December 2017 Driftwood Hospitality Management 2019 Page 2

70 & 15 DEVELOPMENTS MANAGEMENT PORTFOLIO Brand Breakdown By Room Count

13,209 HOTEL ROOMS UNDER MANAGEMENT

1,442 HOTEL ROOMS UNDER CONSTRUCTION

36 THIRD-PARTY; 34 PARTNERSHIPS OWNERSHIP

34 FULL-SERVICE; 46 SELECT-SERVICE HOTEL CATEGORY Driftwood Hospitality Management Overview Page 3

• Driftwood Hospitality Management is a leading hotel management company that operates and develops hotels in the U.S. and Latin America.

• Current portfolio consists of 70 hotels with approximately 13,200 rooms in major resort destinations, and top business travel and convention markets in the U.S. and Costa Rica.

• Driftwood Hospitality is headquartered in West Palm Beach, FL and has corporate offices in Miami, FL and Scottsdale, AZ.

• Driftwood has sales over $450 million dollars and employs over 4,000 associates across its hotel portfolio, as well nearly 75 corporate employees focusing on:

• Hotel Operations • Accounting • Sales & Marketing • Purchasing • Internet Strategy and Online Distribution • Human Resources • Development & Acquisitions • Legal Support • Renovations • Yield Management Driftwood Hospitality Management Overview Page 4

• Since its inception in 1999, Driftwood’s seasoned management team has successfully taken over the operations of over 125 hotels.

• Executive Team brings an average of 25 years of experience each in their various segments of the lodging industry, and have proved highly successful in the takeover, re-positioning, and optimization of hotel operations.

• Driftwood's expertise covers a broad range of lodging options, from mid-size extended-stay and select- service properties to Airport Hotels, Business and Convention properties and full-service Beach Resorts featuring full-service restaurants, spas and convention centers.

• Driftwood attributes its success to the following: • Commitment to senior-level accessibility • Focus on building long-term relationships with our investors, clients, lenders, and guests • Quick thinking and flexibility which have generated steady, positive results in constantly changing economic environments • Assembly of experienced hotel management teams that share an entrepreneurial spirit and are capable of achieving aggressive objectives • In-depth knowledge of local markets / destinations • Size / geographic diversity of past portfolio • Personal relationships with owners, franchisors, and other intermediaries Driftwood Overview Page 5

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2 Today, Driftwood Hospitality is a vertically integrated hotel conglomerate.Page 6 Brands Operated by Driftwood Page 7

Driftwood has extensive management experience and relationships with industry leading hotel brands.

Marriott Hilton IHG Other Some of Our Recent Awards Page 8

2016 - Hotel Business, Top Owners and Developers - Hotel Management, Top Third-Party Management Companies - Hotel Management, Top Hotel Companies - HOTELS, HOTELS 325 Rankings - Lodging Magazine, Top Management Companies Marketplace 2015 - , Developer of the Year - Trip Advisor, Certificate of Excellence - Booking.com, 2015 Guest Review Award - Hotel Business, “Top 100 Owner & Developer” - Hilton Conversion of the Year 2014 - Apple Vacations, Golden Apple Award - Sheraton Hotels and Resorts, Preferred Management Company - Hotel Business, “Top 100 Owner & Developer” - Hilton Hotels & Resorts, Developer of the Year for Hilton Tampa Downtown 2013 - Hotels and Resorts, Best Conversion Full Service - Trip Advisor, Certificate of Excellence - Hotel Business, “Top 100 Management Companies” - IHG, Best Renovation Award - Foundation for Environmental Education, Blue Flag 2012 - Hotel Business, “Top 100 Owner & Developer” - Latin Hotel Owners Association, Estrella Hotelier of the Year Driftwood Overview of Services Page 9

Sales and Marketing - Working hand in hand with each Human Resources - Driftwood provides unparalleled property’s revenue management team, we assist in reaching corporate resources to the hotels and resorts within our a pricing blend that allows you to compete effectively while portfolio. Human resources is a major focus for us. By maximizing every possible revenue stream. We also form providing hiring assistance, insurance coverage, training strategic marketing alliances - working closely with national resources, E-Verify and payroll and benefit programs, your tourist boards, local Convention and Visitor’s Bureaus and Driftwood support team ensures employees are functioning other partners - to develop joint marketing campaigns that efficiently and effectively. provide greater visibility in front of your target demographic.

Operations - Our operations services focus on productivity Centralized Services - Driftwood supplies centralized, state- management, food and beverage controls and of-the-art services to all properties within our portfolio. procurement. Our MIS systems monitor hotel performance These services include groundbreaking programs in and produce detailed reporting from each revenue and cost accounting, payroll, legal, data processing and purchasing. center. Room yields, labor and cash management, expense Our flexibility and the tools we provide empower property- variances and a variety of other items are evaluated on a level executives to develop rapid solutions wherever and daily and weekly basis. whenever necessary. Driftwood Customer Service Page 10 Customer Service is always at the heart of it all Driftwood Hospitality Executive Profile Page 11 Driftwood Hospitality Executive Profile Page 12

• David Buddemeyer, Principal and President of Driftwood Hospitality Management was Chairman and CEO of Servico Hotels and Resorts, a NYSE hotel company, until December 1998. Mr. Buddemeyer began his tenure at Servico as Executive Vice-President in 1990, responsible for all facets of the company’s operation. The company grew from 28 hotels in 1990 to 110 hotels by 1998. In December 1998 Servico merged with another hotel company, bringing the organization to 150 hotels with over 28,000 rooms. Upon the completion of this merger, Mr. Buddemeyer left the company to start Driftwood Hospitality Management with several of his key executives from Servico. During his tenure at Servico he was responsible for the company’s growth in sales from $42mm to $450mm, with EBITDA growing at a compound annual rate of 41% from $16mm in 1990 to $180mm in 1999. Prior to his success at Servico, Mr. Buddemeyer was Vice-President of Operations for Prime Hospitality.

• Michael Diaz, Principal and Chief Operating Officer of Driftwood Hospitality Management began his hotel career at Servico in 1993. After completing several projects and assignments in the renovation and development area of the company, he assumed duties in operations. Mr. Diaz was responsible for coordinating many of the analysis and decisions made as to potential acquisitions. Diaz continued to progress in his career serving as assistant to the chairman and CEO, culminating in his appointment by the Board to the position of Vice President and Secretary of the Corporation. Mr. Diaz is a founding principal of DHM and has overseen operations from its inception to now over 40 hotels. Driftwood Hospitality Executive Profile Page 13

• Carlos Rodriguez, Principal and Executive Vice President of Driftwood Hospitality Management joined the company in June 2003 to oversee; Investor Relations, Raising Capital, Arrange Financing, and Real Estate Development. Mr. Rodriguez was formerly Chairman and CEO of Cardel Hotels, a group of affiliated hotel management, ownership and development companies based in Miami, Florida. Mr. Rodriguez founded Cardel with one hotel in 1997; by 2001 he had expanded his company to five award-winning full- and limited-service properties in Florida plus a full-service beach resort in Costa Rica, a condominium hotel operation in Miami Beach, a restaurant development, and an innovative Vacation Club ownership program. Rodriguez holds an MBA from Duke University's Fuqua School of Business, a BS in Economics from Vanderbilt University, and a Certificate in Hotel Management from Cornell University. Mr. Rodriguez also has Wall Street investment banking experience.

• Peter Walz, Principal and Executive Vice President of Driftwood Hospitality Management is in charge of Marketing and Sales, and Internet Strategies. Prior to Driftwood, Mr. Walz was President of Lodgian Europe, SA and Executive Vice President of Acquisitions and Development for Servico, inc. from 1994 to 1999. While leading the development of Servico the company grew from 42 hotels to 110 hotels. Prior to Servico, Mr. Walz developed a hotel and several office and retail projects in California. In addition Mr. Walz was marketing manager for new products, The Pillsbury Company, and CEO and marketing architect for Rollerblades. He is also a recipient of an Emmy nomination for his work in Children and Family Television Programming. Driftwood Hospitality Executive Profile Page 14

• Steve Johnson, Principal and Executive Vice President of Acquisitions for Driftwood Hospitality Management joined the firm in July 2002 and is responsible for acquisitions/dispositions and management contracts. Prior to joining Driftwood, he worked at Interstate Hotels from 1999 to 2002 and before that was in Chief Investment Officer for Highgate Holdings. He has also held development positions with Omni Hotels and the Rank Organization in the UK. Mr. Johnson began his career in 1984 as a consultant for Laventhol & Horwath, after graduating from Michigan State University, with a degree in Hotel, Restaurant & Institutional Management. Mr. Johnson has been involved in the development and acquisition of hotel and resort assets throughout the United States and Canada. Since joining Driftwood Hospitality, Mr. Johnson has been involved in over $500,000,000 of real estate transactions for the firm. Hotels Under Management Page 15

Doubletree Phoenix Tempe 270 Rooms, Arizona Indigo Galleria Houston 131 Rooms, Texas Margaritaville Flamingo Beach Resort 120 Rooms, Costa Rica Courtyard Miami West 127 Rooms, Florida Phoenix West 144 Rooms, Arizona Holiday Inn & Suites Houston Margaritaville Flamingo Beach Resort 113 Rooms, Texas Hilton Cocoa Beach Staybridge Suites Denver 128 Rooms, Colorado Residence Inn Miami 123 Rooms, Florida Red Lion Albany 312 Rooms, New York

Courtyard Miami West Hotels Under Management Page 16

Courtyard Wood Dale 149 Rooms, Illinois Hilton Cocoa Beach 295 Rooms, Florida Cambria Suites Miami Airport Blue Lagoon 122 Rooms, Florida Comfort Suites San Marcos 53 Rooms, Texas Staybridge Suites Orlando Airport 135 Rooms, Florida Sebring 66 Rooms, Florida Hilton Cocoa Beach El Paseo Miami Beach 71 Rooms, Florida Courtyard Gulf Shores 90 Rooms, Alabama Springfield 288 Rooms, Illinois

Crowne Plaza Springfield Hotels Under Management Page 17

Hawthorne Suites Ft Worth Medical Center 120 Rooms, Texas Margaritaville Tan Tar A Resort Westin Tyson’s Corner 405 Rooms, Virginia Margaritaville Tan Tar A Resort 750 Rooms, Missouri Hilton Rockville 315 Rooms, Maryland Sheraton Salt Lake City 362 Rooms, Utah Sheraton Salt Lake City TownePlace Suites Miami Lakes 94 Rooms, Florida TownePlace Suites Miami Airport West 94 Rooms, Florida Four Points Boston Logan Airport 180 Rooms, Massachusetts Red Lion Hartford 150 Rooms, Connecticut Westin Tysons Corner Hotels Under Management Page 18

International Palms Resort Cocoa Beach 502 Rooms, Florida Springhill Suites Lake Charles 508 Rooms, Louisiana Holiday Inn Express Orlando Airport 107 Rooms, Florida Springhill Suites Altamonte Springs 90 Rooms, Florida Doubletree Gainesville 205 Rooms, Florida Hampton Inn Las Vegas 322 Rooms, Nevada Holiday Inn Express Springfield 140 Rooms, Illinois Hilton Saratoga 242 Rooms, New York Holiday Inn Houston Westchase 130 Rooms, Texas Hilton Saratoga Hotels Under Management Page 19

Park City Marriott 199 Rooms, Utah Sheraton Dallas Galleria 309 Rooms, Dallas Park Inn Mechanicsburg 219 Rooms, Pennsylvania Daytona Beach Hampton 91 Rooms, Florida Sebring Holiday Inn Express 66 Rooms, Florida St. Augustine Doubletree 97 Rooms, Florida Durham Hilton 195 Rooms, North Carolina Baltimore Hampton BWI 182 Rooms, Maryland Red Lion Cheyenne 245 Rooms, Wyoming Park City Marriott Hotels Under Management Page 20

Marriott Houston North 390 Rooms, Texas Hilton Houston North Hilton Houston North 480 Rooms, Texas Fairfield Inn & Suites Atlanta Buckhead 115 Rooms, Georgia Fairfield Inn & Suites Atlanta Alpharetta 114 Rooms, Georgia Fairfield Inn & Suites Atlanta Perimeter 88 Rooms, Georgia Springhill Suites Atlanta Alpharetta 82 Rooms, Georgia Fairfield Inn & Suites Atlanta Alpharetta 88 Rooms, Georgia Fairfield Inn & Suites Atlanta Kennesaw 81 Rooms, Georgia Hilton Hasbrouck Heights/Meadowlands 355 Rooms, New Jersey Hotels Under Management Page 21

Marriott San Diego Mission Valley 353 Rooms, California Marriott San Diego Mission Valley Hampton Inn Houston NW 62 Rooms, Texas Comfort Suites Houston Willowbrook 64 Rooms, Texas Houston Westchase 81 Rooms, Texas Holiday Inn & Suites Houston 113 Rooms, Texas Hampton Inn Philadelphia Valley Forge 107 Rooms, Pennsylvania Philadelphia Valley Forge 135 Rooms, Pennsylvania Holiday Inn Philadelphia Morgantown 187 Rooms, Pennsylvania Homewood Suites Philadelphia Valley Forge 123 Rooms, Pennsylvania Hotels Previously Under Management Page 22

DoubleTree Tucson Indigo Miami Dadeland Comfort Inn Plant City Microtel Palm Coast HI Sarasota Staybridge Denver TC Radisson SFO Hampton Inn Daytona Park Plaza Houston Hampton Inn Miami-Doral Courtyard Dallas NW Stemmons Holiday Inn Albany Hotel 30/30 Staybridge North Dallas Hartford Plaza Hotel LaQuinta Prescott Kauai Beach Resort Bradford Houston Katy Intrn'l Dr Orlando Hawthorne Fishkill HI OKC HIE Nashville Paradise Island Sheraton Houston Radisson Miami CP Sawgrass HI Express Wilkesboro Sheraton Bellevue Sheraton Tampa Courtyard Flagler Crowne Plaza Colorado Springs Tom’s River Hotel CP Phoenix Courtyard Wood Dale Nassau Hawthorne Suites Tyler CP OKC HIE Kendall Staybridge North Dallas Hilton Tucson CP Allentown HI Houston Porterville Doubletree Columbus Courtyard Richmond CP Cleveland Clarion Hotel Deland Sheraton Columbus HIS Memphis Scottsdale Holiday Inn Express Brandon Springhill Sarasota Bradford Austin NW CP Worcester Clarion Inn Airport Asheville DoubleTree by Hilton Leominster Bradford Houston Galleria HIE Las Vegas West Hampton Inn Naples Orlando Hawthorn Bradford Lincoln Park Napa River Terrace DoubleTree Wilmington Holiday Inn Boxborough Bradford Dallas DT Radisson Dallas Love Field Park View Hotel Winter Haven Gulfport Bradford Colorado Springs Sheraton Jacksonville Quality Suites Kissimmee Austin DoubleTree NW Arboretum Bradford Richardson CP Memphis Holiday Inn Express Hunt Valley Melbourne Hampton Inn DoubleTree Houston Guest Suites of Boca Howard Johnson Miami Beach Houston House HIS Tulsa CP Minneapolis Holiday Inn & Suites Sawgrass Chicago Homewood/Hampton Brickell Ave Inn Radisson Worldgate Westin Ft. Lauderdale Bossier City SpringHill Suites Hampton Vero Beach Driftwood Vacation Club Bahia Cabana Beach Resort Phoenix Wyndham Garden Midtown Ramada Florida City Howard Johnson Maingate Crowne Plaza Denver Tampa Hilton Country I&S Vero Beach Strathallan Rochester DT Raleigh Durham Completed Hotel Renovations Page 23

Driftwood has completed over $300 million in hotel renovations, including $89 million from 2014-2015.

Doubletree Austin NW Crowne Plaza & Holiday Homewood Hampton Arboretum Inn Express Springfield Downtown Mag Mile Chicago

Number of Rooms:194 Number of Rooms: 428 Number of Rooms: 351

 Total Renovation: $8.1 million  Total Renovation: $13.5 million  Total Renovation: $17 million  Completion: July 2015  Completion: January 2016  Completion: 2014  Previously a Holiday Inn  Previously a Crowne Plaza Completed Hotel Renovations Page 24 Number of Doubletree Wilmington Property Renovation Cost Rooms Crowne Plaza Oklahoma City 218 $2,625,000 DoubleTree Houston Airport 314 $5,281,000 DoubleTree Wilmington 217 $3,300,000 Fiesta Resort Conference Center 270 $8,051,000 Holiday Inn Phoenix 144 $1,616,000 Holiday Inn San Jose - Downtown Aurola 200 $4,000,000 Holiday Inn Sarasota 131 $1,300,000 Holiday Inn Sunrise 291 $921,000 Hyatt House Houston Galleria Area 147 $3,709,000 Hyatt Austin Northwest 129 $3,195,000 Hyatt Summerfield Suites Colorado Springs 125 $2,854,000 Hyatt Summerfield Suites Dallas Richardson 132 $3,318,000 Hyatt Summerfield Suites Downtown Dallas 145 $3,358,000 Hyatt Summerfield Suites Katy 120 $2,690,000 Sheraton Salt Lake City Hyatt Summerfield Suites Lincoln Park 155 $3,056,000 Indigo Dadeland 122 $3,746,000 Indigo Houston 131 $3,600,000 Nassau Palm Resort 183 $2,800,000 Paradise Island Harbour Resort 246 $9,000,000 Radisson Kauai Beach Resort 350 $10,000,000 Radisson Resort Worldgate 427 $3,300,000 Sheraton Columbus 400 $9,250,000 Sheraton Salt Lake City 362 $13,200,000 Sheraton Tampa Riverwalk 187 $6,600,000 Springhill Suites Altamonte Springs 91 $1,755,000 Staybridge Suites Denver Tech Center 128 $2,752,000 Staybridge Suites North Dallas Addison 131 $2,450,000 Staybridge Suites Orlando Airport 134 $3,010,000 Strathallan Hotel 140 $4,780,000 Page 25 Number of Sheraton Bellevue Property Renovation Cost Rooms Courtyard Chicago Wood Dale 149 $4,022,000 Crowne Plaza Allentown 224 $743,000 Crowne Plaza Cleveland City Centre 470 $1,824,000 Crowne Plaza Denver City Center 364 $8,800,000 Crowne Plaza Freeport 1,061 $42,000,000 Crowne Plaza Memphis 230 $4,650,000 Crowne Plaza Minneapolis North 176 $2,123,000 Doubletree Columbus 194 $5,672,000 Doubletree Leominster 187 $600,000 Flamingo Beach Resort 120 $7,000,000 Hampton Homewood Chicago 351 $17,000,000 Hampton Inn Daytona Beach Speedway-Airport 122 $2,139,000 Hampton Inn Melbourne 66 $2,100,000 Doubletree Raleigh Fishkill 139 $1,300,000 Durham Hawthorn Suites Ft. Worth 120 $1,100,000 Hawthorn Suites Orlando 179 $1,300,000 Hawthorn Suites Tyler 128 $1,300,000 Hilton Cocoa Beach 296 $8,000,000 Hilton Raleigh-Durham 249 $7,500,000 Hilton Tampa 521 $12,500,000 Hilton Tucson 233 $3,200,000 Holiday Inn Express Hunt Valley 125 $2,750,000 Holiday Inn Express Nashville Airport 206 $732,000 Holiday Inn Express Orlando 107 $725,000 Holiday Inn Houston Astrodome 238 $1,300,000 Sheraton Bellevue 178 $3,600,000 Sheraton Houston North 420 $10,200,000 Tan Tar A Resort 760 $4,800,000 Case Study Crowne Plaza Denver Page 26

ACQUIRED AS: Holiday Inn

DATE ACQUIRED: June 2006

DATE SOLD: May 2015

NUMBER OF KEYS: 364 Case Study Crowne Plaza Denver Page 27

Crowne Plaza Denver TTM Apr 2010 TTM Apr 2011 TTM Apr 2012 TTM Apr 2013 TTM Apr 2014 TTM Apr 2015

Occupancy 62.80% 68.70% 69.10% 66.60% 68.00% 72.00% ADR $111.23 $115.62 $122.05 $129.99 $136.52 $143.45 RevPAR $69.87 $79.44 $84.38 $86.53 $92.81 $103.27

Revenue $11,824,732 $13,586,535 $13,948,453 $14,619,331 $15,668,649 $17,041,950

Gross Operating Profit $4,905,342 $5,782,454 $6,288,954 $6,701,943 $7,345,910 $7,886,768 Gross Operating Profit Margin 41.5% 42.6% 45.1% 45.8% 46.9% 46.3%

NOI $3,976,779 $4,760,637 $5,277,494 $5,618,230 $6,141,934 $6,662,587 NOI Margin 33.6% 35.0% 37.8% 38.4% 39.2% 39.1% Hotel Developments Page 28

Driftwood has developed over 1,250 hotel rooms throughout the U.S.

Marriott Residence Inn Flagler Crowne Plaza Miami Station Sawgrass Mills West

Number of Rooms: 123 Number of Rooms: 250 Number of Rooms: 127 Extended Stay Hotel Full Service Hotel Select Service Hotel

 Total Development Cost: $22 million  Total Development Cost: $28.1 million  Total Development Cost: $17 million  Completion: January 2016  Completion: December 2001  Completion: February 2009 Hotel Developments Page 29

Hampton Inn & Suites Miami Staybridge Suites Miami Sheraton Doral/Dolphin Mall Airport West Jacksonville

Number of Rooms: 121 Number of Rooms: 96 Number of Rooms: 159 Limited Service Hotel Extended Stay Hotel Full Service Hotel

 Total Development Cost: $9 million  Total Development Cost: $10.25 million  Total Development Cost: $21.3 million  Completion: March 2000  Completion: November 1999  Completion: July 1998 Hotel Developments Page 30

Holiday Inn Express & Suites Holiday Inn Miami Airport Hilton Garden Inn Miami Kendall West Tampa North

Number of Rooms: 110 Number of Rooms: 120 Number of Rooms: 148 Limited Service Hotel Full Service Hotel Select Service Hotel

 Total Development Cost: $9 million  Total Development Cost: $8 million  Total Development Cost: $11 million  Completion: October 2007  Completion: February 1998  Completion: May 2000 Hotel Developments ln Process Page 31

Hilton Canopy West Palm Beach Tribute by Marriott Fernandina Beach 150 Rooms, Florida 56 Rooms, Florida Hilton Canopy Tempe Tribute by Marriott St. Augustine 188 Rooms, Arizona 60 Rooms, Florida Tapestry by Hilton Aventura Holiday Inn Express Doral 100 Rooms, Florida 75 Rooms, Florida Holiday Inn Miami Hilton Garden Inn San Jose 174 Rooms, Florida 140 Rooms, Costa Rica Hampton Inn Miami Beach Staybridge Suites Wilmington 100 Rooms, Florida 136 Rooms, Delaware Doral 113 Rooms, Florida Home2/Tru by Hilton Fort Lauderdale 218 Rooms, Florida TownePlace Suites Miami 116 Rooms, Florida Tapestry by Hilton Daytona 90 Rooms, Florida Case Study Courtyard Miami West Page 32

• In February 2010, Driftwood Hospitality Management secured the management of the Courtyard by Marriott Miami West.

• During the hotel’s inaugural year, the property’s occupancy rate was 28.3%. After Driftwood’s first full year of management, occupancy finished at 64.3%. Occupancy has continued to increase finishing at 75% in 2016.

• RevPAR grew from $26.33 in 2009 to $96.40 in 2016.

• The success of the Courtyard Miami West led us to develop the Residence Inn right next door! Case Study Hilton Cocoa Beach Page 33

ACQUIRED AS: Hilton

DATE ACQUIRED: September 2013

DATE SOLD: Still Operating

NUMBER OF KEYS: 296 Case Study Hilton Cocoa Beach Page 34

Hilton Cocoa Beach 2014 2015 2016

Occupancy 68.70% 79.60% 83.00% ADR $119.23 $131.18 $141.00 RevPAR $81.86 $104.43 $117.04

Revenue $11,989,972 $16,001,597 $18,025,302

Gross Operating Profit $4,359,784 $6,530,902 $7,890,358 Gross Operating Profit Margin 36.40% 40.80% 43.80%

NOI $3,142,977 $5,226,382 $6,652,778 NOI Margin 26.20% 32.70% 36.90% Case Study Sheraton Houston Page 35

ACQUIRED AS: Sheraton

DATE ACQUIRED: September 2012

DATE SOLD: February 2016

NUMBER OF KEYS: 420 Case Study Sheraton Houston Page 36

Sheraton Houston Airport 2013 2014 2015

Occupancy 64.10% 75.10% 80.80% ADR $98.47 $115.12 $127.94 RevPAR $63.09 $86.48 $103.37

Revenue $13,381,950 $18,215,381 $20,710,982

Gross Operating Profit $4,024,875 $6,875,463 $8,590,182 Gross Operating Profit Margin 30.1% 37.7% 41.5%

NOI $2,466,253 $5,355,210 $7,283,940 NOI Margin 18.4% 29.4% 35.2% Case Study Sheraton Houston Airport Page 37

• In 2014, the 2nd full year of operations, Driftwood outpaced the Comp Set’s RevPAR Growth by over 27%. • Even as the Houston Market deteriorated in 2015, Driftwood was able to significantly increase RevPAR by 18.80%. STR Annual RevPAR % Change 45.00% 40.00% 35.00% 30.00% +38.4% 25.00% 20.00% 15.00% +18.8% 10.00% 5.00% +10.7% 0.00% -5.00% -6.1% -10.00% 2014 2015 Sheraton 38.40% 18.80% Comp Set 10.70% -6.10% Case Study Staybridge Suites Orlando Page 38

• In February 2010, Driftwood took over management of the 135-Room Select-Service Hawthorn Suites for CW. The hotel was challenged with a deteriorated product, stagnant sales, and a failed revenue management strategy.

• In 2012, Driftwood completed a $3 million renovation and conversion to a Staybridge Suites.

• Through the renovation, conversion, and the implementation of cost controls, Driftwood increased: • NOI from $523,000 in 2011 to $1,277,169 in 2016 • RevPAR from $49.57 in 2011 to $83.64 in 2016 • The hotel was awarded InterContinental Group’s “Best Renovation” in 2012. Case Study Staybridge Suites Orlando Page 39

• In one full year after Driftwood took over management, the Staybridge Suites outperformed its Comp Set in RevPAR growth by over 20%.

25.85% 30.00% 25.00% 20.00% 9.44% 15.00% 10.00% 1.76% 3.19% 5.00% 0.00% % Change 2010-2011 % Change 2011-2012 Staybridge Comp Set Case Study Radisson San Francisco Page 40

• Driftwood was appointed as Receiver and Third-Party Manager for the 210-room Radisson Hotel San Francisco Airport Bay Front in May 2010.

• Within 22 months, from the time of takeover to turnover, Driftwood: • Grew Food & Beverage profits by more than 50% • Improved RevPAR by 44.7% • Increased Annual NOI by 120.8% • Eliminated $4.1 million in lender advances and past-due interest, bringing all loans current Case Study Tan-Tar-A Resort Page 41

• Driftwood Hospitality Management took over Third-Party Management of Tan-Tar-A in September 2012. • The property is located outside of Osage Beach, Missouri at the Lake of the Ozarks. • The resort consists of: • 820 rooms including 150 Suites • 90,000 sq. ft. of indoor/outdoor conference space consisting of 29 meeting rooms, two ballrooms, and two large event halls that can accommodate up to 3,500 people • Over 600 feet of water slides, an activity pool with water basketball and other games, a 21-seat whirlpool for family relaxation, a lazy river for tube floating, and an 18-hole miniature golf course. • An 18-hole and 9-hole golf courses located in the Estates Complex. • Several Restaurants including: • The Black Bear Lodge • A Food Court • Coffee Shop • Windrose Restaurant • Oaks Restaurant • 3 lounges • Full-service Marina and Gas Station with boat rentals • Other amenities on site include: 3 Swimming Pools, Bears Den Arcade, Fitness Center, Bowling, Horseback riding, Tennis, Windjammer Spa, and a Market Lane containing 6 Shops. Case Study Tan-Tar-A Resort Page 42

Tan-Tar-A Resort 2013 2014 2015 2016

Occupancy 45.80% 51.20% 52.00% 56.40% ADR $97.92 $97.94 $101.69 $104.12 RevPAR $44.87 $50.11 $52.90 $58.70

Revenue $19,270,786 $21,517,725 $22,638,468 $24,506,520

Gross Operating Profit $3,143,512 $4,313,109 $5,481,155 $6,443,815 Gross Operating Profit Margin 16.3% 20.0% 24.2% 26.3%

NOI $1,357,415 $2,340,294 $3,480,970 $4,670,285 NOI Margin 7.0% 10.9% 15.4% 19.1% Driftwood Competitive Advantages Page 43

• Our Executive Team believes every hotel is important to Driftwood’s organizational growth and will be involved in every step of the management process. • Unlike many other management companies, Driftwood’s President, David Buddemeyer, and COO, Mike Diaz, will be intimately involved with the transition of management, business plan, and financial statements. • Driftwood’s size and flexibility allow us to provide a wide range of corporate services with strong attention to detail, as well as design and execute a property-specific business plan that is in-line with ownership’s values and maximizes NOI. • Our well-defined centralized controls provide state-of-the-art corporate services including accounting, payroll, data processing, and vendor purchases. • We always perform for our Owners, which is why Driftwood’s Third-Party Management Services have never been terminated for any reason other than a change in ownership. Thank You! Page 44