RESIDENCE INN BY MARRIOTT WAUWATOSA, WISCONSIN

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Blaise Harris
5 years ago
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1 PROPERTY PRESENTATION Edward P. Walsh fax

2 EXECUTIVE SUMMARY Tosa Hotel, LLC, ( Developer ) is developing a Residence Inn by Marriott Hotel in the Milwaukee suburb of Wauwatosa, Wisconsin. A summary of the project is as follows: Project Description: Comprising 127 guestrooms, the proposed 4-story hotel will be a Residence Inn by Marriott located within the developing University of Wisconsin-Milwaukee Innovation Campus along Discovery Parkway and proximate to the UWM Innovation Accelerator Building. The site is wellsuited for the development of a first-class extended stay hotel due to its location within the Innovation Campus; proximity to the Milwaukee Regional Medical Center, Milwaukee County Research Park, and US 45; and being within one mile of Mayfair Mall, The Milwaukee Zoo, and I-94. The Milwaukee economy is spread out throughout the region and the Wauwatosa area is a convenient destination from the business centers of downtown Milwaukee, Waukesha, Racine, and even Madison along the well-established interstate highway system. The UWM Innovation Campus is situated along the well-traveled Watertown-Plank Road adjacent to its interchange with US 45 and within one-quarter mile of the main entrance to The Milwaukee Regional Medical Center. The hotel developer is under agreement to purchase a site within the UWM Innovation Campus with a closing on the site expected early 2014 and construction expected to start spring/summer The hotel is expected to open summer The hotel developer has been approved for 20-year Residence Inn by Marriott franchise license.

AERIAL VIEW OF UWM INNOVATION CAMPUS AND SURROUNDING AREA Mayfair Mall 1 mile US 45 120,00

3 AERIAL VIEW OF UWM INNOVATION CAMPUS AND SURROUNDING AREA Mayfair Mall 1 mile US ,00 Cars/Day Milwaukee Zoo 1 mile Milwaukee County Research Park Milwaukee Regional Medical Center

4 Milwaukee Regional Medical Center UWM Innovation Accelerator ABB

5 Property Location: This property is located proximate to the following venues: UWM Innovation Campus...adjacent US 45...adjacent Milwaukee Regional Medical Center...1/4 mile Milwaukee County Research Park...1/4 mile Milwaukee Zoo...1 mile Mayfair Mall...1 mile Interstate mile Wisconsin State Fairgrounds...2 miles Milwaukee Mile Race Track...2 miles Petit National Ice Center...2 miles Downtown Milwaukee...6 miles General Mitchell International Airport...9 miles O Hare International Airport...75 miles Property Information Development Team: Specific information about the proposed Residence Inn by Marriott hotel and amenities are as follows: Rooms 127 guestrooms of approximately square feet. All rooms will include facilities and amenities typical of a Residence Inn by Marriott hotel. Food and Beverage The hotel will provide complimentary breakfast every day and dinner three days/week. Each guestsuite will be equipped with a kitchenette including range, microwave, dishwasher, oven, and full-size refrigerator. The developer will be applying for a liquor license to operate a bar in the hotel lobby, primarily for use by hotel guests. Recreation - Indoor swimming pool, whirlpool spa, and exercise room. Meeting Space The property will offer limited meeting space in two small meeting rooms. Tosa Hotel, LLC is a single purpose entity consisting of principals of Hospitality Specialists and other investors. This property will be managed by Hospitality Specialists, Inc., (HSI) a multidisciplinary hotel development and management company. Operating from offices in

6 Jacksonville, Illinois and Grand Rapids, Michigan, Hospitality Specialists Inc. currently manages 25 hotels in seven states under numerous franchises including Residence Inn by Marriott, Fairfield Inn by Marriott, Hampton Inn and Suites, Hilton Garden Inn, DoubleTree, Homewood Suites, Courtyard by Marriott, and SpringHill Suites by Marriott. Through its Jacksonville office, Hospitality Specialists performs its administrative functions such as accounting, bookkeeping, human resources, and construction/ renovation oversight. HSI utilizes a state-of-the-art accounting system which allows all the payables to be processed through its centralized location and provides its managers the ability to track revenues and expenses in real time. This system affords the management team the time to react quickly to changes in revenue or unique trends in operating expenses. Hospitality Specialists is a preferred developer with Marriott International and received the 2006 Partnership Circle Award for excellence in development and management. Since the late 1990 s HSI has developed, acquired, or received management contracts for twelve Marriott branded hotels comprising more than 1,000 guest rooms, including a 78-unit Residence Inn by Marriott which it developed in 2003 in Holland, Michigan, an 84unit Residence Inn by Marriott which it developed in 2008 in Moline, Illinois, and a 100-unit Residence by Marriott which opened in Grand Rapids, Michigan in HSI is currently under construction on a 100-unit Residence Inn by Marriott in Bloomington, Illinois. More information regarding this company can be found at

7 The developers believe the proposed Residence Inn by Marriott in Wauwatosa has an excellent chance of success and the following are factors which we believe will affect the competitive dynamics of the Residence Inn by Marriott in this market. 1) Location- The proposed Residence Inn by Marriott's location within close proximity to a world-class medical and higher education complex and high-tech research parks make it a strong one for an extended-stay hotel. Additionally, the property's ease of access to the shopping and entertainment offered by Mayfair Mall, the Milwaukee Zoo, and Wisconsin State Fairgrounds only add to its potential attractiveness to long-term guests and families. 2) Superior facilities- The proposed Residence Inn by Marriott product has been completely redesigned to offer better facilities and amenities than many of the full-service and limited service products represented in the general market area and the property will be significantly newer than most of its competitors. There is only one hotel in this market that is less than 15 years old and the Marriott properties in this market average more than twenty years old. Furthermore there are no upscale extended-stay hotels within five miles of this site. 3) Franchise- The Wauwatosa/Brookfield market currently contains three Marriott affiliated hotels, and the entire Milwaukee MSA contains only 14 Marriott affiliated properties, including only 3 Residence Inns by Marriott. We believe the relative lack of mid-market Marriott product will give this property the opportunity of attracting demand from throughout the Milwaukee area.

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