FOR YOUR HOSPITALITY ASSETS

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RELY ON OUR HOSPITALITY STRATEGIC ADVISORY & SERVICES NETWORK WITH LEADING INDUSTRY EXPERTS AT OUR CONFERENCES AROUND THE GLOBE BENEFIT FROM OUR EXCLUSIVE HVS RESEARCH & DATA 2016 HVS

FOR YOUR HOSPITALITY ASSETS Do you strive to increase the value of your assets? Increase profitability? Lower expenses? Time your acquisitions and dispositions? Optimize your compensation structure? Perhaps you require litigation support, hotel management contract negotiation guidance, or brand determination in your part of the world? With HVS, you receive cutting-edge insights and solutions for your hospitality-related challenges. Network and build your business at our global symposiums and conferences. Rub shoulders with the world s leading authorities and industry experts. Benefit from the timely and reliable data exclusive to the HVS Research and Articles Library. Succeed with our strategic advisory and local market knowledge.

CONSULTING AND VALUATION provides appraisals, market studies, feasibility studies and strategy consulting for single assets and portfolios of hotels worldwide, as well as mixed-use developments. Please refer to the list of Consulting & Valuation offices. EXECUTIVE SEARCH is the premier executive search and advisory firm providing human capital consulting services to leaders of the hotel, restaurant, and gaming industries. This includes senior-level executive search, mid-management recruitment, compensation consulting, business strategy, performance management and psychometric assessments and surveys. COURT WILLIAMS (AMERICAS) cwilliams@hvs.com, +1 516 248-8828 ext. 220 SIMON TUCKER-BROWN (EMEA) stuckerbrown@hvs.com, +44 77 9977-7783 MARK H KEITH (APAC) mkeith@hvs.com, + 852 2791-5868 NATWAR NAGAR (INDIA) nnagar@hvs.com, +91 124 461-6000 ext. 30 INVESTMENT BANKING provides you with one-stop shopping for the hospitality industry s investment banking needs, including financing, investment sales, and capital advisory. WILLIAM SIPPLE (AMERICAS) wsipple@hvs.com, +1 303 512-1226 CHARLES HUMAN (EUROPE) chuman@hvs.com, +44 20 7878-7771 DESIGN works around the globe and specializes in interior design, architecture, and project management for lodging industry. JONATHAN NEHMER jnehmer@hvs.com, +1 301 670-1635 ext. 115 SHARED OWNERSHIP services provide strategic advice, and marketing and sales solutions relevant to vacation ownership, residence clubs, condo hotels, branded residences, and mixed-use resort development. KATHY CONROY kconroy@hvs.com, +1 305 378-0404 ext. 1011 HOTEL MANAGEMENT helps you maximize the return on hospitality investments with hotel management, asset management, operations and consulting, and special services such as receivership and strategies for repositioning your property or hotel company. KIRBY PAYNE kpayne@hvs.com, +1 401 625-5016 CONVENTION, SPORTS & ENTERTAINMENT FACILITIES CONSULTING provides you with the specialized expertise necessary to analyze and implement public facilities projects, including convention centers, headquarters hotels, arenas, fairgrounds, water parks, and museums. TOM HAZINSKI thazinski@hvs.com, +1 312 587-9900 ext. 11

ASSET MANAGEMENT & ADVISORY offers a comprehensive range of strategic planning, asset oversight, operational and development consulting, franchise and management company evaluation and selection, and expert witness litigation support. MARK LYNN (AMERICAS) mlynn@hvs.com, +1 415 268-0357 KIRBY PAYNE (AMERICAS) kpayne@hvs.com, +1 401 625-5016 RUSSELL KETT (LONDON) rkett@hvs.com, +44 20 7878-7701 DEMETRIS SPANOS (MILAN) dspanos@hvs.com, +39 331 598-8235 ENERGY & SUSTAINABILITY services enable hospitality firms to identify cost-saving opportunities, enhance operational efficiency, and demonstrate a positive commitment to the environment to guests, investors and other stake holders. Our core services include benchmarking, auditing, project implementation support, certification and strategic advisory. MANAV THADANI (ASIA) mthadani@hvs.com, +91 124 461-6000 KEVIN GOLDSTEIN (AMERICAS) kgoldstein@hvs.com, +1 305 343-9004 RISK MANAGEMENT specifically addresses the needs of hotel owners and operators looking to reduce their overall cost of risk. We provide insurance solutions specific to the hospitality industry. Our expertise includes property, casualty, and employee benefits. JAMIE SHARPE riskmanagement@hvs.com, +1 917 971-0899 PROPERTY TAX services meet the increasing demand of hotel owners seeking to control their property tax valuation and expense. If you are uncertain about the accuracy of your latest U.S. assessment, and need representation or support through the process, we invite you to discuss our specialized approach. THOMAS DOLAN tdolan@hvs.com, +1 617 424-8912 PARKING services help you maximize the value and capture the full potential of hospitality parking assets. MARK FISCHER mfischer@hvs.com, +1 617 830-1614 GAMING services provide appraisals and, market and financial feasibility studies with comprehensive analysis of market support and financial projections for casinos and ancillary operations. SUZANNE R MELLEN smellen@hvs.com, +1 415 268-0351 SHANNON OKADA sokada@hvs.com, +1 702 242-6723 GOLF services provide appraisals, market and feasibility studies as well as litigation support for stand alone and mixed-use developments that include resort residential communities, mixed-use developments, membership clubs and golf facilities. DARIUS HATAMI dhatami@hvs.com, +1 303 301-1126 PROFESSIONAL SKILLS DEVELOPMENT provides superior learning and development solutions across the hospitality sector encompassing different methods of instructions and catering to specific requirements of the client. Its Executive Development Training Programs offer best-in-class trainings for key hotel functions. MILAN MOOKERJEE mmookerjee@hvs.com, +91 124 461-6000

NORTH AMERICA EUROPE MIDDLE EAST ASHEVILLE Janet Snyder jsnyder@hvs.com +1 972 978-4714 DENVER Rod Clough rclough@hvs.com +1 303 443-3933 NEW YORK Stephen Rushmore, Jr. srushmorejr@hvs.com +1 617 868-6840 ATHENS Demetris Spanos dspanos@hvs.com +39 331 598-8235 DUBAI Hala Matar Choufany hchoufany@hvs.com +971 4 3544-771 ATLANTA Michael Brophy mbrophy@hvs.com +1 678 628-6577 AUSTIN Shannon Sampson ssampson@hvs.com +1 512 626-9172 BOSTON Erich Baum ebaum@hvs.com +1 603 427-1739 BOULDER Rod Clough rclough@hvs.com +1 303 443-3933 CHARLESTON Heidi Nielsen hneilsen@hvs.com +1 843 847-1986 CHICAGO Stacey Nadolny snadolny@hvs.com +1 419 367-3879 DALLAS Russell Rivard rrivard@hvs.com +1 214 766-5394 HOUSTON Luigi Major lmajor@hvs.com +1 214 629-1135 LAS VEGAS Shannon Okada sokada@hvs.com +1 702 242-6723 LOS ANGELES Leah Dauer Murphy ldmurphy@hvs.com +1 424 208-1261 MEXICO CITY Richard Katzman rkatzman@hvs.com +52 55 5245-7590 MIAMI Kathy Conroy kconroy@hvs.com +1 305 378-0404 ext. 1011 MINNEAPOLIS Tanya Pierson tpierson@hvs.com +1 303 588-6558 NEW ORLEANS Adam Lair alair@hvs.com +1 504 231-2651 PHILADELPHIA Jerod Byrd jbyrd@hvs.com +1 901 481-3058 PORTLAND Kasia Russell krussell@hvs.com +1 970 227-7799 SAN FRANCISCO Suzanne R Mellen smellen@hvs.com +1 415 268-0351 ST. LOUIS Daniel McCoy dmccoy@hvs.com +1 970 215-0620 TORONTO Monique Rosszell mrosszell@hvs.com +1 416 686-2260 ext. 23 VANCOUVER Carrie Russell crussell@hvs.com +1 604 988-9743 ext. 225 LONDON Russell Kett rkett@hvs.com +44 20 7878-7701 MILAN Ezio Poinelli epoinelli@hvs.com +39 02 8734-3016 ASIA BANGKOK Christian Pucher cpucher@hvs.com +66 839 880-649 BEIJING Daniel Voellm dvoellm@hvs.com +852 3478-3999 HONG KONG Daniel Voellm dvoellm@hvs.com +852 3478-3999 NEW DELHI Achin Khanna akhanna@hvs.com +91 124-461-6000 ext. 64 SHANGHAI Steven Zhu szhu@hvs.com +86 21 2312-7639 SHENZHEN Henrich HUANG Chih Chao hhuang@hvs.com +86 755 2296-6156 SINGAPORE Hok Yean CHEE hychee@hvs.com +65 6293-4415 ext. 11 SOUTH AMERICA SÃO PAULO Diogo Canteras dcanteras@hvs.com +55 11 3093-2743 CARIBBEAN BAHAMAS Parris Jordan pjordan@hvs.com +1 917 902-2314 AFRICA CAPE TOWN Tim P Smith tsmith@hvs.com +44 7725 7810-43

CARIBBEAN HOTEL INVESMENT CONFERENCE & OPERATIONS SUMMIT (CHICOS) provides a two-day forum to address issues pertinent to the current needs of the Caribbean hospitality sector and to discuss the various complex but rewarding investment opportunities for hotel and resort development and acquisition in the region. HVS uses part of the proceeds from this conference for hospitality and tourism education and training of Caribbean residents. hvschicos.com CENTRAL FLORIDA HOTEL MARKET REVIEW, presented by HVS Miami, is a half-day event attended by owners, operators and everyone else who has a development interest in the Greater Orlando market. Discussion topics include a review of trends and forecasts, Orlando MSA hotel values and cap rates, recent foreign capital investment, new projects and their anticipated impact, in addition to investment sentiments. cfhmr.hvsconferences.com CHINA HOTEL INVESTMENT CONFERENCE (CHIC) is the most influential Hotel Investment Conference in China. CHIC is widely recognized by industry leaders, owners, developers, investors, financiers and professionals from around the globe. Held in Shanghai and co-hosted by the China Tourism Academy, Beijing International Studies University and HVS, the annual event is an important platform for key industry players with an interest in China. chinahotelconference.com HOTEL INVESTMENT CONFERENCE - SOUTH ASIA (HICSA) is globally recognized as the premier conference to discuss the growth and investment opportunities both within and outside India. The conference attracts hoteliers, investors, bankers, developers, designers and architects, providing one of the largest and most popular networking events in South Asia. HICSAconference.com HOTEL OPERATIONS SUMMIT INDIA (HOSI) is the only dedicated forum for hotel professionals in the region, offering valuable perspectives on improving operational efficiencies, enhancing service standards, optimizing revenues and increasing bottom lines. It brings together industry specialists, senior leadership, management teams and operations heads. HOSIconference.com HVS HOTEL MARKET CONNECTIONS is an HVS global event; seminars focusing on the local hospitality market are held in multiple cities around the world, all on the same day. Presentations include local valuation and feasibility trends, capital expenditure, supply and demand information, and much more for each respective event destination. hotelmarketconnections.com HVSconferences.com

TOURISM, HOTEL INVESTMENT & NETWORKING CONFERENCE (THINC) SRI LANKA, hosted by HVS, aims at attracting global attention to Sri Lanka and creating unparalleled value for all industry stakeholders with business interests in the country. Sri Lanka, a key emerging destination in South Asia, presents tremendous opportunity for regional and global investors, owners, operators, lenders, developers, and other industry players. The conference will bring to fore the country s strong tourism potential by showcasing its growth and investment opportunities, while also addressing some of the critical challenges in the region. THINCSriLanka.com TOURISM, HOTEL INVESTMENT & NETWORKING CONFERENCE (THINC) INDONESIA, co-hosted by HVS, the Indonesia Investment Coordinating Board (BKPM) and the Ministry of Tourism and Creative Economy Republic of Indonesia, is a two-day conference creating immense value for all participants and delegates who stand to gain vast knowledge, exchange ideas, share best practices, explore the latest industry trends, identify opportunities and foster new partnerships with their regional and international counterparts. THINCIndonesia.com MEXICO HOTEL & TOURISM INVESTMENT CONFERENCE (MEXHIC) engages attendees in the many challenges and opportunities of the Mexican and Central American lodging landscape. This event provides a forum for interaction between market participants focused on defining market drivers and visualizing a path for sound industry growth. MexHIC.com HVSconferences.com

Benefit and learn from the leading authority on hospitality consulting. Read through our exclusive articles, surveys, and research reports to gain Insight into the latest trends and topics. /library