A Proud History, Anchored in Growth
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2 HOTEL GROUP A Proud History, Anchored in Growth M&R Hotel Group, a development company focused on acquiring and building hotels in the New York metropolitan area and beyond, was founded in 1992 by Madhu Patni and the late Rajendra Gandhi, both of whom had been principals in Hersha Hospitality Trust, a real estate investment trust formed in 1984 and traded on the American Stock Exchange since In recent years, leadership of M&R Hotel Group has passed to the second generation of both families. Amit Gandhi, his brother, Samir, and Manish Patni are fully vested in all aspects of development and also serve as principals of M&R Hotel Management, a company created in 2001 to serve as the operating arm of M&R Hotel Group. M&R Hotel Group s first project was construction of a 45-room Howard Johnson Inn on East Houston Street in Manhattan in 2001, which the company managed until 2005 when the property was sold. In 2002, M&R Hotel Group opened an 80-room Comfort Inn in Long Island City, New York, the first nationally branded, limited-service hotel to be constructed there, and managed it until 2005 when it was sold. In 2004, the company constructed an 80-room Comfort Inn on West 39th Street in Manhattan, near Times Square, which M&R managed until it was sold in That was followed in 2005 by a 211-room Holiday Inn Express built on the same block, which M&R managed until it was sold in Also in 2005, M&R Hotel Group purchased three limited-service hotels an 88-room Best Western, 129-room Holiday Inn Express and 75-room Days Inn adjacent to one other near John F. Kennedy International Airport off South Conduit Avenue in Jamaica, New York. After acquiring a large parcel on Wild Avenue in Staten Island, New York s southernmost borough, M&R Hotel Group constructed a 93-room Comfort Inn and a 95-room Holiday Inn Express, which opened in Also that year, the company acquired an 85-room Best Western hotel in Flushing, New York, near LaGuardia Airport, and converted it to a Holiday Inn Express. That property currently is being expanded to 122 rooms. M&R Hotel Group s development in Manhattan accelerated in 2009 when it acquired property at the corner of Delancey and Suffolk streets and built a 132-room, full-service Holiday Inn, which opened in Also in 2009, the company acquired land for two hotels on West 48th Street, where it built a 177-room Holiday Inn Express and 89-room Comfort Inn, which opened in M&R Hotel Group built a 186-room Hyatt Place on West 36th Street at Herald Square, the brand s first hotel in Manhattan and only the sixth Hyatt hotel in New York City at that time, which opened in 2013 and was sold later that year. In 2013, M&R Hotel Management signed a third-party management agreement to operate the 201-room Holiday Inn New York JFK Airport Area at the intersection of Brookville and Rockaway boulevards in Jamaica, New York, just east of Kennedy Airport. That hotel opened in December M&R Hotel Group constructed a 103-room Holiday Inn at 290 Wild Ave. on Staten Island that opened in November 2014 adjacent to its other two hotels. That same month, the company was appointed manager of the 76-room Alegria, An Ascend Collection Hotel, in Simpson Bay, St. Maarten. That hotel left the M&R portfolio at the end of In December 2014, the company was appointed operator of the 103-room Holiday Inn Express Braintree in Massachusetts. M&R was contracted to manage the 136-room Holiday Inn L.I. City - Manhattan View hotel at th St. in Queens, New York, beginning in January In August 2015, M&R Hotel Management was engaged to manage the 35-room Atlantique View Resort & Spa on the Caribbean island of Dominica. The company opened the 271-room Holiday Inn New York City Times Square at 585 Eighth Ave. in New York in October 2015 and was named operator of the Holiday Inn Express Roslyn Manhasset Area on Long Island in December The company is developing five hotels in Manhattan: a 226-room Fairfield Inn & Suites at 538 W. 58th St., to open in 2016; a 252-room Hilton Garden Inn at 326 W. 37th St., to open in 2017; a 114-room TownePlace Suites at 324 W. 44th St., to open in 2017; a 162-room hotel at 16 E. 39th St., to open in 2018; and a 566-room, dual-branded, all-suites and select-service hotel, also to open in
3 HOTEL GROUP Owned and Operated Hotels Holiday Inn New York City Times Square (271 rooms) 585 Eighth Ave,, New York, NY Holiday Inn NYC Lower East Side (132 rooms) 150 Delancey St., New York NY Comfort Inn Midtown West (89 rooms) 548 West 48 St., New York NY Holiday Inn Express Manhattan Midtown West (177 rooms) 538 West 48 St., New York NY Third-Party Management Best Western JFK Airport Hotel (88 rooms) Lane, Jamaica NY Days Inn Jamaica JFK Airport (75 rooms) Court, Jamaica NY Holiday Inn Express New York JFK Airport Area (129 rooms) South Conduit Ave., Jamaica NY Holiday Inn Express LaGuardia Airport (122 rooms) Horace Harding Blvd., Flushing NY Comfort Inn (93 rooms) 310 Wild Ave., Staten Island NY Holiday Inn Express Staten Island West (95 rooms) 300 Wild Ave., Staten Island NY Holiday Inn Staten Island (103 rooms) 290 Wild Ave., Staten Island NY
4 HOTEL GROUP Third-Party Management (continued) Holiday Inn New York JFK Airport Area (201 rooms) Brookville Blvd., Jamaica NY Holiday Inn L.I. City Manhattan View (136 rooms) th St., Long Island City NY Holiday Inn Express Braintree (103 rooms) 190 Wood Road, Braintree MA Holiday Inn Express Roslyn Manhassat Area (60 rooms) 1053 Northern Blvd., Roslyn NY Atlantique View Resort & Spa (35 rooms) Anse De Mai, Dominica Hotels Under Development Fairfield Inn & Suites (226 rooms) 538 W. 58th St., New York NY Hilton Garden Inn (252 rooms) 326 W. 37th St., New York NY Towne Place Suites (114 rooms) 326 W. 44th St., New York NY Brand to b e Determined (162 rooms) 16 E. 39th St., New York NY Dual Brands to be Determined (566 rooms) 338 W. 36th St., New York NY
5 H OTEL GROUP
6 Summary H OTEL Statistics GROUP Entrepreneurial, Experienced Senior Leaders Amit Gandhi, President & Chief Executive Officer Amit Gandhi, M&R Hotel Management president & chief executive officer, focuses on brand and owner relationships, development initiatives and the company s strategic plan. He previously served Remington Hotels, a Dallas-based management company, and Hersha Hospitality Trust, a real estate investment trust based in Philadelphia. Gandhi earned a bachelor of pharmacy degree at Duquesne University, Pittsburgh, in 1997, and master of business administration degree at Temple University, Philadelphia, in He earned the Certified Hotel Administrator designation from the Educational Institute of the American Hotel & Lodging Association and is certified by InterContinental Hotels Group as a general manager. He is a member of the IHG Owners Association and Hotel Association of New York City. Manish Patni, Executive Vice President Manish Patni, M&R Hotel Management executive vice president, develops and oversees financing programs, manages capital planning and is an active participant in development initiatives. He previously served Hersha Hospitality Trust, a real estate investment trust based in Philadelphia. Patni earned a bachelor of pharmacy degree at St. John s University, New York, in He earned a Certified Hotel Administrator designation from the Educational Institute of the American Hotel & Lodging Association and is a member of the Staten Island Economic Development Corp. and IHG Owners Association. 6
7 H OTEL GROUP Madhu Patni, Principal Madhu Patni, a co-founder of M&R Hotel Group, is a 32-year veteran of the hospitality industry. He was one of the founding partners of Hersha Hospitality Trust, has worked as a practicing pharmacist since 1972 and has owned and operated several pharmacies since Patni earned his bachelor of science degree in pharmacy from Long Island University, Brooklyn, New York, in During the 1990s, Patni helped launch one of the most valuable alliances in the lodging industry by introducing Hersha Hospitality Trust to Sam Chang, chairman of McSam Hotel Group, one of the largest hotel developers in New York City. Hersha went on to open and manage many McSam projects. The first McSam-Hersha joint venture was an airport hotel near Kennedy Airport, which became Hersha s first entry into the New York market. Samir Gandhi, General Counsel Samir Gandhi, M&R Hotel Management general counsel, is responsible for all legal issues related to the company s organizational needs, taxes, finances and development efforts. To date, he has secured financing and properties valued at more than $1.75 billion. He earned a bachelor of science degree in real estate and finance at The Pennsylvania State University, State College, Pennsylvania, and doctorate of law and master of business administration degrees at Temple University, Philadelphia in He also is founding partner of Gandhi & Associates, Metuchen, New Jersey, which concentrates on business law, corporate law, commercial and residential real estate and civil litigation. He is a member of the Asian American Hotel Owners Association and Business Network International. 7
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9 A Successful Manager of Major Hotel Brands M&R Hotel Management is a top-performing hotel operator based in Great Neck, New York, with a 16-year track record of successful ongoing hotel operations that deliver a return on investment. With 16 hotels under management, the company s operations include 13 hotels in Manhattan, Staten Island and Queens, one near Boston, one on Long Island and a resort on the Caribbean island of Dominica. The portfolio includes the brands of InterContinental Hotels Group, Choice Hotels International, Wyndham Hotel Group and Best Western Hotels & Resorts. In addition, Marriott International, Hilton Worldwide and Starwood Hotels & Resorts Worldwide have certified M&R to manage selected brands. M&R s business plan calls for expansion of its portfolio in the New York metropolitan area and beyond through third-party management contracts. 9
10 Managing from an Investor s Perspective M&R Hotel Management views profit and expense issues from the perspective of an investor and strives to bring that same vigilance to bear on behalf of third-party owners, with interests that are completely aligned. M&R practices "hands-on hospitality," maintaining an in-depth knowledge of each property - conducting frequent property visits, communicating frequently, submitting daily, weekly and monthly reports and staying abreast of hospitality and real estate development trends. The company s third-party management expertise includes full-service, limited-service and select-service brands as well as independent properties. The company offers proficiency in improving brand customer service scores, customizing service plans to meet individual owner needs and implementing green, energy-saving and environmentally responsible programs. The company s top-down approach to sales and marketing stresses product positioning, a strong corporate sales force and individual, property-by-property analysis. M&R s core values emphasize integrity, teamwork, entrepreneurism, fiscal discipline, consistent performance and striving for excellence. 10
11 Focused on Maximizing Profitability M&R Hotel Management understands today s dynamic pricing model and consistently generates higher profits by applying best-in-class revenue management tools and staying focused on the ever-changing conditions in the highly competitive markets it serves. The company s corporate revenue management team works in concert with each property to maximize profitability relative to the total investment by evaluating short- and long-term demand and monitoring demand drivers and the competition s pricing. Dynamic pricing is critical for airport hotels because flight delays and inclement weather can cause sudden spikes in demand. City and suburban hotels rely on dynamic pricing to respond to constantly fluctuating demand. Resort properties deal with high-season and shoulder-season demand. M&R leverages the power of its brands distribution systems and loyalty programs by recognizing and rewarding frequent brand travelers. An aggressive sales effort ensures M&R s managed hotels gain a large number of corporate, leisure and group tour bookings. Costs are managed through a streamlined organizational structure, strategic outsourcing partnerships and advantageous pricing secured through vendor relationships and by leveraging the portfolio s scale. 11
12 Entrepreneurial, Experienced Senior Leaders Brian M. McSherry, Chief Operating Officer Brian McSherry, M&R Hotel Management chief operating officer, is responsible for growing the portfolio, bringing new hotels into the system, ensuring the performance of all managed hotels, directing the senior leadership team and serving as chief company spokesman and liaison with the company s owners. He is a 35-year lodging industry veteran with extensive experience working for major brands including Marriott, Hilton and Wyndham. He also served major franchisors in senior leadership roles, overseeing both full- and limited-service hotels in the United States, Mexico and the Caribbean. McSherry previously was vice president, operations, for Stonebridge Companies, a hotel management company in Englewood, Colorado. In that role, he oversaw the company s properties in four states and the ground-up development of two hotels in Manhattan. From 2009 to 2012, he was regional vice president for Concord Hospitality Enterprises Co., a hotel development and management company in Raleigh, North Carolina. He supervised the company s largest portfolio, including hotels in eight states that generated more than $125 million in annual sales. McSherry came up through the ranks in food and beverage and served as general manager of hotels operated by Interstate Hotels & Resorts, Meid Enterprises, Columbia Sussex Corp., Regal Hotels International, Marriott International and Hilton Worldwide. He earned a bachelor of science degree in hotel management and associate degree in culinary arts at Johnson & Wales University, Providence, Rhode Island, and master of business administration degree in global management at the University of Phoenix, Arizona. 12
13 Management Janelle Schwartz, Vice President of Sales, Marketing & Revenue Management Janelle Schwartz, M&R Hotel Management vice president of sales, marketing & revenue management, oversees sales, marketing, e-commerce, revenue management, public relations, social media and corporate social responsibility initiatives. A 21-year hospitality veteran, she was vice president of sales and marketing for Stonebridge Companies from 2010 to 2012, responsible for business planning, strategic planning, creation and implementation of sales and marketing campaigns, hotel openings, rebranding, management of operating revenues and sales team leadership. Schwartz was director of sales and marketing for the Hilton Waikiki Beach in Honolulu from 2009 to 2010, responsible for the resort s sales, catering and revenue management teams and managing public relations and advertising. Earlier in her career, she served in a variety of sales and marketing roles for Prism Hotels & Resorts, Omni Mandalay Hotel, Omni Los Angeles at California Plaza, Harrell Hospitality, Hilton Worldwide, Prime Hospitality and Richfield Hospitality Services. She also served briefly as chief talent matchmaker for Cobalt Careers, an executive recruiting firm in Montvale, New Jersey. Schwartz earned a bachelor of arts degree in organizational communications at Arizona State University, Tempe, and master of business administration degree in communications at Stanford University, Palo Alto, California. Ron Kozinski, Vice President of Finance Ron Kozinski, M&R Hotel Management vice president of finance, serves as the company s controller and manages its treasury, investing, economic strategy, forecasting and auditing. A 36-year finance veteran, he previously was vice president of finance for Wyndham Hotel Group in Parsippany, New Jersey, where he provided technical accounting and financial reporting support to the chief financial officer and controller, supported budgeting and strategic planning and directed global mergers and acquisitions. From 2005 to 2006, Kozinski was worldwide controller for McCann Healthcare Worldwide, a division of Interpublic Group, where he directed accounting and financial reporting related to 15 13
14 Ron Kozinski (continued) businesses in the United States, Europe and Asia. During that time, he led a five-year restatement project and compliance efforts and participated in mergers and acquisitions. Kozinski served Degussa Corp., representing the North American division of Degussa AG (now Evonik Industries), a global chemicals company, in Parsippany from 1993 to 2004, initially as director of financial reporting and later as vice president, accounting. His responsibilities included financial reporting, accounting policy, technical accounting and mergers and acquisitions. Earlier in his career, he was audit manager and divisional controller for IMO Industries Inc., a diversified manufacturer. Kozinski began his financial career at KPMG LLP, where he served a variety of the firm s clients during 11 years, leaving as senior audit manager. Kozinski, a certified public accountant, earned a bachelor s degree in accounting and finance at Montclair State University, Montclair, New Jersey. He is a member of the American Institute of CPAs and the New Jersey Society of Certified Public Accountants. Anthony Cirillo, Corporate Director of Engineering Anthony Cirillo, corporate director, engineering, is responsible for overseeing the life-safety, maintenance and engineering needs of the company's existing 16-property portfolio and serving as pre-opening liaison with contractors, suppliers, engineers, architects, designers and permitting agencies involved in the construction of hotels entering the M&R system and renovation of hotels already iin the system. Prior to joining M&R Hotel Management in 2014, he served AvalonBay Communities for two years as engineering director for New York and New Jersey and construction director for New York City. In the latter role, he oversaw a portfolio of high-rise and midrise residential buildings. From 2009 to 2010 he was executive director of operations for MGM Electric in Brooklyn, New York. He was director of construction and engineering for Morgans Hotel Group in New York from 2007 to Over the course of his 35-year career, he also has served Hartz Mountain Development in New Jersey, Starwood Hotels & Resorts Worldwide in New York, the Saddle Brook Marriott in New Jersey, Elite Contracting and Maintenance in New Jersey and National Electric Corporation in Norwood, Massachusetts, in various engineering and construction capacities. Cirillo, a U.S. Marine Corps veteran, earned a bachelor of science degree in mechanical engineering, studied real estate and is certified 14
15 Anthony Cirillo (continued) in fire safety, HVAC technology, pool operation, and electrical theory and wiring. He holds a Black Seal boiler operator license and Six Sigma certification and is a member of the Hotel, Motel and Engineering Association. Mureka Walcott, Director of Human Resources Mureka Walcott, M&R Hotel Management director of human resources, is responsible for recruiting, orientation, supporting existing staff, annual performance reviews, coordinating benefits and managing employment insurance. A 12-year hospitality industry veteran, Walcott previously was area human resources manager for the Residence Inn New York Manhattan/Midtown East and Courtyard New York Manhattan/Times Square, both in New York, from From , she was market human resources manager at the Renaissance Meadowlands Hotel in Rutherford, New Jersey, where she earlier was an accounting manager. Prior to that, she served in two capacities at the Saddle Brook Marriott in Saddle Brook, New Jersey: front office manager and accounts receivable manager. Walcott earned a degree in hospitality management from Bergen Community College in Paramus, New Jersey. She is certified to train serving alcohol with care and safe food handling. 15
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