Best Western Vīb Miami Confidential Financing Memorandum CONTACTS DISCLAIMER

Holliday Fenoglio Fowler, L.P. (HFF) has prepared this confidential Loan Submission, which contains brief, If you have any questions or require additional information, please selected information pertaining to the business and affairs of the Property. This confidential information does contact any of the individuals below. not purport to be all-inclusive nor does it purport to contain all the information, which a prospective lender may desire. Neither the Borrower/Owner, nor HFF nor any of their respective equity holders, officers, employees or agents makes any representation or warranty, express or implied, as to the accuracy or completeness of this loan submission or any of its contents, and HFF, its partners, officers, employees and HFF agents disclaim any liability that may be based upon or related to the use of the information contained herein. 1700 Market Street The information contained herein is subject to change. Suite 3232 Philadelphia, PA 19103 The Recipient agrees that (a) the Loan Submission and its contents are confidential information, except for such information contained in the Loan Submission, which is a matter of public record, or is provided from James Conley sources available to the public (b) the Recipient, the Recipient’s employees, agents and consultants Managing Director (collectively, the “need to know parties”) will hold and treat it in the strictest of confidence, and the Recipient 484.532.4208 and the need to know parties will not, directly or indirectly, disclose or permit anyone else to disclose its [email protected] contents to any other person, firm, or entity without the prior written authorization of HFF and the Borrower/Owner, and (c) the Recipient and the need to know parties will not use or permit to be used this Loan Submission or its contents in any fashion or manner detrimental to the interest of the Borrower/Owner or Neil Campbell HFF or for any purpose other than use in considering whether to provide all or a portion of the Loan. The Director Recipient and the need to know parties agree to keep this Loan Submission and all confidential information 484.532.4176 contained herein permanently confidential and further agree to use this Loan Submission for the purpose set [email protected] forth above.

Gavin Weaver PHOTOCOPYING OR OTHER DUPLICATION IS STRICTLY PROHIBITED. THE Analyst BORROWER/OWNER EXPRESSLY RESERVES THE RIGHT, AT ITS SOLE DISCRETION, TO 484.532.4170 REJECT ANY OR ALL PROPOSALS OR EXPRESSIONS OF INTEREST IN THE PROPOSED [email protected] UNDERLYING LOAN AND TO TERMINATE DISCUSSIONS WITH ANY PARTY, AT ANY TIME, WITH OR WITHOUT NOTICE. THE CONFIDENTIAL LOAN SUBMISSION SHALL NOT BE Mark D’Agostino DEEMED TO BE A REPRESENTATION OF THE STATE OF AFFAIRS OF THE PROPERTY OR Analyst CONSTITUTE AN INDICATION THAT THERE HAS BEEN NO CHANGE IN THE BUSINESS OR 484.532.4189 AFFAIRS OF THE PROPERTY SINCE THE DATE OF PREPARATION OF THIS LOAN SUBMISSION. [email protected] THIS IS AN OPINION OF VALUE OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED AN APPRAISAL.

In making any decision that relies upon our work, you should know that we have not followed the guidelines for development of an appraisal or analysis contained in the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation. If the Recipient does not wish to pursue negotiations leading to the placement of the Loan, or if in the future the Recipient or Borrower/Owner discontinues such negotiations, the Recipient will return this Confidential Loan Submission to HFF.

2 TABLE OF CONTENTS

Executive Summary 4

Location Overview 10

Demand Generators 18

Market Overview 22

Property Overview 29

Loan Request & Financials 41

Sponsorship Overview 45

Updated STR Report APPENDIX

3 Executive Summary EXECUTIVE SUMMARY

Holliday Fenoglio Fowler, L.P. (“HFF”), has been engaged on behalf of Delia Hospitality LLC (“The Sponsor”), and is pleased to present the opportunity to finance the construction of a 144 room Best Western Vib branded Hotel located in Miami, Florida (the “Property”). The Property currently consists of two tax parcels that have 35,972 SF of vacant land. Current development plans call for a 144 room hotel that consists of ten stories, ground floor reception and lounge and 107 parking spaces. Of the existing 35,972 SF of land area, only 30,263 SF is going to be allocated to the Vib hotel, with the remaining 5,709 sf being allocated to a four-unit townhouse project. The project is expected to be completed in 2020 The Property is strategically located along Coral Way, the primary east-west street that spans Miami-Dade County. Located less than 3 miles from downtown Miami and just a 10 minute drive from Brickell City Centre, a multi-billion dollar mixed-use project recently completed, the Property is well positioned to capitalize on the large scale development taking place across the region. Miami is ranked third among US airports in international passengers and other development projects include Miami World Center, SkyRise Miami, and Resorts World Miami will continue to attract domestic and international tourists to Miami.

With more than 70 years of hospitality experience, Best Western Hotels & Resorts is an award-winning global family of hotels located in over 100 countries and territories that offers accommodations for all types of travelers. The Property will carry the flag of the newest Best Western brand, Vīb. Vīb is a stylish urban boutique hotel concept designed for today’s connected traveler. Vīb brands are located in the heart of key urban destinations around the world, where guests will experience a vibrant and modern design with a focus on convenience, technology and social engagement. This Vīb location will look to attract the corporate transient and leisure travelers, as well as local tourists, official visitors and academic consultants to the University of Miami and other local universities, families of college students and fans of various college and professional sports teams in the region.

Delia Hospitality is a commercial real estate investment firm with a central focus on hospitality in the state of Florida. The company has specific expertise in hospitality related real estate and has worked with some of the largest brands in the business including Marriot and Best Western. Delia principal, Vincenzo Alaimo, is an experienced investor and hotel manager, having run The Mill Hotel Resort in Aruba since 2015. Under Vincenzo’s leadership, the Mill Hotel Resort is transforming into a destination hotel in Aruba and is currently in the process of being remodeled to become a Marriot branded hotel. Loan Request

The Sponsor is requesting quotes for a 75% LTC Construction loan of $24,490,165 ($170,071 per key) for a term of 3 years with 2 one-year extension options. The Sponsor will be contributing equity in the amount of $8,163,388 ($56,690 per key), for a total capitalization of $32,653,554 ($226,671 per key).

The Lender will have an assignment of $2.5 million of Best Western Key Money and approximately $1.8 million of sale proceeds from four to-be-built for-sale townhouses (included in the project budget) as additional collateral. The key money is to be funded just after obtaining the official C of O, and the townhouses are expected to be sold at approximately that time as well. This additional collateral will effectively reduce the lender’s basis to $20.2 million ($140,209 per key) and a net loan-to-cost of just 61.8 %

With over $3.2 million of stabilized NOI, the Project provides a Stabilized Debt Yield of 13.5% (15.9% after assignment of key money and condo proceeds) and a Stabilized Loan-to-Value of 59.2%. (50.4% after assignment of key money and condo proceeds), utilizing an 8.0% cap rate.

5 EXECUTIVE SUMMARY

Debt Request / Metrics: Project Summary Sponsor: Delia Hospitality Hotel Flag: Best Western VIB Location 1265 SW 22nd Street, Miami, FL 33145 Hotel Keys: 144 To-be-built Hotel & Condominium Project Loan Type: Construction Property Type Collateral: First Deed of Trust Hotel Brand Best Western Vib Gross Loan Amount: $24,490,165 $170,071 per key Sponsor Net Equity Contribution: $8,163,388 $56,690 per key Owner Delia Hospitality LLC Total Project Cost: $32,653,554 $226,761 per key Land Area 35,972 SF | 0.83 Acres Initial Loan-to-Cost Ratio: 75.0% BW Key Money (Paid at C of O) $2,500,000 Gross Building Area 171,305 SF Townhouse Sale Proceeds $1,800,000 Lender Basis (after delivery): $20,190,165 $140,209 per key Total Hotel Square Footage 159,725 SF Loan-to-Cost Basis (after delivery): 61.8% Stabilized Avg. Daily Rate $178 (Trended) Stabilized NOI (Year 3): $3,202,096 Stabilized Debt Yield (Year 3): 15.9% Stabilized REVPAR $143 Stabilized Value (Cap Rate): $40,026,201 $277,960 per key 144 Rooms Stabilized Loan-to-Value (on commitment): 61.2% Number of Rooms Stabilized Loan-to-Value (after key money & TH Sales): 50.4% Number of Floors 10 Floors Term: 3 Years with 2 One-Year Extension Options Total Townhouse Square Prepayment: Prepayable at any time without penalty 11,581 SF Recourse: Non-Recourse Preferred Footage Closing: Q4 2018 Number of Townhomes 4 Townhouses Return Metrics Pro-Forma Stabilized NOI $3,202,096 Townhouse Unit Type 2 Bedroom / 2 Bath – 1,495 SF Per Unit Stabilized Return on Cost: 9.81% Year Built 2020 (Estimated) Sources & Uses SOURCES $ Amount $ per Key % Total Loan Amount $24,490,165 $170,071 75.0% Total Sponsor Equity 8,163,388 56,690 25.0% SUBTOTAL $32,653,554 $226,761 100.0% (- Assignment of Key Money - to be paid at C of O) (2,500,000) (17,361) -7.7% (- Assignment of Sale Proceeds from Townhouses) (1,800,000) (12,500) -5.5% Revised Lender Basis at Delivery of Project $20,190,165 $140,209 61.8%

USES $ Amount $ per Key % Land Value 4,500,000 31,250 13.8% Hard Costs 22,027,848 152,971 67.5% Soft Costs + Interest 6,125,706 42,540 18.8% TOTAL $32,653,554 $226,761 100.0%

6 EXECUTIVE SUMMARY

Investment Highlights Demand Generators

o Expanding Business Center: Miami-Dade County boasts a diversified business community, including small ventures, mid-sized companies, and Fortune 500 corporations, as well as European, Asian, and North and South American multinationals. Miami-Dade County has established itself as a world class international business center and one of the most desirable locations for businesses over the past decade. Miami-Dade County has the second largest concentration of domestic and international banks on the East Coast, making it one of the largest financial hubs in the South East Region.

o Thriving Tourism: Miami is a top destination as nearly fourteen million tourists descend on the tropical city on an annual basis. Between September 2016 and August 2017, a record breaking 15.9 million people visited the Miami area. Domestic visitors accounted for 50.1% of all overnight visitors, while international visitors increased to 49.8%. This impressive statistic signifies the growing global attraction to Miami, and the cultural uniqueness of the tourist destination.A record $26 billion in direct visitor expenditures was generated in during that same period, a record and an increase of 2% over the previous year. Some of the top attractions to see in Miami include:  Miami Beaches: Gorgeous beaches are one of the main attractions and a variety of water sports are very popular in this outdoor enthusiasts’ paradise, including fishing, sailing, jet skiing, parasailing, scuba diving, surfing, kayaking, and snorkeling.  Everglades National Park: A unique ecological destination of roughly 1.5 million acres, is the largest area of untouched subtropical wilderness in the United States.  Museum Park: The Park is the northernmost link in a corridor of parks and public spaces along Biscayne Bay that includes Bayfront Park, the Bayside Shops, and American Airlines Arena. Museum Park is home to the recently completed Perez Art Museum Miami, which opened to a wide acclaim in December 2013, as well as the recently- completed Frost Museum of Science.  SkyRise Miami: SkyRise is a proposed $430 million observation tower and entertainment complex adjacent to Biscayne Bay. The complex will contain three observation decks, theme-park rides, a restaurant and a nightclub.  Coral Gables: Coral Gables is known as a pedestrian-friendly destination. Located three and a half miles from the Property, the "City Beautiful" has around 140 dining establishments and gourmet shops, and many notable international retailers.  Culture & Entertainment: Designed by the world renowned architect Cesar Pelli, the performing arts center serves as the focal point for Miami’s diverse cultural life. Popular nightspots in Miami include Brickell, South Beach, Midtown, Wynwood Art District, and Coconut Grove areas, which feature numerous restaurants and nightclubs.

7 EXECUTIVE SUMMARY

Investment Highlights Strategic Location

o Close Proximity to Major University: The University of Miami is a private, nonsectarian university located on 260 acres in Coral Gables, and has over 5.9 million square feet of buildings including housing for 4,500 students. Located 6 miles from the Property, the University of Miami is ranked among the nation’s top 50 national universities by U.S. News and World Report. The University enrolls over 10,000 undergraduates, along with those enrolled at the 10 additional graduate schools including a world- class medical school, law school and business school.

o Cruise Capital of the World: The Port of Miami cruise terminal is the largest in the world with more than 5 million cruise passengers sailing through the Port of Miami annually. The Port of Miami recently completed a $1B+ deep dredging project, enabling large cargo ships to enter and utilize the port. This expansion included the construction of an underwater tunnel linking the port to the mainland in order to accommodate the additional volume of shipping via trucks.

o Accesso t Major Transportation Systems: Approximately 8 miles from the Property, Miami International Airport serves as the primary international airport of the Miami Area. One of the busiest international airports in the world, Miami International Airport caters to over 35 million passengers a year. The Property also benefits from its strategic location next to Interstate-95, one of the most heavily traveled roadways in Miami and all of the east coast.

Best Western Branding

o With more than 70 years of hospitality experience, Best Western Hotels & Resorts is an award-winning global family of hotels located in over 100 countries and territories that offers accommodations for all types of travelers. Best Western Rewards earned top honors from U.S. News & World Report and set new records for the number of hotels earning the TripAdvisor Certificate of Excellence award.

8 EXECUTIVE SUMMARY

Investment Highlights Experienced Development & Hospitality Team

o Milton Construction: Established in 1965, Milton Construction is a family owned company, now into its second generation. For over forty years Milton Construction has strived to create a reputation of honesty and professionalism in helping developers and owners meet their financial goals. Milton Construction has experience with the various municipalities of Miami-Dade and Broward County, including Coral Gables, City of Miami, Miami Beach, and Pembroke Pines, as well as in the Caribbean. Milton Construction has a wide range of experience in various types of construction and development including hotels, condominiums, high, mid, and low-rise apartment buildings.

o Driftwood Hospitality Management: Driftwood Hospitality Management is a leading hotel management company that operates approximately 50 hotels with more than 9,000 rooms throughout the United States and Costa Rica. The company’s current portfolio includes a broad cross-section of brands and ranges from full service hotels and resorts to mid- size select-service, extended stay and independent boutique properties.

o Trust Hospitality: For over 25 years the team at Trust Hospitality (TH) has been operating branded and independent hotels. Trust Hospitality is a company that is asset driven, with a central focus on their customers' assets and returns. Trust Hospitality’s holistic approach to optimizing hotel assets using brands or developing unique boutique & luxury hotels and resorts has consistently resulted in superior returns for their clients.

o NOTE - THE SPONSOR WILL SELECT ONE OF THESE TWO MANAGEMENT FIRMS TO MANAGE THIS HOTEL

Best-In-Class-Asset

o Best Western Vib Brand: The Vīb is a stylish urban boutique hotel concept designed for today’s connected traveler. Vīb brands are located in the heart of key urban destinations around the world, where guests will experience a vibrant and modern design with a focus on convenience, technology and social engagement.

o First Class Amenity Package: The Property will provide all of the luxuries that business travelers, university consultants, and tourists covet most. The Property will consist of amenities such as conference rooms, a business center, media/gaming center, an indoor pool, fitness center, bar & lounge area, on site laundry, pantry and food-service prep and outdoor patio arrangements.

o Modern Room Design: Each suite will feature a unique signature king room design with storage below, printed blackout roller shades, an in-room safe, D- style coffee maker, free wi-fi and Smart TV, and a signature desk with 4 outlets and 2 USB ports.

9 Location Overview LOCATION OVERVIEW

Miami Dade Overview Given its relative central position—the city is equidistant from New York City and Mexico City, Boston and Caracas, and from London and Buenos Aires—Miami is an international trading nexus and one of the prime centers of commerce in the global economy. Miami’s location and cultural diversity offer an appealing quality of life with an abundance of cultural and recreational activities. The Miami metropolitan area encompasses Miami-Dade County at the southeastern tip of the Florida peninsula and covers over 2,000 square miles. The Miami area is the “anchor” of the South Florida megalopolis of 6.2 million people that also includes metropolitan Ft. Lauderdale-Hollywood, and West Palm Beach-Boca Raton. The region’s recent rapid population growth is the result of a number of factors including quality of life, expanding international economic base, diversified economy, and the “globalization” of Latin America with the United States. Equally alluring as the tropical setting is the city’s stable economy, its prime location for conducting business and its convenient air transportation to major international gateways. Approximately 2.8 million residents call Miami home, and the city hosts over 14 million tourists per year from around the globe. Today, Miami is considered a thriving business hub of Latin America, attracting not only U.S. and Latin American corporations, but increasingly companies from Canada, Europe, and Asia.

11 LOCATION OVERVIEW

Economy The economy of the Miami metropolitan area is internationally oriented, as reflected in its multi-lingual labor pool. Miami-Dade County boasts a diversified business community, including small ventures, mid- sized companies, and Fortune 500 corporations, as well as European, Asian, and North and South American multinationals. After bottoming out at $92.8 billion in 2009, Miami’s gross metro product has risen steadily each year to $97.0 billion in 2013. Additionally, Miami experienced consistent growth in employment levels through October 2017 with a most recent reported unemployment rate of 4.6%. Population growth continued through the recession, and net migration has picked up considerably. An advantageous economic climate is helping Miami-Dade County establish itself as a world class international business center and one of the most desirable locations for businesses. As the economy continues to rebound and the CBD flourishes with new construction projects coming on-line, Miami is poised to expand its employment base even further with an attention to high profile and executive jobs.

Miami-Dade County also has the Miami-Dade Largest Employers # of Employees second largest concentration of Miami-Dade County Public Schools 33,477 domestic and international banks on the East Coast after New York City. Over Miami-Dade County 25,502 $74.3 billion is held in deposit in Miami- Federal Government 19,200 Dade County in approximately 100 Florida State Government 17,100 commercial banks, savings and loans, University of Miami 12,818 foreign banks and Edge Act banks. Baptist Health South Florida 11,353 Miami-Dade County serves as the American Airlines 11,031 corporate headquarters location for Jackson Health System 9,797 several major U.S. companies including Burger King, Carnival Cruise Lines, City of Miami 3,997 Coulter, and Ryder. Manufacturing of Florida International University 3,534 biomedical instruments, Carnival Cruise Lines 3,500 pharmaceuticals, apparel and extruded Miami Children’s Hospital 3,500 metal are also significant components of Mount Sinai Medical Center 3,321 the local economy. Homestead Air Force Base 3,250 Florida Power & Light Company 3,011

12 LOCATION OVERVIEW

Housing After giving up a decade of home value with prices falling 50% from their peak, the Miami housing market touched bottom in late 2011 according to Zillow’s Home Value Index and S&P/Case- Shiller. According to the most recent Elliman Report, as of Q4 2017, the median Miami home price increased 6.0% year over year to $302,050. Education Miami-Dade County’s public school system is the fourth largest in the United States, with more than 345,000 students. The countywide school district offers a wide variety of programs to meet the needs of its diversified student body. For example, Miami-Dade County’s magnet schools provide intensive levels of instruction in subjects such as science, foreign language, health care, architecture, performing arts and marine sciences. Miami is home to fourteen colleges and universities. The most prominent, The University of Miami, is ranked among the nation’s top 50 national universities by U.S. News and World Report, and enrolls over 10,000 undergraduates in addition to those enrolled at the 10 additional graduate schools including a world-class medical school, law school and business school. The University of Florida International University Miami is located on 230 acres in Coral Gables, arguably the most affluent suburban community of the city. Fueled by the Momentum 2 Campaign, over $1 billion has already been raised to provide a facelift to the already beautiful campus and its educational programs. With the national spotlight always on the university for its academics and NCAA Division 1 athletics programs, the University of Miami is an irreplaceable asset to the county. The three other largest universities in Miami, Florida International University, Barry University, and Miami Dade College, enroll over 200,000 students. Additionally, excellent educational options are available for families with students in pre-kindergarten through high school, both public and private, that offer magnet or specialty programs.

University of Miami

13 LOCATION OVERVIEW

Arts & Entertainment Miami-Dade County offers a sophisticated nightlife including award winning restaurants, nightclubs, stage shows, and movie theaters. The Adrienne Arsht Center for the Performing Arts was recently completed and features the 2,400-seat Sanford and Dolores Ziff Ballet Opera House and the 2,200-seat John S. and James L. Knight Concert Hall, as well as the black box Carnival Studio Theater. Designed by the world renowned architect Cesar Pelli, the performing arts center serves as the focal point for Miami’s diverse cultural life. The New World Symphony, Florida Grand Opera, Miami City Ballet, Actors Playhouse, Jackie Gleason Theater of Performing Arts, and the Coconut Grove Playhouse are also among the area’s cultural resources. Major museums feature artwork, history, technology, and ethnic heritage displays. Popular nightspots include the South Beach, Midtown, Wynwood Art District, and Coconut Grove areas, which feature numerous restaurants and nightclubs.

Ocean Drive in South Beach Sports & Recreation Miami’s gorgeous beaches are one of its main attractions and a variety of water sports are very popular in this outdoor enthusiasts’ paradise, including fishing, sailing, jet skiing, parasailing, scuba diving, surfing, kayaking, and snorkeling. The area also boasts numerous golf courses, including the PGA tour venue Blue Monster at the Doral Golf Resort & Spa. Miami-Dade County‘s extensive park system consists of 250 parks totaling 12,000 acres, with many of them located on the waterfront. Everglades National Park, a unique ecological destination of roughly 1.5 million acres, is the largest area of untouched subtropical wilderness in the United States. Miami is home to a number of successful sports teams, including the NFL’s Miami Dolphins, NHL’s Florida Panthers, NBA’s Miami Heat, MLB’s Miami Marlins, and the University of Miami Hurricanes.

Doral Golf Resort & Spa

14 LOCATION OVERVIEW

Transportation Approximately 8 miles from the Property, Miami International Airport, serves as the primary international airport of the Miami Area. One of the busiest international airports in the world, Miami International Airport caters to over 35 million Major Roadways passengers a year. Identifiable locally, as well as several worldwide authorities, as MIA or KMIA, the airport is a major hub and the single largest international gateway for American Airlines, the world’s largest passenger air carrier. Miami International is the United States’ third largest international port of entry for foreign air passengers (behind New York's Interstate 95 John F. Kennedy International Airport and Los Angeles International Airport), and is the seventh largest such gateway in the world. The airport’s extensive international route network includes non-stop flights to over seventy international cities in North and South America, Europe, Asia, and the Middle East. Interstate 75

The Port of Miami cruise terminal is the largest in the world with more than 5 million cruise passengers sailing through the Port of Miami annually. With its nickname as “The Cruise Capital of the World,” Port Miami is located just 1 mile from Florida’s Turnpike, including Homestead Extension Downtown Miami and currently has 12 passenger cruise lines servicing the port.. Royal Caribbean cruise line announced in March 2017 that the world’s largest ship will sail from Port Miami in November 2018. The Miami Herald reported that Royal Caribbean’s Symphony of the Seas will hold almost 5,500 passengers and it is expected to bring $500 million in State Road 836 annual economic impact and create almost 4,000 new jobs. The Port of Miami recently completed a $1B+ deep dredging Interstate 395 (Dolphin Expressway) project, enabling large cargo ships to enter and utilize the port. This expansion included the construction of an underwater tunnel linking the port to the mainland in order to accommodate the additional volume of shipping via trucks. State Road 836 Interstate 195 Public transit in Miami-Dade County is served by Miami-Dade Transit, and is the largest public transit in Florida. Miami- (Airport Expressway) Dade Transit operates a heavy rail metro system, Metrorail, an elevated people mover in Downtown Miami, Metromover, and the bus system, Metrobus. State Road 924 (Gratigny Parkway) The Property benefits from its strategic location to the Palmetto Expressway and the adjacent industrial/commercial corridor. Miami-Dade County has ten major expressways and one minor expressway, all of which are easily accessible from the Property. The Property’s location offers close proximity and convenient access to the region’s major hospital facilities, State Road 826 (Palmetto Expressway) shopping, employment centers and public services.

State Road 878 (Snapper Creek Expressway)

State Road 874 (Don Shula Expressway)

Miami International Airport Port of Miami

15 LOCATION OVERVIEW

Tourism With over 2.8 million combined full-time and seasonal residents, the City of Miami and its municipalities make up one of the densest metropolitan areas in the United States. Moreover, Miami is a top destination for nearly fourteen million tourists which descend on the tropical city on an annual basis. Between September 2016 and August 2017, a record breaking 15.9 million people visited the Miami area, a 0.5% increase over the previous year. Domestic visitors accounted for 50.1% of all overnight visitors, while international visitors increased to 49.9%. This impressive statistic signifies the growing global attraction to Miami, and the cultural uniqueness of the tourist destination.A record $26 billion in direct visitor expenditures was generated in during that same period, a record and an increase of 2% over the previous year. The GMCVB found that tourists also enjoy visiting the North Dade/Sunny Isles Beach/Aventura area, as 11.7% of tourists stayed overnight in that region of Miami–Dade County. This area has malls, beaches, and luxury high rise hotels. Those who seek ecotourism during their visit to Miami–Dade County would enjoy the Everglades National Park., a wetland that spans across 1.5 million acres, accounting for almost 50% of the southern part of Florida. According to the National Park Service (NPS), the Everglades have over a million visitors per year. Tourists can camp in the Everglades and even ride airboats through the wetlands to experience an ecological wonderland. Whether they are coming to view an event at the Marlin’s Park, experience divine Latin cuisine, or to see unique street art in the Wynwood district; there is always something to do for a traveler in the City of Miami. There are a number of annual festivals such as: Miami Carnival, Ultra Music Festival, Art Basel, Miami International Book Fair and various cultural heritage festivals and events that lure thousands of visitors into the City of Miami. Lastly, there are many family friendly options that attract families to Miami, such as a number of museums, ZOO Miami, and Seaquarium Miami. The majority of events and tourism-based establishments within the City of Miami is actually located within Downtown Miami, which speaks to the dynamics that all this area has to offer. Downtown Miami has nearly doubled in developments and population over the last 10 years and it’s nowhere near stopping. Anything and everything a tourist wants to do, they will find it in the City of Miami.

Everglades National Park Miami Beaches Wynwood District

16 LOCATION OVERVIEW

Aerial View

Brickell City Centre Miami Beach

Best Western Vib Maimi Vizcaya Rail Station Vizcaya Museum & Gardens

Mercy Hospital

17 Demand Generators DEMAND GENERATORS

Demand Drivers Coral Gables The University of Miami Coral Gables was one of the first planned communities and preceded the development of The University of Miami is a private, nonsectarian university located on 260 acres in the “gated community” and the “homeowners association”. It is famous for its strict Coral Gables has over 5.9 million square feet of buildings including housing for 4,500 zoning regulations. The city was developed by George Edgar Merrick during the Florida students. As of 2012, the university currently enrolls 15,613 students in 12 separate land boom of the 1920s. The city's architecture is almost entirely Mediterranean Revival colleges, including a medical school located in Miami's Civic Center neighborhood, a law style. By 1926, the city covered 10,000 acres and had netted $150 million in sales, with over school on the main campus, and a school focused on the study of oceanography and $100 million spent on development. atmospheric sciences on Virginia Key. These colleges offer approximately 115 undergraduate, 114 master's, 51 doctoral, and two professional areas of study. Over the Merrick designed the downtown commercial district to be only four blocks wide and more years, the University's students have represented all 50 states and close to 150 foreign than two miles (3 km) long. The main artery bisected the business district. Merrick could countries. With more than 13,000 full and part-time faculty and staff, UM is the sixth boast that every business in Coral Gables was less than a two-block walk. The city used to largest employer in Miami-Dade County. have an electric trolley system, which was replaced by the popularity of modern automobiles, but now a new free circulator trolley system, initiated in November 2003, Research is a component of each academic division, with UM attracting $346.6 million runs down Ponce de León Boulevard. per year in sponsored research grants. UM offers a large library system with over 3.1 million volumes and exceptional holdings in Cuban heritage and music. UM also offers a In 1925, roughly simultaneous to the founding of Coral Gables, the city was selected as the wide range of student activities, including fraternities and sororities, a student newspaper home to the University of Miami, which was constructed that year on 240 acres of land and radio station. UM's intercollegiate athletic teams, collectively known as the Miami just west of U.S. Route 1, approximately two miles south of downtown Coral Gables. Hurricanes, compete in Division I of the National Collegiate Athletic Association, and its football team has won five national championships since 1983. Coral Gables is known as a pedestrian-friendly destination. Located four miles from Miami International Airport, the "City Beautiful" has around 140 dining establishments and gourmet shops, and many notable international retailers.

19 DEMAND GENERATORS

Demand Drivers Brickell City Centre Funded by Hong Kong-based developers Swire, Brickell City Centre is a billion-dollar- plus complex currently under construction just south of the Miami River. The first phase of Brickell City Centre, which has already reached completion, incorporates retail, residential, office and hotel uses, including the first Luxury EAST hotel outside of Asia. A second phase was announced after Swire purchased 700 Brickell in order to expand the project eastward with frontage on Brickell Avenue, which will contain Miami’s new tallest building, dubbed One Brickell City Centre. The 80-story tower will be comprised of residential, office, hotel, and retail components and boast direct frontage on Brickell Avenue, the area’s major thoroughfare.

Resorts World Miami Miami World Center Resorts World Miami is being developed by Genting Resorts World, a Malaysian Miami World Center is a multi-block assemblage located southwest of Resorts World developer of hospitality and gambling projects in locations such as Singapore, Kuala Miami, between the All Aboard Florida station and Museum Park. Miami World Center Lumpur, and Bimini in the Bahamas. Located on the former site of the Miami Herald is already under construction, with current plans calling for approximately 450,000 SF headquarters, Resorts World Miami is proposed for multiple condominium towers, a of high street retail with an 1,800 room Marriott hotel containing 500,00 SF of hotel, and possibly casino gaming in the long run. convention center space as well as the Paramount Miami World Center Luxury condominium and nearly 1,000 apartment units in the 7th Street Apartments.

20 DEMAND GENERATORS

Demand Drivers

Brightline The Brightline is a privately-funded rail project that will provide express rail service from Orlando to Miami. The project’s southern terminus, MiamiCentral, is currently under construction and will connect the service to the Metromover, Metrorail, and Tri-Rail. Current plans call for five buildings in addition to the station itself, which will jointly encompass nearly 3 million square feet of combined retail, office, hotel and residential uses.

SkyRise Miami SkyRise is a proposed $430 million observation tower and entertainment complex adjacent to Biscayne Bay. Based on developer assumptions, SkyRise will create up to 20,000 new tourism jobs in the heart of the Bayside marketplace and will contain three observation decks, theme-park rides, a restaurant and a nightclub.

Museum Park Museum Park is the northernmost link in a corridor of parks and public spaces along Biscayne Bay that includes Bayfront Park, the Bayside Shops, and American Airlines Arena. Museum Park is home to the recently completed Perez Art Museum Miami, which opened to a wide acclaim in December 2013, as well as the under-construction Frost Museum of Science, Museum Park is served by the newest station in Miami’s free Metromover system .

21 Market Overview MARKET OVERVIEW

National Lodging Trends

FUNDAMENTALS Demand growth continues, supply growth is slow and steady. YTD June has had the highest room supply, room demand, occupancy, ADR, RevPAR, 1 and room revenue thus far. Room supply is up 2%, demand is up 3%, occupancy is up 1% at 65.9%, ADR is up 2.7% at $129, RevPAR is up 3.8% at $85 and room revenue is up 5.8%. There have been 102 consecutive month’s of RevPAR growth as of August 2018.

GLOBAL CAPITAL The hotel market’s primary global capital sources have evolved from institutional investors to global high net worth. Hotels offer among the strongest cash on cash returns which are a key driver of activity. Trophies still have considerable appeal in gateway markets – key is to find the best targets as 2 they evolve. Still seeking to backfill the investment volume from China that peaked in 2015. Some Chinese sources now moving toward potential sale and recap needs. HNW capital is emerging as the more dominant overseas player, as institutional investors are throttling back their hotel investments over the last 12 months.

TOP MARKETS Leisure demand seems to allow for pricing power in south Florida markets including Miami, Orlando, Tampa. Miami, Minneapolis, Orlando and San 3 Francisco all had ADR percent changes greater than 5%. Nashville, New York, Denver, Dallas and Seattle are experiencing rapid demand growth. Additionally, rooms under construction in those markets range from 7% - 12% of the existing hotel stock.

INCOME & PROFITS Individual income is trending upwards, leading to increased buying power and access to luxury goods and travel. Similarly, corporations are seeing an increase in profitability that will spur increased spending for transient and group travel, and travel related to investments in plant, equipment and new 4 programs. Rising discretionary income has the closest correlation to transient hotel demand. As incomes rise, consumers are more confident to book and experience more travel holidays.

23 MARKET OVERVIEW

Miami Hotel & Lodging Overview The chart illustrated below, which is an excerpt from a larger chart created by Baird Research, identifies the top five and bottom five performing markets in terms of RevPAR growth by month. From August 2016 to March 2017, Miami was consistently ranked amongst the bottom five performing markets in the U.S., characterized by a “hangover effect” primarily the result of the Zika Virus. Meeting planners chose to book elsewhere for the 2016-2017 season even though there was and continues to be no local transmission of the virus in South Florida today.

A clear turning point occurs in July 2017, where not only is Miami not a bottom five performer, it’s actually back to a top five performing market, and except for Hurricane Irma, it would have likely been amongst the top growth markets in September as well. Slowing supply growth, evidenced by year end supply growth of 3.2% in Miami versus last year when same time supply growth was 4.2%, will aid in continued ability to absorb new supply and drive ADR in 2018.

Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17

Miami -4.5% -2.8% -12.6% -9.9% -13.7% -13.5% -7.4% -5.0% 3.2% -4.1% 1.1%

Top 25 2.0% 5.5% -0.4% 5.4% 0.2% 4.4% 0.8% 2.3% 0.8% 1.9% 1.8%

Total US 2.1% 5.6% 1.6% 5.9% 2.3% 3.8% 1.2% 5.1% 1.7% 3.6% 2.8%

IRMA

Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18

Miami 4.6% 3.3% -10.6% 13.3% 10.8% 22.2% 14.3% 17.2% 18.2% 6.9% 10.3%

Top 25 -0.4% 0.4% 0.9% 5.0% 4.6% 5.6% 3.0% 3.4% 4.7% 4.4% 2.7%

Total US 0.8% 2.5% 2.4% 4.1% 3.9% 4.6% 2.9% 3.5% 3.9% 4.2% 3.3%

Sources: Baird

24 MARKET OVERVIEW

Miami Hotel & Lodging Overview The hotel industry in Downtown Miami is thriving. Integra Realty %Change in Supply vs. % Change in RevPAR Resources (IRR) reported in the Miami DDA Retail Market Conditions 10.00% 15.0% Study, that over 3 million visitors stayed overnight in a hotel within Downtown Miami. There are currently 8,100 hotel rooms in Greater 7.50% 10.0% Downtown Miami that is spread between 38 hotels. According to Smith 5.0% Travel Research (STR) and the Greater Miami Convention and Visitors 5.00% Bureau (GMCVB), Miami ranked within the top 10 for hotel occupancy 0.0% rates nationally. 2.50% -5.0% 0.00% In 2017, supply increased by 3.2% and demand increased 4.7%. Demand -10.0% growth is expected to continue as much of the Caribbean remains offline. % Change RevPAR -2.50% -15.0%

RevPAR growth was 0.8% for 2017, and PKF projects 2.1% supply Rooms Available % Change growth and a demand of 2.4% for 2018. Additionally, PFK projects a -5.00% -20.0% 6.4% supply growth in 2019, but many of those projects have yet to Rooms Available % Change RevPAR % Change break ground.

Miami Yearly Lodging Performance $250 81% 90.0% 75.4% 76.4% 77.4% 78.3% 78.0% 75.9% 76.7% 78.8% 72.4% 71.5% 70.2% 80.0% 65.1% $200 70.0% 60.0% $150 50.0% 40.0% $100 30.0% 20.0% (%) Occupancy ADR & RevPAR ($) RevPAR & ADR $50 10.0% $114.71 $114.21 $91.28 $101.19 $115.76 $124.92 $135.36 $144.87 $152.37 $143.95 $144.78 $159.09 $179.14 $0 0.0% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 June June YTD YTD 2017 2018

Sources: IRR, GMCVB, STR, PKF ADR RevPAR Occupancy

25 MARKET OVERVIEW

Competitive Set

Rental Comparables Distance Number of Average Daily Hotel Address Year Built AAA Rating (Miles) Rooms Rate (Published) 1 Courtyard Coral Gabes 2051 South LeJeune Road, Coral Gabes, FL 3.2 2009 165 $135 Two Diamonds 2 Courtyard Downtown-Brickell 200 SE 2nd Avenue, Miami, FL 3.1 2013 223 $195 Three Diamonds 3 Hampton Inn Cocunut Grove 2800 SW 28th Terrace, Coconut Grove, FL 1.9 2013 135 $122 Three Diamonds Best Western Vib Miami 1265 SW 22nd Street, Miami, FL - 2020 144 $155 (un-trended) Three Diamonds 4 Best Western Premier MIA 4100 Flager Street, Miami FL 4.4 2010 144 $139 Three Diamonds 5 Hampton Inn & Suites Brickell- 50 SW 12th Street, Miami FL 2.0 2011 221 $178 Three Diamonds 6 Aloft Hotel Miami Brickell 1001 SW 2nd Avenue, Miami FL 1.8 2013 160 $139 Three Diamonds Average 2.7 2012 175 $151 Three Diamonds

26 MARKET OVERVIEW

Sales Comparables

Sales Comparables Location 1 Courtyard by Marriot --- 440 Seabreeze Boulevard. Fort Lauderdale, FL 2 Ritz-Carlton Coconut Grove --- 3300 SW 27th Avenue, Miami, FL 3 Holiday Inn Sarasota-Lido Beach --- 233 Ben Franklin Drive, Sarasota, FL 4 Hollywood Beach Marriot --- 2501 N Ocean Drive, Hollywood, FL Best Western Vib Miami --- 1265 SW 22nd Street, Miami, FL 5 The Shores Resort & Spa --- 2637 S Atlantic Avenue, Daytona Beach Shores , FL 6 Hampton Inn & Suites Destin --- 1625 Highway 98 E, Destin, FL 7 Residence Inn Tampa Downtown --- 101 E Tyler Street, Tampa, FL Sale Date Rooms Sale Price $/Per Room Year Built/Reno 1 May-17 261 $85,000,000 $325,670 1975 / 2007 2 Feb-17 115 $36,000,000 $313,043 2002 3 Mar-18 135 $37,500,000 $277,778 1970 / 2004 4 Sep-17 225 $61,000,000 $271,111 1985 / 1990 5 Nov-16 212 $52,500,000 $247,642 1974 / 2015 6 Jan-18 130 $31,500,000 $242,308 1994 / 2014 7 May-18 109 $24,000,000 $220,183 2000

27 MARKET OVERVIEW

Development Pipeline The following properties are currently under construction or have been recently delivered to the market in 2018. The opening dates are approximate.

Name City Rooms Chain Scale Open Date Construction Phase

Candlewood Suites Miami Miami 102 Midscale Jul-18 In Construction

Hampton Inn Miami Mid Beach Miami Beach 100 Upper Midscale Oct-18 In Construction

Hotel Palomar South Beach Miami Beach 96 Upper Upscale Dec-18 In Construction

The Greystone Hotel Miami Beach 92 Upscale Dec-18 In Construction

Hotel Indigo Miami Brickell Miami 140 Upscale Dec-18 In Construction

Source: STR and HFF Does not include economy class Opening Dates are approximate and have not been confirmed

28 Property Overview PROPERTY OVERVIEW

Property Description The Property currently consists of two tax parcels that have 35,972 SF of vacant land. Plans for development are currently in place for a 144 room Vib Branded hotel that consists of ten stories, Proposed Development Timeline ground floor reception and lounge and 107 parking spaces. Of the existing 35,972 SF of land area, Month Start Date Milestone Activity only 30,263 SF is going to be allocated to the Vib hotel, with the remaining 5,709 sf being allocated to a four-unit townhouse project. The project is expected to be completed between 2019 & 2020. 1 December 2018 Financing

Project Summary 1 December 2018 Permit Approval

Location 1265 SW 22nd Street, Miami, FL 33145 3 February 2019 General Contractor GMP & Mobilize

Hotel Brand Best Western Vib 4 March 2019 Construction

Land Area 35,972 SF | 0.83 Acres 19 July 2020 FF&E

Gross Building Area 171,305 SF 19 July 2020 Certificate of Occupancy

Total Hotel Square Footage 159,725 SF 20 August 2020 Ramp-Up Period

Stabilized Avg. Daily Rate $178 31 July 2021 Stabilized Occupancy

Number of Rooms 144 Rooms

Number of Floors 10 Floors

Foundation Piling and Concrete Slabs

Exterior Walls CBS and poured concrete with painted stucco

Roof Flat-rolled asphalt

Concrete, tile, and carpet flooring; Painted drywalled walls Interior Finishes and ceilings; Incandescent and LED lighting

Total Townhouse Square Footage 11,581 SF

Number of Townhomes 4 Townhouses

Townhouse Unit Type 2 Bedroom / 2 Bath – 1,495 SF Per Unit

Year Completed: 2020 (Estimated)

Number of Parking Spaces 107 Hotel Parking Spaces | 8 Townhouse Parking Spaces

30 PROPERTY OVERVIEW

Ground Floor Plan

HOTEL Lobby, Bar, Storage, Pantry, Breakfast area, Luggage Storage, Elevators (2), Restrooms, 3 Parking

TOWNHOUSES (1,495 SF) Two townhouses (1 story), Great Room, Dining, Kitchen, Powder Room, 10 covered parking

31 PROPERTY OVERVIEW

Site Plans rd 2nd Floor 3 Floor

HOTEL HOTEL Maint. Offices, Laundry, Elevators (2), Restrooms, Covered Meeting Room, Media Center, Business Center, Board Parking (33). Room, Elevators (2), Restrooms, Covered Parking (41).

TOWNHOUSES Two townhouses (2 story) Master Bedroom, Master bathroom, W.C, Bedroom 2, Bathroom 2

32 PROPERTY OVERVIEW

Site Plans 4th Floor 5th – 10th Floor (Typical)

HOTEL HOTEL Pool Area, Spa, Common Areas, Room units (12), Room Units (22 each floor), Elevators (2), Storage, Restrooms. Lobby Floor,

33 PROPERTY OVERVIEW

Floor Plan Breakdown

Ground Floor 2nd Floor 3rd Floor 4th Floor 5th - 8th Floor 9th Floor 10th Floor Roof Total SF

Elevator Lobbies 1,630 498 495 345 1,380 345 345 500 5,538

Common Areas 2,888 1,568 2,944 105 420 105 105 768 8,903

Mech. & Electric Room / Storages 2,622 625 148 576 2,304 576 576 825 8,251

Parking Garage (Hotel) 8,140 15,145 16,345 N/A N/A N/A N/A N/A 39,631

Parking Garage (Townhouses) 5,600 N/A N/A N/A N/A N/A N/A N/A 5,600

Stair / Elevators 600 600 600 600 2,400 600 600 600 6,600

Corridors / covered Walkway 1,602 335 345 826 3,305 826 826 N/A 8,066

Hotel Units Area N/A N/A N/A 8,680 34,720 8,680 8,680 N/A 60,760

Townhouse Units Area 2,990 2,990 N/A N/A N/A N/A N/A N/A 5,980

Balconies/ Terraces/ Roofs/ Decks N/A 450 5,455 1,905 2,458 769 799 10,141 21,976

Total SF 26,072 22,211 26,332 13,037 46,987 11,902 11,932 12,834 171,305

34 PROPERTY OVERVIEW

Best Western Hotels

With more than 70 years of hospitality experience, Best Western Hotels & Resorts is an award-winning global family of hotels located in over 100 countries and territories that offers accommodations for all types of travelers. Guests can select from 11 unique hotel brands each of which are independently owned and operated. Each brand has its own personality and style, but all share the same commitment to delivering superior customer service, exceptional value and modern amenities. Best Western Hotels and Resorts is has recently been awarded several prestigious honors within the hotel industry. Business Travel News named Best Western Plus and Best Western the number one upper-mid-price and mid-price hotel brand. Best Western Rewards also earned top honors from U.S. News & World Report and set new records for the number of hotels earning the TripAdvisor Certificate of Excellence award.

Best Western Brand - Vīb Vīb is a stylish urban boutique hotel concept designed for today’s connected traveler. Vīb brands are located in the heart of key urban destinations around the world, where guests will experience a vibrant and modern design with a focus on convenience, technology and social engagement. Chic, modern guest rooms provide comfort as well as signature design and technology elements such as easily accessible USB and power ports, free high-speed internet, work stations, and smart TVs to stream custom content. Green-friendly features will provide the comfort guests expect, while keeping the surrounding environment in mind.

35 PROPERTY OVERVIEW

Property Management / Hotel Operators

Driftwood Hospitality Management is a leading hotel management company For over 25 years the team at Trust Hospitality (TH) has been operating that operates approximately 50 hotels with more than 9,000 rooms branded and independent hotels. Trust Hospitality is a company that is asset throughout the United States and Costa Rica. The company’s current driven, with a central focus on their customers' assets and returns. Trust portfolio includes a broad cross-section of brands and ranges from full Hospitality’s holistic approach to optimizing hotel assets using brands or service hotels and resorts to mid- size select-service, extended stay and developing unique boutique & luxury hotels and resorts has consistently independent boutique properties. resulted in superior returns for their clients.

Since the company’s launch in 1999, Driftwood has successfully grown its Trust Hospitality offers a complete and comprehensive hotel management portfolio by taking a unique entrepreneurial approach, maintaining long-term package tailored to the specific management needs of the property. Trust relationships with investors, clients, lenders and guests. The company’s Hospitality’s objective is to foster an environment of continuous primary philosophy is to maximize Net Operating Income and ownership improvements and streamline the work process resulting in highly profitable returns for each asset by balancing customer service, integrity, employee hotels. Trust Hospitality’s “Quality Six Management” team consists of relations and careful, in-depth reviews of each individual market to create dedicated hotel professionals with a proven track record in the areas of effective operating and capital strategies. operations, finance, sales and marketing and human resources. Trust Hospitality has successfully turned around many distressed and under- Driftwood’s experienced and innovative team consistently achieves performing luxury and boutique hotels into highly profitable assets and objectives and delivers real, bottom-line results. Members of the company’s market leaders. senior management team have an average of 20 years of experience in all segments of the lodging industry and have proven highly successful in the Trust Hospitality’s operational philosophy is based upon the consistent takeover, re positioning and optimization of hotel operations. Extensive delivery of services through the use of standard operating procedures (SOPs) experience working with major brands like Marriott International, Inc., supported by a rigorous internal audit system and the customized daily Starwood Hotels & Resorts Worldwide, Inc., Hilton Worldwide, training of associates. That translates into an operating platform to InterContinental Hotels Group, Hyatt Hotels Corporation, Wyndham seamlessly open or takeover properties, regardless of brand affiliation and Worldwide, Choice Hotels International, Inc. and others, gives Driftwood a hotel segment. firm grasp on the ins and outs of the franchising model.

36 PROPERTY OVERVIEW

Property Features Lobby Amenities  Signature front desk pods and back drop  Kiosk check in 1 minimum  Fireplace or water feature in sitting area  Virtual Concierge  Gaming Cabanas-1 minimum  Gaming Tables- 3 minimum  Video Wall/large scaled media area  Secure print capabilities  Communal table  Sundry/tech buy  Lobby or rooftop bar=bar stool, grid chair  Café/coffee  Bar area  Beer wine for purchase in the sundry shop  Free wi-fi

Lobby Finishes  Multiple ceiling elevations  Multiple ceiling elevations with dropped panels  Electronic messaging/ticker along ceiling soffit  Polished concrete floors or similar  Dimming system/LED mood lighting  Music in all public areas  Signature seating and tables  Local artwork and murals in specified locations  Public restrooms-upscale finishes  Signature uniforms

*Pictures represent Vib Branded Renderings

37 PROPERTY OVERVIEW

Property Features Guestrooms & Bathrooms  Unique Signature King room design platform bed with storage below and desk connected  Signature bedding, package/sheeting, and mattress  Signature colors and finishes throughout room  Printed blackout roller shades  In room safe and D-style coffee maker  Free wi-fi and Smart TV with Linksinc and eConceiege  Signature desk chair with 4 outlets and 2 usb port requirements at desk  Electronic look-blue tooth or RFID technology  HVAC-high efficiency system, consider compatibility with mobile devices or front office software Glass wall with signature pattern shower and backlit vanity mirror  Dual flush toilet and Signature LED lit rain showerhead and handheld shower  Bath amenities- 3 signature products with non-refillable pump dispenser to include shampoo, conditioner, and shower gel

Fitness Center  500 sf minimum requirement depends on total room count  Cardio requirements 3 treadmills, 1 bike, 1 elliptical with individual televisions  Commercial grade equipment  Weight bench and dumbbells  Exercise balls, weighted or kettle balls, ands and stretching area  Mirror wall and/or glazing  Signature mural wall  Television  Clock, towel, water and scale

*Pictures represent Vib Branded Renderings

38 PROPERTY OVERVIEW

Aerial View

39 PROPERTY OVERVIEW

Local Points of Interest The Property is located on the north side of SW 22nd Street between SW 12th and SW 13th Avenues in the City of Miami. The location is approximately midway between the Brickell financial district (less than 1.5 miles northeast) and the Miracle Mile shopping district (approximately 2 miles directly west) in the City of Coral Gables. The Property is surrounded by areas of business and tourist hubs, as well as numerous restaurants, commercial stores, and Miami’s signature beaches. The Property is also highly accessible to the Miami International Airport and the University of Miami, both of which are huge economic drivers for the region.

40 Loan Request & Financials LOAN REQUEST & FINANCIALS

Debt Request / Metrics: Sponsor: Delia Hospitality Hotel Flag: Best Western VIB Hotel Keys: 144 Loan Type: Construction Collateral: First Deed of Trust Gross Loan Amount: $24,490,165 $170,071 per key Sponsor Net Equity Contribution: $8,163,388 $56,690 per key Total Project Cost: $32,653,554 $226,761 per key Initial Loan-to-Cost Ratio: 75.0% BW Key Money (Paid at C of O) $2,500,000 Townhouse Sale Proceeds $1,800,000 Lender Basis (after delivery): $20,190,165 $140,209 per key Loan-to-Cost Basis (after delivery): 61.8% Stabilized NOI (Year 3): $3,202,096 Stabilized Debt Yield (Year 3): 15.9% Stabilized Value (Cap Rate): $40,026,201 $277,960 per key Stabilized Loan-to-Value (on commitment): 61.2% Stabilized Loan-to-Value (after key money & TH Sales): 50.4% Term: 3 Years with 2 One-Year Extension Options Prepayment: Prepayable at any time without penalty Recourse: Non-Recourse Preferred Closing: Q4 2018 Return Metrics Pro-Forma Stabilized NOI $3,202,096 Stabilized Return on Cost: 9.81% Sources & Uses SOURCES $ Amount $ per Key % Total Loan Amount $24,490,165 $170,071 75.0% Total Sponsor Equity 8,163,388 56,690 25.0% SUBTOTAL $32,653,554 $226,761 100.0% (- Assignment of Key Money - to be paid at C of O) (2,500,000) (17,361) -7.7% (- Assignment of Sale Proceeds from Townhouses) (1,800,000) (12,500) -5.5% Revised Lender Basis at Delivery of Project $20,190,165 $140,209 61.8%

USES $ Amount $ per Key % Land Value 4,500,000 31,250 13.8% Hard Costs 22,027,848 152,971 67.5% Soft Costs + Interest 6,125,706 42,540 18.8% TOTAL $32,653,554 $226,761 100.0%

42 LOAN REQUEST & FINANCIALS

TOTAL USES Development Budget LAND / ACQUISITION Total $ Per Room % of Costs Land Value 4,500,000 31,250 13.78% TOTAL LAND / ACQUISITION* $4,500,000 $31,250 13.78% HARD / CONSTRUCTION COSTS Hotel Construction 18,955,250 131,634 58.05% Townhouse Construction 644,750 4,477 1.97% FF&E 1,950,000 13,542 5.97% Hard Cost Contingency 477,848 3,318 1.46% TOTAL HARD / CONSTRUCTION COSTS $22,027,848 $152,971 67.46% SOFT COSTS Design and Engineering 853,195 5,925 2.61% Legal & Accounting 192,936 1,340 0.59% Taxes / Insurance 352,889 2,451 1.08% Misc. Fees 100,356 697 0.31% Permits / Impact Fees 1,692,165 11,751 5.18% Marketing 73,250 509 0.22% Startup / Overhead 258,621 1,796 0.79% Developer Fee 372,000 2,583 1.14% Soft Cost Contingency 200,000 1,389 0.61% TOTAL SOFT COSTS $4,095,412 $28,440 12.54%

FINANCING COSTS Title & Misc. Closing 70,000 486 0.21% Lender Origination Fee 1.00% 244,902 1,701 0.75% Net Interest Reserve 1,470,491 10,212 4.50% Advisory Fee 1.00% 244,902 1,701 0.75% TOTAL FINANCING COSTS $2,030,294 $14,099 6.22%

NET PROJECT COSTS $32,653,554 $226,761 100.00%

TOTAL SOURCES $ Amount $ per Key % of Cost Total Loan Amount 75.0% $24,490,165 $170,071 75.0% Total Sponsor Equity 25.0% $8,163,388 $56,690 25.0% TOTAL SOURCES $32,653,554 $226,761 100.0%

(- Assignment of Key Money - to be paid at C of O) ($2,500,000) ($17,361) -7.7% (- Assignment of Sale Proceeds from Townhouses) ($1,800,000) ($12,500) -5.5% Revised Lender Basis at Delivery of Project $20,190,165 $140,209 61.8%

Stab. NOI Cap Rate Stab. Value $ Per Room Stabilized Value $3,202,096 8.00% $40,026,201 $277,960 Stabilized Loan-to-Value (after delivery) 50.4%

43 LOAN REQUEST & FINANCIALS

Stabilized Cash Flow Exit / Stabilized Delivery Year Year Year 1 Year 2 Year 3 Year 4 Year 5 Operating Statistics (7/20-6/21) (7/21-6/22) (7/22-6/23) (7/23-6/24) (7/24-6/25) Guest Rooms 144 144 144 144 144 Hotel Occupancy 58.3% 80.0% 80.0% 80.0% 80.0% Average Daily Rate $165.67 $171.78 $178.34 $185.35 $192.88 Hotel Rooms Sold 30,619 42,624 42,163 42,048 42,048 REVPAR $96.64 $137.43 $142.67 $148.28 $154.30

Departmental Revenue Amount Ratio Amount Ratio Amount Ratio Amount Ratio Amount Ratio Rooms 4,828,629 94.8% 7,139,254 94.8% 7,519,509 94.8% 7,794,437 94.8% 8,110,740 94.8% Food and Beverage 144,859 2.8% 214,178 2.8% 225,585 2.8% 233,833 2.8% 243,322 2.8% Other 120,716 2.4% 178,481 2.4% 187,988 2.4% 194,861 2.4% 202,769 2.4% Total Departmental Revenue 5,094,204 100.0% 7,531,912 100.0% 7,933,082 100.0% 8,223,131 100.0% 8,556,831 100.0%

Departmental Expenses Rooms 1,137,905 23.6% 1,639,282 23.0% 1,691,890 22.5% 1,753,748 22.5% 1,824,917 22.5% Food and Beverage 121,986 84.2% 175,735 82.1% 180,468 80.0% 187,066 80.0% 194,658 80.0% Other 76,242 63.2% 109,835 61.5% 112,793 60.0% 116,917 60.0% 121,661 60.0% Total Departmental Expenses 1,336,132 26.2% 1,924,853 25.6% 1,985,150 25.0% 2,057,731 25.0% 2,141,235 25.0%

Undistributed Operating Expenses General & Administrative 246,130 4.8% 351,103 4.7% 356,989 4.5% 366,340 4.5% 377,356 4.4% Management Fees 203,768 4.0% 299,731 4.0% 317,323 4.0% 325,636 4.0% 335,428 4.0% Franchise Fees 362,910 7.1% 517,687 6.9% 526,366 6.6% 540,154 6.6% 556,397 6.5% Credit Card Commissions 131,270 2.6% 187,255 2.5% 190,394 2.4% 195,382 2.4% 201,257 2.4% Sales & Marketing 92,983 1.8% 132,639 1.8% 134,862 1.7% 138,395 1.7% 142,557 1.7% Utilities 183,230 3.6% 261,377 3.5% 265,758 3.4% 272,720 3.3% 280,921 3.3% Property Operations & Maintenance 185,965 3.7% 265,278 3.5% 269,725 3.4% 276,791 3.4% 285,114 3.3% Total Undistributed Operating Expense 1,406,256 27.6% 2,015,070 26.8% 2,061,417 26.0% 2,115,419 25.7% 2,179,029 25.5%

House Profit 2,351,815 46.2% 3,591,990 47.7% 3,886,515 49.0% 4,049,981 49.3% 4,236,567 49.5%

Fixed Charges Insurance 134,409 2.6% 136,457 1.8% 138,527 1.7% 140,628 1.7% 142,764 1.7% Property Taxes 221,776 4.4% 225,155 3.0% 228,569 2.9% 232,036 2.8% 235,561 2.8% FF&E Reserve 104,029 2.0% 228,275 3.0% 317,323 4.0% 325,636 4.0% 342,273 4.0% Total Fixed Charges 460,214 9.0% 589,887 7.8% 684,419 8.6% 698,301 8.5% 720,599 8.4%

TOTAL NET OPERATING INCOME $1,891,601 37% $3,002,103 40% $3,202,096 40% $3,351,681 41% $3,515,968 41%

44 Sponsorship Overview SPONSORSHIP OVERVIEW

Delia Hospitality LLC Delia Hospitality is a commercial real estate investment firm with a central focus on hospitality in the state of Florida. The company has specific expertise in hospitality related real estate and has worked with some of the largest brands in the business including Marriot and Best Western. Delia Hospitality’s management team has extensive experience in both the development and management of hotels, with both partners having spent numerous years in the industry.

Vincenzo Alaimo Eddie Otero

Vincenzo Alaimo serves as the managing partner for Delia Hospitality Eddie Otero is the senior development manager for Delia Hospitality and has years of experience, ability and knowledge in the hospitality and an accomplished professional with over 20 years of experience in industry. Vincenzo has worked with hotels, hospitals for tourism, and designing and building retail, office, residential, industrial, and mixed- commercial HMOs with almost 100,000 members to contribute to the use buildings. Eddie’s expertise are in project entitlement/planning, development and success of Delia Hospitality. Vincenzo is an property acquisition/feasibility, construction budget and cash flow experienced negotiator, motivator, investor and hotel manager, having analysis and project management fields. Eddie spent nearly 15 years at run The Mill Hotel Resort in Aruba since 2015. Under Vincenzo’s Trammell Crow Company, working with various notable clients, such leadership, the Mill Hotel Resort has become a destination hotel in as the U.S. Department of Defense, GSA, DEA, Northrop Grumman, Aruba and is currently in the process of being remodeled to become a Honda North America, Cornerstone Real Estate Advisors, Principal Marriot branded hotel. Vincenzo has a comprehensive understanding Financial Group, and The Carlyle Group. Before working with Delia of both the business and hospitality cycle for certain products and has a Hospitality, Eddie was also the vice president of development at Mast great sense of knowledge in their respective target markets that allows Capital where he led the firm’s ground-up and value-add development him to achieve company goals. Vincenzo graduated with a bachelor’s opportunities. Eddie was involved in all aspects of acquisition, degree in Health Services Administration from Florida International entitlement, development, financing, construction, leasing, sales, and University and has a graduate degree in real estate finance and management of retail, office, and condominium projects. Eddie investment from New York University. graduated from North Carolina State University with a bachelor’s degree in construction engineering and management.

46 SPONSORSHIP OVERVIEW

The Mill Resort & Suites Aruba Vincenzo Alaimo is an experienced investor and hotel manager, having run The Mill Hotel Resort in Aruba since 2015. Under Vincenzo’s leadership, the Mill Hotel Resort is becoming a destination in Aruba and is currently in the process of being remodeled to become a Marriot branded hotel.

The Mill Resort is located immediately across the street from the best beaches in Palm Beach, Aruba. The resort provides a complimentary three minute shuttle ride to the white powdery sands and crystal turquoise waters of the Caribbean Sea. Tourists who travel to the Aruba beach are in for a stunning and unforgettable beaching experience. The resort is also easily accessible to many local attractions including the California Lighthouse, Alto Vista Chapel, and Tierra del Sol Golf, all of which are within a 10 minute drive.

The resort has personal assistants on the beach that welcome travelers with open arms and helps them arrange their chaise lounge at the desired location. The staff provides refreshments and a beach delivery food service throughout the day, allowing customers to maximize their enjoyment of Aruba's most spectacular feature. The resort also offers three on site bars & restaurants including The Mill Restaurant, Bang Gozzza Bar, and Mango’s Bar & Terrace. These restaurants range from midscale to causal and allow customers a wide range of options.

The resort offers unique and oversized rooms, with both Standard and Deluxe accommodations in each of their room categories. While size, layout and amenities of the rooms are the same, the Deluxe accommodations have been recently renovated with marbled tiles, modernized facilities and amenities like bathroom, kitchen, furniture.

47 SPONSORSHIP OVERVIEW

Construction Team Featured Projects Milton Construction will oversee and complete the construction of the Miami Best Western Vib Hotel. Established in 1965, Milton Construction is a family owned company, now into its second generation. For over forty years Milton Construction has strived to create a reputation of honesty and professionalism in helping developers and owners meet their financial goals. Milton Construction has experience with the various municipalities of Miami-Dade and Broward County, including Coral Gables, City of Miami, Miami Beach, and Pembroke Pines, as well as in the Caribbean.

Milton Construction has a wide range of experience in various types of construction and development including hotels, condominiums, high, mid, and low-rise apartment buildings. Milton Construction’s upper management consists of licensed general contractors and professional engineers. This team of trained and experienced professionals gives the firm an enhanced ability to solve the multitude of issues arising during the planning and construction of every project. The firm’s history has given its management experience building under the toughest construction codes in the United States, including high velocity wind zones. This experience provides important assistance to the firm’s clients. An extensive knowledge of local codes and loan procedures allows the firm to work closely with both civic officials and lending institutions.

Milton Construction strives to develop a high level of communication with all interested parties involved in each project. To accomplish this, the firm places special focus on personal involvement by the principals, value added engineering, and attention to detail. Milton Construction recognizes that the firm’s responsiveness and the availability of upper level management can prove crucial during a project’s financing and developmental phases. Management works as a team promoting open and accessible lines of communication to make the process easier and more efficient.

Milton Construction stands ready to provide its knowledge, expertise and energy to help their clients prosper. From site work and pouring foundation to custom and highly crafted interior finishes, Milton Construction consistently applies its time tested principals for successfully completing each project as their clients demand and their architects envisioned.

48 SPONSORSHIP OVERVIEW

Architect- Frances Anillo Toledo, LLC Frances Anillo Toledo, LLC is a full-service architectural firm based in South Florida. The company prides itself in offering clients reliable service, consistent quality and outstanding professional services. They believe in establishing partnering supportive relationships with each client, and fully understanding its customer needs so they can act as an extension of their clients staff. Frances Anillo Toledo provides a wide range of services which include: architectural design, landscape architecture, master planning, facility design solutions, site analysis and selection, feasibility studies, construction administration, building evaluation, renderings and animations. Their services also include interior design services such as programming, space analysis, space and tenant planning, interior finishes, furniture and fixtures, inventory selection and procurement.

Providing effective, professional service to clients by meeting the established quality, cost, and time goals is the principle criteria that guides the Frances Anillo Toledo design team through project completion. Success requires a strong commitment to project management in order to effectively plan, organize, direct and control the project through its stages of development and to coordinate the efforts of the various participants and resources to achieve the clients objectives.

Featured Projects

Modera Douglas Station, Miami Florida One River Tower, Miami Florida Modera Prime 235, Miami Florida Cassa Brickell, Miami Florida Multi Family with 262 Units Mixed Use w/ 100 Residential Units Mixed Use w/ 237 Residential Units Multi Family with 81 Units Client: Mill Creek Residential Trust Client: River View One, LLC Client: Mill Creek Residential Trust Client: Paragon Group Construction Cost: $32 Million Construction Cost: $17 Million Construction Cost: $32 Million Construction Cost: $24.8 Million

Emerald Palms, Miami Florida Best Western Plus Kendall Airport EB Hotel Miami Airport Milagro Coral Gables

49 1700 Market Street Suite 3232 Philadelphia, PA 19103

James Conley Managing Director 484.532.4208 [email protected] Neil Campbell Director 484.532.4176 [email protected] Gavin Weaver Analyst 484.532.4170 [email protected] Mark D’Agostino Analyst 484.532.4189 [email protected] Trend # 1021113_SADIM / Created October 02, 2018 Trend Report - Vincenzo - Miami, FL Area Selected Properties January 2012 to August 2018 Currency : USD - US Dollar

Table of Contents 1 Data by Measure 2 Percent Change by Measure 3 Percent Change by Year 4 Twelve Month Moving Average 5 Twelve Month Moving Average with Percent Change 6 Day of Week Analysis 7 Raw Data 8 Classic 9 Response Report 10 Terms and Conditions 11 Help 12

735 East Main Street, Hendersonville, TN 37075 Blue Fin Building, 110 Southwark Street, London SE1 OTA T: +1 615 824 8664 T: +44 (0)20 7922 1930 [email protected] www.str.com [email protected] www.str.com

The STR Trend Report is a publication of STR, Inc. and STR Global, Ltd., and is intended solely for use by paid subscribers. Reproduction or distribution of the STR Trend Report, in whole or part, without written permission is prohibited and subject to legal action. If you have received this report and are NOT a subscriber to the STR Trend report, please contact us immediately. Source: 2018 STR, Inc. / STR Global, Ltd. trading as “STR”. Tab 2 - Data by Measure

Vincenzo - Miami, FL Area Selected Properties Job Number: 1021113_SADIM Staff: SS Created: October 02, 2018 Occupancy (%) January February March April May June July August September October November December Total Year Aug YTD 2012 79.2 86.1 89.4 80.5 71.1 67.4 68.6 65.5 62.0 69.0 71.4 73.6 73.6 75.9 2013 83.2 89.9 91.4 85.6 77.3 75.0 70.3 73.3 65.8 72.8 82.9 86.0 79.4 80.6 2014 85.1 90.6 90.1 88.6 83.8 76.6 74.1 79.4 69.8 74.1 82.3 84.2 81.5 83.5 2015 88.3 92.9 88.0 88.3 81.1 78.1 76.8 76.2 75.8 76.5 84.9 79.9 81.9 83.4 2016 85.8 88.2 86.8 89.8 81.2 71.8 77.7 71.0 72.5 69.9 78.1 78.3 79.2 81.5 2017 80.4 83.8 90.4 87.1 81.4 80.7 85.9 83.4 73.9 90.7 91.1 87.1 84.7 84.1 2018 87.3 93.6 94.8 91.3 86.9 83.8 82.4 82.1 87.7 Avg 84.2 89.3 90.1 87.4 80.5 76.3 76.8 76.0 70.2 75.7 81.9 81.5 80.1 82.5

ADR ($) January February March April May June July August September October November December Total Year Aug YTD 2012 156.32 162.76 167.85 134.62 122.84 103.29 105.91 101.03 97.46 124.35 127.15 137.92 130.71 134.32 2013 170.00 180.50 187.86 140.83 128.93 114.01 109.65 110.62 107.75 134.54 139.00 148.91 141.52 145.04 2014 179.53 201.20 197.78 154.04 138.84 119.53 113.44 112.03 112.66 143.26 149.90 161.67 150.40 153.72 2015 195.01 211.76 210.93 160.56 141.77 119.34 114.83 115.53 114.45 141.45 159.87 167.91 155.32 159.73 2016 200.73 216.36 204.20 157.90 138.44 121.55 117.11 114.37 108.89 135.21 141.58 148.93 152.57 161.01 2017 179.80 198.50 195.52 146.25 137.36 115.83 120.98 113.68 137.00 145.32 156.38 168.25 151.50 151.06 2018 190.92 215.11 212.83 164.16 149.91 125.39 122.56 119.12 163.79 Avg 182.57 198.87 197.08 151.74 137.52 117.46 115.53 112.82 113.92 138.00 146.69 156.29 147.54 153.27

RevPAR ($) January February March April May June July August September October November December Total Year Aug YTD 2012 123.77 140.06 150.01 108.40 87.38 69.67 72.65 66.15 60.41 85.79 90.82 101.52 96.18 101.90 2013 141.53 162.31 171.65 120.49 99.64 85.54 77.04 81.10 70.85 97.99 115.29 128.09 112.36 116.96 2014 152.76 182.23 178.11 136.50 116.32 91.62 84.04 88.97 78.65 106.11 123.32 136.09 122.57 128.28 2015 172.11 196.78 185.51 141.84 115.01 93.16 88.15 88.04 86.74 108.17 135.73 134.21 127.28 133.23 2016 172.20 190.85 177.26 141.82 112.41 87.23 90.96 81.21 78.93 94.53 110.63 116.68 120.84 131.16 2017 144.55 166.32 176.79 127.36 111.76 93.53 103.93 94.77 101.28 131.85 142.47 146.49 128.29 127.10 2018 166.64 201.24 201.73 149.84 130.30 105.11 101.04 97.74 143.64 Avg 153.70 177.49 177.62 132.63 110.72 89.65 88.67 85.69 79.93 104.41 120.18 127.42 118.23 126.39

Supply January February March April May June July August September October November December Total Year Aug YTD 2012 29,791 26,908 29,791 28,830 29,791 28,830 29,791 29,791 28,830 29,791 28,830 29,791 350,765 233,523 2013 29,791 26,908 29,791 28,830 29,791 28,830 29,853 29,853 28,890 29,853 28,890 29,853 351,133 233,647 2014 29,853 26,964 29,853 28,890 29,853 28,890 29,853 29,853 28,890 29,853 28,890 29,853 351,495 234,009 2015 29,853 26,964 29,853 28,890 29,853 28,890 33,046 33,046 31,980 33,046 31,980 33,046 370,447 240,395 2016 33,046 29,848 33,046 31,980 33,046 31,980 33,046 33,046 31,980 33,046 31,980 33,046 389,090 259,038 2017 33,046 29,848 33,046 31,980 33,046 31,980 32,736 32,736 31,680 32,736 31,680 32,736 387,250 258,418 2018 32,736 29,568 32,736 31,680 32,736 31,680 32,736 32,736 256,608 Avg 31,159 28,144 31,159 30,154 31,159 30,154 31,580 31,580 30,375 31,388 30,375 31,388 366,697 245,091

Demand January February March April May June July August September October November December Total Year Aug YTD 2012 23,587 23,155 26,624 23,216 21,190 19,445 20,436 19,506 17,869 20,553 20,591 21,929 258,101 177,159 2013 24,801 24,197 27,221 24,667 23,024 21,630 20,975 21,888 18,998 21,743 23,962 25,680 278,786 188,403 2014 25,402 24,422 26,884 25,599 25,011 22,144 22,117 23,710 20,170 22,112 23,768 25,129 286,468 195,289 2015 26,347 25,056 26,256 25,521 24,218 22,553 25,369 25,183 24,238 25,271 27,151 26,413 303,576 200,503 2016 28,348 26,329 28,687 28,723 26,833 22,951 25,667 23,466 23,180 23,103 24,989 25,890 308,166 211,004 2017 26,567 25,010 29,881 27,850 26,888 25,823 28,123 27,290 23,422 29,702 28,863 28,502 327,921 217,432 2018 28,573 27,662 31,029 28,916 28,454 26,555 26,987 26,862 225,038 Avg 26,232 25,119 28,083 26,356 25,088 23,014 24,239 23,986 21,313 23,747 24,887 25,591 293,836 202,118

Revenue ($) January February March April May June July August September October November December Total Year Aug YTD 2012 3,687,153 3,768,625 4,468,842 3,125,288 2,603,002 2,008,506 2,164,424 1,970,629 1,741,556 2,555,732 2,618,217 3,024,410 33,736,384 23,796,469 2013 4,216,191 4,367,458 5,113,694 3,473,867 2,968,402 2,466,023 2,299,945 2,421,150 2,046,997 2,925,259 3,330,659 3,823,970 39,453,615 27,326,730 2014 4,560,300 4,913,764 5,316,995 3,943,360 3,472,407 2,646,983 2,508,891 2,656,157 2,272,296 3,167,761 3,562,705 4,062,616 43,084,235 30,018,857 2015 5,137,880 5,305,933 5,538,087 4,097,686 3,433,338 2,691,385 2,913,007 2,909,383 2,774,077 3,574,681 4,340,616 4,434,982 47,151,055 32,026,699 2016 5,690,421 5,696,538 5,857,800 4,535,383 3,714,701 2,789,738 3,005,781 2,683,778 2,524,048 3,123,843 3,537,907 3,855,888 47,015,826 33,974,140 2017 4,776,823 4,964,421 5,842,286 4,073,026 3,693,358 2,991,085 3,402,364 3,102,398 3,208,703 4,316,219 4,513,566 4,795,341 49,679,590 32,845,761 2018 5,455,232 5,950,308 6,603,924 4,746,800 4,265,533 3,329,843 3,307,540 3,199,732 36,858,912 Avg 4,789,143 4,995,292 5,534,518 3,999,344 3,450,106 2,703,366 2,800,279 2,706,175 2,427,946 3,277,249 3,650,612 3,999,535 43,353,451 30,978,224

The STR Trend Report is a publication of STR, Inc. and STR Global, Ltd., and is intended solely for use by paid subscribers. Reproduction or distribution of the STR Trend Report, in whole or part, without written permission is prohibited and subject to legal action. If you have received this report and are NOT a subscriber to the STR Trend report, please contact us immediately. Source: 2018 STR, Inc. / STR Global, Ltd. trading as “STR”. Tab 3 - Percent Change from Previous Year - Detail by Measure

Vincenzo - Miami, FL Area Selected Properties Job Number: 1021113_SADIM Staff: SS Created: October 02, 2018

Occupancy January February March April May June July August September October November December Total Year Aug YTD 2013 5.1 4.5 2.2 6.2 8.7 11.2 2.4 12.0 6.1 5.6 16.1 16.9 7.9 6.3 2014 2.2 0.7 -1.4 3.6 8.4 2.2 5.4 8.3 6.2 1.7 -0.8 -2.1 2.6 3.5 2015 3.7 2.6 -2.3 -0.3 -3.2 1.8 3.6 -4.0 8.6 3.2 3.2 -5.0 0.6 -0.1 2016 -2.8 -5.1 -1.3 1.7 0.1 -8.1 1.2 -6.8 -4.4 -8.6 -8.0 -2.0 -3.4 -2.3 2017 -6.3 -5.0 4.2 -3.0 0.2 12.5 10.6 17.4 2.0 29.8 16.6 11.1 6.9 3.3 2018 8.6 11.7 4.8 4.8 6.8 3.8 -4.0 -1.6 4.2 Avg 1.8 1.6 1.0 2.2 3.5 3.9 3.2 4.2 3.7 6.3 5.4 3.8 2.9 2.5

ADR January February March April May June July August September October November December Total Year Aug YTD 2013 8.8 10.9 11.9 4.6 5.0 10.4 3.5 9.5 10.6 8.2 9.3 8.0 8.3 8.0 2014 5.6 11.5 5.3 9.4 7.7 4.8 3.5 1.3 4.6 6.5 7.8 8.6 6.3 6.0 2015 8.6 5.2 6.6 4.2 2.1 -0.2 1.2 3.1 1.6 -1.3 6.7 3.9 3.3 3.9 2016 2.9 2.2 -3.2 -1.7 -2.3 1.9 2.0 -1.0 -4.9 -4.4 -11.4 -11.3 -1.8 0.8 2017 -10.4 -8.3 -4.3 -7.4 -0.8 -4.7 3.3 -0.6 25.8 7.5 10.5 13.0 -0.7 -6.2 2018 6.2 8.4 8.9 12.2 9.1 8.3 1.3 4.8 8.4 Avg 3.6 5.0 4.2 3.6 3.5 3.4 2.5 2.8 7.5 3.3 4.6 4.4 3.1 3.5

RevPAR January February March April May June July August September October November December Total Year Aug YTD 2013 14.3 15.9 14.4 11.2 14.0 22.8 6.0 22.6 17.3 14.2 26.9 26.2 16.8 14.8 2014 7.9 12.3 3.8 13.3 16.7 7.1 9.1 9.7 11.0 8.3 7.0 6.2 9.1 9.7 2015 12.7 8.0 4.2 3.9 -1.1 1.7 4.9 -1.0 10.3 1.9 10.1 -1.4 3.8 3.9 2016 0.1 -3.0 -4.4 -0.0 -2.3 -6.4 3.2 -7.8 -9.0 -12.6 -18.5 -13.1 -5.1 -1.6 2017 -16.1 -12.9 -0.3 -10.2 -0.6 7.2 14.3 16.7 28.3 39.5 28.8 25.5 6.2 -3.1 2018 15.3 21.0 14.1 17.6 16.6 12.4 -2.8 3.1 13.0 Avg 5.7 6.9 5.3 6.0 7.2 7.5 5.8 7.2 11.6 10.3 10.9 8.7 6.2 6.1

Supply January February March April May June July August September October November December Total Year Aug YTD 2013 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.2 0.2 0.2 0.2 0.2 0.1 0.1 2014 0.2 0.2 0.2 0.2 0.2 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.2 2015 0.0 0.0 0.0 0.0 0.0 0.0 10.7 10.7 10.7 10.7 10.7 10.7 5.4 2.7 2016 10.7 10.7 10.7 10.7 10.7 10.7 0.0 0.0 0.0 0.0 0.0 0.0 5.0 7.8 2017 0.0 0.0 0.0 0.0 0.0 0.0 -0.9 -0.9 -0.9 -0.9 -0.9 -0.9 -0.5 -0.2 2018 -0.9 -0.9 -0.9 -0.9 -0.9 -0.9 0.0 0.0 -0.7 Avg 1.7 1.7 1.7 1.7 1.7 1.7 1.7 1.7 2.0 2.0 2.0 2.0 2.0 1.6

Demand January February March April May June July August September October November December Total Year Aug YTD 2013 5.1 4.5 2.2 6.3 8.7 11.2 2.6 12.2 6.3 5.8 16.4 17.1 8.0 6.3 2014 2.4 0.9 -1.2 3.8 8.6 2.4 5.4 8.3 6.2 1.7 -0.8 -2.1 2.8 3.7 2015 3.7 2.6 -2.3 -0.3 -3.2 1.8 14.7 6.2 20.2 14.3 14.2 5.1 6.0 2.7 2016 7.6 5.1 9.3 12.5 10.8 1.8 1.2 -6.8 -4.4 -8.6 -8.0 -2.0 1.5 5.2 2017 -6.3 -5.0 4.2 -3.0 0.2 12.5 9.6 16.3 1.0 28.6 15.5 10.1 6.4 3.0 2018 7.6 10.6 3.8 3.8 5.8 2.8 -4.0 -1.6 3.5 Avg 3.4 3.1 2.7 3.8 5.2 5.4 4.9 5.8 5.9 8.4 7.5 5.6 4.9 4.1

Revenue January February March April May June July August September October November December Total Year Aug YTD 2013 14.3 15.9 14.4 11.2 14.0 22.8 6.3 22.9 17.5 14.5 27.2 26.4 16.9 14.8 2014 8.2 12.5 4.0 13.5 17.0 7.3 9.1 9.7 11.0 8.3 7.0 6.2 9.2 9.9 2015 12.7 8.0 4.2 3.9 -1.1 1.7 16.1 9.5 22.1 12.8 21.8 9.2 9.4 6.7 2016 10.8 7.4 5.8 10.7 8.2 3.7 3.2 -7.8 -9.0 -12.6 -18.5 -13.1 -0.3 6.1 2017 -16.1 -12.9 -0.3 -10.2 -0.6 7.2 13.2 15.6 27.1 38.2 27.6 24.4 5.7 -3.3 2018 14.2 19.9 13.0 16.5 15.5 11.3 -2.8 3.1 12.2 Avg 7.3 8.5 6.9 7.6 8.8 9.0 7.5 8.8 13.7 12.2 13.0 10.6 8.2 7.7 The STR Trend Report is a publication of STR, Inc. and STR Global, Ltd., and is intended solely for use by paid subscribers. Reproduction or distribution of the STR Trend Report, in whole or part, without written permission is prohibited and subject to legal action. If you have received this report and are NOT a subscriber to the STR Trend report, please contact us immediately. Source: 2018 STR, Inc. / STR Global, Ltd. trading as “STR”. Tab 4 - Percent Change from Previous Year - Detail by Year Vincenzo - Miami, FL Area Selected Properties Job Number: 1021113_SADIM Staff: SS Created: October 02, 2018

Jan 13 Feb 13 Mar 13 Apr 13 May 13 Jun 13 Jul 13 Aug 13 Sep 13 Oct 13 Nov 13 Dec 13 Total Year Aug YTD Occ 5.1 4.5 2.2 6.2 8.7 11.2 2.4 12.0 6.1 5.6 16.1 16.9 7.9 6.3 ADR 8.8 10.9 11.9 4.6 5.0 10.4 3.5 9.5 10.6 8.2 9.3 8.0 8.3 8.0 RevPAR 14.3 15.9 14.4 11.2 14.0 22.8 6.0 22.6 17.3 14.2 26.9 26.2 16.8 14.8 Supply 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.2 0.2 0.2 0.2 0.2 0.1 0.1 Demand 5.1 4.5 2.2 6.3 8.7 11.2 2.6 12.2 6.3 5.8 16.4 17.1 8.0 6.3 Revenue 14.3 15.9 14.4 11.2 14.0 22.8 6.3 22.9 17.5 14.5 27.2 26.4 16.9 14.8

Jan 14 Feb 14 Mar 14 Apr 14 May 14 Jun 14 Jul 14 Aug 14 Sep 14 Oct 14 Nov 14 Dec 14 Total Year Aug YTD Occ 2.2 0.7 -1.4 3.6 8.4 2.2 5.4 8.3 6.2 1.7 -0.8 -2.1 2.6 3.5 ADR 5.6 11.5 5.3 9.4 7.7 4.8 3.5 1.3 4.6 6.5 7.8 8.6 6.3 6.0 RevPAR 7.9 12.3 3.8 13.3 16.7 7.1 9.1 9.7 11.0 8.3 7.0 6.2 9.1 9.7 Supply 0.2 0.2 0.2 0.2 0.2 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.2 Demand 2.4 0.9 -1.2 3.8 8.6 2.4 5.4 8.3 6.2 1.7 -0.8 -2.1 2.8 3.7 Revenue 8.2 12.5 4.0 13.5 17.0 7.3 9.1 9.7 11.0 8.3 7.0 6.2 9.2 9.9

Jan 15 Feb 15 Mar 15 Apr 15 May 15 Jun 15 Jul 15 Aug 15 Sep 15 Oct 15 Nov 15 Dec 15 Total Year Aug YTD Occ 3.7 2.6 -2.3 -0.3 -3.2 1.8 3.6 -4.0 8.6 3.2 3.2 -5.0 0.6 -0.1 ADR 8.6 5.2 6.6 4.2 2.1 -0.2 1.2 3.1 1.6 -1.3 6.7 3.9 3.3 3.9 RevPAR 12.7 8.0 4.2 3.9 -1.1 1.7 4.9 -1.0 10.3 1.9 10.1 -1.4 3.8 3.9 Supply 0.0 0.0 0.0 0.0 0.0 0.0 10.7 10.7 10.7 10.7 10.7 10.7 5.4 2.7 Demand 3.7 2.6 -2.3 -0.3 -3.2 1.8 14.7 6.2 20.2 14.3 14.2 5.1 6.0 2.7 Revenue 12.7 8.0 4.2 3.9 -1.1 1.7 16.1 9.5 22.1 12.8 21.8 9.2 9.4 6.7

Jan 16 Feb 16 Mar 16 Apr 16 May 16 Jun 16 Jul 16 Aug 16 Sep 16 Oct 16 Nov 16 Dec 16 Total Year Aug YTD Occ -2.8 -5.1 -1.3 1.7 0.1 -8.1 1.2 -6.8 -4.4 -8.6 -8.0 -2.0 -3.4 -2.3 ADR 2.9 2.2 -3.2 -1.7 -2.3 1.9 2.0 -1.0 -4.9 -4.4 -11.4 -11.3 -1.8 0.8 RevPAR 0.1 -3.0 -4.4 -0.0 -2.3 -6.4 3.2 -7.8 -9.0 -12.6 -18.5 -13.1 -5.1 -1.6 Supply 10.7 10.7 10.7 10.7 10.7 10.7 0.0 0.0 0.0 0.0 0.0 0.0 5.0 7.8 Demand 7.6 5.1 9.3 12.5 10.8 1.8 1.2 -6.8 -4.4 -8.6 -8.0 -2.0 1.5 5.2 Revenue 10.8 7.4 5.8 10.7 8.2 3.7 3.2 -7.8 -9.0 -12.6 -18.5 -13.1 -0.3 6.1

Jan 17 Feb 17 Mar 17 Apr 17 May 17 Jun 17 Jul 17 Aug 17 Sep 17 Oct 17 Nov 17 Dec 17 Total Year Aug YTD Occ -6.3 -5.0 4.2 -3.0 0.2 12.5 10.6 17.4 2.0 29.8 16.6 11.1 6.9 3.3 ADR -10.4 -8.3 -4.3 -7.4 -0.8 -4.7 3.3 -0.6 25.8 7.5 10.5 13.0 -0.7 -6.2 RevPAR -16.1 -12.9 -0.3 -10.2 -0.6 7.2 14.3 16.7 28.3 39.5 28.8 25.5 6.2 -3.1 Supply 0.0 0.0 0.0 0.0 0.0 0.0 -0.9 -0.9 -0.9 -0.9 -0.9 -0.9 -0.5 -0.2 Demand -6.3 -5.0 4.2 -3.0 0.2 12.5 9.6 16.3 1.0 28.6 15.5 10.1 6.4 3.0 Revenue -16.1 -12.9 -0.3 -10.2 -0.6 7.2 13.2 15.6 27.1 38.2 27.6 24.4 5.7 -3.3

Jan 18 Feb 18 Mar 18 Apr 18 May 18 Jun 18 Jul 18 Aug 18 Sep 18 Oct 18 Nov 18 Dec 18 Total Year Aug YTD Occ 8.6 11.7 4.8 4.8 6.8 3.8 -4.0 -1.6 4.2 ADR 6.2 8.4 8.9 12.2 9.1 8.3 1.3 4.8 8.4 RevPAR 15.3 21.0 14.1 17.6 16.6 12.4 -2.8 3.1 13.0 Supply -0.9 -0.9 -0.9 -0.9 -0.9 -0.9 0.0 0.0 -0.7 Demand 7.6 10.6 3.8 3.8 5.8 2.8 -4.0 -1.6 3.5 Revenue 14.2 19.9 13.0 16.5 15.5 11.3 -2.8 3.1 12.2

The STR Trend Report is a publication of STR, Inc. and STR Global, Ltd., and is intended solely for use by paid subscribers. Reproduction or distribution of the STR Trend Report, in whole or part, without written permission is prohibited and subject to legal action. If you have received this report and are NOT a subscriber to the STR Trend report, please contact us immediately. Source: 2018 STR, Inc. / STR Global, Ltd. trading as “STR”. Tab 5 - Twelve Month Moving Average

Vincenzo - Miami, FL Area Selected Properties Job Number: 1021113_SADIM Staff: SS Created: October 02, 2018

Occupancy (%) January February March April May June July August September October November December 2013 73.9 74.2 74.4 74.8 75.3 76.0 76.1 76.8 77.1 77.4 78.3 79.4 2014 79.6 79.6 79.5 79.7 80.3 80.4 80.8 81.3 81.6 81.7 81.7 81.5 2015 81.8 81.9 81.8 81.7 81.5 81.6 81.8 81.5 81.9 82.1 82.3 81.9 2016 81.8 81.5 81.5 81.6 81.6 81.1 81.2 80.7 80.4 79.9 79.3 79.2 2017 78.7 78.4 78.7 78.5 78.5 79.2 79.9 81.0 81.1 82.9 83.9 84.7 2018 85.3 86.0 86.4 86.7 87.2 87.5 87.2 87.1

ADR ($) January February March April May June July August September October November December 2013 132.14 133.91 136.07 136.65 137.08 137.68 137.91 138.36 138.91 139.66 140.54 141.52 2014 142.45 144.29 145.19 146.38 147.14 147.51 147.65 147.53 147.71 148.37 149.28 150.40 2015 151.91 152.94 154.04 154.62 154.91 154.85 154.51 154.59 154.16 153.90 154.75 155.32 2016 156.11 156.74 156.54 156.33 155.93 156.04 156.19 156.33 156.06 155.69 154.18 152.57 2017 150.47 148.72 148.09 147.00 146.90 146.19 146.31 145.86 147.92 148.60 149.83 151.50 2018 152.63 154.38 156.13 157.65 158.61 159.28 159.53 160.03

RevPAR ($) January February March April May June July August September October November December 2013 97.69 99.39 101.23 102.23 103.27 104.57 104.94 106.21 107.06 108.09 110.10 112.36 2014 113.32 114.86 115.42 116.73 118.15 118.64 119.24 119.90 120.55 121.24 121.90 122.57 2015 124.22 125.33 125.96 126.40 126.29 126.42 126.42 126.00 126.31 126.32 127.37 127.28 2016 127.67 127.73 127.50 127.61 127.29 126.53 126.77 126.19 125.55 124.39 122.32 120.84 2017 118.49 116.61 116.57 115.38 115.32 115.84 116.95 118.12 119.98 123.15 125.76 128.29 2018 130.14 132.79 134.87 136.72 138.31 139.30 139.05 139.30

Supply January February March April May June July August September October November December 2013 350,765 350,765 350,765 350,765 350,765 350,765 350,827 350,889 350,949 351,011 351,071 351,133 2014 351,195 351,251 351,313 351,373 351,435 351,495 351,495 351,495 351,495 351,495 351,495 351,495 2015 351,495 351,495 351,495 351,495 351,495 351,495 354,688 357,881 360,971 364,164 367,254 370,447 2016 373,640 376,524 379,717 382,807 386,000 389,090 389,090 389,090 389,090 389,090 389,090 389,090 2017 389,090 389,090 389,090 389,090 389,090 389,090 388,780 388,470 388,170 387,860 387,560 387,250 2018 386,940 386,660 386,350 386,050 385,740 385,440 385,440 385,440

Demand January February March April May June July August September October November December 2013 259,315 260,357 260,954 262,405 264,239 266,424 266,963 269,345 270,474 271,664 275,035 278,786 2014 279,387 279,612 279,275 280,207 282,194 282,708 283,850 285,672 286,844 287,213 287,019 286,468 2015 287,413 288,047 287,419 287,341 286,548 286,957 290,209 291,682 295,750 298,909 302,292 303,576 2016 305,577 306,850 309,281 312,483 315,098 315,496 315,794 314,077 313,019 310,851 308,689 308,166 2017 306,385 305,066 306,260 305,387 305,442 308,314 310,770 314,594 314,836 321,435 325,309 327,921 2018 329,927 332,579 333,727 334,793 336,359 337,091 335,955 335,527

Revenue ($) January February March April May June July August September October November December 2013 34,265,422 34,864,255 35,509,107 35,857,686 36,223,086 36,680,603 36,816,124 37,266,645 37,572,086 37,941,613 38,654,055 39,453,615 2014 39,797,724 40,344,030 40,547,331 41,016,824 41,520,829 41,701,789 41,910,735 42,145,742 42,371,041 42,613,543 42,845,589 43,084,235 2015 43,661,815 44,053,984 44,275,076 44,429,402 44,390,333 44,434,735 44,838,851 45,092,077 45,593,858 46,000,778 46,778,689 47,151,055 2016 47,703,596 48,094,201 48,413,914 48,851,611 49,132,974 49,231,327 49,324,101 49,098,496 48,848,467 48,397,629 47,594,920 47,015,826 2017 46,102,228 45,370,111 45,354,597 44,892,240 44,870,897 45,072,244 45,468,827 45,887,447 46,572,102 47,764,478 48,740,137 49,679,590 2018 50,357,999 51,343,886 52,105,524 52,779,298 53,351,473 53,690,231 53,595,407 53,692,741

High value is boxed. Low value is boxed and italicized.

The STR Trend Report is a publication of STR, Inc. and STR Global, Ltd., and is intended solely for use by paid subscribers. Reproduction or distribution of the STR Trend Report, in whole or part, without written permission is prohibited and subject to legal action. If you have received this report and are NOT a subscriber to the STR Trend report, please contact us immediately. Source: 2018 STR, Inc. / STR Global, Ltd. trading as “STR”. Tab 6 - Twelve Month Moving Average with Percent Change

Vincenzo - Miami, FL Area Selected Properties Job Number: 1021113_SADIM Staff: SS Created: October 02, 2018 Date Occupancy ADR RevPar Supply Demand Revenue

This Year % Chg This Year % Chg This Year % Chg This Year % Chg This Year % Chg This Year % Chg Jan 13 73.9 132.14 97.69 350,765 259,315 34,265,422 Feb 13 74.2 133.91 99.39 350,765 260,357 34,864,255 Mar 13 74.4 136.07 101.23 350,765 260,954 35,509,107 Apr 13 74.8 136.65 102.23 350,765 262,405 35,857,686 May 13 75.3 137.08 103.27 350,765 264,239 36,223,086 Jun 13 76.0 137.68 104.57 350,765 266,424 36,680,603 Jul 13 76.1 137.91 104.94 350,827 266,963 36,816,124 Aug 13 76.8 138.36 106.21 350,889 269,345 37,266,645 Sep 13 77.1 138.91 107.06 350,949 270,474 37,572,086 Oct 13 77.4 139.66 108.09 351,011 271,664 37,941,613 Nov 13 78.3 140.54 110.10 351,071 275,035 38,654,055 Dec 13 79.4 7.9 141.52 8.3 112.36 16.8 351,133 0.1 278,786 8.0 39,453,615 16.9 Jan 14 79.6 7.6 142.45 7.8 113.32 16.0 351,195 0.1 279,387 7.7 39,797,724 16.1 Feb 14 79.6 7.2 144.29 7.7 114.86 15.6 351,251 0.1 279,612 7.4 40,344,030 15.7 Mar 14 79.5 6.9 145.19 6.7 115.42 14.0 351,313 0.2 279,275 7.0 40,547,331 14.2 Apr 14 79.7 6.6 146.38 7.1 116.73 14.2 351,373 0.2 280,207 6.8 41,016,824 14.4 May 14 80.3 6.6 147.14 7.3 118.15 14.4 351,435 0.2 282,194 6.8 41,520,829 14.6 Jun 14 80.4 5.9 147.51 7.1 118.64 13.5 351,495 0.2 282,708 6.1 41,701,789 13.7 Jul 14 80.8 6.1 147.65 7.1 119.24 13.6 351,495 0.2 283,850 6.3 41,910,735 13.8 Aug 14 81.3 5.9 147.53 6.6 119.90 12.9 351,495 0.2 285,672 6.1 42,145,742 13.1 Sep 14 81.6 5.9 147.71 6.3 120.55 12.6 351,495 0.2 286,844 6.1 42,371,041 12.8 Oct 14 81.7 5.6 148.37 6.2 121.24 12.2 351,495 0.1 287,213 5.7 42,613,543 12.3 Nov 14 81.7 4.2 149.28 6.2 121.90 10.7 351,495 0.1 287,019 4.4 42,845,589 10.8 Dec 14 81.5 2.6 150.40 6.3 122.57 9.1 351,495 0.1 286,468 2.8 43,084,235 9.2 Jan 15 81.8 2.8 151.91 6.6 124.22 9.6 351,495 0.1 287,413 2.9 43,661,815 9.7 Feb 15 81.9 2.9 152.94 6.0 125.33 9.1 351,495 0.1 288,047 3.0 44,053,984 9.2 Mar 15 81.8 2.9 154.04 6.1 125.96 9.1 351,495 0.1 287,419 2.9 44,275,076 9.2 Apr 15 81.7 2.5 154.62 5.6 126.40 8.3 351,495 0.0 287,341 2.5 44,429,402 8.3 May 15 81.5 1.5 154.91 5.3 126.29 6.9 351,495 0.0 286,548 1.5 44,390,333 6.9 Jun 15 81.6 1.5 154.85 5.0 126.42 6.6 351,495 0.0 286,957 1.5 44,434,735 6.6 Jul 15 81.8 1.3 154.51 4.6 126.42 6.0 354,688 0.9 290,209 2.2 44,838,851 7.0 Aug 15 81.5 0.3 154.59 4.8 126.00 5.1 357,881 1.8 291,682 2.1 45,092,077 7.0 Sep 15 81.9 0.4 154.16 4.4 126.31 4.8 360,971 2.7 295,750 3.1 45,593,858 7.6 Oct 15 82.1 0.5 153.90 3.7 126.32 4.2 364,164 3.6 298,909 4.1 46,000,778 7.9 Nov 15 82.3 0.8 154.75 3.7 127.37 4.5 367,254 4.5 302,292 5.3 46,778,689 9.2 Dec 15 81.9 0.6 155.32 3.3 127.28 3.8 370,447 5.4 303,576 6.0 47,151,055 9.4 Jan 16 81.8 0.0 156.11 2.8 127.67 2.8 373,640 6.3 305,577 6.3 47,703,596 9.3 Feb 16 81.5 -0.6 156.74 2.5 127.73 1.9 376,524 7.1 306,850 6.5 48,094,201 9.2 Mar 16 81.5 -0.4 156.54 1.6 127.50 1.2 379,717 8.0 309,281 7.6 48,413,914 9.3 Apr 16 81.6 -0.1 156.33 1.1 127.61 1.0 382,807 8.9 312,483 8.7 48,851,611 10.0 May 16 81.6 0.1 155.93 0.7 127.29 0.8 386,000 9.8 315,098 10.0 49,132,974 10.7 Jun 16 81.1 -0.7 156.04 0.8 126.53 0.1 389,090 10.7 315,496 9.9 49,231,327 10.8 Jul 16 81.2 -0.8 156.19 1.1 126.77 0.3 389,090 9.7 315,794 8.8 49,324,101 10.0 Aug 16 80.7 -1.0 156.33 1.1 126.19 0.2 389,090 8.7 314,077 7.7 49,098,496 8.9 Sep 16 80.4 -1.8 156.06 1.2 125.55 -0.6 389,090 7.8 313,019 5.8 48,848,467 7.1 Tab 6 - Twelve Month Moving Average with Percent Change

Vincenzo - Miami, FL Area Selected Properties Job Number: 1021113_SADIM Staff: SS Created: October 02, 2018 Date Occupancy ADR RevPar Supply Demand Revenue

This Year % Chg This Year % Chg This Year % Chg This Year % Chg This Year % Chg This Year % Chg Oct 16 79.9 -2.7 155.69 1.2 124.39 -1.5 389,090 6.8 310,851 4.0 48,397,629 5.2 Nov 16 79.3 -3.6 154.18 -0.4 122.32 -4.0 389,090 5.9 308,689 2.1 47,594,920 1.7 Dec 16 79.2 -3.4 152.57 -1.8 120.84 -5.1 389,090 5.0 308,166 1.5 47,015,826 -0.3 Jan 17 78.7 -3.7 150.47 -3.6 118.49 -7.2 389,090 4.1 306,385 0.3 46,102,228 -3.4 Feb 17 78.4 -3.8 148.72 -5.1 116.61 -8.7 389,090 3.3 305,066 -0.6 45,370,111 -5.7 Mar 17 78.7 -3.4 148.09 -5.4 116.57 -8.6 389,090 2.5 306,260 -1.0 45,354,597 -6.3 Apr 17 78.5 -3.8 147.00 -6.0 115.38 -9.6 389,090 1.6 305,387 -2.3 44,892,240 -8.1 May 17 78.5 -3.8 146.90 -5.8 115.32 -9.4 389,090 0.8 305,442 -3.1 44,870,897 -8.7 Jun 17 79.2 -2.3 146.19 -6.3 115.84 -8.4 389,090 0.0 308,314 -2.3 45,072,244 -8.4 Jul 17 79.9 -1.5 146.31 -6.3 116.95 -7.7 388,780 -0.1 310,770 -1.6 45,468,827 -7.8 Aug 17 81.0 0.3 145.86 -6.7 118.12 -6.4 388,470 -0.2 314,594 0.2 45,887,447 -6.5 Sep 17 81.1 0.8 147.92 -5.2 119.98 -4.4 388,170 -0.2 314,836 0.6 46,572,102 -4.7 Oct 17 82.9 3.7 148.60 -4.6 123.15 -1.0 387,860 -0.3 321,435 3.4 47,764,478 -1.3 Nov 17 83.9 5.8 149.83 -2.8 125.76 2.8 387,560 -0.4 325,309 5.4 48,740,137 2.4 Dec 17 84.7 6.9 151.50 -0.7 128.29 6.2 387,250 -0.5 327,921 6.4 49,679,590 5.7 Jan 18 85.3 8.3 152.63 1.4 130.14 9.8 386,940 -0.6 329,927 7.7 50,357,999 9.2 Feb 18 86.0 9.7 154.38 3.8 132.79 13.9 386,660 -0.6 332,579 9.0 51,343,886 13.2 Mar 18 86.4 9.7 156.13 5.4 134.87 15.7 386,350 -0.7 333,727 9.0 52,105,524 14.9 Apr 18 86.7 10.5 157.65 7.2 136.72 18.5 386,050 -0.8 334,793 9.6 52,779,298 17.6 May 18 87.2 11.1 158.61 8.0 138.31 19.9 385,740 -0.9 336,359 10.1 53,351,473 18.9 Jun 18 87.5 10.4 159.28 9.0 139.30 20.2 385,440 -0.9 337,091 9.3 53,690,231 19.1 Jul 18 87.2 9.0 159.53 9.0 139.05 18.9 385,440 -0.9 335,955 8.1 53,595,407 17.9 Aug 18 87.1 7.5 160.03 9.7 139.30 17.9 385,440 -0.8 335,527 6.7 53,692,741 17.0

The STR Trend Report is a publication of STR, Inc. and STR Global, Ltd., and is intended solely for use by paid subscribers. Reproduction or distribution of the STR Trend Report, in whole or part, without written permission is prohibited and subject to legal action. If you have received this report and are NOT a subscriber to the STR Trend report, please contact us immediately. Source: 2018 STR, Inc. / STR Global, Ltd. trading as “STR”. Tab 7 - Day of Week Analysis Vincenzo - Miami, FL Area Selected Properties Job Number: 1021113_SADIM Staff: SS Created: October 02, 2018

Occupancy (%) Three Year Occupancy (%) Sun Mon Tue Wed Thu Fri Sat Total Month Sun Mon Tue Wed Thu Fri Sat Total Year Sep - 17 70.7 70.8 79.2 77.8 74.3 73.1 72.3 73.9 Sep 15 - Aug 16 71.8 77.0 81.7 84.1 82.7 85.2 82.4 80.7 Oct - 17 79.7 88.4 93.6 97.5 93.3 94.6 90.6 90.7 Sep 16 - Aug 17 73.3 74.9 81.0 83.1 83.5 86.2 84.8 81.0 Nov - 17 84.1 87.0 89.3 92.3 93.0 95.7 95.5 91.1 Sep 17 - Aug 18 80.4 84.4 88.8 90.3 88.4 89.1 87.9 87.1 Dec - 17 82.4 83.9 88.7 89.1 89.7 89.5 86.8 87.1 Total 3 Yr 75.2 78.8 83.8 85.8 84.8 86.8 85.0 82.9 Jan - 18 77.9 84.3 88.4 92.5 90.3 87.6 89.2 87.3 Feb - 18 82.4 91.2 96.0 98.7 96.5 95.6 94.5 93.6 Mar - 18 90.1 91.9 96.7 98.2 93.0 97.8 95.4 94.8 Apr - 18 82.9 91.9 93.0 94.1 92.3 92.3 94.4 91.3 May - 18 79.1 82.9 88.6 89.7 88.5 88.7 89.5 86.9 Jun - 18 79.7 82.2 87.4 87.6 84.4 84.8 81.2 83.8 Jul - 18 79.5 77.7 81.7 83.0 83.4 87.8 86.2 82.4 Aug - 18 75.8 80.0 83.3 83.9 81.3 85.5 83.5 82.1 Total Year 80.4 84.4 88.8 90.3 88.4 89.1 87.9 87.1

ADR Three Year ADR Sun Mon Tue Wed Thu Fri Sat Total Month Sun Mon Tue Wed Thu Fri Sat Total Year Sep - 17 128.23 139.09 142.32 146.40 141.66 132.25 130.40 137.00 Sep 15 - Aug 16 148.27 154.49 157.45 159.89 160.45 157.79 154.57 156.33 Oct - 17 136.72 145.71 147.12 152.06 148.96 144.33 141.99 145.32 Sep 16 - Aug 17 134.84 141.98 148.15 150.15 148.48 149.60 146.02 145.86 Nov - 17 148.36 155.59 157.85 158.65 156.88 159.29 156.53 156.38 Sep 17 - Aug 18 148.25 159.78 163.71 166.74 163.16 160.86 156.41 160.03 Dec - 17 162.24 160.36 168.70 177.39 172.96 170.09 166.36 168.25 Total 3 Yr 143.88 152.39 156.65 159.13 157.39 156.15 152.35 154.20 Jan - 18 171.75 189.92 206.82 205.82 195.50 181.76 174.21 190.92 Feb - 18 191.26 210.14 217.87 227.45 227.98 223.65 203.18 215.11 Mar - 18 206.95 219.70 211.84 213.96 213.34 214.37 209.78 212.83 Apr - 18 148.54 166.25 171.75 168.78 165.22 165.56 164.24 164.16 May - 18 135.81 145.73 151.18 155.81 150.00 156.93 150.20 149.91 Jun - 18 117.99 127.09 130.12 130.70 125.42 126.69 119.81 125.39 Jul - 18 114.19 121.73 125.52 124.01 123.02 126.58 123.71 122.56 Aug - 18 111.30 120.60 122.52 124.62 119.43 118.39 115.02 119.12 Total Year 148.25 159.78 163.71 166.74 163.16 160.86 156.41 160.03

RevPAR Three Year RevPAR Sun Mon Tue Wed Thu Fri Sat Total Month Sun Mon Tue Wed Thu Fri Sat Total Year Sep - 17 90.63 98.46 112.71 113.93 105.26 96.69 94.22 101.28 Sep 15 - Aug 16 106.49 118.94 128.70 134.42 132.72 134.43 127.41 126.19 Oct - 17 109.02 128.88 137.67 148.25 138.95 136.54 128.64 131.85 Sep 16 - Aug 17 98.90 106.39 120.00 124.82 123.92 128.88 123.84 118.12 Nov - 17 124.82 135.36 140.99 146.39 145.94 152.43 149.55 142.47 Sep 17 - Aug 18 119.22 134.90 145.30 150.57 144.21 143.34 137.50 139.30 Dec - 17 133.70 134.62 149.57 158.07 155.23 152.15 144.37 146.49 Total 3 Yr 108.17 120.04 131.28 136.55 133.53 135.58 129.57 127.84 Jan - 18 133.78 160.04 182.83 190.32 176.59 159.27 155.38 166.64 Feb - 18 157.55 191.56 209.12 224.56 220.07 213.87 191.95 201.24 Mar - 18 186.51 201.86 204.81 210.15 198.30 209.70 200.08 201.73 Apr - 18 123.10 152.73 159.79 158.79 152.54 152.90 154.97 149.84 May - 18 107.41 120.77 133.93 139.71 132.79 139.15 134.47 130.30 Jun - 18 94.05 104.44 113.67 114.48 105.91 107.38 97.23 105.11 Jul - 18 90.75 94.57 102.53 102.93 102.55 111.11 106.63 101.04 Aug - 18 84.36 96.43 102.06 104.58 97.06 101.23 96.08 97.74 Total Year 119.22 134.90 145.30 150.57 144.21 143.34 137.50 139.30

The STR Trend Report is a publication of STR, Inc. and STR Global, Ltd., and is intended solely for use by paid subscribers. Reproduction or distribution of the STR Trend Report, in whole or part, without written permission is prohibited and subject to legal action. If you have received this report and are NOT a subscriber to the STR Trend report, please contact us immediately. Source: 2018 STR, Inc. / STR Global, Ltd. trading as “STR”. Tab 8 - Raw Data

Vincenzo - Miami, FL Area Selected Properties Job Number: 1021113_SADIM Staff: SS Created: October 02, 2018 Date Occupancy ADR RevPar Supply Demand Revenue Census & Sample % This This This % Rooms STAR Year % Chg Year % Chg Year % Chg This Year % Chg This Year % Chg This Year % Chg Census Props Census Rooms Participants Jan 12 79.2 156.32 123.77 29,791 23,587 3,687,153 6 961 100.0 Feb 12 86.1 162.76 140.06 26,908 23,155 3,768,625 6 961 100.0 Mar 12 89.4 167.85 150.01 29,791 26,624 4,468,842 6 961 100.0 Apr 12 80.5 134.62 108.40 28,830 23,216 3,125,288 6 961 100.0 May 12 71.1 122.84 87.38 29,791 21,190 2,603,002 6 961 100.0 Jun 12 67.4 103.29 69.67 28,830 19,445 2,008,506 6 961 100.0 Jul 12 68.6 105.91 72.65 29,791 20,436 2,164,424 6 961 100.0 Aug 12 65.5 101.03 66.15 29,791 19,506 1,970,629 6 961 100.0 Sep 12 62.0 97.46 60.41 28,830 17,869 1,741,556 6 961 100.0 Oct 12 69.0 124.35 85.79 29,791 20,553 2,555,732 6 961 100.0 Nov 12 71.4 127.15 90.82 28,830 20,591 2,618,217 6 961 100.0 Dec 12 73.6 137.92 101.52 29,791 21,929 3,024,410 6 961 100.0 Jan 13 83.2 5.1 170.00 8.8 141.53 14.3 29,791 0.0 24,801 5.1 4,216,191 14.3 6 961 100.0 Feb 13 89.9 4.5 180.50 10.9 162.31 15.9 26,908 0.0 24,197 4.5 4,367,458 15.9 6 961 100.0 Mar 13 91.4 2.2 187.86 11.9 171.65 14.4 29,791 0.0 27,221 2.2 5,113,694 14.4 6 961 100.0 Apr 13 85.6 6.2 140.83 4.6 120.49 11.2 28,830 0.0 24,667 6.3 3,473,867 11.2 6 961 100.0 May 13 77.3 8.7 128.93 5.0 99.64 14.0 29,791 0.0 23,024 8.7 2,968,402 14.0 6 961 100.0 Jun 13 75.0 11.2 114.01 10.4 85.54 22.8 28,830 0.0 21,630 11.2 2,466,023 22.8 6 961 100.0 Jul 13 70.3 2.4 109.65 3.5 77.04 6.0 29,853 0.2 20,975 2.6 2,299,945 6.3 6 963 100.0 Aug 13 73.3 12.0 110.62 9.5 81.10 22.6 29,853 0.2 21,888 12.2 2,421,150 22.9 6 963 100.0 Sep 13 65.8 6.1 107.75 10.6 70.85 17.3 28,890 0.2 18,998 6.3 2,046,997 17.5 6 963 100.0 Oct 13 72.8 5.6 134.54 8.2 97.99 14.2 29,853 0.2 21,743 5.8 2,925,259 14.5 6 963 100.0 Nov 13 82.9 16.1 139.00 9.3 115.29 26.9 28,890 0.2 23,962 16.4 3,330,659 27.2 6 963 100.0 Dec 13 86.0 16.9 148.91 8.0 128.09 26.2 29,853 0.2 25,680 17.1 3,823,970 26.4 6 963 100.0 Jan 14 85.1 2.2 179.53 5.6 152.76 7.9 29,853 0.2 25,402 2.4 4,560,300 8.2 6 963 100.0 Feb 14 90.6 0.7 201.20 11.5 182.23 12.3 26,964 0.2 24,422 0.9 4,913,764 12.5 6 963 100.0 Mar 14 90.1 -1.4 197.78 5.3 178.11 3.8 29,853 0.2 26,884 -1.2 5,316,995 4.0 6 963 100.0 Apr 14 88.6 3.6 154.04 9.4 136.50 13.3 28,890 0.2 25,599 3.8 3,943,360 13.5 6 963 100.0 May 14 83.8 8.4 138.84 7.7 116.32 16.7 29,853 0.2 25,011 8.6 3,472,407 17.0 6 963 100.0 Jun 14 76.6 2.2 119.53 4.8 91.62 7.1 28,890 0.2 22,144 2.4 2,646,983 7.3 6 963 100.0 Jul 14 74.1 5.4 113.44 3.5 84.04 9.1 29,853 0.0 22,117 5.4 2,508,891 9.1 6 963 100.0 Aug 14 79.4 8.3 112.03 1.3 88.97 9.7 29,853 0.0 23,710 8.3 2,656,157 9.7 6 963 100.0 Sep 14 69.8 6.2 112.66 4.6 78.65 11.0 28,890 0.0 20,170 6.2 2,272,296 11.0 6 963 100.0 Oct 14 74.1 1.7 143.26 6.5 106.11 8.3 29,853 0.0 22,112 1.7 3,167,761 8.3 6 963 100.0 Nov 14 82.3 -0.8 149.90 7.8 123.32 7.0 28,890 0.0 23,768 -0.8 3,562,705 7.0 6 963 100.0 Dec 14 84.2 -2.1 161.67 8.6 136.09 6.2 29,853 0.0 25,129 -2.1 4,062,616 6.2 6 963 100.0 Jan 15 88.3 3.7 195.01 8.6 172.11 12.7 29,853 0.0 26,347 3.7 5,137,880 12.7 6 963 100.0 Feb 15 92.9 2.6 211.76 5.2 196.78 8.0 26,964 0.0 25,056 2.6 5,305,933 8.0 6 963 100.0 Mar 15 88.0 -2.3 210.93 6.6 185.51 4.2 29,853 0.0 26,256 -2.3 5,538,087 4.2 6 963 100.0 Apr 15 88.3 -0.3 160.56 4.2 141.84 3.9 28,890 0.0 25,521 -0.3 4,097,686 3.9 6 963 100.0 May 15 81.1 -3.2 141.77 2.1 115.01 -1.1 29,853 0.0 24,218 -3.2 3,433,338 -1.1 6 963 100.0 Jun 15 78.1 1.8 119.34 -0.2 93.16 1.7 28,890 0.0 22,553 1.8 2,691,385 1.7 6 963 100.0 Jul 15 76.8 3.6 114.83 1.2 88.15 4.9 33,046 10.7 25,369 14.7 2,913,007 16.1 7 1,066 100.0 Aug 15 76.2 -4.0 115.53 3.1 88.04 -1.0 33,046 10.7 25,183 6.2 2,909,383 9.5 7 1,066 100.0 Sep 15 75.8 8.6 114.45 1.6 86.74 10.3 31,980 10.7 24,238 20.2 2,774,077 22.1 7 1,066 100.0 Oct 15 76.5 3.2 141.45 -1.3 108.17 1.9 33,046 10.7 25,271 14.3 3,574,681 12.8 7 1,066 100.0 Nov 15 84.9 3.2 159.87 6.7 135.73 10.1 31,980 10.7 27,151 14.2 4,340,616 21.8 7 1,066 100.0 Dec 15 79.9 -5.0 167.91 3.9 134.21 -1.4 33,046 10.7 26,413 5.1 4,434,982 9.2 7 1,066 100.0 Tab 8 - Raw Data

Vincenzo - Miami, FL Area Selected Properties Job Number: 1021113_SADIM Staff: SS Created: October 02, 2018 Date Occupancy ADR RevPar Supply Demand Revenue Census & Sample % This This This % Rooms STAR Year % Chg Year % Chg Year % Chg This Year % Chg This Year % Chg This Year % Chg Census Props Census Rooms Participants Jan 16 85.8 -2.8 200.73 2.9 172.20 0.1 33,046 10.7 28,348 7.6 5,690,421 10.8 7 1,066 100.0 Feb 16 88.2 -5.1 216.36 2.2 190.85 -3.0 29,848 10.7 26,329 5.1 5,696,538 7.4 7 1,066 100.0 Mar 16 86.8 -1.3 204.20 -3.2 177.26 -4.4 33,046 10.7 28,687 9.3 5,857,800 5.8 7 1,066 100.0 Apr 16 89.8 1.7 157.90 -1.7 141.82 -0.0 31,980 10.7 28,723 12.5 4,535,383 10.7 7 1,066 100.0 May 16 81.2 0.1 138.44 -2.3 112.41 -2.3 33,046 10.7 26,833 10.8 3,714,701 8.2 7 1,066 100.0 Jun 16 71.8 -8.1 121.55 1.9 87.23 -6.4 31,980 10.7 22,951 1.8 2,789,738 3.7 7 1,066 100.0 Jul 16 77.7 1.2 117.11 2.0 90.96 3.2 33,046 0.0 25,667 1.2 3,005,781 3.2 7 1,066 100.0 Aug 16 71.0 -6.8 114.37 -1.0 81.21 -7.8 33,046 0.0 23,466 -6.8 2,683,778 -7.8 7 1,066 100.0 Sep 16 72.5 -4.4 108.89 -4.9 78.93 -9.0 31,980 0.0 23,180 -4.4 2,524,048 -9.0 7 1,066 100.0 Oct 16 69.9 -8.6 135.21 -4.4 94.53 -12.6 33,046 0.0 23,103 -8.6 3,123,843 -12.6 7 1,066 100.0 Nov 16 78.1 -8.0 141.58 -11.4 110.63 -18.5 31,980 0.0 24,989 -8.0 3,537,907 -18.5 7 1,066 100.0 Dec 16 78.3 -2.0 148.93 -11.3 116.68 -13.1 33,046 0.0 25,890 -2.0 3,855,888 -13.1 7 1,066 100.0 Jan 17 80.4 -6.3 179.80 -10.4 144.55 -16.1 33,046 0.0 26,567 -6.3 4,776,823 -16.1 7 1,066 100.0 Feb 17 83.8 -5.0 198.50 -8.3 166.32 -12.9 29,848 0.0 25,010 -5.0 4,964,421 -12.9 7 1,066 100.0 Mar 17 90.4 4.2 195.52 -4.3 176.79 -0.3 33,046 0.0 29,881 4.2 5,842,286 -0.3 7 1,066 100.0 Apr 17 87.1 -3.0 146.25 -7.4 127.36 -10.2 31,980 0.0 27,850 -3.0 4,073,026 -10.2 7 1,066 100.0 May 17 81.4 0.2 137.36 -0.8 111.76 -0.6 33,046 0.0 26,888 0.2 3,693,358 -0.6 7 1,066 100.0 Jun 17 80.7 12.5 115.83 -4.7 93.53 7.2 31,980 0.0 25,823 12.5 2,991,085 7.2 7 1,066 100.0 Jul 17 85.9 10.6 120.98 3.3 103.93 14.3 32,736 -0.9 28,123 9.6 3,402,364 13.2 7 1,056 100.0 Aug 17 83.4 17.4 113.68 -0.6 94.77 16.7 32,736 -0.9 27,290 16.3 3,102,398 15.6 7 1,056 100.0 Sep 17 73.9 2.0 137.00 25.8 101.28 28.3 31,680 -0.9 23,422 1.0 3,208,703 27.1 7 1,056 100.0 Oct 17 90.7 29.8 145.32 7.5 131.85 39.5 32,736 -0.9 29,702 28.6 4,316,219 38.2 7 1,056 100.0 Nov 17 91.1 16.6 156.38 10.5 142.47 28.8 31,680 -0.9 28,863 15.5 4,513,566 27.6 7 1,056 100.0 Dec 17 87.1 11.1 168.25 13.0 146.49 25.5 32,736 -0.9 28,502 10.1 4,795,341 24.4 7 1,056 100.0 Jan 18 87.3 8.6 190.92 6.2 166.64 15.3 32,736 -0.9 28,573 7.6 5,455,232 14.2 7 1,056 100.0 Feb 18 93.6 11.7 215.11 8.4 201.24 21.0 29,568 -0.9 27,662 10.6 5,950,308 19.9 7 1,056 100.0 Mar 18 94.8 4.8 212.83 8.9 201.73 14.1 32,736 -0.9 31,029 3.8 6,603,924 13.0 7 1,056 100.0 Apr 18 91.3 4.8 164.16 12.2 149.84 17.6 31,680 -0.9 28,916 3.8 4,746,800 16.5 7 1,056 100.0 May 18 86.9 6.8 149.91 9.1 130.30 16.6 32,736 -0.9 28,454 5.8 4,265,533 15.5 7 1,056 100.0 Jun 18 83.8 3.8 125.39 8.3 105.11 12.4 31,680 -0.9 26,555 2.8 3,329,843 11.3 7 1,056 100.0 Jul 18 82.4 -4.0 122.56 1.3 101.04 -2.8 32,736 0.0 26,987 -4.0 3,307,540 -2.8 7 1,056 100.0 Aug 18 82.1 -1.6 119.12 4.8 97.74 3.1 32,736 0.0 26,862 -1.6 3,199,732 3.1 7 1,056 94.8

The STR Trend Report is a publication of STR, Inc. and STR Global, Ltd., and is intended solely for use by paid subscribers. Reproduction or distribution of the STR Trend Report, in whole or part, without written permission is prohibited and subject to legal action. If you have received this report and are NOT a subscriber to the STR Trend report, please contact us immediately. Source: 2018 STR, Inc. / STR Global, Ltd. trading as “STR”. Tab 9 - Classic

Vincenzo - Miami, FL Area Selected Properties Job Number: 1021113_SADIM Staff: SS Created: October 02, 2018 Date Occupancy ADR RevPar Supply Demand Revenue Census & Sample % % Rooms STAR This Year % Chg This Year % Chg This Year % Chg This Year % Chg This Year % Chg This Year % Chg Census Props Census Rooms Participants Jan 12 79.2 156.32 123.77 29,791 23,587 3,687,153 6 961 100.0 Feb 12 86.1 162.76 140.06 26,908 23,155 3,768,625 6 961 100.0 Mar 12 89.4 167.85 150.01 29,791 26,624 4,468,842 6 961 100.0 Apr 12 80.5 134.62 108.40 28,830 23,216 3,125,288 6 961 100.0 May 12 71.1 122.84 87.38 29,791 21,190 2,603,002 6 961 100.0 Jun 12 67.4 103.29 69.67 28,830 19,445 2,008,506 6 961 100.0 Jul 12 68.6 105.91 72.65 29,791 20,436 2,164,424 6 961 100.0 Aug 12 65.5 101.03 66.15 29,791 19,506 1,970,629 6 961 100.0 Sep 12 62.0 97.46 60.41 28,830 17,869 1,741,556 6 961 100.0 Oct 12 69.0 124.35 85.79 29,791 20,553 2,555,732 6 961 100.0 Nov 12 71.4 127.15 90.82 28,830 20,591 2,618,217 6 961 100.0 Dec 12 73.6 137.92 101.52 29,791 21,929 3,024,410 6 961 100.0 Aug YTD 2012 75.9 134.32 101.90 233,523 177,159 23,796,469 Total 2012 73.6 130.71 96.18 350,765 258,101 33,736,384 Jan 13 83.2 5.1 170.00 8.8 141.53 14.3 29,791 0.0 24,801 5.1 4,216,191 14.3 6 961 100.0 Feb 13 89.9 4.5 180.50 10.9 162.31 15.9 26,908 0.0 24,197 4.5 4,367,458 15.9 6 961 100.0 Mar 13 91.4 2.2 187.86 11.9 171.65 14.4 29,791 0.0 27,221 2.2 5,113,694 14.4 6 961 100.0 Apr 13 85.6 6.2 140.83 4.6 120.49 11.2 28,830 0.0 24,667 6.3 3,473,867 11.2 6 961 100.0 May 13 77.3 8.7 128.93 5.0 99.64 14.0 29,791 0.0 23,024 8.7 2,968,402 14.0 6 961 100.0 Jun 13 75.0 11.2 114.01 10.4 85.54 22.8 28,830 0.0 21,630 11.2 2,466,023 22.8 6 961 100.0 Jul 13 70.3 2.4 109.65 3.5 77.04 6.0 29,853 0.2 20,975 2.6 2,299,945 6.3 6 963 100.0 Aug 13 73.3 12.0 110.62 9.5 81.10 22.6 29,853 0.2 21,888 12.2 2,421,150 22.9 6 963 100.0 Sep 13 65.8 6.1 107.75 10.6 70.85 17.3 28,890 0.2 18,998 6.3 2,046,997 17.5 6 963 100.0 Oct 13 72.8 5.6 134.54 8.2 97.99 14.2 29,853 0.2 21,743 5.8 2,925,259 14.5 6 963 100.0 Nov 13 82.9 16.1 139.00 9.3 115.29 26.9 28,890 0.2 23,962 16.4 3,330,659 27.2 6 963 100.0 Dec 13 86.0 16.9 148.91 8.0 128.09 26.2 29,853 0.2 25,680 17.1 3,823,970 26.4 6 963 100.0 Aug YTD 2013 80.6 6.3 145.04 8.0 116.96 14.8 233,647 0.1 188,403 6.3 27,326,730 14.8 Total 2013 79.4 7.9 141.52 8.3 112.36 16.8 351,133 0.1 278,786 8.0 39,453,615 16.9 Jan 14 85.1 2.2 179.53 5.6 152.76 7.9 29,853 0.2 25,402 2.4 4,560,300 8.2 6 963 100.0 Feb 14 90.6 0.7 201.20 11.5 182.23 12.3 26,964 0.2 24,422 0.9 4,913,764 12.5 6 963 100.0 Mar 14 90.1 -1.4 197.78 5.3 178.11 3.8 29,853 0.2 26,884 -1.2 5,316,995 4.0 6 963 100.0 Apr 14 88.6 3.6 154.04 9.4 136.50 13.3 28,890 0.2 25,599 3.8 3,943,360 13.5 6 963 100.0 May 14 83.8 8.4 138.84 7.7 116.32 16.7 29,853 0.2 25,011 8.6 3,472,407 17.0 6 963 100.0 Jun 14 76.6 2.2 119.53 4.8 91.62 7.1 28,890 0.2 22,144 2.4 2,646,983 7.3 6 963 100.0 Jul 14 74.1 5.4 113.44 3.5 84.04 9.1 29,853 0.0 22,117 5.4 2,508,891 9.1 6 963 100.0 Aug 14 79.4 8.3 112.03 1.3 88.97 9.7 29,853 0.0 23,710 8.3 2,656,157 9.7 6 963 100.0 Sep 14 69.8 6.2 112.66 4.6 78.65 11.0 28,890 0.0 20,170 6.2 2,272,296 11.0 6 963 100.0 Oct 14 74.1 1.7 143.26 6.5 106.11 8.3 29,853 0.0 22,112 1.7 3,167,761 8.3 6 963 100.0 Nov 14 82.3 -0.8 149.90 7.8 123.32 7.0 28,890 0.0 23,768 -0.8 3,562,705 7.0 6 963 100.0 Dec 14 84.2 -2.1 161.67 8.6 136.09 6.2 29,853 0.0 25,129 -2.1 4,062,616 6.2 6 963 100.0 Aug YTD 2014 83.5 3.5 153.72 6.0 128.28 9.7 234,009 0.2 195,289 3.7 30,018,857 9.9 Total 2014 81.5 2.6 150.40 6.3 122.57 9.1 351,495 0.1 286,468 2.8 43,084,235 9.2 Jan 15 88.3 3.7 195.01 8.6 172.11 12.7 29,853 0.0 26,347 3.7 5,137,880 12.7 6 963 100.0 Feb 15 92.9 2.6 211.76 5.2 196.78 8.0 26,964 0.0 25,056 2.6 5,305,933 8.0 6 963 100.0 Mar 15 88.0 -2.3 210.93 6.6 185.51 4.2 29,853 0.0 26,256 -2.3 5,538,087 4.2 6 963 100.0 Apr 15 88.3 -0.3 160.56 4.2 141.84 3.9 28,890 0.0 25,521 -0.3 4,097,686 3.9 6 963 100.0 May 15 81.1 -3.2 141.77 2.1 115.01 -1.1 29,853 0.0 24,218 -3.2 3,433,338 -1.1 6 963 100.0 Jun 15 78.1 1.8 119.34 -0.2 93.16 1.7 28,890 0.0 22,553 1.8 2,691,385 1.7 6 963 100.0 Jul 15 76.8 3.6 114.83 1.2 88.15 4.9 33,046 10.7 25,369 14.7 2,913,007 16.1 7 1,066 100.0 Aug 15 76.2 -4.0 115.53 3.1 88.04 -1.0 33,046 10.7 25,183 6.2 2,909,383 9.5 7 1,066 100.0 Sep 15 75.8 8.6 114.45 1.6 86.74 10.3 31,980 10.7 24,238 20.2 2,774,077 22.1 7 1,066 100.0 Oct 15 76.5 3.2 141.45 -1.3 108.17 1.9 33,046 10.7 25,271 14.3 3,574,681 12.8 7 1,066 100.0 Tab 9 - Classic

Vincenzo - Miami, FL Area Selected Properties Job Number: 1021113_SADIM Staff: SS Created: October 02, 2018 Date Occupancy ADR RevPar Supply Demand Revenue Census & Sample % % Rooms STAR This Year % Chg This Year % Chg This Year % Chg This Year % Chg This Year % Chg This Year % Chg Census Props Census Rooms Participants Nov 15 84.9 3.2 159.87 6.7 135.73 10.1 31,980 10.7 27,151 14.2 4,340,616 21.8 7 1,066 100.0 Dec 15 79.9 -5.0 167.91 3.9 134.21 -1.4 33,046 10.7 26,413 5.1 4,434,982 9.2 7 1,066 100.0 Aug YTD 2015 83.4 -0.1 159.73 3.9 133.23 3.9 240,395 2.7 200,503 2.7 32,026,699 6.7 Total 2015 81.9 0.6 155.32 3.3 127.28 3.8 370,447 5.4 303,576 6.0 47,151,055 9.4 Jan 16 85.8 -2.8 200.73 2.9 172.20 0.1 33,046 10.7 28,348 7.6 5,690,421 10.8 7 1,066 100.0 Feb 16 88.2 -5.1 216.36 2.2 190.85 -3.0 29,848 10.7 26,329 5.1 5,696,538 7.4 7 1,066 100.0 Mar 16 86.8 -1.3 204.20 -3.2 177.26 -4.4 33,046 10.7 28,687 9.3 5,857,800 5.8 7 1,066 100.0 Apr 16 89.8 1.7 157.90 -1.7 141.82 -0.0 31,980 10.7 28,723 12.5 4,535,383 10.7 7 1,066 100.0 May 16 81.2 0.1 138.44 -2.3 112.41 -2.3 33,046 10.7 26,833 10.8 3,714,701 8.2 7 1,066 100.0 Jun 16 71.8 -8.1 121.55 1.9 87.23 -6.4 31,980 10.7 22,951 1.8 2,789,738 3.7 7 1,066 100.0 Jul 16 77.7 1.2 117.11 2.0 90.96 3.2 33,046 0.0 25,667 1.2 3,005,781 3.2 7 1,066 100.0 Aug 16 71.0 -6.8 114.37 -1.0 81.21 -7.8 33,046 0.0 23,466 -6.8 2,683,778 -7.8 7 1,066 100.0 Sep 16 72.5 -4.4 108.89 -4.9 78.93 -9.0 31,980 0.0 23,180 -4.4 2,524,048 -9.0 7 1,066 100.0 Oct 16 69.9 -8.6 135.21 -4.4 94.53 -12.6 33,046 0.0 23,103 -8.6 3,123,843 -12.6 7 1,066 100.0 Nov 16 78.1 -8.0 141.58 -11.4 110.63 -18.5 31,980 0.0 24,989 -8.0 3,537,907 -18.5 7 1,066 100.0 Dec 16 78.3 -2.0 148.93 -11.3 116.68 -13.1 33,046 0.0 25,890 -2.0 3,855,888 -13.1 7 1,066 100.0 Aug YTD 2016 81.5 -2.3 161.01 0.8 131.16 -1.6 259,038 7.8 211,004 5.2 33,974,140 6.1 Total 2016 79.2 -3.4 152.57 -1.8 120.84 -5.1 389,090 5.0 308,166 1.5 47,015,826 -0.3 Jan 17 80.4 -6.3 179.80 -10.4 144.55 -16.1 33,046 0.0 26,567 -6.3 4,776,823 -16.1 7 1,066 100.0 Feb 17 83.8 -5.0 198.50 -8.3 166.32 -12.9 29,848 0.0 25,010 -5.0 4,964,421 -12.9 7 1,066 100.0 Mar 17 90.4 4.2 195.52 -4.3 176.79 -0.3 33,046 0.0 29,881 4.2 5,842,286 -0.3 7 1,066 100.0 Apr 17 87.1 -3.0 146.25 -7.4 127.36 -10.2 31,980 0.0 27,850 -3.0 4,073,026 -10.2 7 1,066 100.0 May 17 81.4 0.2 137.36 -0.8 111.76 -0.6 33,046 0.0 26,888 0.2 3,693,358 -0.6 7 1,066 100.0 Jun 17 80.7 12.5 115.83 -4.7 93.53 7.2 31,980 0.0 25,823 12.5 2,991,085 7.2 7 1,066 100.0 Jul 17 85.9 10.6 120.98 3.3 103.93 14.3 32,736 -0.9 28,123 9.6 3,402,364 13.2 7 1,056 100.0 Aug 17 83.4 17.4 113.68 -0.6 94.77 16.7 32,736 -0.9 27,290 16.3 3,102,398 15.6 7 1,056 100.0 Sep 17 73.9 2.0 137.00 25.8 101.28 28.3 31,680 -0.9 23,422 1.0 3,208,703 27.1 7 1,056 100.0 Oct 17 90.7 29.8 145.32 7.5 131.85 39.5 32,736 -0.9 29,702 28.6 4,316,219 38.2 7 1,056 100.0 Nov 17 91.1 16.6 156.38 10.5 142.47 28.8 31,680 -0.9 28,863 15.5 4,513,566 27.6 7 1,056 100.0 Dec 17 87.1 11.1 168.25 13.0 146.49 25.5 32,736 -0.9 28,502 10.1 4,795,341 24.4 7 1,056 100.0 Aug YTD 2017 84.1 3.3 151.06 -6.2 127.10 -3.1 258,418 -0.2 217,432 3.0 32,845,761 -3.3 Total 2017 84.7 6.9 151.50 -0.7 128.29 6.2 387,250 -0.5 327,921 6.4 49,679,590 5.7 Jan 18 87.3 8.6 190.92 6.2 166.64 15.3 32,736 -0.9 28,573 7.6 5,455,232 14.2 7 1,056 100.0 Feb 18 93.6 11.7 215.11 8.4 201.24 21.0 29,568 -0.9 27,662 10.6 5,950,308 19.9 7 1,056 100.0 Mar 18 94.8 4.8 212.83 8.9 201.73 14.1 32,736 -0.9 31,029 3.8 6,603,924 13.0 7 1,056 100.0 Apr 18 91.3 4.8 164.16 12.2 149.84 17.6 31,680 -0.9 28,916 3.8 4,746,800 16.5 7 1,056 100.0 May 18 86.9 6.8 149.91 9.1 130.30 16.6 32,736 -0.9 28,454 5.8 4,265,533 15.5 7 1,056 100.0 Jun 18 83.8 3.8 125.39 8.3 105.11 12.4 31,680 -0.9 26,555 2.8 3,329,843 11.3 7 1,056 100.0 Jul 18 82.4 -4.0 122.56 1.3 101.04 -2.8 32,736 0.0 26,987 -4.0 3,307,540 -2.8 7 1,056 100.0 Aug 18 82.1 -1.6 119.12 4.8 97.74 3.1 32,736 0.0 26,862 -1.6 3,199,732 3.1 7 1,056 94.8 Aug YTD 2018 87.7 4.2 163.79 8.4 143.64 13.0 256,608 -0.7 225,038 3.5 36,858,912 12.2

The STR Trend Report is a publication of STR, Inc. and STR Global, Ltd., and is intended solely for use by paid subscribers. Reproduction or distribution of the STR Trend Report, in whole or part, without written permission is prohibited and subject to legal action. If you have received this report and are NOT a subscriber to the STR Trend report, please contact us immediately. Source: 2018 STR, Inc. / STR Global, Ltd. trading as “STR”. Tab 10 - Response Report

Vincenzo - Miami, FL Area Selected Properties Job Number: 1021113_SADIM Staff: SS Created: October 02, 2018 2016 2017 2018 Chg in STR Code Name of Establishment City & State Zip Code Class Aff Date Open Date Rooms Rms J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D 704 Hotel Urbano Miami, FL 33129 Upscale Class Jan 2010 Nov 1961 55 Y ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● 61285 Hampton Inn Suites Miami Brickell Downtown Miami, FL 33130 Upper Midscale Class Sep 2011 Sep 2011 221 ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● 2965 Courtyard Miami Downtown Brickell Area Miami, FL 33131 Upscale Class Dec 2002 Jun 1975 233 Y ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● 32337 Hampton Inn Miami Coconut Grove Coral Gables Coconut Grove, FL 33133 Upper Midscale Class Nov 1995 Nov 1995 135 ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ○ ● ● ● ● ● ● ● ● ● ● ● 60663 Best Western Premier Miami International Airport Hotel & SMiami, FL 33134 Upscale Class Nov 2010 Nov 2010 144 ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● 696 Courtyard Miami Coral Gables Coral Gables, FL 33134 Upscale Class Oct 2008 Oct 1971 165 ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● 62353 Four Points by Sheraton Coral Gables Miami, FL 33146 Upscale Class Jul 2015 Jul 2015 103 Y ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● Total Properties: 7 1056 ○ - Monthly data received by STR ● - Monthly and daily data received by STR Blank - No data received by STR Y - (Chg in Rms) Property has experienced a room addition or drop during the time period of the report.

The STR Trend Report is a publication of STR, Inc. and STR Global, Ltd., and is intended solely for use by paid subscribers. Reproduction or distribution of the STR Trend Report, in whole or part, without written permission is prohibited and subject to legal action. If you have received this report and are NOT a subscriber to the STR Trend report, please contact us immediately. Source: 2018 STR, Inc. / STR Global, Ltd. trading as “STR”. Tab 11 - Terms and Conditions Before purchasing this product you agreed to the following terms and conditions. In consideration of the mutual promises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, STR, Inc. ("STR"), STR Global, Ltd. ("STRG"), and the licensee identified elsewhere in this Agreement ("Licensee") agree as follows:

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