ABOUT US HRIL & MWTH HRIL & MWTH HRIL & MWTH HRIL & MWTH OVERVIEW

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2 ABOUT US HRIL & MWTH offer an unrivaled range of experience in the hotel industry - from prestigious national brands to independent boutiques, from 5-diamond resort spas to transformational historic buildings in city centers. HRIL & MWTH offer a leadership team averaging 25 years of lodging experience, including large convention center and urban hotels, independent boutique properties and destination resorts. HRIL & MWTH draw on the resources of HRI Properties for inhouse development, architecture, construction management and FF&E procurement. HRIL & MWTH have a proven track record of repositioning underperforming and distressed assets. OVERVIEW HRI Properties ( HRI ), based in New Orleans, is a full-service real estate development and property management company. HRI has been in operation since 1982 and is a national leader in the adaptive reuse of historic structures. Through its subsidiaries, HRI has completed 70 large-scale projects for a total funded value of over $2 billion, which includes the development of 5,000 apartment units, 4,000 hotel rooms, and over 1.3 million square feet of office and retail space. Hotel projects comprise in excess of $1 billion of development to date. HRI Lodging ( HRIL ) is an affiliate of HRI Properties and offers the unique perspective of hotel and mixed-use property ownership as well as management for multiple third-party owners. HRIL is an approved operator for full and focus service brands such as Hilton, Hyatt, Marriott, Starwood, IHG, and Wyndham. In May of 2013, a joint venture brought HRIL to operate MetWest Terra Hospitality ( MWTH ), a management company comprised of seasoned luxury hospitality professionals, operating and developing a dynamic collection of hotels and resorts in spectacular locations. MWTH also provides development and asset management services for investors, financing institutions, and owners. HRIL & MWTH currently operate 23 hotels with over 4,000 keys across twelve states, employing over 1,500 associates. Both companies practice the best-in-class balanced approach to property management and continue to grow in their respective markets.

3 CONSTRUCTION AWARDS & RECOGNITION 2012 Hyatt Best Full Service Conversion of the Year (Hyatt French Quarter, ) 2012 Hyatt Best Select Service Conversion of the Year (Hyatt Place New Orleans/CC, ) 2010 National Preservation Honor Award (King Edward Hotel & Residences, Jackson, MS) 2009 Hilton Garden Inn Developer of the Year (Hilton Garden Inn Richmond Downtown, Richmond, VA & Hilton Garden Inn Jackson Downtown, Jackson, MS) 2008 Hilton Garden Inn Best Conversion of the Year (Hilton Garden Inn Jackson Downtown, Jackson, MS) 2004 National Phoenix Award Outstanding Brownsfield Project (Renaissance Grand Hotel, St. Louis, MO) HRI SERVICES HCI ARCHITECTURE & DESIGN staffs a team of architects, interior designers and design quality control managers. This entity provides design and construction document production services, assists in developing the project programming, works closely with local, state and federal agencies, coordinates with consultants, produces graphic presentation materials for marketing purposes, provides construction administration services and is also registered in Louisiana as a General Contractor. HCI CONSTRUCTION is the construction management entity, which employs the construction management team including project managers, field superintendents and field foremen. The construction team develops and maintains a project budget and construction schedule in conjunction with the design process to allow ongoing, in-depth knowledge and control of the project progress. HCI manages a project throughout the construction process, and represents the interest of the Owner/Developer during construction. FF&E PROCUREMENT SERVICES provide bidding and purchasing oversight for capital expenditures and major projects. The team negotiates with vendors, liaises with major brands on compliance and coordinates all logistics associated with schedules and deliverables. Procurement services work closely with HCI design on development projects, as well as regional engineering on facility maintenance of current portfolio assets. ARCHITECTURE & DESIGN FF&E PROCUREMENT

4 LEADERSHIP TEAM GARY GUTIERREZ I PRESIDENT A thirty year lodging industry veteran, Gary joined HRI Lodging from Highgate Hotels, a leading independent hospitality management firm based in Dallas, TX that serves some of the country's largest and most sophisticated institutional owners. As VP of Operations, Gary oversaw operations of hotels such as the AAA 4- Diamond 676-room Westin Hotel and 1010-room Parc55 Hotel in San Francisco, CA. In addition, he has managed boutique and lifestyle hotels such as the AAA 5-Diamond Boulders Resort and Golden Door Spa in Carefree, AZ, the iconic Paramount Hotel and On The Avenue Hotel in NYC. Prior to working for Highgate Hotels, he served as Divisional Vice President for Remington Hotels and Area Director of Operations with Wyndham International, both of which were also based in Dallas, TX. MICHAEL C. COOLIDGE I CHIEF INVESTMENT OFFICER A graduate of the Cornell University School of Hotel Administration, Michael has twenty years of real estate development and management experience with Sage Hospitality Resources, Global Hyatt, Watermark Capital Partners and CSM Corporation. He most recently served as Senior Vice President of Real Estate, Acquisitions and Lodging Development at CSM Corporation where he was responsible for all acquisition, disposition and development activities for the CSM Lodging Portfolio. At HRI Lodging, Michael spearheads the corporate development efforts and leads the strategic planning process for acquisitions, partnerships and joint ventures. DIONE HEUSEL I SENIOR VICE PRESIDENT OF HUMAN RESOURCES Dione serves as Senior Vice President of Human Resources for all of HRI Properties. A seasoned veteran with more than 20 years of senior level Human Resource and Learning & Development experience, Dione brings a deep breath of knowledge having held executive management positions in a wide range of industries. Most recently, Dione served as Vice President, Human Resources, Training and Development for Smoothie King Franchises, Inc. She has also worked for DM Petroleum Operations, Co., Inc. and Ruth s Chris Steakhouse, Inc. corporations in key leadership positions. Dione is a graduate of the University of South Alabama and was awarded the SPHR designation in 2000 and the certification in Strategic Workforce Planning in CRAIG DEVINE I VICE PRESIDENT OF FINANCE & ANALYTICS Craig has thirty years of experience providing financial leadership within the hospitality industry. He has served industry leaders such as Marriott, Wyndham Intl and most recently, Aramark Corp, with increasing levels of responsibility throughout his career. Grounded in the operational aspects of finance, Craig has worked extensively with both senior leadership as well as front line associates in building innovative, sustainable and repeatable business models which have consistently proven to create value. Craig earned an M.B.A. in finance from LaSalle University in Philadelphia and a bachelor s degree in accounting from the University of Pittsburgh.

5 LEADERSHIP TEAM KRISTEN JORDAN-WOOD I VICE PRESIDENT OF SALES & MARKETING Kristen has 20 years of hotel experience, previously working for Morgans Hotel Group/Ian Schrager Hotels for 10 years, holding the positions of Regional Director of Marketing for the West Coast, based in Los Angeles, Corporate Director of Global Sales in New York and Director of Sales for Clift in San Francisco. Jordan-Wood has also held sales positions with W Hotels, Wyndham Hotels & Resorts and also worked as an independent consultant, offering sales and marketing expertise to luxury lifestyle hotels. LIOR SEKLER I VICE PRESIDENT OF REVENUE MANAGEMENT A graduate of the Cornell University School of Hotel Administration, Lior is a fifteen year veteran of the hospitality industry who has worked primarily in hotel and corporate revenue management. Lior joined HRI Lodging following a position as the Regional Director of Revenue Management for Sofitel Luxury Hotels with oversight of the North American portfolio. Prior to Sofitel, Lior spent several years with Hilton Hotels as a Director of Revenue Management guiding properties located in various geographic and business markets. DARLENE MARCELLO I VICE PRESIDENT OF F&B AND PROCUREMENT Darlene is a thirty year food and beverage industry veteran, with experience in owning and operating fine dining restaurants and a seat on the Food and Beverage Advisory Board for Hilton Worldwide. Prior to joining HRIL, Darlene served as the Vice President of Operations for Semolina Corporation, a company responsible for the successful operation of over thirty-five restaurants. Additionally, Darlene worked in recognized establishments such as Lenfant s and La Louisianne and was the owner of Minacore Restaurants. LARRY DANIELS I VICE PRESIDENT OF OPERATIONS A thirty year veteran of Hyatt Hotels, Larry Daniels joined HRI Lodging in 2011 as General Manager of the Chateau Bourbon Hotel. He led the property through a $20 million renovation and conversion to a Four Diamond rated Hyatt French Quarter. In 2013, he was promoted to Vice President/General Manager with responsibility for HRIL s assets owned with investor group Carey Watermark, Inc. and now serves as Vice President of Operations.

6 LEADERSHIP TEAM TODD IACONO I VICE PRESIDENT OF OPERATIONS Todd Iacono brings more than twenty years of hospitality experience to the HRIL/MWTH team. Todd previously served as General Manager at the Westin Phoenix Downtown and has been an integral part of opening iconic hotels such as the W Hotel in Times Square, the James Hotel in Scottsdale, AZ, The Sheraton Phoenix Convention Center, AZ and the Maritime Hotel in New York City. As Vice President of Operations, Todd oversees the South and West regions of the portfolio. TIM TALLEY I VICE PRESIDENT OF ENGINEERING Tim is a veteran of more than 30 years in facilities management. He supervises the engineering departments and area engineers; engineer development plans; capital planning and budgets; property construction and renovations and engineering procedures for all HRI Lodging and MetWest Terra Hospitality assets. He is past president of the Louisiana chapter of American Society of Healthcare Engineers (ASHE), holds certifications from the American Hospital Association, the American Welding Society, the American Petroleum Institute, American Concrete Institute and the Louisiana Department of Highways. PATRICK VYNCKE I DIRECTOR OF ACQUISITIONS AND DEVELOPMENT A graduate of DePaul University, Patrick holds more than 10 years of experience in hospitality focused acquisition and development. Most recently, Patrick served as Director of Acquisitions and Development at CSM Corporation where he was responsible for identifying, underwriting and leading the transaction process for new build hotels and acquisitions. Patrick s lodging and investment experience also includes time at Watermark Capital Partners and American Property Hospitality Management, LLC. At HRI Lodging, Patrick supports the fast-paced lodging growth associated with its acquisition, development and third-party management pipeline. CHAD PENNY I CORPORATE DIRECTOR OF INFORMATION TECHNOLOGY Chad, a native of New Orleans, joined HRI Properties in August of 1997 as an IT Technician. During his 15+ years with HRI, Chad s dedication to the support and evolution of the company earned him the roles of Network Administrator, Assistant Director/Senior Engineer of Information Services, as well as IT Director. In his previous post, Chad managed day-to-day operations for over 350 users across more than 45 locations and supported an infrastructure with more than 40 virtual servers. With the growth of the company and Chad s diverse experience in development and hotel systems, he assumed his current position in In his role, Chad directs all IT initiatives and operations for the Lodging Division of the company as its portfolio of managed hotels continues to grow.

7 LEADERSHIP TEAM YELENA YERSHOVA I EXECUTIVE OFFICE MANAGER Yelena joined HRI Lodging in September 2010 after numerous administrative and management positions within the Ritz Carlton organization. After a two year stint as Executive Assistant, she was promoted to her current role of Executive Office Manager in May of This position allows Yelena to focus on supporting the ongoing expansion of the lodging portfolio relative to development, management opportunities and analytics with a more strategic approach in assisting the various ownership groups. Yelena is a 2008 graduate of Bowling Green State University with multiple international program completions and an internship with the University Conference Center in Chicago, IL. OFFICE LOCATIONS

8 MANAGEMENT TEAM S OPERATING & RENOVATION EXPERIENCE WEST Parc 55 ~ 1,010 rooms; $30MM renovation (SF, CA) Westin Market Street ~ 676 rooms; $30MM renovation / rebrand (SF, CA) Clift ~ 372 rooms (SF, CA) Bel Age ~ 200 rooms; $15MM renovation (West Hollywood, CA) Wyndham Los Angeles Airport ~ 591 rooms (Los Angeles, CA) W Los Angels Westwood ~ 250 Rooms (Los Angeles, CA) Mondrian Los Angeles ~ 237 rooms (Los Angeles, CA) W Los Angeles ~ 258 rooms (Los Angeles, CA) Hilton Pasadena ~ 296 Rooms (Pasadena, CA) Hyatt Regency Oakland ~ 488 rooms (Oakland, CA) Hyatt Palo Alto ~ 528 rooms (Palo Alto, CA) NORTHEAST On the Avenue ~ 320 rooms; $7MM renovation including adding 2 signature restaurants (NYC) Paramount ~ 591 rooms $30MM renovation (NYC) Sofitel ~ 398 rooms (NYC) W New York Times Square ~ 509 Rooms (NYC) Maritime Hotel ~ 150 rooms (NYC) Sheraton Franklin Plaza ~ 757 rooms; $20MM renovation (Philadelphia, PA) Double Tree Boston Downtown ~ 267 rooms (Boston, MA) Hyatt Regency ~ 289 rooms; $6MM guest room/public space renovation (New Brunswick, NJ) SOUTHWEST MIDWEST Boulders Resort & Golden Door Spa ~ 160 rooms & 55 villas; $2MM renovation (Phoenix, AZ) Sheraton Phoenix ~ 1,000 rooms (Phoenix, AZ) Westin Phoenix ~ 243 rooms (Phoenix, AZ) Mondrian Scottsdale ~ 194 rooms (Scottsdale, AZ) James Hotel ~ 200 Rooms (Scottsdale, AZ) Hotel Galvez ~ 231 rooms; $10M renovation (Houston, TX) Hyatt Regency DFW ~ 819 rooms; $22MM renovation (Dallas, TX) Hotel ZaZa ~ 150 rooms & 33 Private Condos (Dallas, TX) Summerfield Suites ~ 112 suites (Dallas, TX) Wyndham Garden Hotel ~ 168 rooms (Dallas, TX) La Mansion Del Rio ~ 337 rooms (San Antonio, TX) Wyndham Salt Lake City ~ 380 rooms; $10MM renovation / rebrand (UT) Wyndham Milwaukee Center ~ 221 rooms; $10MM renovation (Milwaukee, WI) Hyatt Regency St. Louis ~ 538 rooms; hotel acquisition / $12MM renovation (St. Louis, MO) Wyndham Northwest Chicago ~ 400 rooms (Chicago, IL) Wyndham San Antonio ~ 4-diamond with 326 rooms; $7MM renovation (San Antonio, TX) SOUTHEAST MID-ATLANTIC Historic Inns of Annapolis ~ 124 rooms; $12MM renovation (Annapolis, MD) Wyndham City Center ~ 352 rooms; $8MM renovation / rebrand (Washington, DC) Hyatt Capitol Hill ~ 700 rooms (Washington, DC) Westin Downtown ~ 400 rooms (Washington, DC) Sheraton Inner Harbor ~ 707 rooms; $15MM renovation / rebrand (Baltimore, MD) Marietta Conference Center ~ 198 rooms; $2MM renovation (Atlanta, GA) Wyndham Garden Hotel ~ 159 rooms ; $5MM renovation (Atlanta, GA) Hyatt Regency Atlanta ~ 1254 rooms; $26MM renovation (Atlanta, Ga) Union Station ~ 124 rooms (Nashville, TN) One Ocean Resort ~193 rooms; $15MM renovation / rebrand (Jacksonville, FL) World Quest Condominiums ~ 238 condo / hotel rooms; new build (Orlando, FL) Wyndham Miami Airport ~ 408 rooms; $9M renovation / rebrand (Miami, FL) Wyndham Harbor Island ~ 300 rooms (Tampa, FL) Sheraton New Orleans ~ 1110 rooms; $45MM renovation () Fairmont New Orleans ~ 732 rooms () CITIES: Key markets include: Atlanta, Baltimore, Dallas, Houston, Los Angeles, Miami, Nashville, New Orleans, Philadelphia, Phoenix, New York City, San Antonio, San Francisco, San Diego and Washington DC. BRANDS: Operated brands such as Hilton, Hyatt, IHG, Marriott, Sofitel, Starwood, Wyndham and Independent Hotels. HOTEL TYPES: convention center hotels, downtown corporate hotels, lifestyle boutique hotels, historic assets, conference centers (IAAC), airport locations, suburban areas, all-inclusive resorts, full service, select service, extended stay, 5-diamond, golf/ tennis facilities, spa and mixed use.

9 HRIL PORTFOLIO Hyatt French Quarter 254 Keys Hilton Shreveport Shreveport, LA 313 Keys Hilton Garden Inn Jackson Downtown Jackson, MS 186 Keys Hilton Garden Inn Baton Rouge Airport Baton Rouge, LA 131 Keys Hilton Garden Inn French Quarter/CBD 155 Keys Hampton Inn & Suites Legacy Park-Frisco Frisco, TX 105 Keys Sheraton Houston Brookhollow Hotel Houston, TX 382 Keys Hampton Inn & Suites Birmingham Birmingham, AL 149 Keys Hyatt Place New Orleans/CC 170 Keys

10 HRIL PORTFOLIO Federal City Inn & Suites 50 Keys Crowne Plaza San Marcos Golf Resort Chandler, AZ 249 Keys Doubletree Salt Lake City Downtown Salt Lake City, UT 241 Keys Hilton Richmond Downtown Richmond, VA 250 Keys Aloft New Orleans Downtown 188 Keys Hilton Garden Inn Dallas Downtown Dallas, TX 171 Keys daddy O Hotel Miami, FL 46 Keys McCarren Hotel & Pool Brooklyn, NY 64 Keys River s Edge Hotel & Spa Portland, OR 99 Keys

11 Opening 2017 Opening 2016 HRIL PORTFOLIO - OPENING SOON Embassy Suites Minneapolis Downtown Minneapolis, MN 290 Keys MWTH PORTFOLIO Homewood Suites French Quarter 205 Keys Hotel AbRi San Francisco, CA 91 Keys Casa Madrona Hotel & Spa Sausalito, CA 64 Keys Toll House Hotel Los Gatos, CA 115 Keys The Lodge at Tiburon Tiburon, CA 103 Keys The Inn at Jackson Hole Teton Village, WY 83 Keys

12 CASE STUDIES BEFORE HYATT FRENCH QUARTER BEFORE Ownership: HRI and Carey Watermark Investors Date Completed: May 2012 Re-Development Period: 8 months Units: 254 Hotel Rooms Square Footage: 281,000 sq. ft. (hotel) 23,489 sq. ft. (retail) 10,000 sq. ft.. (meeting space) Redevelopment of the former Chateau Bourbon Wyndham in the heart of the New Orleans French Quarter into the full service Hyatt French Quarter. Post renovation hotel improved REVPAR 35% and N.O.I. 72% while ranking top 25% in service within the brand. BEFORE HYATT PLACE NEW ORLEANS/CC BEFORE Ownership: HRI, Lubert Adler and Interwest Capital Date Completed: March 2012 Re-Development Period: 6 months Units: 170 Hotel Rooms, Square Footage: 111,400 sq. ft. (hotel) 1,730 sq. ft.. (meeting space) Redevelopment of an existing hotel (built in 1995) that was in default, had lost its flag, and was operating as an independent, family owned operated hotel. Prior to conversion, the hotel ran a thirty percent (30%) occupancy. Occupancy increased to 65% by year-end 2012 (10 months after completion) and had a RevPAR Index of 103% and occupancy of 74% at year-end 2013.

13 CASE STUDIES BEFORE HILTON GARDEN INN JACKSON KING EDWARD Jackson, MS BEFORE Ownership: HRI, David Watkins, Deuce McAllister Date Completed: October 2009 Development Period: 19 months Units: 186 Hotel Rooms, 64 Luxury Apartments Square Footage: 205,578 sq. ft. (hotel & apartments) 2,910 sq. ft. (retail) 93,796 sq. ft.. (garage) 6,000 sq. ft.. (meeting space) Restoration of a historically significant hotel and garage located in downtown Jackson into a mixed-use development - consisting of a Hilton Garden Inn, upscale apartment units, and retail space. Achieved fair market share within first 9 months of operating and have a stabilized RevPAR index greater than 130 % (#1 in comp. set). BEFORE HILTON GARDEN INN RICHMOND MILLER & RHOADS Richmond, VA Ownership: HRI Date Completed: November 2015 Development Period: 6 Months Units: 250 Hotel Rooms, 133 Condominiums Square Footage: 132,819 sq. ft. (condominiums) 290,497 sq. ft. (hotel) 6,728 sq. ft. (retail) 17,713 sq. ft. (meeting space) Adaptive rehabilitation of the historic Miller & Rhoads Department Store, built between 1888 and 1909 and located in downtown Richmond - adjacent to the City's Convention Center. Originally converted into a hotel in 2009 by HRI and converted into a full service Hilton in Achieved fair market share after five months of opening and have stabilized RevPAR Index at 109% versus a full service competitive set.

14 WHY CHOOSE HRIL & MWTH? DEVELOPMENT & RENOVATION Completed over $2 billion of development to date (4,000 hotel rooms, 5,000 apartments and over 1.2 million square feet of office and retail space). Extensive experience managing capital programs (PIP s) with top-tier brands such as Hilton, Hyatt, Marriott, Starwood, IHG, and Wyndham. Effective execution of negotiations between ownership and brands to maximize investments while keeping to brand standards. Successful repositioning of underperforming and distressed assets in short periods of time. MANAGEMENT RESOURCES Support from HRI Properties, which has over 32 years of experience in full service real estate development and remains a national leader in the adaptive reuse of historic structures. In-house access to a team of architects, interior designers, and project managers. A senior leadership team averaging 25 years in the lodging industry. Experience operating all hotel types, such as: convention center hotels, downtown corporate hotels, lifestyle boutique hotels, historic assets, conference centers (IAAC), airport locations, suburban areas, all-inclusive resorts, full service, focus service, extended stay, 5-diamond, golf/tennis facilities, spa and mixed use. RELATIONSHIPS Approved operators for full and focus service brands such as Hilton, Hyatt, Marriott, Starwood, IHG and Wyndham. To maximize results, HRIL & MWTH work with best of class service partners such as: LRA Worldwide, Shepherd & Associates, ShareIt on Line, BirchStreet/HSM, Greenrock, ADP, Aptech, Newmarket International, Global Hospitality Marketing and PDQ Consulting. VALUE CREATION For owners and investors, HRIL & MWTH are able to stabilize and optimize asset performance through: Integrated Sales and Marketing. Centralized services for additional enhancements of key disciplines such as Accounting, Revenue Management, Human Resources and Procurement. Flexible and intelligent deployment of systems and technology compliant with Sarbanes Oxley and REITS. Established management for mixed use operations such as office, retail, food & beverage outlets and rental properties.

15 MICHAEL C. COOLIDGE CHIEF INVESTMENT OFFICER 812 Gravier Street, Suite Office: (504) Cell: (303) h r i l o d g i n g. c o m