FEASIBILITY STUDY Proposed Extended-Stay Hotel MARICOPA, ARIZONA SUBMITTED TO:PR OPOSED PREPARED BY: Ms. Denyse Airheart HVS Consulting & Valuation 39700 W Civic Center Plaza Division of TS Worldwide, LLC Maricopa, Arizona, 85239 221 East Indianola Avenue Phoenix, Arizona, 85012 +1 (520) 316-6992 +1 (608) 658-0587 February-2018 March 2, 2018 Ms. Denyse Airheart 39700 W Civic Center Plaza Maricopa, Arizona, 85239 HVS PHOENIX - LOS ANGELES OFFICE Re: Proposed Extended-Stay Hotel 221 East Indianaola Avenue Maricopa, Arizona Phoenix, Arizona, 85012 +1 (608) 658-0587 HVS Reference: 2017022183 +1 (415) 896-0516 FAX www.hvs.com Dear Ms. Airheart: Pursuant to your request, we herewith submit our feasibility study pertaining to the above-captioned property. We have inspected the real estate and analyzed the hotel market conditions in the Maricopa, Arizona area. We have studied the proposed project, and the results of our fieldwork and analysis are presented in this report. We have also reviewed the proposed improvements for this site. Our report was prepared in accordance with the Uniform Standards of Professional Appraisal Practice (USPAP), as provided by the Appraisal Foundation. We hereby certify that we have no undisclosed interest in the property, and our employment and compensation are not contingent upon our findings. This study is subject to the comments made throughout this report and to all assumptions and limiting conditions set forth herein. Sincerely, TS Worldwide, LLC Ryan Wall, Director
[email protected], +1 (608) 658-0587 State Appraiser License (AZ) 32100 Superior results through unrivaled hospitality intelligence. Everywhere. Table of Contents SECTION TITLE PAGE 1.