MARKET STUDY Proposed Hotel Brentwood

BRENTWOOD, CALIFORNIA

SUBMITTED TO:PROPOSED PREPARED BY: Ms. Peggy Berglund Suzanne R. Mellen, MAI, CRE, FRICS, ISHC City of Brentwood HVS Consulting & Valuation City Manager's Office Economic Development Division of TS Worldwide, LLC Division 100 Bush Street, Suite 1625 150 City Park Way San Francisco, California 94104 Brentwood, California 94513 +1 (415) 896-0868 +1 (925) 516-5187

January‐2020

January 9, 2020

Ms. Peggy Berglund City of Brentwood City Manager's Office Economic Development Division 150 City Park Way Brentwood, California 94513

HVS SAN FRANCISCO Re: Proposed Hotel Brentwood 100 Bush Street, Suite 1625 San Francisco, California 94104 Brentwood, California +1 (415) 896‐0868 HVS Reference: 2019021316 +1 (415) 896‐0516 FAX www.hvs.com Dear Ms. Berglund:

Pursuant to your request, we herewith submit our study of the Brentwood hotel market. We have evaluated multiple potential hotel sites and analyzed hotel market conditions in the Brentwood, California, area. The results of our market research are

presented in this report.

We hereby certify that we have no undisclosed interest in the property, and our employment and compensation are not contingent upon our findings. This study is subject to the comments made throughout this report and to all assumptions and limiting conditions set forth herein.

Sincerely,

TS Worldwide, LLC

Suzanne R. Mellen, MAI, CRE, FRICS, ISHC, Senior Managing Director - Practice Leader [email protected], +1 (415) 268-0351

McKenna Luke, MAI, Director [email protected], +1 (303) 704-2636

Superior results through unrivaled hospitality intelligence. Everywhere.

Table of Contents

SECTION TITLE PAGE 1. Executive Summary 5 Subject of the Market Study 5 Brentwood Market Overview and Conclusion 6 Summary of Hotel Market Trends 7 2. Market Area Analysis 9 Proximity to Local Demand Generators and Attractions 11 Tourist Attractions 13 Public Transportation 14 Airport Access 14 Workforce Characteristics 17 Unemployment Statistics 21 Major Business and Industry 22 Office Space Statistics 26 3. Site Overviews and Hotel Product Recommendation 29 State Route 4 Sites 29 Neighborhood 32 Access and Visibility 35 Neighborhood 35 4. Supply and Demand Analysis 38 Definition of Subject Hotel Market 38 San Francisco Bay Area Lodging Market 38 Historical Supply and Demand Data 40 Seasonality 43 Patterns of Demand 47 Primary Competitors 50 Secondary Competitors 57 Supply Changes 59

Demand Analysis Using Market Segmentation 60 Latent Demand 64 5. Statement of Assumptions and Limiting Conditions 67 Addendum - Charts 70

Qualifications

1. Executive Summary

Subject of the The objective of this study was to assess hotel market conditions in northeastern Market Study Contra Costa County and evaluate the potential for hotel development within the city of Brentwood. Multiple hotel sites were evaluated, five of which were considered to offer the best prospects for development of a lodging facility. Based on the profile of lodging demand and existing hotels in the market, we have concluded that the market can support a new limited-service and/or extended-stay hotel, as will be further discussed in this report.

The existing supply of hotels in Brentwood comprises a 59-room Hampton Inn, a 49-room Holiday Inn Express & Suites, and a 50-room Best Western Inn. Because the city’s supply of existing hotels is limited, and much of the area’s commercial demand is generated in towns west of Brentwood, we also considered hotels in the greater Contra Costa County, including Pittsburg, Oakley, and Antioch. We conducted market interviews with city officials, market participants, and local businesses within Contra Costa County to understand the area’s growth trajectory, current market demand, and existing and proposed hotel supply. In addition, lodging supply and demand trends were investigated based on HVS’ database of hotel performance and an STR Trend report.

Product As noted, we concluded that five sites offer the best potential for hotel development. Recommendations and Four sites along State Route 4 (SR 4) were considered, any one of which would be Takeaways favorable for hotel development. Of these, no single site was selected; thus, in this report we will refer to the SR 4 hotel sites in aggregate. The fifth site is a parcel on Brentwood Boulevard, which will be referred to as the Brentwood Boulevard site. The SR 4 sites and Brentwood Boulevard site are viewed as having the greatest potential for successful hotel development.

Based upon the locations of the sites, the surrounding uses, traffic counts, sources of demand, our conversations with the client, and other factors, we concluded that one midscale, upper midscale, or upscale limited-service hotel or one upper midscale extended-stay hotel would be appropriate for the Brentwood market at this time; a dual-branded hotel consisting of a mix of limited-service and extended- stay products would also be a viable option. Based on the existing brands/products already in the market, potential limited-service products include SpringHill Suites (upscale) and Fairfield Inn & Suites (upper mid-scale), both by Marriott; and Tru by Hilton and Avid by IHG (both midscale). Extended-stay hotel products include Home2 Suites by Hilton, TownePlace Suites by Marriott (both upper midscale), or Candlewood Suites by IHG (midscale). Possible dual-branded hotels include a

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SpringHill Suites or Fairfield coupled with a TownePlace Suites; a Tru coupled with a Home2 Suites by Hilton; or an Avid coupled with a Candlewood Suites. Mixed- parent dual-branded hotels are also an evolving product.

Given the profile of the typical traveler to Brentwood and the proximity of services, particularly restaurants and bars within short walking distance of each of the sites/locations, we believe the most feasible lodging product would likely be a limited-service hotel that does not offer food and beverage for purchase. A limited- service hotel offers no food and beverage outlet, but often provides a complimentary buffet-style breakfast within a small dining area. The market’s deep residential base and senior-living community, as well as the construction and contract commercial demand, is conducive to the development of an extended-stay product. Mid-rate and upper mid-rate extended-stay hotels typically provide a complimentary buffet-style breakfast within a small dining area.

The feasibility of either a limited-service or extended-stay hotel would depend on the land and the construction cost of the specific developer. We concluded that market demand is adequate to support a new hotel in this market, but we caution the reader that the project’s feasibility can be determined only once the economics of the hotel are fully analyzed.

Brentwood Market Brentwood provides an attractive environment for visitors given its numerous Overview and retail and dining options and its sports and leisure facilities. The recent completion Conclusion of the State Route 4 extension, connecting Brentwood to neighboring cities, provides an opportunity for this submarket to expand its capture of lodging demand in greater Contra Costa County. Transient and extended-stay travelers have proven their willingness to travel to stay at strongly branded, modern hotel facilities with proximity to dining and entertainment options in a safe and attractive location. It is our opinion that Brentwood is able to serve local and transient visitors as well as travelers doing business in cities to the west.

The Contra Costa County market, including the city of Brentwood, is experiencing a period of economic strength and expansion, primarily influenced by the overall strength of the greater San Jose/San Francisco Bay Area economy. Based on the unemployment rate, average weekly wage, job growth rate, GDP per capita, and GDP growth rate, two Northern California metro areas—San Francisco-Oakland- Hayward and San Jose-Sunnyvale-Santa Clara—are ranked as having the best economies in the country. These two metro areas are considered the center of the tech world and continue to generate economic expansion throughout the nine county San Francisco Bay Area, which includes Contra Costa County where Brentwood is situated. Our market interviews and research revealed that Brentwood continues to benefit from its status as a high-quality bedroom

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community of the San Francisco Bay Area. Thus, the outlook for the market area is positive.

Hotel developers typically evaluate the operating performance (average rate and occupancy) of existing hotels in a market to assess the potential for new hotel development. The newest hotel in the competitive market is the Holiday Inn Express & Suites, which opened in March 2017. Because of the limited number of hotels in the market, this property provides the best indicator of Brentwood’s ability to support new hotel development. The rapid ramp-up of this property, as will be discussed later in this report, is a good indicator of the competitive market’s ability to absorb new supply.

Summary of Hotel The performance of Brentwood and the surrounding submarkets over the past Market Trends decade is important to understanding the market’s dynamics. The following table provides a historical perspective on the supply and demand trends for a selected set of hotels, as provided by Smith Travel Research (STR).

FIGURE 1‐1 HISTORICAL SUPPLY AND DEMAND TRENDS (STR) – GREATER BRENTWOOD MARKET

Average Daily Available Room Occupied Room Average Year Room Count Nights Change Nights Change Occupancy Rate Change RevPAR Change 2009 392 143,055 — 66,014 — 46.1 % $84.28 — $38.89 — 2010 400 146,000 2.1 % 74,553 12.9 % 51.1 82.36 (2.3) % 42.06 8.1 % 2011 400 146,000 0.0 82,201 10.3 56.3 85.45 3.8 48.11 14.4 2012 400 146,000 0.0 89,678 9.1 61.4 89.41 4.6 54.92 14.2 2013 400 146,000 0.0 95,508 6.5 65.4 92.63 3.6 60.60 10.3 2014 400 146,000 0.0 98,169 2.8 67.2 98.06 5.9 65.94 8.8 2015 400 146,000 0.0 105,227 7.2 72.1 111.77 14.0 80.56 22.2 2016 400 146,000 0.0 103,371 (1.8) 70.8 118.59 6.1 83.97 4.2 2017 441 160,994 10.3 106,823 3.3 66.4 124.43 4.9 82.57 (1.7) 2018 449 163,978 1.9 115,883 8.5 70.7 125.78 1.1 88.89 7.7 Year‐to‐Date Through July 2018 449 95,188 — 66,652 — 70.0 % $124.00 — $86.83 — 2019 452 95,824 0.7 % 64,990 (2.5) % 67.8 125.22 1.0 % 84.93 (2.2) % Average Annual Compounded Change: 2009 ‐ 2012 0.7 % 10.8 % 2.0 % 12.2 % 2012 ‐ 2018 2.0 4.4 5.9 8.4

Competitive Number Year Year Hotels Included in Sample Class Status of Rooms Affiliated Opened

Comfort Inn Antioch Upper Midscale Class Secondary 119 Dec 2018 May 1986 Best Western Brentwood Inn Midscale Class Primary 50 May 2016 Nov 1995 Best Western Plus Delta Inn & Suites Upper Midscale Class Secondary 80 Jan 2016 Jun 2003 Hampton Inn Brentwood Upper Midscale Class Primary 59 Oct 2008 Oct 2008 Hampton Inn Pittsburg Upper Midscale Class Secondary 95 Feb 2009 Feb 2009 Holiday Inn Express & Suites Brentwood Upper Midscale Class Primary 49 Mar 2017 Mar 2017

Total 452 Source: STR

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The subject’s submarket has recorded tremendous growth over the past ten years, with demand almost doubling from 66,000 room nights in 2009 to 115,000 room nights in 2018. During this same period average daily rate (ADR) increased strongly as well, resulting in a 129% increase in RevPAR from $38.89 in 2009 to $88.89 in 2018. Following the market’s recovery from the recession, from 2012 through 2018 demand increased by a compound annual growth rate (CAGR) of 4.4%, while supply increased by a CAGR of 2.0%; ADR increased by a CAGR of 5.9%, resulting in a very strong 8.9% CAGR in RevPAR. The market’s strong expansion is due to the growing economy in the greater Contra Costa County region; limited new supply enabled market occupancy to exceed 70%.

Demand in the subject’s market area is highly dependent upon local refinery operations. An influx in demand from responders following three major accidents at the refineries/chemical plants in 2015 supported a 14% increase in average rate that year. Average rate continued to rise in 2016 as a result of the renovation and repositioning of the Best Western Plus Delta Inn & Suites in January. However, occupancy declined that year as the heightened demand related to the accidents in 2015 dissipated. Additionally, the major release of toxic gas at the Shell Martinez Refinery, which led to several air-pollution violations in December 2016, contributed to demand declines that lasted through the first quarter of 2017. Although demand growth resumed in the second quarter of 2017, occupancy modestly declined because of the entrance of the Holiday Inn Express & Suites Brentwood in March of that year. This new supply was quickly absorbed, and occupancy rebounded into the 70% level in 2018. Despite fluctuations in occupancy, average rates continued to increase from 2016 through 2018.

Year-to-date data for 2019 through July illustrate a 2.2-percentage-point decline in occupancy and a modest increase in average rate. This trend is primarily due to a pollution incident at the Valero Refinery in January and February that led to a partial closure of the refinery in March. Though the decline is expected to lessen for the overall year, demand is projected to continue to decline by the end of the first projection year. We anticipate demand to grow in the second projection year as it normalizes following the reopening of the refinery.

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2. Market Area Analysis

Market Area Definition The subject site/location are located in the city of Brentwood, the county of Contra Costa, and the state of California.

Brentwood, with a population of over 62,000 people, serves as a bedroom community to the greater San Francisco Bay Area. A nine-county region containing San Francisco, Marin, Napa, Sonoma, Solano, Contra Costa, Alameda, Santa Clara, and San Mateo counties, the San Francisco area is the only region in the nation claiming three major cities—San Francisco, Oakland, and San Jose. Brentwood, located in northeastern Contra Costa County, offers suburban convenience with ample shopping, dining, and entertainment options. Brentwood serves as a stopover for the neighboring cities within Contra Costa County owing to the recent completion of the State Route 4 extension, which connects Brentwood to Stockton to the east and Antioch and Pittsburg to the northwest. Brentwood and the greater Contra Costa economy are primarily supported by health and medical services, construction, oil refineries and manufacturing.

BRENTWOOD

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The subject property’s market area can be defined by its Combined Statistical Area (CSA): San Jose-San Francisco-Oakland, CA. The CSA represents adjacent metropolitan and micropolitan statistical areas that have a moderate degree of employment interchange. Micropolitan statistical areas represent urban areas in the United States based around a core city or town with a population of 10,000 to 49,999; the MSA requires the presence of a core city of at least 50,000 people and a total population of at least 100,000 (75,000 in New England). The following exhibit illustrates the market area.

MAP OF REGIONAL ACCESS ROUTES

Access via roads, airports, and public transportation options are essential to the success of a hotel operation. Primary regional access through the area is provided by State Route 4, which extends northeast of Brentwood, and connects to Interstates 680 and 80. At the south end of Brentwood, State Route 4 continues east and connects with Interstate 5 in the city of Stockton. The subject market is served by a variety of additional local highways, which are illustrated on the map.

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Proximity to Local The market area's primary generators of commercial lodging demand are located Demand Generators within the other cities of northern Contra Costa County, including Dow Chemical and Attractions Company and USS-Posco Industries in Pittsburg and the Contra Costa County Event Center in Antioch. Within Brentwood, demand is generated by medical centers, wedding venues, and the Sunset Park Athletic Complex. The subject sites are located near the local area's generators of lodging demand. A sample of these local demand generators is reflected on the following map, followed by a map of the demand generators within the greater market area. Overall, the subject sites are well situated with respect to demand generators.

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LOCAL DEMAND GENERATORS AND ATTRACTIONS – CITY OF BRENTWOOD

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COMMERCIAL DEMAND GENERATORS – SUBJECT MARKET AREA

Tourist Attractions The market benefits from a variety of tourist and leisure attractions. Primary leisure demand is generated by sports teams playing at the Sunset Park Athletic Complex, relatives visiting local senior-living communities (such as Trilogy at the Vineyards) and weddings at the various venues within Brentwood, including the Brentwood Golf Club, McCauley Estate Vineyards, and Club Los Meganos. The peak season for tourism in this area is from May to September, correlating to the summer academic break. During other times of the year, weekend demand comprises travelers passing

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through en route to other destinations, people visiting friends or relatives, and other similar weekend demand generators.

CLUB LOS MEGANOS

Public Transportation The Bay Area Rapid Transit (BART) is a public transportation system that serves the San Francisco Bay Area. This heavy-rail rapid transit system connects San Francisco with cities in the East Bay, as well as suburbs in northern San Mateo County and Contra Costa County, with five routes that span more than 100 miles over 45 stations. BART also features lines to both the San Francisco International Airport and the Oakland International Airport. Within Contra Costa County, BART extends east into Pittsburg. The BART to Antioch extension (eBART) began service in May 2018 and connects riders from Antioch to the Pittsburg/Bay Point Station using a new, state-of-the-art Diesel Multiple Unit Train. Because the extension uses a different type of train, riders traveling to/from Antioch must transfer at the Pittsburg/Bay Point Station. BART officials have discussed the option of extending eBART to Brentwood; however, at this time, an official timeline has not been announced.

Airport Access The Brentwood market is well served by the Oakland International Airport, the San Francisco International Airport, and the Norman Y. Mineta San Jose International Airport, which are located approximately 50, 67, and 56 miles from the city of Brentwood, respectively. Enplanement and deplanement statistics for these airports, located in the addendum of this report, reflect the strong economic growth of the area.

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Economic and A primary source of economic and demographic statistics used in this analysis is the Demographic Review Complete Economic and Demographic Data Source published by Woods & Poole Economics, Inc.—a well-regarded forecasting service based in Washington, D.C. Using a database containing more than 900 variables for each county in the nation, Woods & Poole employs a sophisticated regional model to forecast economic and demographic trends. Historical statistics are based on census data and information published by the Bureau of Economic Analysis. Projections are formulated by Woods & Poole, and all dollar amounts have been adjusted for inflation, thus reflecting real change.

These data are summarized in the following table.

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FIGURE 2‐1 ECONOMIC AND DEMOGRAPHIC DATA SUMMARY

Average Annual Compounded Change 2000 2010 2018 2025 2000‐10 2010‐18 2018‐25

Resident Population (Thousands) Contra Costa County 952.8 1,052.9 1,163.9 1,272.8 1.0 % 1.3 % 1.3 % San Francisco‐Oakland‐Hayward, CA MSA 4,135.9 4,345.2 4,754.3 5,037 .7 0.5 1.1 0.8 San Jose‐San Francisco‐Oakland, CA CSA 7,680.3 8,173.7 8,909.4 9,50 3.5 0.6 1.1 0.9 State of California 33,988.0 37,332.7 40,020.8 42,929.9 0.9 0.9 1.0 United States 282,162.4 309,348.1 328,910.9 350,937.2 0.9 0.8 0.9 Per‐Capita Personal Income* Contra Costa County $54,074 $52,878 $67,468 $72,705 (0.2) 3.1 1.1 San Francisco‐Oakland‐Hayward, CA MSA 59,084 59,783 78,194 84,209 0.13.41.1 San Jose‐San Francisco‐Oakland, CA CSA 55,395 54,469 71,291 76,781 ( 0.2) 3.4 1.1 State of California 39,811 42,612 52,550 56,849 0.7 2.7 1.1 United States 36,812 39,622 46,097 50,233 0.7 1.9 1.2 W&P Wealth Index Contra Costa County 143.6 131.9 143.3 142.0 (0.9) 1.0 (0.1) San Francisco‐Oakland‐Hayward, CA MSA 156.7 148.8 165.8 164.1 (0.5) 1 .4 (0.1) San Jose‐San Francisco‐Oakland, CA CSA 147.6 136.1 151.7 150.2 (0.8) 1.4 (0.1) State of California 108.0 107.9 113.4 112.7 (0.0) 0.6 (0.1) United States 100.0 100.0 100.0 100.0 0.0 0.0 0.0 Food and Beverage Sales (Millions)* Contra Costa County $1,173 $1,320 $1,804 $2,076 1.2 4.0 2.0 San Francisco‐Oakland‐Hayward, CA MSA 7,351 8,850 11,804 12,886 1.9 3.7 1.3 San Jose‐San Francisco‐Oakland, CA CSA 12,461 14,881 19,355 21,149 1.8 3.3 1.3 State of California 46,670 58,066 76,107 84,651 2.2 3.4 1.5 United States 368,829 447,728 597,451 662,610 2.0 3.7 1.5 Total Retail Sales (Millions)* Contra Costa County $12,389 $11,928 $14,721 $16,631 (0.4) 2.7 1.8 San Francisco‐Oakland‐Hayward, CA MSA 62,423 63,574 80,813 88,209 0.23.01.3 San Jose‐San Francisco‐Oakland, CA CSA 112,961 122,863 158,934 174, 884 0.8 3.3 1.4 State of California 446,480 480,529 590,716 654,145 0.7 2.6 1.5 United States 3,902,830 4,130,414 5,081,233 5,598,240 0.6 2.6 1.4

* Inflation Adjusted Source: Woods & Poole Economics, Inc.

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The U.S. population grew at an average annual compounded rate of 0.8% from 2010 through 2018. The county’s population increased at a quicker pace than the nation’s population; the average annual growth rate of 1.3% between 2010 and 2018 reflects a gradually expanding area. Following this population trend, per-capita personal income increased strongly, at 3.1% on average annually for the county between 2010 and 2018. Local wealth indexes have remained stable in recent years, registering a high 143.3 level for the county in 2018.

Food and beverage sales totaled $1,804 million in the county in 2018, versus $1,320 million in 2010. This reflects a 4.0% average annual change, stronger than the 1.2% pace recorded in the prior decade, the latter years of which were adversely affected by the recession. Over the long term, the pace of growth is forecast to moderate to a more sustainable level of 2.0%, which is projected through 2025. The retail sales sector demonstrated an annual decline of -0.4% in the decade spanning from 2000 to 2010, followed by an increase of 2.7% in the period from 2010 to 2018. An increase of 1.8% average annual change is expected in county retail sales through 2025.

Workforce The characteristics of an area's workforce provide an indication of the type and Characteristics amount of transient visitation likely to be generated by local businesses. Sectors such as finance, insurance, and real estate (FIRE); wholesale trade; and services produce a considerable number of visitors who are not particularly rate-sensitive. The government sector often generates transient room nights, but per-diem reimbursement allowances often limit the accommodations selection to budget and mid-priced lodging facilities. Contributions from manufacturing, construction, transportation, communications, and public utilities (TCPU) employers can also be important, depending on the company type.

The following table sets forth the county workforce distribution by business sector in 2000, 2010, and 2018, as well as a forecast for 2025.

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FIGURE 2‐2 HISTORICAL AND PROJECTED EMPLOYMENT (000S) – CONTRA COSTA COUNTY

Average Annual Compounded Change Percent Percent Percent Percent Industry 2000 of Total 2010 of Total 2018 of Total 2025 of Total 2000‐2010 2010‐2018 2018‐2025

Farm 2.9 0.6 % 0.9 0.2 % 1.0 0.2 % 1.0 0.1 % (11.1) % 0.7 % (0.1) % Forestry, Fishing, Related Activities And Other 0.5 0.1 0.9 0.2 0.7 0 .1 0.7 0.1 5.3 (3.8) 1.1 Mining 2.6 0.6 2.3 0.5 2.2 0.4 2.2 0.3 (1.5) (0.7) 0.5 Utilities 3.5 0.8 2.4 0.5 5.9 1.0 6.4 1.0 (3.7) 11.7 1.3 Construction 35.2 7.5 27.0 5.7 37.4 6.4 41.3 6.2 (2.6) 4.1 1.5 Manufacturing 24.7 5.3 20.2 4.3 18.5 3.2 17.9 2.7 (2.0) (1.1) (0.5) Total Trade 67.0 14.4 61.8 13.0 74.8 12.8 82.4 12.4 (0.8) 2.4 1.4 Wholesale Trade 12.1 2.6 10.6 2.2 16.1 2.7 16.8 2.5 (1.3) 5.4 0.6 Retail Trade 55.0 11.8 51.2 10.8 58.7 10.0 65.6 9.9 (0.7) 1.7 1.6 Transportation And Warehousing 8.9 1.9 9.3 2.0 17.9 3.1 19.8 3.0 0.4 8.5 1 .4 Information 19.0 4.1 11.9 2.5 10.3 1.8 10.2 1.5 (4.6) (1.7) (0.2) Finance And Insurance 33.2 7.1 37.3 7.9 40.7 7.0 46.2 7.0 1.2 1.1 1.8 Real Estate And Rental And Lease 22.7 4.9 30.8 6.5 38.4 6.6 42.0 6.3 3.1 2.8 1.3 Total Services 198.4 42.5 219.8 46.4 287.4 49.1 338.5 51.0 1.0 3.4 2.4 Professional And Technical Services 43.1 9.2 48.0 10.1 52.9 9.0 57.1 8. 61.11.21.1 Management Of Companies And Enterprises 6.7 1.4 5.8 1.2 9.1 1.6 10.7 1. 6 (1.4) 5.8 2.3 Administrative And Waste Services 31.0 6.7 29.3 6.2 36.5 6.2 39.8 6.0 (0 .6) 2.8 1.3 Educational Services 9.1 1.9 11.2 2.4 15.4 2.6 16.7 2.5 2.1 4.0 1.2 Health Care And Social Assistance 43.2 9.3 53.8 11.3 79.5 13.6 108.9 16 .4 2.2 5.0 4.6 Arts, Entertainment, And Recreation 11.8 2.5 13.0 2.7 15.6 2.7 17.1 2.6 1.0 2.3 1.3 Accommodation And Food Services 23.8 5.1 29.1 6.1 41.4 7.1 47.1 7.1 2.0 4 .5 1.9 Other Services, Except Public Administration 29.7 6.4 29.7 6.3 36.9 6.3 41.0 6.2 (0.0) 2.8 1.5 Total Government 48.0 10.3 49.3 10.4 50.5 8.6 54.7 8.3 0.3 0.3 1.1 Federal Civilian Government 6.4 1.4 5.2 1.1 4.8 0.8 4.7 0.7 (2.0) (1.1 )(0.3) Federal Military 1.9 0.4 1.7 0.4 1.8 0.3 1.8 0.3 (0.9) 0.3 0.1 State And Local Government 39.8 8.5 42.4 8.9 44.0 7.5 48.3 7.3 0.6 0.5 1.3

TOTAL 466.8 100.0 % 474.1 100.0 % 585.5 100.0 % 663.3 100.0 % 0.2 % 2.7 % 1.8 %

MSA 2,770.3 — 2,665.7 — 3,414.7 — 3,742.6 — (0.4) % 3.1 % 1.3 % U.S. 165,372.0 — 173,034.7 — 202,637.9 — 223,254.5 — 1.1 2.0 1 .4

Source: Woods & Poole Economics, Inc.

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Woods & Poole Economics, Inc. reports that during the period from 2000 to 2010, total employment in the county grew at an average annual rate of 0.2%. This trend was above the growth rate recorded by the MSA and also lagged the national average. More recently, the pace of total employment growth in the county accelerated to 2.7% on an annual average from 2010 to 2018, reflecting the initial years of the recovery.

Of the primary employment sectors, Total Services recorded the highest increase in number of employees during the period from 2010 to 2018, increasing by 67,545 people, or 30.7%, and rising from 46.4% to 49.1% of total employment. Of the various service sub-sectors, Health Care and Social Assistance and Professional and Technical Services were the largest employers. Strong growth was also recorded in the Total Trade sector, as well as the Construction sector, which expanded by 20.9% and 38.2%, respectively, in the period from 2010 to 2018. Forecasts developed by Woods & Poole Economics, Inc. anticipate that total employment in the county will change by 1.8% on average annually through 2025. The trend is level with the forecast rate of change for the U.S. as a whole during the same period.

The following table illustrates historical and projected employment, households, population, and average household income data, as provided by REIS for the overall Oakland-East Bay market, which comprises Alameda and Contra Costa Counties.

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FIGURE 2‐3 HISTORICAL & PROJECTED EMPLOYMENT, HOUSEHOLDS, POPULATION, AND HOUSEHOLD INCOME STATISTICS

Total Office Industrial Household Year Employment % Chg Employment % Chg Employment % Chg Households % Chg Population % Chg Avg. Income % Chg

2006 1,064,270 — 332,543 — 152,788 — 898,770 — 2,452,420 — 950 $140, — 2007 1,069,000 0.4 % 332,942 0.1 % 152,918 0.1 % 911,190 1.4 % 2,481,680 1.2143,853 % 2.1 % 2008 1,038,470 (2.9) 323,654 (2.8) 146,375 (4.3) 919,490 0.9 2,519,2205 1. 141,864 (1.4) 2009 980,270 (5.6) 306,023 (5.4) 133,049 (9.1) 924,010 0.5 2,551,410 1.336,000 1 (4.1) 2010 972,270 (0.8) 306,620 0.2 131,719 (1.0) 926,480 0.3 2,580,540 1.1,822 143 5.8 2011 987,630 1.6 310,872 1.4 133,834 1.6 940,840 1.5 2,613,380 1.3 150,9224.9 2012 1,020,900 3.4 322,002 3.6 135,635 1.3 956,000 1.6 2,652,330 1.583 163,6 8.5 2013 1,045,930 2.5 326,729 1.5 138,359 2.0 971,450 1.6 2,696,010 1.652 163,3 (0.2) 2014 1,072,470 2.5 332,367 1.7 143,598 3.8 983,940 1.3 2,739,640 1.642 174,6 6.9 2015 1,111,230 3.6 340,502 2.4 149,438 4.1 992,850 0.9 2,775,270 1.340 188,3 7.8 2016 1,146,700 3.2 350,011 2.8 152,956 2.4 999,270 0.6 2,796,270 0.895 198,3 5.3 2017 1,167,930 1.9 352,934 0.8 159,311 4.2 1,001,760 0.2 2,809,340 0.5,125 211 6.4 2018 1,184,030 1.4 357,519 1.3 161,146 1.2 1,008,850 0.7 2,825,530 0.6,419 218 3.5

Forecasts 2019 1,205,950 1.9 % 362,999 1.5 % 160,795 (0.2) % 1,019,980 1.1 % 2,843,170 0.6 % $225,211 3.1 % 2020 1,211,430 0.5 364,742 0.5 159,429 (0.8) 1,028,980 0.9 2,860,220 0.6 231,568 2.8 2021 1,214,270 0.2 365,897 0.3 157,790 (1.0) 1,038,110 0.9 2,877,340 0.6 240,056 3.7 2022 1,224,590 0.8 370,176 1.2 157,061 (0.5) 1,048,180 1.0 2,896,490 0.7 249,974 4.1 2023 1,231,860 0.6 373,531 0.9 155,849 (0.8) 1,057,410 0.9 2,916,970 0.7 259,264 3.7

Average Annual Compound Change 2006 ‐ 2018 0.9 % 0.6 % 0.4 % 1.0 % 1.2 % 3.7 % 2007 ‐ 2010 (3.1) (2.7) (4.9) 0.6 1.3 (0.0) 2010 ‐ 2018 2.5 1.9 2.6 1.1 1.1 11.0

Forecast 2018 ‐ 2023 0.8 % 0.9 % (0.7) % 0.9 % 0.6 % 3.5 %

Source: REIS Report, 2nd Quarter, 2019

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For the Oakland-East Bay market, of the roughly 1,200,000 persons employed, 30% are categorized as office employees, while 14% are categorized as industrial employees. Total employment increased by a CAGR (compound annual growth rate) of 2.5% from 2010 to 2018, reflecting a long period of sustained post-recession growth. Total employment and office employment are projected to expand by 1.9% and 1.5% in 2019, respectively. From 2019 through 2023, REIS anticipates that total employment will expand at an average annual compound rate of 0.8%, while office employment will expand by 0.9% on average annually during the same period.

The number of households is forecast to expand by 0.9% on average annually between 2019 and 2023. Population is forecast to expand during this same period, at an average annual compounded rate of 0.6%. Household average income is forecast to grow by 3.5% on average annually from 2019 through 2023.

Unemployment The following table presents historical unemployment rates for the MSA, state and Statistics nation.

FIGURE 2‐4 UNEMPLOYMENT STATISTICS

Year MSA State U.S.

2009 9.4 % 11.2 % 9.3 % 2010 9.9 12.2 9.6 2011 9.1 11.7 8.9 2012 7.8 10.4 8.1 2013 6.5 8.9 7.4 2014 5.2 7.5 6.2 2015 4.3 6.2 5.3 2016 3.8 5.5 4.9 2017 3.3 4.8 4.4 2018 2.7 4.2 3.9

Recent Month ‐ Oct 2018 2.6 % 4.0 % 3.8 % 2019 2.3 3.7 3.6

Source: U.S. Bureau of Labor Statistics

Current U.S. unemployment levels are now firmly below the annual averages of the last economic cycle peak of 2006 and 2007, when annual averages were 4.6%. The unemployment rate for June and July of 2019 was 3.7%. Total nonfarm payroll

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employment increased by 63,000, 193,000, and 164,000 jobs in May, June, and July, respectively. Gains in July occurred in the professional and technical services, health care, social assistance, and financial activities sectors. Unemployment has remained under the 5.0% mark since May 2016, reflecting a trend of relative stability and the overall strength of the U.S. economy. As of July 2019, the number of unemployed persons was 6.1 million (versus 5.0 million in June 2019).

For the MSA, the unemployment rate was 2.7% in 2018; for this same area in 2019, the most recent month’s unemployment rate was registered at 2.3%, versus 2.6% for the same month in 2018. Unemployment rose in 2010 given the continued effects of the national recession. However, unemployment declined in 2011 as the economy rebounded from the national recession, a trend that generally continued through 2018. The most recent comparative period illustrates slight improvement, indicated by the lower unemployment rate in the latest available data. Reportedly, local employment has remained strong in the industrial sector as a result of the several refineries in the area and in the construction industry as a result of the various ongoing developments throughout Contra Costa County.

Major Business and Providing additional context for understanding the nature of the regional economy, Industry the following tables list the major employers in the city of Brentwood and Contra Costa County.

FIGURE 2‐5 MAJOR EMPLOYERS – BRENTWOOD

Number of Rank Firm Employees

1 Brentwood Union School District 697 2 City of Brentwood 448 3 Liberty Union High School District 431 4Home Depot 150 5 Safeway Stores, Inc. 141 6John Muir 132 7Precision Cabinets 130 8 Ellison Framing Inc. 125 9Kohl's 123 10 Winco Foods, Inc. 102

Source: City of Brentwood CAFR, 2018/19

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FIGURE 2‐6 MAJOR EMPLOYERS – CONTRA COSTA COUNTY

Number of Rank Firm Employees 1 Chevron Corporation 10,000+ 2 Bay Alarm Co. 1,000‐4,999 3 St. Mary's College 1,000‐4,999 4 Bio‐Rad Laboratories, Inc. 1,000‐4,999 5 Job Connections 1,000‐4,999 6 John Muir Medical Center 1,000‐4,999 7 Kaiser Permanente 1,000‐4,999 8 La Raza Market 1,000‐4,999 9 Martinez Medical Offices 1,000‐4,999 10 USS‐POSCO Industries 1,000‐4,999

Source: County of Contra Costa CAFR, 2018

The following bullet points highlight major demand generators for this market:

 The oil and chemical manufacturing sectors have remained cornerstones of this market, generating a notable portion of the commercial demand in the area. This sector is supported by the Marathon Martinez Refinery, the Valero Benicia Refinery, and a Dow Chemical Company plant located in nearby Pittsburg. Yearly maintenance shutdowns create demand from the additional contractors working on the plants during this time. Shutdowns for preventive maintenance occur twice a year, typically between February and April for the spring season and between August and October for the fall season. More extensive closures, known as turnarounds, occur every three to four years and include substantial maintenance, upgrades, or replacements/renovations. Furthermore, several accidents have occurred at the refineries and chemical plants over the past few years; the incidents and associated impact are detailed in the following chart. These events have caused demand fluctuations resulting from a reduction in travelers or an influx of workers. In July 2019, Shell announced the sale of its Martinez refinery to PBF Energy for $1 billion. The sale is expected to be completed in early 2020 and PBF plans to spend $70 million in turnaround costs following the acquisition.

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FIGURE 2‐7 MAJOR ACCIDENTS AT REFINERIES/CHEMICAL PLANTS

Company Date of Accident Accident Description Offsite Impact

Shell Martinez Refinery July 6, 2018 A drop in pressure of refinery instrument air resulted in There were HAZMAT personnel in the flaring and extinguishing of flare pilots. Additionally, a field. They reported one field small lube oil fire in the Hydrocracker Unit forced a detection of hydrogen sulfide was shutdown of the unit. 0.001 ppm at Shell Ave. and Marina Vista.

Shell Martinez Refinery December 19, 2016 One of the refinery's three main electrical substations Multiple odor and noise complaints main breakers tripped during maintenance / were raised by the nearby community. troubleshooting of the subsystem causing loss of power No injuries were reported. to two distribution substations. This resulted in a loss of power to multiple units in the Vine Hill area. The multiple‐unit shutdown caused excessive flaring.

Tesoro Golden Eagle Refinery December 15, 2015 The 6 Boiler unit tripped offline due to a loss of fuel gas. Slight odor detected in area around This resulted in flaring from three flares, which also Highway 4 and 680 intersection. Sulfur generated smoke due to the loss of steam to the flares. dioxide released exceeded the reportable quantity.

Phillips‐66 August 2, 2015 There was a fire on the top deck of the Coker unit. A 200‐ A small amount of smoke potentially gallon Antifoam Day Tank was overfilled and resulted in drifted offsite. CCHMP incident the kerosene‐based solution spilling onto an ignition response team responders tested source. The majority of the fire burned out within 10 surrounding area for organic minutes of ignition, with residual light smoldering compounds. occurring for an additional 45 minutes.

Dow Chemical Co March 27, 2015 The Dowicil plant had an overpressurization of a CCHMP Hazmat team arrived to the site reactor/drier resulting in three rupture disks opening, and performed downwind monitoring releasing methylene chloride and related Dowicil and found no evidence of offsite decomposition products into the atmosphere. Dowicil is impact. No offsite odors or complaints used as an antimicrobial in various products were received by the public. (pharmaceuticals, paints, latex, etc.). A visible plume was generated that lasted several minutes. The incident was called a Level 2. Source: Contra Costa Health Services

 Construction is another vital component of the local economy and the Contra Costa County economic base. Within the county, five infrastructure projects totaling over $20 million are currently under construction. Most notably, the Contra Costa County Local Streets and Road Preservation project, with an anticipated cost of over $5 million, includes the rehabilitation and preservation of Vasco Road in Brentwood. Furthermore, within the city of Brentwood, 35 commercial developments, 26 single-family residential communities, and two apartment complexes have been proposed or approved or are currently under construction, which should continue to sustain demand for construction in the area and bode well for the local economy. Key commercial developments are listed in the following chart.

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FIGURE 2‐8 MAJOR COMMERCIAL DEVELOPMENTS IN BRENTWOOD

Development Address Square Feet Uses Development Stage Notes

Walnut Commercial Building 3381 Walnut Boulevard 13,790 Office Under Construction Two‐story office building in East Brentwood

Tri City Plaza D 6955 Lone Tree Way 10,815 Office/Commercial Under Construction Two new office and commercial buildings on a 1.08‐acre site

Zovich Office/Warehouse 30 and 31 Technology Court 28,342 Office/Industrial Under Construction Office and warehouse building on a 1.46‐ acre site

Tarrar Office Building 813 First Street 5,457 Office Approved 5,457‐square‐foot addition to an existing 2,799‐square‐foot office building located downtown

200 Oak Street 200 Oak Street 29,126 Mixed‐Use Approved Three‐story building with retail, restaurant, and office in downtown

 The health and medical services sector is the largest business sector in the area. Within Brentwood, Sutter Health and John Muir offer high-quality outpatient healthcare services to the community. John Muir's urgent care center is one of Brentwood's largest employers. Furthermore, John Muir, which is headquartered in Walnut Creek, Contra Costa County, signed a letter of intent with UCSF Health in October 2018 to develop a cancer network throughout the greater East Bay, including a world-class cancer outpatient center at John Muir Health’s Walnut Creek medical campus. The partnership is expected to benefit more than two million people, and the project is anticipated to be completed in 2022. Nearby Kaiser Permanente Antioch Medical Center also provides a wide variety of inpatient and outpatient services to residents in east Contra Costa County; the medical center provides 150 beds, 36 emergency department bays, 11 surgical suites, and 8 private labor and delivery rooms. The economic base is varied in this market, with strong employers in the oil and chemical manufacturing sectors, as well as a stable health and medical services sector. Overall, the outlook is positive for Brentwood and the greater Contra Costa County region. Furthermore, the surrounding San Francisco Bay Area benefits from a diverse economy and highly educated labor force that have created a strong foundation for the region. In the past several years, the market has realized considerable economic growth, with numerous development projects and corporate expansions underway.

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Office Space Statistics Trends in occupied office space are typically among the most reliable indicators of lodging demand, as firms that occupy office space often exhibit a strong propensity to attract commercial visitors. Thus, trends that cause changes in vacancy rates or occupied office space may have a proportional impact on commercial lodging demand and a less direct effect on meeting demand. The following table details office space statistics for the pertinent market area.

FIGURE 2‐9 OFFICE SPACE STATISTICS – OAKLAND‐EAST BAY

Inventory Occupied Office Vacancy Average Asking Submarket Buildings Square Feet Space Rate Lease Rate

1 Central Business District 132 10,954,000 9,617,600 12.2 % $48.41 2 North Contra Costa 184 11,238,000 9,507,300 15.4 33.55 3 North Alameda 154 5,381,000 4,853,700 9.8 34.63 4 North Interstate 680 87 9,116,000 7,821,500 14.2 29.72 5 South Interstate 680 111 8,244,000 6,842,500 17.0 29.33 6 Fremont/Newark 58 3,172,000 2,461,500 22.4 24.54 7 Airport/San Leandro 99 4,393,000 3,606,700 17.9 25.54 8 West Contra Costa 45 1,741,000 1,488,600 14.5 31.71 Totals and Averages 870 54,239,000 46,199,400 14.8 % $34.14 Source: REIS Report, 2nd Quarter, 2019

The greater Oakland-East Bay market comprises a total of 54.2 million square feet of office space. For the 2nd Quarter of 2019, the market reported a vacancy rate of 14.8% and an average asking rent of $34.14. The subject sites are located in the North Interstate 680 submarket, which houses 9,116,000 square feet of office space. The submarket's vacancy rate of 14.2% is on par with the overall market average. The average asking lease rate of $29.72 is below the average for the broader market.

The following table illustrates a trend of office space statistics for the overall Oakland-East Bay market and the North Interstate 680 submarket.

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FIGURE 2‐10 HISTORICAL AND PROJECTED OFFICE SPACE STATISTICS – GREATER MARKET VS. SUBMARKET

Oakland‐East Bay Market North Interstate 680 Submarket Available Office Occupied Office Vacancy Asking Lease Available Occupied Vacancy Asking Lease Year Space % Chg Space % Chg Rate Rate % Chg Office Space % Chg Office Space % Chg Rate Rate % Chg

2006 53,326,000 — 46,367,000 — 13.0 % $25.94 — 7,513,000 — 6,792,000 — 9.6 % $27.68 — 2007 53,220,000 (0.2) % 46,738,000 0.8 % 12.2 27.08 4.4 % 7,513,000 0.0 % 6,762,000 (0.4) % 10.0 28.15 1.7 % 2008 53,049,000 (0.3) 44,253,000 (5.3) 16.6 26.97 (0.4) 7,524,000 0.1 6,448,000 (4.6) 14.3 28.11 (0.1) 2009 52,716,000 (0.6) 43,147,000 (2.5) 18.2 26.27 (2.6) 7,524,000 0.0 6,267,000 (2.8) 16.7 27.56 (2.0) 2010 52,614,000 (0.2) 42,227,000 (2.1) 19.7 25.67 (2.3) 7,524,000 0.0 5,921,000 (5.5) 21.3 25.93 (5.9) 2011 52,359,000 (0.5) 42,881,000 1.5 18.1 25.90 0.9 7,524,000 0.0 6,185,000 4.5 17.8 26.34 1.6 2012 52,546,000 0.4 43,069,000 0.4 18.0 26.09 0.7 7,524,000 0.0 6,313,000 2.1 16.1 26.80 1.7 2013 52,546,000 0.0 43,392,000 0.7 17.4 26.49 1.5 7,524,000 0.0 6,478,000 2.6 13.9 27.12 1.2 2014 54,074,000 2.9 44,381,000 2.3 17.9 27.23 2.8 9,324,000 23.9 7,347,000 13.4 21.2 27.88 2.8 2015 53,914,000 (0.3) 45,265,000 2.0 16.0 29.20 7.2 9,324,000 0.0 7,664,000 4.3 17.8 28.28 1.4 2016 53,838,000 (0.1) 46,554,000 2.8 13.5 31.53 8.0 9,116,000 (2.2) 7,749,000 1.1 15.0 29.03 2.7 2017 53,769,000 (0.1) 46,210,000 (0.7) 14.1 32.50 3.1 9,116,000 0.0 7,685,000 (0.8) 15.7 29.37 1.2 2018 54,239,000 0.9 46,258,000 0.1 14.7 33.76 3.9 9,116,000 0.0 7,776,000 1.2 14.7 29.71 1.2

Forecasts 2019 54,239,000 0.0 % 46,071,000 (0.4) % 15.1 % $34.60 2.5 % 9,116,000 0.0 % 7,793,000 0.2 % 14.5 % $30.00 1.0 % 2020 54,623,000 0.7 46,178,000 0.2 15.5 35.48 2.5 9,126,000 0.1 7,706,000 (1.1) 15.6 30.45 1.5 2021 54,751,000 0.2 46,152,000 (0.1) 15.7 36.26 2.2 9,167,000 0.4 7,638,000 (0.9) 16.7 31.04 1.9 2022 54,996,000 0.4 46,230,000 0.2 15.9 37.01 2.1 9,255,000 1.0 7,594,000 (0.6) 18.0 31.64 1.9 2023 55,278,000 0.5 46,418,000 0.4 16.0 37.79 2.1 9,357,000 1.1 7,569,000 (0.3) 19.1 32.23 1.9

Average Annual Compound Change 2006 ‐ 2018 0.1 % (0.0) % 2.2 % 1.6 % 1.1 % 0.6 % 2007 ‐ 2010 (0.4) (3.3) (1.8) 0.0 (4.3) (2.7) 2010 ‐ 2018 0.4 1.1 3.5 2.4 3.5 1.7 Forecast 2019 ‐ 2023 0.4 % 0.1 % 2.3 % 0.5 % (0.5) % 1.6 %

Source: REIS Report, 2nd Quarter, 2019

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The inventory of office space in the Oakland-East Bay market increased at an average annual compound rate of 0.1% from 2006 through 2018, while occupied office space remained stable at an average annual rate of 0.0% over the same period. From 2019 through 2023, the inventory of occupied office space is forecast to increase at an average annual compound rate of 0.1%, with available office space expected to increase 0.4%, thus resulting in an anticipated vacancy rate of 16.0% as of 2023. Within the North Interstate 680 submarket, occupied office space is forecasted to decline from 2020 through 2023. This is primarily due to the anticipated influx of new, high-quality office space in the greater San Francisco Bay Area. According to REIS, within the San Francisco market alone, over 3,000,000 square feet of office space is anticipated to become available by 2023.

Conclusion This section discussed a wide variety of economic indicators for the pertinent market area. The Contra Costa County market, including the city of Brentwood, is experiencing a period of economic strength and expansion, primarily influenced by the overall strength of the San Francisco Bay Area economy. Our market interviews and research revealed that Brentwood continues to benefit from the new SR 4 extension, strong local social and sport lodging demand, its location proximate to commercial demand generators to the west, a growing population, popular retail and restaurant outlets, and the overall economic growth of the San Francisco Bay Area.

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3. Site Evaluations

In this section the five sites that were considered most appropriate for hotel development, four along SR 4 and one on Brentwood Boulevard, are evaluated.

State Route 4 Sites For the purposes of this study, we have analyzed four sites along State Route 4 south of Lone Tree Way and/or along Sand Creek Road to the south; however, a specific site has not been selected for this market study.

PROPOSED SITES ALONG STATE ROUTE 4

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The sites along State Route 4 that were analyzed comprise one site at the Lone Tree Way interchange with SR 4, and three sites in or near the Streets of Brentwood retail center at the Sand Creek Road interchange with SR 4; a specific site has not been chosen. We assume that the selected site would offer adequate accessibility and visibility for hotel development and that its shape would permit efficient use of the site for building and site improvements, including ingress and egress.

AERIAL VIEW OF JEFFERY WAY SITE

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AERIAL VIEW OF STREETS OF SAND CREEK TRAIL SITE

AERIAL VIEW OF SAND CREEK ROAD SITE

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AERIAL VIEW OF STREETS OF BRENTWOOD SITE

Neighborhood The identified sites are located along the State Route 4 corridor between Lone Tree Way to the north and Balfour Road to the south. The State Route 4 extension was completed in 2018, and this thoroughfare currently serves as the primary access road through Brentwood. As illustrated by the monthly traffic counts in the following table, the highest number of travelers in Brentwood exit and enter State Route 4 between Lone Tree Way to the north and Sand Creek Road to the south. This section is home to the premier retail center in the area, The Streets of Brentwood, which features an AMC Theater, an Orange Theory Fitness, and retailers such as MAC Cosmetics, White House Black Market, and Ulta Beauty. Restaurants in this area include BJ's Restaurant and Brewhouse, Black Angus Steakhouse, and Red Robin Gourmet Burgers and Brews. We anticipate that traffic counts will rise as travelers become more familiar with the SR 4 extension and as the SR 4 corridor becomes more developed.

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FIGURE 3‐1 MONTHLY TRAFFIC COUNTS – STATE ROUTE 4

Monthly Traffic Counts

Southbound Northbound Laurel Road 78,000 78,000 Lone Tree Way 78,000 61,000 Sand Creek Road 61,000 51,000 Balfour Road 49,500 30,500

In general, the State Route 4 corridor is in the growth stage of its life cycle owing to the recently completed extension of this highway, which facilitates access to and through Brentwood. The Shops at Lone Tree Plaza is currently under construction approximately one-half mile south of Lone Tree Way. The development will feature commercial spaces such as a 24 Hour Fitness, a 7-Eleven service station, and a bank. In addition, a Lazy Dog Restaurant & Bar has been approved for the east side of The Streets of Brentwood. Significant opportunity for development also exists in the section between Laurel Road to the north and Lone Tree Way to the south, which has the highest monthly traffic counts for motorists traveling within Brentwood. While this area is not currently the focus of development, high-quality retail outlets are present at Slatten Ranch Shopping Center. Featured retailers include Target, Bed Bath & Beyond, and Men's Warehouse; a variety of food and beverage outlets are also available, including Mimi's Bistro + Bakery, Starbucks, and Cold Stone Creamery. Opportunities for commercial development are available directly south of Sand Creek Road. Currently, the area is served by the Sand Creek Crossing Center, which features shops such as See’s Candy, Krispy Kreme, and Menchie’s Frozen Yogurt.

The opening of a hotel would have a positive impact on the area. Overall, the supportive nature of the development in the immediate area is considered highly attractive for and conducive to the development and operation of a hotel.

Brentwood Blvd. Site The Brentwood Boulevard site is located in eastern Brentwood, in the southeast quadrant of the intersection formed by Brentwood Boulevard and Sand Creek Road.

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AERIAL VIEW OF SUBJECT SITE – BRENTWOOD BOULEVARD

The topography of the site is generally flat, and its shape should permit efficient use for building and site improvements, including ingress and egress. The hotel site is located on the eastern side of a larger parcel at the Brentwood Boulevard and Sand Creek Road intersection. The land to the west of the hotel site is currently vacant; a quick-service restaurant is proposed, though official plans have not been submitted at this time.

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VIEW OF POTENTIAL HOTEL SITE – BRENTWOOD BOULEVARD

Access and Visibility Vehicular access to the subject site will be provided by Sand Creek Road. The subject site is located near a busy intersection and is relatively simple to locate from Brentwood Boulevard, which is the closest major thoroughfare. We note that Brentwood Boulevard was the primary access route through the city of Brentwood until the State Route 4 extension was completed in 2018 on the west side of Brentwood; State Route 4 is now considered the primary access route to/from Brentwood. The proposed subject hotel is assumed to have adequate signage at the street, as well as on its facade. As mentioned previously, the western portion of the parcel is currently unimproved, which allows the subject site to enjoy excellent visibility from Brentwood Boulevard. While development on the western portion of the site could obstruct visibility from Brentwood Boulevard, this land is likely to be improved with a one-story quick-service restaurant. Therefore, the multi-story height of the hotel would likely be visible from both thoroughfares. Overall, the subject site benefits from very good accessibility, and the proposed hotel is expected to enjoy very good visibility from within its local neighborhood.

Neighborhood The neighborhood that surrounds the subject site is generally defined as the Brentwood Boulevard corridor between Sunset Road to the north and 2nd Street to the south. The neighborhood is characterized by restaurants, retail outlets, service- oriented businesses, vacant land, and limited residential uses. Terrene, a residential community of 326 homes with an average price of approximately $600,000, is

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located directly east of the subject site. Some specific entities in the area include Brentwood City Hall, Los Medanos College, and the Brentwood Chamber of Commerce. Hotels in the vicinity include Hampton Inn, Best Western Brentwood Inn, and Holiday Inn Express & Suites, while restaurants located near the subject site include McDonald's, Jack in the Box, and Mountain Mike's Pizza; the proximity of these restaurants is considered supportive of the operation of an extended-stay lodging property.

In general, while this neighborhood is mature, it is experiencing in-fill residential development. The second phase of Terrene is currently under construction and will include an additional 225 single-family homes on approximately 35 acres to the north of the subject site.

MAP OF NEIGHBORHOOD

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AERIAL VIEW OF NEIGHBORHOOD

The opening of a hotel on this site would be expected to have a positive influence on the area. Overall, the supportive nature of the development in the immediate area is considered appropriate for and conducive to the development and operation of a hotel.

Conclusion The SR 4 and Brentwood Boulevard sites are favorably located along well-traveled commercial corridors, proximate to visitor-serving uses. All five sites are well suited for hotel development.

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4. Supply and Demand Analysis

Definition of Subject The existing supply of hotels in Brentwood comprises a 59-room Hampton Inn, a Hotel Market 49-room Holiday Inn Express & Suites, and a 50-room Best Western Inn. The defined market extends west to include hotels in greater Contra Costa County, including in Pittsburg, Oakley, and Antioch, as these lodging facilities serve the primary commercial demand generators in the market and thus would be considered competitive with any hotel developed in Brentwood.

MAP OF MARKET AREA

San Francisco Bay Area We also considered the historical supply and demand in the greater Bay Area, as Lodging Market reported by STR, to understand the strength of market conditions in this region. STR is an independent research firm that compiles and publishes data on the lodging industry, routinely used by typical hotel developers.

The select set below includes all hotels except for economy properties in the counties of San Francisco, Marin, Contra Costa, Alameda, San Mateo, Santa Clara,

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Solano, Sonoma, and Napa; these nine counties generally define the greater Bay Area.

FIGURE 4‐1 GREATER BAY AREA ‐ HISTORICAL SUPPLY AND DEMAND TRENDS (STR)

Average Daily Available Occupied Average Year Room Count Room Nights Change Room Nights Change Occupancy Rate Change RevPAR Change

2009 83,898 30,622,919 — 19,685,304 — 64.3 % $133.87 — $86.06 — 2010 84,683 30,909,117 0.9 % 21,608,206 9.8 % 69.9 134.67 0.6 % 94.14 9.4 % 2011 84,760 30,937,326 0.1 22,862,186 5.8 73.9 148.57 10.3 109.79 16.6 2012 85,034 31,037,585 0.3 23,666,323 3.5 76.3 161.87 9.0 123.43 12.4 2013 85,338 31,148,364 0.4 24,460,623 3.4 78.5 176.74 9.2 138.80 12.4 2014 85,866 31,340,950 0.6 25,125,271 2.7 80.2 194.51 10.1 155.94 12.4 2015 86,903 31,719,653 1.2 25,717,932 2.4 81.1 211.55 8.8 171.52 10.0 2016 88,214 32,197,987 1.5 26,056,112 1.3 80.9 221.85 4.9 179.53 4.7 2017 89,519 32,674,563 1.5 26,245,399 0.7 80.3 221.98 0.1 178.30 (0.7) 2018 91,195 33,286,007 1.9 26,691,360 1.7 80.2 232.85 4.9 186.72 4.7 Year‐to‐Date Through August 2018 90,965 22,104,490 — 18,060,258 — 81.7 % $230.90 — $188.65 — 2019 92,634 22,510,135 1.8 % 18,007,826 (0.3) % 80.0 240.37 4.1 % 192.29 1.9 % Average Annual Compounded Change: 2009 ‐ 2018 0.9 % 3.4 % 6.3 % 9.0 % 2009 ‐ 2012 0.4 % 6.3 % 6.5 % 12.8 % 2012 ‐ 2018 1.2 2.0 6.2 7.1

Source: STR

The San Francisco Bay Area continues to be one of the strongest lodging markets in the U.S. as a result of its robust economy, designation as a top-tier travel destination, and limited supply growth. The Bay Area’s diversified economy has been led by the technology sector, which has spread throughout the Bay Area, driving continued employment gains. Additionally, more venture capital has been attracted to San Francisco than any other city in the U.S. in recent years. Entrance of new supply in the region became robust in 2015. While only eight hotels opened in total from 2013 through 2014, 48 new hotels with over 6,400 rooms entered the market from 2015 through year-to-date 2019. New supply in recent years primarily consisted of upscale select-service or extended-stay hotels. RevPAR increased year-over-year in the illustrated period, with the exception of a slight decline in 2017, mainly driven by double-digit average rate gains in most years. The decline in 2017 can be attributed to the ongoing renovation and expansion of the Moscone Center and the entrance of new supply.

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After completion of the project in late 2018, RevPAR began to recover. Year-to-date 2019 data illustrate a softening in occupancy, offset by a significant increase in ADR; according to SF Travel, 2019 is proving to be a record convention year for San Francisco, which should generate compression to the surrounding areas. The outlook for this market remains positive because of the benefits of the expanded convention center that fully reopened in January 2019, the anticipated completion of a number of infrastructure and commercial office developments in 2019 and 2020, continued employment gains, and subdued increases in lodging supply.

Brentwood Supply HVS has also ordered and analyzed an STR Trend Report of historical supply and and Demand Data demand data for a group of hotels considered applicable for our analysis of the Brentwood market. This information is presented in the following table, along with the market-wide occupancy, average rate, and rooms revenue per available room (RevPAR). RevPAR is calculated by multiplying occupancy by average rate and provides an indication of how well rooms revenue is being maximized.

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FIGURE 4‐2 HISTORICAL SUPPLY AND DEMAND TRENDS

Average Daily Available Room Occupied Room Average Year Room Count Nights Change Nights Change Occupancy Rate Change RevPA R Change 2009 392 143,055 — 66,014 — 46.1 % $84.28 — $38.89 — 2010 400 146,000 2.1 % 74,553 12.9 % 51.1 82.36 (2.3) % 42.06 8.1 % 2011 400 146,000 0.0 82,201 10.3 56.3 85.45 3.8 48.11 14.4 2012 400 146,000 0.0 89,678 9.1 61.4 89.41 4.6 54.92 14.2 2013 400 146,000 0.0 95,508 6.5 65.4 92.63 3.6 60.60 10.3 2014 400 146,000 0.0 98,169 2.8 67.2 98.06 5.9 65.94 8.8 2015 400 146,000 0.0 105,227 7.2 72.1 111.77 14.0 80.56 22.2 2016 400 146,000 0.0 103,371 (1.8) 70.8 118.59 6.1 83.97 4.2 2017 441 160,994 10.3 106,823 3.3 66.4 124.43 4.9 82.57 (1.7) 2018 449 163,978 1.9 115,883 8.5 70.7 125.78 1.1 88.89 7.7

Year‐to‐Date Through July2018 449 95,188 — 66,652 — 70.0 % $124.00 — $86.83 — 2019 452 95,824 0.7 % 64,990 (2.5) % 67.8 125.22 1.0 % 84.93 (2.2) % Average Annual Compounded Change: 2009 ‐ 2012 0.7 % 10.8 % 2.0 % 12.2 % 2012 ‐ 2018 2.0 4.4 5.9 8.4

Competitive Number Year Year Hotels Included in Sample Class Status of Rooms Affiliated Opened Comfort Inn Antioch Upper Midscale Class Secondary 119 Dec 2018 May 1986 Best Western Brentwood Inn Midscale Class Primary 50 May 2016 Nov 1995 Best Western Plus Delta Inn & Suites Upper Midscale Class Secondary 80 Jan 2016 Jun 2003 Hampton Inn Brentwood Upper Midscale Class Primary 59 Oct 2008 Oct 2008 Hampton Inn Pittsburg Upper Midscale Class Secondary 95 Feb 2009 Feb 2009 Holiday Inn Express & Suites Brentwood Upper Midscale Class Primary 49 Mar 2017 Mar 2017 Total 452 Source: STR

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FIGURE 4‐3 HISTORICAL SUPPLY AND DEMAND TRENDS (STR)

180,000 80.0 160,000 70.0 140,000 60.0 120,000 50.0 100,000 40.0 80,000 30.0 60,000 Room Nights Occupancy (%) 40,000 20.0 20,000 10.0 0 0.0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Available Room Nights Occupied Room Nights Occupancy

It is important to note some limitations of the STR data. Hotels are occasionally added to or removed from the sample; furthermore, not every property reports data in a consistent and timely manner. These factors can influence the overall quality of the information by skewing the results, and these inconsistencies may also cause the STR data to differ from the results of our competitive survey. Nonetheless, STR data provide the best indication of aggregate growth or decline in existing supply and demand; thus, these trends have been considered in our analysis. Opening dates, as available, are presented for each reporting hotel in the previous table.

The subject’s submarket has witnessed tremendous growth over the past ten years, with demand almost doubling from 66,000 room nights in 2009 to 115,000 room nights in 2018. During this same period average daily rate increased strongly as well, resulting in a 119% increase in RevPAR from $38.89 in 2009 to $88.89 in 2018. Following the market’s recovery from the recession, from 2012 through 2018 demand increased by a compound annual growth rate (CAGR) of 4.4% while supply increased by a CAGR of 2.0%; ADR increased by a CAGR of 5.9%, resulting in a very strong 8.9% CAGR in RevPAR. The market’s strong expansion is due to the growing economy in the greater Contra Costa County region; limited new supply enabled market occupancy to exceed 70%.

Demand in the subject’s market area is highly dependent upon local refinery operations. An influx in demand from responders following three major accidents at the refineries/chemical plants in 2015 supported a 14% increase in average rate that year. Average rate continued to rise in 2016 owing to the renovation and repositioning of the Best Western Plus Delta Inn & Suites in January. However,

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occupancy declined that year as the heightened demand related to the accidents in 2015 dissipated. Additionally, the major release of toxic gas at the Shell Martinez Refinery, which led to several air-pollution violations in December 2016, contributed to demand declines that lasted through the first quarter of 2017. Although demand growth resumed in the second quarter of 2017, occupancy modestly declined owing to the entrance of the Holiday Inn Express & Suites Brentwood in March of that year. This new supply was quickly absorbed, and occupancy rebounded into the 70% levels in 2018. Despite fluctuations in occupancy, average rates continued to increase from 2016 through 2018.

Year-to-date data for 2019 through July illustrate a 2.5% decline in occupancy and a modest increase in average rate. This trend is primarily due to a pollution incident at the Valero Refinery in January and February that led to a partial closure of the refinery in March. Though the decline is expected to lessen for the overall year, demand is anticipated to continue to decline by the end of the first projection year. We anticipate demand to grow in the second projection year as demand normalizes following the reopening of the refinery.

Seasonality Monthly occupancy and ADR trends are presented in the following tables.

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FIGURE 4‐4 MONTHLY OCCUPANCY TRENDS

Month 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 January 37.9 % 41.0 % 43.9 % 52.3 % 57.1 % 57.6 % 59.3 % 60.5 % 58.4 % 61.3 % 51.6 % February 31.7 44.0 44.6 55.8 69.3 65.2 65.8 72.4 63.3 61.2 57.8 March 37.0 51.8 46.7 62.0 71.5 60.7 71.4 72.9 56.0 62.6 64.8 April 42.3 46.3 53.8 48.0 71.6 60.7 71.0 74.4 59.1 66.6 66.5 May 50.8 49.8 60.9 57.8 67.6 71.6 69.4 75.4 73.0 77.6 73.3 June 50.3 58.0 68.5 72.1 68.4 74.6 75.9 79.2 78.7 83.2 81.5 July 53.2 51.2 63.7 66.5 67.9 73.3 73.3 78.0 76.3 77.1 78.7 August 51.5 48.9 62.3 69.3 69.5 77.6 82.0 73.1 75.3 75.8 — September 58.3 62.4 64.8 69.4 67.7 73.8 81.0 71.8 69.4 69.9 — October 55.7 58.3 62.4 67.2 64.1 76.4 80.5 71.4 68.8 70.8 — November 41.7 47.8 53.9 60.0 59.1 59.3 68.2 65.4 60.2 73.3 — December 40.1 53.1 49.6 56.2 51.6 56.0 66.8 55.5 56.3 68.1 — Annual Occupancy 46.1 % 51.1 % 56.3 % 61.4 % 65.4 % 67.2 % 72.1 % 70.8 % 66.4 % 70 .7 % — Year‐to‐Date 43.7 % 48.9 % 54.6 % 59.2 % 67.6 % 66.2 % 69.5 % 73.2 % 66.6 % 70.0 % 6 7.8 % Source: STR

FIGURE 4‐5 MONTHLY ADR TRENDS

Month 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 January $82.68 $78.28 $83.36 $83.90 $86.41 $92.92 $96.39 $106.90 $110.93 $114.08 $122.04 February 84.36 78.58 83.08 85.45 86.48 93.14 100.11 113.63 113.66 119.33 123.59 March 87.95 77.07 82.95 87.53 89.00 93.74 102.62 111.19 127.11 123.56 121. 86 April 88.11 83.86 81.42 89.20 93.28 95.53 105.72 115.48 125.59 128.65 122. 43 May 84.02 80.87 83.77 88.90 92.91 98.72 108.68 119.21 120.48 123.84 127.52 June 87.12 83.62 84.56 90.90 95.91 99.61 109.66 125.97 125.17 129.62 128.9 4 July 85.15 86.77 86.56 92.05 93.61 99.19 110.32 119.84 125.92 126.00 127.5 8 August 83.45 83.78 88.00 90.30 95.48 101.35 123.19 126.37 129.19 129.53 — September 81.49 82.74 88.28 91.38 96.38 98.43 123.67 124.29 131.67 132.29 — October 84.49 84.30 87.73 92.50 96.23 100.94 126.94 123.41 131.44 133.33 — November 83.17 83.45 87.09 89.35 92.73 102.62 121.25 117.37 126.44 122.89 — December 79.62 83.22 86.24 88.87 92.08 97.92 103.34 115.99 119.34 122.87 — Annual Average Rate $84.28 $82.36 $85.45 $89.41 $92.63 $98.06 $111.77 $ 118.59 $124.43 $125.78 — Year‐to‐Date $85.74 $81.46 $83.83 $88.51 $91.22 $96.39 $105.14 $116.42 $121.82 $124.00 $125.22 Source: STR

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FIGURE 4‐6 SEASONALITY

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 High Season ‐ June, July, August, September, October Occupancy 53.8 % 55.7 % 64.3 % 68.9 % 67.5 % 75.1 % 78.5 % 74.7 % 73.7 % 75.3 % Average Rate $84.26 $84.18 $87.00 $91.41 $95.51 $99.94 $119.07 $123.94 $128.54 $130.04 RevPAR 45.33 46.88 55.95 62.97 64.48 75.10 93.51 92.57 94.71 97.96 Shoulder Season ‐ March, April, May, November Occupancy 43.0 % 48.9 % 53.8 % 57.0 % 67.5 % 63.1 % 70.0 % 72.1 % 62.1 % 70.0 % Average Rate $85.67 $81.17 $83.83 $88.70 $91.92 $97.65 $109.38 $115.79 $124.61 $124.66 RevPAR 36.82 39.73 45.10 50.55 62.05 61.62 76.58 83.44 77.44 87.31 Low Season ‐ January, February, December Occupancy 36.7 % 46.1 % 46.1 % 54.8 % 59.0 % 59.4 % 63.9 % 62.5 % 59.1 % 63.6 % Average Rate $81.92 $80.33 $84.34 $86.15 $88.15 $94.62 $100.08 $112.11 $114.78 $118.90 RevPAR 30.03 37.02 38.86 47.17 52.02 56.20 63.93 70.06 67.81 75.64 Source: Smith Travel Research

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FIGURE 4‐7 MONTHLY OCCUPANCY AND ADR TRENDS (TRAILING 12 MONTHS)

85.0 $136.00 80.0 $134.00 75.0 $132.00 70.0 $130.00 $128.00 65.0 $126.00 60.0 $124.00 55.0 Occupancy (%) $122.00 50.0 $120.00 45.0 $118.00 40.0 $116.00

Occupancy ADR

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The illustrated monthly occupancy and ADR patterns reflect important seasonal characteristics. We have reviewed these trends in developing our forthcoming forecast of market-wide demand and average rate. The competitive market is characterized by a moderate degree of seasonality, which is evident in the monthly occupancy statistics. The strongest occupancy levels are recorded in the summer months when demand from leisure travelers and sports teams is highest. ADR levels reflect a similar pattern, peaking from August through October when shutdowns or turnarounds are most often scheduled at the refineries.

Patterns of Demand A review of the trends in occupancy and ADR by day of the week provides some insight into the impact that the current economic conditions have had on the competitive lodging market. The data, as provided by STR, are illustrated in the following tables.

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FIGURE 4‐8 OCCUPANCY BY DAY OF WEEK (TRAILING 12 MONTHS)

Month Sunday Monday Tuesday Wednesday Thursday Friday Saturday Total Month Aug ‐ 18 53.0 % 75.7 % 84.5 % 80.6 % 72.1 % 78.6 % 85.1 % 75.8 % Sep ‐ 18 56.9 65.2 75.0 75.0 69.6 69.2 79.2 69.9 Oct ‐ 18 54.2 70.6 75.5 74.5 71.1 69.3 78.7 70.8 Nov ‐ 18 55.5 71.2 80.4 79.3 75.9 72.1 78.1 73.3 Dec ‐ 18 52.8 74.5 75.2 70.8 62.7 67.8 73.7 68.1 Jan ‐ 19 37.7 49.7 59.5 61.4 48.8 49.0 51.4 51.6 Feb ‐ 19 38.8 60.0 70.7 67.2 56.7 50.7 60.6 57.8 Mar ‐ 19 50.3 66.3 72.0 73.0 62.3 62.8 69.6 64.8 Apr ‐ 19 47.1 62.7 72.8 70.4 64.4 69.8 77.8 66.5 May ‐ 19 60.1 66.1 79.3 75.9 71.8 74.4 84.8 73.3 Jun ‐ 19 61.8 81.4 88.6 87.2 84.6 83.6 87.1 81.5 Jul ‐ 19 66.5 77.5 81.2 78.9 79.6 80.4 86.1 78.7 Average 53.1 % 68.6 % 75.9 % 74.5 % 68.2 % 69.2 % 76.1 % 69.4 %

Source: STR

FIGURE 4‐9 AVERAGE RATE BY DAY OF WEEK (TRAILING 12 MONTHS)

Month Sunday Monday Tuesday Wednesday Thursday Friday Saturday Total Month Aug ‐ 18 $114.46 $127.13 $137.67 $135.46 $124.19 $129.35 $131.82 $129.53 Sep ‐ 18 121.25 127.75 135.86 137.46 127.81 133.54 138.89 132.29 Oct ‐ 18 120.14 131.41 140.59 138.29 129.39 130.12 136.37 133.33 Nov ‐ 18 114.04 121.53 129.25 127.23 122.24 120.47 123.06 122.89 Dec ‐ 18 115.20 126.77 128.92 125.83 119.87 121.77 120.03 122.87 Jan ‐ 19 114.47 122.68 129.80 128.21 118.03 116.22 116.83 122.04 Feb ‐ 19 115.43 122.62 131.38 130.22 118.89 119.51 121.13 123.59 Mar ‐ 19 110.56 123.93 134.26 131.67 117.99 116.18 117.83 121.86 Apr ‐ 19 110.96 116.61 129.66 127.90 118.24 122.50 125.27 122.43 May ‐ 19 122.56 123.18 130.93 131.85 122.30 128.26 131.07 127.52 Jun ‐ 19 116.65 127.32 136.95 134.89 126.37 127.91 130.36 128.94 Jul ‐ 19 119.49 124.35 132.43 131.65 123.05 127.97 130.94 127.58

Average $116.54 $124.82 $133.28 $132.00 $122.65 $124.94 $127.61 $126.50

Source: STR

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FIGURE 4‐10 OCCUPANCY AND AVERAGE RATE BY DAY OF WEEK (TRAILING 12 MONTHS)

85.0 $136.00

80.0 $134.00

75.0 $132.00 $130.00 70.0 $128.00 65.0 $126.00 60.0 $124.00

Occupancy (%) 55.0 $122.00 50.0 $120.00 45.0 $118.00 40.0 $116.00 Sunday Monday Tuesday Wednesday Thursday Friday Saturday

Occupancy ADR

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In most markets, business travel, including individual commercial travelers and corporate groups, is the predominant source of demand on Monday through Thursday nights. Leisure travelers and non-business-related groups generate a majority of demand on Friday and Saturday nights. Within the different cities, the peak demand days depend on the primary source of demand. In Brentwood, hoteliers reported selling out on Saturday year-round, while weekday demand year- round was more prevalent in Antioch and Pittsburg. During the summer months, demand peaks from Monday through Saturday nights when corporate demand is supplemented by peak leisure demand, corresponding with the summer academic break period. Demand on Sunday nights is the softest year-round, even during the peak season, throughout the market.

SUPPLY Based on an evaluation of the occupancy, rate structure, market orientation, chain affiliation, location, facilities, amenities, reputation, and quality of each area hotel, as well as the comments of management representatives, we have identified several properties that are expected to be primarily competitive with the proposed subject hotel. If applicable, additional lodging facilities may be judged only secondarily competitive; although the facilities, rate structures, or market orientations of these hotels prevent their inclusion among the primary competitive supply, they are expected to compete with the proposed subject hotel to some extent.

Primary Competitors The following table summarizes the important operating characteristics of the future primary competitors and the aggregate secondary competitors. This information was compiled from personal interviews, inspections, online resources, and our in-house database of operating and hotel facility data.

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FIGURE 4‐11 PRIMARY COMPETITORS – OPERATING PERFORMANCE

Est. Segmentation Estimated 2017 Estimated 2018

y a l t Weighted Weighted a S i ‐ c d r Annual e Annual e e d r p m n u u Room Occupancy Yield Number e Room m s i o t r o e x Property of Rooms C L G E Count Occ.Average Rate RevPARCount Occ. Average Rate RevPAR Penetration Penetration

Hampton Inn Brentwood 59 50 % 30 % 10 % 10 % 59 75 ‐ 80 % $140 ‐ $150 $105 ‐ $110 59 80 ‐ 85 % $140 ‐ $150 $115 ‐ $120 110 ‐ 120 % 130 ‐ 140 %

Holiday Inn Express & Suites 49 55 35 5 5 41 60 ‐ 65 140 ‐ 150 90 ‐ 95 49 70 ‐ 75 140 ‐ 150 105 ‐ 110 100 ‐ 110 110 ‐ 120 Brentwood

Best Western Brentwood Inn 50 55 35 5 5 50 50 ‐ 55 125 ‐ 130 65 ‐ 70 50 60 ‐ 65 125 ‐ 130 75 ‐ 80 85 ‐ 90 80 ‐ 85

Sub‐Totals/Averages 158 53 % 33 % 7 % 7 % 150 66.4 % $136.85 $90.85 158 73.6 % $137.12 $101 $104 % 112.2 %

Secondary Competitors 291 57 % 26 % 6 % 10 % 233 66.4 % $117.73 $78.18 233 69.1 % $119.26 $82 $97 % 91.7 %

Totals/Averages 449 55 % 29 % 7 % 9 % 383 66.4 % $125.22 $83.15 391 70.9 % $126.75 $90 $100 % 100.0 % * Specific occupancy and average rate data w ere utilized in our analysis, but are presented in r anges in the above table for the purposes of confidentiality.

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FIGURE 4‐12 PRIMARY COMPETITORS – FACILITY PROFILES

Indoor Number of Year Last Major Meeting Meeting Space Property Rooms Opened Renovation(s) Food and Beverage Outlets Space (SF) per Room Facilities & Amenities Hampton Inn Brentwood 59 2008 2018/2019 None — Outdoor Swimming Pool; Outdoor Whirlpool; Fitness Room; 7605 Brentwood Boulevard Breakfast Dining Area Market Pantry; Business Center; Guest Laundry Area

Holiday Inn Express & Suites Brentwood 49 2017 — Breakfast Dining Area None — Outdoor Swimming Pool; Fitness Room; Marke t Pantry; Lobby 541 Valdry Court Workstation; Guest Laundry Area

Best Western Brentwood Inn 50 1995 2016 Breakfast Dining Area 300 6.0 Outdoor Swimming Pool; Fitness Room; Lobby Workstation; 8820 Brentwood Boulevard Guest Laundry Area; Vending Area

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The following map illustrates the locations of the proposed subject property and its future competitors.

MAP OF COMPETITION

Our survey of the primarily competitive hotels in the local market shows a range of lodging types and facilities. Each primary competitor was inspected and evaluated. Descriptions of our findings are presented below.

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PRIMARY COMPETITOR #1 ‐ HAMPTON INN BRENTWOOD

Hampton Inn FIGURE 4‐13 ESTIMATED HISTORICAL OPERATING STATISTICS Brentwood 7605 Brentwood Boulevard Wtd. Annual Occupancy Yield Brentwood, CA Year Room Count OccupancyAverage Rate RevPAR Penetration Penetration Est. 2016 59 75 ‐ 80 % $140 ‐ $150 $110 ‐ $115 100 ‐ 110 % 130 ‐ 140 % Est. 2017 59 75 ‐ 80 140 ‐ 150 105 ‐ 110 110 ‐ 120 130 ‐ 140 Est. 2018 59 80 ‐ 85 140 ‐ 150 115 ‐ 120 110 ‐ 120 130 ‐ 140

This property benefits from its location along Brentwood Boulevard, north of the other hotels in Brentwood, closer to the area's primary cluster of demand generators. This property also benefits from its well-known brand affiliation. Overall, the property appeared to be in very good condition. Its accessibility is considered to be very good, and the property benefits from good visibility.

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PRIMARY COMPETITOR #2 ‐ HOLIDAY INN EXPRESS & SUITES BRENTWOOD

Holiday Inn Express & FIGURE 4‐14 ESTIMATED HISTORICAL OPERATING STATISTICS Suites Brentwood 541 Valdry Court Brentwood, CA Wtd. Annual Occupancy Yield Year Room Count OccupancyAverage Rate RevPAR Penetration Penetration Est. 2017 41 60 ‐ 65 % $140 ‐ $150 $90 ‐ $95 95 ‐ 100 % 110 ‐ 120 % Est. 2018 49 70 ‐ 75 140 ‐ 150 105 ‐ 110 100 ‐ 110 110 ‐ 120

This property opened in March 2017 and benefits from being the newest hotel in the market, as well as its affiliation with InterContinental Hotels Group. However, it is disadvantaged by its location on the southeastern edge of Brentwood, away from the primary cluster of demand generators. Overall, the property appeared to be in excellent condition. Its accessibility is considered to be good, and the property benefits from good visibility.

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PRIMARY COMPETITOR #3 ‐ BEST WESTERN BRENTWOOD INN

Best Western FIGURE 4‐15 ESTIMATED HISTORICAL OPERATING STATISTICS Brentwood Inn 8820 Brentwood Boulevard Wtd. Annual Occupancy Yield Brentwood, CA Year Room Count OccupancyAverage Rate RevPAR Penetration Penetration Est. 2016 50 60 ‐ 65 % $120 ‐ $125 $75 ‐ $80 90 ‐ 95 % 90 ‐ 95 % Est. 2017 50 50 ‐ 55 125 ‐ 130 65 ‐ 70 80 ‐ 85 80 ‐ 85 Est. 2018 50 60 ‐ 65 125 ‐ 130 75 ‐ 80 85 ‐ 90 80 ‐ 85

This property was originally developed as a Holiday Inn Express in 1995 and affiliated with the Best Western brand in May 2016. The hotel is the lowest-rated property within the primary competitive set. Overall, the property appeared to be in good condition. Its accessibility is considered to be very good, and the property benefits from very good visibility.

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Secondary We have also reviewed other area lodging facilities to determine whether any may Competitors compete with the proposed subject hotel on a secondary basis. The room count of each anticipated secondary competitor has been weighted based on its assumed degree of competitiveness in the future with the proposed subject hotel. By assigning degrees of competitiveness, we can assess how the proposed subject hotel and its future competitors may react to various changes in the market, including new supply, changes to demand generators, and renovations or franchise changes of existing supply. The following table sets forth the pertinent operating characteristics of the secondary competitors.

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FIGURE 4‐16 SECONDARY COMPETITOR(S) – OPERATING PERFORMANCE

Est. Segmentation Estimated 2017 Estimated 2018

y a l t Weighted Weighted a S i ‐ c d r Total Annual e Annual e e d r p m n Number of u u Competitive Room Average Average e Room m s i o t r o e x Property RoomsC L G E Level Count Occ. Rate RevPARCount Occ. Rate RevPAR

Hampton Inn & Suites 95 60 % 25 % 5 % 10 % 80 % 76 90 ‐ 95 % $130 ‐ $140 $120 ‐ $125 76 85 ‐ 90 % $130 ‐ $140 $120 ‐ $125 Pittsburg Best Western Plus Delta Inn 80 55 25 5 15 80 64 60 ‐ 65 125 ‐ 130 75 ‐ 80 64 70 ‐ 75 130 ‐ 140 95 ‐ 100 & Suites

Comfort Inn Antioch 116 55 30 10 5 80 93 45 ‐ 50 80 ‐ 85 40 ‐ 45 93 45 ‐ 50 80 ‐ 85 35 ‐ 40

Totals/Averages 291 57 % 26 % 6 % 10 % 80 % 233 66.4 % $117.73 $78.18 233 69.1 % $119.26 $82.43

* Specific occupancy and average rate data was utilized in our analysis, but is presented in ranges in the above table for the purposes of confidentiality.

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We have identified three hotels that are expected to compete with the proposed subject hotel on a secondary level. The Comfort Inn Antioch, the Best Western Plus Delta Inn & Suites, and the Hampton Inn Pittsburg are anticipated to be competitive based on their price points and limited-service product offerings. However, given that these hotels are located in different submarkets, they have been weighted as secondarily competitive in our analysis.

Supply Changes It is important to consider any new hotels that may have an impact on a proposed subject hotel’s operating performance. We have identified the following new supply that is expected to have some degree of competitive interaction with each of the proposed subject hotel based on location, anticipated market orientation and price point, and/or operating profile. The hotels that have recently opened, are under construction, or are in the stages of early development (if any) in the competitive market are noted below.

FIGURE 4‐17 AREA DEVELOPMENT ACTIVITY

Estimated Expected Number of Qtr. & Year Proposed Hotel Name Rooms Hotel Product Tier Development Stage of Opening Address Courtyard by Marriott Pittsburg 125 Upscale Application Pending Q1 '21 1160 East Leland Road

A 125-room Courtyard by Marriott in Pittsburg received entitlements in June 2019. Current plans call for a 69,792-square-foot hotel, featuring 633 square feet of meeting space, on a 2.75-acre site. According to an official with the City of Pittsburg planning department, the project is currently in the design review phase, and the developer, StayCal Hotels, expects to break ground in January 2020. Development was initially delayed due to the request to remove protected trees; however, the trees are now expected to remain with no impact to the hotel development. The proposed hotel will be located on the southwest corner of Railroad Avenue and Center Drive, approximately twelve miles northwest of Downtown Brentwood. The proposed hotel is expected to target corporate demand in the greater Contra Costa County area; however, owing to its Pittsburg location, it is anticipated to be secondarily competitive with a Brentwood hotel. According to the local planning office and our research, no additional new hotels are expected within the subject property's competitive submarket at this time. However, given the strength of this submarket and the new SR 4 extension we anticipate that additional hotels will be proposed in the near term.

While we have taken reasonable steps to investigate proposed hotel projects and their status, due to the nature of real estate development, it is impossible to determine with certainty every hotel that will be opened in the future or what their

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marketing strategies and effect on the market will be. Depending on the outcome of current and future projects, the future operating potential of either of the proposed subject hotels may be affected. Future improvement in market conditions will raise the risk of increased competition. Our forthcoming forecast of stabilized occupancy and average rate is intended to reflect such risk.

Supply Conclusion We have identified various properties that are expected to be competitive to some degree with either of the proposed subject hotels. We have also investigated potential increases in competitive supply in this Contra Costa County submarket. A proposed hotel should enter a dynamic market of varying product types and price points. Next, we will present our forecast for demand change, using the historical supply data presented as a starting point.

DEMAND The following table presents the most recent trends for the subject hotel market as tracked by HVS. These data pertain to the competitors discussed previously in this section; performance results are estimated, rounded for the competition, and weighted if there are secondary competitors present. In this respect, the information in the table differs from the previously presented STR data and is consistent with the supply and demand analysis developed for this report.

FIGURE 4‐18 HISTORICAL MARKET TRENDS

Accommodated % Room Nights % Market % Market % Year Room Nights Change Available Change Occupancy Market ADR Change RevPAR Change

Est. 2016 88,369 — 124,757 — 70.8 % $119.47 — $84.63 — Est. 2017 92,795 5.0 % 139,751 12.0 % 66.4 125.22 4.8 % 83.15 (1.7) % Est. 2018 101,201 9.1 142,716 2.1 70.9 126.75 1.2 89.88 8.1

Avg. Annual Compounded Chg., Est. 2016‐Est. 2018: 7.0 % 7.0 % 3.0 % 3.1 %

Demand Analysis For the purpose of demand analysis, the overall market is divided into individual Using Market segments based on the nature of travel. Based on our fieldwork, area analysis, and Segmentation knowledge of the local lodging market, we estimate the 2018 distribution of accommodated-room-night demand as follows.

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FIGURE 4‐19 ACCOMMODATED‐ROOM‐NIGHT DEMAND

Marketwide Accommodated Percentage Market Segment Demand of Total

Commercial 56,015 55 % Leisure 29,463 29 Group 6,768 7 Extended‐Stay 8,954 9

Total 101,201 100 %

FIGURE 4‐20 MARKET‐WIDE ACCOMMODATED‐ROOM‐NIGHT DEMAND

9% 7% Commercial Leisure Group 29% 55% Extended‐Stay

The market’s demand mix is dominated by commercial demand, with this segment representing roughly 55% of the accommodated room nights in this Brentwood submarket. The leisure segment comprises 29% of the total, with the group portion reflecting 7%, and the extended-stay portion comprising the remaining 9%.

Commercial Segment Commercial demand consists mainly of individual businesspeople passing through the subject market or visiting area businesses, in addition to high-volume corporate accounts generated by local firms. Brand loyalty (particularly frequent-traveler programs), as well as location and convenience with respect to businesses and amenities, influence lodging choices in this segment. Companies typically designate hotels as “preferred” accommodations in return for more favorable rates, which are discounted in proportion to the number of room nights produced by a commercial client. Commercial demand is strongest Monday through Thursday nights, declines significantly on Friday and Saturday, and increases somewhat on Sunday night. It is

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relatively constant throughout the year, with marginal declines in late December and during other holiday periods.

While commercial demand is limited within Brentwood, significant demand is generated by businesses in the greater market area. Primary commercial demand in this region is generated by the oil and chemical manufacturing sectors, which include the Dow Chemical Company plant and refineries for companies such as Valero and Marathon. The second largest source of commercial demand is contractors working on various construction projects throughout Contra Costa County. Furthermore, the health and medical services sector throughout the greater region, including Kaiser Permanente, Sutter Health, and John Muir, contribute a significant portion of occupied room nights. Commercial demand is forecast to decrease by year-end 2019 as a result of the Valero Refinery pollution incident and forced partial shutdown earlier in the year, although at a lesser decline than in the year-to-date period through July. Thereafter, demand is forecast to increase owing to the strength of the industries that make up commercial demand in this region. Furthermore, the sale and planned updates of the Shell refinery should also support growth going forward.

Leisure Segment Leisure demand consists of individuals and families spending time in an area or passing through en route to other destinations. Travel purposes include sightseeing, recreation, or visiting friends and relatives. Leisure demand also includes room nights booked through Internet sites such as Expedia, Hotels.com, and Priceline; however, leisure may not be the purpose of the stay. This demand may also include business travelers and group and convention attendees who use these channels to take advantage of any discounts that may be available on these sites. Leisure demand is strongest on Friday and Saturday nights and all week during holiday periods and the summer months. These peak periods represent the inverse of commercial visitation trends, underscoring the stabilizing effect of capturing weekend and summer tourist travel. Future leisure demand is related to the overall economic health of the region and the nation. Trends showing changes in state and regional unemployment and disposable personal income correlate strongly with leisure travel levels.

Leisure demand in Brentwood is primarily generated by local sports teams and those visiting friends and relatives in the area. Market participants noted that significant hotel demand is generated by families visiting residents of senior communities such as The Trilogy at the Vineyards, as homes in these communities are often built with one bedroom and are not conducive hosting guests. In the greater market area, demand is generated by events at the Contra Costa County Fairgrounds and motorists on State Route 4 seeking a convenient stopover en route to other destinations. Leisure demand is forecast to decrease by year-end 2019; however, growth in this segment is anticipated to resume in 2020.

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Group Segment In the limited-service sector, group demand is most commonly generated by groups that require ten or more room nights, but which need little to no meeting space within the hotel. Examples of these groups include family reunions, sports teams, and bus tours. In some markets, limited-service hotels may also accommodate demand from groups or individuals attending events at the local convention center or at one of the larger convention hotels in the area.

Our interviews with market participants indicated that weddings account for majority of group demand within Brentwood, supported by the various wedding venues within the city. Representatives with area businesses reported that some wedding blocks currently seek upscale hotels, located outside the market in Walnut Creek. Family reunions and youth sports events are also popular events within this bedroom community. The growing popularity of wedding venues in this market should contribute to overall demand growth in this sector during the forecasted period, following the initial decline in 2019.

Extended‐Stay Extended-stay demand consists of individuals who require accommodations for Segment more than five nights; typically, the length of stay ranges from ten to fourteen nights, but can stretch to a month or more. The three principal categories of extended-stay demand are business-related (typically associated with long-term projects), family- oriented, and relocation demand. Extended-stay patrons usually prefer hotels located near shopping centers, restaurants, entertainment venues, and service- retail uses such as grocery stores, dry cleaners, and fueling stations. Extended-stay demand tends to trend in line with an area’s corporate expansion and/or population growth; commercial growth has a direct correlation with longer-term training activities that may be occurring in the area, while changes in population typically support related relocation demand. Large-scale construction projects, prevalent in growing metropolitan areas, also generate significant levels of extended-stay demand.

Extended-stay demand is generated primarily by the corporate operations and various construction projects in the greater Contra Costa region, as well as guests visiting relatives in the area. Market participants also reported that extended-stay demand is generated by compression from the vast commercial office parks in Livermore and Concord during peak periods. Extended-stay demand in Brentwood is generated by construction workers, visitors to the city’s retirement communities, and multi-day weddings and other social events. We note that there are currently no extended-stay hotels in the greater Contra Costa County market, and the entrance of the proposed new supply should allow for moderate growth within this demand segment.

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Latent Demand Figure 4-19, presented earlier in this section, illustrated the accommodated-room- night demand in the Brentwood competitive market. Because this estimate is based on historical occupancy levels, it includes only those hotel rooms that were used by guests. Latent demand reflects potential room-night demand that has not been realized by the existing competitive supply, further classified as either unaccommodated demand or induced demand.

Unaccommodated demand refers to individuals who are unable to secure accommodations in the market because all the local hotels are filled. These travelers must defer their trips, settle for less desirable accommodations, or stay in properties located outside the market area. Because this demand did not yield occupied room nights, it is not included in the estimate of historical accommodated- room-night demand. If additional lodging facilities are expected to enter the market, it is reasonable to assume that these guests will be able to secure hotel rooms in the future, and it is therefore necessary to quantify this demand.

Unaccommodated demand is further indicated if the market is at all seasonal, with distinct high and low seasons; such seasonality indicates that although year-end occupancy may not average in excess of 70%, the market may sell out certain nights during the year. To evaluate the incidence of unaccommodated demand in the market, we have reviewed the average occupancy by the night of the week for the past twelve months for the competitive set, as reflected in the STR data. This is set forth in the following table.

FIGURE 4‐21 OCCUPANCY BY NIGHT OF THE WEEK

Month Sunday Monday Tuesday Wednesday Thursday Friday Saturday Total Month Aug ‐ 18 53.0 % 75.7 % 84.5 % 80.6 % 72.1 % 78.6 % 85.1 % 75.8 % Sep ‐ 18 56.9 65.2 75.0 75.0 69.6 69.2 79.2 69.9 Oct ‐ 18 54.2 70.6 75.5 74.5 71.1 69.3 78.7 70.8 Nov ‐ 18 55.5 71.2 80.4 79.3 75.9 72.1 78.1 73.3 Dec ‐ 18 52.8 74.5 75.2 70.8 62.7 67.8 73.7 68.1 Jan ‐ 19 37.7 49.7 59.5 61.4 48.8 49.0 51.4 51.6 Feb ‐ 19 38.8 60.0 70.7 67.2 56.7 50.7 60.6 57.8 Mar ‐ 19 50.3 66.3 72.0 73.0 62.3 62.8 69.6 64.8 Apr ‐ 19 47.1 62.7 72.8 70.4 64.4 69.8 77.8 66.5 May ‐ 19 60.1 66.1 79.3 75.9 71.8 74.4 84.8 73.3 Jun ‐ 19 61.8 81.4 88.6 87.2 84.6 83.6 87.1 81.5 Jul ‐ 19 66.5 77.5 81.2 78.9 79.6 80.4 86.1 78.7 Average 53.1 % 68.6 % 75.9 % 74.5 % 68.2 % 69.2 % 76.1 % 69.4 %

Source: STR

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Our interviews with market participants indicated that all hotels within the greater Contra Costa County market generally sell out on Monday through Saturday nights during the peak travel season of the summer months, as well as most Saturday nights throughout the year. Local sports tournaments and weddings regularly sell out competitive hotels on Saturday nights throughout the year. A portion of this demand, which is currently turned away, should return to the market concurrent with the supply increases in both Brentwood and Pittsburg.

A new hotel in Brentwood would be expected to induce demand in the commercial, leisure, group, and extended-stay segments, the extent of which will depend upon the hotel’s product and brand.

Our market interviews found that there is unserved extended-stay demand from construction workers and guests visiting relatives in the area. A significant portion of the extended-stay guests in this region currently stay in markets such as Livermore and Walnut Creek, which offer extended-stay properties. The proposed extended-stay hotel is anticipated to bring these guests back to the competitive market.

Furthermore, the opening of the proposed Courtyard by Marriott in Pittsburg will induce considerable demand into this market. The property will be the first Marriott product in the competitive market, which should draw Marriott-loyal customers who would have otherwise stayed in another market with Marriott-branded properties. Furthermore, the select-service facility will attract guests that would have likely stayed in other markets in search of a property with a greater offering of amenities.

A new, strongly branded hotel in Brentwood would also be expected to induce new commercial, group, and contract demand because of the appeal of a new, quality lodging product. Brentwood offers visitors an attractive environment with retail and entertainment options that is lacking in cities to the west.

Product Based upon the locations of the sites, the surrounding uses, traffic counts, sources Recommendation of demand, our conversations with the client, and other factors, we have concluded that one midscale, upper midscale, or upscale limited-service hotel or an upper midscale extended-stay hotel would be appropriate for the Brentwood market at this time; a dual-branded hotel, consisting of limited-service and extended-stay products, is also considered a viable option. Based on the existing brands/products already in the market, potential limited-service products include the following:

 SpringHill Suites by Marriott (upscale)  Fairfield Inn & Suites by Marriott (upper midscale)  Tru by Hilton (midscale)

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 Avid by IHG (midscale)

Extended-stay hotel products include:

 Home2 Suites by Hilton (upper midscale)  TownePlace Suites by Marriott (upper midscale)  Candlewood Suites by IHG (midscale)

Possible dual-branded hotel brands include:

 SpringHill Suites by Marriott or Fairfield Suites by Marriott coupled with a TownePlace Suites by Marriott  Tru by Hilton coupled with a Home2 Suites by Hilton  Avid by IHG coupled with a Candlewood Suites by IHG

Furthermore, we note that mixed-parent dual-branded hotels are also an evolving product.

Conclusion In conclusion, the recent extension of SR 4 through Brentwood presents an attractive opportunity for new hotel development. The city’s improved access has lessened traveling time from commercial demand generators to the west, and opened up newly available, well located sites for future commercial development and growth. A new, strongly branded lodging product would be well supported by the strong and growing residential base of this community, and its attractive retail, dining and entertainment options.

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5. Statement of Assumptions and Limiting Conditions

1. This report is set forth as a market study of the proposed subject hotel; this is not an appraisal report. 1. This report is to be used in whole and not in part. 2. No responsibility is assumed for matters of a legal nature, nor do we render any opinion as to title, which is assumed marketable and free of any deed restrictions and easements. The property is evaluated as though free and clear unless otherwise stated. 3. We assume that there are no hidden or unapparent conditions of the sub- soil or structures, such as underground storage tanks, that would affect the property’s development potential. No responsibility is assumed for these conditions or for any engineering that may be required to discover them. 4. We have not considered the presence of potentially hazardous materials or any form of toxic waste on the project sites. We are not qualified to detect hazardous substances and urge the client to retain an expert in this field if desired. 5. The Americans with Disabilities Act (ADA) became effective on January 26, 1992. We have assumed the proposed hotel would be designed and constructed to be in full compliance with the ADA. 6. We have made no survey of the sites, and we assume no responsibility in connection with such matters. Sketches, photographs, maps, and other exhibits are included to assist the reader in visualizing the property. It is assumed that the use of the described real estate will be within the boundaries of the property described, and that no encroachment will exist. 7. All information, financial operating statements, estimates, and opinions obtained from parties not employed by TS Worldwide, LLC are assumed true and correct. We can assume no liability resulting from misinformation. 8. Unless noted, we assume that there are no encroachments, zoning violations, or building violations encumbering the subject sites. 9. The property is assumed to be in full compliance with all applicable federal, state, local, and private codes, laws, consents, licenses, and regulations (including the appropriate liquor license if applicable), and that all licenses, permits, certificates, franchises, and so forth can be freely renewed or transferred to a purchaser.

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10. All mortgages, liens, encumbrances, leases, and servitudes have been disregarded unless specified otherwise. 11. None of this material may be reproduced in any form without our written permission, and the report cannot be disseminated to the public through advertising, public relations, news, sales, or other media. 12. We are not required to give testimony or attendance in court because of this analysis without previous arrangements and shall do so only when our standard per-diem fees and travel costs have been paid prior to the appearance. 13. If the reader is making a fiduciary or individual investment decision and has any questions concerning the material presented in this report, it is recommended that the reader contact us. 14. We take no responsibility for any events or circumstances that take place subsequent to the date of our field inspection. 15. The quality of a lodging facility's onsite management has a direct effect on a property's economic viability. The financial forecasts presented in this analysis assume responsible ownership and competent management. Any departure from this assumption may have a significant impact on the projected operating results. 16. The financial analysis presented in this report is based upon assumptions, estimates, and evaluations of the market conditions in the local and national economy, which may be subject to sharp rises and declines. Over the projection period considered in our analysis, wages and other operating expenses may increase or decrease because of market volatility and economic forces outside the control of the hotel’s management. We assume that the price of hotel rooms, food, beverages, and other sources of revenue to the hotel will be adjusted to offset any increases or decreases in related costs. We do not warrant that our estimates will be attained, but they have been developed based upon information obtained during the course of our market research and are intended to reflect the expectations of a typical hotel investor as of the stated date of the report. 17. This analysis assumes continuation of all Internal Revenue Service tax code provisions as stated or interpreted on either the date of value or the date of our field inspection, whichever occurs first. 18. Many of the figures presented in this report were generated using sophisticated computer models that make calculations based on numbers carried out to three or more decimal places. In the interest of simplicity, most numbers have been rounded to the nearest tenth of a percent. Thus, these figures may be subject to small rounding errors.

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19. It is agreed that our liability to the client is limited to the amount of the fee paid as liquidated damages. Our responsibility is limited to the client; the use of this report by third parties shall be solely at the risk of the client and/or third parties. The use of this report is also subject to the terms and conditions set forth in our engagement letter with the client. 20. Evaluating and comprising financial forecasts for hotels is both a science and an art. Although this analysis employs various mathematical calculations to provide value indications, the final forecasts are subjective and may be influenced by our experience and other factors not specifically set forth in this report. 21. This study was prepared by TS Worldwide, LLC. All opinions, recommendations, and conclusions expressed during the course of this assignment are rendered by the staff of TS Worldwide, LLC as employees, rather than as individuals.

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Addendum ‐ Charts

The enplanement and deplanement statistics are illustrated below.

AIRPORT STATISTICS ‐ OAKLAND INTERNATIONAL AIRPORT

Passenger Percent Percent Year Traffic Change* Change**

2009 9,505,281 — — 2010 9,542,333 0.4 % 0.4 % 2011 9,266,570 (2.9) (1.3) 2012 10,040,864 8.4 1.8 2013 9,742,887 (3.0) 0.6 2014 10,336,788 6.1 1.7 2015 11,205,063 8.4 2.8 2016 12,070,967 7.7 3.5 2017 13,072,245 8.3 4.1 2018 13,594,251 4.0 4.1 Year‐to‐date, Sep 2018 10,221,189 — — 2019 10,042,546 (1.7) % —

*Annual average compounded percentage change from the previous year **Annual average compounded percentage change from first year of data Source: Oakland International Airport

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AIRPORT STATISTICS – SAN FRANCISCO INTERNATIONAL AIRPORT

Passenger Percent Percent Year Traffic Change* Change**

2009 37,453,634 — — 2010 39,116,764 4.4 % 4.4 % 2011 40,810,141 4.3 4.4 2012 44,477,209 9.0 5.9 2013 45,011,764 1.2 4.7 2014 47,155,100 4.8 4.7 2015 50,067,094 6.2 5.0 2016 53,096,225 6.1 5.1 2017 55,814,906 5.1 5.1 2018 57,700,433 3.4 4.9 Year‐to‐date, Sep 2018 43,831,445 — — 2019 43,554,357 (0.6) % —

*Annual average compounded percentage change from the previous year **Annual average compounded percentage change from first year of data

Source: San Francisco International Airport

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AIRPORT STATISTICS – NORMAN Y. MINETA SAN JOSE INTERNATIONAL AIRPORT

Passenger Percent Percent Year Traffic Change* Change**

2009 8,321,750 — — 2010 8,246,064 (0.9) % (0.9) % 2011 8,357,384 1.3 0.2 2012 8,296,174 (0.7) (0.1) 2013 8,783,319 5.9 1.4 2014 9,385,212 6.9 2.4 2015 9,799,427 4.4 2.8 2016 10,796,725 10.2 3.8 2017 12,480,232 15.6 5.2 2018 14,319,292 14.7 6.2

Year‐to‐date, Sep 2018 11,826,998 — — 2019 11,712,356 (1.0) % —

*Annual average compounded percentage change from the previous year **Annual average compounded percentage change from first year of data

Source: Norman Y. Mineta San Jose International Airport

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Suzanne R. Mellen, MAI, CRE, FRICS, ISHC

EMPLOYMENT

2016 to present HVS Senior Managing Director – Practice Leader HVS Consulting and Valuation HVS Gaming Services (Advisory, Valuation, Litigation; Practice Development and Compliance)

1985 to 2016 HVS Practice Principal: San Francisco and Los Angeles, California; Las Vegas, Nevada Senior Managing Director – Consulting and Valuation Division HVS Board of Directors – 2008 - 2016 (Hotel and Casino Valuations, Market Studies, Feasibility Reports, and Investment Counseling; Practice Management and Development)

1981 to 1985 HOSPITALITY VALUATION SERVICES Mineola, New York Director of Consulting and Valuation Services (Hotel Valuations, Market Studies, Feasibility Reports, and Investment Counseling)

1980 to 1981 MORGAN GUARANTY TRUST COMPANY New York, New York Real Estate Appraiser and Consultant (Real Estate Investment Valuation and Analysis)

1980 LAVENTHOL & HORWATH New York, New York Senior Consultant (Management Advising Services Market and Feasibility Studies)

1976 to 1978 WESTERN INTERNATIONAL HOTELS The Plaza, New York City Management Trainee (Rooms Operations, Accounting)

1976 HARLEY, LITTLE ASSOCIATES Toronto, Canada Junior Consultant (Food Facilities Design, Market Studies)

HVS San Francisco, Los Angeles, & Las Vegas Qualifications of Suzanne R. Mellen, MAI, CRE, FRICS, ISHC 1

PROFESSIONAL Appraisal Institute Member (MAI) AFFILIATIONS  Board of Directors – San Francisco Bay Area Chapter (1994, 1995)  Education Committee Chairperson – Northern California Chapter 11  Workshop Committee Chairperson – Northern California Chapter 11  Division of Courses National Committee  Continuing Education Committee – New York Committee  Director, Real Estate Computer Show – New York Chapter American Society of Real Estate Counselors – Member (CRE)  Vice Chair – Northern California Chapter (1994, 1995)  Chair – Northern California Chapter (1996) National Association of Review Appraisers & Mortgage Underwriters (CRA) International Society of Hospitality Consultants – Member (ISHC) Fellow of the Royal Institution of Chartered Surveyors (FRICS) Cornell Center for Real Estate and Finance – Fellow Cornell Hotel Society Cornell University School of Hotel Administration - Dean’s Advisory Board American Hotel & Motel Association California Hotel & Motel Association Urban Land Institute

EDUCATION B.S., School of Hotel Administration, Cornell University Liberal Arts Undergraduate Study, Carnegie Mellon University Completion of MAI course work, Appraisal Institute NYU MBA – Partial Completion New York University, School of Continuing Education Real Estate Division

STATE CERTIFICATION Arizona, California, District of Columbia, Georgia, Hawaii, New Jersey, Ohio, Oregon, Pennsylvania, South Carolina, Texas, Utah, Virginia, Washington

ARTICLES AND The HVS Journal – ALIS Edition: PUBLICATIONS “Strong Rates of Return Driving Hotel Development,” 1998 “Hotel Cap Rates and Values – The 1998 Rollercoaster Ride and What Lies Ahead,” 1999 “Hotel Land Values and the Ground Lease Approach,” 2001 “Fed Policies Stabilize Hotel Cap Rates in Uncertain Times,” 2003 “Low Interest Rates and High Demand for Hotel Assets Fuels Value Gains,” 2004 “Allure of Hotel Investments Expected to Moderate Rise in Capitalization Rates as Rebound Takes Hold,” 2005 “Low Cap Rates Drive Gain in Hotel Values: Will Today’s Underwriting Sustain Future Appreciation?” (also in Real Estate Finance Journal), 2006 “Forecasting Market-Wide Gaming Revenue (Win) for the Macau Special Administrative Region,” with Shannon Okada, 2006 “Low Cap Rates Drive Gain in Hotel Values: Will Today’s Underwriting Sustain Future Appreciation?,” 2006 “Does Your Underwriting Adequately Compensate for the Timing of Future Cash Flow?,” 2007 “Hotel Capitalization Rates Bottom Out,” Jan. 2007 “Hotel Cap Rates and Values in a Changing Market Environment,” 2008 “Hotel Capitalization Rates on the Rise” (also in Real Estate Finance Journal), 2009 “Hotel Values in Transition—An Appraisal Technique for These Uncertain Times” (also in Real Estate Finance Journal), 2009 “The Impact of Seller Financing upon Hotel Values,” 2010 “Dramatic Decline in Hotel Capitalization Rates Reflects Shift in Market Sentiment,” 2011 “Hotel Transaction Activity Slows, Cap Rates Rise,” 2012 “Hotel Capitalization Rates Stabilize as Market Forces Create State of Equilibrium,” 2013 “Hotel Capitalization Rates and the Impact of Cap Ex,” 2014 “Steady Cap Rates Support Strong Hotel Value Gains,” 2015 “Positive Operating Leverage Results in Another Year of Hotel Value Gains; Cap Rates Start to Rise,” 2016

HVS San Francisco, Los Angeles, & Las Vegas Qualifications of Suzanne R. Mellen, MAI, CRE, FRICS, ISHC 2

ARTICLES AND “Hotel Value Gains Moderate as RevPAR Growth Slows and Cap Rates Rise,” 2017 PUBLICATIONS, “Impact of Countervailing Forces on Hotel Values and Cap Rates,” 2018 “Hotel Cap Rates Hold Steady — Values Under Pressure,” 2019 CONTINUED “CapEx 2000 – A Study on Capital Expenditures in the Hotel Industry,” International Society of Hospitality Consultants (ISHC), Oct. 2000 “Consulting on Finance” (Interview), Lodging, June 1999 “European Hotel Values Poised for Recovery,” Hotels, Oct. 1994 “The Future of Full-Service Hotel Development,” The Hotel Valuation Journal, Winter 1995 “Hotel Land Values and the Ground Lease Approach,” Real Estate Finance Journal, Spring 2001 “Hotel Valuation,” in Hotel Investments: Issues and Perspectives, 5th ed. (American Hotel & Lodging Educational Institute), 2012 “How to Review a Hotel Appraisal,” Appraisal Review & Mortgage Underwriting Journal, Nov. 1989 Hotel Investments Handbook, Contributing Editor, 1997 “How Much Should I Pay For the Land?,” The Hotel Valuation Journal, Jan. 1996 “Hotel Valuations – A ” (Co-author) The HVS International Journal, Winter 1993/4 “Hotel Value Trends and UK Gateway Cities,” (Co-author) The HVS International Journal, Summer 1993 “Valuing Hotels Is A Challenge During Uncertain Times,” The Hotel Journal, June 2003 “Only Innovated Operators Will Profit in an Oversupplied Middle East,” Hotels, June 1996 “Simultaneous Valuation: A New Technique,” The Appraisal Journal, April 1983 “Value and Proper Use of Feasibility Studies,” California Inntouch Magazine, Dec. 1990

COMPUTER SOFTWARE “Simultaneous Valuation Formula,” a mortgage-equity income capitalization formula for variable income properties Refinancing model for hotel investments

APPEARANCE AS AN American Arbitration Association, Los Angeles, CA EXPERT WITNESS American Arbitration Association, San Francisco, CA City Hall Property Tax Hearing, San Francisco, CA County Board of Equalization of Utah County, UT Cuyahoga County Court of Common Pleas, Cleveland, OH District Court of Bexar County, Texas, 285th Judicial District District Court of Harris County, Texas, 127th Judicial District Family Court of the First Circuit, State of Hawaii Federal Bureau of Investigation, New York, NY Federal Tax Court, New York, NY Hillsboro City Municipal Court, Oregon JAMS Arbitration, Orange County, CA JAMS Arbitration, San Francisco, CA Kansas Board of Tax Appeals, Topeka, KS Law Offices of DLA Piper LLC, San Francisco, CA Law Offices of Hanson Bridgett LLP, San Francisco, CA Law Offices of Sheppard Mullin Richter & Hampton LLP, San Francisco, CA San Francisco Assessment Appeals Board, CA Sonoma County Courthouse, Santa Rosa, CA Superior Court for the District of Columbia, Tax Division Superior Court of Guam Superior Court of the State of Arizona, County of Maricopa Superior Court of the State of California, City and County of San Francisco Superior Court of the State of California, County of Alameda Superior Court of the State of California, County of Los Angeles, Central District Superior Court of the State of California, County of Orange, Central Justice Center Superior Court of the State of California, County of San Diego, Central Division Superior Court of the State of California, County of San Diego, North County Branch Superior Court of the State of California, County of San Luis Obispo Superior Court of the State of California, County of San Mateo Superior Court of the State of California, County of Santa Clara Superior Court of the State of California, County of Santa Cruz

HVS San Francisco, Los Angeles, & Las Vegas Qualifications of Suzanne R. Mellen, MAI, CRE, FRICS, ISHC 3

APPEARANCE AS AN Supreme Court of New York County Tax Court of New Jersey EXPERT WITNESS, Tax Appeals Boards: CONTINUED California: Los Angeles County, Contra Costa County, Orange County, San Francisco County, San Mateo County, Santa Barbara Hawaii Utah: Utah County Washington, D.C. U.S. 2nd Circuit Court of Appeals U.S. Bankruptcy Court, Central District of California, Los Angeles Division U.S. Bankruptcy Court, District of Alaska U.S. Bankruptcy Court, District of Colorado U.S. Bankruptcy Court, District of Delaware U.S. Bankruptcy Court, District of Nevada U.S. Bankruptcy Court, District of Utah U.S. Bankruptcy Court, Eastern District of California U.S. Bankruptcy Court, Eastern District of Pennsylvania U.S. Bankruptcy Court, Eastern District of Texas, Sherman Division U.S. Bankruptcy Court, Northern District of Illinois, Eastern Division U.S. Bankruptcy Court, Northern District of California Santa Rosa Division U.S. Bankruptcy Court, Northern District of Texas, Dallas Division U.S. Bankruptcy Court, Southern District of California U.S. Bankruptcy Court, Southern District of Texas, Houston Division U.S. Court of Appeals for the Eighth Circuit U.S. District Court, Central District of California U.S. District Court, Eastern District of Arkansas, Little Rock U.S. District Court, Eastern District of California U.S. District Court, Northern District of California, San Francisco U.S. District Court, Southern District of California U.S. District Court, Southern District of New York U.S. District Court, Southern District of Texas, Houston Division U.S. District Court, Western District of New York U.S. District Court, Western District of Washington at Seattle

PARTIAL LIST OF AAHOA – Hotel Investment Trends, October 25, 2018 SPEAKING, MODERATOR, AHLA Hospitality Investment Roundtable Open Forum – Panel Discussion, May 7, 2019 AND LECTURE American Bar Association Property Tax Seminar 1992 – Income Approach Property Tax Seminar 2015 – Casino Valuation APPEARANCES American Institute of Real Estate Appraisers – Approved Instructor – Hotel/Motel Valuations Americas Lodging Industry Summit (ALIS) – 2002-2019 Appraisal Foundation Appraisal Practices Board – Panel Discussion – Separating Tangible and Intangible Assets, October 2, 2014 Appraisal Institute: National Summer Conference 2002 – The Aftermath: Our World Post September 11 – A Hospitality Perspective Northern California Chapter 2001 Annual Fall Conference – Valuing Intangible Assets for Property Tax Assessment Purposes Northern California Chapter Commercial Appraisal Symposium: Appraising Unique and Special Purpose Properties HospitalityCurrent Trends and Issues, Moderator/Panelist, Dec. 8, 2017 Movie & Television Production Studios & Hospitality Valuation, Panelist, Dec. 6, 2019 Instructor – Hotel Valuation Online Seminar Hotel Valuation Workshop, 2012 BDWest Los Angeles- Everything Designers Need To Know About CapEx and The Real Estate Cycle, April 4, 2018 BISNOW Lodging & Innovation Series: BLIS West 2016, Board Panel Discussion – The Future of Resorts, April 28, 2016 BISNOW Lodging & Investment Innovation Series Conference: BLIS 2015, Development & Design Discussion, October 19, 2015

HVS San Francisco, Los Angeles, & Las Vegas Qualifications of Suzanne R. Mellen, MAI, CRE, FRICS, ISHC 4

PARTIAL LIST OF BTN Business Travel Trends and Forecast Conference – Hotel Trends and What They Mean to Buyers SPEAKING, MODERATOR, session, November 15, 2016 California Assessors Association Annual Conference – Hotel Valuation and Trends, October 26, 2009 AND LECTURE California Hotel & Lodging Association Hotel Owners Conference – Hotel Values & Cap Rates, June 12, APPEARANCES, 2014 CONTINUED California Lodging Investment Conference (CLIC) — Overview of the CA Hotel Market, panelist, March 7, 2019 Chief Appraisers Conference, – Maintaining Appraisal Integrity, April 7, 2016 Cornell Center for Professional Development – Hotel Workouts; Computerized Approach to Hotel Valuations and Market Studies, 1990 Cornell Hotel Society – CHS 7th Annual Annual Northern California Hospitality Investment Forum, October 26, 2018 Cornell University Real Estate Finance; Lessons Learned: Slide Rules to Spreadsheets, 2004 Cornell University, School of Hotel Administration: Dean’s Distinguished Lecture Series – The Road Taken: Career of an Entrepreneurial Consultant, September 2010 Counselors of Real Estate – Hotel Valuations: New Techniques for Today’s Uncertain Times, 2010 CWCapital – Hotel Trends, with McKenna Luke, June 8, 2018 Fishing for Solutions – Servicing Hotel Defaults in Troubled Waters, 2002, 2003, 2004 Hotel Industry Investment Conference,14th Annual – Numbers, Numbers & More Numbers….Where Are We, and Where Are We Headed?? International Association of Assessing Officers, Los Angeles Chapter – Fall Appraisal Seminar, Going Concern and Intangibles: The Battle Goes On!, October 8, 2014 IIUSA EB-5 International Investment & Economic Development Forum 2013 – Visitor Spending Economic Impact Model ISHC 2018 Conference – HNN/Castell Think Tank: The Future of our Planet: The Implications of Climate Change on Our Industry; Interviewer, The Future of our Planet: The Implications of Climate Change on Our Industry, October 11, 2018 Jeffer, Mangels, Butler & Mitchell, LLP – Meet the Money, 1998-2016 Jeffer, Mangels, Butler & Marmaro Executive Briefing 2013 – Hotels and Mixed‐Use Development Jeffer, Mangels, Butler & Marmaro Forum – Answers to Three of the Most Provocative Questions in Hotel Valuation Today KW Commerical – Webinar, 2012 The Lodging Conference – 1999, 2000, 2017 Meet the Money – Hotel Values and Cap Rates, 2017, 2018, 2019 Midwest Lodging Investors Summit – 2009 National Conference of State Tax Judges – Valuation and the Hospitality Industry National Association of Property Tax Attorneys (NAPTA) – Hotel Valuation, 2012 Northern California Chapter of the Appraisal Institute 2017 Commercial Symposium: Appraising Unique and Special Purpose Properties, Panel Discussion Moderator, Hospitality – Current Trends and Issues, December 18, 2017 NYU Hospitality Industry Investment Conference – 1991-1995, 2003, 2016, 2017, 2018 Orange County Appraisal Society Real Estate Conference – Hotel Valuation and Trends, 2009 Society of Chief Appraisers Meeting, San Francisco – Hospitality Loan Appraisals – Business? CRE? Assessing Real Risk!, May 2016 Special American Business Internship Training (SABIT) – Hotel Management Program, 2006 Strategic Hotel Default Lender Summit – Servicing Loan Defaults in Today’s Uncertain Times, 2003 UCLA Hotel Industry Investment Conference, 1995 –2001 ULI San Francisco – Brownbag Seminar: Trends in Casino Hotel Properties, 2008 ULI Spring Meeting 2019- Hotel Valuations and Development Trends, moderator US Hotel Market Connections Conference – Panel Discussion Moderator, 2013, 2014, 2015, 2016 USF 20th Annual Hospitality Industry Symposium – Prognosis for the Hospitality Industry, 2010 VALCON 2010 Real Estate: the Economics and Future of Malls, Hotels and Gaming (with Anne Lloyd- Jones), February 24-26, 2010 Visit Sacramento Board of Directors Strategic Planning Retreat – Future Economy and Trends, October 13, 2016 Wells Fargo, Hospitality Loan Appraisals – Performance, Obsolescence, and Assessing Real Risk, 2016

HVS San Francisco, Los Angeles, & Las Vegas Qualifications of Suzanne R. Mellen, MAI, CRE, FRICS, ISHC 5

EXAMPLES OF PROPERTIES APPRAISED OR EVALUATED * Denotes Gaming Property

Alabama Phantom Ranch, Grand Canyon Holiday Inn Express Scottsdale North, Fairfield Inn & Suites, Bessemer Thunderbird Lodge, Grand Canyon Scottsdale Hampton Inn & Suites, Birmingham Yavapai Lodge, Grand Canyon Holiday Inn Old Town, Scottsdale Homestead Studio Suites, Birmingham Best Western Green Valley, Green Valley Hotel, Proposed, Scottsdale Fairfield Inn, Birmingham Hampton Inn, Proposed, Holbrook Marriott Camelback Inn, Scottsdale Hilton Perimeter Park, Birmingham Best Western Wayfarers Inn, Kingman Mondrian Hotel, Scottsdale Country Crossing, Cottonwood Rodeway Inn, Kingman The Phoenician - A Luxury Collection Resort, Hampton Inn East Bay, Daphne Hampton Inn, Lake Havasu Scottsdale Hilton Garden Inn, Daphne Nautical Inn, Lake Havasu Red Lion-La Posada, Scottsdale Ramada Inn, Gadsden Wigwam Resort & Golf Club, Litchfield Park Rodeway Inn, Scottsdale Homewood Suites by Hilton, Huntsville Ritz-Carlton Dove Mountain, Marana Scottsdale Conference Resort, Scottsdale Hampton Inn I-10/Bellingrath Gardens, Mobile Hyatt Place Phoenix Mesa, Mesa Scottsdale Hilton Resort, Scottsdale Homewood Suites East Bay, Mobile Marriott Mesa, Mesa Scottsdale Waterfront Condo Hotel, Proposed, Hotel, Proposed, Mobile Quality Inn Americana Hotel, Nogales Scottsdale Marriott Mobile, Mobile Hyatt Place, Proposed, Page Summerfield Suites, Proposed, Scottsdale Fairfield Inn, Montgomery Marriott Fairfield Inn & Suites, Page Sunburst Resort Hotel & Conf. Center, Holiday Inn, Montgomery AC Hotel Phoenix Biltmore, Phoenix Scottsdale Home-Town Suites, Montgomery Arizona Biltmore Resort, Phoenix Westin Kierland, Scottsdale Howard Johnson's, Montgomery Best Western Executive Park Hotel, Phoenix W Hotel, Scottsdale Residence Inn, Montgomery Bobby McGee's Conglomeration, Phoenix Xona Resort Suites, Scottsdale Courtyard by Marriott, Prattville Caravan Inn, Phoenix Hilton Garden Inn, Proposed, Sedona Country Crossing, Shorter Courtyard by Marriott, Phoenix/Mesa L'Auberge de Sedona, Sedona *VictoryLand, Quincy's 777 Bingo Casino, and Courtyard by Marriott Metro Center, Phoenix Los Abrigados, Sedona Oasis Hotel, Shorter Crescent Hotel, Phoenix Orchard's Inn & Grill, Sedona Crowne Plaza, Phoenix Motel 6, Sierra Vista Alaska DoubleTree Inn, Phoenix Sonoita Village Resort & Spa, Prop., Sonoita Best Western Barratt Inn, Anchorage Embassy Suites-Camelback, Phoenix Country Inn & Suites Hotel, Tempe Clarion Suites Hotel, Anchorage Embassy Suites-Camelhead, Phoenix Marriott Buttes Resort, Tempe Coast International Inn, Anchorage Fountain Suites Hotel, Phoenix Renaissance Hotel, Proposed, Tempe Courtyard Anchorage Airport, Anchorage Four Points Sheraton, Phoenix Wyndham Buttes Resort, Tempe Hawthorne Suites, Anchorage Full-Service Hotel, Proposed, Phoenix Mixed-Use Development, Tuba City Holiday Inn, Anchorage Granada Royale Camelhead, Phoenix Canyon Ranch Resort, Tucson Homewood Suites, Prop. and Existing, Crowne Plaza, Phoenix Clarion Tucson, Tucson Anchorage Hampton Inn Phoenix Airport North, Phoenix Country Inn & Suites & Courtyard, Tucson Hotel Captain Cook, Anchorage Holiday Inn, Phoenix DoubleTree Inn, Tucson Marriott Anchorage Downtown, Anchorage Homestead Studio Suites, Phoenix Hacienda del Sol Guest Ranch, Tucson Northern Lights Hotel, Anchorage Homewood Suites, Phoenix Hilton El Conquistador Golf & Tennis Resort, Residence Inn by Marriott, Anchorage Hyatt Regency, Phoenix Tucson Rose Garden Hotel, Anchorage JW Marriott Desert Ridge Resort, Phoenix Hilton Garden Inn, Prop., Tucson Sheraton Hotel Anchorage, Anchorage Knights Inn, Phoenix Holiday Inn Express, Prop., Tucson SpringHill Suites Midtown, Anchorage Marriott Phoenix Airport, Phoenix Holiday Inn Hotel, Tucson SpringHill Suites University Lake, Anchorage Omni Adams Hotel, Phoenix Hotel Arizona, Tucson Alyeska Prince Hotel, Girdwood Phoenix Inn, Phoenix Hotel, Proposed, Tucson Coast International Hotel, Girdwood Pointe Hilton Squaw Peak Resort, Phoenix Holiday Inn Express, Tucson Resort Hotel, Proposed, Wasilla Pointe Hilton at Tepatio Cliffs, Phoenix Loews Ventana Canyon Resort, Tucson Quality Inn, Phoenix Lodge at Ventana Canyon, Tucson Arizona Ramada Inn MetroCenter, Phoenix Marriott Hotel & Starr Pass Golf Course, Lodging Facility, Proposed, Camp Verde Residence Inn by Marriott, Phoenix Proposed and Existing, Tucson Home2 Suites, Chandler Ritz-Carlton Phoenix, Phoenix Microtel Inn, Proposed, Tucson Hotel, Proposed Casa Grande Sheraton Crescent Hotel, Phoenix Miraval Resort & Spa, Tucson Renaissance ClubSport, Chandler Sleep Inn, Phoenix Radisson Suite Hotel, Tucson Sheraton San Marcos Hotel, Chandler Wyndham Garden Hotel Midtown, Phoenix Ritz-Carlton, Proposed, Tucson Best Western, Flagstaff Caleo Hotel, Scottsdale Rodeway Inn, Tucson Embassy Suites Hotel, Flagstaff Chaparral Suites Resort, Scottsdale Tanque Verde Guest Ranch, Tucson Hotel & Conference Center, Prop., Flagstaff Courtyard by Marriott, Scottsdale Tucson Convention Center, Tucson Motel 6, Flagstaff DoubleTree Paradise Valley Resort, Scottsdale Westin La Paloma Resort, Tucson Rodeway Inn, Flagstaff Doubletree Inn, Scottsdale Westward Look Resort, Tucson Woodlands Plaza Hotel, Flagstaff Embassy Suites Scottsdale Resort, Scottsdale Wig Wam Resort & Golf Club, Woodfield Park Holiday Inn Express, Proposed, Gilbert Fairmont Scottsdale Princess and Excess Land, Candlewood Suites, Proposed, Yuma TownePlace Suites by Marriott, Goodyear Scottsdale Shilo Inn, Yuma Bright Angel Lodge, Grand Canyon FireSky Resort and Spa, Scottsdale El Tovar Hotel, Grand Canyon Four Seasons Scottsdale at Troon North, Arkansas Kachina Lodge, Grand Canyon Scottsdale Fairfield Inn & Suites, Conway Maswik Lodge, Grand Canyon Gainey Suites Hotel, Scottsdale Hilton, Hot Springs Moqui Lodge, Grand Canyon Hilton Scottsdale Resort & Villa, Scottsdale Holiday Inn, Little Rock

HVS San Francisco, Los Angeles, & Las Vegas Qualifications of Suzanne R. Mellen, MAI, CRE, FRICS, ISHC 6

* Denotes Gaming Property PROPERTIES ‐ CONTINUED

Red Carpet Inn, Little Rock La Quinta, Bakersfield Radisson Plaza-Proposed, Burlingame Holiday Inn Northwest Arkansas, Springdale Marriott at the Convention Center, Bakersfield Ramada Inn, Burlingame Red Lion Hotel, Bakersfield Hotel, Proposed, Burney California Residence Inn, Bakersfield Good Nite Inn, Buttonwillow Radisson Hotel, Agoura Hills Sheraton Hotel, Bakersfield Country Inn & Suites, Calabasas Ramada Inn, Agoura Hills SpringHill Suites, Bakersfield Good Nite Inn, Calabasas Hampton Inn & Suites OAK Alameda, Alameda Travelodge Hotel, Bakersfield Calistoga Ranch, Prop. & Existing, Calistoga Renaissance ClubSport, Prop. & Existing, Aliso Hilton Hotel, Baldwin Park Calistoga Spa Hot Springs, Calistoga Viejo Fairfield Inn, Baltimore Hotel & Ancillary Facilities, Prop., Calistoga Holiday Inn Express, Prop., American Canyon Proposed Hotel, Bay Point Indian Springs Lodge, Calistoga Anaheim Marriott, Anaheim Bear Valley Ski Resort, Bear Valley Indian Springs Resort & Spa – Parcel of Land, Baymont Inn & Suites, Anaheim Holiday Inn Express, Belmont Calistoga Best Western Anaheim Inn, Anaheim Motel 6, Belmont Palisades Resort & Spa, Prop., Calistoga Best Western Stovall's Inn, Anaheim Summerfield Suites, Prop. & Existing, Belmont Silver Rose Inn, Spa, & Winery, Calistoga Best Western Pavilions Inn, Anaheim Berkeley Marina Marriott, Berkeley Solage Resort & Spa, Prop. and Existing, Boulevard Inn, Anaheim DoubleTree Hotel & Executive Mtg. Center, Calistoga Candlewood Suites, Proposed, Anaheim Berkeley Del Norte Inn, Camarillo Carousel Inn and Suites, Anaheim Hotel Durant, Berkeley Good Nite Inn, Camarillo Clarion Anaheim Resort, Anaheim Hotel, Proposed, Berkeley Cambria Pines Lodge, Cambria Comfort Inn, Anaheim La Quinta Inn, Berkeley Fireside Inn, Cambria Courtyard by Marriott, Anaheim Shattuck Hotel, Berkeley Fog Catcher Inn, Cambria Desert Palm Inn & Suites, Anaheim University Inn, Berkeley Pelican Inn & Suites, Cambria Disneyland Hotel, Anaheim Westin Hotel, Proposed, Berkeley Campbell Inn, Campbell DoubleTree Guest Suites Hotel, Prop. & AKA Hotel, Proposed, Beverly Hills Courtyard by Marriott, Prop. & Existing, Existing, Anaheim Beverly Hills Country Club, Beverly Hills Campbell DoubleTree by Hilton Suites Anaheim Resort Beverly Hilton, Beverly Hills Hilton Garden Inn, Campbell Convention Center, Anaheim Beverly Pavilion Hotel, Beverly Hills Hilton Hotel, Proposed, Campbell Extended Stay America, Anaheim Beverly Wilshire, Beverly Hills Larkspur Landing Hotel, Campbell Golden Forest Motel, Anaheim Crescent Beverly Hills Apts., Beverly Hills Pruneyard Inn, Campbell Hilton Hotel & Towers, Anaheim Crowne Plaza Hotel, Beverly Hills Inn & Spa at Rispin Mansion, Prop., Capitola Hilton Suites Anaheim, Anaheim Four Seasons Beverly Hills, Beverly Hills Carlsbad Inn, Carlsbad Holiday Inn, Anaheim Holiday Inn Select, Beverly Hills Courtyard by Marriott, Carlsbad Howard Johnson Hotel, Anaheim Maison 140 Hotel, Beverly Hills Extended Stay America, Carlsbad Hyatt Anaheim, Anaheim Montage, Beverly Hills Fairfield Inn & Suites by Marriott San Diego Jolly Roger, Anaheim Peninsula Beverly Hills, Beverly Hills Carlsbad, Carlsbad La Quinta Inn & Suites, Proposed, Anaheim Raffles L’Ermitage, Beverly Hills Park Hyatt Aviara, Carlsbad Pan Pacific Hotel, Anaheim Regent Beverly Wilshire Hotel, Beverly Hills Hilton Garden Inn, Carlsbad Pitcairn Inn, Anaheim Renaissance Hotel, Beverly Hills Inn of America, Carlsbad Portofino Inn & Suites, Anaheim SIXTY Beverly Hills Hotel, Beverly Hills La Costa Resort and Spa, Carlsbad Quality Hotel, Anaheim Thompson Beverly Hills, Beverly Hills LEGOLAND Resort, Prop. & Existing, Carlsbad Raffles Inn & Suites, Anaheim Best Western, Big Bear Lake Olympic Resort, Carlsbad Ramada Maingate Hotel, Anaheim Hotel, Proposed, Big Bear Lake Sheraton Carlsbad Resort & Spa, Carlsbad Red Lion Anaheim Maingate Hotel, Anaheim Motel 6, Big Bear Lake Carmel Mission Inn, Carmel Residence Inn, Anaheim Esalen Institute, Big Sur Carmel Valley Ranch, Carmel Sheraton Hotel, Anaheim Post Ranch Inn, Big Sur Cobblestone Inn, Carmel Site of 2 Prop. Hotels, GardenWalk, Anaheim Ventana Inn & Spa, Big Sur Highlands Inn, Carmel Station Inn, Anaheim Bodega Bay Lodge, Bodega Bay Luxury Hotel, Proposed, Carmel Travelodge Inn at the Park, Anaheim Chase Suites Brea, Brea Quail Lodge Resort & Golf Club, Carmel WestCoast Anaheim Hotel, Anaheim Embassy Suites Hotel, Brea Wyndham Carmel Valley, Carmel Residence Inn, Anaheim Hills Woodfin Suites Hotel, Brea Bernardus Lodge, Carmel Valley Fairfield Suites, Proposed, Arcadia City of Brentwood Market Study, Brentwood Hilton Garden Inn, Carmel Valley Hilton Garden Inn, Proposed, Arcadia Holiday Inn, Brentwood Robles del Rio Lodge, Carmel Valley Santa Anita Park, Arcadia Hilton Residential Suites, Brisbane Valley Lodge, Carmel Valley Comfort Inn, Arcata Radisson SFO Sierra Point, Brisbane Holiday Inn Express, Carpinteria Hampton Inn & Suites, Prop. & Existing, Arroyo Extended-Stay Hotel, Prop., Buellton DoubleTree by Hilton Hotel, Carson Grande Courtyard by Marriott, Buena Park Econo Lodge, Castro Valley Carlton Hotel, Atascadero Fairfield Inn, Buena Park Doral Desert Princess Resort, Cathedral City Auburn Inn, Auburn Hampton Inn, Buena Park DoubleTree Hotel, Cathedral City Sleep Inn, Auburn Red Roof Inn, Buena Park Holiday Inn Express, Cathedral City Ramada, Agoura Hills Burbank Airport Hilton, Burbank Hotel, Proposed, Cathedral City Villa Portofino Hotel, Avalon Hilton Hotel, Burbank Sheraton Cerritos Towne Center, Cerritos Allstar Inn, Bakersfield Ramada Inn, Burbank Sheraton Hotel, Cerritos CSUB Campus Hotel, Proposed, Bakersfield 350 Airport Boulevard, Burlingame Days Inn, Chico Clarion Suites, Bakersfield Holiday Inn Express SFO South, Burlingame Hampton Inn, Proposed, Chico Courtyard by Marriott, Bakersfield Hotel, Proposed, Burlingame Holiday Inn, Chico DoubleTree Hotel, Bakersfield Hyatt Regency SFO, Burlingame Microtel Inn and Suites, Proposed, Chico Economy Inn, Bakersfield Airport Marriott, Burlingame Red Lion Hotel, Chico

HVS San Francisco, Los Angeles, & Las Vegas Qualifications of Suzanne R. Mellen, MAI, CRE, FRICS, ISHC 7

* Denotes Gaming Property PROPERTIES ‐ CONTINUED

La Quinta Inn, Chula Vista Embassy Suites Los Angeles Downey, Downey Boutique Hotel, Proposed, Glendale Otay Valley Travel Lodge, Chula Vista Four Hotel Sites, Dublin Hampton Inn & Suites, Glendale Proposed Hotel, Cloverdale Proposed Dublin Hotel, Dublin Hilton Executive Meeting Center, Glendale Harris Ranch, Coalinga Scott’s Restaurant and Banquet/Conference Hilton Hotel, Glendale Howard Johnson's, Colton Center, Prop., Dublin Hotel, Proposed, Glendale DoubleTree Hotel, Commerce Four Seasons Silicon Valley, East Palo Alto Red Lion Hotel, Glendale Ramada Commerce, Commerce Hilton Garden Inn, Proposed. El Cajon 60-Unit Hotel, Prop., Morton’s Warm Springs, Wyndham Hotel, Commerce Lodging Development, Prop., El Dorado Hills Glen Ellen Clarion Hotel, Concord Holiday Inn Express & Suites, Elk Grove Gaige House, Glen Ellen Concord Hilton, Concord Cambria Hotel & Suites, Prop., El Segundo Bacara Resort, Goleta Sheraton Hotel, Concord Hilton Garden Inn LAX El Segundo, El Segundo Courtyard by Marriott, Goleta Trees Inn, Concord Best Western, El Toro El Capitan Canyon Campgrounds, Goleta Proposed Boutique Hotel, Copperopolis Days Inn, Emeryville Hyatt Regency, Proposed, Goleta Holiday Inn Express, Proposed, Corona Hardage Suites Hotel Site, Emeryville Hilton Garden Inn, Grover Beach Motel 6, Corona Sheraton Four Points, Emeryville Hotel & RV Park, Proposed, Guadalupe Hotel Del Coronado, Coronado Woodfin Suite Hotel, Prop. & Existing, AutoCamp Russian River, Guerneville Loews Coronado Bay Resort, Coronado Emeryville Half Moon Bay Lodge, Half Moon Bay Hilton Garden Inn, Prop., Corte Madera Comfort Inn, Escondido Ocean Colony Resort, Half Moon Bay Crowne Plaza Orange County, Costa Mesa Hilton Garden Inn, Prop., Escondido Ritz-Carlton Hotel, Prop. & Existing, Half Moon Ha'Penny Inn, Costa Mesa Red Lion Hotel, Eureka Bay Hilton Hotel, Costa Mesa Courtyard Fairfield/Napa Valley, Fairfield Mainstay Suites, Hayward La Quinta Inn, Costa Mesa Pala Mesa Golf Resort, Fallbrook Super 8, Hayward Mandarin Oriental, Prop., Costa Mesa Hotel, Proposed, Fillmore Best Western Dry Creek Inn, Healdsburg Marriott Suites, Costa Mesa Marriott Tenaya Lodge, Fish Camp Hotel Healdsburg, Healdsburg Red Lion Hotel, Costa Mesa Hotel, Proposed, Folsom Healdsburg Plaza Hotel, Prop., Healdsburg Residence Inn, Costa Mesa Hampton Inn & Suites, Folsom Healdsburg Suites, Proposed, Healdsburg Reverb Hotel, Proposed, Cotati Larkspur Landing Hotel, Folsom Casa de Fruta, Hollister Vanllee Hotel and Suites, Covina Hilton Garden Inn, Fontana Canyon Ranch Living, Proposed, Hollister Courtyard Los Angeles Westside, Culver City Golden Gate National Recreation Area, Fort Hard Rock Hotel, Proposed, Hollywood Extended-Stay Hotel, Proposed, Culver City Baker Holiday Inn, Hollywood Four Points Barcelo Hotel, Culver City All-Suites Hotel, Proposed, Foster City Hollywood Clarion Roosevelt, Hollywood Hotel & Condo Hotel, Prop., Culver City Clubtel, Proposed, Foster City Hollywood Palm Hotel, Hollywood Pacifica Hotel & Conference Center, Culver City Courtyard by Marriott, Foster City Hyatt Hotel, Hollywood Ramada Inn, Culver City Holiday Inn, Foster City Renaissance Hollywood Hotel, Hollywood Washington/National Hotel, Prop., Culver City La Quinta Inn & Suites, Proposed, Fowler Wyndham Hotel, Hollywood Aloft Hotel, Cupertino Comfort Inn Silicon Valley, Fremont Extended Stay America, Huntington Beach Boutique Hotel, Proposed, Cupertino Courtyard by Marriott, Fremont SpringHill Suites, Huntington Beach Courtyard by Marriott, Cupertino Econo Lodge, Fremont Hyatt Grand Champions Resort, Indian Wells Cypress Hotel, Cupertino Hilton Hotel, Fremont Indian Wells Town Center Resort, Prop., Indian Hilton Garden Inn, Cupertino La Quinta, Fremont Wells Proposed Limited-Service Hotel, Cupertino Marriott Hotel, Fremont Miramonte Resort, Indian Wells Two Proposed Hotel Sites, Cupertino Motel 6, Fremont Remington Condo Hotel, Prop., Indian Wells Courtyard by Marriott, Cypress Quality Inn, Fremont Arena/Conv. Center Amenity, Prop., Indio Woodfin Suites Hotel, Cypress Westin ClubSport, Proposed, Fremont Resort Hotel, Proposed, Indio Hampton Inn , Daly City Chateau Inn, Fresno RV Park, Proposed, Indio Hotel, Proposed, Daly City Courtyard by Marriott, Fresno Holiday Inn Express, Proposed, Inglewood Marriott Laguna Cliffs Resort, Dana Point Economy Inn, Fresno Courtyard by Marriott, Irvine Monarch Beach Resort, Dana Point Hacienda Resort & Conf. Center, Fresno Element Hotel, Proposed, Irvine Quality Inn, Dana Point Hampton Inn & Suites, Fresno Hilton Orange County Airport, Irvine Ritz-Carlton Laguna Niguel, Dana Point Holiday Inn, Fresno La Quinta Inn, Irvine St. Regis Monarch Beach Resort & Spa, Dana Hotel, Proposed, Fresno Marriott Irvine, Irvine Point Hyatt Hotel, Proposed, Fresno Registry Hotel, Irvine Vacation Ownership Property, Dana Point Courtyard by Marriott, Fresno Amador Inn, Jackson Column Financial Appraisal Review Howard Piccadilly Inn, Fresno Joshua Tree Resort, Proposed, Joshua Tree Johnson Hotel, Davis Travelers Inn, Fresno Konocti Harbor Resort & Spa, Kelseyville Hotel, Proposed, Davis Sierra Sport and Racquet Club, Fresno Kenwood Inn & Spa, Kenwood Hyatt Place Hotel, Proposed, Davis Chase Suites Hotel, Fullerton Mortons Sonoma Springs Resort, Kenwood Furnace Creek Inn & Ranch, Death Valley Griswold's Hotel, Fullerton Sonoma Country Inn, Prop., Kenwood Stove Pipe Wells Village, Death Valley Marriott Hotel, Fullerton Hotel, Proposed, Kern County Shilo Inn, Delano Embassy Suites Anaheim South, Garden Grove Cal Neva Resort, Kings Beach Grand Del Mar, Prop. & Existing, Del Mar Great Wolf Lodge, Garden Grove Lafayette Park Hotel, Lafayette Hampton Inn, Del Mar Marriott Suites Anaheim, Garden Grove Best Western Laguna Brisas Spa, Laguna Beach Hilton Hotel, Del Mar Residence Inn Anaheim Resort Area, Garden Joie de Vivre Pacific Edge Hotel, Laguna Beach Marriott Hotel, Del Mar Grove Montage Resort & Spa, Laguna Beach Marriott Resort & Spa, Desert Springs *River Rock Casino, Geyserville Surf & Sand Hotel, Laguna Beach Days Inn Diamond Bar, Diamond Bar Gilroy Gardens Site, Gilroy Vacation Village Repositioning, Laguna Beach Holiday Inn Select, Diamond Bar Quality Inn & Suites, Gilroy Select-Service Hotel, Proposed, Laguna Niguel

HVS San Francisco, Los Angeles, & Las Vegas Qualifications of Suzanne R. Mellen, MAI, CRE, FRICS, ISHC 8

* Denotes Gaming Property PROPERTIES ‐ CONTINUED

Embassy Suites La Jolla, La Jolla DoubleTree LA Downtown, Los Angeles Fess Parker’s Wine Country Inn & Spa, Los Empress Hotel, La Jolla Downtown Boutique Hotel, Prop., Los Angeles Olivos Hilton Torrey Pines, La Jolla Dream Inn Hollywood, Los Angeles Hotel ApCal Winery, Proposed, Madera Hotel La Jolla, La Jolla Econo Lodge, Proposed, Los Angeles Aman Resort Malibu Canyon, Prop., Malibu Hyatt Regency Hotel at Aventine, La Jolla Embassy Suites, Los Angeles Malibu Beach Inn, Malibu La Jolla Village Inn, La Jolla Four Points by Sheraton LAX, Los Angeles Rancho Malibu, Prop., & Land Valuation, Lodge at Torrey Pines, La Jolla Four Seasons, Los Angeles Malibu Mandarin Oriental Hotel, Proposed, La Jolla Hampton Inn & Suites Koreatown, Prop., Los 80/50 Private Residence Club, Mammoth Radisson Inn, La Jolla Angeles Lakes Residence Inn, La Jolla Hilton LAX, Los Angeles Condominium Hotel, Prop., Mammoth Lakes Scripps Inn, La Jolla Hilton Universal City Expansion, Los Angeles Luxury Resort Hotel, Prop., Mammoth Lakes Sheraton Hotel, La Jolla Holiday Inn Brentwood/Bel Air, Los Angeles Barnabey's Hotel, Manhattan Beach Lake Arrowhead Resort, Lake Arrowhead Holiday Inn-LAX, Los Angeles Belamar Hotel, Manhattan Beach Saddleback Inn, Lake Arrowhead Hotel & Condo Project Koreatown, Prop., Los SpringHill Suites, Manhattan Beach Holiday Inn San Diego La Mesa, La Mesa Angeles TownePlace Suites, Manhattan Beach Holiday Inn Select, La Mirada Hotel Angeleno, Los Angeles Great Wolf, Proposed, Manteca Hilton Lodge, Lake Arrowhead Hotel InterContinental, Los Angeles Hotel, Proposed, Manteca Hotel, Proposed, Lake Country Hotel LAX, Proposed, Los Angeles Marina Dunes Resort, Marina Embassy Suites Hotel, Lake Tahoe Hotel Normandie, Los Angeles Sanctuary Beach Resort, Marina Lake Shore Inn, Proposed, Lake Tahoe Hotel Palomar, Los Angeles SpringHill Suites, Proposed, Marina Resort at Squaw Creek, Lake Tahoe Hotel, Prop., Westfield Century City, Los Courtyard, Proposed, Marina del Rey Holiday Inn, La Mesa Angeles Courtyard and Residence Inn, Proposed, La Quinta Hotel & Resort, La Quinta Hotel Sofitel Ma Maison, Los Angeles Marina del Rey Courtyard by Marriott, Larkspur Hyatt House at USC Medical Center, Prop., Los DoubleTree Hotel, Marina del Rey La Quinta Inn & Suites, Las Palma Angeles Holiday Inn, Marina del Rey Embassy Suites, La Quinta Hyatt Place/Hyatt House LAX, Proposed, Los Holiday Inn Express, Marina del Rey Best Western South Bay LAX, Lawndale Angeles Inn at Marina del Rey, Marina del Rey *Thunder Valley Casino, Lincoln Hyatt Regency Hotel, Los Angeles Marina del Rey Hotel & Bungalows/Marinas, 50-Unit Motel, Proposed, Little Lake James Hotel, Proposed, Los Angeles Marina del Rey Heritage House Resort, Little River JJ Grand Hotel, Los Angeles Marina Suites Hotel, Marina del Rey Courtyard by Marriott, Livermore JW Marriott, Proposed, Los Angeles Marina Beach Hotel, Marina del Rey Diva Hospitality, Livermore Proposed Koreatown Hotel, Los Angeles Marriott Hotel, Marina del Rey Downtown Livermore Conference Facility, Le Meridien Hotel Beverly Hills, Los Angeles Suite Hotel, Proposed, Marina del Rey Proposed, Livermore Le Montrose, Los Angeles Marysville Hotel, Proposed, Marysville Hilton Garden Inn, Livermore Lizard Hotel, Proposed, Los Angeles Hill House, Mendocino Hotel, Proposed, Livermore Loews Santa Monica Beach, Los Angeles Renaissance ClubSport, Prop., Menlo Park Residence Inn by Marriott, Livermore Mandarin Oriental Hotel, Prop., Los Angeles Rosewood Sand Hill Hotel, Menlo Park Motel 6, Proposed, Livingston Marriott Downtown, Los Angeles Stanford Park Hotel, Menlo Park Hampton Inn and Suites, Lodi Marriott Hotel – LAX, Los Angeles AutoCamp Yosemite, Proposed, Midpines Lodi Motor Inn, Lodi Mondrian Hotel, Los Angeles Comfort Inn, Millbrae Embassy Suites, Lompoc New Seoul Hotel, Los Angeles Millbrae Station Hotel Project, Millbrae Hilton Garden Inn, Prop. & Existing, Lompoc Playa Vista Development, Los Angeles Beverly Heritage Hotel, Milpitas Breakers Hotel, Long Beach Proper Hotel, Proposed, Los Angeles Candlewood Hotel, Milpitas Holiday Inn, Long Beach Quality Hotel Airport, Los Angeles Courtyard by Marriott, Milpitas Holiday Inn Airport, Long Beach Radisson Hotel Westside, Los Angeles Days Inn, Milpitas Hyatt Regency, Long Beach Renaissance Beverly Hills, Los Angeles Element by Westin, Proposed, Milpitas Marriott Hotel, Long Beach Renaissance Hotel LAX, Los Angeles Extended-Stay Hotel Site, Milpitas Hotel Queen Mary & Related Real Estate, Long Renaissance Hotel, Proposed, Los Angeles Hilton Garden Inn, Milpitas Beach Residence Inn & Courtyard Hotels, Prop., Los Holiday Inn, Milpitas Residence Inn, Long Beach Angeles Larkspur Landing Hotel, Milpitas West Coast Hotel & Marina, Long Beach Residence Inn Beverly Hills, Prop. & Existing, Renaissance Hotel, Proposed, Milpitas Westin Hotel, Long Beach Los Angeles Residence Inn by Marriott, Milpitas Courtyard by Marriott, Prop., Los Altos Ritz-Carlton Hotel, Prop., Los Angeles Sheraton Beverly Heritage Hotel, Milpitas Hotel, Proposed, Los Altos Sheraton Gateway Los Angeles, Los Angeles TownePlace Suites, Milpitas Residence Inn, Prop. and Existing, Los Altos SLS Hotel, Prop. and Existing, Los Angeles Holiday Inn, Miramar Argyle Hotel, Los Angeles Sofitel Hotel, Los Angeles Courtyard by Marriott, Mira Mesa Beverly Hills Residence Inn, Los Angeles Summerfield Suites, Los Angeles Courtyard by Marriott, Modesto Biltmore Hotel, Los Angeles Sunset Strip Development, Los Angeles DoubleTree Hotel, Modesto Boutique Hotel, Proposed, Los Angeles UCLA Hotel, Proposed, Los Angeles Motel Orleans, Modesto Carlyle Inn, Los Angeles USC Campus Hotel, Proposed, Los Angeles Red Lion Hotel, Modesto Checkers Hotel, Los Angeles W Hotel, Los Angeles Four Points Barcelo Hotel, Monrovia Concourse Hotel (formerly Radisson Hotel), Westin Bonaventure, Los Angeles Renaissance ClubSport, Prop., Monrovia Los Angeles Westmoreland Place, Los Angeles Miramar Resort Hotel, Montecito Courtyard by Marriott, Los Angeles Hotel & Restaurant, Proposed, Los Gatos DeAnza Ballroom, Monterey Crowne Plaza LAX, Los Angeles Hotel Los Gatos, Prop. and Existing, Los Gatos DoubleTree Fisherman's Wharf, Monterey Days Inn Hollywood, Los Angeles Los Gatos Lodge, Los Gatos Doubletree Inn, Monterey DoubleTree Hotel at LAX, Los Angeles Toll House Hotel, Los Gatos Holiday Inn Express Marina, Monterey

HVS San Francisco, Los Angeles, & Las Vegas Qualifications of Suzanne R. Mellen, MAI, CRE, FRICS, ISHC 9

* Denotes Gaming Property PROPERTIES ‐ CONTINUED

Hotel Pacific, Monterey Marriott Suites, Newport Beach Palm Canyon, Palm Springs Hotel, Proposed, Monterey Newport Coast Development, Prop., Newport Palm Mountain Resort & Spa, Palm Springs InterContinental Clement, Monterey Beach Palm Springs Spa Hotel, Palm Springs Monterey Bay Inn, Monterey Newporter Resort Hotel, Newport Beach Shilo Inn, Palm Springs Monterey Marriott Hotel, Monterey Sheraton Hotel, Newport Beach Wyndham Hotel, Palm Springs Monterey Peninsula Hotel, Prop., Monterey Sutton Place Hotel, Newport Beach Creekside Inn, Palo Alto Monterey Plaza Hotel, Monterey Fairfield Inn & Suites, Norco Cardinal Hotel, Palo Alto Portola Hotel & Spa, Monterey Holiday Inn Universal Studios, North Epiphany, Palo Alto Sheraton Hotel, Monterey Hollywood Graduate Hotel, Proposed, Palo Alto Spindrift Inn, Monterey Best Western Novato Oaks Inn, Novato Holiday Inn, Palo Alto Victorian Inn, Monterey Courtyard by Marriott, Novato Hotel, Proposed, Palo Alto Lincoln Plaza Hotel, Monterey Park Hilton Garden Inn, Proposed, Novato Sheraton Hotel, Palo Alto Inn at Morro Bay, Morro Bay Shilo Inn, Oakhurst Stanford Park Hotel, Palo Alto Inn at Morgan Hill, Morgan Hill Courtyard Oakland Airport, Oakland Stanford Terrace Inn, Palo Alto Inn At Morro Bay, Morro Bay Courtyard Oakland Downtown, Oakland Staybridge Suites, Proposed, Palo Alto Hilton Garden Inn, Prop., Mountain View Dual-Branded Residence Inn & AC Hotel, Prop., Upscale Boutique Hotel, Prop., Palo Alto Holiday Inn Express, Mountain View Oakland Ambassador College Hotel, Prop., Pasadena Hotel Vue, Mountain View Economy Inn, Oakland Courtyard by Marriott, Pasadena Westin ClubSport, Prop., Mountain View Executive Inn & Suites, Oakland Holiday Inn Express, Pasadena Aetna Springs Resort, Proposed, Napa Hilton Oakland Airport, Oakland Langham Huntington Hotel & Spa, Pasadena Best Western Premier Ivy, Napa Holiday Inn Express & Suites OAK, Oakland Hotel Ava, Prop., Paso Robles California Boulevard Hotel, Prop., Napa Holiday Inn Hotel & Suites, OAK, Oakland Best Western Villa Del Lago, Patterson Carneros Inn, Napa Homewood Suites, Oakland Hacienda Hotel, Patterson City of Napa Market Study, Napa Hotel, Proposed, Oakland *Hotel and Casino, Proposed, Patterson Condo Hotel, Proposed, Napa Hotel, Proposed, Oakland Airport, Oakland Hotel and Restaurant, Proposed, Patterson Embassy Suites, Napa Marriott Oakland City Center – Land Valuation, Cascade Ranch Lodge, Pescadero Hilton Garden Inn, Prop. & Existing, Napa Oakland Courtyard by Marriott, Proposed, Petaluma Intrawest Resort, Proposed, Napa Moxy Uptown, Proposed, Oakland Elks Lodge, Petaluma Hotel Indigo Napa Valley Napa Oakland Hotel, Proposed, Oakland Quality Inn, Petaluma Hotel, Proposed, Napa Parc Oakland Hotel, Oakland Beverly Hills Residence Inn, Pico Hotel, Prop./Timeshare, Napa Gateway, Napa Prop. Hotel Oakland Coliseum City, Oakland Beachwalk Hotel, Pismo Beach Kimpton Hotel, Proposed, Napa Unused Land Lease Parcel, Oakland Best Western Grande Arroyo, Pismo Beach La Residence, Napa Waterfront Plaza Hotel, Oakland Cottage Inn by the Sea, Pismo Beach Lodge on Napa River, Napa Resort At Squaw Creek, Olympic Valley Hilton, Proposed, Pismo Beach Marriott Hotel, Napa Clarion Hotel, Ontario Hotel, Proposed, Pismo Beach Milliken Creek Inn and Spa, Napa Doubletree Hotel Ontario Airport, Ontario Quality Inn, Pismo Beach Montalcino Resort, Proposed, Napa Hampton Inn & Suites, Ontario Sandcastle Inn, Pismo Beach Motel 6, Napa Holiday Inn, Ontario Seacrest Resort, Pismo Beach Napa Hotel, Proposed, Napa La Quinta Inn, Ontario Sea Venture Hotel, Pismo Beach Napa Pipe Hotel, Proposed, Napa Marriott Ontario Airport, Ontario Spyglass Inn, Pismo Beach Napa Valley Marriott, Napa Red Lion Hotel, Ontario Fairfield Inn, Placentia Randean Way Hotel, Proposed, Napa Residence Inn, Ontario Hotel, Proposed, Placerville Residence Inn, Proposed, Napa Sheraton Ontario Airport, Ontario AmeriSuites & Homestead Village, Pleasant Hill River Terrace Inn, Napa Extended Stay America, Orange Black Angus Restaurant, Pleasant Hill Sheraton Inn Napa Valley, Napa Hilton Suites Anaheim Orange, Orange Embassy Suites, Pleasant Hill VieVage Hotel, Prop. (Stanly Ranch Project), Residence Inn, Orange Pleasant Hill Inn, Pleasant Hill Napa Woodfin Suite Hotel, Orange Residence Inn, Pleasant Hill Timeshare Development, Prop., Napa Hilton Garden Inn Oxnard Camarillo, Oxnard Savoy Restaurant, Pleasant Hill Westin Verasa Napa, Napa Holiday Inn, Oxnard Summerfield Suites Hotel, Prop. and Existing, Auberge du Soleil, Napa Valley Best Western Lighthouse Hotel, Pacifica Pleasant Hill Best Western Inn, Napa Valley Hotel, Proposed, Pacifica Woodfin Suite Hotel, Prop., Pleasant Hill Clarion Inn, Napa Valley Pacifica Quarry Site, Pacifica Candlewood Hotel, Pleasanton Inn at Napa Valley, Napa Valley Hilton Garden Inn, Palmdale Courtyard by Marriott, Pleasanton Silverado, Napa Valley Embassy Suite, Palm Desert Hilton Hotel, Pleasanton Windmill Inn, Proposed, Napa Valley Hampton Inn & Suites, Palm Desert Holiday Inn, Pleasanton Best Western Marina Gateway, National City Hawthorne Suites, Palm Desert Larkspur Landing Hotel, Pleasanton Comfort Inn, National City Ace Hotel, Proposed, Palm Springs Pleasanton Hilton Hotel, Pleasanton Courtyard by Marriott, Newark *Agua Caliente Casino & Resort, Palm Springs Sierra Suites, Pleasanton Extended-Stay Hotel, Proposed, Newark Canyon Resort Hotel, Palm Springs Summerfield Suites, Pleasanton Hilton Newark/Fremont, Newark Horizon Hotel, Palm Springs Wyndham Garden, Pleasanton Park Inn, Newark Desert Princess, Palm Springs Shilo Inn Pomona Hilltop Suites, Pomona Residence Inn by Marriott, Newark Horizon Hotel, Palm Springs Hampton Inn, Proposed, Porterville TownePlace Suites by Marriott, Newark Hotel, Proposed, Palm Springs Country Inn, Port Hueneme Woodfin Suites Hotel, Newark Hyatt Regency Suites Hotel, Palm Springs Residence Inn, Poway W Suites Hotel, Proposed, Newark Infusion Beach and Hotel, Prop., Palm Springs SpringHill Suites, Poway Fairmont, Newport Beach Korakia Pensione, Palm Springs Ragged Point Inn, Ragged Point Hyatt Newporter, Newport Beach Marriott Rancho Las Palma, Palm Springs Holiday Inn, Rancho Bernardo

HVS San Francisco, Los Angeles, & Las Vegas Qualifications of Suzanne R. Mellen, MAI, CRE, FRICS, ISHC 10

* Denotes Gaming Property PROPERTIES ‐ CONTINUED

Courtyard by Marriott, Rancho Cordova Courtyard by Marriott, Sacramento Best Western Hanalei, San Diego Economy Inn, Rancho Cordova Crowne Plaza, Sacramento Best Western Island Palms Resort, San Diego Hallmark Suites Hotel, Rancho Cordova Docks Hotel, Proposed, Sacramento Best Western Seven Seas, San Diego Quality Suites, Rancho Cordova Dodge City Motel, Sacramento Bridgeworks Mixed-Use Development, San Homewood Suites, Rancho Cucamonga DoubleTree Hotel, Sacramento Diego *Agua Caliente Casino & Resort, Prop., Rancho Embassy Suites Riverfront Promenade, Carmel Highland Doubletree, San Diego Mirage Sacramento Catamaran Resort Hotel, San Diego Ritz-Carlton, Rancho Mirage Fairfield Inn & Suites, Sacramento Clarion Bay View Hotel, San Diego Thunderbird Resort & Spa, Prop., Rancho Four-Star Hotel, Prop., Sacramento Comfort Inn & Suites SeaWorld, San Diego Mirage Hampton Inn & Suites Sacramento Airport Comfort Inn-Gaslamp, San Diego Murieta Inn, Proposed, Rancho Murieta Natomas. Sacramento Comfort Inn Old Town, San Diego Five-Star Resort & Golf Course, Prop., Rancho Hampton Inn, Proposed, Sacramento Comfort Suites Mira Mesa, San Diego Palos Verdes Hawthorn Suites, Sacramento Courtyard Mission Valley, San Diego Terranea Resort, Rancho Palos Verdes Hilton Garden Inn, Sacramento Courtyard, Prop. & Existing, San Diego Inn at Rancho Santa Fe, Rancho Santa Fe Hilton Garden Inn Sacramento Airport Crown Plaza & Staybridge Suites, Prop., San 110-Room Full-Service Hotel, Prop., Redding Natomas, Sacramento Diego Bridge Bay Marina, Proposed, Redding Hilton Hotel, Sacramento Dana on Mission Bay, San Diego Element Hotel, Proposed, Redding Holiday Inn Express & Suites Sacramento Days Inn Hotel Circle, San Diego Fairfield Inn & Suites, Proposed, Redding Airport Natomas, Sacramento Del Mar Marriott, San Diego Grand Manor Inn, Redding Holiday Inn Sacramento Northeast, Diegan Hotel, Proposed, San Diego La Quinta Inn, Redding Sacramento DoubleTree Club Hotel, San Diego Microtel Inn & Suites, Redding Hotel, Proposed, Sacramento DoubleTree by Hilton Del Mar, San Diego Motel Orleans East, Redding Hyatt Regency, Sacramento DoubleTree Hotel at Horton Plaza, San Diego Park Terrace, Redding La Quinta Hotel Downtown, Sacramento Embassy Suites San Diego La Jolla, San Diego Red Lion, Redding La Quinta Hotel North, Sacramento Estancia La Jolla Hotel and Spa, San Diego Shasta Inn, Redding Larkspur Landing Hotel, Sacramento Executive Lodge, San Diego Sheraton Hotel at Sundial Bridge, Prop., Limited-Service Hotel, Prop., Sacramento Four Points by Sheraton, San Diego Redding Marriott Hotel & Conference Center, Proposed Golden Door Spa, San Diego TownePlace Suites, Proposed, Redding Sacramento Grand Del Mar National Golf Course, San Diego Turntable Bay Marina, Prop. & Existing, Motel Orleans, Sacramento Grand Hyatt, San Diego Redding Peregrine Real Estate Trust, Sacramento Hampton Inn San Diego Del Mar, San Diego Good Nite Inn, Redlands Radisson Hotel, Sacramento Hampton Inn Downtown, San Diego Portofino Hotel & Yacht Club, Redondo Beach Red Lion Hotel, Sacramento Hampton Inn SeaWorld Airport, San Diego Sheraton Redondo Beach, Redondo Beach Red Lion–Sacramento Inn, Sacramento Hanalei Hotel, San Diego Best Western, Redwood City Residence Inn by Marriott Cal Expo, Harbour Lights, San Diego Hotel, Proposed, Redwood City Sacramento Hard Rock Hotel, Proposed, San Diego Hotel, Prop. (Blair Towers), Redwood City Residence Inn, Proposed, Sacramento Hilton Conv. Center Hotel, Prop., San Diego Sofitel San Francisco Bay, Redwood City Residence Inn South Natomas, Sacramento Hilton Garden Inn Del Mar, San Diego Courtyard by Marriott Richmond/Berkeley, Riverboat Delta King, Sacramento Hilton Garden Inn, Prop. & Existing, San Diego Richmond Sacramento Hilton, Sacramento Hilton Garden Inn Shelter Island, Prop., San Carriage Inn, Ridgecrest Sacramento Inn, Sacramento Diego Holiday Inn Select, Riverside Sierra Inn, Sacramento Hilton Gaslamp Lasalle, San Diego Marriott Hotel, Riverside SpringHill Suites, Proposed, Sacramento Hilton Harbor Island, San Diego Mission Inn, Riverside Sterling Hotel, Sacramento Hilton Hotel, Proposed, San Diego Rocklin Park Hotel, Rocklin Three Franchised Marriott Hotels, Prop., Hilton San Diego Bayfront, San Diego DoubleTree Sonoma County, Rohnert Park Sacramento Holiday Inn Express Hotel & Suites Otay Mesa, Good Nite Inn, Rohnert Park TownePlace Suites by Marriott, Sacramento San Diego Hotel, Proposed, Rohnert Park Travelers Inn, Sacramento Holiday Inn Express Mira Mesa, San Diego Ramada Limited Hotel, Rohnert Park Vizcaya Catering Hall, Prop., Sacramento Holiday Inn Express SeaWorld, San Diego Red Lion Hotel, Rohnert Park Woodlake Inn, Sacramento Homewood Suites & Hilton Garden Inn, Hampton Inn & Suites, Roseville Lodge at San Clemente, Prop., San Clemente Proposed, San Diego Hilton Garden Inn, Roseville Harvest Inn, St. Helena Hotel, Proposed, San Diego Hotel & Convention Center, Prop., Roseville Las Alcobas Resort, Proposed, St. Helena Hotel San Diego, San Diego Larkspur Landing Hotel, Roseville Meadowood Resort, St. Helena Hotel Santee, Proposed, San Diego Pali Mountain Retreat and Conference Center, Wine Country Inn & Gardens, St. Helena Howard Johnson, San Diego Running Springs Wydown Hotel, St. Helena Hyatt Islandia, San Diego Auberge Du Soleil, Rutherford La Quinta Inn, San Bernardino Hyatt Regency Mission Bay Spa & Marina, San Rancho Caymus Inn, Rutherford San Sevain Redevelopment Project Area, San Diego 60-Unit Hotel, Proposed, Sacramento Bernardino InterContinental Hotel, San Diego Allstar Inn, Sacramento Courtyard by Marriott, San Bruno Island Palms Hotel, San Diego ARCO Arena, Sacramento Fairfield Inn & Suites San Francisco, San Carlos Ivy Hotel, San Diego Boutique Hotel Conversion, Sacramento Boutique Hotel, Proposed, San Clemente Kings Inn, San Diego Candlewood Hotel, Prop. and Existing, 500 West Broadway, San Diego La Jolla Village Inn, San Diego Sacramento Bahia Resort Hotel, San Diego Lane Field Full-Service Hotel, Prop., San Diego Citizen Hotel, Sacramento Ballpark & Redevelopment Project, San Diego Lane Field South Dual-Branded Hotel Project, Clarion Hotel, Sacramento Best Western Bayside Inn, San Diego San Diego Convention Hotel, Proposed, Sacramento Best Western Blue Sea Lodge, San Diego La Quinta Inn, San Diego

HVS San Francisco, Los Angeles, & Las Vegas Qualifications of Suzanne R. Mellen, MAI, CRE, FRICS, ISHC 11

* Denotes Gaming Property PROPERTIES ‐ CONTINUED

Manchester Gateway Development, Prop., San Excipio San Francisco, San Francisco Langham Hotel, Prop., San Francisco Diego Executive Vintage Court, San Francisco Leased Land – 495 Geary Street, San Francisco Manchester Grand Hyatt, San Diego Fairmont Hotel, San Francisco Le Meridien Hotel, San Francisco Marriott Hotel and Marina, San Diego Four Seasons Hotel, San Francisco Loews Regency, San Francisco Marriott Mission Valley, San Diego Galleria Park Hotel, San Francisco Majestic, San Francisco Marriott Suites, San Diego Grand Hyatt, San Francisco Mandarin Hotel, San Francisco Meridien Hotel, San Diego Greenwich Inn, San Francisco Marines Memorial Club & Hotel, San Francisco Mission Valley Inn, San Diego Harbor Court Hotel, San Francisco Mark Twain Hotel, San Francisco Mission Valley Hilton, San Diego Hard Rock Hotel, Proposed, San Francisco Marriott Fisherman's Wharf, San Francisco Omni Hotel, San Diego Haslett Warehouse Hotel, Prop., San Francisco Marriott Hotel, San Francisco Pacific Terrace Inn, San Diego Hilton Financial District, San Francisco Masa’s Restaurant, San Francisco Paradise Point Resort, San Diego Hilton Fisherman’s Wharf, San Francisco Maxwell Hotel, San Francisco Pickwick Hotel, San Diego Hilton Garden Inn, Prop., San Francisco Mission & Steuart Hotel, Prop., San Francisco Prava Hotel, San Diego Hilton Hotel SFO, San Francisco Mission Bay Hotel, Proposed, San Francisco Quality Inn & Suites, San Diego Hilton San Francisco & Towers, San Francisco Miyako Hotel, San Francisco Quality Suites & Holiday Inn Express Mira Hilton Union Square, San Francisco Moscone Garage Hotel, Prop., San Francisco Mesa San Diego, San Diego Holiday Inn-Civic Center, San Francisco Mystic Hotel, San Francisco Radisson Hotel, San Diego Holiday Inn Express & Suites Fisherman's Nob Hill Lamborne Hotel & Prop. Timeshare, Ramada Limited Suites, San Diego Wharf, San Francisco San Francisco Rancho Bernardo Inn & Oaks Golf Course, San Holiday Inn Express Union Square, Proposed, Olympic Hotel & Delicatessen, San Francisco Diego San Francisco Orchard Hotel, San Francisco Red Lion Hotel, San Diego Holiday Inn Fisherman's Wharf, San Francisco Palace Hotel, San Francisco Residence Inn San Diego Carmel Valley/Del Holiday Inn-Golden Gateway, San Francisco Palomar Hotel, San Francisco Mar, Proposed, San Diego Holiday Inn, Proposed, San Francisco Pan Pacific Hotel, San Francisco Residence Inn Downtown, San Diego Holiday Inn-SFO, San Francisco Parc Fifty-Five, San Francisco Residence Inn Mission Valley, San Diego Holiday Inn Select Financial District, San Park Hyatt, San Francisco Renaissance Hotel, Prop., San Diego Francisco Piers 30/32, San Francisco San Diego Yacht Club, San Diego Holiday Lodge, San Francisco Portman Hotel, San Francisco Select-Service Hotel, Prop., San Diego Hotel Abri, San Francisco Prescott Hotel and Postrio Restaurant, San Setai Hotel San Diego, Prop., San Diego Hotel Adagio Union Square, San Francisco Francisco Shelter Pointe Hotel & Marina, San Diego Hotel Bijoux, San Francisco Presidio Travelodge, San Francisco Sheraton Grand, San Diego Hotel Cosmo, San Francisco Pullman San Francisco Bay, San Francisco Sheraton Harbor Island East, San Diego Hotel Diva, San Francisco Queen Anne Hotel, San Francisco Sheraton Hotel & Marina, San Diego Hotel Frank, San Francisco Radisson Hotel at Fisherman’s Wharf, San Sheraton Suites, San Diego Hotel G, San Francisco Francisco Sommerset Suites Hotel, San Diego Hotel Griffon, San Francisco Ramada Inn Fisherman's Wharf, San Francisco Summer House Inn, San Diego Hotel Kabuki, San Francisco Ramada Inn at Union Square, San Francisco Super 8 Motel-Point Loma, San Diego Hotel Majestic, San Francisco Ramada Plaza Hotel, San Francisco Symphony Towers, San Diego Hotel Monaco, San Francisco Red Roof Inn & Studio 6, Prop., San Francisco Town and Country Hotel, San Diego Hotel Nikko, San Francisco Regis Hotel, San Francisco U.S. Grant Hotel, San Diego Hotel Palomar, San Francisco Renaissance ClubSport, Prop., San Francisco Westin, San Diego Hotel, Proposed, San Francisco Renaissance Parc 55, San Francisco W Hotel, San Diego Proposed Hotel Component of Mixed-Use Renaissance Stanford Court Hotel & Parking Woodfin Suites Hotel, San Diego Project, San Francisco Garage, San Francisco Wyndham Emerald Plaza Hotel, San Diego Hotel Rex, San Francisco Renoir Hotel, San Francisco Proposed Hotel, 144 King Street, San Francisco Hotel Triton, San Francisco Residence Inn, Proposed, San Francisco ANA Hotel, San Francisco Hotel Union Square, San Francisco Richelieu Hotel, San Francisco Aquarium of the Bay, San Francisco Hotel Vintage Court, San Francisco Ritz-Carlton, Proposed, San Francisco Argent Hotel, San Francisco Hotel Whitcomb, San Francisco Rosewood Hotel, San Francisco Argonaut Hotel, San Francisco Hotel Zelos, San Francisco San Francisco Airport Hilton, San Francisco Bedford Hotel, San Francisco Howard Johnson's Pickwick Hotel, San San Francisco Hotel, San Francisco Bellevue Hotel, San Francisco Francisco San Francisco Wharf Retail, San Francisco Beresford Hotel, San Francisco Huntington Hotel, San Francisco Savoy Hotel, San Francisco Best Western Canterbury Inn, San Francisco Hyatt at Fisherman's Wharf, San Francisco Serrano Hotel, San Francisco Bix Restaurant, San Francisco Hyatt Place Downtown, San Francisco Shangri-La Hotel, Prop., San Francisco Broadway Hotel Site, Prop., San Francisco Hyatt Regency Embarcadero, San Francisco Shannon Court Hotel, San Francisco Campton Place Hotel, San Francisco Hyatt Regency FiDi, San Francisco Sheraton Fisherman's Wharf, San Francisco Candlestick Center Hotel, Prop., San Francisco Inn at 2961 Pacific Avenue, Prop., San Sir Francis Drake Hotel, San Francisco Cartwright Hotel, San Francisco Francisco SoMa Hotel, Proposed, San Francisco Chancellor Hotel, San Francisco Inn at Fisherman's Wharf, Prop., San Francisco St. Regis Hotel, Prop. & Existing, San Francisco Clift Hotel, San Francisco Inn at the Opera, San Francisco Stanford Court, San Francisco Comfort Inn by the Bay, San Francisco InterContinental Hotel, San Francisco Steinhart Hotel, San Francisco Courtyard by Marriott, San Francisco Juliana Hotel, San Francisco Super 8 Motel at Fisherman's Wharf Donatello Hotel, San Francisco JW Marriott Hotel, San Francisco Taj Campton Place Hotel, San Francisco DoubleTree Club Hotel, Prop., San Francisco King George Hotel, San Francisco Transcontinental Majestic Hotel, San Francisco El Drisco Hotel, San Francisco King Street Hotel, Prop., San Francisco Triton Hotel, San Francisco Embarcadero Inn, San Francisco Lambourne Hotel, San Francisco Tuscan Inn, San Francisco

HVS San Francisco, Los Angeles, & Las Vegas Qualifications of Suzanne R. Mellen, MAI, CRE, FRICS, ISHC 12

* Denotes Gaming Property PROPERTIES ‐ CONTINUED

Villa Florence & Kuleto’s, San Francisco Four Points by Sheraton, San Rafael Best Western Ocean View, Santa Monica Waterfront Hotel, Proposed, San Francisco Hotel, Proposed, San Ramon Boutique Hotel, Proposed, Santa Monica Westin Hotel Market Street, San Francisco Marriott Hotel, San Ramon Casa Del Mar, Santa Monica Westin St. Francis Hotel, San Francisco Residence Inn, San Ramon Econo Lodge, Proposed, Santa Monica Whitehall Inn, San Francisco Sierra Suites Hotel, Prop. and Existing, San Fairmont Miramar Hotel, Santa Monica Yotel, Proposed, San Francisco Ramon Holiday Inn at the Pier, Santa Monica Hilton Los Angeles San Gabriel, San Gabriel California Palms, Santa Ana Hotel Shangri-La, Santa Monica 300-Room Hotel Site, San Jose Compri Hotel, Santa Ana Huntley Hotel, Santa Monica 400-Room Hotel Site, San Jose Embassy Suites, Santa Ana JW Marriott Santa Monica Le Merigot, Santa Canopy by Hilton, Proposed, San Jose Executive Lodge, Santa Ana Monica Clarion San Jose Airport, San Jose Hotel, Proposed, Santa Ana Loews Santa Monica Beach, Santa Monica Comfort Suites San Jose Airport, San Jose Orange County Ramada Hotel, Santa Ana Ocean Avenue Hotel, Santa Monica Crowne Plaza, San Jose Quality Suites, Santa Ana Ocean View Hotel, Santa Monica DoubleTree by Hilton, San Jose Westin Hotel, Proposed, Santa Ana Pacific Shore Hotel, Santa Monica El Paseo Hotel, Proposed, San Jose Woolley's Petite Suites, Santa Ana Park Hyatt Hotel, Santa Monica Fairmont Hotel, San Jose Bacara Resort & Spa, Santa Barbara Sheraton Miramar Hotel, Santa Monica Fontaine Inn San Jose Fairgrounds, San Jose Best Western Beachside Inn, Santa Barbara Shutters at the Beach, Santa Monica Hayes Mansion Conference Center, San Jose Canary Hotel, Santa Barbara Travelodge, Santa Monica Holiday Inn, San Jose El Encanto Hotel & Garden Villas, Santa Viceroy Hotel, Santa Monica Homewood Suites, San Jose Barbara Holiday Inn, Santa Nella Hotel, Proposed, San Jose Fess Parker's DoubleTree Resort, Santa Boutique Hotel, Proposed, Santa Rosa Hotel Sierra, Proposed, San Jose Barbara Courtyard by Marriott, Santa Rosa Hotel Valencia, San Jose Fess Parker’s El Marisol Resort, Prop., Santa Flamingo Hotel, Santa Rosa Hyatt San Jose, San Jose Barbara Fountain Grove Inn, Santa Rosa Hyatt St. Claire, San Jose Fess Parker's Red Lion Resort, Santa Barbara Hilton Sonoma County, Santa Rosa Marriott Hotel, San Jose Four Seasons Biltmore Resort, Santa Barbara Holiday Inn, Santa Rosa Moorpark Hotel, San Jose Holiday Inn Express, Santa Barbara Hotel Santa Rosa (conversion to HIX), Santa Ramada Renaissance Hotel, San Jose Hotel Oceana, Santa Barbara Rosa Radisson Plaza Hotel Airport, San Jose Hyatt Centric, Santa Barbara Hyatt Vineyard Creek, Santa Rosa Red Lion, San Jose Miramar Hotel, Santa Barbara Sandman Motel, Santa Rosa Renaissance ClubSport, Prop., San Jose Montecito Inn, Santa Barbara Santee Hotel Market Study, Santee Residence Inn, San Jose Ramada Inn & IHOP Restaurant, Santa Barbara Alta Mira Hotel, Sausalito Residence Inn & SpringHill Suites, Prop., San Resort Hotel, Santa Barbara Casa Madrona Hotel, Sausalito Jose Santa Barbara Inn, Santa Barbara Horizons Restaurant, Sausalito San Jose Airport Garden Hotel, San Jose Santa Barbara Club Resort & Spa, Santa Poggio Restaurant, Sausalito Sierra Suites, Proposed, San Jose Barbara Lexington Hotel, Proposed, Scotts Valley Springhill Suites, San Jose San Ysidro Ranch, Santa Barbara Days Inn Seaside, Seaside Starwood Hotel Proposed, San Jose Waterfront Vacant Land, Santa Barbara Embassy Suites, Seaside TownePlace Suites by Marriott, San Jose Avatar Hotel, Santa Clara Four-Star Hotel/Fairmont Hotel, Prop., Seaside Winchester Boulevard Hotel, Prop., San Jose Budget Inn, Santa Clara Holiday Inn Express, Seaside Wingate Hotel, Proposed, San Jose Embassy Suites, Santa Clara Proposed Resort Hotel and Condo Rental Residence Inn, San Juan Capistrano Hilton Silicon Valley, Santa Clara Management Program, Seaside Islander Lodge Motel, San Leandro Holiday Inn Great America, Santa Clara Seaside 8, Seaside Marina Inn on San Francisco Bay, San Leandro Hotel Sierra, Santa Clara Hotel Barlow, Proposed, Sebastopol Apple Farm Inn, San Luis Obispo Howard Johnson's Hotel, Santa Clara Motel 6 Van Nuys North Hills, Sepulveda Embassy Suites Hotel, San Luis Obispo Hyatt Regency, Santa Clara Hyatt House, Proposed, Scotts Valley Holiday Inn Express, San Luis Obispo Marriott Hotel, Santa Clara Radisson Valley Center Hotel, Sherman Oaks Pacific Suites Hotel, San Luis Obispo Quality Suites, Santa Clara Ramada Inn, Solana Beach Quality Suites, San Luis Obispo Sierra Suites, Santa Clara Danish Country Inn, Solvang Sycamore Mineral Springs Resort, San Luis Summerfield Suites, Santa Clara The Landsby, Solvang Obispo TownePlace Suites, Santa Clara Best Western Sonoma Valley Inn, Sonoma Twin Oaks Golf Course, San Marcos Westin Santa Clara, Santa Clara Fairmont Sonoma Mission Inn, Sonoma Benjamin Franklin Hotel, San Mateo Woodcrest Hotel, Santa Clara Hilton Hotel Sonoma, Sonoma Dunfey Hotel, San Mateo Fairfield Inn, Santa Clarita MacArthur Place, Sonoma Extended-Stay Hotel, Prop., San Mateo Hampton Inn, Santa Clarita Red Lion Inn, Sonoma Holiday Inn, San Mateo Residence Inn, Santa Clarita Renaissance The Lodge at Sonoma, Sonoma Holiday Inn & Suites Expansion, San Mateo Coast Santa Cruz Hotel, Santa Cruz Sonoma Valley Inn, Sonoma Holiday Inn Express, San Mateo Courtyard by Marriott, Proposed, Santa Cruz Hotel, Proposed, Sonora Hotel, Proposed, San Mateo Dream Inn, Santa Cruz Hardage Suites Hotel Site, Sorrento Mesa Marriott San Mateo (SFO), San Mateo Hilton Scotts Valley, Santa Cruz Woodfin Suites Hotel, Prop. & Existing, Residence Inn by Marriott, San Mateo La Bahia Hotel, Proposed, Santa Cruz Sorrento Mesa Villa Hotel, San Mateo Inn at Pasatiempo, Santa Cruz Best Western Station House Inn, South Lake Crowne Plaza Los Angeles Harbor, San Pedro Dream Inn, Santa Cruz Tahoe DoubleTree Hotel, San Pedro Holiday Inn & Suites, Santa Maria Embassy Suites Hotel, South Lake Tahoe Hilton Hotel, San Pedro Motel 6, Santa Maria St. Christopher Motel, South Lake Tahoe Embassy Suites, San Rafael Santa Maria Airport Hilton, Santa Maria Timberwolf Lodge, South Lake Tahoe Extended Stay Hotel, San Rafael Ambrose Hotel, Santa Monica Comfort Inn & Suites SFO, South San Francisco

HVS San Francisco, Los Angeles, & Las Vegas Qualifications of Suzanne R. Mellen, MAI, CRE, FRICS, ISHC 13

* Denotes Gaming Property PROPERTIES ‐ CONTINUED

Crown Sterling Suites, South San Francisco Vallejo Waterfront Hotel, Proposed, Vallejo Hampton Inn, Aurora Goodnite Inn, South San Francisco Lodging Facility, Prop., Valley Springs Holiday Inn Southeast, Aurora Grosvenor Hotel, South San Francisco Airtel Plaza Hotel, Van Nuys Red Lion Denver Southeast, Aurora Hilton Garden Inn, South San Francisco Holiday Inn, Van Nuys Park Hyatt Beaver Creek Resort, Avon Holiday Inn, South San Francisco Hotel Van Nuys, Van Nuys Element Aspen, Basalt La Quinta Inn, South San Francisco Inn at Venice Beach, Venice Beach *Isle of Capri Casino Hotel, Black Hawk Larkspur Landing Hotel, South San Francisco La Quinta Inn, Ventura Downtown Boulder Hotel, Boulder Marriott Hotel, Prop., South San Francisco Harbortown Marina Resort, Ventura Embassy Suites, Boulder Ramada Inn, South San Francisco Ocean Resorts/Harbortown Hotel, Ventura Hilton Harvest House, Boulder 390-Room Hotel, Prop., South San Francisco Sheraton Hotel, Ventura Holiday Inn, Boulder Travelodge Hotel SFO North, South San Hilton Garden Inn, Victorville Hotel Boulderado, Boulder Francisco Quality Inn & Suites Green Tree, Victorville Residence Inn, Boulder Hotel, Proposed, Squaw Valley Holiday Inn, Visalia St. Julien Hotel and Spa, Boulder La Quinta Inn, Stockton Hotel, Proposed, Visalia *Casino Hotel, Proposed, Central City Motel Orleans, Stockton Radisson Hotel, Visalia *Imperial Casino, Cripple Creek Radisson Hotel, Stockton La Quinta Inn, Vista Best Western Executive Inn & Suites, Colorado Sheraton Hotel, Proposed, Stockton 110-Room Boutique Hotel, Prop., Walnut Springs Stockton Hilton, Stockton Creek Best Western Le Baron Hotel, Colorado Springs Holiday Inn Express, Prop., Sun City Boutique Hotel, Proposed, Walnut Creek Best Western Plus Peak Vista Inn & Suites, AC Hotel, Proposed, Sunnyvale Broadway Hotel, Proposed, Walnut Creek Colorado Springs Courtyard by Marriott, Prop., Sunnyvale Embassy Suites, Walnut Creek *Colorado Grande Casino, Colorado Springs Domain Hotel, Sunnyvale Holiday Inn, Walnut Creek Crowne Plaza, Colorado Springs Grand Hotel, Proposed, Sunnyvale Hotel, Proposed, Walnut Creek *Double Eagle Casino Hotel, Prop., Colorado Holiday Inn, Sunnyvale Marriott Hotel, Walnut Creek Springs Hotel, Proposed, Sunnyvale Parkside Hotel, Walnut Creek DoubleTree Hotel, Colorado Springs Millennium Project, Proposed, Sunnyvale Renaissance ClubSport, Prop. & Existing, Embassy Suites, Colorado Springs Moffett Place Hotel, Proposed, Sunnyvale Walnut Creek Great Wolf Lodge, Proposed, Colorado Springs M Social Hotel, Proposed, Sunnyvale Residence Inn, Proposed, Walnut Creek Hilton, Colorado Springs Neighborhood Suites Hotel, Sunnyvale Argyle Hotel, West Hollywood Hyatt House, Colorado Springs Larkspur Landing Hotel, Sunnyvale Chamberlain Hotel, West Hollywood Marriott Hotel, Colorado Springs Quality Inn & Suites, Sunnyvale Hyatt West Hollywood, West Hollywood Renaissance Hotel, Colorado Springs Radisson Inn, Sunnyvale Le Bel Age, West Hollywood Smith Fork Ranch, Crawford Residence Inn Silicon Valley II, Sunnyvale Le Dufy, West Hollywood Brown Palace, Denver Select-Service Hotel, Proposed, Sunnyvale Le Montrose, West Hollywood Embassy Suites, Denver Sheraton, Sunnyvale Mondrian Hotel, West Hollywood Executive Tower Hotel, Denver Sunnyvale Hilton, Sunnyvale Ramada Hotel, West Hollywood Halcyon Hotel Cherry Creek, Denver Hampton Inn & Suites, Proposed, Tehachapi Summerfield Suites, West Hollywood Hotel Monaco, Denver Embassy Suites, Temecula Sunset & Doheny Hotel and Residences, Hotel Teatro, Denver Hotel Mount Palomar Winery., Prop. Temecula Proposed, West Hollywood Hyatt Regency Denver Tech Center, Denver Ramada Inn, Temecula Sunset Marquis, West Hollywood JW Marriott, Denver Temecula Inn, Temecula Sunset Tower Hotel, West Hollywood Le Baron Hotel, Denver Lodge at Tiburon, Tiburon Wyndham Bel Age, West Hollywood Pepsi Center, Denver Conference Center, Proposed, Torrance Hotel, Proposed, Whittier Radisson, Denver Hilton Hotel, Torrance Whittier Hilton, Whittier Sheraton Hotel, Denver Holiday Inn, Torrance Golden Pheasant, Willows Best Western Rio Grande Inn, Durango Residence Inn, Torrance Microtel Inn & Suites, Willows SilverLeaf Suites / Hawthorn Suites by Best Western Plus, Truckee Hotel, Proposed, Windsor Wyndham, Eagle Larkspur Hotel Truckee Tahoe, Truckee Extended-Stay Hotel, Prop., Woodland Denver Hilton, Englewood Northstar California Resort, Truckee Woodland Hotel & Conference Center, Prop., Inverness Hotel & Conference Ctr., Englewood Ritz-Carlton Highlands Lake Tahoe, Truckee Woodland Sheraton Denver Tech Center Hotel, Hilton Garden Inn, Proposed, Tulare Courtyard by Marriott, Woodland Hills Englewood Hampton Inn, Union City Marriott Warner Center, Woodland Hills Stanley Hotel & Aspire Residences, Estes Park Hilton Hotel, Universal City Skylonda Retreat, Woodside Holiday Inn, Fort Collins Hilton Los Angeles Universal City. Universal Marriott Tenaya Lodge, Prop., Yosemite Holiday Inn Express, Glenwood Springs City Bardessono Inn, Yountville Comfort Suites Denver Golden, Golden MCA Hotel, Proposed, Universal City Hotel Yountville, Yountville Hotel Palomar, Proposed, Greenwood Sheraton Universal, Universal City Luxury Hotel, Proposed, Yountville Summerfield Suites, Prop., Greenwood Village Hotel, Proposed, Upland Napa Valley Lodge, Yountville Residence Inn, Highlands Ranch Courtyard by Marriott, Vacaville Vintage Estate, Yountville Courtyard by Marriott Denver Southwest Holiday Inn Express & Suites, Vacaville Bonanza & Convention Center, Yuba City Lakewood, Lakewood Embassy Suites, Valencia Hampton Inn & Suites, Yuba City Extended Stay America, Lakewood Extended-Stay Hotel, Proposed, Valencia Motel Orleans, Yuba City Hampton Inn, Proposed, Lakewood Hilton Garden Inn Valencia Six Flags, Valencia SpringHill Suites, Proposed, Yuba City Residence Inn by Marriott Denver Southwest Hyatt Regency, Valencia Lakewood, Lakewood Holiday Inn, Vallejo Colorado Homewood Suites Denver Littleton, Littleton Hotel ClubSport, Prop., Vallejo Hotel Jerome, Aspen Marriott Hotel, Pueblo Motel 6 Vallejo - Maritime North, Vallejo St. Regis Hotel, Aspen Hampton Inn, Silverthorne

HVS San Francisco, Los Angeles, & Las Vegas Qualifications of Suzanne R. Mellen, MAI, CRE, FRICS, ISHC 14

* Denotes Gaming Property PROPERTIES ‐ CONTINUED

Silvertree Hotel, Snowmass Florida Holiday Inn-Madeira, Madeira Beach Wildwood Lodge, Snowmass Holiday Inn, Altamonte Springs Radisson Hotel, Marco Island Four Seasons Resort Vail, Vail SpringHill Suites Orlando Altamonte Springs Hilton Melbourne Beach Oceanfront, The Sebastian, Vail Maitland, Altamonte Springs Melbourne Westin Hotel, Vail Boca Raton Marriott at Boca Center, Boca Hilton Melbourne at Rialto Place, Melbourne Hotel Madeline, Telluride Raton Quality Suites, Melbourne DoubleTree Denver Westminster, Westminster Embassy Suites, Boca Raton Melbourne Suites Beach Resort, Melbourne Marriott Hotel at Crocker Center, Boca Raton b2Hotel, Proposed, Miami Connecticut Petite Suites, Boca Raton Casa Casuarina, Miami Holiday Inn Danbury Bethel, Danbury Renaissance, Boca Raton Doral Saturnia International Spa Hotel, Miami Holiday Inn, Darien Homestead Studio Suites, Branchburg Fairfield Inn International, Miami Days Inn, Proposed, Enfield Clarion Inn & Suites, Clearwater Fairfield Inn South, Miami Hartford Hilton, Hartford Country Inn & Suites, Cape Canaveral *Flagler Dog Track & Magic City Casino, Miami Motel 6, Hartford Best Western Sea Wake Resort, Clearwater Garden Hotel South Beach, Miami Residence Inn by Marriott Hartford Dreamview Hotel, Clearwater Hilton Miami Airport, Miami Manchester, Manchester Homestead Studio Suites, Clearwater Hilton Miami Downtown, Miami Residence Inn, Meriden Holiday Inn, Clearwater Holiday Inn-Calder, Miami Hotel, Proposed, Milford Holiday Inn Gulfview, Clearwater Hotel Palomar, Proposed, Miami Dolce Norwalk Conference Center, Norwalk Sheraton Sand Key Resort, Clearwater InterContinental Hotel, Miami DoubleTree by Hilton Hotel, Norwalk Holiday Inn Surfside, Clearwater Beach Marquis Tower, Miami Executive Hotel, Stamford Hyatt Hotel, Coral Gables Marriott Marquis World Center, Miami Harley Hotel, Stamford Plantation at Crystal River, Crystal River Ritz-Carlton South Beach, Miami Hilton Hotel & Executive Mtg. Center, Stamford Hotel, Proposed, Dania Beach Sofitel Miami Airport, Miami Holiday Inn-Crowne Plaza, Stamford Homestead Studio Suites, Davie Turnberry Isle, Miami DoubleTree Denver North, Westminster Extended Stay Deluxe International Speedway, Deauville Beach Resort, Miami Beach Inn at National Hall, Westport Daytona Beach Eden Roc, Miami Beach Fairfield Inn, Windsor Locks Marriott Doral Golf Resort and Spa, Doral Hilton Cabana Miami Beach, Prop., Miami DoubleTree by Hilton Bahia Mar Ft. Beach Delaware Lauderdale Beach, Ft. Lauderdale Miami Beach Resort & Spa, Miami Beach Hampton Inn, Milford DoubleTree Oceanfront, Ft. Lauderdale Ritz-Carlton South Beach, Miami Beach Sheraton Suites, Wilmington Galleria DoubleTree Guest Suites, Ft. Buena Vista Resort Hotel, Prop., Orlando Lauderdale Courtyard Marriott Village, Orlando District of Columbia Hilton Fort Lauderdale Airport, Ft. Lauderdale Fairfield Inn, Orlando ANA Hotel Holiday Inn, Ft. Lauderdale Hampton Inn, Orlando Club Quarters Hotel Marriott Fort Lauderdale North, Ft. Lauderdale Hawthorn Suites Orlando Airport, Orlando Courtyard Washington Embassy Row Sheraton Suites Cypress Creek, Ft. Lauderdale Hilton Orlando Altamonte Springs, Orlando DoubleTree Guest Suites Westin Hotel, Fort Lauderdale Holiday Inn Express Suites Orlando DoubleTree Hotel Conversion Best Western Ft. Meyers Island Gateway, Ft. International Airport, Orlando Embassy Suites Hotel Meyers Hyatt Regency Grand Cypress, Orlando Fairmont Hotel Pink Shell Beach Resort, Ft. Meyers Beach Fairfield Inn Marriott Village, Orlando Four Seasons Hotel Washington Fairfield Inn, Gainesville Peabody Hotel, Orlando Grand Hyatt SpringHill Suites by Marriott, Gainesville Sheraton Jetport Inn, Orlando Harambee House Margaritaville Beach Resort, Hollywood Sheraton Lakeside, Orlando Hotel Monaco DoubleTree Guest Suites Melbourne Beach – SpringHill Suites Marriott Village, Orlando Hyatt Regency Oceanfront, Indialantic Staybridge Suites Orlando South, Orlando Hyatt Regency Washington on Capitol Hill Cheeca Lodge & Spa, Islamorada Value Place Clarcona, Orlando JW Marriott Hotel Days Inn Jacksonville South, Jacksonville Days Inn / Scottish Inn, Ormond Beach Marriott Marquis Hyatt Regency Jacksonville Riverfront, Brazilian Court Hotel, Palm Beach Marriott Metro Center Jacksonville Holiday Inn, Palm Beach Gardens Monarch Hotel Residence Inn Butler Boulevard, Jacksonville DoubleTree Hotel, Palm Beach Gardens The Normandy Sea Turtle Inn, Jacksonville Marriott, Palm Beach Gardens Park Hyatt Washington Suburban Extended Stay Bay Meadows, PGA National Resort, Palm Beach Gardens Renaissance Mayflower Jacksonville Country Inn & Suites Pensacola West, Residence Inn La Quinta Inn, Jupiter Pensacola Ritz-Carlton Washington Marriott Beachside Condo Hotel, Key West Suburban Extended Stay Hotel, Pensacola Ritz-Carlton-Georgetown Wyndham Casa Marina Resort, Key West Plantation Sheraton Suites, Plantation River Inn Holiday Inn – Maingate, Kissimmee Marriott Ocean Point Beach Resort, Prop. & Sheraton Washington Hotel Quality Suites The Royale Parc Suites, Existing, Pompano Beach Sofitel Lafayette Square Kissimmee Hilton Garden Inn Tampa Southeast, Riverview St. James Ramada Resort – Maingate, Kissimmee Amrit Resort and Residences, Riviera Beach St. Regis Hotel Best Western, Lake Buena Vista Castillo Real, St. Augustine Trump International Hotel Hilton Disney World Resort, Lake Buena Vista Renaissance Resort World Golf Village, St. Washington Court Hotel Grosvenor Hotel, Lake Buena Vista Augustine Washington Terrace Hotel Woodfin Suite Hotel, Prop., Lake Buena Vista Renaissance Vinoy, St. Petersburg Westin Embassy Row Hampton Inn, Lakeland Holiday Inn-Lido Beach, Sarasota Westin City Center Hilton Garden Inn, Lakeland SpringHill Suites by Marriott, Sarasota Candlewood Suites, Lake Mary DoubleTree Tallahassee, Tallahassee

HVS San Francisco, Los Angeles, & Las Vegas Qualifications of Suzanne R. Mellen, MAI, CRE, FRICS, ISHC 15

* Denotes Gaming Property PROPERTIES ‐ CONTINUED

Homestead Studio Suites, Tamarac Wellesley Inn & Suites, Duluth Westin Kauai at Kauai Lagoons Resort, Kauai Chase Suite Hotel, Tampa Howard Johnson's, Forsyth Challenge at Manele Golf Course, Lanai City, Crowne Plaza Hotel Tampa East, Tampa Sun Suites of Gainesville, Gainesville Lanai Embassy Suites, Tampa Country Inn & Suites, Hiram Experience at Koele Golf Course, Lanai City, Hampton Inn Tampa Veterans Expressway, Fairfield Inn, Kennesaw Lanai Tampa SpringHill Suites, Kennesaw Four Seasons Resort Lanai at Manele Bay, Hilton Tampa Airport Westshore, Tampa Development, Proposed, Lake Lanier Lanai City, Lanai Holiday Inn-Airport, Tampa Hampton Inn, Lawrenceville Four Seasons Resort Lanai, The Lodge at Koele, *Holiday Inn Express Tampa Fairgrounds Candlewood Suites, Lithia Springs Lanai City, Lanai Casino, Tampa Hilton Garden Inn, Lithonia Royal Palm Resort, Haikiu, Maui Homestead Studio Suites, Tampa Courtyard by Marriott I-75 North, Marietta Hilo Hawaiian Hotel, Hilo, Maui Prop. Hotel Next to Times Forum Arena, Fairfield Inn, Marietta Condo-Hotel, Prop., Kaanapali, Maui Tampa Hyatt Hotel, Marietta Courtyard by Marriott Maui Airport, Kahului, Mainsail Suites Hotel & Conf. Center, Tampa Hyatt Regency Suites, Marietta Maui Ramada Inn, Tampa Fairfield Inn, Morrow Kapalua Bay Hotel, Kapalua, Maui Renaissance Tampa International Plaza, Courtyard by Marriott Peachtree Corners, Ritz-Carlton Kapalua, Kapalua, Maui Tampa Norcross Maui Coast Hotel, Kihei, Maui Tahitian Inn, Tampa Fairfield Inn, Norcross Maui Oceanfront Inn, Kihei, Maui Westin Tampa Harbour Island, Tampa Homestead Studio Suites, Norcross Embassy Suites, Lahaina, Maui Wyndham Westshore Hotel, Tampa Motel 6, Norcross Sheraton Maui Resort & Spa, Lahaina, Maui Holiday Inn & Suites, Tarpon Springs Hampton Inn & Suites, Rome Lumeria Maui Resort, Makawao, Maui Hampton Inn & Suites Venice Bayside South Brookwood Inn, Roswell Coco Palms Resort, Wailea, Maui Sarasota, Venice Fairfield Inn, Savannah Fairmont Kea Lani Resort, Wailea, Maui Hyatt Regency Bonaventure Resort & Spa, TownePlace Suites by Marriott, Savannah Four Seasons Maui at Wailea, Wailea, Maui Weston Westin Savannah Harbor, Savannah Grand Wailea Resort and Spa, Wailea, Maui Hampton Inn Southlake, Southlake Marriott Wailea Beach Resort & Spa, Wailea, Georgia Melhana – The Grand Plantation, Thomasville Maui Holiday Inn Express Albany, Albany Courtyard, Tifton Kea Lani Resort, Wailea, Maui Homewood Suites, Alpharetta Country Inn & Suites, Valdosta W Resort, Prop., Wailea, Maui Sierra Suites Hotel, Proposed, Alpharetta Proposed Hoakali Hotel Ewa Beach, Ewa Courtyard by Marriott Windy Hill, Atlanta Hawaii Beach, Oahu Crowne Plaza Atlanta-Ravinia, Atlanta Sheraton Princess, Kailua, Hawaii Ambassador Hotel Waikiki, Honolulu, Oahu Curio by Hilton, Proposed, Atlanta Fairmont Orchid Hotel, Kohala Coast, Hawaii Courtyard by Marriott Waikiki Beach, Fairfield Inn, Atlanta Hotel, Condo Hotel, Fractional & Timeshare Honolulu, Oahu Hilton Atlanta, Atlanta Development, Prop., Hawaii DoubleTree Alana Waikiki Hotel, Honolulu, Holiday Inn Atlanta Perimeter Dunwoody, Courtyard by Marriott King Kamehameha's Oahu Atlanta Kona Beach Hotel, Kailua-Kona, Hawaii Elks/Outrigger Canoe Club Ground Lease Rent Holiday Inn Express Hotel & Suites Atlanta Holiday Inn Express & Suites Kailua-Kona, Renegotiation, Honolulu, Oahu Buckhead, Atlanta Hawaii Equus Hotel, Honolulu, Oahu Red Roof Inn Atlanta Druid Hills, Atlanta Proposed Kona Village, a Rosewood Resort, Hawaii Gateway Hotel, Honolulu, Oahu Fairfield Inn, Atlanta Kailua-Kona, Hawaii Hilton Hawaiian Village Waikiki Beach Resort, Hilton Atlanta, Atlanta Sheraton Keauhou Bay Resort, Kailua-Kona, Honolulu, Oahu Hilton Garden Inn Winward, Atlanta Hawaii Hilton Waikiki Beach, Honolulu, Oahu Hilton Suites Atlanta Perimeter, Atlanta Mandarin Oriental Hotel, Prop., Ko Olina, Holiday Inn Waikiki Beachcomber, Honolulu, Holiday Inn Atlanta Downtown, Atlanta Hawaii Oahu Hyatt-Airport, Proposed, Atlanta Ritz-Carlton Mauna-Lani, South Kohala, Hawaii Hotel, Proposed, Honolulu, Oahu Marriott Atlanta Buckhead Hotel & Conference Development, Hokukano Ranch, Prop., Mauna Proposed Hotel at King Kalakaua Plaza, Center, Atlanta Loa, Hawaii Honolulu, Oahu Marriott Atlanta Downtown, Atlanta Hilton Waikoloa Village, Waikoloa, Hawaii Hyatt Centric, Waikiki, Honolulu, Oahu Motel 6, Atlanta Marriott Waikoloa Beach Resort, Waikoloa, Hyatt Regency Waikiki, Honolulu, Oahu Neighborhood Inn, Atlanta Hawaii Ilikai Hotel, Honolulu, Oahu Residence Inn Atlanta Buckhead at Lenox Park, Aloha Beach Resort Kauai, Kapaa, Kauai Kahala Mandarin Oriental Hotel, Honolulu, Atlanta ResortQuest Kauai Beach at Makaiwa, Kapaa, Oahu Residence Inn Atlanta Midtown, Atlanta Kauai The Laylow, Autograph Collection, Honolulu, Residence Inn Perimeter West Atlanta, Atlanta Hyatt Timeshare Resort, Prop., Kapaa, Kauai Oahu Sheraton Suites Galleria, Atlanta Marriott Kauai Resort, Lihue, Kauai Marriott Waikiki Beach Resort, Honolulu, Oahu Stouffer's Hotel-Proposed, Atlanta Coco Palms Resort, Wailua, Kauai Miramar Hotel, Honolulu, Oahu Westin Peachtree Plaza, Atlanta Courtyard Kauai @ Waipouli Beach, Kapaa, Moana Surfrider Westin Resort & Spa, W Hotel Buckhead, Atlanta Kauai Honolulu, Oahu Homewood Suites, Augusta Kauai Coconut Beach Hotel, Kapaa, Kauai Modern Honolulu, Honolulu, Oahu Fairfield Inn, College Park ResortQuest Kauai Beach at Makaiwa, Kapaa, Ocean Resort Hotel, Honolulu, Oahu Hilton Garden Inn, College Park Kauai Ohana Waikiki West, Honolulu, Oahu Holiday Inn-Crowne Plaza, College Park Timeshare Resort, Prop., Kapaa, Kauai Outrigger East Hotel, Honolulu, Oahu Marriott Atlanta Airport Gateway, College Park Kiahuna Plantation, Poipu Beach, Kauai Outrigger Reef Hotel, Honolulu, Oahu SpringHill Suites by Marriott Atlanta Airport Makai Golf Course, Princeville, Kauai Outrigger Waikiki Hotel, Honolulu, Oahu Gateway, College Park St. Regis Princeville Resort Hotel, Princeville, Outrigger West Hotel, Honolulu, Oahu Fairfield Inn-Gwinnett, Duluth Kauai Pacific Beach Hotel, Honolulu, Oahu

HVS San Francisco, Los Angeles, & Las Vegas Qualifications of Suzanne R. Mellen, MAI, CRE, FRICS, ISHC 16

* Denotes Gaming Property PROPERTIES ‐ CONTINUED

Park Shore Hotel, Honolulu, Oahu Hyatt at University Village, Chicago Wyndham Garden Hotel, Schaumburg Royal Hawaiian Hotel, Honolulu, Oahu Hyatt Regency McCormick Place Extension, DoubleTree Hotel North Shore, Skokie Sand Villa Hotel, Honolulu, Oahu Chicago Luxury Full-Service Boutique Hotel at Village Sheraton Princess Kaiulani, Honolulu, Oahu InterContinental Hotel, Chicago of Sugar Grove, Proposed, Sugar Grove Sheraton Waikiki, Honolulu, Oahu James Hotel, Chicago Hampton Inn, Urbana Waikiki Beachcomber Hotel, Honolulu, Oahu JW Marriott, Chicago Jumer's Castle, Urbana Waikiki Gateway Hotel, Honolulu, Oahu Luxury Boutique Hotel, Proposed, Chicago Hotel, Proposed, Vernon Hills Waikiki Sand Villa Hotel, Honolulu, Oahu Majestic Hotel, Chicago Super 8 Motel, Waukegan Turtle Bay Resort, Kahuku, Oahu Mayfair Regent, Chicago Holiday Inn, Willowbrook Four Seasons Oahu at Ko Olina Resort and Spa, Omni Chicago Suites, Chicago Wyndham Garden Hotel, Wood Dale (formerly JW Marriott Ihilani Hotel), Palmer House Hilton, Chicago Kapolei, Oahu Peninsula Hotel, Chicago Indiana Ko Olina Resort Hotel, Proposed, Kapolei, Oahu Radisson Hotel, Proposed, Chicago Courtyard Hotel, Bloomington Ritz-Carlton Hotel, Prop., Kapolei, Oahu Renaissance Blackstone Hotel, Chicago Fairfield Inn, Bloomington Residence Inn, Proposed, Chicago Super 8 Motel, Columbus Idaho Sheraton Chicago Northbrook, Chicago Marriott Airport Hotel, Evansville DoubleTree Boise Riverside, Boise Sofitel Chicago Water Tower Hotel, Chicago Fairfield Inn, Fort Wayne Hilton Garden Inn, Proposed, Boise Talbott Hotel, Chicago Hampton Inn Fort Wayne Dupont Road, Fort Holiday Inn, Boise Westin Hotel River North, Chicago Wayne Red Lion ParkCenter Suites, Boise Westin Michigan Avenue, Chicago Marriott Hotel, Fort Wayne Residence Inn Downtown Citi Center, Boise Willows Hotel, Chicago TownePlace Suites by Marriott Fort Wayne Residence Inn, Proposed, Boise Wit, a DoubleTree Hotel, Chicago North, Fort Wayne Shilo Inn-Boise Riverside, Boise Woodfin Suite Hotel, Proposed, Chicago French Lick Springs Resort, French Lick Extended Stay America, Burr Ridge Super 8 Motel, Crystal Lake *Majestic Star Casino I and II, Gary Resort Development, Coeur d'Alene Marriott Suites, Deerfield Sheraton Hotel, Gary Shilo Inn, Coeur d’Alene Super 8 Motel, Decatur Quality Inn & Suites, Greensburg Fairfield Inn & Suites, Prop., Idaho Falls Doubletree Club, Des Plaines *Empress Casino, Hammond Shilo Inn Suites Hotel, Idaho Falls Hotel, Proposed, Des Plaines *Caesars Riverboat Casino Complex, Proposed, Bellemont Hotel, Ketchum Sheraton Suites O’Hare, Des Plaines Harrison County Clarion Inn of Sun Valley. Ketchum Radisson Suites, Downers Grove Canopy by Hilton, Proposed, Indianapolis Warm Springs Ranch Resort, Ketchum Hampton Inn, Elk Grove Conrad Hotel & Condos, Prop., Indianapolis Shilo Inn, Nampa Holiday Inn, Effingham Convention Center Headquarters Hotel, Shilo Inn Suites, Nampa Country Inn & Suites, Elgin Proposed, Indianapolis Cavanaugh’s Pocatello Hotel, Pocatello Holiday Inn, Elmhurst Embassy Suites Downtown, Indianapolis Cotton Tree Inn, Pocatello Orrington Hotel, Evanston Fairfield Inn & Suites, Indianapolis Red Lion Pocatello, Pocatello Drury Inn, Fairview Heights Four Points Sheraton, Indianapolis Best Western Cavanaugh, Post Falls Eagle Ridge Inn & Resort, Galena Full-Service Boutique Hotel, Prop., Red Lion Templin’s Hotel, Post Falls Jumer's Continental Inn, Galesburg Indianapolis Hotel Ketchum, Proposed, Sun Valley DoubleTree Glenview, Glenview Hotel, Proposed, Indianapolis Hotel, Proposed, Sun Valley Red Roof Inn Chicago Hoffman Estates, Hotel at the Indianapolis Speedway, Proposed, Lodging Facility, Proposed, Sun Valley Hoffman Estates Indianapolis Comfort Inn & Suites, Twin Falls Westin Hotel & ClubSport, Prop., Hoffman Motel 6, Indianapolis Fairfield Inn by Marriott, Prop., Twin Falls Estates Residence Inn by Marriott Indianapolis Nordic Hills Resort & Conference Center, Itasca Airport, Indianapolis Illinois Wyndham Northwest Chicago, Itasca University Place Hotel, Indianapolis *Hollywood Casino, Aurora *Empress Hotel & Casino, Joliet Westin Hotel, Indianapolis Hotel, Proposed, Aurora Holiday Inn, Joliet Woodfin Suite Hotel, Prop., Indianapolis Indian Lakes Resort, Bloomingdale Marriott Lincolnshire Resort, Lincolnshire Wyndham Garden Hotel, Indianapolis Jumer's Chateau, Bloomington Wyndham Hotel Isle, Lisle Hilton Inn, Jeffersonville Super 8 Motel, Bloomington Full-Service Hotel, Proposed, Moline Holiday Inn Lafayette City Centre, Lafayette Holiday Inn & Suites, Bolingbrook Fairfield Inn, Normal Cambria Suites, Plainfield Super 8 Motel, Champaign Sheraton Chicago Northbrook, Northbrook DoubleTree by Hilton, South Bend Amalfi Hotel, Chicago Oak Brook Hills Resort, Oak Brook Marriott Hotel, South Bend Burnham Hotel, Chicago *Casino Hotel, Proposed, Paxton *Belterra Casino Hotel, Vevrey Canopy Hotel, Proposed, Chicago Econo Lodge Inn & Suites, Peoria Holiday Inn, Willowbrook City Suites Hotel, Chicago Fairfield Inn, Peoria DoubleTree by Hilton Magnificent Mile, Jumer's Castle, Peoria Iowa Chicago Mark Twain Hotel & Packard Plaza Catering *Prop. Hotel at Prairie Meadows Racetrack and Fairmont Hotel, Chicago Hall, Peoria Casino, Altoona Hard Rock Hotel, Chicago Super 8 Motel, Peru Gateway Hotel & Conference Center, Ames Hilton Chicago and Towers, Chicago Fairfield Inn, Rockford Hilton Garden Inn Ames, Ames Hilton Suites Magnificent Mile, Chicago Best Western O'Hare, Rosemont Jumer’s Castle Lodge, Bettendorf Holiday Inn & Suites Downtown, Chicago InterContinental Chicago O'Hare, Rosemont Holiday Inn, Cedar Falls Hotel Allegro, Chicago Pheasant Run Resort & Conv. Center, St. Collins Plaza, Cedar Rapids Hotel Monaco, Chicago Charles Fairfield Inn, Cedar Rapids Hotel Palomar, Chicago Marriott Hotel, Schaumburg Fairfield Inn, Clive House of Blues, Chicago Woodfin Suite Hotel, Prop., Schaumberg Coralville Marriott Hotel, Coralville

HVS San Francisco, Los Angeles, & Las Vegas Qualifications of Suzanne R. Mellen, MAI, CRE, FRICS, ISHC 17

* Denotes Gaming Property PROPERTIES ‐ CONTINUED

*Ameristar Casino, Council Bluffs Hotel Modern, New Orleans Holiday Inn Crowne Plaza, Rockville *Bluffs Run Casino and Dog Track, Council Hotel Monaco, New Orleans Ramada Inn, Rockville Bluffs Hyatt Regency, New Orleans *Harvey’s Casino Hotel, Council Bluffs Iberville Hotel, New Orleans Massachusetts Extended-Stay Hotel, Proposed, Davenport JW Marriott, New Orleans Ames Hotel, Boston Fairfield Inn, Des Moines Lakeside DoubleTree, New Orleans Battery Wharf Hotel, Boston Sheraton West Des Moines, Des Moines Loews New Orleans Hotel, New Orleans Fairmont Copley Plaza, Boston TownePlace Suites by Marriott, Johnston Maison Dupuy, New Orleans Four Seasons Hotel, Boston Maison Blanche Mixed-Use Development, Hilton Boston Financial District, Boston Kansas Prop. and Existing, New Orleans Marriott Copley Place, Boston Hampton Inn & Suites, Dodge City Marriott at the Convention Center, New Meridien Hotel, Boston Holiday Inn Express & Suites, Hays Orleans Nine Zero Hotel, Boston Emerald City Resort Hotel, Kansas City NOPSI Hotel, Proposed, New Orleans Residence Inn, Boston *Hollywood Casino at Kansas Speedway, Ramada Inn St. Charles, New Orleans Ritz-Carlton-Millennium Palace, Boston Proposed & Existing, Kansas City Renaissance Hotel, Prop., New Orleans Tremont Boston Hotel, Boston Holiday Inn Express, Lawrence Renaissance Pere Marquette, New Orleans Westin Copley Place, Boston Fairfield Inn, Merriam Roosevelt Hotel, New Orleans Brookline Marriott, Brookline Extended Stay America, Overland Park SpringHill Suites by Marriott Downtown, New Chatham Bars Inn, Chatham Fairfield Inn, Overland Park Orleans AutoCamp Cape Cod, Proposed, Falmouth Marriott Overland Park, Overland Park Westin New Orleans Canal Place, New Orleans Sheraton Hotel, Framingham Wyndham Garden Hotel, Overland Park Windsor Court, New Orleans Canyon Ranch Resort, Lenox Clarion Hotel, Shreveport Radisson Hotel, Milford Kentucky *Hollywood Casino, Shreveport Radisson Hotel, Rockland Courtyard Cincinnati, Covington Quality Suites, Sulphur Federal House Inn, South Lee Marriott Hotel, Covington Holiday Inn, Springfield Sheraton Suites Lexington, Lexington Maine Sheraton, Sturbridge Holiday Inn, Louisville Inn by the Sea, Cape Elizabeth Sheraton Colonial Boston North Hotel & Homestead Studio Suites Alliant Drive, Conference Center & Golf Club, Wakefield Louisville Maryland Sierra Suites Hotel, Proposed, Waltham Marriott Louisville East, Louisville Holiday Inn, Aberdeen Summerfield Suites Hotel, Prop., Waltham Ramada Inn East, Louisville Marriott Waterfront Hotel, Annapolis DoubleTree Boston, Westborough Sun Suites of Louisville, Louisville Maryland Inn, Annapolis Sierra Suites Hotel, Proposed, Woburn Courtyard Cleveland Airport North, North Motel 6, Annapolis Olmstead Proposed Maryland Live!, Arundel Mills Michigan Comfort Inn BWI Airport, Baltimore Fairfield Inn, Ann Arbor Louisiana Fairfield Inn & Suites Baltimore Downtown Fairfield Inn, Auburn Hills Howard Johnson's, Alexandria Inner Harbor, Baltimore Hilton Hotel, Auburn Hills Value Place, Alexandria Hotel Monaco, Baltimore Super 8 Motel, Battle Creek *Casino Rouge, Baton Rouge Marriott's Hunt Valley Inn, Baltimore Howard Johnson's, Belleville Chase Suite Hotel, Baton Rouge Marriott BWI Airport, Baltimore Kingsley Hotel & Suites, Bloomfield Hills Embassy Suites, Baton Rouge Sheraton Baltimore City Center, Baltimore Fairfield Inn, Canton Hilton Hotel, Baton Rouge Sleep Inn & Suites Airport, Baltimore *Greek Town Casino, Detroit Hotel Development, Prop., Baton Rouge SpringHill Suites, Baltimore Hawthorn Suites Dearborn, Detroit *Horseshoe Casino, Bossier City Hotel Development, Proposed, Bethesda Henry Autograph Collection Hotel, Dearborn *Isle of Capri Casino, Bossier City Residence Inn, Bethesda Hilton Garden Inn Detroit Downtown, Detroit *Riverboat Casino, Bossier City Best Western Motor Lodge, Chicopee Holiday Inn, Detroit Boutique Hotel, Proposed, Covington Residence Inn, Columbia Golden Harp, Proposed, Detroit Travelodge New Orleans Westbank, Harvey Holiday Inn Downtown, Cumberland *MGM Grand, Detroit Sheraton at New Orleans Airport, Kenner Hilton Garden Inn Solomons, Dowell Hampton Inn, East Lansing Hilton, Lafayette Country Inn & Suites By Carlson, Frederick Radisson Hotel, Farmington Hills Wyndham Garden, Lafayette Courtyard Hotel, Frederick Hyatt Hotel, Flint Courtyard by Marriott, Metairie Holiday Inn Express Hotel, Frederick Crowne Plaza Grand Rapids Airport, Grand Residence Inn, Metairie Holiday Inn Hotel, Frederick Rapids Ambassador Hotel, New Orleans Homestead Studio Suites, Germantown WoodSpring Suites Grand Rapids, Holland Astor Crowne Plaza Hotel, New Orleans Aloft Arundel Mills, Hanover Country Inn & Suites, Houghton Bourbon Orleans Hotel, New Orleans Element Arundel Mills, Hanover Fairfield Inn, Kalamazoo Chateau Sonesta, New Orleans Chase Suites Hotel, Hunt Valley Super 8 Motel, Kalamazoo Courtyard New Orleans Downtown Comfort Inn, Hunt Valley Courtyard Grand Rapids Airport, Kentwood Convention Center, New Orleans Marriott’s Hunt Valley Inn, Hunt Valley Embassy Suites, Prop. and Existing, Livonia DoubleTree Hotel, New Orleans Holiday Inn, Laurel Marriott Hotel, Livonia Element & Aloft Hotels, Prop., New Orleans Hilton Baltimore BWI, Linthicum Wyndham Garden Hotel, Livonia Fairmont Hotel, New Orleans TownePlace Suites Baltimore BWI, Linthicum Fairfield Inn, Madison Heights Hard Rock Hotel & Nightclub, Prop., New Homestead Studio Suites, Linthicum Heights Super 8, Mount Pleasant Orleans National Harbor Hotel Study, National Harbor Super 8, Muskegon *Harrah's Jazz Casino, New Orleans Aloft Hotel, Proposed, Ocean City Hilton Garden Inn, Novi Homewood Suites, New Orleans Days Inn, Rockville Staybridge Suites, Novi Hotel Mazarin, New Orleans DoubleTree Hotel, Rockville Wyndham Garden Inn, Novi

HVS San Francisco, Los Angeles, & Las Vegas Qualifications of Suzanne R. Mellen, MAI, CRE, FRICS, ISHC 18

* Denotes Gaming Property PROPERTIES ‐ CONTINUED

Hampton Inn, Port Huron Quality Inn, Oxford Red Lion Hotel, Missoula Inn at the Bridge, Port Huron Homewood Suites, Ridgeland Residence Inn, Proposed, Missoula Royal Park Hotel, Rochester *Hollywood Casino, Robinsonville Proposed Red Lion Leo Hotel, Polson Crowne Plaza Detroit Metro Airport, Romulus *Sam's Town Hotel & Gambling Hall, Holiday Inn Express, Sidney Proposed Hotel Site, Royal Oak Robinsonville St. Mary Lodge & Resort, St. Mary Super 8 Motel, Saginaw *Gold Strike Casino Resort, Tunica Red Lion Inn, West Kalispell Saint Paul Hotel, Saint Paul *Horseshoe Casino Center, Tunica Courtyard by Marriott, Southfield *Ameristar Vicksburg, Vicksburg Nebraska DoubleTree Guest Suites, Southfield Hampton Inn & Suites, Vicksburg DoubleTree Omaha Downtown, Omaha Embassy Suites Southfield, Southfield *Isle of Capri Casino & Hotel, Vicksburg Marriott Hotel, Omaha SpringHill Suites Detroit Southfield, Southfield Red Lion Inn, Omaha Westin Southfield Detroit, Southfield Missouri Woodfin Suite Hotel, Prop., Southfield La Quinta Inn & Suites, Blue Springs Nevada Comfort Suites, Sterling Heights Radisson, Branson *Ormsby House Hotel and Casino, Carson City Fairfield Inn & Suites Detroit Troy, Troy Crowne Plaza Saint Louis Airport, Bridgeton Cal Neva Resort & Spa, Crystal Bay Holiday Inn, Troy Embassy Suites Hotel, Prop., Clayton Fairfield Inn & Suites, Proposed, Elko Homewood Suites, Troy Fairfield Inn, Hazelwood Hampton Inn and Suites, Proposed, Elko Marriott Hotel, Troy StudioPlus Suites St. Louis – Westport, Holiday Inn Express and Suites, Elko TownePlace Suites Detroit Troy, Troy Hazelwood Home2 Suites, Proposed, Elko Sheraton Colonial Hotel & Golf Club, Wakefield Holiday Inn, Joplin Shilo Inn Suites, Elko Conference Center Hotel, Prop., Kansas City *Eldorado Casino, Henderson Minnesota Crowne Plaza Hotel Kansas City Downtown, Hilton Garden Inn Las Vegas, Henderson Embassy Suites, Bloomington Kansas City *Joker's Wild Casino, Henderson Hampton Inn & Suites Mall of America, DoubleTree Hotel, Kansas City Loews/Westin Lake Las Vegas Resort, Bloomington Fairfield Inn Kansas City West, Kansas City Henderson Radisson Mall of America, Bloomington Fairmont Hotel, Kansas City Proposed Hotel(s), Henderson Marriott Minneapolis Airport, Bloomington Holiday Inn, Kansas City *Cactus Pete’s & Horseshu Casino Resort, Holiday Inn, Duluth Radisson Hotel, Kansas City Jackpot Hotel, Proposed, Duluth Residence Inn, Kansas City Hyatt Regency Lake Las Vegas Resort, Lake Las Hampton Inn, Eden Prairie *Sam's Town Hotel & Gambling Hall, Kansas Vegas WoodSpring Suites Grand Rapids Holland, City Luxury Boutique Hotel, Prop., Lake Las Vegas Holland Station Kansas City, Kansas City Airport Inn, Las Vegas DoubleTree Hotel, Minneapolis Holiday Inn Express, Kirksville *Aladdin Hotel & Casino, Las Vegas Grand Hotel, Minneapolis Riva Del Lago Resort, Prop., Lake of the Ozarks Alexis Park Resort and Americana Apartments, Hilton, Minneapolis Tan-Tar-A Resort, Osage Beach Las Vegas Le Meridien Chambers Hotel, Minneapolis *Casino Hotel, Proposed, Perryville *Bellagio Hotel & Casino, Las Vegas Motel 6, Minneapolis *Hollywood Casino – Tunica, Robinsonville *Boomtown Casino, Las Vegas Radisson Metrodome Hotel, Minneapolis Station St. Charles, St. Charles *Boardwalk Hotel & Casino, Las Vegas Sofitel Hotel, Minneapolis Adam’s Mark Hotel, St. Louis *Caesars Palace & Octavius Tower,, Las Vegas W Minneapolis The Foshay, Minneapolis *Casino Hotel, Proposed, St. Louis *California Hotel & Casino, Las Vegas Marriott Minnesota SW, Minnetonka Clarion Hotel, St. Louis *Casino Hotel, Proposed, Las Vegas Motel, Proposed, Montevideo Crowne Plaza Saint Louis Airport, St. Louis *Circus Circus Hotel Casino, Las Vegas Motel 6, Rochester Executive Inn, St. Louis Prop. Echelon Development Project, Las Vegas Kahler Grand Hotel, Rochester Holiday Inn St. Louis Southwest Viking, St, Embassy Suites Airport, Las Vegas Kahler Inn & Suites, Rochester Louis Emerald Suites, Las Vegas Marriott Rochester Mayo Clinic, Rochester Holiday Inn Sports Complex, St. Louis Fairfield Inn Las Vegas Airport, Las Vegas Radisson Plaza Hotel, Rochester Renaissance Grand Hotel, St. Louis *Flamingo Hotel & Casino, Las Vegas Residence Inn by Marriott Mayo Clinic Area, Renaissance Suites Hotel, St. Louis *Fremont Hotel & Casino, Las Vegas Rochester Sheraton Airport, St. Louis *Greek Isles Hotel & Casino, Las Vegas Hampton Inn & Suites, Rogers Sheraton Westport, St. Louis *Hacienda Casino Hotel, Las Vegas Holiday Inn Minneapolis West, St. Louis Park Three Proposed Hotels, St. Louis Hampton Inn & Suites Red Rock, Las Vegas Saint Paul Hotel, St. Paul West County Hilton Hotel, Prop., St. Louis Hampton Inn Tropicana, Las Vegas Sheraton Inn, St. Paul County *Hard Rock Hotel and Casino Excess Land, Las Holiday Inn, Springfield Vegas Mississippi Riva D'Lago Resort, Proposed, Sunrise Beach *Harrah’s Las Vegas, Las Vegas *Beau Rivage Casino & Resort, Biloxi Hotel, Proposed, Unity Village Hawthorne Suites, Las Vegas *Grand Casino, Biloxi Hilton Garden Inn, Proposed, Las Vegas Gulf Beach Resort Hotel, Biloxi Montana Hilton Hotel, Las Vegas *Treasure Bay Hotel & Casino, Biloxi Crowne Plaza, Billings Holiday Inn-Emerald Springs, Las Vegas Candlewood Suites, Flowood Sheraton Billings, Billings Holiday Inn Express North, Las Vegas Suburban Extended Stay Gautier, Gautier Element Hotel, Proposed, Bozeman Holiday Inn Express West, Las Vegas Crystal Inn, Gulfport Holiday Inn, Bozeman Holiday Inn Express, Prop., Las Vegas *Grand Casino, Gulfport Best Western Colonial Hotel, Helena Homewood Suites, Proposed, Las Vegas Motel 6, Hattiesburg Red Lion Colonial Hotel, Helena Homewood Suites Las Vegas Airport, Las Hampton Inn, Meridian Red Lion Hotel & Kalispell Mall, Kalispell Vegas Hilton Garden Inn, Meridian Red Lion Inn, Kalispell *Hotel & Casino Conv. Ctr., Prop., Las Vegas Howard Johnson's, Jackson Holiday Inn, Missoula *Howard Johnson Hotel & Casino, Las Vegas

HVS San Francisco, Los Angeles, & Las Vegas Qualifications of Suzanne R. Mellen, MAI, CRE, FRICS, ISHC 19

* Denotes Gaming Property PROPERTIES ‐ CONTINUED

Howard Johnson on East Tropicana, Las Vegas *Peppermill Casino, Wendover Marriott Hotel, Somerset *Imperia Beach Casino Hotel, Prop., Las Vegas *Rainbow Casino, Wendover Radisson Hotel, South Brunswick Jockey Club, Las Vegas *State Line and Silver Smith Casino Hotels, Crowne Plaza, Syracuse *JW Marriott Resort and Rampart Casino, Las Wendover Hampton Inn & Suites, Syracuse Vegas Holiday Inn Express, Syracuse Loews Lake Las Vegas Resort, Las Vegas New Jersey TR Hotel (formerly Holiday Inn), Toms River *Lucky Dragon Hotel & Casino (Closed), Las *AC Oceanwalk (fka Revel), Atlantic City Vegas Atlantic City Hilton, Atlantic City New Mexico Mandarin Oriental Hotel, Las Vegas *Borgata Casino Hotel, Prop., Atlantic City Andaluz Hotel, Albuquerque *MGM Grand Las Vegas, Las Vegas *Caesars Atlantic City, Atlantic City Baymont Inn and Suites, Albuquerque *Mirage, Las Vegas *Casino Hotel w/Ancillary Facilities, Proposed Convention Center Hotel, Prop., Albuquerque Mirala Resort, Proposed, Las Vegas (Phase One), Atlantic City DoubleTree Hotel, Albuquerque *New Frontier Hotel & Casino Site, Las Vegas Deauville Hotel, Atlantic City Hampton Inn, Albuquerque *New York-New York Hotel & Casino, Las Harrah’s Atlantic City, Atlantic City Holiday Inn Albuquerque Airport, Vegas Resorts Atlantic City, Atlantic City Albuquerque Paradise Resort Hotel, Las Vegas *Sands Hotel & Casino, Atlantic City Hotel Project, Proposed, Albuquerque *Paris Las Vegas Hotel & Casino, Las Vegas Sheraton Atlantic City Convention Center, Hyatt Regency, Albuquerque Parcel 16216301007, Las Vegas Atlantic City La Posada de Albuquerque, Albuquerque *Planet Hollywood Casino & Resort, Las Vegas *Showboat Atlantic City, Atlantic City Ramada Hotel Classic, Albuquerque *Plaza Casino Hotel, Retail & Condominium, *Tropicana Hotel & Casino, Atlantic City Radisson Inn, Albuquerque Prop., Las Vegas *Trump Marina Hotel Casino, Atlantic City Mixed-Use Development, Proposed, Bernalillo Proposed Development Site, Las Vegas *Trump Pier at Taj Majal, Atlantic City Las Cruces Hilton, Las Cruces *Regent Int’l. Hotel & Casino, Las Vegas Courtyard Basking Ridge, Basking Ridge Holiday Inn Express & Suites, Portales *Resorts World Las Vegas, Proposed, Las Vegas North Maple Inn, Basking Ridge Hilton Garden Inn, Rio Rancho *Rio All-Suite Hotel & Casino, Las Vegas Sierra Suites Hotel, Proposed, Branchburg *Inn of the Mountain Gods Resort & Casino, *Sahara Casino & Two Vacant Land Parcels, Marriott, Bridgewater Proposed, Ruidoso Las Vegas Cherry Hill Inn, Cherry Hill Casitas, Proposed, Santa Fe *Sam's Town Hotel & Gambling Hall, Las Vegas Sheraton Meadowlands, East Rutherford Four Seasons Resort Rancho Encantado/ Sands Exposition Center, Las Vegas Baymont Inn & Suites, East Syracuse Auberge Rancho Encantado Resort, Prop., Shangri-La Hotel, Proposed, Las Vegas DoubleTree Hotel, East Syracuse Santa Fe Siena Suites, Las Vegas Courtyard Edison, Edison Hilton Hotel, Santa Fe *SLS Las Vegas, Proposed & Existing, Las Vegas Sheraton Edison Raritan Center, Edison Holiday Inn, Santa Fe *Stardust Resort & Casino, Las Vegas Ramada Inn, Proposed, Elizabeth Homewood Suites, Santa Fe *Sunrise Hotel & Casino, Las Vegas Ramada Inn, Proposed, Franklin Township Inn at Loretto, Santa Fe *Venetian Hotel & Casino and LIDO Land Summerfield Suites Morristown, Prop., Inn of the Anasazi, Santa Fe Parcel, Las Vegas Hanover La Posada de Santa Fe Resort, Santa Fe *Casino and RV Project, Prop., Laughlin Summerfield Suites Parsippany, Prop., Sheraton de Santa Fe, Santa Fe *Casino Hotel & Timeshare, Prop., Laughlin Hanover Hampton Inn, Santa Rosa *Harrah’s Laughlin Casino, Laughlin Holiday Inn, Jamesburg Holiday Inn Express, Santa Rosa *River Palms Hotel & Casino, Laughlin Hyatt Regency Hotel, Jersey City La Quinta Inn & Suites, Santa Rosa Mount Potosi Canyon Retreat, Mountain Meadowlands-Lyndhurst Court, Lyndhurst El Monte Sagrado, Taos Springs Headquarters Plaza Hotel, Morristown Taos Development, Proposed, Taos Hampton Inn Las Vegas North Speedway, Howard Johnson's Mount Holly Rancho Ramada Inn de Taos, Taos North Las Vegas Mt. Laurel Hilton, Mt. Laurel Holiday Inn Express, North Las Vegas Radisson Hotel Mt. Laurel, Mt. Laurel New York SpringHill Suites by Marriott Las Vegas North TownePlace Suites, Mount Laurel Hilton Hotel, Albany Speedway, North Las Vegas Wyndham Mt. Laurel, Mt. Laurel Holiday Inn Albany Wolf Road, Albany *Whiskey Pete’s Hotel & Casino, Primm Best Western Newark Airport West, Newark Holiday Inn, Proposed, Brooklyn *Boomtown Casino Hotel, Reno DoubleTree by Hilton Newark Airport, Newark Nu Hotel, Brooklyn Holiday Inn Express, Proposed, Reno Hilton Gateway Plaza, Newark Sheraton Brooklyn New York, Brooklyn Lakeridge Resort, Reno Hilton Newark Penn Station, Newark The Tillary Hotel, Brooklyn La Quinta Inn, Reno Holiday Inn, Newark Airport Hotel, Proposed, Buffalo Extended-Stay Hotel, Proposed, Reno Wyndham Garden Newark Airport, Newark Buffalo Hotel, Buffalo Full-Service Hotel, Proposed, Reno Hyatt Regency, New Brunswick Marriott Hotel, Buffalo Hampton Inn & Suites, Proposed, Reno Hilton Parsippany, Parsippany Marriott LaGuardia Airport, East Elmhurst Staybridge Suites, Reno Homestead Studio Suites Hanover Parsippany, Nevele Hotel, Ellenville Fairfield Inn, Proposed, Sparks Parsippany Howard Johnson's, Elmsford Hotel, Proposed, Sparks Hotel Sierra, Parsippany Hotel Sierra, Prop. & Existing, Fishkill Edgewood Lodge, Stateline Sierra Suites, Proposed, Parsippany Hamilton Park Conference Ctr., Florham Park Edgewood Resort, Proposed, Stateline Marriott Courtyard Princeton, Princeton Hyatt Place, Garden City *Bill’s Casino, Stateline Howard Johnson's, Saddle Brook Heartwood Resort, Proposed, Gardiner *Harrah’s Lake Tahoe, Stateline Crowne Plaza, Secaucus Holiday Inn Express, Hauppauge *Harvey’s Lake Tahoe, Stateline Embassy Suites Secaucus Meadowlands, Ramada Inn, Hauppauge Luxury Condo Hotel & Residences, Prop., Secaucus Wyndham Wind Watch Hotel, Hauppauge Stateline Hilton Short Hills Hotel and Spa, Short Hills Mohawk Bingo Palace, Hogansburg Mixed-Use Resort, Proposed, Stateline Courtyard by Marriott, Somerset Radisson Hotel, Holtsville *MontBleu Resort Casino & Spa, Stateline DoubleTree Hotel, Somerset Hampton Inn JKF Airport, Jamaica

HVS San Francisco, Los Angeles, & Las Vegas Qualifications of Suzanne R. Mellen, MAI, CRE, FRICS, ISHC 20

* Denotes Gaming Property PROPERTIES ‐ CONTINUED

*Resorts World Casino, Jamaica Hampton Inn & Suites, Vestal Marriott Inn, Cincinnati *RW Hudson Valley Resort, Prop, Kerhonkson Renaissance Westchester, White Plains Radisson Inn, Cincinnati Hilton Hotel, Lake Placid Fairfield Inn, Williamsville Residence Inn, Cincinnati Whiteface Lodge Resort & Spa, Lake Placid Vernon Manor, Cincinnati Z NYC, Long Island City North Carolina 200-Room Boutique Hotel, Cleveland *Monticello Gaming and Raceway, Monticello Renaissance Hotel, Asheville Cleveland Airport Marriott, Cleveland Hotel, Proposed, New Rochelle Comfort Inn Hatteras Island, Buxton Cleveland Marriott East, Cleveland Ramada Plaza, New Rochelle Best Western, Cary Fairfield Inn, Cleveland Sheraton Inn, New Rochelle Sheraton Chapel Hill, Chapel Hill Four Points by Sheraton, Cleveland Ace Hotel, NYC Four Seasons Resort, Charleston Holiday Inn Lakeside, Cleveland Aman Hotel 443 Greenwich, Proposed, NYC Aloft, Charlotte at the Uptown, Charlotte Hotel, Proposed, Cleveland Barbizon Plaza Hotel, NYC DoubleTree Suites by Hilton Charlotte Hyatt Regency Cleveland at the Arcade, Berkshire Place, NYC SouthPark, Charlotte Cleveland Century Paramount Hotel, NYC Fairfield Inn, Charlotte Marriott Cleveland Airport, Cleveland Club Quarters Midtown New York, NYC TownePlace Suites Charlotte Arrowood, Sheraton Hopkins, Cleveland Club Quarters Rockefeller Center NYC Charlotte Columbus North Marriott, Columbus Club Quarters Wall Street New York, NYC Holiday Inn, Crabtree Crowne Plaza Downtown, Columbus Essex House, NYC Crossland Studios Durham Research Triangle Crowne Plaza Hotel Columbus North, Executive Hotel, NYC Park, Durham Columbus Fairfield Inn Fifth Avenue, NYC Fairfield Inn, Durham DoubleTree Hotel, Columbus Halloran House, NYC Marriott Research Triangle Park, Durham Fairfield Inn, Columbus Hampton House, NYC Motel 6, Durham Holiday Inn, Columbus Hilton New York, NYC Wyndham Garden Hotel, Durham Holiday Inn Airport, Columbus Hilton Times Square, NYC Fairfield Inn, Fayetteville Westin Hotel, Columbus Holland Hotel, NYC Clarion Inn Airport, Fletcher Woodfin Hotel, Columbus Howard Hotel, NYC Holiday Inn Asheville Airport, Fletcher Daytonian Hilton, Dayton Hyatt Herald Square New York, NYC Hampton Inn, Goldsboro Fairfield Inn, Dayton Hyatt Place New York Midtown South, NYC Comfort Suites Four Seasons, Greensboro Motel 6, Dayton INNSIDE New York NoMad, NYC Embassy Suites, Greensboro Woodfin Suite Hotel, Prop., Dublin James Hotel, NYC Fairfield Inn, Greensboro Country Inn & Suites Fairborn South, Fairborn MAve Hotel, NYC Hampton Inn, Greensboro TownePlace Suites, Findlay Mandarin Oriental Hotel, NYC Hilton Inn, Greensboro SpringHill Suites Columbus Airport, Gahanna Marriott Eastside, NYC Howard Johnson Hotel, Greensboro TownePlace Suites Columbus Airport, Gahanna Mayfair Regent, NYC Best Western High Point, High Point Fairfield Inn, Holland Night Hotel, NYC High Point Radisson, High Point Courtyard Independence, Independence Nova-Park Gotham, NYC Country Inn & Suites, Huntersville Hilton Cleveland South, Independence Parker Meridien Hotel, NYC Comfort Suites Hotel, Lexington IMG Resort Academies, Lakeview Bluffs Peninsula Hotel, NYC Hampton Inn, Spring Lake Courtyard Toledo/Maumee, Maumee Radisson Hotel JFK Airport, NYC Fairfield Inn, Raleigh Courtyard Cleveland Airport South, Ritz-Carlton Battery Park, NYC Hilton Inn, Raleigh Middleburg Heights Ritz-Carlton Central Park, NYC Holiday Inn Crabtree, Raleigh TownePlace Suites Cleveland Airport, Soho Hotel, Proposed, NYC Holiday Inn Downtown Raleigh, Raleigh Middleburg Heights Tudor Hotel, NYC Marriott Raleigh City Center, Raleigh Holiday Inn Express Port Clinton Catawba Westin New York at Times Square, NYC DoubleTree by Hilton, Rocky Mount Island, Port Clinton Woodfin Suites Hotel, Prop., NYC Motel 6, Rocky Mount Embassy Suites, Rockside York Club, NYC Cleghorn Plantation, Rutherfordton Courtyard, Rossford Yotel New York, NYC Fairfield Inn, Wilmington Microtel Inn & Suites, St. Clairsville Tioga Downs Racetrack, Nichols Suburban Extended Stay, Wilmington Best Western Plus, Sandusky Sheraton Inn, Ossining Hilton Inn, Winston-Salem Comfort Inn, Sandusky Holiday Inn Express, Poughkeepsie Holiday Inn Select, Winston-Salem Great Wolf Lodge, Sandusky *Genting Casino at Aqueduct Racetrack, Residence Inn, Winston-Salem Fairfield Inn, Toledo Queens Holiday Inn, Toledo Hotel, Proposed, Saratoga North Dakota Hampton Inn & Suites Cincinnati Union Centre, Courtyard by Marriott, Saratoga Springs Hilton Garden Inn, Grand Forks West Chester Residence Inn, Saratoga Springs Holiday Inn Minot Riverside, Minot Courtyard Cleveland, Westlake *Saratoga Gaming and Raceway, Saratoga Holiday Inn Express Minot South, Minot TownePlace Suites, Westlake Springs Fairfield Inn, Willoughby Howard Johnson's, Smithtown Ohio Hampton Inn, Syracuse Holiday Inn Cascade, Akron Oklahoma Holiday Inn Express, Syracuse Courtyard by Marriott, Beachwood Hampton Inn & Suites, Altus Tarrytown House Hotel & Conf. Center, Fairfield Inn & Suites by Marriott, Beachwood Fountainhead Resort, Mclntosh County Tarrytown Fairfield Inn, Brook Park Colcord Hotel, Oklahoma City Boutique Resort Hotel & Spa, Prop., Tuxedo Holiday Inn Express, Centerville Portofino Hotel, Prop., Oklahoma City *Sterling Forest Resort, Proposed, Tuxedo Embassy Suites Hotel, Prop, and Existing, Sheraton Hotel, Oklahoma City *Lago Resort & Casino, Tyre Cincinnati Arrowhead Resort, Pittsburgh County Sheraton Nassau Hotel, Uniondale Hilton Cincinnati Netherland Plaza, Cincinnati Hotel Ambassador, Tulsa *Turning Stone Casino & Hotel, Verona Howard Johnson's, Cincinnati

HVS San Francisco, Los Angeles, & Las Vegas Qualifications of Suzanne R. Mellen, MAI, CRE, FRICS, ISHC 21

* Denotes Gaming Property PROPERTIES ‐ CONTINUED

Oregon Hotel Modera, Portland Holiday Inn Indiana, Indiana Phoenix Inn, Albany Hotel, Proposed, Portland Hotel Sierra, King of Prussia Red Lion Inn, Astoria Inn at Northrup Station, Portland Hyatt House, King of Prussia Inn at Face Rock, Bandon InterContinental Hotel, Prop., Portland Valley Forge Hilton, King of Prussia Fairfield Inn, Beaverton Luxury Collection Hotel, Prop., Portland Marriott, Proposed, Lancaster Phoenix Inn, Beaverton Marriott Portland City Center, Portland Hampton Inn & Outback Steakhouse Shilo Inn, Beaverton Marriott Renaissance Hotel, Prop., Portland Restaurant, Monroeville Condominium Hotel, Proposed, Bend Monaco Hotel, Portland Courtyard Downtown, Philadelphia Hotel, Proposed, Bend Nines Hotel, Proposed, Portland Embassy Suites, Philadelphia Phoenix Inn, Bend Red Lion Inn Convention Center, Portland Extended Stay America Philadelphia Airport, Red Lion Inn North, Bend Renaissance Hotel, Portland Philadelphia Remington Hotel, Proposed, Bend Residence Inn-Lloyd Center, Portland Hawthorn Suites by Wyndham Philadelphia Shilo Inn Suites, Bend Residence Inn, Proposed, Portland Airport, Philadelphia Surfsand Resort, Cannon Beach RiverPlace Hotel & Condominiums, Portland Le Meridien Hotel, Philadelphia Red Lion Inn, Coos Bay Sentinel Hotel, Portland Marriott Hotel, Philadelphia Hilton Garden Inn, Proposed, Corvallis Sheraton Suites, Proposed, Portland Renaissance Philadelphia Airport, Philadelphia Crater Lake National Park Concession, Crater Shilo Inn Portland Airport Suites, Portland Rittenhouse Towers, Philadelphia Lake Shilo Inn Portland/Beaverton, Portland Sheraton City Center, Philadelphia Phoenix Inn, Eugene Vintage Plaza Hotel, Portland Sheraton Downtown Hotel, Philadelphia Red Lion Inn, Eugene Wells Building, Portland Sheraton Society Hill, Philadelphia Shilo Inn Springfield, Eugene Westin Hotel, Prop. and Existing, Portland Wyndham Franklin Plaza, Philadelphia Valley River Inn, Eugene W Hotel Pearl District, Proposed, Portland Fairfield Inn, Pittsburgh Best Western Plus Pier Point Inn, Florence Capitol Inn, Salem Hyatt Regency Pittsburgh International Big Creek Resort, Florence Execulodge, Salem Airport, Pittsburgh Hotel Site, Proposed, Florence Phoenix Inn – North, Salem Motel 6, Pittsburgh Salishan Resort, Gleneden Beach Phoenix Inn – South, Salem *Rivers Casino, Pittsburgh Shilo Inn, Grants Pass Shilo Inn, Salem Wyndham Garden Hotel, Pittsburgh Candlewood Hotel, Hillsboro Best Western Ocean View Resort, Seaside Wyndham Pittsburgh University Place, Courtyard Hotel, Proposed, Hillsboro Red Lion Inn, Seaside Pittsburgh Larkspur Landing Hotel, Hillsboro Shilo Inn Seaside Oceanfront Resort, Seaside *Pocono Downs Race Course, Plains Township Residence Inn, Proposed, Hillsboro Embassy Suites, Proposed, Springfield DoubleTree Guest Suites, Plymouth Meeting Springhill Suites Hotel, Hillsboro Red Lion Inn, Springfield SpringHill Suites, Plymouth Meeting Red Lion Inn, Klamath Falls Skamania Lodge, Stevenson Comfort Inn, Pottstown Shilo Inn Suites, Klamath Falls Sunriver Resort, Sunriver Hilton at Lackawanna Station, Scranton Fairfield Inn, Lake Oswego Hilton Garden Inn, Proposed, The Dalles Skytop Lodge, Skytop Hilton Garden Inn, Lake Oswego Hotel Project, Proposed, The Dalles Holiday Inn, Uniontown Phoenix Inn, Lake Oswego Shilo Inn Suites, The Dalles Hotel Conference Center, Washington Residence Inn, Lake Oswego Embassy Suites Hotel, Tigard *Casino Component of Hotel Conference Shilo Inn Oceanfront Resort, Lincoln City Phoenix Inn, Tigard Center Feasibility Study, Washington Airport Hotel, Prop., Medford Red Lion Inn, Tigard County Convention Center & Full-Service Hotel, Prop., Shilo Inn Washington Square, Tigard Marriott Philadelphia West, West Medford Shilo Inn Suites, Tillamook Conshohocken Courtyard by Marriott, Prop., Medford Shilo Inn Suites Astoria, Warrenton Holiday Inn York Manchester Mall, York Homewood Suites, Medford Best Western Hotel, Wilsonville Red Lion Inn, Medford Holiday Inn, Wilsonville Rhode Island Shilo Inn, Newport Phoenix Inn, Wilsonville Hotel Viking, Newport Red Lion Hotel, Pendleton Providence Biltmore Hotel, Providence Aloft Portland Airport at Cascade Station, Pennsylvania Portland Holiday Inn, Beaver Falls South Carolina Avalon Hotel & Spa, Prop. & Existing, Portland Courtyard Bensalem, Bensalem Hampton Inn & Suites, Bluffton Benson Hotel, Portland *Parx Casino, Bensalem Suburban Extended Stay Hilton Head, Blufton Canopy by Hilton Portland Pearl District, Residence Inn, Berwyn Charleston Place, Charleston Proposed, Portland *Sands Casino Resort, Bethlehem Holiday Inn, Charleston Columbia River Red Lion, Portland Sheraton, Bucks County Hotel, Proposed, Charleston Convention Headquarters Hotel, Prop., *Harrah's Chester Casino & Racetrack, Chester Travelodge, Charleston Portland Holiday Inn, Clarion Comfort Suites at Harbison, Columbia Courtyard Hotel, Proposed, Portland Embassy Suites Pittsburgh, Coraopolis Embassy Suites, Columbia DoubleTree Portland/Lloyd Center, Portland Marriott Pittsburgh Airport, Coraopolis Home-Town Suites of Columbia, Columbia Duniway Hotel, Portland Days Inn, Danville Motel 6, Columbia Embassy Suites Hotel, Portland Ramada Inn, Erie Fairfield Inn, Greenville Fifth Avenue Suites Hotel, Portland *Hollywood Casino & Penn National Race Hampton Inn Greenville Haywood, Greenville Governor Hotel, Portland Course, Grantville Ramada Inn, Greenville Hilton Downtown, Portland *Penn National Race Course, Grantville Fairfield Inn, Florence Holiday Inn, Portland Four Points Greenburg, Greenburg Fairfield Inn, Hilton Head Hotel Deluxe, Portland Comfort Inn Harrisburg, Harrisburg Hilton Head Inn, Hilton Head Hotel Fifty, Portland Fairfield Inn, Harrisburg Holiday Inn Express, Hilton Head Hotel Lucia, Portland Marriott Hotel, Harrisburg Hyatt Regency, Hilton Head

HVS San Francisco, Los Angeles, & Las Vegas Qualifications of Suzanne R. Mellen, MAI, CRE, FRICS, ISHC 22

* Denotes Gaming Property PROPERTIES ‐ CONTINUED

Westin Hilton Head Resort, Hilton Head Hampton Inn & Suites Austin Airport, Austin La Quinta Inn & Suites South Grand Prairie, Save Inn, Lake Hartwell Hampton Inn & Suites Downtown, Austin Grand Prairie 3 Palms Oceanfront Hotel, Myrtle Beach Holiday Inn, Austin Crowne Plaza Houston North Greenspoint, Sun N Sand Resort, Myrtle Beach Hotel Site, Austin Houston Fairfield Inn by Marriott, Orangeburg Lakeway Inn, Austin Best Western Fountainview Inn & Suites, Brookwood Inn, Spartanburg Sheraton Hotel, Austin Houston Woodfin Suites Hotel, Proposed, Austin Candlewood Suites Houston Kingwood, South Dakota Holiday Inn, Beaumont Houston Four Points Hotel, Proposed, Sioux Falls Homewood Suites by Hilton, Bedford Candlewood Suites Houston Medical Center, Embassy Suites, College Station Houston Tennessee Tryp by Wyndham, Prop., College Station Comfort Suites Willowbrook Technology Hilton Suites Hotel, Brentwood La Quinta Inn & Suites, Columbus Corridor, Houston Motel 6, Chattanooga Comfort Inn & Suites Calallen, Corpus Christi DoubleTree Guest Suites Galleria, Houston Fairfield Inn & Suites Chattanooga South East Candlewood Suites Corpus Christi SPID, Embassy Suites, Houston Ridge, East Ridge Corpus Christi Four Seasons Hotel, Houston Hyatt Place Memphis Germantown, Courtyard by Marriott, Corpus Christi Hampton Inn Houston I-10 West, Houston Germantown Days Inn, Corpus Christi Hilton Americas, Houston Holiday Inn, Jackson Embassy Suites, Corpus Christi Hilton Houston Post Oak, Houston Fairfield Inn, Johnson City Holiday Inn Express, Corpus Christi Hilton Houston Southwest, Houston Clarion Hotel Airport Graceland, Memphis Howard Johnson, Corpus Christi Holiday Inn Downtown, Proposed, Houston Holiday Inn Memphis Downtown Beale Street, La Quinta Inn & Suites Corpus Christi Holiday Inn Energy Corridor, Houston Memphis Northwest, Corpus Christi Holiday Inn & Suites, Proposed, Houston Howard Johnson Airport, Memphis Staybridge Suites, Corpus Christi Holiday Inn Express Hotel & Suites, Houston Inland Suites Memphis Elvis Street, Memphis Fairfield Inn & Suites, Cuero Holiday Inn-Hobby, Houston Inland Suites Memphis Lamar Street, Memphis Courtyard by Marriott Dallas LBJ at Josey, Holiday Inn Houston Westchase, Houston Marriott Memphis East, Memphis Dallas Hotel Granduca, Houston Motel 6, Memphis Crowne Plaza, Dallas Hotel Sorella, Houston Residence Inn Memphis Downtown, Memphis Doubletree Inn, Dallas Houstonian Hotel, Houston Staybridge Suites Poplar Ave. East, Memphis Fairmont Hotel, Dallas InterContinental Hotel, Proposed, Houston Villager Lodge, Memphis Holiday Inn Express Hotel & Suites Dallas East, Marriott Hotel, Houston Westin Hotel, Memphis Dallas Motel 6, Houston Days Inn, Nashville Holiday Inn Select Northpark, Dallas Omni Hotel, Proposed, Houston DoubleTree by Hilton, Nashville Hyatt Regency DFW, Dallas Omni Houston Galleria, Houston Hampton Inn, Nashville Knights Inn Market Center, Dallas Radisson Towne & Country, Houston Hilton Nashville Downtown, Nashville Magnolia Hotel, Dallas Staybridge Suites Houston West Energy Holiday Inn Express, Nashville Marriott Park Central, Dallas Corridor, Houston Hotel Preston, Nashville Marriott Quorum, Dallas Stouffer Renaissance, Houston Renaissance, Nashville Marriott Suites, Dallas Studio 6, Ingleside Comfort Inn, Oak Ridge Melrose Hotel, Dallas Element DFW Airport North, Irving Hampton Inn, Pigeon Forge Motel 6, Dallas Four Seasons Resort Las Colinas, Irving Wilderness at the Smokies, Sevierville Northpark Holiday Inn, Dallas Hampton Inn, Proposed, Irving Park Plaza, Dallas Hotel Site, Proposed, Irving Texas Ramada Inn Convention Center, Dallas Hyatt Regency DFW, Irving Holiday Inn Express, Abilene Residence Inn, Prop. and Existing, Dallas Residence Inn, Irving Courtyard by Marriott, Prop. and Existing, Ritz-Carlton Hotel, Dallas Sheraton Grand Hotel DFW, Irving Addison Sheraton, Dallas Summerfield Suites, Irving Hotel, Proposed, Addison Sheraton Grand Hotel, Dallas Westin Dallas Fort Worth Airport, Irving Hyatt Summerfield Suites, Addison Summit Hotel, Dallas La Quinta Inn & Suites, Katy Summerfield Suites Hotel, Prop., Addison Virgin Hotel, Dallas Holiday Inn Express & Suites, Kingwood Woodfin Suite Hotel, Proposed, Addison Wyndham Garden Las Colinas, Dallas Days Inn & Suites, Laredo Days Inn, Amarillo Howard Johnson's, East Dallas Red Roof Inn Laredo - I-83 South, Laredo Hampton Inn & Suites, Amarillo Allstar Inn, El Paso Wyndham Hotel, Las Colinas Motel 6, Amarillo Chase Suites Hotel, El Paso Comfort Inn & Suites, Lubbock Super 8 Motel, Amarillo Courtyard by Marriott El Paso Airport, El Paso Holiday Inn Express & Suites, Lubbock Holiday Inn Express Arlington, Arlington DoubleTree by Hilton Downtown, El Paso Super 8, Lubbock Hotel, Proposed, Arlington Embassy Suites, El Paso Holiday Inn, Lubbock Loews Hotel, Proposed, Arlington Travelers Inn, El Paso La Quinta Inn & Suites, Magnolia Sheraton Hotel, Arlington Westin Hotel, Proposed, Frisco Renaissance Hotel, McAllen Sierra Suites Conversion, Prop., Arlington Candlewood Suites DFW South, Fort Worth Comfort Suites, Midland Aloft Austin at The Domain, Austin Holiday Inn DFW Airport South, Fort Worth Quality Suites, Midland Aloft/Element, Austin Metro Center Hotel, Fort Worth Residence Inn by Marriott, Midland Barton Creek Resort, Austin Omni Hotel, Fort Worth TownePlace Suites by Marriott, Odessa Courtyard by Marriott University Area, Austin Renaissance Worthington, Fort Worth Courtyard Dallas Plano, Plano DoubleTree by Hilton, Austin Residence Inn by Marriott, Fort Worth Marriott at Legacy Town Center, Plano Fairfield Inn & Suites University Area, Austin Sheraton Downtown Hotel, Fort Worth Residence Inn Dallas Plano, Plano Fairfield Inn & Suites, Prop. & Existing, Austin Springhill Suites, Proposed, Fort Worth Staybridge Suites Plano Richardson, Plano Four Seasons, Austin TownePlace Suites, Plano

HVS San Francisco, Los Angeles, & Las Vegas Qualifications of Suzanne R. Mellen, MAI, CRE, FRICS, ISHC 23

* Denotes Gaming Property PROPERTIES ‐ CONTINUED

Fairfield Inn & Suites, Pleasanton Crystal Inn Mid Valley, Murray Motel 6, Fredericksburg Holiday Inn Express & Suites Port Aransas Holiday Inn Express & Suites, Prop., Murray Homestead Studio Suites, Glen Allen Beach Area, Port Aransas Marriott Hotel, Ogden Marriott Richmond West, Glen Allen DoubleTree Richardson Hotel, Richardson TownePlace Suites, Proposed, Orem SpringHill Suites, Glen Allen Holiday Inn Richardson Hotel, Richardson Hampton Inn & Suites, Park City Comfort Inn, Gloucester Holiday Inn Select, Richardson Holiday Inn Express, Park City Fairfield Inn & Suites, Manassas Hyatt House Dallas Richardson, Richardson Lodges at Stillwater, Park City Holiday Inn Express & Suites, Manassas Radisson Hotel Dallas North, Richardson Marriott Park City, Park City Hilton Tyson’s Corner, McLean Wingate Inn, Richardson St. Regis Deer Crest Resort, Park City Holiday Inn Express, Mechanicsville Courtyard by Marriott, Round Rock Sky Lodge, Park City Omni International Hotel, Norfolk Kalahari Resort & Convention Center, Marriott Provo, Provo Sheraton Norfolk Waterside, Norfolk Proposed, Round Rock Residence Inn, Provo SpringHill Suites Virginia Beach, Norfolk Microtel Inn & Suites, Prop., Round Rock Seven Peaks Resort Hotel, Provo Homestead Studio Suites, Reston Baymont Inn & Suites San Antonio Northwest, Hotel, Proposed, St. George Embassy Suites, Richmond San Antonio SpringHill Suites, Proposed, St. George Extended-Stay Hotel, Proposed, Richmond Comfort Suites San Antonio Airport North, San Cavanaugh's Olympus Hotel, Salt Lake City Holiday Inn West End, Richmond Antonio Chase Suite SLC Downtown, Salt Lake City Comfort Inn, Springfield Crockett Hotel, San Antonio Courtyard Salt Lake City Airport, Salt Lake City Hampton Inn, Springfield Courtyard San Antonio Riverwalk, San Antonio Crystal Inn West Valley, Salt Lake City Candlewood Suites Hotel, Sterling DoubleTree San Antonio Airport, San Antonio DoubleTree Suites by Hilton, Salt Lake City Homestead Studio Suites, Sterling Dual-Brand Hampton Inn/Homewood Suites, Hotel Monaco, Salt Lake City Sierra Suites, Proposed, Sterling Proposed, San Antonio Marriott Salt Lake City University Park, Salt Suburban Extended Stay, Sterling Embassy Suites, Proposed, San Antonio Lake City Marriott Hotel, Tyson’s Corner Fairmont Hotel, San Antonio Red Lion Hotel, Salt Lake City Fairfield Inn, Virginia Beach Four Points Riverwalk, San Antonio Sheraton Hotel, Salt Lake City Studios 4 Less Virginia Beach, Virginia Beach Grand Hyatt, San Antonio Shilo Inn, Salt Lake City Residence Inn Tysons Corner Mall, Vienna Hampton Inn San Antonio Northwoods, San WestCoast Hotel, Salt Lake City Fairfield Inn & Suites by Marriott, Antonio Woodfin Suites Hotel, Salt Lake City Williamsburg Hilton Garden Inn, Proposed, San Antonio Zion Park Inn & Switchback Grill & Trading Holiday Inn Express San Antonio Airport Company, Salt Lake City Washington North, San Antonio Hyatt House Salt Lake City Sandy, Sandy Red Lion Inn, Aberdeen Holiday Inn Lackland Sea World Area, San *Iron Horse Casino, Auburn Antonio Vermont Best Western Bellevue Inn, Bellevue Homewood Suites by Hilton San Antonio Hilton, Burlington Candlewood Suites, Bellevue North, San Antonio Sheraton Burlington, Burlington DoubleTree Bellevue Center, Bellevue Homewood Suites Riverwalk, San Antonio Wyndham Burlington, Burlington Embassy Suites, Bellevue Hotel Valencia Riverwalk, San Antonio Full-Service Hotel, Proposed, Bellevue Hyatt Regency Hill Country, San Antonio Virginia Hampton Inn, Bellevue Marriott San Antonio Riverwalk, San Antonio Hawthorn Suites, Alexandria Hyatt House Seattle Bellevue, Bellevue Microtel by Wyndham San Antonio by Howard Johnson's, Alexandria La Quinta Inn, Bellevue SeaWorld/Lackland AFB, San Antonio Crystal Gateway Marriott, Arlington Larkspur Landing Hotel, Bellevue Microtel Inn & Suites San Antonio North, San Waterview Condominium Hotel, Arlington Lincoln Square Hotel, Bellevue Antonio AmeriSuites, Arlington Heights Marriott Hotel, Bellevue Salado Creek/Arena District Master Plan, San Embassy Suites Crystal City, Arlington Palladium Center Project, Bellevue Antonio Hyatt Arlington, Arlington Red Lion Hotel Bellevue, Bellevue Toyota Field, San Antonio Homestead Studio Suites, Chantilly Red Lion Inn Bellevue Center, Bellevue Amerihost Inn, San Marcos Residence Inn by Marriott Dulles South, Residence Inn, Bellevue Fairfield Inn & Suites Northeast Schertz, Chantilly Ritz-Carlton Hotel, Proposed, Bellevue Schertz Wingate Inn Dulles Airport, Chantilly Westin Hotel, Proposed, Bellevue Hampton Inn & Suites, Schertz Aloft, Chesapeake Semi-ah-moo Resort, Blaine Hampton Inn & Suites, Trophy Club Best Western Plus Portsmouth, Chesapeake Sierra Suites Hotel, Proposed, Bellevue WoodSpring Suites, Tyler Hampton Inn & Suites Chesapeake Square Full-Service Hotel, Proposed, Everett Hampton Inn, Victoria Mall, Chesapeake Motel 6, Issaquah Holiday Inn Express & Suites Houston Space Hilton Garden Inn Greenbrier, Chesapeake Red Lion Inn, Kelso Center, Webster Residence Inn by Marriott Chesapeake Red Lion Hotel Columbia Center, Kennewick Greenbrier, Chesapeake SpringHill Suites Tri-Cities, Kennewick Utah TownePlace Suites, Chesapeake Comfort Inn, Kent Proposed Resort @ Bryce Canyon, Bryce Hampton Inn Petersburg Southpark Mall, Fairfield Inn, Proposed, Lacey Hotel, Proposed, Bryce Canyon Colonial Heights Proposed Hotel, Lakewood Amangiri Resort & Spa and Pangolin Land, Holiday Inn Petersburg North Fort Lee, Embassy Suites, Lynnwood Canyon Point Colonial Heights Residence Inn, Lynnwood Red Mountain Spa, Ivins Holiday Inn Crowne Plaza, Crystal City Phoenix Inn, Olympia Utah Trails Resort, Kanab Best Western Windsor Inn & Suites, Danville Red Lion Hotel, Olympia Canyon Land Resort, Proposed, Kane County Hilton Garden Inn, Fairfax WestCoast Olympia Hotel, Olympia Courtyard by Marriott, Layton Homestead Studio Suites, Fairfax DoubleTree Hotel, Pasco Zermatt Resort & Spa, Midway Hyatt Fair Lakes, Fairfax Red Lion Hotel, Pasco Hotel Component of Mixed-Use Project, Moab Westin Tysons Corner, Falls Church Red Lion Inn, Pasco

HVS San Francisco, Los Angeles, & Las Vegas Qualifications of Suzanne R. Mellen, MAI, CRE, FRICS, ISHC 24

* Denotes Gaming Property PROPERTIES ‐ CONTINUED

Red Lion Hotel, Port Angeles WestCoast Grand Hotel, Spokane Holiday Inn-West, Milwaukee Marriott Hotel, Proposed, Redmond WestCoast Ridpath Hotel, Spokane Hyatt Regency, Milwaukee Residence Inn, Redmond Shilo Inn, Spokane Kimpton Hotel, Proposed, Milwaukee Hilton Gardens Hotel, Redmond Red Lion Inn, Spokane Valley Renaissance ClubSport, Prop., Milwaukee Hyatt House Seattle Redmond, Redmond Skamania Lodge, Stevenson Wyndham Milwaukee Airport Hotel and Hilton Garden Inn, Renton Hotel Monaco, Tacoma Convention Center, Milwaukee Larkspur Landing Hotel, Renton Hotel Premier, Tacoma Country Inn & Suitesl, Marinette Best Western Tower Inn, Richland La Quinta Inn, Tacoma Holiday Inn, Neenah Red Lion Hotel Hanford House, Richland Marriott Hotel Convention Center Prop., Hilton Garden Inn, Oshkosh Red Lion Inn, Richland Tacoma Downtown Convention Hotel, Racine Shilo Inn, Richland Park Shore Inn, Tacoma Fairfield Inn, Warren Cedarbrook Lodge & Conference Ctr., Sea-Tac Red Lion Inn, Tacoma Hampton Inn & Suites, Proposed, West Allis Coast Gateway Hotel, Sea-Tac Sheraton Hotel, Tacoma Hotel, Proposed, West Allis Hampton Inn, Sea-Tac Shilo Inn Suites, Tacoma Great Wolf Lodge, Wisconsin Dells Holiday Inn Sea-Tac, Sea-Tac Winthrop Hotel, Tacoma Wilderness Hotel & Resort, Wisconsin Dells La Quinta Inn, Sea-Tac Doubletree Suites, Tukwila Red Lion Hotel, Sea-Tac Embassy Suites, Tukwila Wyoming Wingate, Proposed, Sea-Tac Residence Inn, Tukwila Days Inn, Casper 400-Room Hotel, Proposed, Seattle Hampton Inn, Tukwila Motel 6, Casper Alexis Hotel, Seattle Homewood Suites by Hilton, Tukwila Shilo Inn, Casper Convention Hotel at Greyhound Site, Prop. Hotel, Proposed, University Place Flying L Skytel, Cody Seattle Hotel, Proposed, Vancouver Shilo Inn, Evansville Courtyard Hotel, Seattle Phoenix Inn, Vancouver Amangani Resort, Jackson Hole DoubleTree by Hilton Arctic Club Hotel, Seattle Red Lion Inn at the Quay, Vancouver Four Seasons Resort Hotel, Condominiums, Doubletree Inn, Seattle Residence Inn, Vancouver and Fractionals, Jackson Hole Elliott Hotel, Seattle Red Lion Inn, Wenatchee Granary Restaurant & Spring Creek Ranch, Embassy Suites Seattle/Tacoma, Seattle WestCoast Wenatchee Center Hotel, Jackson Hole Extended-Stay Hotel, Proposed, Seattle Wenatchee Amerihost, Pinedale Fairmont Olympic Hotel, Seattle Full-Service Hotel, Proposed, Yakima Four Seasons Olympic Hotel, Seattle Hotel, Proposed, Yakima U.S. TERRITORIES Four-Star Hotel, Proposed, Seattle Red Lion Hotel Yakima Center, Yakima Grand Hyatt Seattle, Seattle Red Lion Inn, Yakima Guam Hampton Inn, Seattle Royal Palm Resort, Tumon Holiday Inn Crowne Plaza, Seattle West Virginia Hyatt Regency Hotel, Tumon Bay Holiday Inn Sea-Tac, Seattle Holiday Inn Charleston House, Charleston Palace Hotel Guam, Tamuning Homewood Suites, Seattle Charles Town Entertainment Complex, Charles Hotel, Proposed, Tamuning Hotel 1000, Seattle Town Hotel Andra, Seattle Holiday Inn Express, Falling Waters Puerto Rico Hotel First Street, Proposed, Seattle Holiday Inn, Huntington El San Juan Resort & Casino, a Hilton Hotel, Hotel Max, Seattle Days Inn, Martinsburg Carolina Hotel Monaco, Seattle Microtel Inn & Suites, Triadelphia Waldorf Astoria El Conquistador Resort, Hotel, Proposed, Seattle Howard Johnson's, Wheeling Fajardo Hotel Theodore(fka Roosevelt Hotel), Seattle Carib Inn, San Juan Hotel Vintage Plaza, Seattle Wisconsin Condado Plaza Hilton, San Juan Hyatt Hotel at Olive8, Proposed, Seattle Radisson Hotel, Appleton Hyatt Regency, Seattle Radisson Paper Valley Hotel, Appleton INTERNATIONAL Madison Hotel, Seattle Fairfield Inn, Auburn Hills Marriott Seattle Waterfront, Seattle DoubleTree Hotel, Brookfield Aruba Kimpton Palladium, Seattle Fairfield Inn, Brookfield *Prop. Hard Rock Hotel and Casino, Oranjestad Paramount Hotel, Seattle Milwaukee Marriott Hotel, Brookfield *Renaissance Aruba Resort & Casino and Retail Red Lion Hotel, Seattle Wyndham Garden Hotel, Brookfield Mall, Oranjestad Renaissance Hotel, Seattle Radisson Inn, Farmington Hills *Marriott Aruba Resort & Stellaris Casino, Seattle Hotel, Proposed, Seattle Various Locations, Frankenmuth Palm Beach Sheraton Hotel, Seattle Hilton Garden Inn, Green Bay Springhill Suites, Seattle Motel 6, Green Bay Antigua W Hotel, Seattle Super 8 Motel, Jamesville Carlisle Bay Antigua, St. Mary’s WestCoast Grand Hotel on Fifth Avenue, Super 8 Motel, Kenosha Seattle Hilton Garden Inn Appleton/Kimberly, Bahamas WestCoast Paramount, Seattle Kimberly Resort, Marina, and Villas, Prop., Eleuthera WestCoast Vance Hotel, Seattle Fairfield Inn, Madison *Coral Harbour Development, Prop., Nassau Bay Silverdale Hotel, Silverdale Hampton Inn & Suites Madison West, Madison Atlantis, Paradise Island Salish Lodge, Snoqualmie Homewood Suites Madison West, Madison Baja Mar Resort, Paradise Island Courtyard by Marriott, Spokane Sheraton Hotel, Madison One & Only Ocean Club Resort, Paradise Island DoubleTree Spokane City Center, Spokane Fairfield Inn, Milwaukee Reef Atlantis, Paradise Island Red Lion Hotel at the Park, Spokane Hampton Inn, Proposed, Milwaukee Red Lion Inn, Spokane Holiday Inn-Airport, Milwaukee Barbados Residence Inn, Proposed, Spokane Holiday Inn Milwaukee Riverfront, Milwaukee

HVS San Francisco, Los Angeles, & Las Vegas Qualifications of Suzanne R. Mellen, MAI, CRE, FRICS, ISHC 25

* Denotes Gaming Property PROPERTIES ‐ CONTINUED

St. Barth Hotel, Proposed, Grand Cul de Sac, St. Cancun Casa Magna Marriott Resort, Cancun, Barthelemy Fiji QR Jean-Michele Cousteau Resort, Savusavu Hilton Cancun Beach & Golf Resort, Cancun, QR Bermuda Taunovo Bay Resort Hotel, Proposed, Taunovo Sandos Cancun Luxury Experience Resort & Reefs Resort & Fractionals, Southampton Bay Spa, Cancun, QR

Canada France Netherlands Westin Calgary, Calgary, AB Le Mélézin Hotel, Courcheval 1850 Swissôtel Amsterdam, Amsterdam 119-Unit Hotel, Canmore, AB Marriott Champs Elysée, Paris Courtyard by Marriott, Edmonton, AB Panama Enoch Cree Entertainment Complex, Prop., French Polynesia *Convention-Oriented Hotel and Casino, Edmonton, AB Four Seasons Resort, Bora Bora Proposed, Panama City Sutton Place, Edmonton, AB Westin Edmonton, Edmonton, AB Indonesia Russia Fairmont Jasper Park Lodge, Jasper, AB St. Regis Bali Resort, Bali *Casino Component Proposed Resort, Moscow Fairmont Chateau Lake Louise, Lake Louise, AB Ireland Singapore Entertainment Complex, Proposed, Proposed Mixed-Use Development, Tipperary Marina Bay Sands Development, Marina Bay Lloydminster, AB Delta Vancouver Airport Hotel & Marina, Japan Spain Richmond, BC Westin, Tokyo Proposed LVS Spain Development Project Fairmont Vancouver Airport, Vancouver, BC Hotel Georgia, Vancouver, BC Macau, S.A.R., China Sri Lanka Pacific Palisades Hotel, Vancouver, BC Altira Macau Proposed Lost City of Shanhala Sutton Place Hotel, Vancouver, BC *City of Dreams Hotel & Casino, Prop. & Westin Bayshore Resort & Marina, Vancouver, Existing Thailand BC *Crown Macau Hotel & Casino Capella, Proposed, Bangkok Fairmont Chateau Whistler, Whistler, BC *Grand Waldo Casino-Hotel Four Seasons, Proposed, Bangkok Mountainside Lodge, Whistler, BC *New Century Hotel & Casino, Macau Waldorf Astoria, Bangkok Holiday Inn Airport West, Winnipeg, MB *Sands Casino Macao Courtyard by Marriott, Markham, ON Sands China Limited Parcels 5 & 6 United Arab Emirates Residence Inn by Marriott, Markham, ON Studio City Macao Atlantis The Palm, Dubai Fairfield Inn by Marriott, Markham, ON Venetian Resort Macao, Proposed Courtyard by Marriott, Mississauga, ON Virgin Islands Residence Inn by Marriott, Mississauga, ON Maldives Pond Bay Saint John, Saint John *Casino Niagara, Niagara, ON One & Only Reethi Rah Resort, Reethi Rah Westin Ottawa, Ottawa, ON Soneva Jani, Medhufaru Island, Noonu Atoll West Indies Sutton Place Hotel & Apartments, Toronto, ON Grand Princess Entertainment Center, Jolly Toronto Prince Hotel, Toronto, ON Mauritius Harbour, Antigua Westin Bristol Place Toronto Airport, Toronto, One & Only Le Saint Geran Hotel Four Seasons Resort, Nevis ON Westin Harbour Castle, Toronto, ON Mexico VARIOUS PROPERTIES AND PORTFOLIOS Courtyard by Marriott Toronto Vaughan, Trump Ocean Resort, Prop., Rosarito Beach, BC Anglo-Irish Hotel Portfolio, Various Locations Vaughan, ON Rancho La Puerta, Tecate, BC AppleCore/Provenance Hotel Portfolio, Fairmont Chateau Montebello, Montebello, QC Hotel, Proposed, Tijuana, BCN Various Locations Fairmont Kenauk, Montebello, QC 400-Room Hotel, Prop., Cabo San Lucas, BCS ARC Hotel Portfolio, Various Locations Hyatt Regency Montreal, Montreal, QC Capella Pedregal Resort, Prop., Cabo San Lucas, Ashford Hospitality Assets, Various Locations Le Chateau Frontenac, Quebec City, QC BCS Barclays Portfolio, Various Locations Chileno Bay Development, Cabo San Lucas, BCS Boutique Hotel Portfolio, California Cayman Islands Hilton Los Cabos Beach & Golf Resort, San Jose Chelsea Portfolio, Various Locations Courtyard Hotel Grand Cayman, Grand Cayman del Cabo, BCS City of Milpitas Occupancy Tax Study Marriott Grand Cayman, Grand Cayman Hotel & Timeshare Development, Prop., Cabo Cooper Hotel Portfolio, Various Locations Treasure Island Resort, Grand Cayman San Lucas, BCS Clarion Portfolio, Various Locations Westin Casuarina Resort & Spa, Grand Cayman Esperanza Resort & Fractionals, Cabo San Competitive Luxury Hotel Performance, Los Lucas, BCS Angeles Chile One&Only Palmilla, San Jose del Cabo, BCS Cooper Hotel Portfolio, Various Locations *Casino Hotel, Prop., San Francisco de Luxury Hotel Submarket, Los Cabos, BCS Crossland Economy Suites & Extended Stay Mostazel Las Hados Resort, Manzanillo, Colima Americas, Various Locations Four Seasons Mexico D.F., Mexico City, DF Equity Inns Portfolio, Various Locations Costa Rica Sheraton Centro Historico Hotel & Convention Extended Stay America Portfolio, Various Rip Jack Inn Hotel, Playa Grande, Guanacaste Center, Mexico City, DF Locations Four Seasons Resort Costa Rica, Papagayo Barcelo La Jolla de Mismaloya, Puerto Vallarta, Fairmont Management Company Jalisco Fairmont/Raffles/Swissôtel Portfolio Curacao Puerto Vallarta Casa Magna Marriott Resort, Felcor Lodging Company Analysis, Various Hard Rock Hotel, Proposed Curacao Puerto Vallarta, Jalisco Locations *Renaissance Curacao Resort & Casino, Four Seasons Resort Punta Mita, Bahia de G6 Hospitality – Motel 6 Portfolio, Various Wilemstad Banderas, Nayarit Locations

HVS San Francisco, Los Angeles, & Las Vegas Qualifications of Suzanne R. Mellen, MAI, CRE, FRICS, ISHC 26

* Denotes Gaming Property PROPERTIES ‐ CONTINUED

Hardage Hotels – Franchise Valuation, Various Project Neptune, Various Locations Silverwest Portfolio, Various Locations Locations, CA Sage Hospitality Portfolio of 10 Hotels, Various Starwood Portfolio, Various Locations Hilton/Blackstone Portfolio, Various Locations Locations Strategic Portfolio, Various Locations HIT Portfolio, Various Locations Project Wild Portfolio – Great Wolf Lodges, Summit Hotel Portfolio, Various Locations HMS Extended-Stay Hotel Portfolio Various Locations Tharaldson/CNL/Thunderbird Portfolio, KeyBank Hotel Portfolio, Various Locations Red Roof Inn Portfolio, Various Locations Various Locations La Quinta Portfolio, Various Locations RLJ Portfolio, Various Locations Valuation of AmericInn International, LLC Larkspur Landing Portfolio, Various RREAF Holdings, LLC/Texas Hotel Portfolio Valuation of Great Wolf Resorts Company Motel 6 Portfolio, Various Locations San Francisco and Los Angeles Market Value Place Portfolio, Various Locations Noble House Management Portfolio Snapshots Pacifica Hotel Portfolio, Various Locations Schidler Hotel Portfolio, Various Locations Project Gateway, Various Locations Semiahmoo Hotel Company

HVS San Francisco, Los Angeles, & Las Vegas Qualifications of Suzanne R. Mellen, MAI, CRE, FRICS, ISHC 27

McKenna Luke, MAI

EMPLOYMENT

2012 to present HVS CONSULTING AND VALUATION SERVICES South Carolina

2011 – 2012 STONEBRIDGE COMPANIES Englewood, Colorado

2011 HYATT REGENCY CONVENTION CENTER Denver, Colorado

2009 – 2011 UNIVERSITY OF DENVER RECREATION DEPARTMENT Denver, Colorado

2010 HYATT REGENCY TECH CENTER Denver, Colorado

2009 THE STANLEY HOTEL Estes Park, Colorado

2005 – 2008 PATTY JEWETT BAR AND GRILL Colorado Springs, Colorado

EDUCATION AND OTHER MBA – Daniels College of Business, University of Denver TRAINING Finance

BSBA – Daniels College of Business, University of Denver Hospitality Management

Other Specialized Training Classes Completed: Uniform Standards of Professional Appraisal Practice – 15 hours Basic Appraisal Procedures – 30 hours Basic Appraisal Principles – 30 hours General Appraiser Income Approach (Parts I and II) – 60 hours General Appraiser Market Analysis and HBU – 30 hours General Appraiser Site Valuation and Cost Approach – 30 hours General Appraiser Sales Comparison Approach – 30 hours General Appraiser Report Writing and Case Studies – 30 hours

HVS, South Carolina Qualifications of McKenna Luke, MAI 1

EDUCATION (CONTINUED) Business Practices and Ethics – 7 hours Statistics, Modeling and Finance – 15 hours Advanced Income – 30 hours Advanced Market Analysis and HBU – 40 hours Quantitative Analysis – 40 hours General Demonstration Report Writing – 7 hours Eminent Domain – 7 hours Forecasting Revenue – 7 hours Intro to Green Buildings – 7 hours Land and Site Valuation – 7 hours Capstone – Demo Report Vineyard Valuation Seminar – 7 hours Biennial USPAP Updates

Court of Master Sommelier, Americas Introductory Course & Examination – 18 hours

STATE CERTIFICATIONS Georgia, North Carolina, South Carolina

PROFESSIONAL Appraisal Institute – Designated Member (MAI) AFFILIATIONS

PUBLISHED ARTICLES

HVS Journal “HVS Market Pulse: Columbia, South Carolina,” September 2019

HVS Journal “Vineyard and Winery Market Intelligence,” December 2018

HVS Journal “Key Takeaways: Hunter Conference,” co-authored with Heidi Nielsen, April 2017

HVS Journal “Industry Insights: Impacts of Major Brand PIPs,” co-authored with Dinaker Mallya, February 2017

HVS Journal “Key Considerations for Historic Building Conversions,” co-authored with Shannon Sampson and Mallory White, February 2017

HVS Journal “Four Key Takeaways – 2015 North America Tourism & Hospitality Investment Conference (NATHIC),” co-authored with Heidi Nielsen and Kirby Payne, November 2015

HVS Journal “Three Key Takeaways – North America Hotel Investments Conference 2014,” co-authored with Meghan Bean, December 2014

HVS, South Carolina Qualifications of McKenna Luke, MAI 2

HVS Journal “In Focus – Health and Wellness Hotel Trends,” July 2014

HVS Journal “Market Intelligence Report 2013: Oklahoma City,” May 2013

HVS Journal “HVS Market Intelligence Report: Oklahoma City, Oklahoma,” January 2013

HVS, South Carolina Qualifications of McKenna Luke, MAI 3

EXAMPLES OF PROPERTIES APPRAISED Hampton Inn & Suites Los Angeles Domain Hotel Silicon Valley, Sunnyvale OR EVALUATED Glendale, Glendale Proposed Vallejo Waterfront Hotel, Ritz-Carlton Half Moon Bay, Half Moon Vallejo PORTFOLIO VALUATION Bay Proposed Boutique Hotel, Walnut Best Western Plus South Bay LAX Creek Portfolio of 12 Great Wolf Lodge Airport, Lawndale Properties, Various Locations Westin, Long Beach COLORADO Portfolio of 10 Marriott- or Hyatt- Days Inn Hollywood Near Universal Proposed Hotel Indigo, Denver branded Hotels, Various Locations Studios, Los Angeles Stanley Hotel, Estes Park Portfolio of 14 Boutique Hotels Hotel Normandie, Los Angeles Proposed Best Western Plus, Hayden Portfolio of 2 Best Western Hotels, Proposed Courtyard and Residence Courtyard by Marriott Denver Colorado Springs Inn by Marriott, Marina Del Rey Southwest Lakewood, Lakewood Portfolio of 2 Cloverleaf Suites Hotels, Proposed Element by Westin, Milpitas Residence Inn by Marriott Denver North Carolina and South Carolina InterContinental Clement Monterey, Southwest Lakewood, Lakewood Portfolio of 4 Boutique Hotels, Monterey Hyatt House, Colorado Springs California Portola Hotel & Spa Monterey Bay, TownePlace Suites by Marriott Portfolio of 7 Full-Service Hotels, Monterey Colorado Springs South, Colorado Various Locations Hotel Indigo Napa Valley, Napa Springs Ivy Hotel, Napa ALABAMA Proposed Moxy Uptown Oakland, CONNECTICUT Proposed Hotel, Section Oakland DoubleTree by Hilton Hotel, Norwalk Proposed Oakland Hotel, Oakland ARIZONA Villa Royale Inn, Palm Springs DELAWARE Wyndham Garden Hotel Phoenix Proposed Graduate Hotel, Palo Alto Sheraton Suites, Wilmington Midtown, Phoenix Courtyard by Marriott Embassy Suites by Hilton, Scottsdale Richmond/Berkeley, Richmond FLORIDA Market Area Overview, Scottsdale Hilton Garden Inn Sacramento Airport Wyndham Hotel, Boca Raton JW Marriott Starr Pass Resort & Spa, Natomas, Sacramento Dreamview Beachfront Hotel & Resort, Tucson Fairfield Inn & Suites by Marriott San Clearwater Beach Francisco San Carlos, San Carlos Plantation on Crystal River an Ascend ARKANSAS Proposed SpringHill Suites, San Diego Hotel Collection Member, Crystal Quality Suites, Paragould Wyndham Garden San Diego River SeaWorld, San Diego SpringHill Suites by Marriott, CALIFORNIA Aquarium of the Bay, San Francisco Gainesville Hilton, Anaheim Four Points SFO, South San Francisco Marriott Beachside Condo Hotel Key Portofino Inn & Suites, Anaheim Hilton San Francisco Financial District, West, Key West Sheraton Park Hotel at the Anaheim San Francisco Brazilian Court Hotel & Beach Club, Resort, Anaheim Holiday Inn Fisherman's Wharf San Palm Beach Bear Valley Ski Resort, Bear Valley Francisco, San Francisco Ritz-Carlton, Sarasota Radisson Hotel, Brisbane Hotel G, San Francisco Park Hyatt Aviara, Carlsbad Hyatt Place San Francisco Downtown, GEORGIA Proposed Hampton Inn, Chico San Francisco Hampton Inn (Southlake Parkway), Proposed Boutique Hotel, Scarlet Huntington, San Francisco Atlanta Copperopolis Stanford Court, San Francisco Hampton Inn & Suites (Bobby Brown Proposed Reverb by Hard Rock, Cotati Hyatt Centric, Santa Barbara Parkway), Atlanta Proposed Hyatt Hotel, Fresno Proposed La Bahia Hotel, Santa Cruz Georgia Tech Hotel & Conference Hotel Santa Rosa, Santa Rosa Center, Atlanta

HVS, South Carolina Qualifications of McKenna Luke, MAI 4

Residence Inn by Marriott Atlanta Proposed Clinton Lake Hotel and Watermill Cove Resort, Branson Buckhead, Atlanta Conference Center, Lawrence Crowne Plaza, Bridgeton Country Inn & Suites, Valdosta Ambassador, Wichita Limited-Service Hotel, Columbia AmericInn, Wichita Hilton Kansas City Airport, Kansas City HAWAII Days Inn, Wichita Proposed Holiday Inn, St. Louis Hyatt Centric Waikiki Beach, Honolulu Marriott St. Louis Grand Hotel, St. Four Seasons Resort O'ahu at Ko Olina, KENTUCKY Louis Kapolei Holiday Inn Louisville Airport South, Holiday Inn Express, Sidney Louisville Homewood Suites, Richmond Heights IDAHO Days Inn, Warrensburg Proposed Comfort Inn & Suites, Boise LOUISIANA Proposed Sun Valley Hotel, Ketchum DoubleTree by Hilton, New Orleans MONTANA Old No 77 Hotel & Chandlery, New Holiday Inn Express, Sidney ILLINOIS Orleans Baymont Inn & Suites, Alsip Quality Suites, Sulphur NEVADA Hampton Inn, Bolingbrook Cal Neva Resort & Casino, Crystal Bay Proposed Hilton Garden Inn, MARYLAND Caesars Palace, Las Vegas Bolingbrook Motel 6, Annapolis Best Western, Burbank Homewood Suites/Hilton Garden Inn NEW JERSEY Chicago Lake Shore Hotel, Chicago Inner Harbor, Baltimore Ocean Resort Casino, Atlantic City Crossroads Hotel, Chicago Proposed Extended-Stay Hotel, Embassy Suites Secaucus Independent Hotel, Chicago Baltimore Meadowlands, Secaucus Proposed Hampton Inn (Chicago Proposed Staybridge Suites, Baltimore Motor Club Conversion), Chicago NEW MEXICO Proposed Holiday Inn Express, Chicago MICHIGAN Courtyard by Marriott, Albuquerque Holiday Inn, Itasca Hawthorn Suites Dearborn Detroit, Holiday Inn Albuquerque Airport, Sheraton Chicago Northbrook, Detroit Albuquerque Northbrook Courtyard by Marriott Grand Rapids Hyatt Place Albuquerque Airport, Hyatt House, Warrenville Airport, Kentwood Albuquerque Hyatt Place, Warrenville Red Roof Inn, Plymouth Hyatt Place Albuquerque Uptown, Super 8, Willowbrook Fairfield Inn & Suites Detroit Troy, Albuquerque Troy Sheraton Albuquerque Airport Hotel, INDIANA TownePlace Suites by Marriott Detroit Albuquerque Fairfield Inn & Suites Indianapolis Troy, Troy Comfort Suites, Las Cruces Airport, Indianapolis Proposed Hotel, Los Alamos Residence Inn by Marriott Indianapolis MINNESOTA Eldorado Hotel & Spa, Santa Fe Airport, Indianapolis Embassy Suites, Bloomington Four Season Resort Rancho Hilton Garden Inn Wabash Landing, Le Bourget Aero Suites (conversion to Encantado, Santa Fe West Lafayette Holiday Inn Express), Bloomington Hotel St. Francis, Santa Fe Kahler Grand Hotel, Rochester La Posada de Santa Fe Resort & Spa, IOWA Kahler Inn & Suites, Rochester Santa Fe Proposed Warrior Hotel at the Warrior Marriott Rochester Mayo Clinic, Hampton Inn, Taos and Davidson Buildings, Sioux City Rochester Taos Inn, Taos Residence Inn by Marriott Rochester Quality Inn, Tucumcari KANSAS Mayo Clinic Area, Rochester Holiday Inn Express & Suites, Hays NEW YORK MISSOURI Fairfield Inn & Suites, Brooklyn

HVS, South Carolina Qualifications of McKenna Luke, MAI 5

Holiday Inn Express, Fishkill Fairfield Inn & Suites by Marriott, Belmond Charleston Place, Charleston Holiday Inn Express, Hauppauge Norman Proposed Boutique Hotel, Charleston Tioga Downs, Nichols Boutique Hotel, Oklahoma City Aloft Columbia Downtown, Columbia Holiday Inn Express Syracuse Airport, Full-Service Hotel, Oklahoma City Proposed Downtown Columbia Hotel, Syracuse Homewood Suites by Hilton, Columbia Radisson Hotel JFK Airport, Jamaica Oklahoma City Red Roof Inn Columbia East Fort Sheraton, Tarrytown Proposed 21c Hotel, Oklahoma City Jackson, Columbia SpringHill Suites by Marriott, Proposed Boutique Hotel, Oklahoma Suburban Extended Stay, Columbia Tarrytown City WoodSpring Suites Columbia Fort Hampton Inn & Suites Binghamton Proposed Candlewood Suites, Jackson, Elgin Vestal, Vestal Oklahoma City Proposed Home2 Suites by Hilton, Fort SpringHill Suites by Marriott, Mill NORTH CAROLINA Oklahoma City TownePlace Suites Greenville Residence Inn by Marriott Charlotte Fairfield Inn & Suites, Stillwater Haywood Mall, Greenville South at I-77 Tyvola Road, Charlotte Ambassador Hotel, Tulsa Proposed SpringHill Suites, Lexington Candlewood Suites Durham Research Embassy Suites, Tulsa WoodSpring Suites Columbia Triangle Park, Durham Hampton Inn, Tulsa Lexington, Lexington Fairfield Inn & Suites Hendersonville Proposed Best Western Plus, Tulsa Homestead Lodge Gaffney, Gaffney Flat Rock, Flat Rock SpringHill Suites by Marriott Proposed Holiday Inn Express OREGON Charleston Mount Pleasant, Mount Lumberton, Lumberton Salishan Spa & Golf Resort, Gleneden Pleasant Proposed Hotel Pilot Mountain, Pilot Beach Quality Inn Mullins, Mullins Mountain Dossier Hotel, Portland Sea Mist Oceanfront Myrtle Beach, Hampton Inn & Suites Pineville, Hotel DeLuxe Portland, Portland Myrtle Beach Pineville Hotel Lucia, Portland WoodSpring Suites Greenville DoubleTree by Hilton, Rocky Mount Sentinel Hotel, Portland Simpsonville, Simpsonville Staybridge Suites Wilmington East, Sunriver Resort, Sunriver Wilmington TENNESSEE Waynesville Inn Golf Resort & Spa, PENNSYLVANIA Hilton Garden Inn Memphis Wolfchase Waynesville Residence Inn by Marriott Galleria, Cordova Philadelphia Valley Forge, Berwyn Comfort Suites, Germantown OHIO Sands Casino Resort Bethlehem, DoubleTree by Hilton, Nashville Holiday Inn Express, Centerville Bethlehem Hotel Preston, Nashville Microtel Inn & Suites by Wyndham, Le Méridien, Philadelphia Hotel Market Supply and Demand Saint Clairsville Renaissance Philadelphia Airport, Study, Knoxville Four Points by Sheraton Cleveland Philadelphia Airport, Cleveland Hyatt Regency Pittsburgh TEXAS Hyatt Regency Cleveland at The International Airport, Pittsburgh SpringHill Suites by Marriott, Arcade, Cleveland Arlington Marriott Cleveland Airport, Cleveland PUERTO RICO TownePlace Suites by Marriott, El Conquistador Resort, Fajardo Arlington OKLAHOMA Condado Plaza Hilton, San Juan Courtyard by Marriott Austin Proposed Country Inn & Suites, University Area, Austin Edmond SOUTH CAROLINA Fairfield Inn & Suites by Marriott Holiday Inn Express, Enid Suburban Extended Stay Hilton Head, Austin University Area, Austin Country Inn & Suites, Norman Bluffton Super 8, Austin Comfort Inn Blythewood, Blythewood Proposed Independent Hotel, Bee Cave

HVS, South Carolina Qualifications of McKenna Luke, MAI 6

Crowne Plaza Downtown, Dallas Holiday Inn Express Hotel & Suites, Holiday Inn Express Hotel & Suites Manassas Dallas East, Dallas Holiday Inn Express Hotel & Suites WASHINGTON Houston Kingwood, Houston Hilton, Bellevue Four Seasons Resort Las Colinas, Hilton Garden Inn, Bothell Irving Hotel Max, Seattle Proposed Value Place, Irving Hyatt Regency Seattle, Seattle Residence Inn Dallas Las Colinas, Roosevelt Hotel, Seattle Irving Hotel Murano, Tacoma Wingate Las Colinas, Irving Proposed Marriott Hotel Tacoma TownePlace Suites by Marriott, Las Convention Center, Tacoma Colinas Proposed Select-Service Hotel, WEST VRIGINIA Mansfield Microtel Inn & Suites by Wyndham, Quality Suites, Midland Triadelphia La Quinta Inn & Suites, New Braunfels Proposed Hyatt House, New Braunfels WISCONSIN Red Roof Inn, New Braunfels Super 8, Antigo Hyatt House Dallas Richardson, Best Western, Manitowoc Richardson Hampton Inn & Suites Downtown Hilton San Antonio Airport, San Milwaukee, Milwaukee Antonio Holiday Inn Milwaukee Riverfront, Super 8, San Antonio Milwaukee Hampton Inn, Victoria WYOMING UTAH Snow King Resort, Jackson Best Western Plus Landmark Hotel, Ballard INTERNATIONAL Amangiri Resort, Canyon Point Proposed Hotel Component of Mixed- Use Project Moab, Moab MEXICO Hampton Inn, Provo Proposed Hotel, Tijuana Holiday Inn Express Sandy South Salt Lake City, Sandy

VIRGINIA Wingate Inn Dulles Airport, Chantilly Best Western Plus Portsmouth Chesapeake Hotel, Chesapeake Hampton Inn, Danville Best Western Windsor Inn & Suites, Danville Hampton Inn, Danville Westin Tysons Corner, Falls Church Comfort Inn, Gloucester

HVS, South Carolina Qualifications of McKenna Luke, MAI 7