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FAIRFIELD INN BY MARRIOTT PROVO,

FAIRFIELD INN BY MARRIOTT PROVO, UTAH OFFERING MEMORANDUM

/ PREPARED BY HUNTER HOTEL ADVISORS / 1 FAIRFIELD INN BY MARRIOTT PROVO, UTAH

NATIONAL REACH. LOCAL KNOWLEDGE. Hunter Hotel Advisors is pleased to present to qualified investors the opportunity to acquire the fee simple interest in the 72-room Fairfield Inn Provo, Utah.

Danny Givertz Brian Embree Daniel Riley Senior Vice President Senior Associate Senior Analyst [email protected] [email protected] [email protected] 818-992-2902 818-992-2906 770-916-0300

/ PREPARED BY HUNTER HOTEL ADVISORS / 1 FAIRFIELD INN BY MARRIOTT TABLE PROVO, UTAH OF CONTENTS

Executive Summary ...... 3 Property Overview ...... 5 Property Description...... 7 Financials ...... 8 Market Summary...... 16 About Hunter ...... 28

/ PREPARED BY HUNTER HOTEL ADVISORS / 2 FAIRFIELD INN BY MARRIOTT EXECUTIVE PROVO, UTAH SUMMARY

Interstate Location Near Popular Year-Round Recreation Opportunities The Fairfield Inn is located on the southern side of Provo in a highly visible location where traverses the East Bay Technology Park. Interstate 15 provides direct access to , Utah. The property’s location within close proximity to Park City, Midway, Alpine, Orem, and Salt Lake City provide a wealth of outdoor, year-round recreational opportunities and festivals, which attract hundreds of thousands of visitors each year. There are multiple ski resorts, championship-level golf courses, and State Park areas within a short drive of the Subject.

Incredible Growth Opportunity There is significant growth opportunity for the Fairfield Inn as the Provo market continues to be one of the nation’s fastest growing communities due to its resort lifestyle and overall quality of life. Provo has one of the lowest unemployment rates in Utah. Local developers and business leaders cite that there are not enough jobs in the city itself (as 27% of residents commute to Park City or Salt Lake City for work). Average home prices in the valley doubled from 2002–2008 and the population grew by 25% in that same time period.

Owner / Operator or Regional Hotel Company Opportunity The Fairfield Inn is a three-story, interior corridor limited service hotel situated within close proximity to many of the area’s year-round recreational opportunities. It’s size at 72 guestrooms is ideal for an owner / operator or group of investors to acquire and operate the business.

Discount to Replacement Costs At the asking price presented herein, the Fairfield Inn will trade at a meaningful discount to replacement costs. The price-point of the property is within Price: $6,500,000 reach of smaller and medium-sized investors and regional hotel companies that might not otherwise be able to acquire such a building due to large initial Price per Key: $90,278 equity/cash investments. Fee Simple Interest Conveyed.

/ PREPARED BY HUNTER HOTEL ADVISORS / 3 FAIRFIELD INN BY MARRIOTT INVESTMENT PROVO, UTAH CONSIDERATIONS

Fee Simple The hotel will be sold with fee simple interest conveyed.

Property Improvement Plan (PIP) The franchise license is considered an exceptionally valuable asset of the Fairfield Inn. It provides a high level of franchise flexibility for an Owner, traveler allegiance and recognition, an excellent computerized reservation system, and a well-known and highly regarded rewards program.

On change of ownership, it is anticipated that Marriott will require the new owner to complete certain improvements, upgrades and modifications to the hotel as a condition of the issuance of a new license. The Buyer will be responsible for all repairs and renovations needed to satisfy Marriott’s requirements. The Change of Ownership PIP will be made available for review in the dataroom.

Unencumbered by Management The Fairfield Inn is being offered unencumbered by its current management agreement, thereby providing an excellent opportunity for an owner to fully control the property’s operations.

/ PREPARED BY HUNTER HOTEL ADVISORS / 4 FAIRFIELD INN BY MARRIOTT PROPERTY PROVO, UTAH OVERVIEW

Overview The three-story, interior corridor, 72-guestroom Fairfield Inn opened in July 1992 and has achieved considerable market , revenue, and NOI growth throughout its existence. The property is situated just off Interstate 15 between the East Bay Technology Park and Provo Towne Center shopping mall in Provo, Utah, a bedroom community / suburb of Salt Lake City, Utah, and within close proximity to the area’s primary demand generators and attractions. Known for its access to highly marketed winter season activities such as skiing, snowboarding, snowmobiling, etc., Provo is a year-round destination. The Fairfield Inn is located adjacent to East Bay Technology Park and is within close proximity to innovative firms such as Chrysalis, Rocky Mountain University of Healthcare, Wavetronix, InsideSales.Com, , and Start Studio to name a few. The overall Salt Lake City region is wildly Tourism is a year-round industry in the Provo / Salt Lake City region. The local popular with outdoor enthusiasts and offers plenty of recreational activities tourism market features 2 separate “busy seasons” with one coinciding with and attractions throughout the year including cross country skiing and tubing, the annual Sundance , the largest festival in the alpine/mogul skiing, horse drawn sleigh rides, snowmobiling, Nordic skiing, (home to 46,000+ annual attendees), and the other coinciding the , Deer Creek State Park, horseback riding, fly fishing, with the warmer summer months. The featured nearly mountain biking and cycling, river rafting and canoeing, caving, hiking, and 50,000 registered guests in 2016 (not counting “unregistered attendees”) for paddle board yoga as examples. the official events of the festival and likely several tens of thousands more for unofficial events that regularly occur throughout the city during the festival Construction Features periods. Occupancy for the Fairfield Inn’s competitive set swelled to nearly • Opened in July 1992 55% in January 2016. During this time, average rates for the competitive set • 3-story, interior corridor approached $75.00 (the Subject achieved ADR of roughly $90.00), and RevPAR • 72 guestrooms figures hovered around $40.00 for the competitive market. The second busy • Meeting and banquet facilities to accommodate up to 25 guests period occurring in the warmer months of June, July, and August offering • Heated indoor pool and whirlpool higher average rates in the $90.00 to $115.00 range for both the Subject and competitive market. We believe there is significant room for upside potential during the festival period, particularly in average rates given the ADR disparity between the Subject and competitive hotels.

The Provo area is located in Utah County and is situated only 50 miles from Salt Lake City International Airport and 45 miles from Park City to the north (Summit County). Provo conveniently sits amongst multiple world-class ski resorts including the wildly popular Resort and the .

/ PREPARED BY HUNTER HOTEL ADVISORS / 5 Area Map

to salt lake city & PArk city university (as well as majority of other ski resorts)

provo college

regional medical center

provo airport Provo town center

east bay technology park

/ PREPARED BY HUNTER HOTEL ADVISORS / 6 FAIRFIELD INN BY MARRIOTT PROPERTY PROVO, UTAH DESCRIPTION

Hotel Configuration and Layout The ground floor consists of the lobby, breakfast area, administrative offices, and back-of-the-house areas such as commercial kitchen, maintenance room and storage, and the commercial laundry equipment. Guestrooms offer a flat screen television, armoire, nightstands, desk and / or activity table, closet, iron and ironing board, hairdryer, telephone, connectivity, and mini refrigerators and microwaves.

Dining The Fairfield Inn offers a complimentary breakfast to its guests. The complimentary breakfast includes both hot and cold items and is available daily. Additionally, there are numerous options for guests of all budgets including options such as Olive Garden, Sizzler, Ruby River Steakhouse, Red Robin Gourmet Burgers, Wingers, Village Inn, Brick Oven Restaurant, and Lotus Garden Restaurant to name a few.

Business Center The business center features a and printer workstation for guests to use during their stay. There are also meeting rooms, a fax machine, and a printer available to guests. Audio/Visual equipment is available for rental.

Fitness Center The hotel features an upgraded 24-hour fitness center with the standard mix of exercise machines and treadmills.

Pool The Fairfield Inn offers a heated indoor pool for guests use.

Event Space The Fairfield Inn offers meeting and banquet space to accommodate up to 25 guests.

/ PREPARED BY HUNTER HOTEL ADVISORS / 7 FAIRFIELD INN BY MARRIOTT FINANCIAL PROVO, UTAH HIGHLIGHTS

Year End 2014 Year End 2015 Year End 2016 Pro Forma Year 1 Pro Forma Year 2 Pro Forma Year 3 Pro Forma Year 4 Pro Forma Year 5

Occupancy 67.7% 68.0% 64.0% 65.0% 67.0% 69.0% 70.4% 71.8%

ADR $93.91 $90.81 $98.49 $103.14 $106.23 $110.38 $112.58 $114.84

RevPAR $63.61 $62.49 $62.98 $67.04 $71.17 $76.20 $79.28 $82.48

TRevPAR $65.24 $64.93 $65.54 $68.64 $73.01 $78.10 $81.24 $84.27

Revenue Per Room $23,217 $23,037 $23,052 $24,470 $25,976 $27,814 $28,937 $30,106

Room Revenue $1,671,595 $1,658,660 $1,659,774 $1,761,844 $1,870,274 $2,002,580 $2,083,485 $2,167,657

Total Revenue $1,714,625 $1,706,238 $1,722,509 $1,808,895 $1,918,737 $2,052,497 $2,134,899 $2,220,614

NOI* $378,757 $470,863 $488,383 $525,270 $557,494 $639,218 $675,444 $713,551

NOI % 22.1% 27.6% 28.4% 29.0% 29.1% 31.1% 31.6% 32.1%

*AFTER 3% Management Fee and 4% FF&E Reserve

/ PREPARED BY HUNTER HOTEL ADVISORS / 8 FAIRFIELD INN BY MARRIOTT FINANCIAL PROVO, UTAH HIGHLIGHTS

Year End 2016 STR Report

Pro Forma Pro Forma Pro Forma Pro Forma Pro Forma Occupancy (%) Year End 2012 Year End 2013 Year End 2014 Year End 2015 Year End 2016 Year 1 Year 2 Year 3 Year 4 Year 5

Subject 65.2% 67.4% 67.7% 67.3% 64.0% 65.0% 67.0% 69.0% 70.4% 71.8%

Comp Set 58.4% 62.8% 64.1% 67.3% 66.4% 67.7% 69.1% 70.4% 71.9% 73.3%

Comp Set %Chg Act/Fcst 10.2% 7.6% 2.1% 4.9% -1.3% 2.0% 2.0% 2.0% 2.0% 2.0%

Index Penetration 111.8 107.4 105.6 100.1 96.3 96.0 97.0 98.0 98.0 98.0

Subject Rank 1 of 6 2 of 6 2 of 6 3 of 6 4 of 6

Pro Forma Pro Forma Pro Forma Pro Forma Pro Forma ADR ($) Year End 2012 Year End 2013 Year End 2014 Year End 2015 Year End 2016 Year 1 Year 2 Year 3 Year 4 Year 5

Subject $82.63 $83.91 $93.91 $93.74 $98.49 $103.14 $106.23 $110.38 $112.58 $114.84

Comp Set $74.13 $76.54 $79.80 $81.68 $86.99 $90.47 $93.18 $95.98 $97.90 $99.86

Comp Set %Chg Act/Fcst -0.3% 3.2% 4.3% 2.4% 6.5% 4.0% 3.0% 3.0% 2.0% 2.0%

Index Penetration 111.5 109.6 117.7 114.8 113.2 114.0 114.0 115.0 115.0 115.0

Subject Rank 2 of 6 2 of 6 2 of 6 2 of 6 2 of 6

Pro Forma Pro Forma Pro Forma Pro Forma Pro Forma RevPAR ($) Year End 2012 Year End 2013 Year End 2014 Year End 2015 Year End 2016 Year 1 Year 2 Year 3 Year 4 Year 5

Subject $53.91 $56.60 $63.61 $63.11 $62.98 $67.04 $71.17 $76.20 $79.28 $82.48

Comp Set $43.27 $48.05 $51.16 $54.95 $57.75 $61.26 $64.36 $67.61 $70.35 $73.19

Comp Set %Chg Act/Fcst 9.8% 11.1% 6.5% 7.4% 5.1% 6.1% 5.1% 5.1% 4.0% 4.0%

Index Penetration 124.6 117.8 124.3 114.9 109.1 109.4 110.6 112.7 112.7 112.7

Subject Rank 2 of 6 2 of 6 2 of 6 2 of 6 2 of 6

/ PREPARED BY HUNTER HOTEL ADVISORS / 9 FAIRFIELD INN BY MARRIOTT HISTORICAL STATEMENT PROVO, UTAH

72 Guestrooms Year End 2014 Year End 2015 Year End 2016

Occupancy 67.4% 68.0% 64.0% Average Room Rate $83.91 $90.81 $98.49 RevPAR $56.60 $62.49 $62.98 TRevPAR** $65.24 $64.93 $65.54 Revenue Per Room $23,217 $23,037 $23,052 Available Rooms 26,280 26,280 26,280 Occupied Rooms 17,725 17,860 16,807 Department Revenue Room Revenue $1,671,595 97.5% $1,658,660 97.2% $1,659,774 96.4% Guest Shop Revenue $12,834 0.7% $16,709 1.0% $15,052 0.9% Misc. Revenue $30,196 1.8% $30,869 1.8% $47,683 2.8% Total Revenue $1,714,625 100.0% $1,706,238 100.0% $1,722,509 100.0% Departmental Expenses Room Expense $407,075 24.4% $482,618 29.1% $506,126 30.5% Guest Shop Expense $3,028 23.6% $3,091 18.5% $3,404 22.6% Misc. Expense $142,679 472.5% $15,423 50.0% $17,801 37.3% Total Departmental Expenses $552,782 32.2% $501,132 29.4% $527,331 30.6% Gross Operating Income $1,161,843 67.8% $1,205,106 70.6% $1,195,178 69.4% Undistributed Operating Expenses Administrative & General $144,483 8.4% $192,040 11.3% $95,800 5.6% Sales and Marketing $79,925 4.7% $41,325 2.4% $44,017 2.6% Utilities $67,901 4.0% $58,280 3.4% $60,987 3.5% Repairs and Maintenance $105,091 6.1% $89,505 5.2% $82,085 4.8% Franchise Fees $180,648 10.5% $172,603 10.1% $216,867 12.6% Total Undistributed Operating Expenses $578,048 33.7% $553,753 32.5% $499,756 29.0% Gross Operating Profit $583,795 34.0% $651,353 38.2% $695,422 40.4% Fixed Expenses Management Fee (3.0%) $51,439 3.0% $51,187 3.0% $51,675 3.0% FF&E Reserve (4.0%) $68,585 4.0% $68,250 4.0% $68,900 4.0% Insurance $49,112 2.9% $16,997 1.0% $26,898 1.6% Property Taxes $33,548 2.0% $42,979 2.5% $57,385 3.3% Lease & Rental Expense $2,354 0.1% $1,077 0.1% $2,180 0.1% Total Fixed Expenses $205,038 12.0% $180,490 10.6% $207,039 12.0% Net Operating Income* $378,757 22.1% $470,863 27.6% $488,383 28.4% *NOI includes a 3% deduction for Management Fee and a 4% deduction for FF&E Reserve **TRevPAR is Total Revenue divided by Available Rooms

/ PREPARED BY HUNTER HOTEL ADVISORS / 10 FAIRFIELD INN BY MARRIOTT PRO FORMA STATEMENT PROVO, UTAH

72 Guestrooms Pro Forma Year 1 Pro Forma Year 2 Pro Forma Year 3 Pro Forma Year 4 Pro Forma Year 5

Occupancy 65.0% 67.0% 69.0% 70.4% 71.8% Average Room Rate $103.14 $106.23 $110.38 $112.58 $114.84 RevPAR $67.04 $71.17 $76.20 $79.28 $82.48 TRevPAR** $68.64 $73.01 $78.10 $81.24 $84.27 Revenue Per Room $24,470 $25,976 $27,814 $28,937 $30,106 Available Rooms 26,352 26,280 26,280 26,280 26,352 Occupied Rooms 17,129 17,606 18,143 18,506 18,928 Department Revenue Room Revenue $1,761,844 97.4% $1,870,274 97.5% $2,002,580 97.6% $2,083,485 97.6% $2,167,657 97.6% Guest Shop Revenue $11,289 0.6% $11,628 0.6% $11,977 0.6% $12,336 0.6% $12,706 0.6% Misc. Revenue $35,762 2.0% $36,835 1.9% $37,940 1.8% $39,078 1.8% $40,251 1.8% Total Revenue $1,808,895 100.0% $1,918,737 100.0% $2,052,497 100.0% $2,134,899 100.0% $2,220,614 100.0% Departmental Expenses Room Expense $510,935 29.0% $542,379 29.0% $560,723 28.0% $572,958 27.5% $585,268 27.0% Guest Shop Expense $3,506 18.0% $3,611 18.0% $3,720 18.0% $3,831 18.0% $3,946 18.0% Misc. Expense $16,093 45.0% $16,576 45.0% $15,176 40.0% $15,631 40.0% $16,100 40.0% Total Departmental Expenses $530,534 29.3% $562,567 29.3% $579,618 28.2% $592,421 27.7% $605,314 27.3% Gross Operating Income $1,278,361 70.7% $1,356,170 70.7% $1,472,879 71.8% $1,542,478 72.3% $1,615,300 72.7% Undistributed Operating Expenses Administrative & General $135,667 7.5% $143,905 7.5% $153,937 7.5% $160,117 7.5% $166,546 7.5% Sales and Marketing $54,267 3.0% $57,562 3.0% $51,312 2.5% $53,372 2.5% $55,515 2.5% Utilities $81,400 4.5% $86,343 4.5% $92,362 4.5% $96,070 4.5% $99,928 4.5% Repairs and Maintenance $90,445 5.0% $95,937 5.0% $92,362 4.5% $96,070 4.5% $99,928 4.5% Franchise Fees $162,801 9.0% $172,686 9.0% $184,725 9.0% $192,141 9.0% $199,855 9.0% Total Undistributed Operating Expenses $524,580 29.0% $556,434 29.0% $574,699 28.0% $597,772 28.0% $621,772 28.0% Gross Operating Profit $753,782 41.7% $799,737 41.7% $898,180 43.8% $944,706 44.3% $993,528 44.7% Fixed Expenses Management Fee (3.0%) $54,267 3.0% $57,562 3.0% $61,575 3.0% $64,047 3.0% $66,618 3.0% FF&E Reserve (4.0%) $72,356 4.0% $76,749 4.0% $82,100 4.0% $85,396 4.0% $88,825 4.0% Insurance $45,222 2.5% $47,968 2.5% $51,312 2.5% $53,372 2.5% $55,515 2.5% Property Taxes $54,267 3.0% $57,562 3.0% $61,575 3.0% $64,047 3.0% $66,618 3.0% Lease & Rental Expense $2,400 0.1% $2,400 0.1% $2,400 0.1% $2,400 0.1% $2,400 0.1% Total Fixed Expenses $228,512 12.6% $242,242 12.6% $258,962 12.6% $269,262 12.6% $279,977 12.6% Net Operating Income* $525,270 29.0% $557,494 29.1% $639,218 31.1% $675,444 31.6% $713,551 32.1% *NOI includes a 3% deduction for Management Fee and a 4% deduction for FF&E Reserve **TRevPAR is Total Revenue divided by Available Rooms

/ PREPARED BY HUNTER HOTEL ADVISORS / 11 FAIRFIELD INN BY MARRIOTT FINANCIAL HIGHLIGHTS PROVO, UTAH

SOURCES AND USE OF FUNDS: Number of Rooms 72 Per Room PIP $0 $0 Estimated 1st Mortgage $4,550,000 70.0% Purchase Price $6,500,000 $90,278 Estimated Equity 1,950,000 30.0% $6,500,000 $90,278 Total Sources of Funds $6,500,000 100.0%

FINANCING: First Mortgage Amount $4,550,000 Annual Debt Payment $335,292 Interest Rate 5.50% Amortization of Principal 25 Monthly Debt Payment $27,941 Total Five Year Year 1 Year 2 Year 3 Year 4 Year 5 Principal Reduction Beginning Loan Balance $4,550,000 $4,462,781 $4,370,643 $4,273,307 $4,170,481 Interest Paid 248,073 243,153 237,956 232,465 226,665 Principal Reduction 87,219 92,138 97,336 102,826 108,626 $488,146 Annual Payment 335,292 335,292 335,292 335,292 335,292 Ending Loan Balance $4,462,781 $4,370,643 $4,273,307 $4,170,481 $4,061,854

Year 1 Year 2 Year 3 Year 4 Year 5 Escalation Factor applied to NOI: 0.0% 6.1% 14.7% 5.7% 5.6% Estimated Net Operating Income $525,270 $557,494 $639,218 $675,444 $713,551 Debt Payment 335,292 335,292 335,292 335,292 335,292 Estimated Cash Flow After Debt Svce. $189,978 $222,203 $303,926 $340,152 $378,260

Estimated Cash on Cash Yield 9.7% 11.4% 15.6% 17.4% 19.4%

ESTIMATED PROFIT ON SALE AT END OF YEAR FIVE: Year 5 NOI $713,551 Cap Rate on Sale (end of 5th year) 9.00% Projected Sales Price $7,928,349 Selling Costs 3.00% Sale Price Per Room $110,116 Net Sale Price 7,690,498 Less: Loan Payoff 4,061,854 Less Initial Equity 1,950,000 Estimated Capital Gain 1,678,644 Estimated Capital Gain $1,678,644

ESTIMATED LEVERAGED INTERNAL RATE OF RETURN Year 1 Year 2 Year 3 Year 4 Year 5 Initial Equity Investment $1,950,000 Annual Cash Flow after Debt $189,978 $222,203 $303,926 $340,152 $378,260 Residual Value 7,928,349 Minus Selling Costs (3%) 237,850 Minus Debt Outstanding 4,061,854 Total Cash Flow after Debt Service (1,950,000) $189,978 $222,203 $303,926 $340,152 $4,006,904 Annual Cash on Cash Yield 9.7% 11.4% 15.6% 17.4% 205.5%

ESTIMATED LEVERAGED INTERNAL RATE OF RETURN 24.3%

/ PREPARED BY HUNTER HOTEL ADVISORS / 12 FAIRFIELD INN BY MARRIOTT COMPETITIVE PROVO, UTAH ANALYSIS

Occupancy Fairfield Inn Provo Competitive Set ADR Fairfield Inn Provo Competitive Set RevPAR Fairfield Inn Provo Competitive Set

Nov-15 44.6% 54.4% Nov-15 $84.58 $73.47 Nov-15 $37.71 $39.96

Dec-15 40.4% 47.5% Dec-15 $76.56 $71.33 Dec-15 $30.94 $33.89

Jan-16 44.5% 54.5% Jan-16 $87.71 $73.17 Jan-16 $39.06 $39.87

Feb-16 67.3% 64.3% Feb-16 $91.01 $78.03 Feb-16 $61.29 $50.18

Mar-16 68.6% 66.2% Mar-16 $92.00 $79.62 Mar-16 $63.15 $52.75

Apr-16 62.5% 70.5% Apr-16 $114.49 $94.73 Apr-16 $71.61 $66.79

May-16 66.7% 67.9% May-16 $95.40 $86.30 May-16 $63.60 $58.64

Jun-16 78.3% 78.3% Jun-16 $105.53 $94.07 Jun-16 $82.67 $73.69

Jul-16 76.1% 74.0% Jul-16 $99.98 $93.06 Jul-16 $76.11 $68.88

Aug-16 76.9% 80.9% Aug-16 $111.81 $108.16 Aug-16 $85.96 $87.48

Sep-16 67.2% 68.5% Sep-16 $96.59 $88.86 Sep-16 $64.93 $60.87

Oct-16 59.7% 64.7% Oct-16 $97.37 $83.10 Oct-16 $58.11 $53.78

Nov-16 51.8% 55.5% Nov-16 $91.87 $78.11 Nov-16 $47.60 $43.37

Dec-16 48.0% 51.2% Dec-16 $87.68 $71.11 Dec-16 $42.11 $36.39

Monthly Occupancy Monthly ADR Monthly RevPAR 90.0% $120.00 $100.00 $90.00 80.0% $110.00 $80.00 70.0% $100.00 $70.00

60.0% $90.00 $60.00 $50.00 Fairfield Inn Provo Fairfield Inn Provo Fairfield Inn Provo $80.00 50.0% $40.00 Competitive Set Competitive Set Competitive Set 40.0% $70.00 $30.00 $20.00 30.0% $60.00 $10.00 20.0% $50.00 $0.00 Jul-16 Jul-16 Jul-16 Oct-16 Apr-16 Oct-16 Oct-16 Apr-16 Apr-16 Jan-16 Jan-16 Feb-16 Feb-16 Feb-16 Feb-16 Jun-16 Jun-16 Dec-15 Dec-15 Dec-15 Jan-16 Feb-16 Feb-16 Jun-16 Dec-16 Sep-16 Sep-16 Nov-15 Nov-15 Nov-15 Mar-16 Aug-16 Nov-16 Dec-16 Dec-16 Sep-16 Sep-16 Sep-16 Mar-16 Mar-16 Aug-16 Aug-16 Nov-16 Nov-16 May-16 May-16 May-16

/ PREPARED BY HUNTER HOTEL ADVISORS / 13 FAIRFIELD INN BY MARRIOTT COMPETITIVE SET PROVO, UTAH

Property Name City Rooms Open Date

Fairfield Inn Provo Provo, UT 72 1992

La Quinta Inns & Suites Provo Town Center Provo, UT 78 1968

Sleep Inn Provo Provo, UT 82 1995

Hampton Inn Provo Provo, UT 87 1996

La Quinta Inns & Suites Orem University Parkway Orem, UT 130 1997

Comfort Inn & Suites Orem Orem, UT 77 1998

/ PREPARED BY HUNTER HOTEL ADVISORS / 14 Competitive Set Map

FAIRFIELD INN BY MARRIOTT La Quinta Inn & Suites Orem Comfort Inn & Suites PROVO, UTAH University Parkway orem

Sleep Inn provo

La Quinta Inn Provo Town Hampton Inn Provo Center

/ PREPARED BY HUNTER HOTEL ADVISORS / 15 FAIRFIELD INN BY MARRIOTT MARKET PROVO, UTAH SUMMARY

Provo, Utah Provo is the third-largest city in the U.S. state of Utah, located 43 miles south of Salt Lake City along the . Provo is the largest city and county seat of Utah County. It lies between the cities of Orem to the north and Springville to the south. With a population at the 2010 census of 112,488, Provo is the principal city in the Provo-Orem metropolitan area, which had a population of 526,810 residents at the 2010 census. It is the third-largest metropolitan area in Utah after Salt Lake City and Ogden-Clearfield.

The city is the location of , a private higher education institution, which is operated by The Church of Jesus Christ of Latter-day Saints (LDS Church). Provo also has the largest Missionary Training Center for the LDS Church. The city is a focus area for technology development in Utah, with several billion-dollar startups operating in Provo. Provo was the second city in the United States to work with Fiber. The city’s was a venue for the Salt Lake City Winter Olympics in 2002. Sundance Resort is located 13 miles northeast at .

In 2015, Provo was cited among the “Best Small And Medium-Size Cities For Jobs,” and Utah County, where Provo is the largest municipality, was named by the BLS for highest job growth for the year. In 2013, Forbes ranked Provo the No. 2 city on its list of Best Places for Business and Careers. Provo was ranked first for community optimism (2012), first for volunteerism (2008), and first in health/well-being (2014). Its metropolitan area was projected to have Historic Downtown Provo, UT the greatest population increase in the 2010 United States Census (47%).

Provo has more than three-dozen restaurants and a couple of shopping centers. and , both shopping malls, operate in Provo. Several small shops, music venues and boutiques have popped up in downtown, along Center Street and University Avenue. Downtown has also begun regularly hosting “gallery strolls”, held every first Friday of the month, featuring local artists. There are many different dining establishments in and around downtown Provo. A few exclusively downtown Provo establishments include A Beuford Giffords, aka ABGs, one of only three Provo, UT bars in all of Provo and the only bar to host live music every weekend; and Tommy Burger, a burger stand noted for burgers and Chicago-style hot dogs.

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Economy Top Employers Five Provo companies are listed on Inc.com’s Inc. 5000 list of the fastest- According to Provo’s 2011 Comprehensive Annual Financial Report, the top growing private companies in the United States. The largest, DieCuts With employers in the city were: a View, is ranked number 1,403 and has revenues of $26.2 million. Other companies on the list are VitalSmarts (ranked 4,109, with $41.4 million in # Employer # of Employees revenue), and Connect Public Relations (ranked 3,694, with $6.1 million in 1 Brigham Young University 4,000 revenue). The global recreation and entertainment company Ryze Trampoline 2 3,733 (2013) Parks, with locations throughout Asia, Europe and the U.S., is headquartered in Provo. 3 3,000 4 Missionary Training Center 1,000-4,999 MediaWorks Inc., one of Utah’s premiere film and video production companies, was founded in Provo in 1998 and continues to provide production services to 5 Utah Valley Regional Medical Center 1,000-4,999 companies throughout the United States. 6 2,500

7 1,380 (2011) International Companies • , a shooting range manufacturer 8 Utah County 1,250 • is a water modeling company with customers in 9 Ancestry.com 994 (2012) almost all countries around the world • Morinda Bioactives (formerly Tahitian Noni International) is a multi- 10 City of Provo 730 level marketing health and skin care manufacturer whose products are based on the Tahitian fruit called noni • Nu Skin Enterprises, a multi-level marketing firm for skin care products, was founded in 1984. In 2005, some 82 percent of revenues for the $1.5B company were generated through markets in Asia. • , a private research software company • Vivint (formerly APX Alarm Security Solutions) is a residential security company with customers in the United States, New Zealand, and Canada.

Downtown Provo, UT Utah Valley Regional Medical Center

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Higher Education Brigham Young University (BYU) is a private university operated by the LDS Church. BYU is the third-largest private university in the United States, with more than 34,000 students. It is the flagship of the LDS Church Educational System of higher education. On the campus is the Spencer W. Kimball Tower, the tallest building in Provo.

Rocky Mountain University of Health Professions is a private, for-profit university emphasizing graduate healthcare education. The university is accredited by the Northwest Commission of Colleges and Universities (NWCCU). RMUoHP offers programs in nursing practice, physical therapy, occupational therapy and health science. RMUoHP is planning to build Utah County’s first new medical school.

Provo College is a private, for-profit educational institution that specializes in career education. The school is accredited by the Accrediting Council for Independent Colleges and Schools (ACICS). Provo College offers associate degrees and diplomas in fields such as nursing, medical assisting, criminal justice, graphic design, and office administration.

Brigham Young University

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Annual Cultural Events Every July, Provo hosts America’s Freedom Festival at Provo, which includes the at BYU. It is held in LaVell Edwards Stadium, home to Brigham Young University’s NCAA football team. The Independence Day festivities are quite popular among local residents and have featured such notable figures as Bob Hope, David Hasselhoff, Reba McEntire, Mandy Moore, Huey Lewis and the News, , Sean Hannity, Fred Willard and Taylor Hicks. In 2015, the event included performances by Journey and Olivia Holt, and was hosted by the television personality Montel Williams.

Provo has two other large festivals each fall. is an annual family-oriented Labor Day weekend event in downtown Provo that offers the community a taste of the region’s Hispanic culture through ethnic food, vendors, and performances.

The city has hosted an annual LGBT Provo Pride Festival since 2013.

Sundance Film Festival The Sundance Film Festival, a program of the , is an American film festival that takes place annually in Park City, Utah. With 46,660 attendees in 2016, it is the largest independent film festival in the United States. Held in January in Park City, Salt Lake City, and Ogden, as well as at the Sundance Resort, the festival is a showcase for new work from American and international independent filmmakers. The festival comprises competitive sections for American and international dramatic and documentary films, both feature-length films and short films, and a group of out- of-competition sections, including NEXT, New Frontier, Spotlight, and Park City At Midnight.

The festival has changed over the decades from a low-profile venue for small-budget, independent creators from outside the Hollywood system to a media extravaganza for Hollywood celebrity actors, paparazzi, and luxury lounges set up by companies not affiliated with Sundance.

Numerous small festivals sprung up around Sundance in the Park City area, including Slamdance, Nodance, Slumdance, It-dance, X-Dance, Lapdance, Tromadance, The Park City Film Music festival, etc. Sundance Film Festival

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Demand Generators and Attractions Wasatch Mountain State Park Wasatch Mountain State Park is a state park of Utah, located in the Heber Valley of Wasatch County near Midway. Established in 1961, Wasatch Mountain State Park is Utah’s most developed state park. Named for Wasatch Mountain, the park consists of 21,592 acres, and sits at an elevation of 5,900 feet. Wildlife in the park includes deer, elk, wild turkeys, and moose.

In addition to world-class ski resorts, the is home to a host of other outdoor pursuits as well. Hundreds of miles of mountain biking and hiking trails wind through the canyons and alpine valleys of the Wasatch offering back country access in very close proximity to a large metropolitan area.

Outdoor enthusiasts can also world-class rock climbing and mountaineering on the towering limestone, granite and quartzite peaks and in many of the surrounding canyons. Winter recreation includes excellent ski touring & ski mountaineering.

Alpine lakes and offer somewhat over-worked fishing opportunities. The Wasatch Mountain Club calendars regular activities allowing one to experience the Wasatch Range. The Utah Native Plant Society regularly conducts walks from spring until fall along the foothills of the Central Wasatch Front and in adjoining canyons as the season’s progress. A particularly spectacular location for wildflowers in the late summer is Albion Basin at the top of Little Cottonwood Canyon.

Soldier Hollow was host to some of the events of the . The venue remains open to the public year-round, offering Nordic skiing, tubing, snowshoeing, a summer and winter biathlon, and in-line skating facilities.

Wasatch Mountain State Park contains two historic features. The restored Tate Barn, at the south end of the park, is a recognized landmark and Heber Valley symbol. It is a classic wooden barn built in the 1890s. Huber Grove, a Wasatch Mountain State Park 100-year-old apple orchard, features the Huber Farmhouse and Creamery.

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Soldier Hollow Soldier Hollow is a cross-country ski resort located 53 miles southeast of Salt Lake City in Wasatch Mountain State Park. The resort was created for the 2002 Winter Olympics, and during the games it hosted the biathlon, cross-country skiing, and the cross-country skiing portion of the Nordic combined events. Since hosting the Olympics, it has been developed as a cross-country skiing, tubing, and snowshoeing resort, while featuring mountain biking and golfing in the summer.

The Soldier Hollow venue was one of only three, which was built and designed by the Salt Lake Organizing Committee (SLOC) specifically for the 2002 Winter Olympics; with the others being the and . The venue cost SLOC $22 million to construct.

During the 2002 games Soldier Hollow hosted the biathlon, cross-country skiing, and Nordic combined events. The venue itself hosted 64,160 biathlon spectators, 99,320 cross-country spectators, and 1,794 Nordic combined spectators during these events. During the 2002 Winter Paralympics the venue hosted the biathlon and cross-country events.

It is owned by the State of Utah and managed by the Division of Utah State Parks and Recreation, who also manages the surrounding state park. It also home to Soldier Hollow Charter School.

Soldier Hollow Ski Resort

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Park City Mountain Ski Resort Park City Mountain Resort is a ski resort in the western United States in Park City, located 34 miles east of Salt Lake City. Opened in 1963, the resort has been a major tourist attraction for skiers from all over the United States, as well as a main employer for many of Park City’s citizens. Park City, as the ski resort and area is known, contains several training courses for the U.S. Ski Team, including slalom and giant slalom runs. During the 2002 Winter Olympics the resort hosted the snowboarding events and the men and women’s alpine giant Canyons Ski Resort slalom events. The resort is currently owned by Vail Resorts.

During the 2002 games, the resort hosted the men’s and women’s giant slalom, Canyons Ski Resort men’s and women’s snowboarding parallel giant slalom, and both men’s and Canyons Resort is one of three alpine ski resorts located in Park City. With women’s snowboarding halfpipe events. The resort’s Eagle Race Arena and 19 , 4,000 acres of skiable terrain and an average of 355 inches of Eagle Superpipe were used as the Olympics runs. snow each winter, Canyons is the largest ski and snowboard resort in Utah. The base area is located 32 miles from the Salt Lake City International Airport, On September 11, 2014, it was announced that Vail Resorts had purchased accessed via Interstate 80, and is four miles from Main Street in Park City, Park City Mountain Resort for $182.5 million. As a result, PCMR is now along State Route 224. combined with neighboring Canyons Resort. Canyons Resort covers nine mountain peaks with maximum elevation of 9,990 ft on Peak 9990. The large amount of terrain has 182 trails, five bowls, six natural halfpipes, and three terrain parks. Side mountain and backcountry skiing on the surrounding National Forest can be accessed through gates found on some of the peaks. Since 2010 Canyons has hosted an annual race as part of the Sprint Grand Prix of Skicross and Snowboardcross.

In the summer, Canyons Resort has an extensive trail system open for mountain biking or hiking. The resort also operates two zip lines and a miniature golf course. As with most four-season resorts, Canyons Resort has numerous upscale dining, shopping, and lodging options. The village also hosts many concerts throughout the year at its outdoor amphitheater.

Vail Resort announced a plan to combine Canyons Resort with Park City Mountain Resort through an interconnect gondola in 2015. The combined areas will be called Park City Mountain Resort, but the Canyons section will be Park City renamed Canyons at Park City. In addition, Vail will improve snowmaking and the mid-mountain chalet, Red Pine Lodge.

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Deer Valley Ski Resort Deer Valley is an alpine ski resort in the Wasatch Range, located 36 miles east of Salt Lake City, in Park City. The resort, known for its upscale amenities, is consistently ranked among the top ski resorts in North America. Deer Valley’s track record of event hosting has led it to be described as “a Mecca for freestyle skiing events”.

Deer Valley was a venue site during 2002 Winter Olympics, hosting the freestyle moguls, aerial, and alpine slalom events. It also regularly hosts competitions for the International Ski Federation.

With a number of other large ski resorts nearby, Deer Valley competes by catering to a more upscale audience than its neighbors, offering amenities such as free ski valets, free parking shuttles, fine dining and boutique shopping in the main lodge. Stein Eriksen, namesake of the Stein Eriksen Lodge, is host of the mid-mountain lodging property and director of skiing at the resort.

Deer Valley uses more grooming equipment than other Wasatch ski areas, and limits access to avoid overcrowding; as of 2006, the resort limited ticket sales to 7,500 per day. Deer Valley’s total uphill lift capacity of 50,470 skiers per hour is approximately 50% higher than the capacity of each of its larger neighbors Park City Mountain Resort and Canyons. Deer Valley has 21 chairlifts, including 12 high-speed detachable quads and an enclosed 4-passenger gondola.

Skiing began at Deer Valley with the Park City Winter Carnivals of the 1930s, and the Works Progress Administration (WPA) built the first ski trails and other facilities during the winter of 1936-1937. The first ski lifts appeared in 1946, when local residents Robert Emmett Burns, Sr. and Otto Carpenter constructed them, largely from nearby lodgepole pines. The ski area was called the Snow Park Ski Area, a name, which endured from 1946 to 1969. In 1981 Edgar Stern founded Deer Valley Resort in the same area and above. It has grown to include six mountains with six bowls, 930 acres of glade skiing and 560 acres of snowmaking. The resort totals 2,026 acres in size. Deer Valley Ski Resort

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Deer Valley Expansion & Improvements Deer Valley opened in 1981 on Bald Eagle and Bald Mountains, with five lifts built by Lift Engineering. The first major terrain expansion came in 1984 with the addition of the Mayflower lift on Bald Mountain.

In 1991, Deer Valley’s first high-speed quad, Carpenter Express, was installed on Bald Eagle Mountain. That same year, the resort expanded onto Flagstaff Mountain with the Red Cloud and Viking lifts. This area added new intermediate and advanced mogul runs. The Crown Point lift was also built. Further expansion came in 1993 with the addition of the Northside Express lift, with its popular intermediate terrain. The Snowflake beginner double was also built this year. All new Deer Valley lifts built from 1993 on have been built by Salt Lake City-based Doppelmayr CTEC and its predecessors. Deer Valley

Deer Valley built many new lifts on its existing terrain in the early 2000s Deer Valley Awards (decade). In 2007, the Lady Morgan expansion added Deer Valley’s sixth Deer Valley was ranked second overall in SKI magazine’s 2014 reader resort mountain. survey. The resort was ranked first for five consecutive years between 2007 and 2011. In the history of the survey, it has been the only resort to achieve The Deer Crest was upgraded from fixed grip to a high-speed quad this (no other resort has been ranked first for more than three consecutive and renamed The Mountaineer Express in 2012. years). After low snow years, Deer Valley was ranked second behind Whistler in 2012, Jackson Hole in 2013, and Whistler again in 2014. In the 2014 survey, On October 3, 2014, Deer Valley Resort announced that it had entered into an the resort received first place ratings in the categories of grooming, service, agreement to buy and the organization took over access, on-mountain food, lodging, dining, and family programs. In addition, operations on May 1, 2015. Deer Valley has received top 10 ratings in the categories of snow, lifts, weather, apres-ski, digital performance, off-hill activities, and overall satisfaction.

At the inaugural World Ski Awards, Deer Valley won the award for best ski resort in the United States for 2013. The Goldener Hirsch Inn, located at Deer Valley’s Silver Lake base, was given the award for best United States ski boutique hotel and Casa Nova, located in the resort’s Deer Crest area, was named best United States ski chalet.

Deer Valley Deer Valley’s Mariposa at Silver Lake has been rated the #1 restaurant in Utah by the Zagat Restaurant Guide.

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Sundance Ski Resort Sundance Mountain Resort is a ski resort located 13 miles northeast of Provo, Brighton Ski Resort is a ski area located in Big Cottonwood Canyon, 30 miles Utah. Spanning over 5,000 acres on the slopes of in from downtown Salt Lake City, Utah. Brighton Ski Resort was the first ski Utah’s Wasatch Range, alpine skiing began on the site in 1944. Actor Robert resort in Utah, and one of the first in the United States. Brighton was started Redford acquired the area in 1968, and established a year-round resort, which in 1936 when members of the Alpine Ski Club built a rope tow from wire and would later spawn the independent Sundance Film Festival and the non-profit an old elevator motor. Brighton claims to be a “no-frills” resort whose sole Sundance Institute. business is to provide skiers and snowboarders with top-notch trails. While it does provide lodging, dining, and shopping, the extent of the facilities does not Sundance Resort has skiing for every ability, with 20% beginner trails, 40% make Brighton what is typically seen as a destination ski resort. Most visitors intermediate trails and 40% advanced trails. The resort terrain climbs 2,150 do not stay at Brighton-run lodging; many visitors stay in the greater Salt Lake vertical feet up the northeast slope of Mount Timpanogos, reaching the crest area, many of which also plan trips to other area ski resorts. of the ridge at Bearclaw Cabin. This restaurant at the resort’s apex of 8,250 feet provides spectacular 360° views of the surrounding landscape, and of Brighton is also known for its extensive backcountry access, visitors can Mount Timpanogos as it rises to a height just short of 12,000 ft. The mountain purchase single ride lift tickets to reach the backcountry access gates at the is serviced by four chairlifts and a handle tow for beginners at the mountain’s top of the resort. Although the terrain inbounds at Brighton can rival that of base. the backcountry, Brighton is known for its cliffs, chutes, bowls and natural features. Brighton was voted to have the 2nd best snow in North America, Sundance is not just a winter resort, there are also fun activities in the summer. losing the top spot to its neighbor Snowbird Ski & Summer Resort. Some of the activities include kids camp, zip line tour, mountain biking, and hiking, fly-fishing and horseback riding. Also summer theater and music and Brighton is on public lands; all of the resort’s land is part of the Wasatch-Cache film festivals. Sundance is announcing a zip line for the spring of 2015. It is National Forest, meaning the whole resort is open to the public year-round, expected to be one of the most scenic and exciting tours that the world has to though tickets must be purchased to use the lifts. offer. It will run nearly 2 miles long and have a vertical drop of 2,100 feet, the most of any zip line tour in the United States. Brighton has some of the most extensive night skiing in the Western U.S., with over 200 acres, three lifts, and its main mountain terrain park.

Sundance Zip Line Tour Brighton Ski Resort

/ PREPARED BY HUNTER HOTEL ADVISORS / 26 FAIRFIELD INN BY MARRIOTT DISCLAIMERS PROVO, UTAH AND DISCLOSURES BROKER DISCLAIMER AMERICANS WITH DISABILITIES ACT This confidential offering memorandum has been prepared by Hunter Hotel The owner and broker make no representations regarding this property Advisors (“Broker”) in cooperation with the Seller, solely for the limited use of and this law. A buyer should consult knowledgeable experts and attorneys prospective purchasers. The offering memorandum is not intended to provide regarding these matters. all the information necessary to reach a purchase decision. Each prospective purchaser is encouraged to do its own thorough review and gather and verify AGENCY to its satisfaction all information about the property. Hunter Hotel Advisors, is the exclusive agent of the Seller, represents the Seller only and shall be compensated by Seller. The undersigned understands and acknowledges that there is no representation or warranty as to accuracy or completeness of the information CONFIDENTIAL provided. All information contained in this offering is confidential in nature and must be held in the strictest confidence, except information which is a matter of public While the financial, operational, property description, projections and other record. Duplication or reproduction of any of the contents of this document or information herein is compiled from sources believed to be reliable, neither other information provided to you by Broker about this property, without the Broker nor Owner guarantee, represent or warrant its accuracy or completeness. express written permission of Broker, is prohibited. Because of the foregoing, and since the Property is being offered on an “As Is, Where Is” basis, Purchaser should use such information solely to facilitate RETURN OF INFORMATION his investigation and must make independent investigations, projections and This memorandum is the property of Hunter Hotel Advisors, and is intended to conclusions regarding the acquisition of the Property without reliance on this be used only by such parties to whom Broker has delivered the memorandum offering memorandum. As to pro forma projections, these were prepared by or to whom Broker has approved such delivery. If, after review, you have no Broker based on many assumptions and events over which owner and broker interest in purchasing the property at this time, KINDLY RETURN OR DESTROY have no control and are not guaranteed. Buyers should use such projections THIS MEMORANDUM and all other information provided to you by Seller, for an initial review only and are urged to do their own study and projections Broker or others to Broker at your earliest convenience. before taking action relative to the Property. PROPERTY TOURS AND INFORMATION No liability is assumed for errors and omissions, misstatements of facts, prior PLEASE DO NOT VISIT THE HOTEL WITHOUT MAKING PRIOR ARRANGEMENTS sale, change-of-price or withdrawal from the market without notice THROUGH THE BROKER. Please do not contact management or hotel owner, nor talk to any employees. All due diligence information must be provided AS IS, WHERE IS through Hunter Hotel Advisors and all property tours must be scheduled This hotel is being offered “As Is, Where Is,” with all faults and limitations. through Hunter Hotel Advisors. A Hunter representative must be present for Purchaser should do his own studies to properly understand what he will be all tours. buying.

ENVIRONMENTAL ISSUES The Seller and Broker specifically make no representations whatsoever about any environmental conditions on the property, including but not limited to issues such as asbestos, hazardous waste, mold and mildew, petroleum leaks or spills. Each prospective purchaser is encouraged to do his own study and analysis and determine to his own satisfaction the status of the various issues.

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Hunter Hotel Advisors is the nation’s leading investment Bob Hunter, CEO Mayank Patel, Vice President advisory firm focused exclusively on the hotel industry. [email protected] [email protected] Our seasoned team of investment professionals and Teague Hunter, President Tim Osborne, Vice President offices nationwide consistently provide clients with [email protected] [email protected] optimal results in hotel brokerage, financial advisory and capital markets services of any size or complexity. With Lee Hunter, COO David Perrin, Vice President over 35 years of experience in full and select-service [email protected] [email protected] single assets and portfolios, the firm’s capacity in Danny Givertz, Sr Vice President Shamir Patel, Vice President valuation, economic analysis, and industry relationships [email protected] [email protected] has allowed us to consistently maximize value regardless of market conditions. Robert M. Taylor, Sr Vice President Brian . Embree, Sr Associate [email protected] [email protected]

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