Market Study for the Proposed

Nationally Branded Lifestyle Hotel

Seabrook, Texas

Prepared For: City of Seabrook

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Performance Summary 2023 2024 2025 Units 150 150 150 Stabilized Occupancy 67% 72% 74% Average Daily Rate $209.50 $220.25 $229.00 Rooms Revenue $7,684,000 $8,682,000 $9,279,000 Net Operating Income $3,121,000 $3,613,000 $3,839,000 )& *5: 0' &"#300, *4 -0$"5&% */ "33*4 06/5: &9"4 "11309*."5&-: .*-&4 4065)&"450'%08/508/06450/"/%463306/%&%#:/6.&306405)&3&%(&$*5*&4*/ 5)&06450/.&530"3&"!)*-&&"#300,=41016-"5*0/*413&4&/5-:+6456/%&3 .03&5)"/ 1&01-&3&4*%&8*5)*/"'*7&.*-&3"%*640'&"#300,*5:"-- )& 1016-"5*0/ 8*5)*/ 5)& .*-& 3"%*64 )"4 */$3&"4&%#:/&"3-: 4*/$& &"#300, Houston MSA Population County 2010 *41"350'5)&06450/3&"5&306450/? )&.&530*4 Liberty 75,641 86,323 0/& 0' 5)& '"45&45(308*/( "3&"4 */ 5)& Montgomery 455,750 590,925 3"/,*/(5)*3%*/5)&/"5*0/*/07&3"--1016-"5*0/ Waller 43,277 53,126 (3085) */ 30. 5)& "3&" Total 5,920,487 6,997,384 (3&8#:.03&5)"/0/&.*--*0/1&01-& Source: U.S. Census Bureau

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Major Employers - Greater Houston Company Industry / Product More Than 20,000 Employees H-E-B Grocery Houston Methodist Health Care Memorial Hermann Health System Health Care UT MD Anderson Cancer Center Health Care Walmart Retail 10,000 to 19,999 Employees ExxonMobil Oil & Gas HCA Health Care Kroger Grocery National Oilwell Varco Oil & Gas Schlumberger Oil & Gas Shell Oil Co. Oil & Gas Texas Children's Hospital Health Care United Airlines Airline UT Medical Branch Health System Health Care Source: Greater Houston Partnership Research, Feb 2019 % % & #! '# &)% #!$"& # )%," &-&* (&"&&#!!("',#%## &!" ,#""'%'%#("*'%%#"' &', %' "#&$' ', #*&!$#!#%!$ #,%&"'%## %

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Houston Airport System (HAS) Passengers, Cargo and Aircarft Operations, 2018 Air Feight Aircraft HAS Airports Passengers (metric tons) Operations George Bush Intercontinental Airport (IAH) 43,807,720 William P. Hobby Airport (HOU) 14,476,469 Ellington Airport (EFD) 0 Total 58,284,189 536,108 747,069 Source: HAS Statistical Dashboard, Houston Airport System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SUMMARY OF COMPETITIVE HOTELS Seabrook/Clear Lake Area, Texas Miles from Properties Rooms Year Opened Property Type Subject A Hampton Inn Houston NASA Johnson Space Center 70 Jul 2017 Limited Service 0.2 B Holiday Inn Express & Suites Houston NASA - Seabrook 80 Jul 2019 Limited Service 0.6 C SpringHill Suites Houston NASA/Seabrook 88 2010 Limited Service 0.9 D Boardwalk Inn Kemah Boardwalk 58 1998 Limited Service/ Boutique 3.0 E Holiday Inn Kemah Boardwalk 128 2010 Select Service 2.8 F Hilton Houston NASA Clear Lake 242 1983 Full Service 2.7 G Courtyard Houston NASA Clear Lake 124 2012 Select Service 3.8 H SpringHill Suites Houston NASA/Webster 121 2009 Limited Service 6.8 I Staybridge Suites Houston - NASA/Clear Lake 112 2009 Extended Stay 7.1 J Homewood Suites by Hilton Clear Lake 92 1995 Extended Stay 6.4 K Hampton by Hilton Inn & Suites Houston/Clear Lake - NASA Area 108 2000 Limited Service 7.0 L Hilton Garden Inn Houston/Clear Lake NASA 126 2009 Select Service 7.1 Total Hotel Rooms - 2020 1,349 New Hotels 1 Subject - Proposed Nationally Branded Lifestyle Hotel 150 2023 Select Service -- Total Hotel Rooms 1,499 *,$$)0# *+ %&+ &$'+ + - &+#* *')&- %+ &##&. %+#% $&)+ # %&)$+ &% *')&- %

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Market Mix - Annual Room Nights of Demand 2019

Demand Segments % Mix I B T 154,600 48% Group 48,300 15% Leisure 119,200 37% Total Occupied Room Nights 322,100 100% &# !,*-#1'1'3# &,1#)0 !) 00'$6 --/,5'* 1#)6 ,$ 1&#'/ "#* +" 0 "#* +"'0%#+#/ 1#"4&#+0 )#0-#,-)#!,+02)1 +10 +" +(#/0! )),+ /# !,*- +'#0,/4&#+ /# !,*- +'#0 /'+%#*-),6##0 +" !201,*#/0 '+ $,/ *##1'+%0 2!& ,$ 1&# "#* +" %#+#/ 1#" '+1&'0* /(#1'0 /#) 1#"1,,')% 0/#1 ')"'01/' 21',+0#/3'!#!,*- +'#0 +") 4$'/*0 !&,$1&#&,1#)0* '+1 '+0 /,01#/,$+#%,1' 1#"!,/-,/ 1#/ 1#04'1&!,*- +'#0 1& 1+##"/,,*0,+ *,/#$/#.2#+1 0'0�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lear Lake Area - Houston, TX 2015 2016 2017 2018 2019 CAC* Supply - Guestrooms 1,193 1,193 1,229 1,269 1,309 Supply - Annual Rooms Nights (x 365) 435,445 435,445 448,585 463,185 477,785 2.3% Demand I B T 159,800 153,500 135,100 148,600 154,600 -0.8% Group 47,900 46,000 50,700 49,500 48,300 0.2% Leisure 111,900 107,400 101,300 99,100 119,200 1.6% Hurricane Harvey 0 0 50,700 33,000 0 n/a Total Occupied Room Nights 319,600 306,900 337,800 330,200 322,100 0.2% Occupancy 73.4% 70.5% 75.3% 71.3% 67.4% Average Daily Rate $124.65 $122.27 $125.68 $124.75 $119.68 -1.0% Revenue per Available Room $91.49 $86.18 $94.64 $88.93 $80.68 -3.1% Change in Supply -- 0.0% 3.0% 3.3% 3.2% Change in Demand -- -4.0% 10.1% -2.2% -2.5% *Compounded annual change #$- +,* !*,( )'3-$- --/( - )* !/./, $.$*)- .* -/++'3 *.# , .#) .# ,*+*- *. '1$.# "/ -.,**(-1#$#1 #0 --/( 1$''*(+' . $.-!$,-. ' ) , 3 , $) ) .# 0 ). *) *, (*, *(+ .$.$0 #*. '- *+ ) .# +,*% .$*)-.#.!*''*1*/' !! . # !*''*1$)")'3-$--#*1-.# $.$*)*!.# ,*+*- *. '1$.# "/ -.,**(- 1#$#1$''$), - .# -$4 *!.# (,& .!,*( .* *, + ,3 , 1# ) 2+, -- -*(+*/) 0 ," !,*( .*

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lear Lake Area - Houston, TX 2019 2020 2021 2022 2023 2024 CAC* Supply - Guestrooms 1,309 1,349 1,349 1,349 1,499 1,499 Supply - Annual Rooms Nights (x 365) 477,785 492,385 492,385 492,385 547,135 547,135 2.7% Demand Individual Business Traveler - Base 154,600 92,700 148,400 152,800 155,900 159,000 0.6% Individual Business Traveler - Created -- - - - 13,100 13,100 -- 154,600 92,700 148,400 152,800 169,000 172,100 2.2% Group/Convention - Base 48,300 24,200 45,900 47,300 48,200 49,200 0.4% Group/Convention - Created -- - - - 6,600 6,600 -- 48,300 24,200 45,900 47,300 54,800 55,800 2.9% Leisure - Base 119,200 89,400 134,000 138,100 140,800 143,600 3.8% Leisure - Created -- - - - 13,100 13,100 -- 119,200 89,400 134,000 138,100 153,900 156,700 5.6%

Total Occupied Room Nights 322,100 206,300 328,300 338,200 377,700 384,600 3.6% Occupancy 67.4% 41.9% 66.7% 68.7% 69.0% 70.3% -- Change in Supply 3.2% 3.1% 0.0% 0.0% 11.1% 0.0% -- Change in Demand -2.5% -36.0% 59.1% 3.0% 11.7% 1.8% -- *Compounded annual change

34,/ ($%422.!(:$5 $*(

15700$4;9((56,0$6($1(:64(0('423,10$4.(62&&73$1&;626+(/29 =5,1 4(57/6,1*)4206+(,03$&62)" 56+(0$4.(64(&28(452&&73$1&; 5+27/'4(674162+,*+ =5$1',5/,.(/;6256$%,/,<(,1/29 =5%; !+( )2//29,1*6$%/(',53/$;56+(42201,*+6552/',16+(0$4.(66+()$,45+$4(2)4220 1,*+656+$6&27/'%(2&&73,(',16+(42325('26(/$1'274$'-7560(16562,65)$,4 5+$4(%$5('21,65&203(6,6,8($'8$16$*(55+291$56+(56,0$6('$4.(6(1(64$6,21 5$1$6,21$//;%4$1'('/,)(56;/(+26(/9,6+$9$6(4)4216/2&$6,21$1'024(0((6,1* 53$&(6+$102562),65&203(6,6245,69,///,.(/;$&+,(8(,65+,*+(563(1(64$6,21,16+( 42735(*0(16)2//29('%;6+((,574(5(*0(1656+((:3(&6('34,&(32,162)6+( 42325('26(/0$;%(622+,*+)240$1;!64$8(/(45,16+,50$4.(69((:3(&66+( ! 5(*0(16 9,// /,.(/; 56$%,/,<( %(/29 ,65 )$,4 5+$4( $5(' 21 6+,5 $1$/;5,5 9( (56,0$6(6+(4(57/6,1*2&&73$1&;)246+(42325('26(/62),1,5+,65),456)7//23(4$6,1* ;($4$6$1'56$%,/,<($6 ,16+(6+,4';($49,6+$128(4$//3(1(64$6,212) 2),65)$,45+$4( Proposed Nationally Branded Lifestyle Hotel - Seabrook, TX - 150 Units Estimated Estimated Average Market Market Fair Market Share 1 Market Penetration 2 Occupancy Room Rate Year Segment Demand Percent Demand Percent Demand Market Subject Constant $ 2023 I B T 169,000 10.0% 16,900 85% 14,400 165.00 Group 54,800 10.0% 5,500 120% 6,600 185.00 Leisure 153,900 10.0% 15,400 105% 16,200 225.00 Total 377,700 37,800 98% 37,200 69% 67% 194.68 2024 I B T 172,100 10.0% 17,200 90% 15,500 165.00 Group 55,800 10.0% 5,600 130% 7,300 185.00 Leisure 156,700 10.0% 15,700 110% 17,300 225.00 Total 384,600 38,500 104% 40,100 69% 72% 194.53 2025 I B T 175,300 10.0% 17,500 90% 15,800 165.00 Group 56,800 10.0% 5,700 135% 7,700 185.00 Leisure 159,600 10.0% 16,000 110% 17,600 225.00 Total 391,700 39,200 105% 41,100 70% 74% 194.44 1 Fair Market Share = 150 Units (Subject) divided by 1,499 Rooms (in the Market in 2023) = 10.0% 2 Subject penetration into Market above 100% indicates Subject has competitive advantages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Average Daily Rate and Rooms Revenues Fiscal Occupancy Average Daily Rate Inflated Rooms Revenue Year 2019 Dollars Dollars 2023 67% $194.00 $209.50 $7,684,460 2024 72% $194.00 $220.25 $8,682,255 2025 74% $194.00 $229.00 $9,279,080 - )()/,-- --' (..#..# ,)*)- ). &-#)/& !)&&)1*,)0 (., ( )! $(".# (#),)!'$2 /- 0 &)*' (.)'*,$-$(" (. ,.$(' (.),$ (. , .$&)(1. ,!,)(.), 1&%1 )(-/&. .# * ,!),'( )!).# ,#). &-$( , . ,)/-.)(1$.#-$'$&,-/,,)/( $("-# , !. ,, ! ,, .)-.# -*$,.$)(& . - )(!$,'.$)( .#. #). &- &). 1$.#$( #$"#&3 ' ($.$4 &).$)(- ( #$ 0 -.,)("5-.# #). &-&$-. $(.# !)&&)1$(".& #$ 0 ()! $( $'$&,.).# ,)*)- ). &.# -*$,.$)(&#). &-, &). $(), ( ,+/&$.3'$2 /- 0 &)*' (.-1$.#(/' ,)/- $($("( (. ,.$($(")*.$)(- 1#$#-/**),.-)/, -.$'.$)()!-.,)("5-!),.# ,)*)- ). & SUMMARY OF ASPIRATIONAL HOTELS Greater Houston Area, Texas Properties Rooms Year Open Property Type Submarket/Amenities 1 Valencia Group Hotel Alessandra 223 2017 Full Service/Boutique Downtown Houston 2 The Moran Hotel CITYCENTRE 244 2009 Full Service/Boutique CityCentre 3 Hotel ZaZa Houston Memorial City 159 2017 Full Service/Boutique Memorial City 4 Hotel Granduca Houston 122 2006 Full Service/Boutique Uptown Houston 5 Wyndham Hotel Galvez & Spa 224 1998 Full Service Galveston Island 6 Hilton Galveston Island Resort 239 1996 Full Service Galveston Island 7 San Luis On Galveston Island 242 1985 Full Service/Boutique Galveston Island Total Hotel Rooms - 2020 1,453 1 2019 Market ADR: $201 / Market Occuapncy: 69.9% 1 Source: Smith Travel Research &). $(.# ( /'-/'',$4 -)/, *,.' (.&)* ,.$(" 2* (- - !),.# ,)*)- ). &(*, *,$(".#$-(&3-$-1 )(-/&. 2* (- ,.$)-!), )'*,& #). &--!)/( $(.# $.$)()!, ( -$(.# ). &( /-.,33 ). &- # . *, - (. 3 ). &- $- 2*, -- $( ,.$)- .) .).& , 0 (/ -1 &&- )&&,-* ,0$&& ,))'2#$$.$- 2*, -- $( )&&,- - )(.# -.$&$4 )/*(3.#.$- -.$'. !), , -.. .# - -.$&$4 -.$'. -$(.)-.. 3 ,$(!&. )&&,- -.,.$(" .) '%$("--/'*.$)(-!),)* ,.$)(&$( !!$$ ($ -.#., -/&. !,)'.# ,&33 ,-.#..# #). &)* ,. - &)1.# -.$&$4 )/*(3# !)&&)1$(" .& $- -.. /-$(" $(!&. )&&,- ( -/'',$4 - && .# (&3-$- )(.$( # , $(

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Summary Income Statement * 2023 2024 2025 2026 Occupancy 67% 72% 74% 74% Average Daily Rate * $210.75 $221.25 $230.25 $237.25 Rooms Revenue 7,730,000 8,722,000 9,330,000 9,613,000 Other Income 4,301,000 4,621,000 4,786,000 4,929,000 Total Revenues 12,031,000 13,343,000 14,116,000 14,542,000 Departmental Expenses 4,455,000 4,733,000 4,914,000 5,061,000 Undistributed Expenses 3,115,000 3,336,000 3,480,000 3,585,000 Other Fixed Expenses 1,169,000 1,308,000 1,353,000 1,387,000 Reserve for Replacement 241,000 400,000 565,000 582,000 Net Operating Income 3,051,000 3,566,000 3,804,000 3,927,000 * Inflated Dollars. .0-(#!2'11 '"2- #$# 1' *#'$',4#12+#,2- (#!2'4#1! , #+#231',%0# 1-, *# $', ,!',% 113+.2'-,1, 5#+ )# 113+.2'-,1 12-2&#*')#*7!-12-$ "#4#*-.',% ,"$', ,!',%2&#.0-(#!27!-+. 0',%2&#.0-(#!2!-122-2&#.-2#,2' * -.#0 2',%0#13*215#! ,! *!3* 2#2&#.-2#,2' *0#230,-,2&##/3'27',4#12+#,22'1 '+.-02 ,22-,-2#2& 25&'*#2&'1$# 1' '*'27 , *71'1$-!31#11.#!'$'! **7-,2&#&-2#* 2&# -.#0 2',% .#0$-0+ ,!# ,2'!'. 2#" $-0 2&# &-2#* 5'** -,*7 # !&'#4 *# '$ 1300-3,"#" 7!-+.*'+#,2 07"#4#*-.+#,21-2 *.0-(#!2 3"%#2'113++ 0'8#" ',2&#$-**-5',%2 *# Cost Assumptions $ / Unit Units Amount * Hotel Rooms Tower $250,000/Key 150 Keys 37,500,000 Conference Center $300/SF 12,000 SF 3,600,000 Structured Parking $25,000/Space 300 Space 7,500,000

Site Improvements 2,000,000 Total Project Budget * 50,600,000

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SUMMARY OF COMPETITIVE HOTELS Seabrook/Clear Lake Area, Texas Exhibit A 2020 Rack Rates 1 Miles from Properties Rooms Year Opened Amenities 2 Subject Weekday Weekend Summer Weekday Summer Weekend Property Type A Hampton Inn Houston NASA Johnson Space Center 70 Jul 2017 $105 - $150 $110 - $160 $110 - $130 $115 - $165 Limited Service 0.2 FHB, SP, FC, MR 3000 NASA Road 1, Seabrook B Holiday Inn Express & Suites Houston NASA - Seabrook 80 Jul 2019 $70 - $80 $80 - $90 $80 - $90 $100 - $125 Limited Service 0.6 FHB, SP, FC, LF, MR 2710 E NASA Pkwy, Seabrook C SpringHill Suites Houston NASA/Seabrook 88 2010 $105 - $125 $125 - $140 $90 - $135 $125 - $140 Limited Service 0.9 FHB, WB, SP, FC, LF, MR 2120 E NASA Pkwy, Seabrook D Boardwalk Inn Kemah Boardwalk Limited Service/ 58 1998 $130 - $160 $200 - $270 $180 - $330 $300 - $330 3.0 SP, MR 8 11th Ave, Kemah Boutique E Holiday Inn Kemah Boardwalk 128 2010 $120 - $170 $120 - $135 $125 - $170 $165 - $180 Select Service 2.8 FB, WB*, SP, FC, LF, MR 805 Harris Ave, Kemah F Hilton Houston NASA Clear Lake 242 1983 $90 - $210 $95 - $210 $100 - $160 $100 - $150 Full Service 2.7 FB, SP, FC, MMS 3000 E NASA Pkwy, Houston G Courtyard Houston NASA Clear Lake 124 2012 $110 - 200 $105 - $200 $135 - $190 $115 - $135 Select Service 3.8 FB, SP, FC, MR 18100 Saturn Ln, Nassau Bay H SpringHill Suites Houston NASA/Webster 121 2009 $105 - $150 $100 - $145 $120 - $135 $125 - $160 Limited Service 6.8 FHB, WB, SP, FC, LF, MR 1101 Magnolia Ave, Webster I Staybridge Suites Houston - NASA/Clear Lake 112 2009 $115 - $145 $120 - $140 $120 - $170 $135 - $160 Extended Stay 7.1 FHB, FK, SP, FC, LF, MR 501 W Texas Ave, Webster J Homewood Suites by Hilton Clear Lake 92 1995 $120 - $160 $120 - $145 $130 - $160 $130 - $155 Extended Stay 6.4 FHB, FK, SP, FC, LF, MR 401 Bay Area Blvd, Houston K Hampton by Hilton Inn & Suites Houston/Clear Lake - NASA Area 108 2000 $115 - $145 $120 - $140 $120 - $170 $135 - $160 Limited Service 7.0 FHB, FK*, SP, FC, LF, MR 506 Bay Area Blvd, Webster L Hilton Garden Inn Houston/Clear Lake NASA 126 2009 $115 - $170 $90 - $160 $120 - $150 $115 - $150 Select Service 7.1 FB, SP, FC, MR 750 W Texas Ave, Webster Total Hotel Rooms - 2020 1,349 2019 Market ADR: $120 / Market Occuapncy: 67.4% New Hotels 1 Subject - Proposed Nationally Branded Lifestyle Hotel 150 2023 n/a n/a n/a n/a Select Service -- n/a NASA Parkway at Repsdorph Total Hotel Rooms 1,499 1 Ranged of Published Rates. n/s - Not Shown on Map. 2 Amenity Codes: FB - Food and Beverage Outlets, FHB - Full Hot Breakfast, CB - Continental Breakfast, FK - Full Kitchen, WB - Wet Bar, SP - Swimming Pool, FC - Fitness Center, LF - Laundry Facility, MMS - Major Meeting Space, MR - Meeting Room. * In Selected Units Compiled by: DPC Hospitality Proposed Nationally Branded Lifestyle Hotel - Seabrook Exhibit B 5/12/20 Representative Year of Operation 2:49 PM

Full Service Hotels Stabilized Operating Year (2025) 150 to 300 Rooms Stated in 2019 Dollars Number of Units: 212 150 Number of Annual Rooms Available: 77,380 54,750 Number of Rooms Occupied: 57,184 40,515 Annual Occupancy: 73.9% 74.0% Average Daily Rate: 168.35 $194.00 Revenue Per Available Room: $124.41 $143.56 Ratio Per Room P.O.R. Amount Ratio Per Room P.O.R. Revenues Rooms 72.2% 45,410 $168.35 $7,860,000 63.7% $52,400 $194.00 Food & Beverage 23.7% 14,890 55.20 3,668,000 29.7% 24,453 90.53 Other Operated Departments 4.2% 2,621 9.72 810,000 6.6% 5,400 19.99 Total Revenues 100.0% 62,921 233.27 12,338,000 100.0% 82,253 304.53

Departmental Expenses Rooms 25.2% 11,423 42.35 1,621,000 20.6% 10,807 40.01 Food & Beverage 76.3% 11,358 42.11 2,384,000 65.0% 15,893 58.84 Other Operated Departments 59.7% 1,564 5.80 405,000 50.0% 2,700 10.00 Total Departmental Expenses 38.7% 24,345 90.26 4,410,000 35.7% 29,400 108.85

Departmental Profit 61.3% 38,576 143.01 7,928,000 64.3% 52,853 195.68

Undistributed Expenses Administrative & General 9.1% 5,721 21.21 1,116,000 9.0% 7,440 27.55 Marketing & Franchise 8.8% 5,515 20.45 1,110,000 9.0% 7,400 27.40 Property Operation and Maintenance 4.3% 2,732 10.13 420,000 3.4% 2,800 10.37 Utility Costs 3.6% 2,286 8.47 345,000 2.8% 2,300 8.52 Total Undistributed Operating Expenses 25.8% 16,254 60.26 2,991,000 24.2% 19,940 73.82

Gross Operating Profit 35.5% 22,322 82.76 4,937,000 40.0% 32,913 121.86

Fixed Expenses Base Management Fee 3.6% 2,264 8.39 432,000 3.5% 2,880 10.66 Property Taxes 3.3% 2,055 7.62 604,000 4.9% 4,027 14.91 Insurance 0.9% 575 2.13 128,000 1.0% 853 3.16 Total Fixed Expenses 7.8% 4,894 18.14 1,164,000 9.4% 7,760 28.73

Net Operating Income 27.7% 17,428 64.61 3,773,000 30.6% 25,153 93.13

FF&E Reserve 4.0% 2,517 9.33 494,000 4.0% 3,293 12.19

Net Operating Income After Reserve 23.7% 14,911 55.28 $3,279,000 26.6% $21,860 $80.93

Source: CBRE Hotels Estimated by DPC Hospitality DRAFT COPY - SUBJECT TO FINAL REVIEW Confidential - For Discussion Purposes Only Proposed Nationally Branded Lifestyle Hotel - Seabrook Exhibit C-1 5/12/20 Projected Operating Results 2:49 PM Calendar Years

2023 2024 2025 2026 2027 Number of Units: 150 150 150 150 150 Number of Annual Rooms Available: 54,750 54,750 54,750 54,750 54,750 Number of Rooms Occupied: 36,680 39,420 40,520 40,520 40,520 Annual Occupancy: 67.0% 72.0% 74.0% 74.0% 74.0% Average Daily Rate: $209.50 $220.25 $229.00 $238.25 $245.50 Revenue Per Available Room: $140.37 $158.58 $169.46 $176.31 $181.67 Amount Ratio Amount Ratio Amount Ratio Amount Ratio Amount Ratio Revenues Rooms $7,684,000 61.2% $8,682,000 62.8% $9,279,000 63.6% $9,654,000 63.8% $9,948,000 63.8% Food & Beverage 4,042,000 32.2% 4,227,000 30.6% 4,354,000 29.8% 4,484,000 29.6% 4,619,000 29.6% Other Operated Departments 826,000 6.6% 914,000 6.6% 968,000 6.6% 997,000 6.6% 1,027,000 6.6% Total Revenues 12,552,000 100.0% 13,823,000 100.0% 14,601,000 100.0% 15,135,000 100.0% 15,594,000 100.0%

Departmental Expenses Rooms 1,738,000 22.6% 1,853,000 21.3% 1,935,000 20.9% 1,993,000 20.6% 2,053,000 20.6% Food & Beverage 2,650,000 65.6% 2,754,000 65.2% 2,837,000 65.2% 2,922,000 65.2% 3,009,000 65.1% Other Operated Departments 413,000 50.0% 457,000 50.0% 484,000 50.0% 498,000 49.9% 513,000 50.0% Total Departmental Expenses 4,801,000 38.2% 5,064,000 36.6% 5,256,000 36.0% 5,413,000 35.8% 5,575,000 35.8%

Departmental Profit 7,751,000 61.8% 8,759,000 63.4% 9,345,000 64.0% 9,722,000 64.2% 10,019,000 64.2%

Undistributed Expenses Administrative & General 1,178,000 9.4% 1,265,000 9.2% 1,324,000 9.1% 1,370,000 9.1% 1,411,000 9.0% Marketing & Franchise 1,130,000 9.0% 1,244,000 9.0% 1,314,000 9.0% 1,362,000 9.0% 1,403,000 9.0% Property Operation and Maintenance 496,000 4.0% 497,000 3.6% 502,000 3.4% 517,000 3.4% 532,000 3.4% Utility Costs 388,000 3.1% 400,000 2.9% 412,000 2.8% 424,000 2.8% 437,000 2.8% Total Undistributed Operating Expenses 3,192,000 25.4% 3,406,000 24.6% 3,552,000 24.3% 3,673,000 24.3% 3,783,000 24.3%

Gross Operating Profit 4,559,000 36.3% 5,353,000 38.7% 5,793,000 39.7% 6,049,000 40.0% 6,236,000 40.0%

Fixed Expenses Base Management Fee 439,000 3.5% 484,000 3.5% 511,000 3.5% 530,000 3.5% 546,000 3.5% Property Taxes 604,000 4.8% 693,000 5.0% 707,000 4.8% 721,000 4.8% 736,000 4.7% Insurance 144,000 1.1% 148,000 1.1% 152,000 1.0% 157,000 1.0% 162,000 1.0% Total Fixed Expenses 1,187,000 9.5% 1,325,000 9.6% 1,370,000 9.4% 1,408,000 9.3% 1,444,000 9.3%

Net Operating Income 3,372,000 26.9% 4,028,000 29.1% 4,423,000 30.3% 4,641,000 30.7% 4,792,000 30.7%

FF&E Reserve 251,000 2.0% 415,000 3.0% 584,000 4.0% 605,000 4.0% 624,000 4.0%

Net Operating Income After Reserve $3,121,000 24.9% $3,613,000 26.1% $3,839,000 26.3% $4,036,000 26.7% $4,168,000 26.7%

Estimated by DPC Hospitality Full Year of Operation DRAFT COPY - SUBJECT TO FINAL REVIEW Confidential - For Discussion Purposes Only Proposed Nationally Branded Lifestyle Hotel - Seabrook Exhibit C-2 5/12/20 Projected Operating Results 2:49 PM Calendar Years

2028 2029 2030 2031 2032 Number of Units: 150 150 150 150 150 Number of Annual Rooms Available: 54,750 54,750 54,750 54,750 54,750 Number of Rooms Occupied: 40,520 40,520 40,520 40,520 40,520 Annual Occupancy: 74.0% 74.0% 74.0% 74.0% 74.0% Average Daily Rate: $252.75 $260.50 $268.25 $276.25 $284.50 Revenue Per Available Room: $187.04 $192.77 $198.51 $204.43 $210.53 Amount Ratio Amount Ratio Amount Ratio Amount Ratio Amount Ratio Revenues Rooms $10,241,000 63.8% $10,555,000 63.8% $10,869,000 63.8% $11,194,000 63.8% $11,528,000 63.8% Food & Beverage 4,757,000 29.6% 4,900,000 29.6% 5,047,000 29.6% 5,199,000 29.6% 5,355,000 29.6% Other Operated Departments 1,057,000 6.6% 1,089,000 6.6% 1,122,000 6.6% 1,155,000 6.6% 1,190,000 6.6% Total Revenues 16,055,000 100.0% 16,544,000 100.0% 17,038,000 100.0% 17,548,000 100.0% 18,073,000 100.0%

Departmental Expenses Rooms 2,115,000 20.7% 2,178,000 20.6% 2,243,000 20.6% 2,311,000 20.6% 2,380,000 20.6% Food & Beverage 3,100,000 65.2% 3,193,000 65.2% 3,289,000 65.2% 3,387,000 65.1% 3,489,000 65.2% Other Operated Departments 529,000 50.0% 545,000 50.0% 561,000 50.0% 578,000 50.0% 595,000 50.0% Total Departmental Expenses 5,744,000 35.8% 5,916,000 35.8% 6,093,000 35.8% 6,276,000 35.8% 6,464,000 35.8%

Departmental Profit 10,311,000 64.2% 10,628,000 64.2% 10,945,000 64.2% 11,272,000 64.2% 11,609,000 64.2%

Undistributed Expenses Administrative & General 1,453,000 9.1% 1,497,000 9.0% 1,542,000 9.1% 1,588,000 9.0% 1,636,000 9.1% Marketing & Franchise 1,445,000 9.0% 1,489,000 9.0% 1,533,000 9.0% 1,579,000 9.0% 1,627,000 9.0% Property Operation and Maintenance 548,000 3.4% 564,000 3.4% 581,000 3.4% 599,000 3.4% 617,000 3.4% Utility Costs 450,000 2.8% 464,000 2.8% 478,000 2.8% 492,000 2.8% 507,000 2.8% Total Undistributed Operating Expenses 3,896,000 24.3% 4,014,000 24.3% 4,134,000 24.3% 4,258,000 24.3% 4,387,000 24.3%

Gross Operating Profit 6,415,000 40.0% 6,614,000 40.0% 6,811,000 40.0% 7,014,000 40.0% 7,222,000 40.0%

Fixed Expenses Base Management Fee 562,000 3.5% 579,000 3.5% 596,000 3.5% 614,000 3.5% 633,000 3.5% Property Taxes 750,000 4.7% 765,000 4.6% 781,000 4.6% 796,000 4.5% 812,000 4.5% Insurance 166,000 1.0% 171,000 1.0% 176,000 1.0% 182,000 1.0% 187,000 1.0% Total Fixed Expenses 1,478,000 9.2% 1,515,000 9.2% 1,553,000 9.1% 1,592,000 9.1% 1,632,000 9.0%

Net Operating Income 4,937,000 30.8% 5,099,000 30.8% 5,258,000 30.9% 5,422,000 30.9% 5,590,000 30.9%

FF&E Reserve 642,000 4.0% 662,000 4.0% 682,000 4.0% 702,000 4.0% 723,000 4.0%

Net Operating Income After Reserve $4,295,000 26.8% $4,437,000 26.8% $4,576,000 26.9% $4,720,000 26.9% $4,867,000 26.9%

Estimated by DPC Hospitality DRAFT COPY - SUBJECT TO FINAL REVIEW Confidential - For Discussion Purposes Only Proposed Nationally Branded Lifestyle Hotel - Seabrook Exhibit D

Project Description Cost Assumptions Debt Assumptions $ / Unit Units Amount * Term 25 Keys: 150 Hotel Rooms Tower $250,000/Key 150 Keys 37,500,000 Interest 5.00% Conference Center $300/SF 12,000 SF 3,600,000 Loan to Costs (Estimate) 60% Net On Site Meeting Space SF 6,500 Structured Parking $25,000/Space 300 Space 7,500,000 Gross Conference Center SF 12,000 Loan Amount (Hotel) 30,400,000 Site Improvements 2,000,000 Monthly Loan Payment 177,715 Pool Resort Style Total Project Budget * 50,600,000 Annual Debt Service 2,132,584

Hotel Employees (Approx.) 120 Equity Requirement 20,200,000 380 Agreement / Grants Site Improvements (2,000,000) Amenities: Mixed-Use Location with Boardwalk, Resort- Unspecified City Incentives (2,000,000) Style Pool, Structured Parking, Food and Beverage outlets, Health Club and Spa. * Includes all soft costs, developer fees, and prorata land cost Total Private Capital Stack 16,200,000

DRAFT - Subject to final review and possible revision.

Project EBITA Today's Dollars Year 1 Year 2 Year 3 Year 4 Year 5 Full Year of Operation 2019 2023 2024 2025 2026 2027 Hotel and Conference Center Occ% 74% 67% 72% 74% 74% 74% ADR $194.00 $209.50 $220.25 $229.00 $238.25 $245.50 Room Revenue 7,860,000 7,684,000 8,682,000 9,279,000 9,654,000 9,948,000 Food and Beverage 3,668,000 4,042,000 4,227,000 4,354,000 4,484,000 4,619,000 Other Income 810,000 826,000 914,000 968,000 997,000 1,027,000 Total 12,338,000 12,552,000 13,823,000 14,601,000 15,135,000 15,594,000 Less: Total Expenses (9,059,000) (9,431,000) (10,210,000) (10,762,000) (11,099,000) (11,426,000) Net Operating Income 3,279,000 3,121,000 3,613,000 3,839,000 4,036,000 4,168,000

Distribution Summary Hotel NOI 3,121,000 3,613,000 3,839,000 4,036,000 4,168,000 POTENTIAL Hotel Occupancy Tax Rebate (City) 7% 537,880 607,740 649,530 675,780 696,360 Less: Project Debt Service (Year 1 & 2 Interest Only) (1,520,000) (1,520,000) (2,132,584) (2,132,584) (2,132,584) POTENTIAL Project Distributions 2,138,880 2,700,740 2,355,946 2,579,196 2,731,776

Subtotal of Potential City Incentives (HOT and Sales Tax) 537,880 607,740 649,530 675,780 696,360

POTENTIAL City Incentives as Percent of Distributions 25% 23% 28% 26% 25% Debt Coverage Ratio (with City Incentives) 2.41 2.78 2.10 2.21 2.28

Internal Rate of Return Investment Construction Operation --> Reversion 2020 2021 2022 2023 2024 2025 2026 2027 IRR Total Return

Initial Equity Investment (16,200,000) POTENTIAL Project Distributions - - 2,138,880 2,700,740 2,355,946 2,579,196 2,731,776 Reversion 41,111,341 Total Equity Return (16,200,000) - - 2,138,880 2,700,740 2,355,946 2,579,196 43,843,117 20.5% 53,617,878 Cash on Cash Return - by Year 13% 17% 15% 16% 271% Multiple: 3.31

DRAFT - Subject to final review and possible revision.

Reversion Analysis of Hotel Tower NOTE: DPC Hospitality made no attempt to verify the estimates of project costs provided by the developer Year 5 NOI + HOT Rebate 4,864,360 and have no opinion on their validity. In order to rely on the resulting estimates of cash on cash return and Terminal Cap Rate 7.0% internal rate of return, potential investors must conduct their own investigation as to the reliability and Reversion Value (Sales Price) 69,500,000 completeness of the costs of developing this project. Furthermore, the terminal cap rate was not derived Sales Costs: RE Comm / Title Ins. 1.0% by an appraisal of recent market sales. A market derivation of cap rates by a certified appraiser is needed Less Sales Cost (695,000) in order to accurately express potential returns. Net Proceeds of Sale 68,805,000 Less Outstanding Debt (27,693,659) Net Proceeds to Equity 41,111,341

5/12/20 2:49 PM For Discussion Purposes Only Exhibit E

10700 Richmond Ave. Suite 321 Houston, Texas 77042 713.900.2101 DPCHospitality.com

Projects Completed by David Parker

Market Studies of Limited-Service Hotels:

Dallas Area: Market Study of Proposed Best Western Premier – Denton, Texas (Open 2009) Market Study of Proposed Fairfield Inn – Decatur, Texas Market Study and Valuation of Proposed Comfort Suites – Grapevine, Texas (Open 2005) Market Study of a Hampton Inn and Suites – Alliance Airport, Fort Worth Texas (Open 1999) Due Diligence Analysis of five hotels (Holiday Inn Expresses and Quality Suites) – Dallas, Texas Market Study of Proposed Hampton Inn and Suites – Hurst, Texas (Open 2004) Due Diligence Analysis Wyndham Garden Hotel Los Colinas – Irving, Texas Due Diligence Analysis Wyndham Garden Hotel Market Center – Dallas, Texas

Houston Area: Market Study of Proposed Hampton Inn & Suites – Bush Intercontinental Airport – Houston, Texas (Open 2015) Market Study of Proposed Comfort Suites (Westchase) – Houston, Texas (Open 2013) Market Study of Proposed Hampton Inn & Suites – Missouri City, Texas (Open 2013) Market Study of Proposed Courtyard & TownePlace Suites – Galveston, Texas (Open 2013) Market Study of Proposed SpringHill Suites – Houston, Texas Market Study of Proposed Sleep Inn – Clute/Lack Jackson, Texas Market Study of Proposed Microtel Inn & Suites – Port Arthur, Texas Market Study of Proposed SpringHill Suites – Seabrook, Texas Market Study of Proposed La Quinta – West Chase - Houston, TX (Open 2007) Market Study of Proposed Best Western Mini Suites – Texas City, Texas (Open 2005) Market Study of Proposed Bed & Breakfast – Kemah, Texas (Open 2004) Market Study of a Proposed TownePlace Suite – College Station, Texas (Open 1999) Market Study of a Proposed TownePlace Suite – Clear Lake, Texas (Open 1999) Market Evaluations of four Baymont Inns – Houston, Texas Market Study of Proposed Hampton Inn & Suites – League City, Texas (Open 2010)

Central Texas: Market Study of Proposed Homewood Suites – (Parmer Lane) Austin, Texas (Open 2015) Market Study of Proposed Home2 Suites – Round Rock, Texas (Open 2015) Market Study of Proposed Bed and Breakfast Cabins – Fredericksburg, Texas (Open 2013) Market Study of Proposed Hampton Inn & Suites – Downtown Austin, Texas (Open 2012) Market Study of Proposed Homewood Suites – Round Rock, Texas (Open 2010) Market Study of Proposed Sleep Inn & Suites – Manor, Texas (Open 2012) Market Study of Proposed Limited-Service Hotel – Marble Falls, Texas Market Study of Proposed Microtel Inn & Suites – Austin, Texas (Airport) (Open 2010) Market Study of Proposed Staybridge Suites – San Antonio, Texas (Open 2008) Market Study of Proposed La Quinta - Medical Center - San Antonio, Texas (Open 2007)

South Texas: Market Study of Proposed Microtel – Gonzales, Texas (Open 2013) Market Study of Proposed Home2 Suites – Mission, Texas Market Study of Proposed Holiday Inn Express – South Padre Island, Texas (Open 2005)

Exhibit E

10700 Richmond Ave. Suite 321 Houston, Texas 77042 713.900.2101 DPCHospitality.com

North Texas: Market Study of Proposed Hampton Inn – Vernon, Texas (Open 2011) Market Study of Proposed Holiday Inn Express – Vernon, Texas (Open 2006)

West Texas: Market Study of Proposed Microtel – San Angelo, Texas (Open 2010) Market Study of Proposed Hawthorn Suites – Lubbock, Texas (Open 2008) Market Study of Proposed Best Western – Hamilton, Texas (Open 2007) Market Study of Proposed La Quinta – Lubbock, Texas (Open 2006)

East Texas: Market Study of Proposed Microtel Inn & Suites – Texarkana, Texas Market Study of Proposed Hampton Inn – Sulphur Springs, Texas (Open 2010) Market Study of Proposed Best Western – Mt. Vernon, Texas

Outside of Texas: Market Study of Proposed Home2 Suites – Tallahassee, Florida (Open 2016) Market Study of Proposed Home2 Suites – Stillwater, Oklahoma (Open 2016) Market Study of Proposed Home2 Suites – Tuscaloosa, Alabama (Open 2015) Market Study of Proposed Home2 Suites – Lexington, Kentucky (Open 2015) Market Study of Proposed Hilton Garden Inn & Homewood Suites – Oklahoma City, Oklahoma (Open 2014) Market Study of Proposed Hampton Inn & Suites - Mulvane, Kansas (Open 2012) Market Study of Proposed Hampton Inn & Suites – Dodge City, Kansas (Open 2012) Market Study of Proposed Homewood Suites – Nashville, Tennessee (Open 2013) Market Study of Proposed Fairfield Inn – Maize, KS (Open 2011) Market Study of Proposed La Quinta Inn & Suites – Olathe, Kansas (Open 2008) Market Study of Proposed Holiday Inn Express & Suites – Bloomington, Indiana (Open 2006) Market Study of Converting historic buildings into Residence Inn and Courtyard by Marriott – Omaha, NE (Open 1999) Market Study of Proposed Sleep Inn Limited-Service hotel – Thornton, Colorado (Open 1998) Market Study and Valuation of Proposed All-Suite Hotel at Isle of Capri Casino – Lake Charles, Louisiana (Open 1998) Market Study and Valuation of Proposed Limited-Service Hotel at Isle of Capri Casino – Lake Charles, Louisiana (Open 1997)

Market Studies Select and Full-Service Hotels:

Dallas Area: Market Study of Proposed Hilton Garden Inn – Hurst, Texas (Open 2016) Market Study of Proposed Hilton Dallas/Plano Granite Park – Plano, TX (Open 2014) Market Study of Proposed Cambria Suites – Plano, Texas (Open 2014) Market Study of Proposed Courtyard Hotel & Conference Center – Carrollton, Texas Market Study of Renovating the Historic Blackstone Hotel into a Courtyard by Marriott – Fort Worth, Texas (Open 1999) Exhibit E

10700 Richmond Ave. Suite 321 Houston, Texas 77042 713.900.2101 DPCHospitality.com

Market Study of Proposed Embassy Suites Galleria – Dallas, Texas (Open 1998) Evaluation of Converting the Employers Life Insurance Building into a Headquarters Hotel – Dallas, Texas Market Study of Proposed Holiday Inn – McKinney, Texas (Open 2008) Market Study of Proposed Resort Hotel and Water Park – Frisco, Texas Impact Assessment of Converting Ramada Plaza into Holiday Inn Select (Presently The Sheraton) – Fort Worth, Texas Houston Area: Market Study of Proposed Courtyard & TownePlace Suites – Galveston, Texas (Open 2013) Market Study of Proposed Courtyard by Marriott – Galveston, TX (Open 2013) Market Study of Proposed Embassy Suites & Water Park – Beaumont, Texas Market Study of Proposed Embassy Suites – Texas Medical Center – Houston, TX Market Study of Proposed Holiday Inn – Shenandoah, Texas Market Study of Proposed Hilton Garden Inn Galleria – Houston, Texas (Open 2005) Market Study and Economic Impact Assessment of 1,200-Room Hilton Americas – Downtown Houston, Texas (Open 2004) Market Study of Converting the Medical Towers into the Marriott Medical Center Expansion – Houston, Texas Market Study of Converting Historic Texas State Hotel into Sheraton Suites – Downtown Houston, Texas Market Study and Valuation of Omni Galleria – Houston, Texas Market Study and Valuation of Red Lion Hotel Galleria – Houston, Texas

Central Texas: Market Study of Proposed SoCo Hotel – (South Congress) Austin, Texas (Open 2015) Economic Impact Study of Proposed Hilton Garden Inn – Live Oak, Texas Market Study of Proposed Select-Service Hotel & Conference Center – Boerne, Texas Market Study of Proposed Four Points (Now Wyndham Garden Inn Near La Cantera) – San Antonio, Texas (Open 2009) Market Study of Proposed Boutique Hotel – Fredericksburg, Texas Market Study of Proposed Cambria Suites – Medical Center – San Antonio, Texas Market Study of Proposed Westin Riverwalk – San Antonio, Texas (Open 1999) Market Study of Proposed Full-Service Hotel – New Braunfels, Texas Market Study and Valuation of St. Anthony Hotel – San Antonio, Texas

South Texas: Market Study of Proposed Hotel & Conference Center – Port Aransas, Texas Market Study of Proposed Full-Service Hotel Adjacent to McAllen Convention Center – McAllen, Texas Market Study of Proposed All-Suite Hotel and Resort on North Padre Island – Corpus Christi, Texas Market Study, Economic Impact Study, and Financing Recommendations of Proposed Full-Service Hotel – South Padre Island, Texas Market Study of Proposed Executive Conference Center – North Padre Island, Corpus Christi, Texas

North Texas: Market Study of Proposed Hotel Conversion to a Full-Service Wyndham Hotel – Wichita Falls, Texas

West Texas: Market Study of Proposed Full-Service Hotel & Conference Center – Odessa, Texas

Outside of Texas: Market Study of Proposed Full-Service Resort with Golf – Franklin, Tennessee Market Study of Proposed Hilton Garden Inn & Homewood Suites – Oklahoma City, Oklahoma (Open 2014) Market Study of Proposed Conversion of the Fulton Hotel to a Holiday Inn – Alexandria, Louisiana Exhibit E

10700 Richmond Ave. Suite 321 Houston, Texas 77042 713.900.2101 DPCHospitality.com

Market Study of Proposed Office Building Conversion into Hilton Garden Inn – Airport - Phoenix, Arizona (Open 2009) Market Study of Proposed Hilton Garden Inn (Converted Office Building) – Phoenix, AZ at Airport (Open2008) Market Study of Proposed Full-Service Hotel – Colorado Springs, Colorado Performance Review of Operating Standards – Radisson Fort McDowell Resort & Casino – Scottsdale, Arizona Market Study of Proposed Holiday Inn – Colorado Springs, Colorado Market Study and Valuation of Cypress Bend Golf Resort and Conference Center – Sabine Parish, Louisiana

Market Study of Converting historic buildings into Residence Inn and Courtyard by Marriott – Omaha, NE (Open 1999) Market Study of Proposed Full-Service Hotel – Sandy City, Utah Market Study of Proposed Full-Service Hotel adjacent to Jazz Land Theme Park – New Orleans, LA Market Study and Valuation of 780-room Regal Riverfront – St. Louis, Missouri

Public Assembly Facility Studies:

Dallas Area: Market Study of Proposed Dallas County School District Meeting Facility – Dallas, Texas Market Study of Proposed 500,000-Square foot Exhibition Center – Grapevine, Texas Market Study of Proposed Conference Center – Hurst, Texas (Open 2007) Management RFP of Proposed Conference Center – Hurst, Texas

Houston Area: Market Study of Proposed Convention Center – Stafford, Texas (Open 2003) Market Study of Proposed Performing Arts Theater – Stafford, Texas (Open 2003) Market Study and Economic Impact of Proposed Waterway Convention Center – The Woodlands, Texas (Open 2002) Citywide occupancy tax collection forecast for City of Houston, used in securing $700 million in bonds for the purpose of expanding the George R. Brown Convention Center, constructing the 1,200-room Hilton Hotel, parking garage, and NBA basketball arena – Houston, Texas Market Study and Economic Impact Study of Expanding the George R. Brown Convention Center – Downtown Houston, Texas Market Study of Proposed Convention Center, Mall Conversion – Baytown, Texas Market Study of Proposed Natatorium – Stafford, Texas Market Study of Repositioning a portion of Greenspoint Mall into a Convention Center – Houston, Texas Market Study of Proposed Civic Center – Kemah, Texas Market Study of Proposed Civic Center – Freeport, Texas

Central Texas: Market Study of Proposed Convention Center – New Braunfels, Texas Market Study of Proposed Civic Center & Exhibit Hall – Gonzales, Texas

South Texas: Market Study of Expanding the Bayfront Convention Center – Corpus Christi, Texas (Completed 1999)

East Texas: Market Study of Proposed Convention Center – Lufkin, Texas