A Proud History Anchored in Growth

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2 HOTEL GROUP A Proud History Anchored in Growth M&R Hotel Group, a development company focused on acquiring and building hotels in the New York metropolitan area and beyond, was founded in 1992 by Madhu Patni and the late Rajendra Gandhi, both of whom had been principals in Hersha Hospitality Trust, a real estate investment trust formed in 1984 and traded on the American Stock Exchange since In recent years, leadership of M&R Hotel Group has passed to the second generation of both families. Amit Gandhi, his brother, Samir, and Manish Patni are fully vested in all aspects of development and also serve as principals of M&R Hotel Management, a company created in 2001 to serve as the operating arm of M&R Hotel Group. Thanks to strong and steady leadership, M&R Hotel Group and M&R Hotel Management have grown to own and operate more than 975 guest rooms in New York with another 700 rooms expected to open in the city in 2014 and M&R Hotel Group s first project was construction of a 45-room Howard Johnson Inn on East Houston Street in Manhattan in 2001, which the company managed until 2005 when the property was sold. In 2002, M&R Hotel Group opened an 80-room Comfort Inn in Long Island City, N.Y., the first nationally branded, limited-service hotel to be constructed there, and managed it until 2005 when it was sold. In 2004, the company constructed an 80-room Comfort Inn on West 39th Street in Manhattan, near Times Square, which they managed until it was sold in That was followed in 2005 by a 211-room Holiday Inn Express built on the same block, which they managed until it was sold in Also in 2005, M&R Hotel Group purchased three limited-service hotels an 88-room Best Western, 129-room Holiday Inn Express and 75-room Days Inn adjacent to one other near John F. Kennedy International Airport off South Conduit Avenue in Jamaica, N.Y. After acquiring a large parcel on Wild Avenue in Staten Island, New York s southernmost borough, M&R Hotel Group constructed a 93-room Comfort Inn and a 95-room Holiday Inn Express, which opened in Also that year, the company acquired an 85-room Best Western hotel in Flushing, N.Y., near LaGuardia Airport, and converted it to a Holiday Inn Express. M&R Hotel Group s development in Manhattan accelerated in 2009 when it acquired property at the corner of Delancey and Suffolk streets and built a 132-room Holiday Inn, which opened in Also in 2009, the company acquired land for two hotels on West 48th Street and built a 177-room Holiday Inn Express and 89-room Comfort Inn, which opened in M&R Hotel Group built a 186-room Hyatt Place hotel on 36th Street at Herald Square, the brand s first hotel in Manhattan and only the sixth Hyatt hotel in New York City, which opened in 2013 and was sold later that year. In November 2013, M&R Hotel Management announced the signing of its first third-party management agreement, a contract to operate a 201-room, full-service Holiday Inn, which opened in early December at the intersection of Brookville and Rockaway boulevards in Jamaica, N.Y., just east of Kennedy Airport. M&R Hotel Group currently is building five new hotels in New York: a 27l-room, 100,000-square-foot Holiday Inn on Eighth Avenue, a 250-room, 85,000-square-foot Hilton Garden Inn at 6 Water St., a 250-room Hilton Garden Inn on 37th Street and Eighth Avenue, a 100-room Comfort Inn & Suites on 54th Street and Ninth Avenue and a 105-room Holiday Inn on Wild Avenue, Staten Island, all expected to open during 2014 and

3 HOTEL GROUP Owned and Operated Hotels Holiday Inn NYC Lower East Side (132 rooms) 150 Delancey St., New York, NY Comfort Inn Midtown West (89 rooms) 548 West 48 St., New York, NY Holiday Inn Express New York Manhattan West Side (177 rooms) 538 West 48 St., New York, NY Best Western Kennedy Airport (88 rooms) Lane, Jamaica, NY Days Inn Jamaica JFK Airport (75 rooms) Court, Jamaica, NY Holiday Inn Express Kennedy Airport (129 rooms) South Conduit Ave., Jamaica, NY Holiday Inn Express LaGuardia Airport (85 rooms) Horace Harding Blvd., Flushing, NY Comfort Inn (93 rooms) 310 Wild Ave., Staten Island, NY Holiday Inn Express Staten Island West (95 rooms) 300 Wild Ave., Staten Island, NY

4 HOTEL GROUP Hotels Under Development Holiday Inn Eighth Avenue (271 rooms) New York, N.Y. Holiday Inn Wild Avenue (105 rooms) Staten Island, N.Y. Hilton Garden Inn 6 Water St. (250 rooms) New York, N.Y. Hilton Garden Inn 37th Street and Eighth Avenue (250 rooms) New York, N.Y. (Pending Approval) Comfort Inn & Suites 54th Street and Ninth Avenue (100 rooms) New York, N.Y. 4

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6 Summary H OTEL Statistics GROUP Entrepreneurial, Experienced Senior Leaders Amit Gandhi Principal and President Amit Gandhi earned a bachelor of pharmacy degree at Duquesne University, Pittsburgh, in 1997, and worked as a pharmacist in Washington from his graduation until 1999, when he began graduate business studies at Temple University, Philadelphia. Temple subsequently awarded him a master of business administration degree in He served Hersha Hospitality Trust, a real estate investment trust based in Philadelphia, as assistant general manager of its Clarion Suites hotel in Philadelphia and subsequently opened and managed the company s Sleep Inn and MainStay Suites hotels in King of Prussia, Pa., and Hampton Inn Philadelphia Center City-Convention Center. Gandhi earned the Certified Hotel Administrator designation from the Educational Institute of the American Hotel & Lodging Association and is certified by InterContinental Hotels Group as a general manager. He is a member of the IHG Owners Association and Hotel Association of New York City. He is relocating from Howard Beach, N.Y., to Cold Spring Harbor, N.Y. Manish Patni Principal and Executive Vice President Manish Patni earned a bachelor of pharmacy degree at St. John s University, New York, in 1997 and operated his own pharmacy in Port Chester, N.Y., from his graduation until He was drawn into the hospitality industry by associates of his father, an investor in Hersha Hospitality Trust, a real estate investment trust based in Philadelphia. Hersha recruited him in 1999 to serve as area manager. His first assignment was to open a Comfort Inn hotel at Kennedy Airport, which he managed until 2000 when it was sold. Patni, who earned a Certified Hotel Administrator designation from the Educational Institute of the American Hotel & Lodging Association, is a member of the Staten Island Economic Development Corp. and IHG Owners Association. He lives in Hewlett, N.Y. 6

7 H OTEL GROUP Entrepreneurial, Experienced Senior Leaders Madhu Patni Principal Madhu Patni, a co-founder of M&R Hotel Group, is a 25-year veteran of the hospitality industry. He was one of the founding partners of Hersha Hospitality Trust, has worked as a practicing pharmacist since 1972 and has owned and operated several pharmacies since Patni earned his bachelor of science degree in pharmacy from Long Island University, Brooklyn, N.Y., in During the 1990s, Patni helped launch one of the most valuable alliances in the lodging industry by introducing Hersha Hospitality Trust to Sam Chang, chairman of McSam Hotel Group, one of the largest hotel developers in New York City. Hersha went on to open and manage many McSam projects. The first McSam-Hersha joint venture was an airport hotel near Kennedy Airport, which became Hersha s first entry into the New York market. Samir Gandhi Principal and General Counsel Samir Gandhi is responsible for all legal issues relating to the company s organizational needs, taxes, finances and development efforts. He has secured financing and properties valued at more than $1.2 billion. He earned his doctorate of law and master of business administration degrees at Temple University, Philadelphia, and bachelor of science degree in real estate and finance at The Pennsylvania State University, State College, Pa. He also is founding partner of Gandhi & Associates, Metuchen, N.J., which concentrates in business law, corporate law, commercial and residential real estate and civil litigation. He is a member of the Asian American Hotel Owners Association and Business Network International. 7

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9 A Successful Manager of Major Hotel Brands M&R Hotel Management is a fast-growing, hotel management company based in Great Neck, N.Y., with hotels in three New York City boroughs Manhattan, Staten Island and Queens including properties at LaGuardia and Kennedy airports. M&R s business plan provides for expansion of its portfolio in the New York metropolitan area and beyond through third-party management contracts. Its more than decade of success as an owner-operator advances an ownership perspective to its clients. The portfolio includes the brands of InterContinental Hotels Group, Choice Hotels International, Wyndham Hotel Group and Best Western International. Marriott International, Hilton Worldwide, Hyatt Hotels Corp. (Hyatt Place) and Starwood Hotels & Resorts Worldwide recently certified M&R to manage hotels under their respective brands. In addition to management, M&R provides hotel development consulting services including site selection, feasibility analysis, design and assistance selecting contractors and obtaining permits, financing and franchise brand licenses. 9

10 Managing from an Owner s Perspective As an owner-operator, M&R Hotel Management views profit and expense issues from the perspective of an investor and strives to bring that same vigilance to bear on behalf of third-party owners, with interests that are completely aligned. The company s sales and marketing team takes a top-down approach to product positioning and smart marketing that utilizes comprehensive planning and training, a strong corporate sales force and a property-by-property analysis. M&R practices "hands-on hospitality," maintaining an intimate knowledge of each property, conducting frequent property visits, communicating frequently, submitting daily and weekly reports and staying abreast of hospitality and real estate development trends. M&R s core values include integrity, teamwork, entrepreneurism, fiscal discipline, consistent performance and striving for excellence. 10

11 Focused on Maximizing Profitability M&R Hotel Management understands today s dynamic pricing model and consistently generates higher profits by applying sophisticated revenue management tools and staying focused on the ever-changing conditions in the highly competitive urban markets it serves. Dynamic pricing is critical for airport hotels because flight delays and inclement weather can cause sudden spikes in demand. City hotels rely on dynamic pricing to respond to constantly fluctuating demand. The company s corporate revenue management team works in concert with each property to maximize profitability by evaluating short- and long-term demand and monitoring the competition s pricing. M&R leverages the power of each brand s distribution system and loyalty program by recognizing and rewarding frequent brand travelers. An aggressive sales effort ensures M&R s managed hotels gain a large number of corporate, leisure and group tour bookings. 11

12 Entrepreneurial, Experienced Senior Leaders Brian M. McSherry Chief Operating Officer Brian McSherry is a 32-year lodging industry veteran with extensive experience working for major brands including Marriott, Hilton and Wyndham. He also served major franchisors in senior leadership roles, overseeing both full- and select-service hotels in the United States, Mexico and the Caribbean. McSherry previously was vice president, operations, for Stonebridge Companies, a hotel management company in Englewood, Colo. From 2009 to 2012, he was regional vice president for Concord Hospitality Enterprises Co., a hotel development and management company in Raleigh, N.C. McSherry came up through the ranks in food and beverage and served as general manager of hotels operated by Interstate Hotels & Resorts, Meid Enterprises, Columbia Sussex Corp., Regal Hotels International, Marriott International and Hilton Worldwide. He earned his master of business administration degree in global management at the University of Phoenix, Arizona, and a bachelor of science degree in hotel management and associate degree in culinary arts at Johnson & Wales University, Providence, R.I. He is a resident of Norwood, N.J. Janelle Schwartz Vice President of Sales and Marketing Janelle Schwartz, a 16-year hospitality veteran, oversees sales, marketing, e-commerce, revenue management, public relations and social media. From 2010 to 2012, she was vice president of sales and marketing for Stonebridge Companies, a hotel management company in Englewood, Colo. Schwartz was director of sales and marketing for the Hilton Waikiki Beach in Honolulu from 2009 to Earlier in her career, she served in a variety of sales and marketing roles for Prism Hotels & Resorts, Omni Mandalay Hotel, Omni Los Angeles at California Plaza, Harrell Hospitality, Hilton Worldwide, Prime Hospitality and Richfield Hospitality Services. She also served briefly as chief talent matchmaker for Cobalt Careers, an executive recruiting firm in Montvale, N.J. Schwartz earned a master of business administration degree in communications at Stanford University, Palo Alto, Calif., and a bachelor of arts degree in organizational communications at Arizona State University, Tempe. She resides in Montvale, N.J. 12

13 Management Entrepreneurial, Experienced Senior Leaders Ron Kozinski Vice President of Finance Ron Kozinski, a 34-year finance veteran, is responsible for overseeing accounting and finance and providing development support to the company s senior team and ownership group. Kozinski previously was vice president of finance for Wyndham Worldwide s Hotel Group in Parsippany, N.J. From 2005 to 2006, he was worldwide controller for McCann Healthcare Worldwide, a division of Interpublic Group. Kozinski served Degussa Corp., representing the North American division of Degussa AG (now Evonik Industries), a global chemicals company, in Parsippany from 1993 to 2004, initially as director of financial reporting and later as vice president, accounting. Earlier in his career, he was audit manager and divisional controller for IMO Industries Inc., a diversified manufacturer. Kozinski began his financial career at KPMG LLP, where he served a variety of the firm s clients during 11 years, leaving as senior audit manager. Kozinski, a certified public accountant, earned his bachelor s degree in accounting and finance at Montclair State University in New Jersey. He is a member of the American Institute of CPAs and the New Jersey Society of Certified Public Accountants. He lives in Kearny, N.J. 13

14 Third-Party Management Holiday Inn (491 rooms) New York, N.Y. Holiday Inn Jamaica Queens JFK Airport (201 rooms) Jamaica, N.Y. Fairfield Inn & Suites (100 rooms) St. Louis, Mo. Hampton Inn Marion (89 rooms) Marion, Ind. Hampton Inn Mt. Vernon (101 rooms) Mt. Vernon, Ill. Courtyard Indianapolis South (83 rooms) Indianapolis, Ind. Fairfield Inn Indianapolis South (62 rooms) Indianapolis, Ind. Hampton Inn Anderson (99 rooms) Anderson, Mo. Fairfield Inn Joplin (64 rooms) Joplin, Mo. Hampton Inn Joplin (89 rooms) Joplin, Mo. Hilton Garden Inn Joplin (96 rooms) Joplin, Mo. 14

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16 CORPORATE OFFICE 49 Watermill Lane Great Neck, NY (516)