BAYWOOD HOTELS, INC. IS ONE OF THE NATION S FASTEST GROWING, PRIVATELY OWNED HOTEL COMPANIES, WITH OVER $800 MILLION IN ASSETS.

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HOTELS

BAYWOOD HOTELS, INC. IS ONE OF THE NATION S FASTEST GROWING, PRIVATELY OWNED HOTEL COMPANIES, WITH OVER $800 MILLION IN ASSETS. THE KEY TO OUR SUCCESS AS MANAGERS, HAMPTON INN & SUITES SAN ANTONIO-DOWNTOWN/ MARKET SQUARE San Antonio, Texas EMPLOYERS AND DEVELOPERS IS OUR ABILITY TO CONTINUALLY OFFER SOME OF THE MOST INNOVATIVE SOLUTIONS IN THE HOTEL INDUSTRY. HOME2 SUITES BY HILTON SAN ANTONIO AIRPORT San Antonio, Texas FAIRFIELD INN & SUITES GERMANTOWN GAITHERSBURG Germantown, Maryland

BAYWOOD HOTELS DELIVERING VISION, INNOVATON AND VALUE As investors, we re known for our focused vision, strong values, aggressive long-range strategy and, not to mention, our product concept and development skills. But, it is our outstanding management of assets that has truly built our reputation for developing and managing well-branded hotels throughout the Mid-Atlantic, Florida, Texas, New York and Colorado regions. HOME2 SUITES BY HILTON SAN ANTONIO AIRPORT San Antonio, Texas Baywood Hotels and its affiliates employ more than 1,600 associates in independent boutique hotels and branded properties that carry some of the most recognized names in the hospitality industry, including: AC by Marriott Candlewood Suites by IHG Canopy by Hilton Comfort Inn by Choice Courtyard by Marriott DoubleTree by Hilton Fairfield Inn & Suites by Marriott Hampton Inn & Suites by Hilton Hilton Garden Inn by Hilton Holiday Inn Express & Suites by IHG Home2 Suites by Hilton Homewood Suites by Hilton Residence Inn by Marriott SpringHill Suites by Marriott Staybridge Suites by IHG TownePlace Suites by Marriott HOLIDAY INN EXPRESS WALDORF Waldorf, Maryland FAIRFIELD INN & SUITES ARUNDEL MILLS BWI AIRPORT Hanover, Maryland

DEVELOPMENT At Baywood Hotels, our hotel development efforts are firmly rooted in proven performance. Including both the outstanding performance of our existing hotels and our years of experience delivering successful hotel projects. Our business plan relies on our finely tuned ability to identify and develop properties based on our fundamental investment criteria: Strong, established markets High barriers to entry Optimal concept & brand Innovative design Premium product & value Intense development supervision With a vision for identifying profitable redevelopment projects in key markets, Baywood s in-house technical expertise includes pre-construction and construction services, interior design, purchasing, and project management. Whatever the scope of your project - from a 40-room independent boutique hotel to large, full-size operations or new ground-up construction to back-to-bare wall renovations - you can count on Baywood s awardwinning design and construction team to delivery. HOMEWOOD SUITES BY HILTON MIAMI DOWNTOWN/BRICKELL Miami, Florida

NEW CONSTRUCTION At Baywood Hotels, every new development project is designed, capitalized and built for long-term success, not short-term profit. Unlike many fee-for-service developers, we know there s more to successfully completing a project than simply completing it on time and within budget. Being hoteliers ourselves, we look at every project from that perspective. Our projects must also achieve our high standards of guest satisfaction, meet financial projections, and maintain a high level of quality over the investment period. With Baywood, you can be sure that even short-term development decisions are based upon their long-term impact on ownership HOLIDAY INN EXPRESS & SUITES BAY CITY Bay City, Texas SPRINGHILL SUITES BRIDGEPORT CLARKSBURG Bridgeport, West Virginia Al Patel and the leaders at Baywood Hotels, Inc. continue to make a significant impact on the growth of Marriott s select service and extended stay lodging brands across the U.S. due to their tremendous commitment to developing with Marriott s 2009 Developer of the Year award. We look forward to continuing to partner and grow with Baywood for years to come. LIAM BROWN, Chief Operations Officer, Select Service and Extended Stay Hotels, The Americas, Marriott International, Inc. FAIRFIELD INN & SUITES ARUNDEL MILLS BWI AIRPORT Hanover, Maryland

HAMPTON INN & SUITES SAN ANTONIO NORTHWEST/MEDICAL CENTER San Antonio, Texas ROYAL POLO MIAMI BEACH BY HILTON GARDEN INN Miami Beach, Florida REDEVELOPMENT Since Baywood acquired its first distressed asset in Richmond, Virginia in 1991, we ve acquired a high level of expertise in redeveloping and repositioning distressed and neglected hotel properties. In fact, we ve been repeatedly recognized for our abilities by franchisors, lenders and local governments alike. In the years since, Baywood has completed over $100 million in additional projects everything from troubled, underperforming properties to historic redevelopments. In each case, Baywood s meticulous planning, innovative design, and flawless execution turned an underperforming property into a truly profitable asset.

REDEVELOPMENT Some of our recent development projects include: HAMPTON INN HAVERHILL Haverhill, Massachussetts Hampton Inn Haverhill Haverhill, Massachussetts Hampton Inn & Suites San Antonio Northwest/ Medical Center San Antonio, Texas Holiday Inn Express San Antonio N-Riverwalk Area San Antonio, Texas Holiday Inn Express Waldorf Waldorf, Maryland Home2 Suites by Hilton Baltimore Downtown Baltimore, Maryland Homewood Suites by Hilton Washington, DC North/Gaithersburg Gaithersburg, Maryland HOMEWOOD SUITES BY HILTON WASHINGTON, DC NORTH/GAITHERSBURG Gaithersburg, Maryland HOME2 SUITES BY HILTON BALTIMORE DOWNTOWN Baltimore, Maryland We are very pleased and proud of the strength of the relationship that has continued to develop between IHG and Baywood Hotels. Under the leadership and guidance of Al Patel, Baywood has become one of the leading developers and operators with over 10 properties in our system across multiple brands, segments and geographies. Perhaps one of the most unique qualities that Al and his team possess is the expertise to deliver ROI objectives to investors in either a new construction or conversion scenario. Their attention to detail and ability to drive property level dedication and morale are also noteworthy. We look forward to expanding this partnership as a new opportunities continue to surface. ROLAND SCHICK, Regional VP, Franchise Sales & Development, InterContinental Hotels Group (IHG)

FAIRFIELD INN & SUITES BALTIMORE BWI AIRPORT Linthicum, Maryland INVESTMENTS The cyclical nature of business is always challenging. This is especially true in real estate and hotel development, which involve long-term investments based on what are often short-term facts. At Baywood Hotels, we believe that successful developers are uncompromising in their investment standards during growth periods, so they will have the ability to act on the opportunities that arise in periods of decline. That s why we continuously strive to make sound long-term decisions, while maintaining the flexibility to diversify and quickly adapt to those inevitable changes that often disrupt even the most well managed project. HOTEL URBANO MIAMI DOWNTOWN-BRICKELL Miami, Florida

MANAGEMENT SERVICES At Baywood Hotels, we re known for our hands-on approach to managing our properties. By empowering each of our associates on the property level and backing them up with the tireless support of our corporate office, we have developed a decidedly proactive approach to customer service. It s one that recognizes that providing superior guest service is the key to profitability and lasting success. DOUBLETREE BY HILTON HOTEL STERLING - DULLES AIRPORT Sterling, Virginia This fundamental philosophy guides our daily operations and helps both our corporate and local property associates to develop a deeper understanding of each hotel, the local community it serves and, most importantly, the expectations of both the clientele and the associates who serve them. SALES AND MARKETING It s a fact that a hotel operation is only as successful as its sales and marketing strategy. COURTYARD SAN ANTONIO SEAWORLD/LACKLAND San Antonio, Texas We believe that an effective strategy needs to be insightful, flexible and, above all, comprehensive if it is to successfully guide a hotel s marketing efforts for the coming year. Our strategies are based on realistic goals, up-to-date information and an in-depth knowledge of the local market. They are designed to help every hotel property produce incremental increases in both operating revenue and bottom line profitability. Al Patel and Baywood Hotels are exemplary franchisee partners. They have numerous hotels with us and several more approved. This includes the approval of five Home2 Suites by Hilton projects, Hilton s newly launched brand. They are truly brand pioneers and very professional to work with. In addition, they are strong operators and builders due to their extensive experience. All at Baywood Hotels are a delight to work with. CRAIG MANCE, Senior Vice President, Franchise Development, Hilton Hotels Worldwide

DELIVERING ON THE BRAND PROMISE At Baywood Hotels, we re proud of the high-quality, multi-branded, and select-service properties we represent. You can rest assured that every Baywood associate at each of these new or recently renovated properties takes professional pride in ensuring that our guests receive the friendliest experience possible. We are especially proud of the successful, professional partnerships we have built with many of the finest names in the hospitality industry, including: Marriott Hilton InterContinental Hotels Group (IHG) HAMPTON INN & SUITES BALTIMORE NORTH/TIMONIUM Timonium, Maryland We consider the strength of these brand alliances as a testament to Baywood s unwavering belief in the values of commitment, teamwork and mutual respect. BAYWOOD HOTELS 7871 Belle Point Drive, Greenbelt, Maryland 20770 tel 301.345.8700 fax 301.345.8701 info@baywoodhotels.com baywoodhotels.com SPRINGHILL SUITES BRIDGEPORT CLARKSBURG Bridgeport, West Virginia

AWARDS & RECOGNITION 2 016 Circle of Excellence Award Hampton Inn & Suites Baltimore North / Timonium, MD 2 015 Hilton Garden Inn Outstanding Achievement Award Hilton Garden Inn Westchester/Dobbs Ferry Homewood Suites Outstanding Achievement Award Homewood Suites by Hilton - Miami Downtown/Brickell, FL Hilton Garden Inn Best Conversion Award Hilton Garden Inn Miami South Beach- Royal Polo, FL Lighthouse Award Hampton Inn Seneca Falls, NY Lighthouse Award Hampton Inn Syracuse / Clay, NY Gold Circle Award TownePlace Suites Eagle Pass, TX IHG Renovation Award Holiday Inn Miami - Doral Area, FL IHG Renovation Award Staybridge Suites Miami Doral Area, FL 2 014 Lighthouse Award Hampton Inn Syracuse Clay, NY Hilton Wall of Fame 2 nd Quarter Hampton Inn Uvalde, TX Connie Award for being one of the Top 6 Hampton Inns in North America for Property Quality and Guest Satisfaction Hampton Inn Syracuse Clay, NY Hilton Wall of Fame 1 st & 2 nd Quarter Hampton Inn Pampa, TX TownePlace Suites by Marriott Hotel of the Year 2014 TownePlace Suites Eagle Pass, TX IHG Global Partner In Safety Award Holiday Inn Express Elkridge, MD 2 013 Circle of Excellence Award Hampton Inn Seneca Falls, NY Connie Award Hampton Inn Syracuse Clay, NY Hampton Developer of the Year Hampton Inn Haverhill, MA IHG Global Partner In Safety Award Holiday Inn Express & Suites Columbia - East Elkridge, MD Hampton Movers & Shakers Award Hampton Inn Pampa, TX Hilton Wall of Fame 1 st - 4 th Quarter Hampton Inn Pampa, TX Marriott Silver Circle Award TownePlace Suites Lexington Park Patuxent River Naval Air Station, MD Marriott Silver Circle Award Fairfield Inn & Suites Germantown Gaithersburg, MD The Uvalde Area Chamber of Commerce 2013 People s Choice Award Hampton Inn Uvalde, TX Rookie Business of the Year Hampton Inn Uvalde, TX IHG Renovation Award for 2013 Holiday Inn Express & Suites Chambersburg, PA Top 100 Owners & Developers (28 of 100) Hotel Business Magazine Marriott CFRST Developer of the Year Marriott Most Improved Extended Stay Award Residence Inn Lubbock, TX Carlson Hotels President s Award Country Inn & Suites Chambersburg, PA 2 012 Connie Award Hampton Inn Syracuse Clay, NY Top 100 Owners & Developers Hotel Business Magazine Top Third-Party Management Companies Hotel Management Magazine Marriott Strongest Collaborator Fairfield Inn & Suites Baltimore BWI Airport Texas Chamber of Commerce Top 25 Hotels in Texas TownePlace Suites San Antonio Downtown, TX Best Adaptive Use Award TownePlace Suites San Antonio Downtown, TX Outstanding Commitment to Keep Doral Beautiful Holiday Inn Express Miami Airport Doral Area, FL 2 011 Lighthouse Award Hampton Inn Syracuse Clay, NY Top 100 Owners & Developers (28 of 100) Hotel Business Magazine Marriott CFRST Developer of the Year Marriott Silver Circle Award Fairfield Inn & Suites Germantown Gaithersburg, MD Marriott Most Improved Extended Stay Award Residence Inn Lubbock, TX Carlson Hotels President s Award Country Inn & Suites Chambersburg, PA 2 010 Lighthouse Award Hampton Inn Syracuse Clay, NY Top Hotel Companies Hotel & Motel Management Magazine Hilton Lifetime Achievement Award DoubleTree by Hilton Developer of the Year Home2 Suites by Hilton Best Conversion of the Year Home2 Suites Baltimore Downtown, MD Marriott CFRST Developer of the Year Marriott Gold Circle TownePlace Suites Lexington Park Patuxent River Naval Air Station, MD Marriott International Best Custom Project TownePlace Suites San Antonio Downtown, TX

HOTELS 2009 Lighthouse Award Hampton Inn Syracuse Clay, NY Marriott CFRST Developer of the Year Marriott CFRST Design & Construction Excellence Design & Construction Excellence Award Courtyard Waldorf, MD Design & Construction Excellence Award Fairfield Inn & Suites Germantown Gaithersburg, MD Marriott Silver Circle Award Courtyard Waldorf, MD Marriott Gold Circle Award Fairfield Inn & Suites Germantown Gaithersburg, MD Home2 Suites by Hilton Developer of the Year IHG Renovation of the Year Holiday Inn Express Saugus (Logan Airport), MA 2008 Connie Award Hampton Inn Syracuse Clay, NY AAHOA Award for Excellence Marriott CFRST Developer of the Year Marriott Gold Circle Award Fairfield Inn & Suites Germantown Gaithersburg, MD Marriott Share Shifter Award Fairfield Inn & Suites Germantown Gaithersburg, MD Magic General Managers Fairfield Inn & Suites Germantown Gaithersburg, MD IHG Newcomer of the Year Award Staybridge Suites Baltimore BWI Airport, MD IHG Priority Club Reward Members Choice Hotel of the Year Award Staybridge Suites Baltimore BWI Airport, MD 2007 Connie Award Hampton Inn Ithaca, NY Marriott Gold Award Fairfield Inn & Suites Germantown Gaithersburg, MD Renovation of the Year Award Holiday Inn Express & Suites Fairfax - Arlington Boulevard, VA BAYWOOD HOTELS, INC. 7871 Belle Point Drive, Greenbelt, Maryland 20770 tel 301.345.8700 fax 301.345.8701 info@baywoodhotels.com baywoodhotels.com

HOTEL LOCATIONS MID-ATLANTIC REGION MARYLAND HOTELS AMERICAN INN OF BETHESDA COURTYARD Waldorf FAIRFIELD INN & SUITES Arundel Mills BWI Airport FAIRFIELD INN & SUITES Baltimore BWI Airport FAIRFIELD INN & SUITES Germantown Gaithersburg HAMPTON INN & SUITES Baltimore North/Timonium HAMPTON INN & SUITES Washington DC North - Gaithersburg HOLIDAY INN EXPRESS Baltimore at the Stadiums HOLIDAY INN EXPRESS Waldorf HOLIDAY INN EXPRESS Washington DC - BW Parkway HOLIDAY INN EXPRESS & SUITES Annapolis HOLIDAY INN EXPRESS & SUITES Baltimore BWI Airport North HOLIDAY INN EXPRESS & SUITES College Park - University Area HOLIDAY INN EXPRESS & SUITES Columbia East - Elkridge HOME2 SUITES Arundel Mills HOME2 SUITES Baltimore Downtown HOMEWOOD SUITES Gaithersburg RESIDENCE INN Owings Mills STAYBRIDGE SUITES Baltimore BWI Airport TOWNEPLACE SUITES College Park TOWNEPLACE SUITES Lexington Park Patuxent River Naval Air Station WEST VIRGINIA HOTELS SPRINGHILL SUITES Bridgeport Clarksburg TOWNEPLACE SUITES Bridgeport Clarksburg PENNSYLVANIA HOTELS A/C BY MARRIOTT Philadelphia HOLIDAY INN EXPRESS Altoona HOLIDAY INN EXPRESS & SUITES Chambersburg HOMEWOOD SUITES WASHINGTON DC NOMA UNION STATION Washington, DC VIRGINIA HOTELS CANDLEWOOD SUITES Alexandria - Fort Belvoir CANDLEWOOD SUITES Richmond - South COMFORT INN Alexandria West - Landmark COMFORT INN & SUITES Airport Dulles Gateway COMFORT SUITES Dulles Airport DOUBLETREE BY HILTON Sterling - Dulles Airport HAMPTON INN Falls Church/Seven Corners HOLIDAY INN EXPRESS Fairfax - Arlington Boulevard HOLIDAY INN EXPRESS & SUITES Alexandria - Fort Belvoir HOME2 SUITES Charlottesville SPRINGHILL SUITES Alexandria SPRINGHILL SUITES Potomac Mills Woodbridge TOWNEPLACE SUITES Alexandria - Fort Belvoir MIDWEST & WEST REGIONS COLORADO HOTEL HOME2 SUITES Denver DIA Airport KANSAS HOTELS HAMPTON INN Kansas City - Village West HOLIDAY INN EXPRESS Village West WASHINGTON, DC HOTELS COMFORT INN Downtown DC/Convention Center HAMPTON INN Washington DC NoMa Union Station HOMEWOOD SUITES Washington DC NoMa Union Station

HOTELS NORTHEAST REGION MASSACHUSETTS HOTELS HAMPTON INN Haverhill HOLIDAY INN EXPRESS Andover - North Lawrence HOLIDAY INN EXPRESS Boston North - Woburn HOLIDAY INN EXPRESS Saugus (Logan Airport) NEW YORK HOTELS CANOPY BY HILTON Ithaca FAIRFIELD INN & SUITES Albany East Greenbush HAMPTON INN Ithaca HAMPTON INN Rochester - North HAMPTON INN Seneca Falls HAMPTON INN Syracuse/Clay HAMPTON INN & SUITES Buffalo Airport HAMPTON INN & SUITES Syracuse/Carrier Circle HILTON GARDEN INN Dobbs Ferry SOUTH EAST REGION FLORIDA HOTELS A/C BY MARRIOTT Miami FAIRFIELD INN & SUITES Miami Airport South HAMPTON INN Marathon Key HAMPTON INN Miami Airport East HAMPTON INN & SUITES Lakeland - South Polk Parkway HILTON GARDEN INN Miami South Beach - Royal Polo HOMEWOOD SUITES Miami Downtown - Brickell HOTEL URBANO Miami Downtown - Brickell QUALITY INN Miami Airport RESIDENCE INN Miami Airport West/Doral SPRINGHILL SUITES Jacksonville Airport GEORGIA HOTEL REGENCY SUITES Atlanta LOUISIANA HOTELS CANOPY BY HILTON New Orleans HAMPTON INN Lake Charles HOME2 SUITES Baton Rouge HOMEWOOD SUITES Metairie RESIDENCE INN Metairie New Orleans HOLIDAY INN EXPRESS & SUITES NEW BRAUNFELS New Braunfels, Texas TEXAS REGION TEXAS HOTELS COURTYARD San Antonio SeaWorld/Lackland HAMPTON INN Pampa HAMPTON INN Uvalde HAMPTON INN & SUITES San Antonio Airport HAMPTON INN & SUITES San Antonio - Downtown/Market Square HAMPTON INN & SUITES San Antonio Northwest/Medical Center HAMPTON INN & SUITES San Antonio Seaworld HILTON GARDEN INN Downtown Riverwalk, San Antonio HILTON GARDEN INN San Antonio Airport South HOLIDAY INN EXPRESS Bay City HOLIDAY INN EXPRESS Lackland Air Force Base HOLIDAY INN EXPRESS San Antonio N-Riverwalk Area HOLIDAY INN EXPRESS San Antonio North - Windcrest HOLIDAY INN EXPRESS & SUITES San Antonio - Downtown Market Area HOLIDAY INN EXPRESS & SUITES San Antonio - West SeaWorld Area HOLIDAY INN EXPRESS & SUITES Uvalde HOME2 SUITES San Antonio Airport HOMEWOOD SUITES Austin Downtown HOMEWOOD SUITES San Antonio Airport TOWNEPLACE SUITES Eagle Pass INTERNATIONAL INDIA HOTEL HAMPTON INN Vadodara - Alkapuri, Gujarat

BAYWOOD HOTELS, INC. 7871 BELLE POINT DRIVE, GREENBELT, MARYLAND 20770 tel 301.345.8700 fax 301.345.8701 info@baywoodhotels.com baywoodhotels.com