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Best Western Vīb Miami Confidential Financing Memorandum CONTACTS DISCLAIMER

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Best Western Vīb Miami Confidential Financing Memorandum CONTACTS DISCLAIMER 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.
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