PROPERTY LOCATION NO. OF ROOMS LW Hospitality Advisors Q3 2013 Select Major U.S. Hotel Sales Survey ESTIMATED SALES PRICE ESTIMATED PRICE/ROOM BUYER SELLER Residence Inn Birmingham Downtown at UAB Birmingham AL 129 $ 20,000,000 $ 155,039 Capstone Development, LLC Birmingham Hospitality Properties, LLC Hacienda Hotel El Segundo CA 640 $ 26,900,000 $ 42,031 Rubicon Cos. N/A Redbury Hotel Hollywood CA 57 $ 34,000,000 $ 596,491 Pebblebrook Hotel Trust sbe Hotel Group Hyatt Regency Santa Clara Santa Clara CA 501 $ 93,000,000 $ 185,629 Inland American Lodging Group Inc. Hyatt Corporation Serrano Hotel San Francisco CA 236 $ 71,500,000 $ 302,966 LaSalle Hotel Properties Cornerstone RE Advisers London West Hollywood West Hollywood CA 200 $ 195,000,000 $ 975,000 Northwood Investors LLC Blackstone Group LP Hyatt Regency Denver Tech Center Denver CO 451 $ 60,000,000 $ 133,038 JMI Realty Hyatt Hotels Corporation Hilton Garden Inn Denver Tech Center Denver CO 180 $ 27,900,000 $ 155,000 DoubleTree Hotel Wilmington DE 244 $ 27,700,000 $ 113,525 Ritz-Carlton 1 Fort Lauderdale FL 166 $ 66,000,000 $ 397,590 JV Gencom and Invesco Ltd. Castillo Grand Embassy Suites Jacksonville FL 277 $ 10,000,000 $ 36,101 Berkeley Shore Hotel Miami Beach FL 64 $ 13,000,000 $ 203,125 Jorge Savloff and Marcelo Tenenbaum Guesch Inc. Plymouth Hotel Miami Beach FL 95 $ 18,250,000 $ 192,105 JV Plymouth Hotel LLC & First Avenue 954 Realty New World Symphony Royal Polo Hotel 2 Miami Beach FL 96 $ 12,500,000 $ 130,208 Baywood Hotels Jonathan Plutzik Peabody Orlando Orlando FL 1641 $ 717,000,000 $ 436,929 Hyatt Hotels Corp. UST Hotel Joint Venture Ltd. Hotel Duval Tallahassee FL 117 $ 23,000,000 $ 196,581 Schulte Hospitality Group Hunter & Harp Holdings Embassy Suites Baton Rouge LA 223 $ 17,700,000 $ 79,372 Archon Group FelCor Lodging Trust Inc. Aqua Waikiki Pearl Waikiki Beach HI 132 $ 18,000,000 $ 136,364 DeBartolo Development LLC Ramsfield Hospitality Finance LLC Copley Square Hotel Boston MA 143 $ 59,300,000 $ 414,685 Cornerstone Real Estate Advisers CapStar Hotel Co. Hilton Garden Inn Minneapolis/Maple Grove Maple Grove MN 120 $ 12,700,000 $ 105,833 Apple REIT Ten Inc. North Central Group Hotels Raleigh Marriott City Center Raleigh NC 400 $ 83,000,000 $ 207,500 Carey Watermark Investors Lubert-Adler Raleigh Marriott Crabtree Valley Raleigh NC 375 $ 26,150,000 $ 69,733 Rockbridge Capital Cornerstone Real Estate Advisors Hampton Inn & Suites Exeter NH 111 $ 15,200,000 $ 136,937 Park Lane Hotel New York NY 605 $ 650,000,000 $ 1,074,380 Witkoff Group Estate of Leona Helmsley Setai Fifth Avenue New York NY 214 $ 229,000,000 $ 1,070,093 Great Eagle Group Bizzi & Partners Development Viceroy Hotel New York NY 241 $ 148,500,000 $ 616,183 American Realty Capital New York Recovery REIT, Inc. Ark Partners Sheraton Long Island Hotel Hauppauge NY 209 $ 20,000,000 $ 95,694 SouFun Holdings Ltd. Northridge Capital Par-Central Motor Inn Jamaica NY 62 $ 10,900,000 $ 175,806 Parsons Hospitality LLC Apple Core Hotels, Inc DoubleTree by Hilton Hotel - Worthington Columbus OH 306 $ 10,300,000 $ 33,660 Twin Tier Hospitality LLC GE Business Financial Services Homewood Suites by Hilton Medford Medford OR 109 $ 14,300,000 $ 131,193 N/A N/A Hotel Modera Portland OR 164 $ 47,500,000 $ 289,634 Pebblebrook Hotel Trust Posh Ventures LLC Sheraton Station Square Pittsburgh PA 399 $ 61,000,000 $ 152,882 Station Square Pittsburgh Hotel LLC (JV Pyramid Hotel Group & Glenmont Capital Management, LLC ) Forest City Enterprises Inc. DoubleTree Suites Plymouth Meeting PA 253 $ 31,000,000 $ 122,530 Arden Group LNR Partners Hampton Inn Charleston - Daniel Island Charleston SC 128 $ 12,000,000 $ 93,750 Bennett Hospitality DI Partners LLC Crown Reef Resort Myrtle Beach SC 514 $ 16,100,000 $ 31,323 Crown Reef Resort LLC Jordan Properties Westin Galleria & Westin Oaks Houston TX 893 $ 220,000,000 $ 246,361 Inland American Lodging Group Walton Street Capital Four Seasons Hotel Houston TX 404 $ 140,000,000 $ 346,535 Cascade Investment LLC Maritz, Wolff & Co. Residence Inn Seattle Bellevue/Downtown Bellevue WA 231 $ 73,200,000 $ 316,883 Source: LW Hospitality Advisors (LWHA) has compiled the above information from sources deemed reliable, and the information is thought to be correct, however LWHA cannot warrant absolute accuracy of all the data. Use of this information without verification from original sources is at your own risk. 38 11,330 $ 3,331,600,000 $ 294,051.19 Notes: 1: Transaction included 28 third party owned condo hotel units that participate in resort's rental program 2: Hotel closed at time of sale Daniel H. Lesser President & CEO LW Hospitality Advisors 570 Seventh Avenue Suite 805 New York, NY 10018 United States of America T 212.300.6684 daniel.lesser@lwhadvisors.com www.lwhospitalityadvisors.com
LW Hospitality Advisors: YTD Q3 2013 Major U.S. Hotel Sales Survey NO. OF ESTIMATED ESTIMATED PROPERTY CITY STATE ROOMS SALES PRICE PRICE/ROOM BUYER SELLER 2013 PROPERTY CITY STATE NO. OF ROOMS ESTIMATED SALES ESTIMATED BUYER SELLER PRICE PRICE/ROOM Q3 Residence Inn Birmingham Downtown at UAB Birmingham AL 129 $ 20,000,000 $ 155,039 Capstone Development, LLC Birmingham Hospitality Properties, LLC Q1 Crowne Plaza San Marcos Golf Resort Chandler AZ 249 $ 11,000,000 $ 44,177 Interwest Capital Corporation Guaranty Bank and Trust Co. Q1 Hotel Durant Berkeley CA 144 $ 27,250,000 $ 189,236 Gemstone Hotels & Resorts LLC Royal Bank of Scotland Global Securities Q3 Hacienda Hotel El Segundo CA 640 $ 26,900,000 $ 42,031 Rubicon Cos. N/A Q2 Holiday Inn-Santa Barbara/Goleta Goleta CA 160 $ 24,000,000 $ 150,000 MP-Goleta Hotel Partners, LLC FelCor Lodging Trust Inc. Q3 Redbury Hotel Hollywood CA 57 $ 34,000,000 $ 596,491 Pebblebrook Hotel Trust sbe Hotel Group Q1 W Hotel Newark CA 172 $ 11,500,000 $ 66,860 Triyar Cos. LLC NewTower Trust Co. Q1 Andaz San Diego San Diego CA 159 $ 53,000,000 $ 333,333 Inland Real Estate Group Kelly Capital Group Q1 Kona Kai Resort 1 San Diego CA 129 $ 12,500,000 $ 96,899 Noble House Hotels & Resorts Atlas Hotels Q1 Embassy Suites San Diego Bay Downtown San Diego CA 337 $ 112,500,000 $ 333,828 Pebblebrook Hotel Trust Chief San Diego Hotel LLC Q2 Courtyard San Diego Downtown San Diego CA 245 $ 71,100,000 $ 290,204 Hersha Hospitality Trust Wheelock Street Capital, LLC Q2 Hilton San Diego Mission Valley San Diego CA 349 $ 44,600,000 $ 127,794 Kalpana LLC HEI Mission Valley LLC, Q1 Clift Hotel San Francisco CA 363 $ 120,000,000 $ 330,579 Hospitality Properties Trust Tarsadia Investments Q1 Holiday Inn Express & Suites Fisherman s Wharf San Francisco CA 252 $ 60,500,000 $ 240,079 JV Summit Hotel Properties & Intercontinental Hotels Group N/A Q2 Hyatt Fisherman's Wharf San Francisco CA 313 $ 103,500,000 $ 330,671 Chesapeake Lodging Trust Hyatt Hotels Corporation Q2 Ritz-Carlton San Francisco CA 336 $ 161,000,000 $ 479,167 Thayer Fund VI Host Hotels & Resorts Q2 Vantaggio Suites Cosmo Hotel San Francisco CA 150 $ 29,500,000 $ 196,667 RLJ Lodging Trust N/A Q3 Serrano Hotel San Francisco CA 236 $ 71,500,000 $ 302,966 LaSalle Hotel Properties Cornerstone RE Advisers Q2 Radisson Plaza San Jose CA 196 $ 15,200,000 $ 77,551 JV Urban Commons, LLC & Brighton Management Midland Loan Services Q2 San Jose Marriott Hotel San Jose CA 506 $ 83,000,000 $ 164,032 CBRE Global Investors Prudential Real Estate Investors Q2 Hyatt Santa Barbara Santa Barbara CA 200 $ 61,000,000 $ 305,000 Chesapeake Lodging Trust Hyatt Hotels Corporation Q3 Hyatt Regency Santa Clara Santa Clara CA 501 $ 93,000,000 $ 185,629 Inland American Lodging Group Inc. Hyatt Corporation Q3 London West Hollywood West Hollywood CA 200 $ 195,000,000 $ 975,000 Northwood Investors LLC Blackstone Group LP Q2 Crowne Plaza Colorado Springs CO 500 $ 14,000,000 $ 28,000 513 Hotels Ltd. (Investment Corp. of America) N/A Q2 Loews Denver Hotel Denver CO 183 $ 11,200,000 $ 61,202 JV DiNapoli Capital Partners & Rockwood Capital Loews Hotels & Resorts Q2 Residence Inn by Marriott Denver City Center Denver CO 228 $ 80,000,000 $ 350,877 Inland American Real Estate Trust JV Sage Hospitality Resources LLP & Shames-Makovsky Realty Co., Q3 Hyatt Regency Denver Tech Center Denver CO 451 $ 60,000,000 $ 133,038 JMI Realty Hyatt Hotels Corporation Q3 Hilton Garden Inn Denver Tech Center Denver CO 180 $ 27,900,000 $ 155,000 Q2 Normandy Hotel Washington DC 75 $ 16,000,000 $ 213,333 JV Modus Hotels & Alex Brown Realty Doyle Collection Hotel Group Q3 DoubleTree Hotel Wilmington DE 244 $ 27,700,000 $ 113,525 Q2 Residence Inn Miami Coconut Grove Coconut Grove FL 140 $ 21,800,000 $ 155,714 Hersha Hospitality Trust Grove Hospitality Properties, LLC Q3 Ritz-Carlton 2 Fort Lauderdale FL 166 $ 66,000,000 $ 397,590 JV Gencom and Invesco Ltd. Castillo Grand Q3 Embassy Suites Jacksonville FL 277 $ 10,000,000 $ 36,101 Q2 Pier House Resort and Caribbean Spa Key West FL 142 $ 90,000,000 $ 633,803 Ashford Hospitality Trust, Inc. Richard E. Jacobs Group Q1 Miami Beach Resort Miami Beach FL 424 $ 117,000,000 $ 275,943 MBR Waterview LLC (Chetrit Group) Blackstone Group LP Q3 Berkeley Shore Hotel Miami Beach FL 64 $ 13,000,000 $ 203,125 Jorge Savloff and Marcelo Tenenbaum Guesch Inc. Q3 Plymouth Hotel Miami Beach FL 95 $ 18,250,000 $ 192,105 JV Plymouth Hotel LLC & First Avenue 954 Realty New World Symphony Q3 Royal Polo Hotel 3 Miami Beach FL 96 $ 12,500,000 $ 130,208 Baywood Hotels Jonathan Plutzik Q3 Peabody Orlando Orlando FL 1641 $ 717,000,000 $ 436,929 Hyatt Hotels Corp. UST Hotel Joint Venture Ltd. Q3 Hotel Duval Tallahassee FL 117 $ 23,000,000 $ 196,581 Schulte Hospitality Group Hunter & Harp Holdings Q2 Hampton Inn Tampa International Airport/Westshore Tampa FL 133 $ 15,750,000 $ 118,421 Leeward Strategic Properties W2007 BRV LP (Archon Group) Q2 Hilton Garden Inn Tampa East/Brandon Tampa FL 152 $ 12,500,000 $ 82,237 Tampa East Hotel Holdings LLC (MIG Real Estate LLC) GI Tampa Realco LLC Q1 Atlanta Marriott Marquis Atlanta GA 1663 $ 293,000,000 $ 176,188 N/A Host Hotels & Resorts, Inc. Q2 Sheraton Suites Galleria - Atlanta Atlanta GA 277 $ 21,000,000 $ 50,971 MPI, Mall Properties, Inc. FelCor Lodging Trust Incorporated Q2 Hotel Renew Honolulu HI 72 $ 23,500,000 $ 105,381 Atrium Holdco LLC Z-Tower LLC Q2 Hyatt Place Waikiki Beach Honolulu HI 426 $ 138,500,000 $ 325,117 Host Hotels & Resorts JV Chartres Lodging Group LLC & Morgan Stanley Real Estate Fund VII Global Q2 Hyatt Regency Waikiki Beach Resort and Spa Honolulu HI 1230 $ 450,000,000 $ 365,854 Blackstone Group JV Whitehall Street Real Estate Funds & Hyatt Hotels Corp. Q2 Courtyard by Marriott Waikiki Beach Honolulu HI 401 $ 127,000,000 $ 316,708 Highgate Hotels Rockpoint Group Q2 Courtyard by Marriott Waikiki Beach Honolulu HI 401 $ 75,300,000 $ 187,781 RLJ Lodging Trust Highgate Hotels Q3 Aqua Waikiki Pearl Waikiki Beach HI 132 $ 18,000,000 $ 136,364 DeBartolo Development LLC Ramsfield Hospitality Finance LLC Q2 Chicago Westin North Shore Wheeling IL 412 $ 60,000,000 $ 145,631 JV Rockbridge & TPG Companies N/A Q3 Embassy Suites Baton Rouge LA 223 $ 17,700,000 $ 79,372 Archon Group FelCor Lodging Trust Inc. Q1 W New Orleans French Quarter New Orleans LA 97 $ 25,500,000 $ 262,887 Chesapeake Lodging Trust Starwood Hotels & Resorts Worldwide Inc. Q2 Cotton Exchange Hotel New Orleans LA 223 $ 17,800,000 $ 79,821 NewcrestImage Decatur Hotels Q2 Hilton New Olreans St. Charles New Orleans LA 250 $ 59,350,000 $ 237,400 Sunstone Hotel Investors, Inc. Dimension Development Q2 W New Orleans New Orleans LA 410 $ 65,000,000 $ 158,537 Chesapeake Lodging Trust Starwood Hotels & Resorts Worldwide, Inc Q1 Back Bay Hotel Boston MA 225 $ 90,000,000 $ 400,000 Loews Hotels & Resorts Doyle Collection Q1 Liberty Hotel Boston MA 298 $ 170,000,000 $ 570,470 LaSalle Hotel Properties JV Carpenter & Co. Inc. & HEI Hotels & Resorts Q2 Boston Park Plaza Hotel & Towers Boston MA 1053 $ 250,000,000 $ 237,417 Sunstone Hotel Investors, Inc. JV Rockpoint Group & Donald Saunders Q3 Copley Square Hotel Boston MA 143 $ 59,300,000 $ 414,685 Cornerstone Real Estate Advisers CapStar Hotel Co. Q1 Aloft & Element Lexington MA 259 $ 36,000,000 $ 138,996 Rockwood Capital Starwood Hotels & Resorts Worldwide Inc. Q3 Hilton Garden Inn Minneapolis/Maple Grove Maple Grove MN 120 $ 12,700,000 $ 105,833 Apple REIT Ten Inc. North Central Group Hotels Q2 Radisson Plaza Hotel Minneapolis Minneapolis MN 360 $ 28,000,000 $ 77,778 Chartres Lodging Group Carlson Real Estate Co. Q3 Raleigh Marriott City Center Raleigh NC 400 $ 83,000,000 $ 207,500 Carey Watermark Investors Lubert-Adler Q3 Raleigh Marriott Crabtree Valley Raleigh NC 375 $ 26,150,000 $ 69,733 Rockbridge Capital Cornerstone Real Estate Advisors Q3 Hampton Inn & Suites Exeter NH 111 $ 15,200,000 $ 136,937 Q1 Renaissance Meadowlands Rutherford NJ 167 $ 21,700,000 $ 129,940 JV RockBridge & Concord Hospitality Enterprises Moody National Companies Q1 Hanover Marriott Whippany NJ 353 $ 76,000,000 $ 215,297 Clarion Partners LLC HEI Hotels & Resorts Q1 New York LaGuardia Airport Marriott East Elmhurst NY 438 $ 22,000,000 $ 50,228 Rubicon Cos Capmark Financial Group Inc. Q3 Sheraton Long Island Hotel Hauppauge NY 209 $ 20,000,000 $ 95,694 SouFun Holdings Ltd. Northridge Capital Q3 Par-Central Motor Inn Jamaica NY 62 $ 10,900,000 $ 175,806 Parsons Hospitality LLC Apple Core Hotels, Inc Q2 Lake Placid Lodge Lake Placid NY 30 $ 19,000,000 $ 633,333 Ocean Properties Ramsfield Hospitality Finance Q1 Alex Hotel New York NY 203 $ 115,000,000 $ 566,502 Wyndham Hotel Group JV Rockpoint Group, Atlas Capital Group & Procaccianti Group Q1 Beekman Tower Hotel 4 New York NY 174 $ 82,000,000 $ 471,264 JV Silverstein Properties, Fisher Brothers, Capstone, Migdal Insurance & Arkin Beekman Tower Hotel Associates Q1 Flatotel 5 New York NY 289 $ 180,000,000 $ 622,837 JV Chetrit Group LLC & Clipper Equity LLC JV Rockpoint Group, Atlas Capital Group & Procaccianti Group Q1 Hyatt Place New York/Midtown-South New York NY 185 $ 76,200,000 $ 411,892 Chesapeake Lodging Trust N/A Q2 Holiday Inn Manhattan 6th Avenue New York NY 226 $ 113,000,000 $ 500,000 Carey Watermark Investors Incorporated Magna Hospitality Group Q2 Hyatt Union Square New York NY 178 $ 101,000,000 $ 567,416 Hersha Hospitality Trust McSam Hotel Group Q2 James New York New York NY 114 $ 85,000,000 $ 745,614 Prudential Real Estate Investors Brack Capital Real Estate Q3 Park Lane Hotel New York NY 605 $ 650,000,000 $ 1,074,380 Witkoff Group Estate of Leona Helmsley Q3 Setai Fifth Avenue New York NY 214 $ 229,000,000 $ 1,070,093 Great Eagle Group Bizzi & Partners Development Q3 Viceroy Hotel New York NY 241 $ 148,500,000 $ 616,183 American Realty Capital New York Recovery REIT, Inc. Ark Partners Q3 DoubleTree by Hilton Hotel - Worthington Columbus OH 306 $ 10,300,000 $ 33,660 Twin Tier Hospitality LLC GE Business Financial Services Q3 Homewood Suites by Hilton Medford Medford OR 109 $ 14,300,000 $ 131,193 N/A N/A Q3 Hotel Modera Portland OR 164 $ 47,500,000 $ 289,634 Pebblebrook Hotel Trust Posh Ventures LLC Q1 Courtyard by Marriott Pittsburgh Shadyside Pittsburgh PA 132 $ 29,900,000 $ 226,515 Carey Watermark Investors N/A Q2 Hyatt Place Pittsburgh/North Shore Pittsburgh PA 178 $ 40,000,000 $ 224,719 Chatham Lodging Trust Continental Real Estate Companies Q3 Sheraton Station Square Pittsburgh PA 399 $ 61,000,000 $ 152,882 Station Square Pittsburgh Hotel LLC (JV Pyramid Hotel Group & Glenmont Capital Management, LLC Forest City Enterprises Inc. Q3 DoubleTree Suites Plymouth Meeting PA 253 $ 31,000,000 $ 122,530 Arden Group LNR Partners Q2 Hyatt Place North Charleston Charleston SC 113 $ 11,800,000 $ 104,425 Moody National Cos. Naman Hotels Q3 Hampton Inn Charleston - Daniel Island Charleston SC 128 $ 12,000,000 $ 93,750 Bennett Hospitality DI Partners LLC Q2 Hilton Garden Inn Greenville SC 120 $ 15,240,000 $ 127,000 Summit Hotel Group Deean Hospitality Q3 Crown Reef Resort Myrtle Beach SC 514 $ 16,100,000 $ 31,323 Crown Reef Resort LLC Jordan Properties Q1 Hyatt Place Memphis/Germantown Germantown TN 127 $ 11,300,000 $ 88,976 Moody National REIT I Silver Cos. Q2 Hutton Hotel Nashville TN 247 $ 73,600,000 $ 297,976 Carey Watermark Investors Amerimar Enterprises Q1 Driskill Hotel Austin TX 189 $ 85,000,000 $ 449,735 Hyatt Hotels Corporation Lowe Enterprises Investors Fund Q1 Courtyard by Marriott Houston Medical Center Houston TX 197 $ 34,750,000 $ 176,396 Q3 Westin Galleria & Westin Oaks Houston TX 893 $ 220,000,000 $ 246,361 Inland American Lodging Group Walton Street Capital Q3 Four Seasons Hotel Houston TX 404 $ 140,000,000 $ 346,535 Cascade Investment LLC Maritz, Wolff & Co. Q3 Residence Inn Seattle Bellevue/Downtown Bellevue WA 231 $ 73,200,000 $ 316,883 Q2 Semiahmoo Resort 4 Blaine WA 198 $ 19,500,000 $ 98,485 Resort Semiahmoo LLC Semiahmoo Resort Company, LLC Q1 Courtyard Seattle North/Lynnwood Everett Hotel Lynnwood WA 164 $ 11,640,000 $ 70,976 CSM Corporation LNR Property Corporation Notes: 1 Sale represented transfer of a leasehold interest with Port of San Diego as landlord 2 Transaction included 28 third party owned condo hotel units that participate in resort's rental program 3 Hotel closed at time of sale 4 Buyer intends to convert building into high end residential condominiums 5 Buyers plan to convert it into corporate apartment suites 6 Hotel closed at time of sale
Quarter Total Trades LW Hospitality Advisors: Select Major 2011-2013 U.S. Hotel Sales Survey Total Rooms Average Size Property Total $ Volume Average Size Deal $ Volume Per Room Q1 2011 36 14,368 399 $ 2,767,520,000 $ 76,875,556 $ 192,617 Q2 2011 42 12,828 305 $ 3,649,400,000 $ 86,890,476 $ 284,487 Q3 2011 21 4,538 216 $ 812,175,000 $ 38,675,000 $ 178,972 Q4 2011 31 9,072 293 $ 1,632,439,000 $ 52,659,323 $ 179,943 Q1 2012 26 7,271 280 $ 1,871,050,000 $ 71,963,462 $ 257,330 Q2 2012 27 5,401 200 $ 1,080,400,000 $ 40,014,815 $ 200,037 Q3 2012 28 7,464 267 $ 1,739,635,000 $ 62,129,821 $ 233,070 Q4 2012 26 6,572 253 $ 1,783,850,000 $ 68,609,615 $ 271,432 Q1 2013 26 7,389 284 $ 1,885,240,000 $ 72,509,231 $ 255,141 Q2 2013 38 10,927 288 $ 2,647,740,000 $ 69,677,368 $ 242,312 Q3 2013 38 11,330 298 $ 3,331,600,000 $ 87,673,684 $ 294,051 Source: LW Hospitality Advisors (LWHA) has compiled the above information from sources deemed reliable, and the information is thought to be correct, however LWHA cannot warrant absolute accuracy of all the data. Use of this information without verification from original sources is at your own risk. Daniel H. Lesser President & CEO LW Hospitality Advisors 570 Seventh Avenue Suite 805 New York, NY 10018 United States of America T 212.300.6684 daniel.lesser@lwhadvisors.com www.lwhospitalityadvisors.com