admin./Office Mgr. 1450 Tunnel Road 5341 Estate Office Drive, Suite 3 Asheville, NC 28805 Memphis, TN 38119-3636 Telephone: 828-298-5611 Telephone: 901-684-1234 FAX: 828-299-3308 FAX: 901-684-1267 Email: [email protected] Bryan Nearn Email: [email protected] Home: 828-251-5308 Gary Koester Email: [email protected] Mobile: 828-230-4378 Jeannette Alexander Email: [email protected] Bryan Nearn: Home: 901-682-5313 Mobile: 901-356-7890 Gary Koester: Home: 901-685-9032 Mobile: 901-674-9032 Jeannette Alexander: Home: 662-895-8554 Mobile: 901-359-2219

Accounting: Frazee Ivy & Davis, PLC 5100 Poplar Avenue, Suite 1400 Memphis, TN 38137-1499 Telephone: 901-682-9611 * FAX: 901-682-5915 John D. Ivy, Jr., CPA – Ext. 424 - Email: [email protected] Angie Percer, Accounting Coordinator – Ext. 428 - Email: [email protected] Nancy Wright, Payroll – Ext 408 - Email: [email protected]

Property Insurance: Lipscomb & Pitts Insurance, LLC 2670 Union Avenue, #200 Memphis, TN 38112-4416 Telephone: 901-321-1000 * FAX: 901-321-1099 Jay Harvill, Business Insurance Specialist (Mobile: 901-283-8853) – Email: [email protected] Jessica Walters, Assistant – Email: [email protected] Home Office Contact: Gary Koester: 901-684-1234

Health, Accident & Life Insurance (BlueCrossBlueShield/Starbridge/Colonial): E-Serv, LLC - Austin Baker / Yvonne Baker, Employee Benefits Specialists Email: [email protected] / Email: [email protected] Robin Landers, Assistant – Email: [email protected] 855 Willow Tree Circle, #100 Cordova, TN 38018 Telephone: 901-737-0123 * FAX: 901-405-0332 Home Office Contact: Jeannette Alexander: 901-684-1234

4 HOTEL PROPERTIES

HOLIDAY INN-ASHEVILLE, NC ASHLEY RIVER INN – CHARLESTON, SC BILTMORE EAST / BLUE RIDGE PRKWY (Soon to become Best Western) 1450 Tunnel Road 250 Spring Street Asheville, NC 28805 Charleston, SC 29403 Telephone: 828-298-5611 * FAX: 828-299-3308 Telephone: 843-722-4000 E-Mail: [email protected] Website: www.hojocharlestonsc.com Owner: Asheville East Hotel Properties, LLC Owner: Charleston Innkeepers, LLC Bryan Nearn, Chief Manager Bryan Nearn, Chief Manager 5341 Estate Office Drive, #3 5341 Estate Office Drive, #3 Memphis, TN 38119-3636 Memphis, TN 38119-3636 Telephone: 901-684-1234 * FAX: 901-684-1267 Telephone: 901-684-1234 * FAX: 901-684-1267 Charleen Covert-Foster, General Manager David Norris, General Manager (Mobile: 828-230-5404) (Home/Mobile: 843-810-3297) (E-mail: [email protected]) (E-mail: [email protected]) Berlinda Diehl, Admin Assistant Joline Zack, Front Desk / Assistant General Manager Debbie Batson, Director of Sales Twanda Burroughs, Administrative Assistant Florence Taylor, Executive Housekeeper Heather Peebles, Director of Sales Janice McClure, Guest Services Manager Bob Chamberlain, Chief Engineer Ed Stein, Chief Engineer Shirley Coakley, Executive Housekeeper Paul Wright, Executive Chef * Quality Excellence Award – 2003 and 2004

HAMPTON INN & SUITES – MURFREESBORO, TN BAYMONT INN & SUITES-MURFREESBORO, TN (Opening Spring of 2007) 2230 Armory Drive 325 N. Thompson Lane Murfreesboro, TN 37129 Murfreesboro, TN 37129 Telephone: 615-896-1172 * FAX: 615-895-4277 Telephone: 615-890-2424 * FAX: 615-890-2404 E-Mail: [email protected] E-Mail: TBD Website: www.baymontinns.com Website: TBD Owner: Murfreesboro Innkeepers, LLC Owner: Host Murfreesboro, LLC Bryan Nearn, Chief Manager Bryan Nearn, Chief Manager 5341 Estate Office Drive, #3 5341 Estate Office Drive, #3 Memphis, TN 38119-3636 Memphis, TN 38119-3636 Telephone: 901-684-1234 * FAX: 901-684-1267 Telephone: 901-684-1234 * FAX: 901-684-1267 Sandra Miller, General Manager Sandra Miller, General Manager (Home/Mobile: 615-477-6150) (Home/Mobile: 615-477-6150) (E-mail: [email protected]) (E-mail: TBD) Niki Orr, Director of Sales TBD, Chief Engineer/Maintenance James Miles, Executive Housekeeper TBD, Executive Housekeeper Walt Overcast, Chief Engineer TBD, Director of Guest Services

HAMPTON INN & SUITES – PIGEON FORGE, TN 2025 Parkway Pigeon Forge, TN 37863 Telephone: 865-428-1600 * FAX: 865-429-3374 E-Mail: [email protected]

Website: www.hamptoninnpigeonforge.com

Asset Manager: P.F. Innkeepers, LLC/ East TN Holdings, LLC/Nelson Holdings, LLC, T.I.C. Bryan Nearn, Chief Manager 5341 Estate Office Drive, #3 Memphis, TN 38119-3636 Telephone: 901-684-1234 * FAX: 901-684-1267 David Allison, General Manager (Home/Mobile: 865-719-6553) (E-mail: [email protected]) Tim Roberson, Chief Engineer/Maintenance Pam Miller, Executive Housekeeper Sherry Sorge, Director of Sales TBA, Front Office Supervisor 5

HIS Brokerage Company TRANSACTIONS

NUMBER GROSS LOCATION FRANCHISE OF ROOMS SALES PRICE

PETERSBURG, VA HOLIDAY INN 210} RICHMOND, VA HOLIDAY INN – SOUTH 150} $ 18.5 CHESTER, VA HOLIDAY INN 130} MOBILE, AL QUALITY INN – AIRPORT 162 $ 4.1 WARNER ROBBINS, GA QUALITY INN 130 $ 2.0 BENTON, AR HOLIDAY INN 110 $ 1.2 CHARLESTON, IL HOLIDAY INN 117 $ 2.1 ATLANTA, GA HOWARD JOHNSON – GEORGIA TECH 200 $ 7.0 SALINA, KS HOLIDAY INN 105 $ 1.2 CLERMONT, FL HOLIDAY INN 160 $ 2.4 PRINCETON, IN HOLIDAY INN 97 $ 1.7 HAMMOND, IN HOLIDAY INN 155 $ 1.7 ASHEVILLE, NC HOLIDAY INN – AIRPORT 150} ASHEVILLE, NC HOLIDAY INN – TUNNEL ROAD 211} $ 11.4 ASHEVILLE, NC HOLIDAY INN – EAST 113} MUNCIE, IN HOLIDAY INN 150 $ 1.7 FT. LAUDERDALE, FL HOLIDAY INN 145 $ 1.6 MADISONVILLE, KY HOLIDAY INN 144 $ 4.1 CHARLESTON, IL HOLIDAY INN 120 $ 1.7 MARIETTA, GA HOLIDAY INN 330 $ 7.1 HOLLYWOOD, FL RAMADA INN 196 $ 12.6 HENDERSON, KY RAMADA INN 117 $ 3.7 VERO BEACH, FL INDEPENDENT 110 $ 4.5 GREENVILLE, MS BEST WESTERN 105 $ 1.2 MOBILE, AL DAYS INN – AIRPORT 162 $ 4.6 ROSWELL, GA SHERATON INN 172 $ 13.5 AIKEN, SC HOLIDAY INN 148 $ 1.2 MELBOURNE, FL HOLIDAY INN – I-95 104 $ 1.7 STARKE, FL ECONOLODGE 100 $ 1.7 YEEHAW JUNCTION, FL INDEPENDENT 120 $ 1.0 LAFAYETTE, IN HOLIDAY INN – NORTH 150 $ 2.4 ANCHORAGE, AK HOLIDAY INN – DOWNTOWN 252 $ 7.5 CLARKSBURG, WV HOLIDAY INN 161 $ 4.5 FAIRMONT, WV HOLIDAY INN 104 $ 2.0 FLORENCE, KY HOLIDAY INN 106 $ 2.1 MORGANTOWN, WV HOLIDAY INN 147 $ 2.5 SYRACUSE, NY HOLIDAY INN 153 $ 4.7 MONROVIA, CA HOLIDAY INN 174 $ 16.7 MEMPHIS, TN HOWARD JOHNSON – ELVIS PRESLEY BLVD. 150 $ 1.5 ATLANTA, GA EMBASSY SUITE – AIRPORT 234 $ 22.2 MONTGOMERY, AL RIVERFRONT INN 130 $ 1.5 LANSING, MI HOLIDAY INN 162 $ 2.3 CHATTANOOGA, TN BEST WESTERN 100 $ 1.5 WILMINGTON, NC HAMPTON INN 119 $ 4.0 MEMPHIS, TN THRIFTY INN – EAST 104 $ 2.2 MEMPHIS, TN AUDUBON SUITES 123 $ 1.2 COLLEGE STATION, TX HAMPTON INN 135 $ 4.1 NASHVILLE, TN HAMPTON INN – NORTH TRINITY LANE 125 $ 3.9 MEMPHIS, TN DAYS INN – POPLAR 126 $ 2.3 BLOOMINGTON/NORMAL, IL HOLIDAY INN 163 $ 3.4 LITTLE ROCK, AR HOLIDAY INN – CITY CENTER 280 $ 2.0 GRENADA, MS HOLIDAY INN 134 $ 1.6 ROSWELL, NM ROSWELL INN 123 $ 1.8 BLYTHEVILLE, AR DAYS INN 122 $ 1.0 LITTLE ROCK, AR HOLIDAY INN – OTTER CREEK 130 $ 3.0 MEMPHIS, TN RAMADA – MT. MORIAH & I-240 200 $ 2.4 MEMPHIS, TN HAMPTON – MILLBRANCH & I-240 128 $ 4.2 SEARCY, AR SHONEY’S INN 105 $ 3.6

(Sub Total) 8,563 $227.3

Continued on next page

HOTEL SALES (Continued)

NUMBER GROSS LOCATION FRANCHISE OF ROOMS SALES PRICE

COLLEGE STATION, TX HAMPTON INN 135 $ 6.0 ORLANDO, FL RAMADA INN 200 $ 6.3 FARMINGTON HILLS, MI COMFORT INN 135 $ 4.6 GRAND RAPIDS, MI COMFORT INN 109 $ 3.5 MINNEAPOLIS, MN HAMPTON INN 135 $ 9.0 DENVER, CO HAMPTON INN 138 $ 8.6 INDIANAPOLIS, IN HAMPTON INN 131 $ 8.5 LANSING, MI HAMPTON INN 108 $ 4.1 LINCOLN, NE HAMPTON INN 111 $ 5.1 MINNETONKA, MN HAMPTON INN 127 $ 5.5 OKLAHOMA CITY, OK HAMPTON INN 133 $ 7.3 OMAHA, NE HAMPTON INN 129 $ 6.8 TULSA, OK HAMPTON INN 148 $ 6.1 WARREN, MI HAMPTON INN 124 $ 3.3 ARLINGTON HEIGHTS, IL HOLIDAY INN EXPRESS 125 $ 4.4 BLOOMINGTON, MN HOLIDAY INN EXPRESS 142 $ 7.7 DOWNERS GROVE, IL HOLIDAY INN EXPRESS 123 $ 6.2 MILWAUKEE, WI HOLIDAY INN EXPRESS 122 $ 5.6 CLARKSDALE, MS COMFORT INN 93 $ 3.3 GREENVILLE, MS BEST WESTERN 120 $ 3.7 ARLINGTON, TX HAMPTON 142 $ 7.3 KNOXVILLE, TN CAMPUS INN 120 $ 1.5 EAGAN, MN RESIDENCE INN 120 $ 9.3 TINTON FALLS, NJ RESIDENCE INN 96 $ 8.1 MEMPHIS, TN HOLIDAY INN & OFFICE BLDG. 174 $ 4.1 AIKEN, SC RAMADA INN 150 $ 1.5 STATE COLLEGE, PA HAMPTON INN 121 $ 8.4 CLEVELAND, TN HAMPTON INN 60 $ 2.2 OKLAHOMA CITY, OK RAMADA INN 170 $ 3.9 GERMANTOWN, TN COURTYARD BY MARRIOTT SITE 0 $ .8 GREENWOOD, MS HAMPTON INN 100 $ 2.8 TUPELO, MS ECONOLODGE 100 $ 3.2 MT. PLEASANT, SC HOLIDAY INN 158} FAYETTEVILLE, NC HAMPTON INN 122} INDIANAPOLIS, IN HAMPTON INN 129} JACKSONVILLE, FL HAMPTON INN 122}……………………$27.5 MONTGOMERY, AL RIVERFRONT INN 130 $ .9 AUGUSTA, GA HOLIDAY INN 150 $ 4.3 GREENVILLE, SC COMFORT INN 192 $ 4.4 MEMPHIS, TN HAMPTON INN 123 $ 6.0 MEMPHIS, TN DAYS INN 240 $ 2.2 MEMPHIS, TN COMFORT INN 126 $ 4.6 MEMPHIS, TN COURTYARD BY MARRIOTT SITE 0 $ .8 LOUISVILLE,KY HEARTLAND SELF STORAGE 0 $ 2.2 MURFREESBORO, TN HAMPTON INN 118 $ 4.8 BROWNSVILLE, TX LAQUINTA INN 147 $ .6 GREENWOOD, SC HOLIDAY INN 100 $ 2.0 N. LITTLE ROCK, AR HOWARD JOHNSON 206 $ 2.5 MEMPHIS, TN HOWARD JOHNSON 283 $ 2.5 BANNER ELK, NC BEST WESTERN 100 $ 4.5 MEMPHIS, TN HAWTHORN SUITES 113 $ 6.8 PIGEON FORGE, TN HAMPTON INN & SUITES 100 $ 3.9 CHARLESTON, SC BEST WESTERN 151 $ 8.8 MURFREESBORO, TN HAMPTON INN & SUITES 101 $10.2 AUGUSTA, GA DEVELOPMENT LAND 0 $ 1.0

TOTAL NUMBER OF ROOMS 15,385 $ 490.7

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7 HOSPITALITY INVESTMENT SERVICES MOUNTAINTOP MANAGEMENT

REFERENCES BUSINESS: Bruce Campbell Kem Wilson Chairman of the Board (Retired) Kemmons Wilson, Inc. SunTrust Bank 8700 Trail Lake Dr. West, Suite 300 5353 Poplar Avenue, Suite 100 Memphis, TN 38125 Memphis, TN 38119 901-346-8800 901-766-5900

Joseph V. Green, President Phillip McNeill, Chairman (Retired) Winston Hotels, Inc. Equity Inns, Inc. 2626 Glenwood Ave., Suite 200 7700 Wolf River Boulevard Raleigh, NC 27608 Germantown, TN 38138 919-510-6017 901-754-7774

Jack Lynch William W. Simmons, Exec. VP Chairman of the Board Enterprise National Bank Allegiant Crescent Center 4191 Fayetteville Road 6075 Poplar Avenue, Suite 120 Raleigh, NC 27603 Memphis, TN 38119 919-772-8604 901-312-3505

Frank Stallworth st 1 Trust Bank 6525 Quail Hollow, 3rd Floor Memphis, TN 38120 901-259-5444

PERSONAL: Thomas Dyer Allen T. Malone, Attorney Sharpenet Company Burch, Porter & Johnson 6410 Poplar Ave, Suite 700 130 North Court Memphis, TN 38119 Memphis, TN 38103 901-680-5314 901-524-5157

Earl Blankenship, Chairman/CEO Kenneth Edmundson, President CB Richard Ellis Edmundson Northstar Companies, LLC 100 Peabody Place, #1200 775 Ridge Lake Blvd., Suite 160 Memphis, TN 38103 Memphis, TN 38120 901-528-1900 901-766-4560

REFERENCES (Continued)

PRIOR COMPANY AFFILIATES:

Barbara Beville William G. Martin Owner - Hampton Inn-Gatlinburg, TN Former Owner – Best Western-Banner Elk, NC LeConte Creek Partners, GP Marger, Inc., Vice President 10 Oliver Court 5170 Sanderlin, Suite 205 Signal Mountain, TN 37377 Memphis, TN 38117 423-886-7464 901-684-1222

D. Michael Ward Richard Clarke – EVP, Tennessee State Bank Owner – Country Inn & Suites-Anderson, SC Former Owner – Rivers Landing-Pigeon Forge, TN Highland Street Properties, LLC 2210 Parkway 123 Highland Street Pigeon Forge, TN 37863 Weaverville, NC 28787 865-908-5737 828-298-1070

Dan & Candy Pollock Sonny Coane Former Owners – Hampton Inn-Holly Springs, MS Former Owner – Partridge Inn-Sevierville, TN Advantage Hotels, Inc. Mountain National Bank 9 Glen Lake Drive 300 E. Main Street Pacific Grove, CA 93950 Sevierville, TN 37862 831-644-0304 865-428-7990