ECONO LODGE KISSIMMEE EXCLUSIVE OFFERING MEMORANDUM

HOTEL BROKERAGE & ADVISORY SERVICES NATIONWIDE ECONO LODGE KISSIMMEE EXCLUSIVE OFFERING MEMORANDUM

Kissimmee, Florida Exclusive Offering Memorandum

Exclusively Listed By:

Dennis S. Hopper Managing Principal | DSH Hotel Advisors Direct: (813) 605-1756 Mobile: (813) 767-9953 Fax: (941) 777-1121 [email protected] www.DSHHotelAdvisors.com

Randy B. Taylor Investment Associate | DSH Hotel Advisors Direct: (813) 605-1779 Mobile: (518) 867-5511 Fax: (941) 777-1121 [email protected] www.DSHHotelAdvisors.com

DSH Hotel Advisors, Inc. expressly disclaim any representation or warranty regarding the accuracy of the contents within this document and for any error or omissions in the contents of the document. DSH Hotel Advisors, Inc. is not qualified to provide financial, tax, or legal advice Hotel Brokerage & Advisory Services Nationwide or counsel. It is recommended that any such advice be obtained by a tax professional, attorney or accountant. It is not recommended that 2 prospective buyers evaluate this property based on the contents found within this document; rather, it is recommended that prospective buyers conduct thorough due diligence and arrive at a purchase price based on their studies. ECONO LODGE KISSIMMEE EXCLUSIVE OFFERING MEMORANDUM

Disclaimer and Non-Affiliation Notice DSH Hotel Advisors, Inc. expressly disclaim any representation or warranty regarding the accuracy of the contents within this document and for any error or omissions in the contents of the document. DSH Hotel Advisors, Inc. is not qualified to provide financial, tax, or legal advice or counsel. It is recommended that any such advice be obtained by a tax professional, attorney or accountant. DSH Hotel Advisors, Inc is not endorsed, sponsored, or affiliated by any company or entity within this document including corporations whose logos are used within the document. This confidential offering memorandum is prepared in con- junction with the sellers and should only be used for prospective buyers to review basic property information - it is not intended to serve as due diligence material nor should it be used to assist any prospective buyer in making any purchase decision. Neither broker or seller guarantee or warrant accuracy of the offering memorandum.

DSH Hotel Advisors and the seller make no representations or warranty the status of the environmental condition of the proper- ty - prospective buyers should seek out a professional to conduct environmental studies to determine the environmental status of property. DSH Hotel Advisors make no representation regarding conditions of the property to include, mold, asbestos, lead based paint, toxic waste, allergens, or any other environmental condition. This property is being offered “as is, where is” without representation or warranty to any physical and legal conditions.

The contents within this Offering Memorandum are confidential and intended only for prospective buyers. Prospective buyers are hereby made aware that the contents within this offering memorandum are subject to change and may not be representative of the factual data of the subject property; therefore, it is not recommended to use this document for the purpose of evaluating the subject property for any reason. INTERESTED PARTIES ARE TO MAKE THEIR OWN FINAN- CIAL PROJECTIONS, INVESTIGATIONS AND CONCLUSIONS WITHOUT THE RELIANCE OF THE MATERIALS HEREIN.

PROSPECTIVE PURCHASERS MUST CONTACT A DSH HOTEL ADVISORS REPRESENTATIVE IN ORDER TO SCHEDULE A PROPERTY TOUR. PLEASE DO NOT CONTACT THE HOTEL, STAFF, OWNERSHIP, OR VISIT THE PROPERTY WITHOUT CONSENT FROM A DSH HOTEL ADVISORS REPRESENTATIVE. ECONO LODGE KISSIMMEE EXCLUSIVE OFFERING MEMORANDUM

TABLE OF CONTENTS

EXECUTIVE SUMMARY 6

INVESTMENT OVERVIEW 9

MARKET OVERVIEW 19

FINANCIAL ANALYSIS 24

SEPTEMBER 2019 MONTHLY STR 26

COMPETITIVE SET MAP 31

DSH Hotel Advisors, Inc. expressly disclaim any representation or warranty regarding the accuracy of the contents within this document and for any error or omissions in the contents of the document. DSH Hotel Advisors, Inc. is not qualified to provide financial, tax, or legal advice or counsel. It is recommended that any such advice be obtained by a tax professional, attorney or accountant. It is not recommended that prospective buyers evaluate this property based on the contents found within this document; rather, it is recommended that prospective buyers conduct thorough due diligence and arrive at a purchase price based on their studies. ECONO LODGE KISSIMMEE EXCLUSIVE OFFERING MEMORANDUM

EXECUTIVE SUMMARY

DSH Hotel Advisors, Inc. expressly disclaim any representation or warranty regarding the accuracy of the contents within this document and for any error or omissions in the contents of the document. DSH Hotel Advisors, Inc. is not qualified to provide financial, tax, or legal advice or counsel. It is recommended that any such advice be obtained by a tax professional, attorney or accountant. It is not recommended that prospective buyers evaluate this property based on the contents found within this document; rather, it is recommended that prospective buyers conduct thorough due diligence and arrive at a purchase price based on their studies. ECONO LODGE KISSIMMEE EXCLUSIVE OFFERING MEMORANDUM EXECUTIVE SUMMARY

OFFERING OVERVIEW: DSH Hotel Advisors has been retained as the exclusive broker to market for sale the Econo Lodge Kissimmee, a 94-room exterior corridor hotel located directly off of Osceola Pkwy approximately 10 minutes from Walt Disney World. The subject property is well positioned for growth in room demand as the Disney corridor is rapidly expanding with development.

PROPERTY CONDITION: The Econo Lodge is in good condition due to the renovations completed and currently underway. It is estimated that the current owners have spent approximately $1,200,000 in Renovations & Additions / PIP requirements. Change of ownership PIP is expected to be minimal - approximately $40,000.

RENOVATIONS COMPLETED / IN PROGRESS INCLUDE: NEW SWIMMING POOL NEW POOL EQUIPMENT NEW POOL CHAIRS NEW LOBBY BUILDING WITH BREAKFAST AREA NEW LOBBY DESIGN NEW LOBBY FURNITURE NEW RECEPTIONIST AREA + FISH TANK NEW BANQUET SPACE NEW FF&E ROOM FURNITURE NEW LVT FLOORING

DEMAND GENERATORS IN THE IMMEDIATE MARKET: The subject property is in the ideal location to benefit from the aggressive growth taking place at the Walt Disney World Theme Parks. Walt Disney World’s Animal Kingdom Theme Park is located approximately seven miles from the subject property. Additionally, within close proximity is Disney’s Hollywood Studios, Blizzard Beach Water Park, Epcot, Disney Springs, ESPN Wide World of Sports Complex, Osceola Parkway, SeaWorld, and Universal Studios. In addition to the growth of Disney, Margaritaville, a new development which is estimated to cost over $750MM once fully completed, is in the process of developing a massive $50 million dollar waterpark - Margaritaville is located approximately 8 miles away from the subject property.

FINANCIAL OVERVIEW: The annual room contract guaranteeing 13,000 booked rooms over 24 months & New Resort Fees will generate approximately $300,000 +/- of additional room revenue annually. DSH Hotel Advisors, Inc. expressly disclaim any representation or warranty regarding the accuracy of the contents within this document and for any error or omissions in the contents of the document. DSH Hotel Advisors, Inc. is not qualified to provide financial, tax, or legal advice or counsel. It is recommended that any such advice be obtained by a tax professional, attorney or accountant. It is not recommended that 6 prospective buyers evaluate this property based on the contents found within this document; rather, it is recommended that prospective buyers conduct thorough due diligence and arrive at a purchase price based on their studies. ECONO LODGE KISSIMMEE EXCLUSIVE OFFERING MEMORANDUM EXECUTIVE SUMMARY

ECONO LODGE KISSIMMEE List Price Market-Bid Number of Rooms 94 Pro-Forma Room Revenue and Resort Fee $1,340,454 Construction Type Concrete Block Buildings 3 Renovations/Additions $1,200,000+/- Estimated PIP Minimal Tenure Fee Simple Management/Debt Unencumbered

DSH Hotel Advisors, Inc. expressly disclaim any representation or warranty regarding the accuracy of the contents within this document and for any error or omissions in the contents of the document. DSH Hotel Advisors, Inc. is not qualified to provide financial, tax, or legal advice or counsel. It is recommended that any such advice be obtained by a tax professional, attorney or accountant. It is not recommended that 7 prospective buyers evaluate this property based on the contents found within this document; rather, it is recommended that prospective buyers conduct thorough due diligence and arrive at a purchase price based on their studies. ECONO LODGE KISSIMMEE EXCLUSIVE OFFERING MEMORANDUM

INVESTMENT OVERVIEW

DSH Hotel Advisors, Inc. expressly disclaim any representation or warranty regarding the accuracy of the contents within this document and for any error or omissions in the contents of the document. DSH Hotel Advisors, Inc. is not qualified to provide financial, tax, or legal advice or counsel. It is recommended that any such advice be obtained by a tax professional, attorney or accountant. It is not recommended that prospective buyers evaluate this property based on the contents found within this document; rather, it is recommended that prospective buyers conduct thorough due diligence and arrive at a purchase price based on their studies. ECONO LODGE KISSIMMEE EXCLUSIVE OFFERING MEMORANDUM INVESTMENT OVERVIEW PROPERTY DESCRIPTION:

Franchise Affiliation: Choice Hotels Address: 2934 Polynesian Isle Blvd, Kissimmee, FL 34746 Room Count: 94 Corridors: Exterior Year Built: 1991 Number of Buildings: 3 Construction Type: Concrete Floors: 3 Lot Size: 2.85+/- Acres PIP Requirements: Minimal Renovations/Additions: $1,200,000+/- Room Mix: 16 Kings | 46 DD | 32 QQ Ownership Interest: Fee Simple Meeting Facilities: Yes Amenities: Outdoor Pool, Guest Laundry, Elevators, Free Continental Breakfast, Seating Area, High-Speed Internet, Banquet Space, Truck Parking

DSH Hotel Advisors, Inc. expressly disclaim any representation or warranty regarding the accuracy of the contents within this document and for any error or omissions in the contents of the document. DSH Hotel Advisors, Inc. is not qualified to provide financial, tax, or legal advice or counsel. It is recommended that any such advice be obtained by a tax professional, attorney or accountant. It is not recommended that 9 prospective buyers evaluate this property based on the contents found within this document; rather, it is recommended that prospective buyers conduct thorough due diligence and arrive at a purchase price based on their studies. ECONO LODGE KISSIMMEE EXCLUSIVE OFFERING MEMORANDUM INVESTMENT OVERVIEW

Property Highlights: • 94-Room Econo Lodge by Choice Hotels • Comprised of 94 Exterior Corridor Rooms • $1,200,000+/- in Renovations/Additions • Minimal Change of Ownership PIP • Elevators on Site • Located within the Theme Park Capital of the World

Location Highlights: • Situated Directly Off Osceola Parkway • Close Proximity to All Major Walt Disney World Theme Parks • 20 Minutes from Orlando International Airport • Surrounded by Multiple Demand Generators • Approximately 4 miles from Walt Disney World • Located in the Orlando-Kissimmee-Sanford MSA - Home to One of the Largest Tourist Markets in the World

Financial Highlights: • New Resort Fees Implemented October 2019 - Increased Revenue 15% • Projected Room Revenue Year 1 - $1,340,454 • Significant Upside Potential Due to Recent Room Contract • Contract - 13,000 Room Nights - 24 Months • Room for Growth in ADR • Seller Financing Available

DSH Hotel Advisors, Inc. expressly disclaim any representation or warranty regarding the accuracy of the contents within this document and for any error or omissions in the contents of the document. DSH Hotel Advisors, Inc. is not qualified to provide financial, tax, or legal advice or counsel. It is recommended that any such advice be obtained by a tax professional, attorney or accountant. It is not recommended that 10 prospective buyers evaluate this property based on the contents found within this document; rather, it is recommended that prospective buyers conduct thorough due diligence and arrive at a purchase price based on their studies. ECONO LODGE KISSIMMEE EXCLUSIVE OFFERING MEMORANDUM

DSH Hotel Advisors, Inc. expressly disclaim any representation or warranty regarding the accuracy of the contents within this document and for any error or omissions in the contents of the document. DSH Hotel Advisors, Inc. is not qualified to provide financial, tax, or legal advice or counsel. It is recommended that any such advice be obtained by a tax professional, attorney or accountant. It is not recommended that 11 prospective buyers evaluate this property based on the contents found within this document; rather, it is recommended that prospective buyers conduct thorough due diligence and arrive at a purchase price based on their studies. ECONO LODGE KISSIMMEE EXCLUSIVE OFFERING MEMORANDUM INVESTMENT OVERVIEW

DSH Hotel Advisors, Inc. expressly disclaim any representation or warranty regarding the accuracy of the contents within this document and for any error or omissions in the contents of the document. DSH Hotel Advisors, Inc. is not qualified to provide financial, tax, or legal advice or counsel. It is recommended that any such advice be obtained by a tax professional, attorney or accountant. It is not recommended that 12 prospective buyers evaluate this property based on the contents found within this document; rather, it is recommended that prospective buyers conduct thorough due diligence and arrive at a purchase price based on their studies. ECONO LODGE KISSIMMEE EXCLUSIVE OFFERING MEMORANDUM PROPERTY PHOTOS

DSH Hotel Advisors, Inc. expressly disclaim any representation or warranty regarding the accuracy of the contents within this document and for any error or omissions in the contents of the document. DSH Hotel Advisors, Inc. is not qualified to provide financial, tax, or legal advice or counsel. It is recommended that any such advice be obtained by a tax professional, attorney or accountant. It is not recommended that 13 prospective buyers evaluate this property based on the contents found within this document; rather, it is recommended that prospective buyers conduct thorough due diligence and arrive at a purchase price based on their studies. ECONO LODGE KISSIMMEE EXCLUSIVE OFFERING MEMORANDUM PROPERTY PHOTOS

DSH Hotel Advisors, Inc. expressly disclaim any representation or warranty regarding the accuracy of the contents within this document and for any error or omissions in the contents of the document. DSH Hotel Advisors, Inc. is not qualified to provide financial, tax, or legal advice or counsel. It is recommended that any such advice be obtained by a tax professional, attorney or accountant. It is not recommended that 14 prospective buyers evaluate this property based on the contents found within this document; rather, it is recommended that prospective buyers conduct thorough due diligence and arrive at a purchase price based on their studies. ECONO LODGE KISSIMMEE EXCLUSIVE OFFERING MEMORANDUM PROPERTY PHOTOS

DSH Hotel Advisors, Inc. expressly disclaim any representation or warranty regarding the accuracy of the contents within this document and for any error or omissions in the contents of the document. DSH Hotel Advisors, Inc. is not qualified to provide financial, tax, or legal advice or counsel. It is recommended that any such advice be obtained by a tax professional, attorney or accountant. It is not recommended that 15 prospective buyers evaluate this property based on the contents found within this document; rather, it is recommended that prospective buyers conduct thorough due diligence and arrive at a purchase price based on their studies. ECONO LODGE KISSIMMEE EXCLUSIVE OFFERING MEMORANDUM AERIAL PHOTO

W. IRLO BRONSON MEMORIAL HIGHWAY W. IRLO BRONSON MEMORIAL HIGHWAY

DSH Hotel Advisors, Inc. expressly disclaim any representation or warranty regarding the accuracy of the contents within this document and for any error or omissions in the contents of the document. DSH Hotel Advisors, Inc. is not qualified to provide financial, tax, or legal advice or counsel. It is recommended that any such advice be obtained by a tax professional, attorney or accountant. It is not recommended that 16 prospective buyers evaluate this property based on the contents found within this document; rather, it is recommended that prospective buyers conduct thorough due diligence and arrive at a purchase price based on their studies. ECONO LODGE KISSIMMEE EXCLUSIVE OFFERING MEMORANDUM AERIAL PHOTO

DSH Hotel Advisors, Inc. expressly disclaim any representation or warranty regarding the accuracy of the contents within this document and for any error or omissions in the contents of the document. DSH Hotel Advisors, Inc. is not qualified to provide financial, tax, or legal advice or counsel. It is recommended that any such advice be obtained by a tax professional, attorney or accountant. It is not recommended that 17 prospective buyers evaluate this property based on the contents found within this document; rather, it is recommended that prospective buyers conduct thorough due diligence and arrive at a purchase price based on their studies. ECONO LODGE KISSIMMEE EXCLUSIVE OFFERING MEMORANDUM

MARKET OVERVIEW

DSH Hotel Advisors, Inc. expressly disclaim any representation or warranty regarding the accuracy of the contents within this document and for any error or omissions in the contents of the document. DSH Hotel Advisors, Inc. is not qualified to provide financial, tax, or legal advice or counsel. It is recommended that any such advice be obtained by a tax professional, attorney or accountant. It is not recommended that prospective buyers evaluate this property based on the contents found within this document; rather, it is recommended that prospective buyers conduct thorough due diligence and arrive at a purchase price based on their studies. ECONO LODGE KISSIMMEE EXCLUSIVE OFFERING MEMORANDUM MARKET OVERVIEW

OSCEOLA COUNTY: Kissimmee: A city within Osceola County and part of the Orlando-Kissimmee-Sanford Metropolitan Statistical Area- Kissimmee has a population of approximately 65,000 and it’s MSA has population of approximately 2,150,000 - making it one of the most populated areas in the United States.

Transportation: Kissimmee features a Multi Modal Transportation Hub located between Neptune Road and Monument Streets. This hub includes the Amtrak train station, which will be a station stop on the Sunrail commuter rail system - there is also a Greyhound bus station. The hub features a bus terminal providing service by the Lynx network. Kissimmee Gateway Airport has four fixed-based operators that provide service to the area. Kissimmee Gateway Airport (ISM) accom- modates general aviation air service 24 hours a day with two paved airport runways -the airport also houses two flight training schools, and a museum. Or- lando International Airport can be reached from Kissimmee in 15 minutes by car, and is the second busiest airport in Florida. The major land transportation arteries are the Florida’s Turnpike, Interstate 4, Osceola Parkway, and US 192/Irlo Bronson Memorial Highway. Among other important routes are US 17/92 that join with US 441 into the Orange Blossom Trail (OBT) and State Route 423 also known as the John Young Parkway.

Sports: The Houston Astros conduct spring training in Kissimmee, at Osceola County Stadium. The stadium also hosts numerous amateur baseball events through- out the remainder of the year in conjunction with; USSSA, Triple Crown Sports, World Baseball Federation and Promotion Sports. The Jim Evans Academy of Professional Umpiring has also called Osceola County Stadium home since 1994. The Osceola County Softball Complex is a facility of five softball fields which are host to a variety of amateur sports events. It is the home of the USSSA 2005 Complex of the Year Award, the Rebel Spring Games, and numerous other fast-pitch softball, slow-pitch softball, and youth baseball events. Austin-Tindall Regional Park is an athletic facility in the area that is host to a variety of annual events. The city is also home to the annual NCCAA men’s soccer National Championship Tournament.

DSH Hotel Advisors, Inc. expressly disclaim any representation or warranty regarding the accuracy of the contents within this document and for any error or omissions in the contents of the document. DSH Hotel Advisors, Inc. is not qualified to provide financial, tax, or legal advice or counsel. It is recommended that any such advice be obtained by a tax professional, attorney or accountant. It is not recommended that 19 prospective buyers evaluate this property based on the contents found within this document; rather, it is recommended that prospective buyers conduct thorough due diligence and arrive at a purchase price based on their studies. ECONO LODGE KISSIMMEE EXCLUSIVE OFFERING MEMORANDUM MARKET OVERVIEW

World Class Theme Parks: Walt Disney World is estimated to have approximately 20,000,000 visitors per year - making it the number one theme park in the world by attendance. The parks of Walt Disney World include Magic Kingdom, Disney’s Hollywood Studios, Disney’s Animal Kingdom, and Epcot. It is estimated that daily approximately 250,000 guests make their way to and from Walt Disney World’s various theme parks, attractions and hotels via a mass transit system that consists of more than 270 buses, 12 monorail trains and a fleet of boats and water taxis. Walt Disney World sits on 25,000 acres of land, with only approximately 35% of the land developed - leaving room for expansion of the parks. In addition to Walt Disney World, other world class theme parks in the immediate area include, Universal Studios, Islands of Adventure, Sea- World, and Discovery Cove - making the Orlando/Kissimmee market one of the highest ranked tourism destinations in the world.

SunRail Development: The SunRail is a commuter rail system in the greater Orlando area set to improve transportation throughout the State of Florida. • SunRail is a Central Florida passenger rail system serving the City of Orlando, Volusia, Seminole, Orange counties, and soon Osceola County. • SunRail Phase 1 officially opened for service May 1, 2014. • SunRail Phase 1 covers 32 miles from City of DeBary in Volusia County to Sand Lake Road in Orange County. • SunRail Phase 1 includes 12 stations • SunRail Phase 2 will add another 5 stations • SunRail Phase 2 North will extend service from the City of DeBary to the City of DeLand in Volusia County. • SunRail Phase 2 South will extend service from Sand Lake Road in Orange County to Poinciana in Osceola County. • SunRail Planned Phase 2 expansion will make it a 61.5 mile passenger rail system, and bring the total number of stations to 17. • SunRail currently runs 36 train trips per day, Monday through Friday, excluding holidays.

DSH Hotel Advisors, Inc. expressly disclaim any representation or warranty regarding the accuracy of the contents within this document and for any error or omissions in the contents of the document. DSH Hotel Advisors, Inc. is not qualified to provide financial, tax, or legal advice or counsel. It is recommended that any such advice be obtained by a tax professional, attorney or accountant. It is not recommended that 20 prospective buyers evaluate this property based on the contents found within this document; rather, it is recommended that prospective buyers conduct thorough due diligence and arrive at a purchase price based on their studies. ECONO LODGE KISSIMMEE EXCLUSIVE OFFERING MEMORANDUM MARKET OVERVIEW

Area Demand Generators - Distance from Econo Lodge Kissimmee: • Vista Factory Stores 1.1 miles • Volcano Bay - 10.9 miles • Old Town Kissimmee 1.6 miles • Universal Islands of Adventure - 12 miles • Congo River Golf - 1.6 miles • Universal City Walk - 12 miles • Pirate’s Cove Adventure Golf - 4.3 miles • Premium Outlet Stores -12.6 miles • Walt Disney World - 4.4 miles • Camping World Stadium - 17.1 miles • Disney Hollywood Studios - 5.7 miles • Amway Arena - 18.3 miles • House of Blues - 6.4 miles • Orlando International Airport - 19 miles • Epcot - 6.7 miles • Orlando Science Center - 21.2 miles • Blizzard Beach - 6.9 miles • Harry P Leu Gardens - 21.7 miles • Sea World Resort - 7.1 miles • University of Central Florida - 33.1 miles • Discover Cove - 7.4 miles • Lego Land - 35.5 Miles • Orange County Convention Center - 7.9 miles • Kennedy Space Center - 60 miles • Osceola Heritage Park - 9.9 miles • Cocoa Beach - 67.4 miles • Magic Kingdom - 10 miles • Tampa, FL - 68.4 miles • Ripley’s Believe It or Not - 10.1 miles • Daytona Int’l Speedway - 69.7 miles • Icon Park - 10.7 miles

DSH Hotel Advisors, Inc. expressly disclaim any representation or warranty regarding the accuracy of the contents within this document and for any error or omissions in the contents of the document. DSH Hotel Advisors, Inc. is not qualified to provide financial, tax, or legal advice or counsel. It is recommended that any such advice be obtained by a tax professional, attorney or accountant. It is not recommended that 21 prospective buyers evaluate this property based on the contents found within this document; rather, it is recommended that prospective buyers conduct thorough due diligence and arrive at a purchase price based on their studies. ECONO LODGE KISSIMMEE EXCLUSIVE OFFERING MEMORANDUM WALT DISNEY WORLD Located 4.4 Miles from the Econo Lodge

Walt Disney World is one of the world’s top vacation destinations - averaging over 50 million visitors annually and steadily increasing year after year. Walt Disney World is comprised of four major theme parks including, Magic Kingdom, Epcot, Disney’s Hollywood Studios, and Disney’s Animal Kingdom with an additional two water parks, Blizzard Beach and Typhoon Lagoon. DSH Hotel Advisors, Inc. expressly disclaim any representation or warranty regarding the accuracy of the contents within this document and for any error or omissions in the contents of the document. DSH Hotel Advisors, Inc. is not qualified to provide financial, tax, or legal advice or counsel. It is recommended that any such advice be obtained by a tax professional, attorney or accountant. It is not recommended that 22 prospective buyers evaluate this property based on the contents found within this document; rather, it is recommended that prospective buyers conduct thorough due diligence and arrive at a purchase price based on their studies. ECONO LODGE KISSIMMEE EXCLUSIVE OFFERING MEMORANDUM

FINANCIAL ANALYSIS

DSH Hotel Advisors, Inc. expressly disclaim any representation or warranty regarding the accuracy of the contents within this document and for any error or omissions in the contents of the document. DSH Hotel Advisors, Inc. is not qualified to provide financial, tax, or legal advice or counsel. It is recommended that any such advice be obtained by a tax professional, attorney or accountant. It is not recommended that prospective buyers evaluate this property based on the contents found within this document; rather, it is recommended that prospective buyers conduct thorough due diligence and arrive at a purchase price based on their studies. ECONO LODGE KISSIMMEE EXCLUSIVE OFFERING MEMORANDUM

FIVE-YEAR PROJECTION

Year 1 Year 2 Year 3 Year 4 Year 5 List Price: Market-Bid Occupancy 70.00% 70.50% 71.00% 71.50% 72.00% Loan: SBA 7a Average Daily Rate $51.58 $52.58 $53.58 $54.58 $55.58 LTV: 75% RevPAR $36.11 $37.07 $38.04 $39.02 $40.02 Interest Rate: 6.00% Available Rooms 34,310 34,310 34,310 34,310 34,310 Amortization Period: 25 Occupied Rooms 24,017 24,189 24,360 24,532 24,703 Revenue Per Room $14,257 $14,616 $14,979 $15,345 $15,715 Income Room Revenue & Resort Fees $1,340,154 96.85% $1,373,894 96.85% $1,407,985 96.85% $1,442,425 96.85% $1,477,217 96.85% Other Revenue $43,613 3.15% $44,711 3.15% $45,820 3.15% $46,941 3.15% $48,073 3.15% Total Revenue $1,383,767 100.00% $1,418,605 100.00% $1,453,805 100.00% $1,489,366 100.00% $1,525,290 100.00% Expenses Departmental Expenses Room Expense $320,364 23.15% $328,430 23.15% $336,579 23.15% $344,812 23.15% $353,129 23.15% Other Expense $121,975 8.81% $125,046 8.81% $128,149 8.81% $131,284 8.81% $134,451 8.81% Total Departmental Expenses $442,339 31.97% $453,475 31.97% $464,728 31.97% $476,096 31.97% $487,580 31.97% Undistributed Operating Expenses Administrative & General $8,053 0.58% $8,256 0.58% $8,461 0.58% $8,668 0.58% $8,891 0.58% Sales & Marketing $69,513 5.02% $71,263 5.02% $73,031 5.02% $74,817 5.02% $76,622 5.02% Utilities $109,929 7.94% $112,637 7.94% $115,432 7.94% $118,256 7.94% $121,108 7.94% Repairs & Maintenance $28,562 2.06% $29,281 2.06% $30,008 2.06% $30,742 2.06% $31,484 2.06% Franchise Fees $181,129 13.09% $185,689 13.09% $190,297 13.09% $194,952 13.09% $199,654 13.09% Total Undistributed Operating Expenses $397,187 28.70% $407,126 28.70% $417,228 28.70% $427,435 28.70% $437,759 28.70% ManagementFixed Expenses Fee $0 0.00% $0 0.00% $0 0.00% $0 0.00% $0 0.00% Property Taxes & Insurance $95,062 6.87% $97,458 6.87% $99,876 6.87% $102,319 6.87% $104,787 6.87% Total Fixed Expenses $95,062 6.87% $97,458 6.87% $99,876 6.87% $102,319 6.87% $104,787 6.87%

Total Expenses $934,588 67.54% $958,060 67.54% $981,833 67.54% $1,005,850 67.54% $1,030,126 67.54%

Net Operating Income $449,179 32.46% $460,545 32.46% $471,973 32.46% $483,516 32.46% $495,164 32.46% ProjectCapProjected Rate Cap Revenue Rate Change 25.03%8.41%8.48% 8.62%8.69%2.52% 8.84%8.91%2.48% 9.05%9.12%2.45% 9.27%9.34%2.41% **Please Note - Year 1 Revenue is Based on Annual Room Contract & Resort Fees New Resort Fees Implemented October 2019 T-12 September 2019 Room Revenue - $950,043

DSH Hotel Advisors, Inc. expressly disclaim any representation or warranty regarding the accuracy of the contents within this document and for any error or omissions in the contents of the document. DSH Hotel Advisors, Inc. is not qualified to provide financial, tax, or legal advice or counsel. It is recommended that any such advice be obtained by a tax professional, attorney or accountant. It is not recommended that 24 prospective buyers evaluate this property based on the contents found within this document; rather, it is recommended that prospective buyers conduct thorough due diligence and arrive at a purchase price based on their studies. ECONO LODGE KISSIMMEE EXCLUSIVE OFFERING MEMORANDUM

SEPTEMBER 2019 MONTHLY STR REPORT

DSH Hotel Advisors, Inc. expressly disclaim any representation or warranty regarding the accuracy of the contents within this document and for any error or omissions in the contents of the document. DSH Hotel Advisors, Inc. is not qualified to provide financial, tax, or legal advice or counsel. It is recommended that any such advice be obtained by a tax professional, attorney or accountant. It is not recommended that prospective buyers evaluate this property based on the contents found within this document; rather, it is recommended that prospective buyers conduct thorough due diligence and arrive at a purchase price based on their studies. ECONO LODGE KISSIMMEE EXCLUSIVE OFFERING MEMORANDUM

Tab 2 - Monthly Performance at a Glance - My Property vs. Competitive Set

Econo Lodge Kissimmee 2934 Polynesian Isle Blvd Kissimmee, FL 34746-4703 Phone: (407) 787-4100 STR # 18740 ChainID: FL662 MgtCo: None Owner: None For the Month of: September 2019 Date Created: October 17, 2019 Monthly Competitive Set Data Excludes Subject Property

September 2019

Occupancy (%) ADR RevPAR

My Prop Comp Set Index (MPI) My Prop Comp Set Index (ARI) My Prop Comp Set Index (RGI)

Current Month 57.8 54.5 106.0 33.08 39.59 83.6 19.11 21.58 88.6

Year To Date 65.6 66.5 98.7 41.60 47.30 88.0 27.29 31.45 86.8

Running 3 Month 63.1 59.8 105.5 37.05 43.16 85.8 23.38 25.83 90.5

Running 12 Month 66.0 66.9 98.7 41.94 47.64 88.0 27.69 31.88 86.9

September 2019 vs. 2018 Percent Change (%)

Occupancy ADR RevPAR

My Prop Comp Set Index (MPI) My Prop Comp Set Index (ARI) My Prop Comp Set Index (RGI)

Current Month -1.4 -13.2 13.7 -15.5 -7.0 -9.2 -16.7 -19.3 3.2

Year To Date -2.1 -2.5 0.3 -13.0 -5.4 -8.1 -14.8 -7.7 -7.7

Running 3 Month 2.7 -9.3 13.2 -11.5 -5.5 -6.4 -9.1 -14.3 6.0

Running 12 Month -3.2 -3.1 -0.1 -11.5 -3.5 -8.2 -14.2 -6.5 -8.3

The STR STAR 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 STAR 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 STAR Report, please contact us immediately. Source: 2019 STR, Inc. / STR Global, Ltd. trading as “STR”. DSH Hotel Advisors, Inc. expressly disclaim any representation or warranty regarding the accuracy of the contents within this document and for any error or omissions in the contents of the document. DSH Hotel Advisors, Inc. is not qualified to provide financial, tax, or legal advice or counsel. It is recommended that any such advice be obtained by a tax professional, attorney or accountant. It is not recommended that 26 prospective buyers evaluate this property based on the contents found within this document; rather, it is recommended that prospective buyers conduct thorough due diligence and arrive at a purchase price based on their studies. ECONO LODGE KISSIMMEE EXCLUSIVE OFFERING MEMORANDUM

Tab 3 - STAR Summary - My Property vs. Comp Set and Industry Segments Econo Lodge Kissimmee 2934 Polynesian Isle Blvd Kissimmee, FL 34746-4703 Phone: (407) 787-4100 STR # 18740 ChainID: FL662 MgtCo: None Owner: None For the Month of: September 2019 Date Created: October 17, 2019 Monthly Competitive Set Data Excludes Subject Property Occupancy (%) Supply

Current Running 3 Running 12 Month % Run 3 Mon % Run 12 Mon % Chg Year to Date % Chg % Chg % Chg YTD % Chg Month Month Month Chg Chg % Chg

Econo Lodge Kissimmee 57.8 -1.4 65.6 -2.1 63.1 2.7 66.0 -3.2 0.0 0.4 0.0 0.3 Market: Orlando, FL 61.6 -9.0 76.2 -3.4 69.6 -5.0 75.6 -4.2 2.5 2.5 2.8 2.6 Market Class: Economy Class 58.8 -7.5 70.4 -3.3 64.6 -5.3 69.7 -4.7 1.6 0.5 1.1 0.6 Submarket: Kissimmee East, FL 50.8 -6.7 64.7 -5.8 58.5 -4.9 62.9 -9.0 0.0 0.4 1.2 0.3 Submarket Scale: Economy Chains 55.8 -7.9 67.9 -5.8 62.4 -6.3 67.7 -5.7 0.1 0.1 0.1 -0.7 Competitive Set: Competitors 54.5 -13.2 66.5 -2.5 59.8 -9.3 66.9 -3.1 0.1 0.1 0.1 -0.5

Average Daily Rate Demand

Current Running 3 Running 12 Month % Run 3 Mon % Run 12 Mon % Chg Year to Date % Chg % Chg % Chg YTD % Chg Month Month Month Chg Chg % Chg

Econo Lodge Kissimmee 33.08 -15.5 41.60 -13.0 37.05 -11.5 41.94 -11.5 -1.4 -1.8 2.7 -2.9 Market: Orlando, FL 104.78 -3.2 126.01 0.3 109.69 0.9 126.09 1.0 -6.7 -1.0 -2.4 -1.6 Market Class: Economy Class 52.82 -3.1 60.13 -5.3 55.62 -2.8 60.37 -4.2 -6.0 -2.8 -4.2 -4.2 Submarket: Kissimmee East, FL 84.33 1.4 93.70 -1.5 81.71 -1.0 94.92 0.0 -6.7 -5.4 -3.7 -8.8 Submarket Scale: Economy Chains 40.73 -7.9 48.64 -8.9 44.21 -7.3 48.94 -8.0 -7.8 -5.8 -6.3 -6.3 Competitive Set: Competitors 39.59 -7.0 47.30 -5.4 43.16 -5.5 47.64 -3.5 -13.1 -2.3 -9.2 -3.6

RevPAR Revenue

Current Running 3 Running 12 Month % Run 3 Mon % Run 12 Mon % Chg Year to Date % Chg % Chg % Chg YTD % Chg Month Month Month Chg Chg % Chg

Econo Lodge Kissimmee 19.11 -16.7 27.29 -14.8 23.38 -9.1 27.69 -14.2 -16.7 -14.5 -9.1 -14.0 Market: Orlando, FL 64.55 -11.9 96.06 -3.1 76.38 -4.1 95.28 -3.2 -9.7 -0.7 -1.5 -0.7 Market Class: Economy Class 31.07 -10.4 42.31 -8.4 35.93 -7.9 42.07 -8.7 -8.9 -7.9 -6.9 -8.2 Submarket: Kissimmee East, FL 42.86 -5.4 60.58 -7.3 47.82 -5.8 59.72 -9.0 -5.4 -6.9 -4.7 -8.7 Submarket Scale: Economy Chains 22.72 -15.2 33.04 -14.2 27.58 -13.2 33.11 -13.3 -15.1 -14.1 -13.1 -13.9 Competitive Set: Competitors 21.58 -19.3 31.45 -7.7 25.83 -14.3 31.88 -6.5 -19.2 -7.6 -14.1 -7.0

Census/Sample - Properties & Rooms Pipeline

Census Sample Sample % Market: Orlando, FL

Properties Rooms Properties Rooms Rooms Under Construction Planning Market: Orlando, FL 522 129352 366 92860 71.8 Properties Rooms Properties Rooms Market Class: Economy Class 190 24668 88 15958 64.7 27 7039 66 10350 Submarket: Kissimmee East, FL 88 12014 32 7070 58.8 Submarket Scale: Economy Chains 15 1758 12 1483 84.4 See Help page for pipeline definitions. Competitive Set: Competitors 6 796 6 796 100.0

The STR STAR 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 STAR 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 STAR Report, please contact us immediately. Source:DSH 2019 STR, Hotel Inc. /Advisors, STR Global, Ltd. Inc. trading expressly as “STR”. disclaim any representation or warranty regarding the accuracy of the contents within this document and for any error or omissions in the contents of the document. DSH Hotel Advisors, Inc. is not qualified to provide financial, tax, or legal advice or counsel. It is recommended that any such advice be obtained by a tax professional, attorney or accountant. It is not recommended that 27 prospective buyers evaluate this property based on the contents found within this document; rather, it is recommended that prospective buyers conduct thorough due diligence and arrive at a purchase price based on their studies. ECONO LODGE KISSIMMEE EXCLUSIVE OFFERING MEMORANDUM Tab 4 - Competitive Set Report

Econo Lodge Kissimmee 2934 Polynesian Isle Blvd Kissimmee, FL 34746-4703 Phone: (407) 787-4100 STR # 18740 ChainID: FL662 MgtCo: None Owner: None For the Month of: September 2019 Date Created: October 17, 2019 Monthly Competitive Set Data Excludes Subject Property RevPAR Percent Change Monthly Indexes 5

116 0 111 106 -5 101 96 -10 91 86 -15 81 76 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep -20 Year to Date Running 3 Month Running 12 Month Occupancy Index (MPI) ADR Index (ARI) RevPAR Index (RGI) 100 % My Property Competitive Set

2018 2019 Year To Date Running 3 Month Running 12 Month Occupancy (%) Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep 2017 2018 2019 2017 2018 2019 2017 2018 2019

My Property 67.9 61.1 67.7 69.0 56.8 58.6 65.4 70.5 66.0 66.4 72.9 74.4 67.1 57.3 63.5 65.6 65.8 57.8 71.2 67.0 65.6 65.9 61.5 63.1 71.7 68.2 66.0

Competitive Set 65.5 61.9 70.6 70.5 64.5 62.8 69.7 65.4 69.4 62.8 73.8 82.3 71.7 63.2 65.7 67.9 57.0 54.5 69.7 68.2 66.5 65.7 66.0 59.8 69.3 69.1 66.9

Index (MPI) 103.6 98.8 95.8 97.9 88.0 93.3 93.8 107.7 95.2 105.8 98.8 90.4 93.7 90.6 96.7 96.7 115.4 106.0 102.1 98.3 98.7 100.3 93.2 105.5 103.4 98.7 98.7

Rank 5 of 7 5 of 7 5 of 7 5 of 7 6 of 7 5 of 7 5 of 7 3 of 7 4 of 7 2 of 7 4 of 7 6 of 7 5 of 7 5 of 7 5 of 7 5 of 7 3 of 7 3 of 7 5 of 7 5 of 7 3 of 7 5 of 7 6 of 7 3 of 7 5 of 7 5 of 7 3 of 7 % Chg My Property -13.5 -3.7 -2.5 -2.9 -6.3 -11.4 -9.4 -1.2 -7.1 -11.6 5.0 -3.8 -1.1 -6.3 -6.1 -4.9 15.8 -1.4 -7.6 -5.8 -2.1 -4.6 -6.7 2.7 -4.8 -4.9 -3.2

Competitive Set -12.4 -3.2 3.9 -6.1 5.1 3.9 10.4 -10.0 -12.4 -3.9 4.9 0.4 9.4 2.2 -7.0 -3.7 -11.7 -13.2 -0.8 -2.2 -2.5 -0.2 0.4 -9.3 -1.5 -0.4 -3.1

Index (MPI) -1.2 -0.5 -6.1 3.4 -10.8 -14.7 -17.9 9.7 6.0 -8.1 0.1 -4.2 -9.6 -8.3 0.9 -1.2 31.2 13.7 -6.8 -3.7 0.3 -4.4 -7.1 13.2 -3.4 -4.5 -0.1

Rank 4 of 7 4 of 7 5 of 7 4 of 7 7 of 7 6 of 7 7 of 7 2 of 6 4 of 6 4 of 7 2 of 7 4 of 7 3 of 7 5 of 7 3 of 7 4 of 7 2 of 7 2 of 7 6 of 7 6 of 7 2 of 7 5 of 7 6 of 7 2 of 7 6 of 7 6 of 7 3 of 7

2018 2019 Year To Date Running 3 Month Running 12 Month ADR Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep 2017 2018 2019 2017 2018 2019 2017 2018 2019

My Property 49.49 46.86 44.76 44.31 41.51 39.17 37.43 38.49 52.95 39.63 43.96 54.44 43.66 40.12 38.77 40.87 36.61 33.08 44.00 47.81 41.60 42.93 41.84 37.05 42.76 47.37 41.94

Competitive Set 53.26 47.13 47.96 49.30 44.58 42.55 43.23 45.15 57.25 46.05 49.50 57.68 49.94 44.58 44.14 46.82 42.11 39.59 44.43 49.98 47.30 43.00 45.65 43.16 43.72 49.39 47.64

Index (ARI) 92.9 99.4 93.3 89.9 93.1 92.1 86.6 85.2 92.5 86.1 88.8 94.4 87.4 90.0 87.8 87.3 86.9 83.6 99.0 95.7 88.0 99.8 91.7 85.8 97.8 95.9 88.0

Rank 5 of 7 5 of 7 5 of 7 6 of 7 5 of 7 6 of 7 6 of 7 6 of 7 5 of 7 6 of 7 6 of 7 4 of 7 5 of 7 5 of 7 5 of 7 6 of 7 6 of 7 6 of 7 5 of 7 5 of 7 6 of 7 5 of 7 6 of 7 6 of 7 5 of 7 5 of 7 6 of 7 % Chg My Property -0.1 14.1 14.4 2.2 11.8 -18.3 -6.9 -12.3 -2.6 -9.6 -11.7 -17.6 -11.8 -14.4 -13.4 -7.8 -11.8 -15.5 16.9 8.7 -13.0 18.6 -2.5 -11.5 14.7 10.8 -11.5

Competitive Set 11.0 11.9 12.2 9.5 10.2 -1.3 0.8 1.7 4.9 -5.5 -4.0 -6.0 -6.2 -5.4 -8.0 -5.0 -5.5 -7.0 7.8 12.5 -5.4 8.3 6.2 -5.5 7.2 13.0 -3.5

Index (ARI) -10.0 2.0 1.9 -6.7 1.5 -17.3 -7.6 -13.7 -7.1 -4.3 -8.0 -12.3 -5.9 -9.5 -5.9 -2.9 -6.6 -9.2 8.4 -3.4 -8.1 9.5 -8.2 -6.4 7.0 -1.9 -8.2

Rank 6 of 7 2 of 7 3 of 7 5 of 7 3 of 7 7 of 7 7 of 7 6 of 6 4 of 6 5 of 7 5 of 7 6 of 7 5 of 7 6 of 7 6 of 7 4 of 7 6 of 7 7 of 7 1 of 7 4 of 7 6 of 7 1 of 7 6 of 7 5 of 7 1 of 7 4 of 7 7 of 7

2018 2019 Year To Date Running 3 Month Running 12 Month RevPAR Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep 2017 2018 2019 2017 2018 2019 2017 2018 2019

My Property 33.61 28.65 30.28 30.58 23.56 22.95 24.47 27.13 34.96 26.33 32.04 40.50 29.31 22.98 24.62 26.83 24.07 19.11 31.31 32.05 27.29 28.29 25.73 23.38 30.65 32.29 27.69

Competitive Set 34.90 29.15 33.86 34.76 28.77 26.73 30.12 29.55 39.71 28.92 36.51 47.49 35.80 28.19 28.99 31.79 23.99 21.58 30.96 34.07 31.45 28.26 30.12 25.83 30.31 34.11 31.88

Index (RGI) 96.3 98.3 89.4 88.0 81.9 85.9 81.3 91.8 88.0 91.0 87.7 85.3 81.9 81.5 84.9 84.4 100.3 88.6 101.1 94.1 86.8 100.1 85.4 90.5 101.1 94.7 86.9

Rank 5 of 7 5 of 7 5 of 7 5 of 7 6 of 7 6 of 7 6 of 7 5 of 7 5 of 7 6 of 7 5 of 7 6 of 7 7 of 7 5 of 7 5 of 7 5 of 7 4 of 7 4 of 7 5 of 7 5 of 7 5 of 7 5 of 7 6 of 7 5 of 7 5 of 7 5 of 7 5 of 7 % Chg My Property -13.6 10.0 11.6 -0.7 4.8 -27.6 -15.6 -13.4 -9.6 -20.1 -7.3 -20.7 -12.8 -19.8 -18.7 -12.3 2.2 -16.7 8.1 2.3 -14.8 13.1 -9.1 -9.1 9.2 5.4 -14.2

Competitive Set -2.7 8.3 16.6 2.8 15.8 2.6 11.3 -8.5 -8.1 -9.1 0.7 -5.7 2.6 -3.3 -14.4 -8.6 -16.6 -19.3 6.9 10.0 -7.7 8.1 6.6 -14.3 5.6 12.5 -6.5

Index (RGI) -11.1 1.5 -4.3 -3.4 -9.5 -29.5 -24.2 -5.4 -1.5 -12.1 -8.0 -16.0 -15.0 -17.0 -5.0 -4.1 22.5 3.2 1.0 -7.0 -7.7 4.7 -14.7 6.0 3.4 -6.4 -8.3

Rank 5 of 7 3 of 7 5 of 7 6 of 7 6 of 7 7 of 7 7 of 7 6 of 6 5 of 6 5 of 7 3 of 7 7 of 7 6 of 7 6 of 7 5 of 7 4 of 7 2 of 7 4 of 7 4 of 7 6 of 7 6 of 7 2 of 7 7 of 7 3 of 7 3 of 7 5 of 7 6 of 7 Exchange Rate

The STR STAR Report is a publication of STR, Inc. and STR Global, Ltd., and is intended solely for use by paid subscribers. Reproduction or distributionDSH of the STR Hotel STAR Report, Advisors, in whole or part, without Inc. written expressly permission is prohibited disclaim and subject to anylegal action. representation If you have received this report orand are warranty NOT a subscriber toregarding the STR STAR Report, the please contactaccuracy us immediately. of Source: the 2019 contents STR, Inc. / STR Global, within Ltd. trading this as “STR”. document and for any error or omissions in the contents of the document. DSH Hotel Advisors, Inc. is not qualified to provide financial, tax, or legal advice or counsel. It is recommended that any such advice be obtained by a tax professional, attorney or accountant. It is not recommended that 28 prospective buyers evaluate this property based on the contents found within this document; rather, it is recommended that prospective buyers conduct thorough due diligence and arrive at a purchase price based on their studies. ECONO LODGE KISSIMMEE EXCLUSIVE OFFERING MEMORANDUM

Tab 5 - Response Report Econo Lodge Kissimmee 2934 Polynesian Isle Blvd Kissimmee, FL 34746-4703 Phone: (407) 787-4100 STR # 18740 ChainID: FL662 MgtCo: None Owner: None For the Month of: September 2019 Date Created: October 17, 2019

This Year September 2019 (This Year) September 2018 (Last Year) Sep 2nd - Labor Day Sun Mon Tue Wed Thu Fri Sat Sun Mon Tue Wed Thu Fri Sat Sept 30th - Rosh Hashanah 1 2 3 4 5 6 7 1 8 9 10 11 12 13 14 2 3 4 5 6 7 8 15 16 17 18 19 20 21 9 10 11 12 13 14 15 22 23 24 25 26 27 28 16 17 18 19 20 21 22 29 30 23 24 25 26 27 28 29 30 Last Year Sep 3rd - Labor Day Sep 10th - Rosh Hashanah Sep 14th - Hurricane Florence - Landfall Sep 19th - Yom Kippur

2017 2018 2019

STR# Name City, State Zip Phone Rooms Open Date Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep 18740 Econo Lodge Kissimmee Kissimmee, FL 34746-4703 (407) 787-4100 94 198703 ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● 5390 Econo Lodge Inn & Suites Maingate Central Kissimmee, FL 34746-5320 (407) 396-1890 98 198406 ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● 5674 Clarion Inn & Suites Kissimmee Lake Buena Vista SouthKissimmee, FL 34746-5336 (407) 396-4343 135 198506 ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● 6382 Motel 6 Orlando - Kissimmee Main Gate East Kissimmee, FL 34746-4746 (407) 396-6333 173 198506 ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● 29041 Travelodge Suites Kissimmee Orange Kissimmee, FL 34746-4711 (407) 966-4418 159 199201 ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● 51928 Days Inn Kissimmee Kissimmee, FL 34746-4703 (407) 396-2199 121 200308 ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● 53717 Studio 6 Orlando - Kissimmee Kissimmee, FL 34746-4746 (407) 390-1869 110 200801 ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● 890 Data received: ○ = Monthly Only ● = Monthly & Daily

The STR STAR 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 STAR 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 STAR Report, please contact us immediately. Source: 2019 STR, Inc. / STR Global, Ltd. trading as “STR”. DSH Hotel Advisors, Inc. expressly disclaim any representation or warranty regarding the accuracy of the contents within this document and for any error or omissions in the contents of the document. DSH Hotel Advisors, Inc. is not qualified to provide financial, tax, or legal advice or counsel. It is recommended that any such advice be obtained by a tax professional, attorney or accountant. It is not recommended that 29 prospective buyers evaluate this property based on the contents found within this document; rather, it is recommended that prospective buyers conduct thorough due diligence and arrive at a purchase price based on their studies. ECONO LODGE KISSIMMEE EXCLUSIVE OFFERING MEMORANDUM

COMPETITIVE SET MAP

DSH Hotel Advisors, Inc. expressly disclaim any representation or warranty regarding the accuracy of the contents within this document and for any error or omissions in the contents of the document. DSH Hotel Advisors, Inc. is not qualified to provide financial, tax, or legal advice or counsel. It is recommended that any such advice be obtained by a tax professional, attorney or accountant. It is not recommended that prospective buyers evaluate this property based on the contents found within this document; rather, it is recommended that prospective buyers conduct thorough due diligence and arrive at a purchase price based on their studies. ECONO LODGE KISSIMMEE EXCLUSIVE OFFERING MEMORANDUM

Competitive Set Map

Property Name Rooms Year Built 1 Subject Property 2 Econo Lodge Inn & Suites Maingate Central 98 1984 3 Clarion Inn & Suites Kissimmee Lake Buena Vista 135 1985 4 Motel 6 Orlando - Kissimmee Main Gate East 173 1985 5 Travelodge Suites Kissimmee Orange 159 1992 6 Days Inn Kissimmee 121 2003 7 Studio 6 Orlando - Kissimmee 110 2008

DSH Hotel Advisors, Inc. expressly disclaim any representation or warranty regarding the accuracy of the contents within this document and for any error or omissions in the contents of the document. DSH Hotel Advisors, Inc. is not qualified to provide financial, tax, or legal advice or counsel. It is recommended that any such advice be obtained by a tax professional, attorney or accountant. It is not recommended that 31 prospective buyers evaluate this property based on the contents found within this document; rather, it is recommended that prospective buyers conduct thorough due diligence and arrive at a purchase price based on their studies. ECONO LODGE KISSIMMEE EXCLUSIVE OFFERING MEMORANDUM

Exclusively Listed By: Dennis S. Hopper Randy B. Taylor Managing Principal | DSH Hotel Advisors Investment Associate | DSH Hotel Advisors Direct: (813) 605-1756 Direct: (813) 605-1779 Mobile: (813) 767-9953 Mobile: (518) 867-5511 Fax: (941) 777-1121 Fax: (941) 777-1121 [email protected] [email protected] www.DSHHotelAdvisors.com www.DSHHotelAdvisors.com

DSH Hotel Advisors, Inc. expressly disclaim any representation or warranty regarding the accuracy of the contents within this document and for any error or omissions in the contents of the document. DSH Hotel Advisors, Inc. is not qualified to provide financial, tax, or legal advice or counsel. It is recommended that any such advice be obtained by a tax professional, attorney or accountant. It is not recommended that 32 prospective buyers evaluate this property based on the contents found within this document; rather, it is recommended that prospective buyers conduct thorough due diligence and arrive at a purchase price based on their studies.