Mountain Resort Market Outlook

MOUNTAIN RESORT MARKET OUTLOOK

State of the Mountain Resort April 5, 2018 Adam Ducker, Manager Director INTRODUCTION

1. NATIONAL SECOND HOME MARKET

2. MOUNTAIN RESORT RESIDENTIAL MARKET

3. LODGING AND HOSPITALITY

4. RETAIL TRENDS

5. PRODUCT PROFILES

6. WHAT'S NEXT FOR MOUNTAIN RESORT TOWNS

Mountain Resort Market Outlook | April 5, 2018 | 2 NATIONAL SECOND HOME MARKET SEASONAL HOUSING MOUNTAIN REGIONS AS DOMINANT SEASONAL MARKETS

PERCENTAGE OF HOUSING FOR SEASONAL USE, U.S. COUNTIES; 2016

KEY >40% 30-40% 20-30% 10-20% <10%

Source: American Community Survey, US Census; RCLCO Mountain Resort Market Outlook | April 5, 2018 | 4 VACATION PROPERTIES PARTICIPATE IN HOUSING REBOUND, ALTHOUGH LESS SO RECENTLY

Sales Volume by Property Use; 2004-2016 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000

Sales Volume (Thousands) Volume Sales 1,000 0 PRIMARY RESIDENCE VACATION INVESTMENT TOTAL PROPERTIES PROPERTIES 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Source: NAR; RCLCO Mountain Resort Market Outlook | April 5, 2018 | 5 WILL PRICES SURPASS PREVIOUS PEAK?

Median Sales Price by Property Use; 2004-2017 250,000

230,000

210,000

190,000

170,000

150,000

130,000

110,000

90,000

PRIMARY RESIDENCE VACATION PROPERTIES INVESTMENT PROPERTIES

Source: NAR; RCLCO Mountain Resort Market Outlook | April 5, 2018 | 6 SECOND HOME OWNERSHIP SPANS INCOME LEVELS, HIGH END HAS STRUCTURAL EXPANSION

Percent of Households with Other Residential Real Estate by Income Percentile; 1989-2016 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Less than 20 20–39.9 40–59.9 60–79.9 80–89.9 90–100 1989 1992 1995 1998 2001 2004 2007 2010 2013 2016

Source: IRS Survey of Consumer Finances; RCLCO Mountain Resort Market Outlook | April 5, 2018 | 7 SECOND HOME PRICE RECOVERY AT THE HIGHEST INCOME LEVEL UNMATCHED

Median Value of Other Residential Real Estate holdings by Income Percentile (2016$); 1989-2016 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0 Less than 20 20–39.9 40–59.9 60–79.9 80–89.9 90–100 1989 1992 1995 1998 2001 2004 2007 2010 2013 2016

Source: IRS Survey of Consumer Finances; RCLCO Mountain Resort Market Outlook | April 5, 2018 | 8 BABY BOOMERS CONTINUE TO DOMINATE SECOND HOME MARKET; WILL YOUNGER BUYERS STEP UP?

Households with Other Residential Real Estate Holdings, by Age Cohort; 1989-2016 25%

20%

15%

10%

5%

0% 1989 1992 1995 1998 2001 2004 2007 2010 2013 2016

Less than 35 35–44 45–54 55–64 65–74 75 or more

Source: IRS Survey of Consumer Finances; RCLCO Mountain Resort Market Outlook | April 5, 2018 | 9 VACATION HOME CONSIDERATIONS BY NET WORTH AND PREFERABLE DISTANCE

Vacation Home Property Type Preference, Preferable Distance to Vacation United States; 2015 Home, United States; 2016

TOTAL INTENDERS BY NET WORTH INTENDERS <$250K $250K-$999K $1M+ # of Intenders Who Responded 637 215 265 146 Property Type Intender Would Consider Vacation Home 61% 59% 59% 63% Less Than Home site to build vacation home in the future 54% 55% 52% 57% 200 Miles, Vacation Condominium 46% 48% 48% 40% 25% Destination Club Membership 36% 40% 40% 27% Timeshare 32% 37% 35% 24% 400 Miles Private Residence Club Membership 31% 36% 34% 20% Hotel Condominium 29% 37% 32% 17% or More, 51% 200 to 299 Miles, 9% OF $1M+ NET WORTH INDIVIDUALS, 1.5% 300 to 399 ARE CONSIDERING PURCHASING A Miles, VACATION CONDO IN THE NEXT YEAR, AND 14% 2.4% ARE CONSIDERING PURCHASING A SINGLE-FAMILY VACATION HOME.

Source: Resonance Recreational Real Estate Report; NAR; RCLCO Mountain Resort Market Outlook | April 5, 2018 | 10 DESIRABLE VACATION HOME AMENITIES AND ACCESS BY NET WORTH Importance of Select Property Features, United States; 2015

INTENDERS BY NET WORTH TOTAL INTENDERS <$250K $250K-$999K $1M+ Number of Intenders Who Responded 600 209 251 130 Proximity to beach 44% 43% 44% 48% Guestrooms for friends and family 41% 38% 40% 49% Outdoor living area 39% 35% 42% 40% Access to swimming pool 41% 36% 47% 37% Proximity to restaurants, shopping and nightlife 38% 39% 38% 40% Garage 41% 40% 40% 47% Open plan for entertaining 36% 36% 38% 35% Availability of services to rent my home when not in use 32% 30% 37% 27% Property management services 35% 30% 36% 39% Gourmet kitchen 32% 36% 34% 27% Access to walking trails 35% 38% 32% 35% Sustainability/energy efficiency ratings 34% 34% 32% 35% Within Driving Distance of My Primary Residence 27% 28% 32% 19% Access to Fitness Facilities 30% 28% 33% 29% Is Within a Private Gated Community 27% 27% 27% 30% Home Theater 26% 25% 30% 22% Access to Spa Facilities 27% 35% 25% 24% Formal Dining Room 27% 30% 31% 20% Features a Community Clubhouse 26% 27% 29% 21% Home Office 24% 27% 24% 21% Proximity to Golf Course 23% 27% 25% 16% Availability of Kids' Programs 25% 29% 27% 21% Proximity to Skiing 21% 25% 21% 19% Other Relevant Features and Amenities 33% 33% 34% 31%

Source: Resonance Recreational Real Estate Report; RCLCO Mountain Resort Market Outlook | April 5, 2018 | 11 MOUNTAIN RESORT RESIDENTIAL MARKET IN MOUNTAIN TOWNS, SKIER VISITS HIGHLY CORRELATED WITH SALES TRANSACTIONS

Skier Visits and Real Estate Transactions, Select Resorts; 2016 2,000 R² = 0.9331 1,800 1,600 Teton County, WY 1,400 Summit County, UT 1,200 Front Range, CO 1,000

Sales Transactions Sales Vail/Beaver Creek, CO 800 Aspen/Snowmass, CO 600 Sun Valley, ID 400 Lake Tahoe, CA/NV 200 Big Sky, MT 0 0 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 Skier Visits

YEAR SV NUMBER OF TRANSACTIONS TRANSACTIONS OVER SKIABLE SV SV PER HS SV PER CHAIRLIFTS REPORTED SKIER VISITS (SV) PER YEAR $1M PER YEAR ACRES PER ACRE CHAIRLIFT LIFTS HS LIFT Teton County, WY 2013-2016 590,400 359 165 2,900 204 17 34,729 7 84,343 Summit County, UT 2016 2,000,000 773 132 9,326 214 65 30,769 32 62,500 Front Range, CO 2004-2016 3,911,909 1374 129 11,306 346 94 41,616 26 150,458 Vail/Beaver Creek, CO 2016 2,575,000 1119 264 7,104 362 55 46,818 27 95,370 Aspen/Snowmass, CO 2004-2016 1,291,854 405 201 5,480 236 42 30,758 19 67,992 Sun Valley, ID 2016 419,000 260 22 2,054 204 14 29,929 7 59,857 Lake Tahoe, CA/NV 2016 6,131,500 1674 182 17,264 355 111 55,239 28 218,982 Big Sky, MT1 2016 475,000 128 119 5,800 82 23 20,652 8 59,375 TOTAL 17,394,663 6,091 1,214 61,234 14,324 421 41,317 154 112,952

Source: RealQuest; Denver Post; Resort Websites Mountain Resort Market Outlook | April 5, 2018 | 13 GOOD NEWS IS THE DREARY SKIER PARTICIPATION STORY: ROCKY MOUNTAIN SHARE IS GROWING

Skier and Snowboarder Visits by Region; 1995-2017 30 45% 40% 25 35% 20 30%

Millions 25% 15 20% 10 15% 10% 5 5% 0 0%

NE/SE/MW Rocky Mountain Pacific RM Share

Source: National Skier Association; RCLCO Mountain Resort Market Outlook | April 5, 2018 | 14 TRANSACTIONS IN PROMINENT MOUNTAIN RESORT MARKETS

Number of Sales Transactions; 2014-2017 Average Sales Price Per Square Foot; 2,500 2014-2017 $1,600 2,000 $1,400 $1,200 1,500 $1,000 $800 1,000 $600

500 $400 $200 0 $0

2014 2015 2016 2017 2014 2015 2016 2017

Note: Includes SFD and condo sales transactions Source: Sotheby’s; RCLCO Mountain Resort Market Outlook | April 5, 2018 | 15 HISTORIC SINGLE-FAMILY LISTINGS

SFD Listings Built 2000-2010, Select Mountain Resorts; 2017 $4,000

$ per$SF $2,000

$0 0 2,000 4,000 6,000 8,000 10,000 12,000 Square Feet

Lake Tahoe, CA/NV $1M-$2M Summit County, UT $1M-$2M Jackson, WY $1M-$2M Eagle, CO $1M-$2M Pitkin, CO $1M-$2M Big Sky, MT $1M-$2M Lake Tahoe, CA/NV $2M-$5M Summit County, UT $2M-$5M Jackson, WY $2M-$5M Eagle, CO $2M-$5M Pitkin, CO $2M-$5M Big Sky, MT $2M-$5M Lake Tahoe, CA/NV $5M-$10M Summit County, UT $5M-$10M Jackson, WY $5M-$10M Eagle, CO $5M-$10M

$1M-$2M SFD LISTINGS $2M-$5M SFD LISTINGS $5M-$10M SFD LISTINGS $10M+ SFD LISTINGS MED. MED. # MED. MED. # MED. MED. # MED. MED. # CURRENT LISTINGS/PRICING SF $/SF LISTED SF $/SF LISTED SF $/SF LISTED SF $/SF LISTED Lake Tahoe, CA/NV 3,045 $473 69 4,700 $630 76 5,600 $930 25 8,703 $2,024 10 Summit County, UT (Park City) 2,705 $640 35 5,505 $632 62 8,734 $967 51 10,221 $1,752 5 Jackson, WY (Jackson Hole) 3,121 $519 6 3,925 $763 12 7,327 $983 8 8,300 $1,627 6 Eagle, CO (Vail and Beaver Creek) 3,150 $524 4 3,900 $1,024 16 3,652 $1,944 9 8,700 $2,069 2 Pitkin, CO (Aspen-Snowmass) 3,350 $427 6 4,579 $872 16 5,393 $1,326 33 8,983 $1,553 4 Big Sky1, MT 3,180 $486 25 3,392 $883 12 5,965 $1,207 31 7,663 $1,762 13 Average 3,005 $517 145 4,752 $707 194 6,623 $1,141 157 8,522 $1,800 40

Source: Redfin; Realtor Reports; Zillow; RCLCO Mountain Resort Market Outlook | April 5, 2018 | 16 HISTORIC CONDO LISTINGS

Condo Listings Built 2000-2010, Select Mountain Resorts; 2017 $2,500

$2,000

$1,500

$ per$SF $1,000

$500

$0 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 Square Feet Lake Tahoe, CA/NV $1M-$2M Summit County, UT $1M-$2M Jackson Hole, WY $1M-$2M Eagle County, CO $1M-$2M Pitkin County, CO $1M-$2M Big Sky, MT $1M-$2M Lake Tahoe, CA/NV $2M-$5M Summit County, UT $2M-$5M Jackson Hole, WY $2M-$5M Eagle County, CO $2M-$5M Pitkin County, CO $2M-$5M Big Sky, MT $2M-$5M Lake Tahoe, CA/NV $5M+ Summit County, UT $5M+ Jackson Hole, WY $5M+ Eagle County, CO $5M+ Pitkin County, CO $5M+ Big Sky, MT $5M+ Spanish Peaks $1-$2M Moonlight Basin $1-$2M

$1M-$2M CONDO LISTINGS $2M-$5M CONDO LISTINGS $5M+ CONDO LISTINGS CURRENT LISTINGS/PRICING MED. SF MED. $/SF # LISTED MED. SF MED. $/SF # LISTED MED. SF MED. $/SF # LISTED Lake Tahoe, CA/NV 2,214 $660 66 2,500 $822 14 3,407 $1,512 1 Summit County, UT (Park City) 2,025 $861 79 2,253 $1,251 116 4,065 $1,540 9 Jackson, WY (Jackson Hole) 1,930 $855 11 Eagle, CO (Vail and Beaver Creek) 1,870 $989 3 2,035 $1,226 30 3,775 $2,038 16 Pitkin, CO (Aspen-Snowmass) 2,050 $683 10 3,328 $1,200 10 5,484 $998 10 Big Sky1, MT 2,620 $630 4 3,493 $1,245 41 6,128 $1,207 20 AVERAGE 2,104 $771 173 2,530 $1,215 211 4,961 $1,466 56

Source: Redfin; Realtor Reports; Zillow; RCLCO Mountain Resort Market Outlook | April 5, 2018 | 17 AGGREGATE MOUNTAIN RESORT TRANSACTIONS EXCEED PREVIOUS CYCLE

Historic Sales by Year and Price, Select Mountain Resort Markets; 2003-2017 10,000

8,000

6,000

4,000

2,000

0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 <$1M $1-$2M $2-$5M $5M+

ALL MOUNTAIN RESORT SALES 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 <$1M 4,412 5,401 5,779 4,654 4,302 3,109 2,956 3,584 4,301 5,666 6,618 7,062 8,266 8,301 8,125 $1-$2M 297 445 729 665 656 453 318 421 407 566 683 785 910 1,001 1,099 $2-$5M 159 193 346 352 365 207 203 249 258 331 366 486 488 442 538 $5M+ 62 68 96 126 129 88 67 89 92 144 149 190 233 206 242 TOTAL 4,931 6,107 6,949 5,797 5,452 3,857 3,545 4,343 5,058 6,708 7,817 8,523 9,897 9,950 10,003 SALES OVER $1M 519 706 1,170 1,143 1,150 748 589 759 757 1,042 1,199 1,461 1,631 1,649 1,879

Source: RealQuest; RCLCO Mountain Resort Market Outlook | April 5, 2018 | 18 DISTRIBUTION OF SALES BY PRICE RANGE NOT ALL MOUNTAIN RESORTS ARE THE SAME…

Distribution of Sales by Price, Select Mountain Resorts; 2003-2017 35% 30% Jackson Hole, WY 25% Summit County, UT Front Range, CO 20% Vail, CO 15% Aspen/Snowmass, CO 10% Sun Valley, ID 5% Big Sky, MT 0% Lake Tahoe, CA/NV $1-$2M $2-$5M $5M+

$1-$2M $2-$5M $5M+ TOTAL # OF SALES % OF TOTAL # OF SALES % OF TOTAL # OF SALES % OF TOTAL # OF SALES % OF TOTAL Jackson Hole, WY 1,133 13.2% 620 12.9% 267 12.4% 2,020 13.0% Summit County, UT 941 10.9% 313 6.5% 27 1.3% 1,281 8.2% Front Range, CO 1,229 14.3% 253 5.3% 5 0.2% 1,487 9.6% Vail, CO 2,034 23.6% 1,226 25.5% 352 16.4% 3,612 23.2% Aspen/Snowmass, CO 1,004 11.7% 1,094 22.7% 633 29.5% 2,731 17.5% Sun Valley, ID 260 3.0% 76 1.6% 9 0.4% 345 2.2% Big Sky, MT 201 2.3% 338 7.0% 376 17.5% 915 5.9% Lake Tahoe, CA/NV 1,577 18.3% 615 12.8% 178 8.3% 2,370 15.2% TOTAL 8,603 55.3% 4,809 30.9% 2,148 13.8% 15,565 100.0%

Source: RealQuest; RCLCO Mountain Resort Market Outlook | April 5, 2018 | 19 IN SUMMIT COUNTY, UT, SALES SURPASS PREVIOUS CYCLE PEAK

Historic Sales by Year and Price Range, Summit County, UT; 2003-2017 1,200

1,000

800

600

400

200

0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 <$1M $1-$2M $2-$5M $5M+

SUMMIT COUNTY, UTAH 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 <$1M 425 629 667 436 339 291 298 345 406 479 618 679 783 720 803 $1-$2M 13 26 65 76 89 63 20 35 26 59 77 86 114 136 171 $2-$5M 2 5 19 22 28 13 19 10 10 17 21 42 30 49 69 $5M+ 0 2 1 3 2 0 2 3 3 0 2 2 4 3 5 TOTAL 440 662 752 537 458 367 339 393 445 555 718 809 931 908 1,048

Source: RealQuest; RCLCO Mountain Resort Market Outlook | April 5, 2018 | 20 …BUT PERMITS REMAIN WELL BELOW PREVIOUS CYCLE LEVELS

Historic Permit Trends, Summit County, UT; 2003-2017 800 300% 700 252% 250% 600 200% 500

400 145% 148% 150% 300 121% 113% 106% 100% 200 64% 62% 31% 35% 38% 50% 100 24% 25% 29% 27% 0 0%

Multifamily Single-Family Permits (New Sales) as a % of Total Sales

Source: HUD; RCLCO Mountain Resort Market Outlook | April 5, 2018 | 21 ACCOMMODATION BEYOND TRADITIONAL OWNERSHIP FRACTIONAL: SHALLOW PENETRATION THIS CYCLE (SO FAR) POSSIBLY DUE TO HIGHER PRICES

Fractional Ownership, United States; 2004-2016 7,000 $500,000 $450,000 6,000 $400,000 5,000 $350,000 4,000 $300,000 $250,000 3,000 $200,000 2,000 $150,000 $100,000 1,000 $50,000 0 $0

Fractional Ownership Shares Sold Average Price per Share

Source: Ragatz Mountain Resort Market Outlook | April 5, 2018 | 23 MOUNTAIN RESORT HOTEL TRENDS LESS SEASONALITY  MORE APPEAL

Hotel Revenue Growth and Occupancy Growth, 20 Select U.S. Ski Resorts; 2011-2016

Ski Resort Hotel Vs. Upper-Upscale Hotel Performance; 2011-2016

Source: HVS; STR; RCLCO Mountain Resort Market Outlook | April 5, 2018 | 24 SUMMIT COUNTY HOTELS HOTEL INDUSTRY GROWTH ACCELERATES IN SUMMIT COUNTY

Transient Room Tax Revenue, Summit County, UT; 2011-2016 $9,000,000 18% $8,000,000 16% $7,000,000 14% $6,000,000 12% $5,000,000 10% $4,000,000 8% $3,000,000 6% $2,000,000 4% $1,000,000 2% $0 0% 2011 2012 2013 2014 2015 2016 Summit County, UT Transient Room Tax Revenue % Change

Source: Park City Chamber & Visitor's Bureau; Ken C. Gardner Policy Institute; RCLCO Mountain Resort Market Outlook | April 5, 2018 | 25 SEEMINGLY EXPONENTIAL GROWTH IN AIRBNB LISTINGS

Airbnb Listings in Prominent Resort Markets; 2010-2017 8,000

7,000

6,000

5,000

4,000

3,000

2,000

1,000

0 2010 2011 2012 2013 2014 2015 2016 2017 Vail Valley Aspen, CO Jackson, WY Park City, UT Big Sky, MT

Source: Airdna Mountain Resort Market Outlook | April 5, 2018 | 26 MOUNTAIN RESORT RETAIL: PAY TO PLAY EXPANSION OF FOOD AND BEVERAGE INDUSTRY PART OF THE SHIFT TO MORE EXPERIENTIAL RETAIL

Summit County, UT & Teton County, WY Retail Revenue; 2013-2016 30%

25%

20%

15%

10% 2013 2014 2015 2016

Teton County Food Service as a % of All Retail Revenue Wyoming Food Services as a % of All Retail Revenue Summit County Food & Beverage as a % of All Retail Revenue Utah Food & Beverage as a % of All Retail Revenue

Source: Utah State Tax Commission; Wyoming Department of Administration and Information, Economic Analysis Division; RCLCO Mountain Resort Market Outlook | April 5, 2018 | 28 ON-MOUNTAIN DINING NEVER LOOKED BETTER ON-MOUNTAIN REAL ESTATE, FOOD RE-DEFINED

FOUR POINTS HUT, STEAMBOAT FOUR POINTS LODGE, STEAMBOAT SPRINGS, PRE-2013 RENOVATION SPRINGS, POST-2013 RENOVATION

Source: Steamboat Today Mountain Resort Market Outlook | April 5, 2018 | 29 EXPERIENTIAL MOUNTAIN RESORT RETAIL HIGH PRICE ON TRADITIONAL ACCESS  DIVERSIFICATION

Source: Forbes, Singletracks.com, 303 Magazine Mountain Resort Market Outlook | April 5, 2018 | 30 PRODUCT PROFILES LIMELIGHT HOTEL—ASPEN, CO/SUN VALLEY, ID BOUTIQUE HOTEL & SELECT RESIDENCES

ASPEN REBRANDED IN 2012 WITH 126 KEYS, 11 RESIDENCES

SUN VALLEY OPENED IN 2016 WITH 99 KEYS, 14 RESIDENCES

Note: Limelight in Snowmass to open in 2018/2019 season. Source: Limelight Hotel Website; Curbed; RCLCO Mountain Resort Market Outlook | April 5, 2018 | 32 MOUNTAIN MODERN HOTEL—JACKSON, WY RENOVATED BOUTIQUE MOTEL DOWNTOWN

FORMER MOTEL CONVERTED TO BOUTIQUE OFFERING WITH 135 KEYS

Source: Buckrail Mountain Resort Market Outlook | April 5, 2018 | 33 DANCING BEAR—ASPEN, CO LUXURY FRACTIONAL

Source: Dancing Bear Website Mountain Resort Market Outlook | April 5, 2018 | 34 MOONLIGHT BASIN CABINS—BIG SKY, MT FOR-SALE SINGLE-FAMILY

LESS SPACE, AND THE GREAT OUTDOORS (INCLUDING LAKE ACCESS) AS AN AMENITY

Source: The Big Sky Real Estate Co. Mountain Resort Market Outlook | April 5, 2018 | 35 WALDORF ASTORIA MICRO UNITS—PARK CITY, UT FOR-SALE CONDOS

Source: Curbed Mountain Resort Market Outlook | April 5, 2018 | 36 MARTIS CAMP LODGE ESTATES—LAKE TAHOE, CA FINAL PHASE OF HOMESITES FOR CUSTOM HOMES SELLING OUT

Source: Martis Camp Blog; Martis Camp Instagram Mountain Resort Market Outlook | April 5, 2018 | 37 WHAT'S NEXT FOR MOUNTAIN TOWNS? MOUNTAIN VILLAGES AS MINI URBAN HUBS

► Increasing density at mountain-base villages and in downtown areas of resort towns ► Mountain-base villages as lodging hub, but core downtowns are destinations for retail/nightlife ► Continued consolidation of ski industry (Aspen & KSL, Vail) ► Several mountain-base redevelopments in the pipeline (Snowmass, Northstar, Canyons Village, Big Sky Master Plan) ► Shift towards year-round activities and tourism ► Mountain resort markets experience similar trends to core urban markets, but tend to lag a few years behind

Source: RCLCO Mountain Resort Market Outlook | April 5, 2018 | 39 AUSTIN LA ORLANDO DC

221 W 6th St 11601 Wilshire Blvd 964 Lake Baldwin Ln 7200 Wisconsin Ave Suite 2030 Suite 1650 Suite 100 Suite 1110 Austin, TX 78701 Los Angeles, CA 90025 Orlando, FL 32814 Bethesda, MD 20814

Adam Ducker Managing Director P: (240) 644-0980 E: [email protected] W: RCLCO.COM