Nanaimo City Council November 6, 2017

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1 Nanaimo City Council November 6,

2 Put big picture of hotel here

3 PEG Development Based in Provo, Utah 45 employees focused on hotel, apartment, and commercial development and operatoins Nanaimo is PEG s 2 nd hotel in BC; currently have five more in our pipeline Prince George: 175 Room Courtyard opening early 2018 More than $600 million projects completed since 2004 Six hotels currently under construction, more than 15 in pipeline and in pre-development

4 PEG History Since its founding in 2003, PEG Development has become one of the leading commercial real estate development firms in the Intermountain West. Founding partner Cameron Gunter built the company upon the belief that full-service means providing a quality turnkey product. This full-service approach requires expertise in all phases of the development process. The team at PEG Development offers considerable experience in project design and engineering, financing, city entitlements, tax incentives, construction management, marketing and property management. This experience enables comprehensive oversight of development and value add projects from the conceptual stage through construction and operation. Vertex Property Management Launched PEG Development founded: Cameron Gunter (CEO) and Richard Ellsworth Hilton Garden Inn St. George, UT Wells Fargo Center Office Building Provo, UT Emigration Court Apartments Salt Lake City, UT Remington Village Apartments Gillette, WY Skyway Regional Shopping Mall Helena, MT Blue Rock Medical Building Provo, UT University Marriott Salt Lake City, UT Marriott Provo, UT Eastside Apartments Salt Lake City, UT Broadway Apartments Salt Lake City, UT Ashley Creek Village Apartments Venal, UT Hyatt House Salt Lake City, UT Courtyard Marriott Salt Lake City, UT Fairfield Inn Afton, WY Fairfield Inn Salt Lake City, UT The View on 20 th Apartments Ogden, UT 200 City View Apartments (est.) Provo, UT AC Hotel (est.) Salt Lake City, UT Hyatt Place (est.) St. George, UT Total Developed/Acquired $230mm $465mm $611mm Teton Village Retail Rexburg, ID Copper Peaks Medical Center American Fork, UT Village on Main Apartments Bountiful, UT Red Crossings Retail Pocatello, ID Zions Bank Financial Center Office Building Provo, UT Shopko Retail Property Helena, MT Siena Villas Apartments Orem, UT Riverside Village Apartments Elko, NV Hampton Inn Tempe, AZ Courtyard Marriott Ogden, UT Hyatt Place Park City, UT Holiday Inn St. George, UT PEG wins Hyatt s Developer of the Year Award

5 Prince George, BC SIMILAR TO NANAIMO City-owned land Convention center Failed attempts Brand driven City motivated Open Winter 2018

6 Project Update Increased size of hotel to 155 rooms Upgraded construction type Hotel operators identified and in negotiations Franchise under review w/ Marriott Established our team of designers and contractors, drawing on local expertise when needed, and our existing team where necessary

7 Project Schedule Redesign / underwriting added 30 days Hope to receive approval this week Move to full Construction Documents Submit for full building permit in March 2018 Partial Permit authorized prior to BP? Core/shell or footing/foundation to begin construction as soon as weather permits Begin construction as soon as possible month build to open

8 Economic Highlights Continue to receive strong reports on demand in Nanaimo CBRE Reports 8 conventions missed due to lack of hotels in town Going to meet with VICC operator, start in to RFP season with strong push will have corporate and local sales/marketing push Will create 30 FTE jobs at hotel career opportunity International operator that will hire / promote from within Ties with Marriott brand provides training & opportunities Will spend >$25mm on the island to complete hotel Hundreds of thousands annually received in sales tax, occupancy taxes and hotel property taxes

9 Conclusion / Questions

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