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Item F2 BOARD OF COUNTY COMMISSIONERS AGENDA ITEM SUMMARY Meeting Date: July 16, 2008 Division: Engineering Bulk Item: Yes No x Department: Engineering Staff Contact PersonlPhone #:David S. Koppel. 292-4426 AGENDA ITEM WORDING: Presentation and discussion of the proposed hotel project at the Key West and Marathon Airport including a discussion of the respondents to the Request for Proposals for the Development, Construction, and Management services for said hotels. ITEM BACKGROUND: On June 4,2008 three proposals were received: 1) PRA Development and Management Corporation, 2) IDC Development Group, LLC, 3) Starwood Hotels & Resorts; only PRA's response included a proposal for the Marathon Airport. However, on June 26, 2008, a late response was received from the IDC Development Group, LLC, with a proposal for the Marathon Airport. Before construction can begin, modifications to the County's Comprehensive Plan, Code, and Land Development Regulations are required. Issues related to height, hotels in the airport district, and new transient units will be addressed. PREVIOUS RELEVANT BOCC ACTION: On 12-19-07 the BOCC approved the advertising of a request for proposals for this project. CONTRACT/AGREEMENT CHANGES: STAFF RECOMMENDATIONS: BOCC to direct staff to begin the process to change the regulations, and to select a Short List Committee, consisting of the County Engineer, the Director of Airports, the Airport Manager of the Marathon Airport, and the Division Director of Growth Management (or their designees), to evaluate and rank the proposals. TOTAL COST: $0.00 BUDGETED: Yes No COST TO COUNTY: $0.00 SOURCE OF FUNDS: REVENUE PRODUCING: Yes ~ No AMOUNT PER MONTH TBD Year APPROVED BY: County Atty _ OMBIPurchasing _ Risk Management _ DOCUMENTA TION: Included Not Required_ DISPOSITION: AGENDA ITEM # Revised 11/06 oIoJ II) Q.J ~ Ie E E = U) oIoJ C Q.J 't:I C o II) /!l ~ Ie II) o o I.. C. 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Trivette, Growth Management Division Director Date: July 8, 2008 RE: Airport Hotel Challenges The intention of this memo is to better qualify the regulatory hurdles which must be overcome to accomplish the construction of a hotel at either the Key West International Airport and/or the Marathon Regional Airport. The following are challenges to the development of a hotel at either airport location within Monroe County and should be undertaken if the BOCC wishes to proceed to bid selection. The hotel use is currently prohibited within the airport land use district. It was originally contended that the hotel use could be considered accessory to the airport use as it is in other locations with hotels which primarily serve airport customers. However, it is my recommendation that we pursue a text amendment to the land development regulations and comprehensive plan to more explicitly allow hotels as a use within this district. New transient development is currently prohibited within Monroe County. The Monroe County 2010 Comprehensive Plan Policy 101.2.6 requires that Monroe County prohibit new transient uses until the permit allocation system is revised to accommodate a percentage of our existing allocations for this use. The Monroe County Land Development Regulations section 9.5-120.5 enacts a prohibition on new hotel rooms until December of 2008. Currently Monroe County can allow transient units to be transferred from one location within the same planning area to another which could be seen as a remedy. I recommend that Monroe County pursue the limited exemption of some transient units from the ROGO allocation process based on a defined clearance time as established through the phased evacuation process. This type of remedy will require a text amendment to the land development regulations. The Monroe County 2010 Comprehensive Plan establishes a firm height restriction for buildings of 35 feet above grade level. The land development regulations currently maintain the same restriction with exceptions for affordable housing and hotels which may be constructed to a maximum height of 44 feet above grade level. This conflict should be resolved through a comp plan amendment allowing for the same exemptions. Presently the height restriction of 35 feet may be maintained and allow for hotel development within this height limitation. Summary: The development of a hotel at either the Marathon or Key West airport locations will require a minimum of one text amendment to both the land development regulations and the comprehensive plan which would allow hotels as a use within the appropriate current and future land use district. To facilitate allocation of units for hotel construction an additional set of text amendments will need to be accomplished establishing a ROGO exemption for a limited number of transient units. It is estimated that the minimum number of text amendments could be accomplished within 13 months. . . . . . . . . I . Page 1 r-.~ PRA PRA Development & Management Incorporated III South Independence Mall, Philadelphia PA 19106 .Ph: 215-922-4820 Fax: 215-351-9800 June 2, 2008 Monroe County Engineering Division 1100 Simonton Street, #2-216 Key West, Florida 33040 (305) 292-4426 - Phone (305) 295-4321 - Fax koppel-dave@monroecounty-fl.gov Dear Mr. Koppel: It is with great pleasure that PRA Development and Management Corporation (PRA), submits this proposal to the Monroe County Engineering Division, for the City of Key West International Airport and Marathon International Airport Developments. PRA is a fully integrated real estate development, construction and property management organization that has been in business for over forty years. To date, the firm has developed in excess of $500,000,000 of office, retail, industrial, residential and hospitality projects. PRA has developed and is developing projects in Connecticut, Pennsylvania, New Jersey, Virginia, Michigan, Illinois, Kansas and Florida. Over the last eight years the development focus has been on hotels. PRA is very interested in pursuing this public/private partnership with Monroe County to facilitate this hospitality development. We have been awarded (won) the RFP from the Connecticut Department of Transportation to build a Hyatt Place Hotel and an Embassy Suites by Hilton at the Bradley International Airport. We are currently working on this project and to this end, we feel that we are well positioned to pursue your development program as. outlined in your RFP. The proposal involves the development of the two hotels and will refer to the sites as "Parcel I" being the Key West International Airport site and "Parcel II" being the Marathon International Airport site. This proposal factors in, and is contingent on economies of scale in construction and operations of both hotels that will make the combined projects a viable undertaking. With regards to the Hilton at Key West International Airport, the goal of PRA is to create a destination hotel for both the business and vacation traveler and a property that will become a landmark for the Florida Keys. PRA is providing it's most comprehensive plan that is within the height guidelines of the county, realizing that it is over the height guidelines of the City of Key West. PRA has taken this aggressive approach on the basis that the location is at the airport in a corner location that is away from the core historical area. The hotel's height will make the development financially feasible, and will create the most value for the City, County and the State. Upon stabilization, the hotels will contribute annually over $500,000 in rent, over $500,000 in occupancy taxes and over $900,000 in sales taxes. Job creation will involve approximately 150 individuals, most locally based, during construction. Furthermore, approximately 100 full time equivalent permanent jobs will be created for the management and operation of the Hotels. The construction funds and permanent salaries will produce additional spending and jobs in both the local and state economies. PRA welcomes the potential opportunity to develop such unique projects and contribute to the economy of the city of Key West, Marathon, Monroe County and the State of Florida. We look forward to being selected as one of your finalists and welcome the opportunity to further discuss our proposal. ~- '" Cc: Vij. Chandra- VP Hotel Division. 'it 'Ib, 'II ilt;H.~ j;, I i ,i I) @ Bilton CONRAD ~ l_, -\ ,-,-. qt? OO\'/~UTUl II __M._","~l'j.Y .0."1');.. . ~i.~ JIII!~.r\ ~jc'ilrlk'lllnn ';it) ltilhllt (ir-.lt..,1 \.lW~ Ilnl." a. t. _..'t ..... ~ ) ~ _ 1.: (J Wi':'..!:}c:~'--.L-,41t10~1,a. @ Hi lion Gary Finnell Director Nandliw OllvelojJtOMt May 29, 2008 Mr. Vijnan Chandra Vice President - Hotel Division PRAOeveJopment & Mgmt. Corp. 11 t S. Independence Mall E. Suite 100 Philadelphia. PA 19106 Dear Mr. Chandra: It was pleuure diseussingwith you your finn's RFP response to the development of two hotels at the Key West and Marathon Airports in the Florida Keys. These two locatiMs are ofstrong interest for our Hilton and Hampton lnn brands and compliment your existing Hilton Garden Inn and Homewood Suites in OIastonbury CT, your Hilton Garden Inn in Wallingford, and the Hampton Inn in Norwicll, CT. We appreciate your continued relationship with :us and we look forward to W()rkittg with you and your company choosing the rigbtllilton brands for these locations, should you be su<X:eS$ful in your above noted R FP hid. Sincerely h~ Gary Finnell Director- Franchise Development ~ $Ql..~h(. .J'5t Rcqion 2 '" ".__'C ; _',' Pkwy. Sut100(). Atlanta, GA 30328 tel +-1 ,,' ;~':' 'sm. hlltotlfamil'{.com olflClal $pOl1SO< --)~:1:[\~~ I I PROPOSAL SUBMISSION FOR THE DEVELOPMENT, CONSTRUCTION AND MANAGEMENT OF HOTELS At KEY WEST INTERNATIONAL AIRPORT AND FLORIDA KEYS MARATHON AIRPORT, MONROE COUNTY FLORIDA By ~,' Ii PRA DEVELOPMENT AND MANAGEMENT CORPORATION June 2, 2008 I 1"1 ~ @ Hilton ;, "".""'.' ',~ lJ/!llllptlHv (/IUU "~~~~ ,~'~;_ " w.!WlI""~'fL<Ii'WAlWi~ t.t'k ""~, ' ", '.' .., w.\" , _ _ ' .. ,I I '\ .r1f~ .. ~ -, ,".t"-"-, . ~~ _.~' ~: t.~ . ,.~'~:0/~:, J,' I ~ ~ .~.....~ '~ , \i,' -' , - -, . - _iL -, III \ ~,,~ ""} ,l..''''_ --....._'_ ~, '. ~ :l ~ " , ;: ~_:.. ii~!J ~~{t.'J'11 ~ ~L.AL~~-~ ~.I;'~ ;ij.1 IOn' WJUfl' ~ - iLP",RlDAKKYS ,,'-' , ! " .,~ - , ,c~ ______-! 'i-, TABLE OF CONTENTS PART A: GENERAL INFORMATION Executive Summary Narrative Description Management Company Experience Statement Agreement Term PART B: TECHNICAL INFORMATION I I PART C: FINANCIAL INFORMATION PART D: OTHER RELATED INFORMATION PART E: SITE PLANS PART F: PROPOSAL DOCUMENTS I Iiii I G> CD :J CD .... Q) :J 0' 3 Q) .-+ cr :J I I Ii .. r Executive Summan:: The Full-Service 5 Star Hilton at the Key West International Airport (Parcel I) will consist of 19 floors, with a total of 164 rooms and a total building square footage of over 184,000 square feet. The project cost is estimated to be $40,575,000 and "ill fmanced through a 70 % loan and 30 % equity. Of the 30 % Equity, PRA will fund 60% with a minority partner to participate at 40%. The Limited-Service Hampton Inn at the Marathon Airport (parcel II) will consist of 4 floors with 64 rooms and a total building sq. footage of 100,805 square feet. The project cost is estimated to be $14,000,000 and will be financed by a 70% loan and 30% equity. Of the 30% equity, PRA will fund 60% with a minority partner to participate at 40%. The "Hotels" will provide travelers with upscale professionally managed and operated facilities that will demonstrate PRA' s ability to market and promote programs to obtain maximum patronage, while also maximizing the economic development of, and income generation to the "Airports," consistent with good business practices. The commitment to quality will extend to every component of the design, construction and management of the Hotel program including the professionalism of the employees servicing the public. The Hampton Inn proposed for Parcel II in Marathon will compliment the proposed Emergency Operations Center. The hotel will have adequate elevated parking and any existing parking that is eliminated at either hotel site due to construction will be recreated. Hotel rooms, kitchen and dining facilities, and meeting rooms "ill be made available at the Marathon hotel for EOC staff during times of emergency. The hotel will normally carry a two weeks inventory of necessary food and consumable supplies that will be made available to support EOC operations. In keeping with the policy and goal of the "County," PRA will have Disadvantaged Business Enterprises (hereinafter referred to as "DBE"), participate in all contracts to the maximum extent possible. PRA "ill also work with local organizations such as the Marathon Career Center and Key West Career Center to train and employ local workers in both temporary and permanent positions at the "Hotels". PRA will reach out to the State of Florida Agency for Workforce Innovation to find employees through workforce training programs such as Florida ReBuilds. Narrative Description Proposed Concepts: I I Parcel I - Hilton Hotel (Full Service): The proposed Hilton Hotel will be an upscale full service hotel. It will feature ocean views from every room. It will have an exciting fIrst class Restaurant and Lounge located on the second level. The third level will feature meeting and banquet rooms. Guest floors will carry a variety ofhigWy designed and technologically advanced rooms and suites. There will be a state of the art Rooftop Pool and Spa, and other amenities will include a Fitness Center, a Business Center, and valet parking. The updated program of the Hilton brand features a strong focus on an exciting new interior and exterior amenities and forward thinking technology that incorporates many new and unique applications of sensory branding into its hotels. (An overview of the standards and range of the Hilton full service brand is located in PART D) Parcel I1- Hampton Inn by Hilton (Limited Service): ;.;-" The proposed Hampton Inn hotel will feature an inviting lobby complete with an intimate Lounge area, and a breakfast dining area that will serve hot complimentary breakfasts daily. Guestrooms offer complimentary Wi-Fi access, plug and play technology and 32- inch HD television sets, easily enjoyed from a plush comer sofa chair or Hilton signature bed. Additional amenities include a Fitness Center, outdoor pool and a Business Center. I An overview of the standards and range of the Hampton Inn brand is located in PART D Overview of Hilton Corporation: r Hilton Hotels Corporation (NYSE:HL T) is the leading global hospitality company, with nearly 2,700 hotels and 475,000 rooms in more than 80 countries, with 150,000 team members worldwide. More than 2,300 hotels are owned, managed or franchised in the USA with a portfolio of some of the best known and highly regarded hotel brands including Hilton@, Conrad@, Doubletree@, Embassy Suites Hotels@, Hampton Inn@, Hampton Inn & Suites@, Hilton Garden Inn@, Hilton Grand VacationsTM, Homewood Suites by Hilton@ and The Waldorf=Astoria CollectionTM. Outside the USA, the company operates 262 hotels branded Hilton and 131 under the mid-market Scandic brand. Concepts & Representations: PRA has been working with Hilton Franchise Development to present the Hilton brands stated in this proposal. The franchise contact for the region and related communication to present the Hilton brands in this proposal is contained in Part D. From a concept standpoint, "Retail" will be limited to emergency toiletries, supplies, comfort snacks, newspapers and other media. This will be common to both hotels. Food & Beverage Concepts: A. Hampton Inn - Marathon Airport: I I Food & Beverage will be limited to a complementary hot breakfast program that will be consistent with the brand type and market sector that the hotel will accommodate. Also at 64 rooms a full service restaurant is not feasible, neither is there adequate space to facilitate same. The hotel will facilitate a 24 hour complimentary coffee program and will have cold sandwiches available for late arriving guests. The concept will be based on the Hampton hm brand program, the rights of which are normally covered in the Franchise Agreement. B. Hilton - Key West Airport: ., Food & Beverage (F&B) "rill entail an upscale dining and lounge concept. The name of the F &B outlets will based on local themes and will be consistent with Hilton established brand concepts and partnerships covered under the franchise agreement. At the time of the Miting of this proposal, our research indicates that a separate franchised destination restaurant will not materially out perform or attract additional room guests when compared to concepts under Hilton or its brand partnerships covered under the Franchise Agreement. The range of these are indicated in Part D. I ~ I I . I ,4 Mana2ement Company Under the standard Hilton Franchise Agreement, Hilton has to approve the management company. PRA is working on developing it's own management company and is expected to manage its hotels currently under construction. However PRA will conform to Hilton approval process and if necessary select an approved recognized company, which may include Hilton. r I I ~ I iii' I ~ Experience Statement PRA Development and Management Corporation and it's related entities (PRA) are a fully integrated real estate development, construction, property management and sales organization. PRA is headed by Mr. Joseph Pacitti, a real estate veteran with more than forty (40) years of development, design and architectural experience. Richard Astrella, the firms CFO and exclusive Real Estate Broker has played an integral part in the land acquisition, fmancing and sales in most of the companies transactions. Leading the Hotel Division is Vijnan Chandra with over 32 years of experience in the hotel development and operations area. Mr. Chandra worked 28 years with Westin Hotels and Hilton Brands in the area of hotel management, [mance and development. To date, the firm has developed in excess of $500,000,000 of office, retail, industrial and residential and hospitality projects nationally. The majority ofPRA's projects are located in the states of Pennsylvania, New Jersey, Delaware, Virginia, Connecticut, Michigan, Illinois, Kansas and Florida. PRA provides the following services: * Leasing and Development * Construction Management * Asset Management The Leasing and Development division of PRA provides a full range of services including site selection and analysis, detail project design and cost analysis. The firm has long established relationships within the commercial brokerage community and maintains in-house capability regarding lease structure and negotiation. PRA has experience in the coordination and resolution of site impact studies other related site issues with governmental agencies. The company's development services also include architectural and engineering design. The Construction Management division ofPRA provides a full range of construction and general contracting services. In its capacity as general contractor or construction manager the firm has successfully completed PRA's construction projects and third party projects. The firm has maintained excellent relationships with its subcontractors within each sub-market. The Construction Management division provides supervision and management of construction activity to ensure that all projects are completed on time and within budget. The firm has extensive experience in the planning, design, and construction of multistory office, regional mall, shopping center, and residential condominium projects. The Asset Management division of PRA incorporates the full capability to effectively manage the completed asset and provides property and contract management, tenant coordination, and relocation services. PRA also provides, financial, and accounting services. The firm has extensive experience in the negotiation and closing of acquisition, development and permanent financing sources for real estate projects. Partial List of Clients and Proiect Tenants I I Open Solutions, Inc. Meridian Automotive Systems Watson Wyatt Worldwide Continental Casualty Company (CNA) Blue Cross and Blue Shield Associates Corp of America (Ford) Hilb, Rogal and Hamilton Nationwide Insurance Zurich-American Insurance MCI Telecommunications Corporation Prudential Insurance Company Wausau Insurance Company Hewlett Packard Company General Services Administration Insurance Company of North America Milliken & Company Lumbermans Mutual Casualty Guardsman Products Shawmut National Corporation Fleet Bank Taco Bell Corporation Mercedes Benz of North America Nissan Motors U. S Army Corp. of Engineers IAE International Aerospace Engine Travelers Insurance Metropolitan Life Insurance Atlantic Mutual Insurance Company AON Risk Services Corporation Price Waterhouse Citgo Petroleum National Association of Security Dealers Royal Insurance Company Value City Pathmark Bradlees 1. C. Penney's CVS DrugsBoscovs l -." . I ~ I I r:: II I;e I ~ Agreement Term and Proposed Rent For both Parcels I and II, PRA proposes an initial lease term of25 years with three subsequent 10-year renewal terms. The primary reason for an initial term of25 years is that it is often the minimum period requirement for lenders. At 25 years a major renovation (gutting) is required and to finance this requires guaranteed extensions. PRA proposes a rent structure based on the greater of: 1) a base rent or, 2) Percentage of Gross Receipts. Due to the high cost to ramp up, PRA is proposing some relief by having no rent liability in the first year. Parcel I - Hilton - Key West Airport: · Annual Base Rent to be $ 0.00 in Year 1 then $144,000 in Year 2. and increased annually by the relative increase in the CPI. · Percentage Gross Receipts will be based on the following: Year 1: o % of Gross Rooms Revenue, o % of All Other Revenue Year 2: 2 % of Gross Rooms Revenue, plus 1 % of All Other Revenue Year 3 and Bevond: 3 % of Gross Rooms Revenue, plus 1 % of All Other Revenue Parcel II - Hampton Inn by Hilton: · Annual Base Rent to be $0.00 in Year 1 and $55,000 per year and increased annually by the relative increase in the CPI. · Percentage Gross Receipts will be based on the following: Year 1: o % of Gross Rooms Revenue, o % of All Other Revenue Year 2: 2 % of Gross Rooms Revenue, plus 1 % of All Other Revenue Year 3 and Bevond: 3 % of Gross Rooms Revenue, plus 1 % of All Other Revenue ~ o =r ::s ~ :i 0- 3 II) - 0- ::s Pro2ram Details Parcell: Hilton Key West Airport: (plans in Part E) · Room Count & Type: Kings 78 Queen/Queen 78 Suites ---1 Totti 164 · Total Floor Area (Not including parking deck): 145,400 square feet. I I · Total Parking Spaces: 245 (Grade: 166/ Elevated: 79) · A. Retail space limited to convenience shop at front desk area. B. Food & Beverage space 7,709 SF. C. Concept is upscale dining and lounge service per Hilton Brand. r I · Conference and Meeting Rooms: 4312 SF. Total Capacity 287 · Amenities: Rooftop Pool and Hot Tub - 5,340 SF, SPA - 500 SF Fitness Center - 500 SF, Business Center 200SF. I "" IIiI Parcel II: Hampton Inn by Hilton- Marathon Airport: (plans in PART E) · Room Count & Type ~ Kings Queen/Queen Ace. Queen/Q Total 42 18 ~ 64 · Total Floor Area (Not including parking deck): 28,756 SF. · Total Parking Spaces: 243 (Ground: 150/ Deck: 93) · A. Retail space limited to convenience kiosk at front desk area. B. Food & Beverage space 824 square feet. (Breakfast area) C. Breakfast service concept per Hilton Brand. · Small Meeting Rooms: 296 square feet. Capacity 20. · Amenities: Pool and Spa - 2,236 SF, Fitness Center - 295SF, Business Center 200SF I I I I I I Hotel & EOC Operations: I I The elevated parking is at the second level which is the same level as the lobby and fIrst set of guest rooms. At this level also is food & beverage services and admin areas. The elevated parking is designed such that EOC vehicles at the time of a flood emergency can move up to this level. J I I From an operations standpoint, the hotel will have a back up generator with signifIcant capacity to run key services in the hotel for a sustained period of time. The proposed EOC facility's second level can have physical connectivity to the hotel's second level. The hotel will carry at minimum food and supplies inventory for two weeks. In the event of an evacuation of the area, the hotel guest rooms, its kitchen and supplies will be made available to the EOC based on a pre-determined plan of action. Part of the process will entail a written and tested emergency plan in co-ordination with the EOC. Joint monthly drills will be conducted and the EOC management will be invited to attend the hotel's weekly operations meeting to keep updated on events impacting the hotel (and EOC). II t , Operational Plans - Strate2\' for first Class Hotel The fIrst approach in creating a fIrst class hotel is to establish a commitment from a brand synonymous with quality, performance, and has a reputation as being fIrst class worldwide. Associated with this, is to secure a management company that has the ability to produce results and adhere to the Quality Assurance standards set by the brand. The backbone of any hotel is its people and the focus will be on hiring and training. Focus will be on attitude because with a positive attitude one can be taught to do the functions necessary to succeed on the job. This approach along with the establishment of a Continuous Improvement Process for the facility will ensure that standards of performance will always be exceeded. r I I From a facility standpoint, the goal is to create an upscale facility, with a layout, furnishings, systems and services that are user friendly, yet provides security and focuses on the customer. Security of the customer is of primary importance and the facility will be built and managed to ensure that this is the number one priority. To run a successful safe hotel, operational partnerships will be needed. This includes but not limited to the airport authority, airport security, local agencies, suppliers, and brand management. PRA is of the opinion that such a path as stated above will ensure the successful establishment of a fIrst class hotel. ~i Ii t r Operational Plans - Understandin2 of Airports / EOC needs throu2hout term of A2reement PRA understands that Airport needs and standards must be met. PRA sees security as the most important area. To this end, Airport Security and EOC will be an integral part of the operations of the hotel. Airport security and EOC management will be invited to attend weekly management meetings and the hotel will share and keep Airport Security and EOC management informed of all pertinent information on group bookings, expected occupancies, guest traffic and any emergency situations. All employees will go through employment screening and will carry necessary and pertinent identification at all times. Deliveries processes will be consisted with Airport security standards. I I Service to travelers consistent with a modem airport operation will be met. This includes facilitating hotel guests, passengers and airport staff in situations of flight delays, cancellations, and airport closures, due to inclement weather or other. Process will be in place to ensure that additional supplies are brought in and that an adequate amount of rooms inventory is reserved for passengers and airport staff that have to stay over. PRA will ensure that all capital and renovation programs be first approved by the Airport Authority before they are executed. The presence of the hotel facilities will add additional funds (rents) to the County. These funds PRA believes, can be factored into the county budget planning and aid in the long-term development plan, for example floating a bond, paid from the hotel rents to develop the Emergency Operations Center. It is PRA's goal to play its part to ensure that the hotel(s) exceed their planned level of performance and deliver favorable levels of rents. ill t I Operational Plans - DBE Goals for Development PRA Development and Management Corporation's mission as a National Developer is to target a share of the employment and business opportunities generated by the development of our projects to minorities, women, the disabled, and local low-income residents and firms. We set out to ensure nondiscrimination in the hiring, purchasing, and contract awards for our projects and to promote local community economic development. PRA is committed to economic opportunities to disadvantaged individuals and businesses. This is best evidenced by our focus on the Brand and the Management Company and their company-wide diversity initiatives. Their diversity initiatives, will factor in key elements such as - Commitment, Accountability, Training, Measurement and Communication. They will also develop partnerships with the Community and its various social and employment agencies. DBEs will be identified and be part of the hotel bidding and service and sub-contract list. I I Our efforts of promoting economic opportunities to disadvantaged individuals and businesses will be consistent with standards set by the United States Government and certain federal statutes, including Presidential Executive Order 11246. These Federal statutes along with Local and State statutes require developers to make good-faith-efforts to contract with and purchase supplies from minority, women, and disabled-owned businesses, and to hire minorities and women in each construction trade utilized on the project. ~. If PRA is selected for this project, we will be responsible for implementing an Economic Opportunity Plan. This Plan will outline certain goals with regards to (1) specific hiring, contracting and purchasing; (2) coordination of a Minority Apprentice Program; (3) developing sound, attainable plans and implementing them; (4) making good faith efforts to meet our specified goals; (5) reporting on our efforts in a timely fashion to the appropriate entities; (6) and assisting in any creation and/or certification of any MinoritylWomen/Disabled owned Business Enterprises. Our plan will include the following phases: I t Stage 1: Proposal Phase - As a first step, we will submit as proposal as part of the Economic Opportunity Plan. This proposal will list our relevant experience and establish overall hiring, contracting, and purchasing goals' and describe a strategy for meeting them. I Experience - We will describe our prior experience with equal opportunity, affirmative action, Neighborhood Benefit Strategy and other similar initiatives. We will explain the nature of the past requirements, the activities undertaken, the goals established and the results actually attained for each activity. We will identify any community-based organizations that served as project partner, joint developer, or co-sponsor. Overall Proiect Goals - We will establish overall project goals for: Employment and Hiring - Federal regulations require developers to set the following goals for project-related hiring and employment: Local residents, 50%*; Minorities, 17.4%; Women, 6.9%; Disabled, established by developer. Professional Contracting - Federal regulations require developers to set the following goals for project-related professional contracting: Local fIrms, 50%*; MBE fIrms, 15%; WEE fIrms, 10%; DBE firms, 2%. Construction Contracting - Federal, state and local regulations require developers to set the following goals for project-related construction contracting: Local firms, 50%*; MBE, WBE and DBE firms, based on availability. Supply Purchasing - Federal, state and local regulations require developers to set the following goals for project-related supply purchasing: Local firms, 50%*; MBE firms, 15%; WEE firms, 10%; DBE firms, 2% 1.'~;1 -. I Implementation Strategy - We will describe the outreach and implementation strategy for achieving the project's economic opportunity goals. As part of the strategy statement, we will include/address the following elements: Identify individual(s) responsible for planning, implementing and tracking the project's economic opportunity goals. Describe their prior experience in this area. Describe efforts to identify, solicit and hire disadvantaged minority, female, and/or disabled individuals and low-income project-area residents. Identify any private or public resources that will be used. We will identify the local community organization(s) that we plan to utilize as the primary resource for community outreach for the purpose of workforce use and vendor services. Other resources may include the following clearinghouses for disadvantaged job-seekers: I i · YouthBuild, a HUD-funded education and job-training program that provides local high school drop-outs (ages 16-24) with basic construction experience · Local hiring halls, which can provide lists of construction laborers and mechanics belonging to local trade unions · Community-based organizations, for help in identifying local residents with relevant construction skills or training · Local unemployment offIces, for lists of unemployment workers from the construction trades I Describe plans for advertising/soliciting and selecting contractors for professional and construction services and supplies of building materials. . Describe plans to structure project activities in ways that create opportunities for project-area firms, disadvantaged minority/women/disabled business enterprises (M/W/DBEs), and neighborhood resident participation. Examples might include: · Negotiating joint ventures between minority/disadvantaged businesses and majority firms · Sizing construction tasks so that smaller firms can bid on them · Encouraging subcontractors to sponsor local residents in training and apprenticeship programs Stage 2: Project Selection Phase Proiect Contract Opportunities - We will specify all anticipated opportunities for professional service and construction contracting that will be generated by the project. Indicate which services, if any, have been secured already and which are still to be selected (see Bid Solicitation and Commitment below). Notification of CDOT - DBE - At a minimum, we will notify the Connecticut Department of Transportation's Disadvantaged Business Enterprise Program of all professional and construction contracting opportunities that will result from the project. Timeline for Selection of Professional Services and General Contractor - We will indicate the dates by which we expect to select and execute a contract with professional service providers and the general contractor. I I Bid Solicitation and Commitment - We will list all professional services and contractors solicited. Indicate the dollar value of any and all contracts committed, if any. Stage 3: Selection of a General Contractor Phase - The following documents must be provided by the general contractor, as part of the bid submission (if services are bid out) or upon selection. Contractor's Certificate of Compliance - The GC must sign and return a certification indicating their commitment to making good faith efforts to utilize disadvantaged and/or local low-income residents and businesses in the project. Ii Contractor's Workforce Needs - The GC must indicate the anticipated number of employment and training positions to be filled during the course of the project. t Stage 4: Construction Phase - We will be responsible for submitting the following information to the necessary entity once the project has entered the construction phase. Much of this information will be supplied by the general contractor. I Monthly Business Use - PRAlGC will detail all actual contracting activity, including dollar amounts, for each month the project is under construction. Monthly Workforce/Employment Use - PRAlGC will detail all actual employment activity, including wages paid, for each month the project is under construction. r I I jjj It = ... r , Operational Plans - MarketiDf! and Promotional Stratefdes Brand strength plays a vital role in the success and performance of a hotel. These subject hotels represent two of the strongest Brands in the world. Their corporate and local run national marketing programs will account for about fifty percent of our advertising costs. These national programs include special property listings in key upscale market publications, rate preference and last room availability for travelers associated with the established national companies Locally the hotel marketing team will work in establishing relationships with travel companies, including those with national affiliations, with associations, government agencies, sports and social groups. Local negotiated rates will be set giving pricing leverage to companies that produce the most room nights. The marketing team will work closely with the Tourism Board to ensure the hotels participate in the quote process and facilitate blocks of rooms for up coming events. Promotional strategies include teaming up with local community agencies for fund raising events and participating in sponsoring events at the hotel. The hotels will partner with interested airlines and run joint promotions utilizing brand facilities in other cities as rewards etc. Sales calls will be constantly be made to the local radio stations and other media outlets with promotional breakfasts and complimentary hotel stays. Internally there will be an array of special room package programs for weekend, special holidays, and to address seasonal low demand periods. Food & Beverage facilities will run seasonal promotions, theme events, festivals, and food and beverage product promotions. ." :r Q) ::J o ~ ::J 0- 3 Q) - o ::J I';' 'f;A I . ... I , f Estimated Development Financinl! and Investment Plan Parcell. Hilton Key West Airport: Total Costs: · Design, Engineering, Permits & Inspections · Hotel General Construction · Furniture Fixtures, Equipment $3,000,000 $34,455,000 $3,120,000 TOTAL $40,575,000 PRA plans to seek a loan of $28,402,000, which represents 70 % loan to cost. It is expected that this loan will be a five-year mini-perm (initial term) with interest only during the construction period. At opening both interest and principal will be paid monthly based on an amortization period of 25 years. After the initial term, permanent fmancing will be arranged. The 30 % balance of the cost of $12,172,500 will be provided through equity from PRA at $7,303,500 (60% Equity) and a minority investor/s at $4,869,000 (40% Equity). During the construction period PRA will guarantee the loan but will arrange with the lender to move into a non-recourse position based on a mutually acceptable debt service coverage (DSC) ratio. PRA has the financing capability as current examples exist, at its majority owned (52 %) Hilton Garden Inn and Homewood Suites by Hilton in Glastonbury, CT where both projects were financed and operate on the above noted ratios and minority partners. A personal financial statement indicating net worth is provided to support guarantee process. Parcel II. Hampton Inn by Hilton - Marathon Airport: Total Costs: · Design, Engineering, Permits & Inspections · Hotel General Construction · Furniture Fixtures, Equipment $1,545,000 $11,367,000 $1,088,000 TOTAL $ 14,000,000 As in Phase I, PRA plans to seek a loan of$9,800,000, which represents 70 % loan to cost. It is expected that this loan will be a five-year mini-perm (initial term) with interest only during the construction period. At opening both interest and principal will be paid monthly based on an amortization period of 25 years. After the initial term, permanent financing will be arranged. The 30 % balance of the cost of$4,200,000 will be provided through equity from PRA at $2,520,000 (60% Equity) and a minority investor/s at $1,680,000 (40% Equity). During the construction period PRA will guarantee the loan but will arrange with the lender to move into a non-recourse position based on a mutually acceptable debt service coverage (DSC) ratio. PRA has the financing capability as current examples exist at its majority owned (52 %) Hilton Garden Inn and Homewood Suites by Hilton in Glastonbury, CT where both projects were fmanced and operate on the above noted ratios and with minority partners. I I ~ iii lR! I , Estimated Emplovee Count and Associated Salary: The table below indicates the expected number of employees and related salary. The numbers are stated in full time equivalents and represent the staffing levels when the proposed Hilton _ Key West Airport reaches a stabilized level. Please note that security personnel where needed will be provided by a third party professional and approved agency. TABLE! Table of Employee Count & Salary - Hilton Key West Airport: I Rte Category FTE Rate Type Management: General Manager 1 - $120,000 Yr. Front Office Manager/AGM 1 - $ 48,000 Yr. Director of Sales 1 - $ 60,000 Yr. Food & Beverage Manager 1 - $ 55,000 Yr. Chef 1 - $ 60,000 Yr. Ex. Housekeeper 1 - $ 48,000 Yr. Chief Engineer 1 - $ 48,000 Yr. Total Mgmt. 7 Admin: Sales Mgrs 2 - $ 40,000 Yr. Admin. Asst 1 - $ 30,000 Yr. Front Office Ag ents/ Audit 8 - $ 12.00 Per Hr. Total Admin. 11 Retail Services: 0 Food & Beverage Services: Cooks 10 - $ 13.00 Per Hr. Bartenders 4 - $ 9.00 Per Hr. Servers 14 - $ 9.00 Per Hr. Total F&B Services 28 Cleaning & Maintenance Room Attendants 17 - $ 12.00 Per Hr. Housepersons 8 - $ 11,50 Per Hr. Maintenance Workers 4 - $ 13.00 Per Hr. Total Cleaning & Maint. 29 Total Full Time EQuivalents 75 I I . I I I I Estimated Emplovee Count and Associated Salary The table below indicates the expected number of employees and related salary. The numbers are stated in full time equivalents and represent the staffing levels when the Hampton Inn bv Hilton - Marathon Airport reaches a stabilized level. Please note that security personnel where needed will be provided by a third party professional and approved agent TABLE 2 Table of Employee Count & Salary - Hampton Inn by Hilton - Marathon Airport I Rte Category FTE Rate Type Management: General Manager 1 - $ 60,000 Yr. Front Office Manager/AGM 1 - $ 38,000 Yr. Director of Sales 0 - $ 45,000 Yr. Food & Beverage Manager 0 - $ - Yr. Chef 0 - $ - Yr. Housekeeper 1 - $ 33,000 Yr. Maint. Engineer 1 - $ 33,000 Yr. Total Mgmt. 4 Admin: Sales 1 - $ 25,000 Yr. Admin. Asst 0 - $ - Yr. Front Office Ag ents/ Audit 6 - $ 12.00 Per Hr. Total Admin. 7 Retail Services: 0 Food & Beverage Services: Cooks 0 - $ - Per Hr. Bartenders 0 - $ - Per Hr. Servers 2 - $ 900 Per Hr. Total F&B Services 2 Cleaning & Maintenance Room Attendants 8 - $ 11.50 Per Hr. Housepersons 3 - $ 11.50 Per Hr. Maintenance Workers 1 - $ 12.50 Per Hr. Total Cleaning & Maint. 12 Total Full Time Equivalents 25 ( I Gross receipts Estimate of Gross Receipts HILTON Key West (Parcel I): Average Annual Rooms Revenue (25 yrs) Average Annual all Other Revenue (25 yrs) Total ~., .. I HAMPTON INN - Marathon Airport (Parcel II Average Annual Rooms Revenue Average Annual all Other Revenue Total Percenta2e of Gross Receipts I iiiii HILTON Key West (Parcel I) !11 Avg. Annual Percent Rent Rooms (0/2/3%) A vg Annual Percent Rent All Other (1 %) Total , HAMPTON INN - Marathon Airport Avg. Annual Percent Rent Rooms (0/2/3%) A vg Annual Percent Rent All Other (1 %) Total $ 13,390,000 $ 2,907,000 $ 16.297,000 $ 3,275,000 $ 86.000 $ 3,361.000 $402,000 $ 29.000 $ 431.000 $164,000 $ 1.000 $ 165,000 Service Pricin~ The pricing strategy will take into consideration the following: · Fair and not in conflict with concessions already at the airport · The target market is the hotel guest who is already in house · Room rates will be market driven and be consistent with rates in the immediate market area and given the Quality of the hotel product. · Consideration and special rate concession to distressed passengers and Airport personnel. · General local restaurant and banquet pricing will reflect competitive pricing standards. I'" ~.' " I r ~-, ;ow II I Surety Information PRA Development and Management Corporation has never had a bond or other form of surety canceled or forfeited. I I Ilii .. 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'... !...;'::~~::;~F,'~~,:,~~>~i,i:':'t~1i',,?;{,~,,:';.:i::~.~=;~::.~ :'.::~f.'!!~5~:j~!H~;L::::,~,~:", :1:; :L'.., ,~~~':'; ,~. ,:~:.:.t:'-1'~,'~t ::." ~ " .. 1{tp<:~k ;l~~~:I>;~>:~ i'. ~~~ ..:" ~~\;:rE~ _.~' \::~~:,:~~; ~ '~:JJ(';;-i'?~~ .'~ "l .,t":~/I:S-...'J~~.~ ",-1.~{\'''l '.jJ m{,,::c. "}h~'''':;I'' ,-i",~ *~,':"~:\'If""'~~)~.V11\-1C1]o;'.>"'i'<: .........~~ :,':.i~^i';.:-" " ".,/, ',' .. .'.' . ~ '; > ~~;;: ~~.~:~~ ~ ~~r"..~;~.~. Other Related Information 1. A list of the entity's shareholders with five (5) percent or more of the stock or, if a general partnership, a list of the general partners; or, if a limited liability company, a list of its members; if a solely owned proprietorship, names(s) of owner(s). A copy of documentation demonstrating that the entity is a legally viable entity shall be attached. Joseph Pacitti - President, Vice President, Secretary (Articles of Incorporation are attached) 2. A list of the officers and directors of the entity; Same as Above 3. Relevant Experience: The number of years the person or entity has been operating and, if different, the number of years it has been providing the service, goods, or construction services called for in the bid specifications (include a list of similar projects); I Forty Years - See Experience Statement , 4. The number of years the person or entity has operated under its present name and any prior names; Forty Years - See Experience Statement j 5. Answers to the following questions regarding claims and suits: a) Has the person or entity ever failed to complete work or provide the goods for which it has contracted? (If yes, provide details.) NO b) Are there any judgments, claims, arbitration proceeding or suits pending or outstanding against the person or entity, or its officers or general partners? (If yes, provide details.) NO I c) Has the person or entity, within the last five (5) years, been a party to any law suits or arbitrations with regard to a contract for services, goods or construction services similar to those requested in the specifications with private or public entities? (If yes, provide details.) NO I d) Has the person or entity ever initiated litigation against the County or been sued by the County in connection with a contract to provide services, goods or construction services? (If yes, provide details.) NO 6. Whether, within the last five (5) years, the Owner, an officer, general partner, controlling shareholder or major creditor of the person or entity was an officer, general partner, controlling shareholder or major creditor of any other entity that failed to perform services or furnish goods similar to those sought in the request for bids; NO 8. Credit References (minimum of three); 9. Financial statements for the prior three years. Attached 10. Companies proposed to implement RFP and organizational relationships with Proposer( s ). N/A at this Time I 'I i\ I I I Joseph Pacitti, et al Statement of Financial Condition as of December 31,2006 Assets Cash $ 380,000 Investment Equity Front Street Development Associates 8,300,648 Pennsylvania Avenue Land Development Associates 6,996,194 Meriden Land Development, Ltd. 4,427,248 I O. E. Limited Partnership 1,335,887 -PRA Development & Management 494,310 PRA at Somerset, LLC 3,600,634 Vernon Park Plaza, LLC 2,651,644 - O. E. Orange Limited Partnership 81,927 PRA Suites at Windsor, LLC 2,060,340 PRA Glastonbury, LLC 5,938,201 j PRA Suites at Glastonbury, LLC 5,382,673 JM Aviation Boulevard, LLC 146,135 PRA Aviation, LLC 815,015 PRA at Norwich LLC 810,102 I PRA Wallingford LLC 2,838,583 Real Estate 5,605,000 Deposits on Real Estate 0 Personal Effects (including jewelry) 1,500,000 Life Insurance 4,000,000 Total Assets $ 57,364,541 I Liabilities Mortgages, Notes & Business Loans 2,488,921 Estimated Income Taxes based on the difference I between the estimated current values of assets and their tax bases. 12,591,111 Net Worth 42,284,510 Total Liabilities & Net Worth $ 57,364,541 See accompanying Notes to the Financial Statement Joseph Pacitti, et al Notes to Financial Statement as of December 31,2006 Note A - Basis of Accounting The accompanying financial statement includes the assets and liabilities of Joseph Pacitti. Assets are stated at their estimated current values and liabilities at their estimated current amounts. Note B - Front Street Development Assoc, The investment in Front Street Development is an 100% interest in a real estate development limited partnership, The estimated current value is determined by the appraised value of the partnership assets less liabilities. MARKET BOOK VALUES VALUES I Current Assets 648 648 Land, Building and Improvements 14,200,000 4,865,641 Other Assets 199,645 Ii TOTAL ASSETS 14,200,648 5,065,934 LIABILITIES I Current Liabilities 400,000 400,000 Mortgage Payable 5,500,000 5,500,000 TOTAL LIABILITIES 5,900,000 5,900,000 EQUITY 8,300,648 (834,066) Note C - Pennsylvania Avenue Land Development Assoc. Ii I The investment in Pennsylvania Avenue Land Development Associates is an 100% interest in a real estate development limited partnership. The estimated current value is determined by the appraised value of the partnership assets less liabilities. MARKET BOOK VALUES VALUES Current Assets 71 , 194 71 , 1 94 Land, Building and Improvements 11,500,000 1,530,837 Other Assets 0 149,130 TOTAL ASSETS 11,571,194 1,751,161 LIABILITIES Current Liabilities 75,000 75,000 Mortgage Payable 4,500,000 4,500,000 TOTAL LIABILITIES 4,575,000 4,575,000 EQUITY 6,996,194 (2,823,839) 2 Note D - Meriden Land Development, Ltd. The investment in Meriden Land Development, Ltd is a 100% interest in a real estate development limited partnership. The estimated current value is determined by the appraised value of the partnership assets less liabilities. The investment in O.E. Limited Partnership is a 100% interest in a real estate development limited partnership. Joseph Pacitti is 99% Limited Partner and J ,P JO.E. Development Corp is a 1 % General Partner. Joseph Pacitti holds 100% of the stock of J.PJO.E. Development Corp. The estimated current value of O.E. Limited Partnership is determined by the appraised value of the partnership assets less liabilities. I MARKET BOOK VALUES VALUES I Current Assets 887 887 Land, Building and Improvements 3,300,000 612,579 Other Assets 0 0 TOTAL ASSETS 3,300,887 613,466 LIABILITIES Mortgage Payable 1,965,000 1,965,000 TOTAL LIABILITIES 1,965,000 1,965,000 EQUITY 1,335,887 (1,351,534) 3 Note F - PRA Development & Management Corp. The investment in PRA Development & Management is a 100% interest in a real estate development corporation. The estimated current value is determined by the appraised value of the corporate assets less liabilities. The investment in PRA at Somerset, LLC is a 100% interest in a real estate development limited liability company, The estimated current value is determined by the appraised value of the partnership assets less liabilities. MARKET BOOK I VALUES VALUES Current Assets 634 634 Land, Building and Improvements 4,200,000 1,777,482 I Other Assets 0 0 TOTAL ASSETS 4,200,634 1,778,116 LIABILITIES Mortgage Payable 600,000 600,000 TOTAL LIABILITIES 600,000 600,000 EQUITY 3,600,634 1,178,116 4 Note H - Vernon Park Plaza, LLC The investment in Vernon Park Plaza, LLC is a 100% interest in a real estate development limited liability company. The estimated current value is determined by the appraised value of the partnership assets less liabilities. I MARKET BOOK VALUES VALUES Current Assets 5,239 5,239 Land, Building and Improvements 4,450,000 1,824,764 Other Assets 0 53,930 TOTAL ASSETS 4,455,239 1,883,933 LIABILITIES Current Liabilities 0 0 Mortgage Payable 1,803,595 1,803,595 TOTAL LIABILITIES 1,803,595 1,803,595 EQUITY 2,651,644 80,338 II I Note I - O.E Orange Limited Partnership The investment in O.E. Orange Limited Partnership is a 100% interest in a real estate development limited partnership. Joseph Pacitti is 99% Limited Partner and J.P./O.E. Development Corp is a 1% General Partner. Joseph Pacitti holds 100% of the stock of J.P./O.E. Development Corp. The estimated current value of O.E. Orange Limited Partnership is determined by the appraised value of the partnership assets less liabilities, MARKET BOOK VALUES VALUES J 81 Current Assets 4,701 4,701 Land, Building and Improvements 7,730,000 939,548 I Other Assets 0 240,239 TOTAL ASSETS 7,734,701 1,184,488 LIABILITIES Current Liabilities 0 0 Mortgage Payable 7,652,774 7,652,774 TOTAL LIABILITIES 7,652,774 7,652,774 EQUITY 81,927 (6,468,286) 5 Note J - PRA Suites at Windsor,LLC The investment in PRA Suites at Windsor, LLC is a 100% interest in a real estate development limited liability company. The estimated current value is determined by the appraised value of the partnership assets less liabilities. I MARKET BOOK VALUES VALUES Current Assets 4,219 4,219 Land, Building and Improvements 4,200,000 2,308,179 Other Assets 0 0 TOTAL ASSETS 4,204,219 2,312,398 LIABILITIES Current Liabilities 0 0 Mortgage Payable 2,143,879 2,143,879 TOTAL LIABILITIES 2,143,879 2,143,879 EQUITY 2,060,340 168,519 ,. , I Note K - PRA Glastonbury, LLC ;" j ,'I 'I The investment in PRA Glastonbury, LLC is a 60% interest in a real estate development limited liability company. The estimated current value is determined by the appraised value of the partnership assets less liabilities. MARKET BOOK VALUES VALUES ;_,/_1 I Current Assets 452,002 452,002 Land, Building and Improvements 23,250,000 14,198,958 I Other Assets 0 160,244 TOTAL ASSETS 23,702,002 14,811,204 - -~1 LIABILITIES Current Liabilities 305,000 305,000 Mortgage Payable 13,500,000 13,500,000 TOTAL LIABILITIES 13,805,000 13,805,000 EQUITY 9,897,002 1,006,204 6 Note L - PRA Suites at Glastonbury, LLC The investment in PRA Suites at Glastonbury, LLC is a 60% interest in a real estate development limited liability company. The estimated current value is determined by the appraised value of the partnership assets less liabilities. I ~ MARKET BOOK VALUES VALUES Current Assets 98,642 98,642 Land, Building and Improvements 22,500,000 18,447,056 Other Assets 0 145,212 TOTAL ASSETS 22,598,642 18,690,910 LIABILITIES Current Liabilities 577 ,520 577,520 Mortgage Payable 13,050,000 13,050,000 TOTAL LIABILITIES 13,627,520 13,627,520 EQUITY 8,971,122 5,063,390 I '~l 'I I The investment in JM Aviation Boulevard, LLC is a 60% interest in a real estate development limited liability company. The estimated current value is determined by the appraised value of the partnership assets less liabilities. Note M - JM Aviation Boulevard, LLC MARKET BOOK VALUES VALUES I <,'. Current Assets 15,010 15,010 Land, Building and Improvements 1,500,000 1,489,926 I Other Assets 0 0 TOTAL ASSETS 1,515,010 1,504,936 LIABILITIES Current Liabilities 5,000 5,000 Mortgage Payable 1,266,452 1,266,452 TOTAL LIABILITIES 1,271,452 1,271,452 EQUITY 243,558 233,484 7 MARKET BOOK VALUES VALUES Current Assets 10,102 10,102 Land, Building and Improvements 1,600,000 702,802 I Other Assets 0 200,000 TOTAL ASSETS 1,610,102 912,904 I LIABILITIES Current Liabilities 0 0 Mortgage Payable 800,000 800,000 TOTAL LIABILITIES 800,000 800,000 EQUITY 810,102 112,904 I I I Note N - PRA Aviation, LLC The investment in PRA Aviation, LLC is a 100% interest in a Aircraft. The estimated current value is determined by the appraised value of the partnership assets less liabilities. MARKET BOOK VALUES VALUES Current Assets 15,015 15,015 Aircraft 3,800,000 3,790,000 Other Assets 0 0 TOTAL ASSETS 3,815,015 3,805,015 LIABILITIES Current Liabilities 0 0 Note Payable 3,000,000 3,000,000 TOTAL LIABILITIES 3,000,000 3,000,000 EQUITY 815,015 805,015 Note 0 - PRA at Norwich LLC The investment in PRA at Nowich LLC is a 100% interest in a real estate development LLC. The estimated current value of PRA at Norwich LLC is determined by the appraised is determined by the appraised value of the partnership 8 Note P - PRA Wallingford LLC The investment in PRA Wallingford LLC is a 100% interest in a real estate development LLC. The estimated current value of PRA Wallinford LLC is determined by the appraised value of the partnership assets less liabilities. MARKET BOOK VALUES VALUES Current Assets 202 202 Land, Building and Improvements 3,200,000 2,194,862 Other Assets 1,100,000 0 TOTAL ASSETS 4,300,202 2,195,064 LIABILITIES Current Liabilities 0 0 I Mortgage Payable 1 ,461 ,619 1,461,619 TOTAL LIABILITIES 1,461,619 1,461,619 II EQUITY 2,838,583 733,445 I Note Q - Real Estate & Related Mortgages The value of real estate was determined by appraised value. If an appraised value was not available, comparable sales were used, MARKET CURRENT VALUE MORTGAGE Residence - Key Colony Beach, FL 3,000,000 1,050,000 Residence - Westmont, NJ and. It Condominium Unit - Wildwood Crest, NJ 1,985,000 1,080,809 Condominium Unit - Wildwood Crest, NJ 420,000 281,616 I Condominium Unit - Mt. Tremblant, Canada 200,000 76,496 5,605,000 2,488,921 9 Note R - Mortgages and Notes Payable A mortgage to Parke Bank secured by a condominium unit in the Florida Keys, Land in Meriden, CT and Land in Windsor, CT and Nowich, CT. The mortgage is for $3,825,000, '1 year term. The interest is payable at the rate of WSJ Prime +2%. Monthly only interest payments. The balance outstanding on December 31,2006 was $3,825,000 The portion allocated to the condominium was $1,050,000. A mortgage on a residence located in Westmont, N.J, and a Condominium located in Wildwood Crest" N.J. payable to Nova Savings Bank. The Mortgage is for $1,100,000. Interest is payable at a rate of 6.375% for thirty year term. Monthly principal & Interest payments are $6,862.57. The balance on December 31,2006 was $1,080,809. A mortgage on unit 801 at Ocean Towers Condominiums in Wildwood, N.J. payable to Popular Financial Services. The mortgage is for $285,000. I nterest is payable at a rate of 6.74 %, 5 year adjustable, th irty year term. Monthly principal and interest payments are $1,846.61. The balance outstanding on December 31,2006 was $281,616. I - I A mortgage to HSBC Bank, Canada on a 25% interest in a condominium unit in Mount Tremblant, Canada. The mortgage is for $90,440. Interest is payable at a rate of 5.85%. Monthly principal and interest payments are $574.05. The balance outstanding on December 31,2006 was $76,496. Summary of Mortgages and Notes Payable I" C" Parke Bank Nova Savings Bank Popular Financial Services HSBC Bank Canada $ 1,050,000 1,080,809 281,616 76,496 2,488,921 Total $ Note P - Estimated Income Taxes II Estimated income taxes have been provided on the excess of the current market values of the assets over their tax bases as if the gains have been realized on the statement date, using applicable tax laws and regulations. The provision will probably differ from the amounts of income taxes that eventually might be paid because those amounts are determined by the timing and method of disposal or realization and the tax laws and regulations in effect at the time of disposal or realization. I 10 Joseph Pacitti, et al Statement of Financial Condition as of March 31, 2006 Assets Cash & Investments $ 820,984 Investment Equity Front Street Development Associates 9,124,466 I Pennsylvania Avenue Land Development Associates 8,259,989 Meriden Land Development, Ltd. 1,250,406 O. E. Limited Partnership 1,206,665 PRA Development & Management 501,908 ~ PRA at Somerset, LLC 3,586,802 Vernon Park Plaza, LLC 2,327,681 O. E. Orange Limited Partnership 45,094 I PRA Suites at Windsor, LLC 3,110,000 PRA Glastonbury, LLC 5,587,931 PRA Suites at Glastonbury, LLC 4,844,434 JM Aviation Boulevard, LLC 124,967 i PRA Aviation, LLC 700,000 i I Real Estate 7,430,000 Deposits on Real Estate 240,850 Personal Effects (including jewelry) 1,500,000 Life Insurance 4,000,000 Total Assets $ 54,662,177 I ";<:- Liabilities Mortgages, Notes & Business Loans 2,500,637 I Estimated Income Taxes based on the difference between the estimated current values of assets and their tax bases. 12,577,211 Net Worth 39,584,328 Total Liabilities & Net Worth $ 54,662,177 See accompanying Notes to the Financial Statement 1 Joseph Pacitti, et al Notes to Financial Statement as of March 31, 2006 Note A - Basis of Accounting The accompanying financial statement includes the assets and liabilities of Joseph Pacitti. Assets are stated at their estimated current values and liabilities at their estimated current amounts, Note B - Front Street Development Assoc. The investment in Front Street Development is an 100% interest in a real estate development limited partnership. The estimated current value is determined by the appraised value of the partnership assets less liabilities. MARKET BOOK VALUES VALUES I Current Assets 24,466 24,466 Land, Building and Improvements 14,200,000 4,718,045 ~ Other Assets 49,788 TOTAL ASSETS 14,224,466 4,792,299 I , LIABILITIES Current Liabilities 550,000 550,000 Mortgage Payable 4,550,000 4,550,000 TOTAL LIABILITIES 5,100,000 5,100,000 EQUITY 9,124,466 (307,701 ) .) I Note C - Pennsylvania Avenue Land Development Assoc. I The investment in Pennsylvania Avenue Land Development Associates is an 100% interest in a real estate development limited partnership, The estimated current value is determined by the appraised value of the partnership assets less liabilities, Current Assets Land, Building and Improvements Other Assets MARKET BOOK VALUES VALUES 1,409,989 1,409,989 11,500,000 885,124 152,800 12,909,989 2,447,913 150,000 150,000 4,500,000 4,500,000 4,650,000 4,650,000 8,259,989 (2,202,087) 2 TOTAL ASSETS LIABILITIES Current Liabilities Mortgage Payable TOTAL LIABILITIES EQUITY Note 0 - Meriden Land Development, Ltd. The investment in Meriden Land Development, Ltd is a 100% interest in a real estate development limited partnership. The estimated current value is determined by the appraised value of the partnership assets less liabilities. MARKET BOOK VALUES VALUES Current Assets 406 406 Land, Building and Improvements 1,910,000 1,988,254 Other Assets 141,517 TOTAL ASSETS 1,910,406 2,130,177 I LIABILITIES Current Liabilities 0 0 ~ Long Term Liabilities 660,000 660,000 TOTAL LIABILITIES 660,000 660,000 I EQUITY 1,250,406 1,470,177 Note E - Q,E. Limited Partnership ~~ II I The investment in O. E. Limited Partnership is a 100% interest in a real estate development limited partnership. Joseph Pacitti is 99% Limited Partner and J.P. Corp is a 1 % General Partner. Joseph Pacitti holds 100% of the stock of J. P. Corp. The estimated current value of 0, E. Limited Partnership is determined by the appraised value of the partnership assets less liabilities. MARKET BOOK VALUES VALUES Current Assets 6,665 6,665 Land, Building and Improvements 3,300,000 451,277 Other Assets 0 25,806 TOTAL ASSETS 3,306,665 483,748 LIABILITIES Mortgage Payable 2,100,000 2,100,000 TOTAL LIABILITIES 2,100,000 2,100,000 EQUITY 1,206,665 (1,616,252) 3 Note F - PRA Development & Management Corp. The investment in PRA Development & Management is a 100% interest in a real estate development corporation, The estimated current value is determined by the appraised value of the corporate assets less liabilities, MARKET BOOK VALUES VALUES Current Assets 51 ,908 51,908 Equipment 1,100,000 19,993 Other Assets 0 0 Total Assets 1 ,151 ,908 71 ,901 LIABILITIES I Current Liabilities 100,000 100,000 Mortgage Payable 550,000 550,000 ~ Total Liabilities 650,000 650,000 EQUITY 501,908 (578,099) i > , ",j . I Note G - PRA at Somerset, LLC The investment in PRA at Somerset, LLC is a 100% interest in a real estate development limited liability company, The estimated current value is determined by the appraised value of the partnership assets less liabilities. MARKET BOOK VALUES VALUES Current Assets 985 985 Land, Building and Improvements 4,200,000 1,777,318 Other Assets 0 0 TOTAL ASSETS 4,200,985 1,778,303 LIABILITIES Loan Payable 14,183 14,183 Mortgage Payable 600,000 600,000 TOTAL LIABILITIES 614,183 614,183 EQUITY 3,586,802 1,164,120 4 Note H - Vernon Park Plaza, LLC The investment in Vernon Park Plaza, LLC is a 100% interest in a real estate development limited liability company. The estimated current value is determined by the appraised value of the partnership assets less liabilities. MARKET BOOK VALUES VALUES Current Assets 5,355 5,355 Land, Building and Improvements 4,450,000 1,799,592 Other Assets 0 98,862 TOTAL ASSETS 4,455,355 1,903,809 I LIABILITIES Current Liabilities 0 0 Mortgage Payable 2,127,674 2,127,674 ~ TOTAL LIABILITIES 2,127,674 2,127,674 i EQUITY 2,327,681 (223,865) '; <">'~ I I j Note I - O.E Orange Limited Partnership IS I The investment in O. Orange Limited Partnership is a 100% interest in a real estate development limited liability company, The estimated current value is determined by the appraised value of the partnership assets less liabilities. MARKET BOOK VALUES VALUES Current Assets 21,596 21,596 Land, Building and Improvements 7,730,000 968,586 Other Assets 0 307,619 TOTAL ASSETS 7,751,596 1,297,801 LIABILITIES Current Liabilities 0 0 Mortgage Payable 7,706,502 7,706,502 TOTAL LIABILITIES 7,706,502 7,706,502 EQUITY 45,094 (6,408,701 ) 5 j I MARKET BOOK VALUES VALUES I Current Assets 3,583,218 3,583,218 Land, Building and Improvements 19,600,000 14,791,252 Other Assets 0 166,523 TOTAL ASSETS 23,183,218 18,540,993 LIABILITIES Current Liabilities 370,000 370,000 Mortgage Payable 13,500,000 13,500,000 TOTAL LIABILITIES 13,870,000 13,870,000 EQUITY 9,313,218 4,670,993 I ~ i ~1 'I Note J ~ PRA Suites at Windsor, LLC The investment in PRA Suites at Windsor, LLC is a 100% interest in a real estate development limited liability company. The estimated current value is determined by the appraised value of the partnership assets less liabilities. MARKET BOOK VALUES VALUES Current Assets 0 0 Land, Building and Improvements 4,200,000 1,620,566 Other Assets 40,000 40 ,000 TOTAL ASSETS 4,240,000 1,660,566 LIABILITIES Current Liabilities 0 0 Mortgage Payable 1,130,000 1,130,000 TOTAL LIABILITIES 1,130,000 1,130,000 EQUITY 3,110,000 530,566 Note K ~ PRA Glastonbury, LLC The investment in PRA Glastonbury, LLC is a 60% interest in a real estate development limited liability company. The estimated current value is determined by the appraised value of the partnership assets less liabilities. 6 I ,. ~ I ~1 II I rl Note L - PRA Suites at Glastonbury, LLC The investment in PRA Suites at Glastonbury, LLC is a 100% interest in a real estate development limited liability company. The estimated current value is determined by the appraised value of the partnership assets less liabilities. MARKET BOOK VALUES VALUES Current Assets 896 896 Land, Building and Improvements 16,000,000 12,067,985 Other Assets 0 0 TOTAL ASSETS 16,000,896 12,068,881 LIABILITIES Lease & Loans Payable 321,503 321,503 Mortgage Payable 10,834,959 10,834,959 TOTAL LIABILITIES 11,156,462 11,156,462 EQUITY 4,844,434 912,419 Note M - JM Aviation Boulevard, LLC The investment in JM Aviation Boulevard, LLC is a 60% interest in a real estate development limited liability company, The estimated current value is determined by the appraised value of the partnership assets less liabilities. MARKET BOOK VALUES VALUES Current Assets 8,278 9,278 Land, Building and Improvements 1,500,000 1,498,379 Other Assets 0 22,359 TOTAL ASS ETS 1,508,278 1,530,016 LIABILITIES Current Liabilities 0 0 Mortgage Payable 1,300,000 1,298,160 TOTAL LIABILITIES 1,300,000 1,298,160 EQUITY 208,278 231,856 7 Note N - PRA Aviation, LLC The investment in PRA Aviation, LLC is a 100% interest in a Aircraft. The estimated current value is determined by the appraised value of the partnership assets less liabilities. MARKET BOOK VALUES VALUES Current Assets 0 0 Aircraft 2,200,000 2,000,000 Other Assets 0 0 I TOTAL ASSETS 2,200,000 2,000,000 I LIABILITIES Loan Payable 1,500,000 1,500,000 "~I I TOTAL LIABILITIES 1 ,500,000 1,500,000 EQUITY 700,000 500,000 ] Note 0 - Real Estate & Related Mortgages .. I The value of real estate was determined by appraised value. If an appraised value was not available, comparable sales were used. MARKET CURRENT VALUE MORTGAGE 1,825,000 0 3,000,000 1,050,000 1,985,000 1,088,490 420,000 283,756 200,000 78,391 7,430,000 2,500,637 Land Lease - Meriden , CT Residence - Key Colony Beach, FL Residence - Westmont, NJ and, Condominium Unit - Wildwood Crest, NJ Condominium Unit - Wildwood Crest, NJ Condominium Unit - Mt. Tremblant, Canada 8 I ~ J I ~I J ,. j I I Note P - Mortgages Notes Payable A mortgage to Parke Bank secured by condominium unit in Florida Keys, land in Meriden, CT and land in Philadelphia, PA. the mortgage is for $2,100,000, 3 year term. The interest is payable at the rate of WSJ +2%. Monthly only interest payments. The balance outstanding on March 31, 2006 was $2,100,000. The portion allocated to the condominium was $1,050,000. A mortgage on a residence located in Westmont, NJ and a condominium located in Wildwood Crest, NJ payable to Nova Savings Bank. The mortgage is for $1,100,000, Interest is payable at a rate of 6.375% for thirty year term. Monthly principal and interest payments are $6,862.57. The balance outstanding on March 31, 2006 was $1,088,490. A mortgage on unit 801 at Ocean Towers Condominium in Wildwood, NJ payable to Popular Financial Services. The mortgage is for $285,000. Interest is payable at a rate of 6.74%, 5 year adjustable, thirty year term. Monthly principal and interest payments are $1,846.61. The balance outstanding on March 31,2006. was $283,756. A mortgage to HSBC Bank, Canada on a 25% interest in a condominium unit in Mount Tremblant, Canada. The mortgage is for $90,440. Interest is payable at a rate of 5.85%. Monthly principal and interest payment~ are $574.05. The balance outstanding on March 31, 2006 was $78,391. Summary of Mortgages and Notes Payable Parke Bank Nova Savings Bank Popular Financial Services HSBC Bank Canada $ 1,050,000 1,088,490 283,756 78,391 2,500,637 Total $ Note Q - Estimated Income Taxes Estimated income taxes have been provides on the excess of current market values of the assets over their tax bases as if the gains have been realize on the statement date, using applicable tax laws and regulations. The provision will probably differ from the amounts of income taxes that eventually might be paid because those amounts are determined by the timing and method of disposal or realization and the tax laws and regulation in effect at the time of disposal or realization. 9 Joseph Pacitti, et al Statement of Financial Condition as of April 30,2008 Assets Cash $ 345,000 Investment Equity Front Street Development Associates 13,180,244 Pennsylvania Avenue Land Development Associates 8,976,378 Meriden Land Development, Ltd. 2,737,991 O. E. Limited Partnership 541,249 I PRA Development & Management 562,314 PRA at Somerset, LLC 4,767,651 Vernon Park Plaza, LLC 3,160,649 ~ O. E. Orange Limited Partnership 146,167 PRA Suites at Windsor, LLC 2,631,475 PRA Glastonbury, LLC 5,304,945 PRA Suites at Glastonbury, LLC 4,535,059 I JM Aviation Boulevard, LLC 177 ,406 PRA Aviation, LLC 876,534 PRA at Norwich LLC 2,128,333 PRA Wallingford LLC 3,500,470 :-~1 PRA at Windsor LLC 2,070,687 PRA at Aviation Boulevard LLC 200,000 PRA Naubuc LLC 75,087 Real Estate 0 Deposits on Real Estate 0 Personal Effects (including jewelry) 1,500,000 Life Insurance 4,000,000 I Total Assets $ 61,417,639 Liabilities I Mortgages, Notes & Business Loans 5,308,046 Estimated Income Taxes based on the difference between the estimated current values of assets and their tax bases. 16,460,702 Net Worth 39,648,891 Total Liabilities & Net Worth $ 61,417,639 See accompanying Notes to the Financial Statement Joseph Pacitti, et al Notes to Financial Statement as of April 30,2008 Note A - Basis of Accounting The accompanying financial statement includes the assets and liabilities of Joseph Pacitti. Assets are stated at their estimated current values and liabilities at their estimated current amounts. Note B - Front Street Development Assoc. The investment in Front Street Development is an 100% interest in a real estate development limited partnership. The estimated current value is determined by the appraised value of the partnership assets less liabilities. MARKET BOOK VALUES VALUES I Current Assets 244 244 Land, Building and Improvements 20,200,000 6,221,874 Other Assets 0 238,155 Ii TOTAL ASSETS 20,200,244 6,460,273 J LIABILITIES Current Liabilities 550,000 590,000 I " Mortgage Payable 6,470,000 6,470,000 TOTAL LIABILITIES 7,020,000 7,060,000 EQUITY 13,180,244 (599,727) Note C - Pennsylvania Avenue land Development Assoc. ~,"1' .. I The investment in Pennsylvania Avenue Land Development Associates is an 100% interest in a real estate development limited partnership. The estimated current value is determined by the appraised valu of the partnership assets less liabilities. MARKET BOOK VALUES VALUES Current Assets 1,378 1,378 Land, Building and Improvements 13,500,000 2,606,056 Other Assets 0 144,079 TOTAL ASSETS 13,501,378 2,751,513 LIABILITIES Current Liabilities 25,000 25,000 Mortgage Payable 4,500,000 4,500,000 TOTAL LIABILITIES 4,525,000 4,525,000 EQUITY 8,976,378 (1,773,487) 2 Note D - Meriden land Development, Ltd. The investment in Meriden Land Development, Ltd is a 100% interest in a real estate development limited partnership. The estimated current value is determined by the appraised value of the partnership assets less liabilities. I ~ i ~."'-"""1' " MARKET BOOK VALUES VALUES Current Assets 497 497 Land, Building and Improvements 1,910,000 2,187,494 Lease Fee Interest 2,150,000 0 Other Assets 187,494 187,494 TOTAL ASSETS 4,247,991 2,375,485 LIABILITIES Current Liabilities 0 0 Long Term Liabilities 1,510,000 1,510,000 TOTAL LIABILITIES 1,510,000 1,510,000 EQUITY 2,737,991 865,485 Note E - O.E. Limited Partnership The investment in O,E. Limited Partnership is a 100% interest in a real estate development limited partnership. Joseph Pacitti is 99% Limited Partner and J.P./O.E, Development Corp is a 1 % General Pa Joseph Pacitti holds 100% of the stock of J,P./O.E. Development Corp. The estimated current value of O.E. Limited Partnership is determined by the appraised value of the partnership assets less liabilities, I MARKET BOOK .' VALUES VALUES I Current Assets 26,811 26,811 Land, Building and Improvements 4,900,000 563,141 Other Assets 0 391,785 TOTAL ASSETS 4,926,811 981,737 LIABILITIES Mortgage Payable 4,385,562 4,385,562 TOTAL LIABILITIES 4,385,562 4,385,562 EQUITY 541,249 (3,403,825) 3 Note F - PRA Development & Management Corp, The investment in PRA Development & Management is a 100% interest in a real estate development corporation. The estimated current value is determined by the appraised value of the corporate assets less liabilities. I ~ I -'~l MARKET BOOK VALUES VALUES Current Assets 9,314 9,314 Equipment 1,278,000 41,863 Other Assets 0 292,546 Total Assets 1,287,314 343,723 LIABILITIES Current Liabilities 225,000 225,000 Mortgage Payable 500,000 500,000 Total Liabilities 725,000 725,000 EQUITY 562,314 (381,277) Note G - PRA at Somerset, LLC The investment in PRA at Somerset, LLC is a 100% interest in a real estate development limited liability company. The estimated current value is determined by the appraised value of the partnership assets less liabilities. MARKET BOOK VALUES VALUES ~ Current Assets 911 911 Land, Building and Improvements 5,875,000 1,778,358 Other Assets 391,740 429,292 I TOTAL ASSETS 6,267,651 2,208,561 LIABILITIES Mortgage Payable 1,500,000 1,500,000 TOTAL LIABILITIES 1,500,000 1,500,000 EQUITY 4,767,651 708,561 4 Note H - Vernon Park Plaza, LLC The investment in Vernon Park Plaza, LLC is a 100% interest in a real estate development limited liabilit company. The estimated current value is determined by the appraised value of the partnership assets less liabilities. I ~ I -1 ) MAR KET BOOK VALUES VALUES Current Assets 31,457 31,457 Land, Building and Improvements 4,450,000 1,666,021 Other Assets 0 58,155 TOTAL ASSETS 4,481,457 1,755,633 LIABILITIES Current Liabilities 0 0 Mortgage Payable 1,320,808 1,320,808 TOTAL LIABILITIES 1,320,808 1,320,808 EQUITY 3,160,649 434,825 Note I - O.E Orange Limited Partnership The investment in O.E. Orange Limited Partnership is a 100% interest in a real estate development limite partnership. Joseph Pacitti is 99% Limited Partner and J.PJO.E. Development Corp is a 1 % General Partner. Joseph Pacitti holds 100% of the stock of J.PJO.E. Development Corp. The estimated current value of O.E. Orange Limited Partnership is determined by the appraised value of the partnership asse less liabilities. MARKET BOOK VALUES VALUES I Current Assets 3,017 3,017 Land, Building and Improvements 7,730,000 900,829 Other Assets 0 125,203 I TOTAL ASSETS 7,733,017 1,029,049 LIABILITIES Current Liabilities 0 0 Mortgage Payable 7,586,850 7,586,850 TOTAL LIABILITIES 7,586,850 7,586,850 EQUITY 146,167 (6,557,801 ) 5 Note J - PRA Suites at Windsor,LLC The investment in PRA Suites at Windsor, LLC is a 100% interest in a real estate development limited Iia company. The estimated current value is determined by the appraised value of the partnership assets less liabilities. I ~ I MARKET BOOK VALUES VALUES Current Assets 4,285 4,285 Land, Building and Improvements 9,585,000 8,186,281 Other Assets 0 52,800 TOTAL ASSETS 9,589,285 8,243,366 LIABILITIES Current Liabilities 0 0 Mortgage Payable 6,957,810 6,957,810 TOTAL LIABILITIES 6,957,810 6,957,810 EQUITY 2,631,475 1,285,556 Note K - PRA Glastonbury, LLC '~l I The investment in PRA Glastonbury, LLC is a 52% interest in a real estate development limited liability company. The estimated current value is determined by the appraised value of the partnership assets less liabilities. MARKET BOOK VALUES VALUES I Current Assets 916,820 916,820 Land, Building and Improvements 23,250,000 13,831,138 Other Assets 0 169,081 I TOTAL ASSETS 24,166,820 14,917,039 LIABILITIES Current Liabilities 465,003 465,003 Mortgage Payable 13,500,000 13,500,000 TOTAL LIABILITIES 13,965,003 13,965,003 EQUITY 10,201,817 952,036 6 Note L - PRA Suites at Glastonbury, LLC The investment in PRA Suites at Glastonbury, LLC is a 52% interest in a real estate development Iimitec lailibilty company. The estimated current value is determined by the appraised value of the partnership a! less liabilities. I ~ I MARKET BOOK VALUES VALUES Current Assets 384,476 384,476 Land, Building and Improvements 22,500,000 17,385,073 Other Assets 0 293,295 TOTAL ASSETS 22,884,476 18,062,844 LIABILITIES Current Liabilities 1,336,850 1,336,850 Mortgage Payable 12,826,359 12,826,359 TOTAL LIABILITIES 14,163,209 14,163,209 EQUITY 8,721,267 3,899,635 Note M - JM Aviation Boulevard, LLC :1 I The investment in JM Aviation Boulevard, LLC is a 60% interest in a real estate development limited liability company. The estimated current value is determined by the appraised value of the partnership assets less liabilities. MARKET BOOK VALUES VALUES ,"J I Current Assets 958 958 Land, Building and Improvements 1,500,000 1,470,481 I Other Assets 0 0 TOTAL ASSETS 1,500,958 1,471,439 LIABILITIES Current Liabilities 2,266 2,266 Mortgage Payable 1,203,015 1,203,015 TOTAL LIABILITIES 1,205,281 1,205,281 EQUITY 295,677 266,158 7 Note N - PRA Aviation, LLC The investment in PRA Aviation, LLC is a 100% interest in a Aircraft. The estimated current value is determined by the appraised value of the partnership assets less liabilities. I " I MARKET BOOK VALUES VALUES Current Assets 608 608 Land, Building and Improvements 3,800,000 2,799,692 Other Assets 0 0 TOTAL ASSETS 3,800,608 2,800,300 LIABILITIES Current Liabilities 0 0 Mortgage Payable 2,924,074 2,924,074 TOTAL LIABILITIES 2,924,074 2,924,074 EQUITY 876,534 (123,774) Note 0 - PRA at Norwich LLC I ~-1 The investment in PRA at Nowich LLC is a 100% interest in a real estate development LLC. The estimated current value of PRA at Norwich LLC is determined by the appraised is determined by the appraised value of the partnership MARKET BOOK VALUES VALUES 51,780 51,780 4,500,000 1,993,079 0 0 4,551,780 2,044,859 0 0 2,423,447 2,423,447 2,423,447 2,423,447 2,128,333 (378,588) Current Assets Land, Building and Improvements Other Assets - I TOTAL ASSETS LIABILITIES Current Liabilities Mortgage Payable TOTAL LIABILITIES EQUITY 8 Note P - PRA Wallingford LLC The investment in PRA Wallingford LLC is a 100% interest in a real estate development LLC. The estimated current value of PRA Wallinford LLC is determined by the appraised value of the partnership assets less liabilities. I ~ I '~l MARKET BOOK VALUES VALUES Current Assets 2,210 2,210 Land, Building and Improvements 5,300,000 3,761,186 Other Assets 1,100,000 0 TOTAL ASSETS 6,402,210 3,763,396 LIABILITIES Current Liabilities 0 0 Mortgage Payable 2,901,740 2,901,740 TOTAL LIABILITIES 2,901,740 2,901,740 EQUITY 3,500,470 861,656 Note Q - PRA at Windsor LLC The investment in PRA Windsor LLC is a 100% interest in a real estate development LLC, The estimated current value of PRA Windsor LLC is determined by the appraised value of the partnership assets less liabilities. MARKET BOOK VALUES VALUES 687 687 3,600,000 1,142,281 0 3,600,687 1,142,968 0 0 1,530,000 1,530,000 1,530,000 1,530,000 2,070,687 (387,032) I I Current Assets Land, Building and Improvements Other Assets TOTAL ASSETS ,-~ I LIABILITIES Current Liabilities Mortgage Payable TOTAL LIABILITIES EQUITY 9 Note R - PRA at Aviation Boulevard LLC The investment in PRA at Aviation Boulevard LLC is a 100% interest in a real estate development LLC. The estimated current value of PRA at Aviation Boulevard LLC is determined by the appraised value of the partnership assets less liabilities. I ....",. C"! I 1 MARKET BOOK VALUES VALUES Current Assets 0 0 Land, Building and Improvements 1 ,000,000 317,448 Other Assets 0 TOTAL ASSETS 1,000,000 317,448 LIABILITIES Current Liabilities 800,000 800,000 Mortgage Payable TOTAL LIABILITIES 800,000 800,000 EQUITY 200,000 (482,552) Note S - PRA Naubuc LLC The investment in PRA Naubuc LLC is a 100% interest in a real estate development LLC. The estimated current value of PRA Naubuc LLC is determined by the appraised value of the partnership assets less liabilities. VALUES VALUES Current Assets 87 87 Land, Building and Improvements 275,000 260,991 II Other Assets 5,200 TOTAL ASSETS 275,087 266,278 I LIABILITIES Current Liabilities 200,000 200,000 Mortgage Payable TOTAL LIABILITIES 200,000 200,000 EQUITY 75,087 66,278 10 Note T - Real Estate & Related Mortgages REVISE The value of real estate was determined by appraised value. If an appraised value was not available, comparable sales were used. I .".,.,. !, I~,. ,', ~'1 MARKET CURRENT VALUE MORTGAGE Residence - Key Colony Beach, FL 2,500,000 1,892,965 Residence - Westmont, NJ and. 400,000 0 Condominium Unit - Wildwood Crest, NJ 2,400,000 1,920,000 Condominium Unit - Wildwood Crest, NJ 400,000 278,338 Condominium Unit - Mt. Tremblant, Canada 200,000 96,743 Hersha Hospitality LP N/A 1,120,000 5,900,000 5,308,046 Note U - Mortgages and Notes Payable A mortgage to the Phila Federal Credit Union secured by a condominium unit in the Florida Keys The mortgage is for $1,900,000, 15 year term, interest fixed at 5.125%, Prin & interest monthly. The balance outstanding is $1,892,965. A mortgage to the Phila Federal Credit Union secured by a condominium unit in Wildwood Crest, NJ The mortgage is for $1 ,920,000,15 year term, interest fixed at 5.375%, Prin & interest monthly. The balance outstanding is $1,920,000. A mortgage on unit 801 at Ocean Towers Condominiums in Wildwood, N.J, payable to Popular Financial Services. The mortgage is for $285,000. Interest is payable at a rate of 6.74%,5 year adjustable, thirty year term. Monthly principal and interest payments are $1,846.61. The balance outstanding was $278,338 I I A mortgage to HSBC Bank, Canada on a 25% interest in a condominium unit in Mount Tremblant, Canac The mortgage is for $90,440. Interest is payable at a rate of 5.85%. Monthly principal and interest pay me are $574.05. The balance outstanding was $96,743. A Promissory Note to Hersha Hospitality LP, secured by Joseph Pacitti's interest in PRA Suites at Glastonbury LLC and PRA Glastonbury LLC P'1 Philadelphia Federal Credit Union Philadelphia Federal Credit Union Popular Financial Services HSBC Bank Canada Hersha Hospitality LP $ 1,892,965 1,920,000 278,338 96,743 1,120,000 5,308,046 Total $ , /1/ .~ 7/ //~- ~,-- f ,/ / ./ ~ (></~v ,/ i! IJosEiph !t>aciJti./ 'ii ;' ate 11 FAA Requirements PRA Development and Management Corporation has reviewed and will comply with the U.S. Department of Transportation's Federal Aviation Administration's Regulations. 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Illff-'n6(,rr) :'Jill~OI(,1 'id 'PllfdPI'"I"lJ '""''' 1I"f11 ~ouop"",:hpul 'Il"~ III "1.:1 I.O~ aoJUoW 'J,JodJ!'V UO!lllw!'w S^8)f I!P!JOI=l 'l- lH 's'n UUI UOldweH UOLJleJeV\l .l.l1UJII;)"V'V1V oUa'jl<lJ>C:]C:]!:) . f [Ji.KWU<lla'l w ~ ::l o 0: ui ::i z 0 I 001 ~i z w~ 0 0' ;::: iii ;g: ~ W J: ..J 0, w iiZ I ~ ::l 0 ~ ~ z 0 0: u. - l- Ll zl Oi j::1 ~ UJ ..J' UJ 1='. r/) UJ, ~; ~ 1-' u. UJ ..J, I~D 00&6-1(, ('17) :XYJ l[tlf'nS(~IIl :13.1 ~O((,l Vd 'u'qdl"l'"jllIJ 'I'"] IWf~ .'"Op":xIoPIII 'fl"<.S 111 "l.:J "0:) OOJUOIl\l'UOW!\t' UOllWJE'W !i^a~ eptJOI::f '~ H::l 'S'O UUI UOldweH UOLjleJeIl\J ,J:"''-lIunv VIV ~Jn:;}')LI[pCllCl! J 0 r ~hlIllllU[I[]l:dl'l - il ) ~l ~, > UJ ..J UJ I I- 0:: o ~ 0:: ;i'j, 0::' EB S\JOI18M;l13 ""0 (3 "0 o C/l ~ o o o c 3 CD ::l - C/l I have included in the Proposal the following documents: 1. Proposal Form 11. Non-Collusion Affidavit 111. Lobbying and Conflict ofInterest Clause IV. Drug-Free Workplace Form v. Insurance Agent and Bidder's Statements VI. Demonstration of Rights to Develop Documentation V11. Additional information - Items 1 through 10 I ~ I ~ I Mailing Address: (I \ Sov~\' \V\At~{V\~t'V\('( ,M~\\ E~,~ I jv~~e \9v 3h~(,\Je\f~\P\ l '(V\ lq\b\o ?v..A l:>.eve\Qftllt'V\\-. blV'J MIIIVlUI~<~-eV\f Phone Number: 2-1 S I q 2.1- I -g Z 0 Date: ~ I 2 I O~ Signed: riA C.'I t \ I I Witness: ')((~\ J('V\1 (Title) (/j J- -J) " /~' U /~vt.~~ / ' (Seal) 12 PROPOSAL FORM PROPOSAL TO: MONROE COUNTY BOARD OF COUNTY COMMISSIONERS c/o PURCHASING DEPARTMENT 1100 SIMONTON STREET ROOM 1-213 KEY WEST, FLORIDA 33040 PROPOSAL FROM: l~A 'tPvt\C~h'\eVl~ O\V1j H\ SbV~ \Y\~f~PV'lJ(>"'(~ 1'hl \" 1 \ q\' \ U\ I 1", Mo..Y\f-\~ e v'Y\tV' ~ M{),\\ Eb\<)~) \q\ ~ b <)0\ ~ lOD I ~ I The undersigned, having carefully examined the Work and reference Drawings, Specifications, Proposal, and Addenda thereto and other Documents for the Development, Construction and Management of: - } HOTEL(S) AT KEY WEST INTERNATIONAL AIRPORT AND FLORIDA KEYS MARATHON AIRPORT IN MONROE COUNTY, FLORIDA 10'0_ r.'~'nC I and having carefully examined the documents and site where the Work is to be performed, having become familiar with all local conditions including labor affecting the cost thereof, and having familiarized himself with material availability, Federal, State, and Local laws, ordinances, rules and regulations affecting performance of the Work, does hereby propose to furnish all labor, mechanics, superintendents, tools, material, equipment, transpOliation services, and all incidentals necessary to perform and complete said Work and work incidental hereto, in a workman-like manner, in conformance with said Drawings, Specifications, and other Documents including Addenda issued thereto. The undersigned further certifies that he has personally inspected the actual location of where the Work is to be performed, together with the local sources of supply and that he understands the conditions under which the Work is to be performed. The successful Proposer shall assume the risk of any and all costs and delays arising from the existence of any subsurface or other latent physical condition which could be reasonably anticipated by reference to documentary information provided and made available, and from inspection and examination of the site. I acknowledge receipt of Addenda No,(s) No. Dated No, Dated No. Dated No. Dated 11 NON-COLLUSION AFFIDA VlT I, Josef ~ ~iI\ (\ \-H of the city -:r~ \ \0\ je \ V ~V, according to law on my oath, and under penalty of pel jury, depose and say that: 1. lam i,ec,',&e",\- of the firm of \>\2 A \)eveh}fyv'lfYl~A)f\J ~"'I'\~tyI(nt the Proposer making the Proposal for the project described in the notice for callin for proposals for: W tS~ {\-:J. (b\ 0 '\ ^ ( t,{ . and that I executed the said proposal with full authority to do so; ~ PERSONALLY APPEARED BEFORE ME, the undersigned authority, \.r(;J ;;:rJl/ p4(r.,(rri who, after first being sworn by me, (name of individual signing) affixed hislher signature in the space provided above on this :z. (y (J day of \ Ti! 1,) F , 20QL. /'~) / 2, I " j I -I I I STATE OF: .'..J I ! The prices in this Proposal have been alTived at independently without collusion, consultation, communication or agreement for the purpose of restricting competition, as to any matter relating to such prices with any other Proposer(s) or with any competitor; 3, Unless otherwise required by law, the prices which have been quoted in this proposal have not been knowingly disclosed by the Proposer(s) and will not knowingly be disclosed by the Proposer(s) prior to bid opening, directly or indirectly, to any other Proposer(s) or to any competitor; and 4. No attempt has been made or will be made by the Proposer(s) to induce any other person, partnership or corporation to submit, or not to submit, a Proposal for the purpose of restricting competition; and 5, My commission expires: FE 13 ~ ii 4~Y d, J, ~} I J... COMMONWEALTII OF PENNSYL V ANlA NOTARIAL SEAL Lorraine R. Gricevics, Notary Public City of Philadelphia, Philadelphia County My commission expires February 22, 2012 13 LOBBYING AND CONFLICT OF INTEREST CLAUSE SWORN STATEMENT UNDER ORDINANCE NO. 010-1990 MONROE COUNTY, FLORIDA ETHICS CLAUSE " l'HD~w \ 0 'I' l'l\ f VI ~ AV\d M v.Vlo, ~. l'l\ (\'IS t. (V . (Company " I ~ I " warrants that he/it has not employed, retained or otherwise had act on his/its behalf any former County officer or employee in violation of Section 2 of Ordinance No. 010-1990 or any County officer or employee in violation of Section 3 of Ordinance No. 010-1990. For breach or violation of this provision the County may, in its discretion, terminate this contract without liability and may also, in its discretion, deduct from the contract or purchase price, or otherwise recover, the full amount of any fee, commission, percentage, gift, or ,cons' tion paid to the former County officer or employee". ,,' ' ' ("../ . /(// /1 I~ ~.2.Do STATE OF: ,tJEA/j/.. ~f/J.. V /IN /;1 \ COUNTY OF: PI; Ii J) fJtL P ;./;,..1 I""'" t_"\;_;; I Subscribed and sworn to (or affirmed) before me on (date) Jij/J/E oL ~ (j{) P by JOSl.'fJl./7?4-C/III . to me or has produeed identification. (Type of identification) (name of affiant). Hef.Sfie- is personally known as ~'~Q " /..-/ ;/~ l, ~ ,/ " , \.~ LIe' .." - p~A",,--, //~ My commission expires: FE ;}P U A!? If ..< J, , c1...o !;L - I COMMONWEALTII OF PENNSYL V ANlA NOTARIAL SEAL Lorraine R. Gricevics, Notaty Public City of Philadelphia, Philadelphia County commission expires Februa1y 22, 20 12 14 DRUG-FREE WORKPLACE FORM The undersigned vendor in accordance with Florida Statute 287.087 hereby certifies that: ~ A \)l'>JC \of vYlev\\ t M It-V'ltJ\ ~yY\-eV\1 0c ,~ ' (Name of Business) i I I J 1. Publishes a statement notifying employees that the unlawful manufacture, distribution, dispensing, possession, or use of a controlled substance is prohibited in the workplace and specifying the actions that will be taken against employees for violations of such prohibition. I ~ I 2. Informs employees about the dangers of drug abuse in the workplace, the business's policy of maintaining a drug-free workplace, any available drug counseling, rehabilitation, and employee assistance programs, and the penalties that may be imposed upon employees for drug abuse violations, 3. Gives each employee engaged in providing the commodities or contractual services that are under bid a copy of the statement specified in subsection (1). .] ) I 4. In the statement specified in subsection (1), notifies the employees that, as a condition of working on the commodities or contractual services that are under bid, the employee will abide by the terms of the statement and will notify the employer of any conviction of, or plea of guilty or nolo contendere to, any violation of Chapter 893 (Florida Statutes) or of any controlled substance law of the United States or any state, for a violation occurring in the workplace no later than five (5) days after such conviction. 1(';1 w I 5. Imposes a sanction on, or require the satisfactory participation in a drug abuse assistance or rehabilitation program if such is available in the employee's community, or any employee who is so convicted. 6. Makes a good faith effort to continue to maintain a drug-free workplace through implementation of this section. lly with the above ),.0 Date 15 PROPOSER'S INSURANCE AND INDEMNIFICATION STATEMENT INSURANCE REOUIREMENTS Worker's Compensation Employers Liability Statutory Limits $500,000/500,000/500,000 I ~ I rJ General Liability, including Premise Operation Blanket Contractual Expanded Definition of Property Damage Products and Completed Operations Personal Injury Underground, Explosion and Collapse (XCV) $5,000,000 Combined Single Limit Vehicle Liability (Owned, non-owned, and hired vehicles) $500,000 per Person $1,000,000 per Occurrence $100,000 Property Damage $1,000,000 combined Single Limit Builders' Risk Proposer to Provide Builder's Risk INDEMNIFICATION AND HOLD HARMLESS FOR PROPOSERS AND SUBCONTRACTORS "d I I The Proposer covenants and agrees to indemnify and hold harmless Monroe County Board of County Commissioners from any and all claims for bodily injury (including death), personal injury, and property damage (including property owned by Monroe County) and any other losses, damage, and expenses (including attorney's fees, court costs and expenses) which arise out of, in connection with, or by reason of services provided by the Proposer or any of its Subcontractor(s) in any tier, occasioned by the negligence, errors, or other wrongful act or omission of the Proposer or its Subcontractor(s) in any tier, their employees, or agents. In the event the completion ofthe project (to include the work of others) is delayed or suspended as a result of the Proposer's failure to purchase or maintain the required insurance, the Proposer shall indemnify the County from any and all increased expenses resulting from such delay. The first ten dollars ($10.00) of remuneration paid to the Proposer is for the indemnification provided for above. The extent of liability is in no way limited to, reduced, or lessened by the insurance requirements contained elsewhere within this agreement. 16 PROPOSER'S STATEMENT I understand the insurance that will be mandatory if awarded the contract and will comply in full with all the requirements. ~5e ~ ~ -:Po.. t\ \-~ " l'v A \)A'e\o~ yvleV\\r Proposer I ~ I INSURANCE AGENT'S STATEMENT I have reviewed the above requirements with the Proposer named above. The following deductibles apply to the corresponding policy. POLICY DEDUCTIBLES ~ I J Liability policies are _Occurrence Claims Made " I Insurance Agency Signature c~ I i j 17 ID€ IDC DEVELOPMENT, LLC ROB FLANDERS DIRECTOR OF DEVElOP\1E'\T rlla nders@idcdevelopmentlle,com www.idcconstruction.com 1000 CHCRCHIlL COliRT WOODSTOCK, GA 30188 . CELL ()78-469~0805 OFFICE 678-213-1110 FAX 678-213~1l09 ilIXI' , ",' ,,'" , , :, "',,:,....,.,'..,.'..,','..',...' , , '. - . , , , , ; . . ,'~ :.: . .' -. -' - .' ; "", ,.,.,.:.'.,'.,.,'.,.-".,. ,..,', Imm ...j IDC DEVELOPMENT GROUP. LLC June 3, 2008 Monroe County Board of Commissioners c/o Purchasing Department 1100 Simonton Street Room 1-213 Key West, FL 33040 Dear Sirs: Thank you for the opportunity to submit the enclosed proposal in response to the Request for Proposals for Development, Construction and Management of a Hotel at the Key West International Airport, Monroe County, Florida. I look forward to answering any questions you may have regarding the enclosed proposal. We hope you find our Proposal to be of interest. Thank you for your time and consideration. Regards, R~.~a~ Director of Development T: 678.469.0805 PROPOSAL FORM PROPOSAL TO: MONROE COUNTY BOARD OF COUNTY COMMISSIONERS c/o PURCHASING DEPARTMENT 1100 SIMONTON STREET ROOM 1-213 KEY WEST, FLORIDA 33040 PROPOSAL FROM: IDC Development Group, LLC 1004 Churchill Court Woodstock, Georgia 30188 The undersigned, having carefully examined the Work and reference Drawings, Specifications, Proposal, and Addenda thereto and other Documents for the Development, Construction and Management of: HOTEL(S) AT KEY WEST INTERNATIONAL AIRPORT AND FLORIDA KEYS MARA THON AIRPORT IN MONROE COUNTY. FLORIDA and having carefully examined the documents and site where the Work is to be performed, having become familiar with all local conditions including labor affecting the cost thereof, and having familiarized himself with material availability, Federal, State, and Local laws, ordinances, rules and regulations affecting performance of the Work, does hereby propose to furnish all labor, mechanics, superintendents, tools, material, equipment, transportation services, and all incidentals necessary to perform and complete said Work and work incidental hereto, in a workman-like manner, in conformance with said Drawings, Specifications, and other Documents including Addenda issued thereto. The undersigned further certifies that he has personally inspected the actual location of where the Work is to be performed, together with the local sources of supply and that he understands the conditions under which the Work is to be performed. The successful Proposer shall assume the risk of any and all costs and delays arising from the existence of any subsurface or other latent physical condition which could be reasonably anticipated by reference to documentary information provided and made available, and from inspection and examination of the site. I acknowledge receipt of Addenda No.(s) NO.1 Dated May I, 2008 No. Dated No. Dated No. Dated 11 I have included in the Proposal the following documents: 1. Proposal Form 11. Non-Collusion Affidavit 111. Lobbying and Conflict of Interest Clause lV. Drug-Free Workplace Form v. Insurance Agent and Bidder's Statements VI. Demonstration of Rights to Develop Documentation VII. Additional information - Items I through 10 Mailing Address: IDC Development Group, LLC 1004 Churchill Court Woodstock, Georgia 30188 Phone Number: (678)469-0805 Date: JV)lE" ~;?#CJt3 Signed: ~~.~ ?P~ j/(. .;:uwk;eS (Name) URbCttJ:e OF D~eltJ?II1ENT (Title) Witness: ~- (Seal) 12 NON-COLLUSION AFFIDAVIT I, ~ ;//.fim,rpf!:1!!5 of1 Ji;(! j)CVELmlfPltlrGtav1j~ according to law on my oath, and under penalty of perjury, depose and say that: / 1. I am )::>; J2ecrtJte CJP~?/lfBrfT of the firm of:r~ lXVe:u?/kf:!?J/ 61<c;vIJ LU:!.... the Proposer making the Proposal for the project described in the notice for calling for proposals for:piVeLrJp{:f{ENf; U7v~l'J?JJc.:r7mJ (l1fJN/t&JbYIiJ1'IJ of A-- f!zt7a. Jt-/ &y tu~ and that I executed the said pr6posal with full/authority to do so; /~A11tWlH- AtR/"'dJ2:{ /LA!;;.! ~ ~ &7vAl'TJ; FL 2. The prices in this Proposal have been arrived at independently without collusion, consultation, communication or agreement for the purpose of restricting competition, as to any matter relating to such prices with any other Proposer(s) or with any competitor; 3. Unless otherwise required by law, the prices which have been quoted in this proposal have not been knowingly disclosed by the Proposer(s) and will not knowingly be disclosed by the Proposer(s) prior to bid opening, directly or indirectly, to any other Proposer(s) or to any competitor; and 4. No attempt has been made or will be made by the Proposer(s) to induce any other person, partnership or corporation to submit, or not to submit, a Proposal for the purpose of restricting competition; and 5. The statements contained in this affidavit are true and correct, and made with full knowledge of said project. -~ /11-,. ~ ~IJE' 3; 2L>oEl (Signature of Proposer) (Date) STATE OF: ~Kfi:(4- COUNTY OF: ])&1(1f1-:f!:, PERSONALLY APPEARED BEFORE ME, the undersigned authority,~;l1. 1i-t1-Nbf::::~S who, after first being sworn by me, (name of individual Signi~ffiXed his/her signature in the space p.sovided above on this B!;J:;- day of" ;Ve , 20..(2lL. TA Notary Public, DeKalb County, Geo Ie My cormnission expire~Y Commission Expires March 14,20 13 LOBBYING AND CONFLICT OF INTEREST CLAUSE SWORN STATEMENT UNDER ORDINANCE NO. 010-1990 MONROE COUNTY, FLORIDA ETHICS CLAUSE ,,~(! OEVFl-tP~v? ~ I / (Company) " " warrants that he/it has not employed, retained or otherwise had act on his/its behalf any former County officer or employee in violation of Section 2 of Ordinance No. 010-1990 or any County officer or employee in violation of Section 3 of Ordinance No. 010-1990, For breach or violation of this provision the County may, in its discretion, terminate this contract without liability and may also, in its discretion, deduct from the contract or purchase price, or otherwise recover, the full amount of any fee, commission, percentage, gift, or consideration paid to the former County officer or employee". ~~~ (Signature) JU/Jb 3, 2<<t3 I Date: STATE OF: Gz;;oK0IJ- j) Ek 1rL1~) COUNTY OF: Subscribed and sworn to (or affirmed) before me on (date) by 7(J75eJ?:1 Mr F~~ to me or has produced identification. (Type of identification) ;]O;VE 3;t :zoa:3 (name of affiant). ~She is personally known as Notary Public. DeK~lb County, Ge My Commission Expires March 14, My commission expires: 14 DRUG-FREE WORKPLACE FORM The undersigned vendor in accordance with Florida Statute 287.087 hereby certifies that: IDC Development Group, LLC (Name of Business) 1. Publishes a statement notifying employees that the unlawful manufacture, distribution, dispensing, possession, or use of a controlled substance is prohibited in the workplace and specifying the actions that will be taken against employees for violations of such prohibition. 2. Informs employees about the dangers of drug abuse in the workplace, the business's policy of maintaining a drug-free workplace, any available drug counseling, rehabilitation, and employee assistance programs, and the penalties that may be imposed upon employees for drug abuse violations. 3. Gives each employee engaged in providing the commodities or contractual services that are under bid a copy of the statement specified in subsection (1). 4. In the statement specified in subsection (1), notifies the employees that, as a condition of working on the commodities or contractual services that are under bid, the employee will abide by the terms of the statement and will notify the employer of any conviction of, or plea of guilty or nolo contendere to, any violation of Chapter 893 (Florida Statutes) or of any controlled substance law of the United States or any state, for a violation occurring in the workplace no later than five (5) days after such conviction. 5. Imposes a sanction on, or require the satisfactory participation in a drug abuse assistance or rehabilitation program if such is available in the employee's community, or any employee who is so convicted. 6. Makes a good faith effort to continue to maintain a drug-free workplace through implementation ofthis section. As the person authorized to sign the statement, I certify that this firm complies fully with the above requirements. ~~.~ Proposer's Signature "Nt/E' 36' -Wdc1 ate 15 PROPOSER'S INSURANCE AND INDEMNIFICATION STATEMENT INSURANCE REQUIREMENTS Worker's Compensation Employers Liability Statutory Limits $500,000/500,000/500,000 General Liability, including Premise Operation Blanket Contractual Expanded Definition of Property Damage Products and Completed Operations Personal Injury Underground, Explosion and Collapse (XCU) $5,000,000 Combined Single Limit Vehicle Liability (Owned, non-owned, and hired vehicles) $500,000 per Person $1,000,000 per Occurrence $100,000 Property Damage $ I ,000,000 combined Single Limit Builders'Risk Proposer to Provide Builder's Risk INDEMNIFICATION AND HOLD HARMLESS FOR PROPOSERS AND SUBCONTRACTORS The Proposer covenants and agrees to indemnify and hold harmless Monroe County Board of County Commissioners from any and all claims for bodily injury (including death), personal injury, and property damage (including property owned by Monroe County) and any other losses, damage, and expenses (including attorney's fees, court costs and expenses) which arise out of, in connection with, or by reason of services provided by the Proposer or any of its Subcontractor(s) in any tier, occasioned by the negligence, errors, or other wrongful act or omission of the, Proposer or its Subcontractor(s) in any tier, their employees, or agents. In the event the completion of the project (to include the work of others) is delayed or suspended as a result of the Proposer's failure to purchase or maintain the required insurance, the Proposer shall indemnify the County from any and all increased expenses resulting from such delay. The first ten dollars ($10.00) of remuneration paid to the Proposer is for the indemnification provided for above. The extent of liability is in no way limited to, reduced, or lessened by the insurance requirements contained elsewhere within this agreement. 16 PROPOSER'S STATEMENT I understand the insurance that will be mandatory if awarded the contract and will comply in full with all the requirements. .:tQLDtl,lt'IOI NIl:}- Groll, I Llc" Proposer ~)AJJ ~. ~ v , Signature INSURANCE AGENT'S STATEMENT I have reviewed the above requirements with tbe Proposer named above. The following deductibles apply to tbe corresponding policy. POLICY DEDUCTIBLES 4t 25 KSJ1 (fror"~~ 1>('lJ\\~e. ) It Sd% yj CA OOOC>D 13130'7 01(14 21oooLD02, f: ^ 00000 /.p{pl ~c';;L Liability policies are L Occurrence j~IuK ~;(J ~ CO, Insurance Agency 17 ID€' , ..'.' , . , , ' , , " , , , .. , . .... ..... "",' ' ...~..... . ~...' IDC DEVELOPMENT GROUP. LLC June 3, 2008 Response to Request for Proposals for Development, Construction and Management of a Hotel at Key West International Airport Monroe County, Florida Presented by IDC Development Group, LLC 1004 Churchill Court Woodstock, GA 30188 ID€' , , , ' , . .'.' . , .. , ." . ..' . ~"..~ ."",...-, ., IDC DEVELOPMENT GROUP. LLC Part A - General Information 1. Executive Summary The concept proposed for development, construction and management of a hotel at the Key West International Airport, Monroe County, Florida is a Hampton Inn & Suites comprised of 134 guest rooms. The Hampton Inn & Suites is a nationally branded, high quality hotel known to both leisure and business traveling populations. Improvements featured in this proposal include a four story structure above ground level parking as well as a swimming pool, parking, and associated landscaping. Regarding the Level of Investment, we expect the Total Cost to be $22,000,000. Proposed Operational Plans, as described in Part B - Technical Information, are based upon proven success of the Hilton Family brands which are supported by a systemic approach to creating and maintaining an exceptional guest experience. The expertise of Mr. Davis, Mr. Williams and Mr. Flanders have in development, construction and hotel operations are also fundamental elements to the this proposal. As described in Part C - Financial Information, IDC Development Group has detailed a financial plan for the development, construction and operational management of the proposed concept. Along with this, a proposal for the base rent and percentage rent has been included, correlating to the number of proposed guest rooms. 2. Narrative Description IDC Development Group is proposing the development of a Hampton Inn & Suites for the Key West Intemational Airport. This is based both on our extensive background and experience with Hilton as well as the quality of the Hampton brand. We have experience with successfully building and operating Hampton Inn along with other brands within the Hilton Family of Hotels. Hampton accounts for approximately 40% of proposed hotels in the Hilton development pipeline. Within just over two decades of its founding, Hampton has grown to over 1,500 locations. It is a "Lighthouse Brand" that consistently ranks among the top of the Mid Scale Limited Service hotels by J.D, Power. In 2007, Hampton was named by Success Magazine as one of the "10 Franchises We Love" due to their fast growing business and position as an industry leader. Hampton Inn & Suites is more upscale than a traditional Hampton Inn, having the flexibility to serve both leisure and business guests. Hampton Inn & Suites provides a complementary "On the House" hot breakfast, as well as "On the Run Breakfast Bags". There is also a gift and convenience shop that offers food and drinks. Meeting rooms are available with catered food. There is no proposed franchised food or retail concepts. There are no alcoholic beverage outlets. 1004 CHURCHILL COURT · WOODSTOCK, GA 30188 . FAX 678-213-5261 · PHONE 678-213-5267 2 ID€+ , , . .. -. , .. ... . .. , . . . .. . . . . ...... ..... ' .' .,,' IDC DEVELOPMENT GROUP. LLC IDC Development Group has signed an offering circular with Hilton which documents Hilton's interest in the development of a Hampton Inn and Suites in Key West, FL. Provided IDC is the successful proposer, IDC will complete the steps necessary to effectuate the signing of the Hampton Inn & Suites Franchise Agreement. Please refer to Part D - Other Related Information to review Hilton Franchise Information 3. Management Company It will be IDC Development Group's intent to engage Hospitality Ventures as the management company for the Hampton Inn & Suites. Hospitality Ventures is a privately owned, fully- integrated hotel ownership and management organization based in Atlanta, Georgia. The company was formed in 2001 and currently owns and operates 12 hotels located in 10 states. Eleven hotels currently operate as Hilton or Marriott brands. The senior leadership team has experience owning and managing hotel portfolios that range in size from one to 143 properties. Further information regarding Hospitality Ventures qualifications is included under the "Other Related Information" section of this RFP. 4. Experience Statement While each member of IDC Development Group has strong experience in the areas of Development, Operation and Management of hospitality properties, we provide the following information regarding the individual areas of strength for proposed sponsors. Detailed resumes for each of the members have also been included in this response. Development - Sam Davis Mr. Davis is very experienced in the development process for a wide range of hospitality products and markets. Due diligence and preconstruction development of property with the potential for successful performance in the hospitality market has been a key focus of Mr. Davis' professional experience for over twenty years. A select list of projects resulting from Mr. Davis' development efforts include: . Marriott - Denver International Airport . Hilton Garden Inn - Rio Rancho, NM . Hampton Inn - Norcross, GA Please see Mr. Davis' resume for additional detail, included in this proposal. 1004 CHURCHILL COURT · WOODSTOCK, GA 30188 . FAX 678-213-5261 · PHONE 678-213-5267 3 TTY ~ IDC DEVELOPMENT GROUP. LLC Construction - Gary Williams Hospitality construction has been the core of Gary Williams's professional experience for over two decades. The breadth and depth of Mr. Williams experience has provided him with exposure to many challenging hotel projects. Mr. Williams' areas of expertise include constructability review and all preconstruction processes, construction methodology and sequencing, potential obstacle anticipation and problem-solving through project completion, hotel flag and franchise inspections and turnover. Mr. Williams also has extensive knowledge of construction in the Key West having just finished major renovations at the Casa Marina and Reach Resort. Please see Mr. Williams' resume for additional detail, included in this proposal. Operations and Management - Robert Flanders Robert Flanders' career has been dedicated to the operations and management of various hotel properties for over twenty years. Mr. Flanders developed his hospitality operations career by fulfilling the responsibilities of various positions on hotel management teams, progressing to executive vice president of operation for a hotel company that operated 53 hotels ranging from 78 to 300 guest rooms. He had partnership roles with this hotel ownership group of properties. Mr. Flanders is committed to a comprehensive, systemic approach to hotel operations and management, resulting in high levels of customer satisfaction and providing quality hotel accommodations. Please see Mr. Flanders' resume for additional detail, included in this proposal. 5. Agreement Terms IDC Development would propose the following base terms and option terms for the lease: 1. Term of lease shall be 25 years from the date that construction begins on this parcel 2. Three (3) 25 year options shall be provided to the proposer at the option of the proposer with no change in the financial terms of the lease. 3. No real estate or personal property taxes shall be imposed upon the lessee during the term of this lease. Agreement terms are subject to further clarification and negotiation. 1004 CHURCHILL COURT · WOODSTOCK, GA 30188 . FAX 678-213-5261 · PHONE 678-213-5267 4 ID€' ' " , : "'.' , , , , .. , ...'.....,<...',<,.,.,..'......:... -.........-.. IDC DEVELOPMENT GROUP. LLC Part B - Technical Information 1. Total Number of Rooms by Room Type a. Kings - 21 b. Double - 68 c. King Suites - 31 d. ADA Kings - 4 e. ADA Double - 9 f. ADA King Suite - 1 2, Total Floor Area of Hotel a. 76,179 sq ft of building area 3. Number of Proposed Parking Space a. All Parking will be on grade b. Design calls for utilizing space underneath the building for a portion of each parking space where practical c. 92 standard parking spaces d. 5 accessible parking spaces e. Additional parking proposed in adjacent airport parking lot and deck 4. Square Feet of Retail, Food, and Beverage Space a. 1 ,548 sq ft of food and beverage space b. 103 sq ft of retail/suite shop space 5. Square Feet of Meeting Space a. 696 sq ft 6. Amenities a. All Hampton Inn & Suites feature a swimming pool, exercise room, gift and convenience shop, and guest laundry. Business amenities are also available at no additional cost, including copying, faxing, high-speed internet in all rooms, complimentary local calls and long distance availability. A padded lap desk, coffee maker, iron and ironing board are also found in all rooms. b. We will provide a shuttle van for transportation to local Key West attractions. c, There will also be bicycle and moped rentals available on site. d. Exercise room 350 sq ft e. Outdoor pool 648 sq ft 7. Access Improvements a. See Exhibit A 8. Conceptual Plans a. See Exhibit A Part B - Technical Information, continued: 9. Interface with EOC (Not Applicable) 1004 CHURCHILL COURT · WOODSTOCK, GA 30188 . FAX 678-213-5261 · PHONE 678-213-5267 5 ID€' . .. , , ,......'.. ,', ...""".. ".....' IDC DEVELOPMENT GROUP. LLC 10. Operational Plans · The high recognition of the Hampton Inn brand will create an instant element of reliable quality for the traveling and leisure population in the area of the Key West International Airport. Hilton Family brands represent an internationally well-known standard of an exceptional hospitality experience. · As a part of the Hilton Family of brands, Hampton Inn franchisees are held to a very high standard or processes and procedures to ensure that commitment to guest satisfaction is top priority along with the overall supervision, management and operation of the property. · Commitment to serving the special needs of the Airport and its community will be integral to the success of any hospitality establishment in the location related to this proposal. The members of IDC Development Group are familiar with the unique aspects of airport area communities and will ensure that sensitivity to special needs continue through the term of the Agreement. · IDC Development Group is committed to providing opportunities to Disadvantaged Business Enterprises in each phase of the development, construction and operational management of the proposed hotel property. If selected to proceed beyond the proposal stage, we will request a list of local DBE entities from area resources in order to invite participation in an open and equitable environment. IDC Development Group will be pleased to submit an affirmative action plan related to the project at the appropriate time. · All Hampton Inn & Suites insure the satisfaction of the guests with a "100% Hampton Guarantee", This means that Hampton Inn & Suites will do everything necessary to provide a high level of guest satisfaction, or the guest will not be asked to pay. As a testament to the high level of service, less than half of 1 % of revenue is paid out through the guarantee. Research shows that for every $1 spent on reimbursing a guest, $7 is gained through return business. · Hampton Inn & Suites benefits from being a member of the Hilton Family of hotels. As a participant in the Hilton HHonors program, members can earn hotel points at more than 2,700 Hilton Family hotels worldwide and with more than 50 airline partners. · An additional benefit of being a member of the Hilton Family of hotels is the use of the award winning "OnQ" Customer Relationship Management (CRM) technology. Guest information is shared among the entire Hilton Family of hotels, which creates an experience especially tailored to meet the needs of the guests. This includes: customized welcome messages, personalized amenities, guest preferences, as well as online confirmation and check-in options. The OnQ system allows cross-selling of brands between other Hilton Family brands when one is unavailable. · Hampton provides a "Hotel Performance Support Team", which is composed of approximately 40 experienced hotel consultants to work individually with properties to help guarantee maximized revenue performance, customer satisfaction and team training and cohesiveness. 1004 CHURCHILL COURT · WOODSTOCK, GA 30188 . FAX 678-213-5261 · PHONE 678-213-5267 6 ID€' , , , ........,.....'.HH../.. ,.~,.. IDC DEVELOPMENT GROUP. LLC · In addition to all of these advantages, Hampton Inn & Suites also benefits from being a member of the Hilton Family of Hotels due to national advertising and sales campaigns through outlets such as CNN and USA Today. Local marketing programs are also made easy by having access to a complete array of collateral brochures, rack cards, camera- ready advertising slicks and other. · Owners receive discounts on OAG, HTI, Yellow Pages and AAA advertising, as well as with agencies to place the advertising. There are also discounts on Sabrevision/Spectrum-Apollo headlines. Direct mail packages are available, which can be utilized with database information gathered from Hampton Inn computers. · IDC Development Group's intent would be to engage Hospitality Ventures as the management company for this hotel. Hospitality Ventures executives have been managing hotels for over 25 years. Their current portfolio consists of multiple Hilton and Marriott branded hotels. The members of IDC Development Group have maintained a business relationship with Robert Cole, CEO of Hospitality Ventures, dating back to 1984. · Various marketing and promotional efforts will be utilized to ensure the success of the hotel. Aside from the vast sales and marketing benefits that Hilton provides, a dedicated sales professional will be hired to execute the hotel sales and marketing plan. This annual plan will include co-operative advertising with the Chamber of Commerce, Airport Authority, and Airlines. Direct sales efforts will target travel agents, both national and international, local and regional corporations, government and leisure travelers. 1004CHURCHILLCOURT · WOODSTOCK, GA 30188 . FAX678-213-5261. PHONE678-213-5267 7 ID€' , , , , , , " ',:,." , , , , . ' , , , " ' , . ..., . . '..-... no>. .... .' ," IDC DEVELOPMENT GROUP. LLC Part C - Financial Information 4. Total Estimated Development Cost · See Exhibit B Development Cost section 5, Financing Plan for Development · IDC Development Group along with its related parties has completed multiple hotel financing transactions, We have existing relationships with local, regional and national hotel lenders. · For this specific transaction, it is IDC Development Group's intent to partner Rockbridge Capital. Rockbridge Capital is a lending source that provides construction financing, first mortgage financing and mezzanine funding for hotel projects. Our relationship with the executives of Rockbridge Capital extends over 10 years and includes total hotel financing in excess of $100,000,000 over this time period. Further information on Rockbridge Capital is contained under the "Other Related Information" section of this RFP. 6. Itemized Estimate to Develop Concept · See Exhibit B Construction Cost section · The anticipated construction time for the project is 12 months or less. For purposes of this proposal, IDC Development has projected a construction start date of January 1, 2009 with completion by December 31, 2009. 7. Estimated Number of Permanent Employees and Associate Salary · See Exhibit C 8. Proposed Base Rent and Percentage of Gross Receipts IDC Development proposes the following terms: · The base rent and percentage of gross receipts is directly correlated to the number of guest rooms that can be built on this site. Certain assumptions have been made by the IDC Development and Fruchtman Architects. Under these assumptions our conceptual plans show 134 hotel guest rooms. · Proposed minimum base rent shall be $120,000 per year payable in monthly installments of $10,000. First payment to start on the 3rd full month of operations. · Proposed percentage of Gross Receipts shall be 2% of total revenue as defined as within the request for proposal dated from the Monroe County Engineer. Minimum rent shall be paid monthly with any overage rent being calculated based on each calendar year and paid within 20 days of December 3151, · No real estate or personal property taxes shall be imposed upon the lessee during the time of this lease. 9. Service Pricing 1004 CHURCHILL COURT · WOODSTOCK, GA 30188 . FAX 678-213-5261 . PHONE 678-213-5267 8 ID€' , .. ..'...... ......,.... .,.' ............: IDC DEVELOPMENT GROUP. LLC · The hotel will have two primary room types: Standard Guest Room and Suite Guest Rooms. The market data suggests that the Standard Guest Rooms "best available price" will range between $150 and $200. Suite Guest Rooms will range between $225 and $275. These rates will be subject to change during the different demand seasons and during special events. 10. Surety · No bond or form of surety has been cancelled or forfeited. Part D - Other Related Information · Hilton Franchise Information · Hampton Inn Brand Information · IDC Development Group Development Services · Key West Hotel Star Report · Profile of Hospitality Ventures - Proposed Management Company · Profile of Rockbridge Capital - Proposed Financing Partner · IDC Construction Brochure (separate folder) 1004 CHURCHILL COURT · WOODSTOCK, GA 30188 . FAX 678-213-5261 . PHONE 678-213-5267 9 .:,; ..l ..l -r: g .j.J OM ~ ..Q ~ OM .q T:: 7- ~ :;) r:il '-' '-' :: ~o 1~ITlm Olrn~ -O][]J []J []Jr;] 0 ' - I' __' '_ ~ ~ D~ g ;""'...J u.: u.: u.: :::-z~ c" I ~ L "j ~ ~ ~ """ lh ~ ~ ~ 0- ~ ~ ~ . N Ii': '" .1 a.", r , ~O~"U ~" ~~ .. e; H ~ ~; a i )j ~ ~~ ~ I F ~ ~ ~ ~ ~ -" ~~ o " ~ ~ ~" ~ 0 . ~" ~. ~ ~ ~ ; < .~ u. ~ ~ B o. -....I~ ~".~~~~ ~ ~~ . , ' - ~ a~ ~ " ~~~ ~ "0 a . 5 ~B EE 10 , . lEE EB 'EE I. , 0 , 831 ~s-2r1lJl ~ 2~~~ ~ ~~~ _ 00 0 _ ~b 000" . ~~ - - - - .. ~~ t- C '" '" ;;; ~" 0 0 0 . ~il ." 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J''''I "~,' r'"'l 1-'- , '-' \.i1Ili.D'l.k1iliiiM7a:_I1tT~i1ikM\:"'(J wa.\J~" , - "---I j--:-C~- .'1 ~, "fIII"!" . ~ '1,"'-i'Ei~2!,L \:rE5IE!i'-!lJ:1!5',Ei'\'L,mo, ~,CJ; ll'l!l1J:;;, ~ ~ I~~ I ~ I, '< I '0, ' I I II w n F I'W I '0 0 I 0 : 0 0, , '-,J~ - ~~= l~ '-~I 0 ij ~I,I 0 I', 0 ,',', ~II '" 1~'-g\::J,~ _flQ" 8 , I 4: ' I:~: i:i r~ -=:'l _m_ ,=,--,"---=--~ -, -=----L:Ji' v- q lJ ./~ , - 8 (IJ-qa 8, J g ~'~fIg g -- ! -i'-ill- J'\ --'I '~_ "~ ~,~ 1) -~ ' 8 '[I'j, -qa 8 I ~~g--~.i_iIJ g ~,~': 8 i~~ " - 'iI,'- " ',', ~ ""1 I, ~, -. ~ -:- I3Lc '- '" ~ I I~~~ - ,.,II-i_ , ~"~, ri'BI: <L 1..;- 2g~~~~ o ~~~ ~ 0 a a ~ ,~z Urnl.J.l ~g3 0"1 r<) P'l {l"I 00 UZ <ti' ~ ~ ~ ~ ..;- 02 ~~ " ro CD (0 ;;; ~~ 000 CD es::> \0 '" N '" <D DD o Z __ S2 ,.., lD lQ lQ N I- '(f) W S >- w ::::c (f) w I- :J (f) 06 Z Z Z o I- 0... ~ <( I . .I~ +!f~ ~~ zts <(~ 2:::0 I '" 1-<( I,~ Ui" =:)d 0::::8 LLC' <( ESTIMATE)) UEVELOPMENT COSl Number of Rooms construction Period (number of months) construction Start construction End Site and Building Cost FF&E Operation Supplies Construction Cost DEVELOPMENT COSTS Site Planning (Civil, Survey, Etc) Architectural/Interior Design/MEP Fees Lenders Consultants Fees Environmental & Soil Testing Appraisal/Market Study Legal Fees Title Insurance Permit Fees and Impact Fees (Waived) Builders Risk Insurance Franchise Fee General & Administrative Miscellaneous Pre-Opening Startup Costs Working Capital/Operating Reserve Construction Interest Contingency Subtotal before Lenders Fee Lenders Fee TOTAL SOFT COSTS TOT AL ACQUISITION COSTS Hampton Inn and Suites Key West, FL 134 12 Jan-09 Dec-09 TOTAL COSTS $ 210 $ 18,000 1250 I 76,179 sq ft 134 Room 134 Room $138,635 $24,994 $163,629 15,997,590 2,412,000 167,500 18,577,090 I $75,000 $625,000 $30,000 $25,000 $40,000 $125,000 $50,000 $0 $275,574 $159,976 $65,300 $50,000 $25,000 $150,000 $125,000 $640,990 I I $557,313 $3,019,153 12,0%1 $330,000 $3,349,153 $21,926,243 Exhibit B III 1Il ~ :J (/)-1 "CII. ~ ....' 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"'V> V> o o o u1 V> "'''' roM l/)v v"rw) V> V> o o o u1 '" "'''' roM l/)v -iM' "'''' o o o u1 V> '" '" roM l/)V v"....," V>'" o o o u1 V> "'''' roM l/)v ~M "'v> o o o u1 '" "'''' roM ll)'t 'O;;f""'M" v>'" o o o u1 '" "'''' roM l/)v <<t"'M" "'V> o o o ll)' '" "'\0 COM l/)v v"M' "'v> o o o u1 V> "'''' roM ll)V '<t"M" "'V> e o I- ~ Co QJ o ll: 2 :;;If> QJ QJ e U .- C 0>", ~ ~ ID ~~:S e I- '" 2u~ c 'iii :;: '" '" '" ,,' V> '" (J) '" ,,' V> '" '" '" ,,' V> '" '" '" ,,' V> (J) '" (J) ,,' '" '" '" '" ,,' V> '" (J) (J) ,,' V> '" '" '" ....- V> ro ~ ~ 0. '" o ... M It> 0\ t- III ... 10 .,.. N N M III It> .,.. ... 10 ... " It> .,.. 0\ '>t 0\ al It> .,.. ... N M ~ It> .,.. It> 10 10 <5 t- .,.. It> 10 Cll <5 t- .,.. '>t '>t M al It> .,.. a! > :w .. ~~ c~ EO> iijE t1* E ~ ~~ lij~ E ~ '. "'" .8 6 .s :: c-o p: -og ~K 0", B:2 1:-(; !Eli rn gj ~ ~ '" c '0 ~ ~ .S VI ro '" E -g-g 10 '" VI ., C '" '" >-'" oD 0., E 1; :: .~ c QJ '" VI C QJ 10 0> E ~ ~~ '0.0 L-o QJ e .0 '" 5 -g ~ c.E 0 -0 . U 2~~ E.~ ~ ~~E ~~-g M L '" u ..... :0 .r: x w M ... It> ~ It> .,.. ... N M ~ It> .,.. M M Cll " It> .,.. ... N '>t '>t' It> .,.. ... ... Cll '>t' It> .,.. '0 .. >- .. 0. ~ o t- Samuel Davis 5285 John's View Street Alpharetta, GA 30005 T: 678.938.2155 Email: shldavis@bellsouth.net Professional EXDerience - 1988 to 2008 2007 to Current Construction Manager/Owner's Representative Boca Raton, FL Responsibilities Include: . Direct supervision of major renovation of full service resort including 220 guest rooms, all commercial space areas, exterior improvements, new amenity deck, new cabanas, site utilities and new 320 space 3 story parking garage . Direct supervision of Palm Court, high end state of the art public space area . Working directly with General Contractors performing work on each project . Coordination responsibilities include all aspects of architectural, design and engineering services January, 1999 to October, 2006 Lodgian, Inc. Atlanta, GA Senior Vice President of Construction and Development Responsibilities Included: . Complete coordination and management of all renovation projects for 130 hotel properties . Coordination responsibilities included all aspects of architectural, design and engineering services . Developed and maintained all budgets and schedules for over 60 completed renovation projects . Worked directly with General Contractors performing work on each project . Performed all purchasing necessary for all renovation projects . Managed Lodgian personnel related to construction management of all projects . Performed all duties and responsibilities as Owner's Representative in regard to all construction activity and achievement of brand standards, January, 1988 to January, 1999 Impac Hotel Group, Inc. Vice President of Construction and New Development Responsibilities Included: . Profound role in evaluating acquisitions and planning Product Improvement Plans . Complete coordination and management of all renovation projects 1 + Coordination responsibilities included all aspects of architectural, design and engineering services + Developed and maintained all budgets and schedules for over 80 completed renovation projects + Worked directly with General Contractors performing work on each project + Performed all purchasing necessary for all new construction and renovation projects + Provided complete turnkey services, from project conception to final turnover and completion for twenty (20) new construction projects, highlights include: )- Hilton Garden Inn Rio Rancho, NM )- Hampton Inn Norcross, GA )- Marriott - Denver-Stapleton Airport (Full Service Hotel) )- Marriott - Downtown Portland, OR (Full Service Hotel) )- Marriott - Richmond, VA )- Marriott Courtyard - Atlanta / Buckhead 2 Selected New Construction Project List - Samuel Davis ~ Marriott (Full Service Hotel) - Denver International Airport, 238 Rooms ~ Marriott (Full Service Hotel) - Downtown Portland, OR, 280 Rooms ~ Marriott (Full Service Hotel) - Richmond, VA, 240 Rooms ~ Hilton Garden Inn - Rio Rancho, NM, 124 Rooms ~ Hilton Garden Inn - Lake Oswego, OR, 168 Rooms ~ Marriott Residence Inn - Little Rock, AR, 124 Rooms ~ Marriott Residence Inn - Dedham, MA, 108 Rooms ~ Marriott Courtyard - Tulsa, OK, 120 Rooms ~ Marriott Courtyard - Livermore, CA, 120 Rooms ~ Marriott Courtyard - Atlanta / Buckhead, GA, 189 Rooms ~ Marriott Courtyard - Bentonville, AR, 90 Rooms ~ Marriott Courtyard - Lafayette, LA, 90 Rooms ~ Marriott Courtyard - Abilene, TX, 100 Rooms ~ Marriott Courtyard - Florence, KY, 76 Rooms ~ Marriott Courtyard - Paducah, KY, 100 Rooms ~ Marriott Courtyard - Tifton, GA, 90 Rooms ~ Hampton Inn - Norcross, GA, 150 Rooms ~ Comfort Suites - Greenville, SC, 86 Rooms ~ Comfort Suites - London, KY, 62 Rooms ~ Holiday Inn Express - Abingdon, VA, 80 Rooms Selected Renovation Project List - Samuel Davis ~ Boca Raton Beach Club - Boca Raton, FL 220 Rooms ~ Hilton - Northfield, MI, 300 Rooms ~ Hilton - Columbia, MD, 268 Rooms ~ Hilton - Ft, Wayne, IN, 280 Rooms ~ Crowne Plaza - Albany, NY, 320 Rooms ~ Crowne Plaza - West Palm Beach, FL, 219 Rooms ~ Crowne Plaza - Melbourne, FL, 276 Rooms ~ Crowne Plaza - Phoenix, AZ, 318 Rooms ~ Radisson - Phoenix, AZ, 168 Rooms ~ Radisson - New Orleans, 270 Rooms ~ Mayfair House - Coconut Grove, FL, 179 Guest Suites ~ Marriott Courtyard - Revere, MA, 189 Rooms ~ Holiday Inn - Riverside, CA, 300 Rooms ~ Holiday Inn Express - Palm Desert, CA, 131 Rooms ~ Holiday Inn Select - Lake Oswego, OR, 178 Rooms ~ Holiday inn - Phoenix West, AZ, 136 Rooms ~ Holiday Inn - Anchorage, AK, 230 Rooms ~ Holiday Inn - Boise, ID, 150 Rooms ~ Holiday Inn - Santa Fe, NM, 126 Rooms ~ Holiday Inn - St, Louis, MO, 380 Rooms ~ Holiday Inn - BWI, Baltimore, MD, 229 Rooms ~ Holiday Inn - Inner Harbor, Baltimore, MD, 319 Rooms ~ Holiday Inn - Hilton Head, SC, 232 Rooms II)€ IDC CONSTRUCTION, LLC Gary S. Williams IDC Construction 1000 Churchill Court Woodstock, GA 30188 T: 678.428.5935 Email: gwilliams@idcconstruction.com Professional Experience -1988 to 2008 1999 to Present Principal/Managing Member IDC Construction, LLC Woodstock, GA 30188 Responsibilities Include: · Executive management of a 75 million dollar annual revenue construction company · Active executive management of renovation and construction projects · Develop and maintain executive relationships with clients; drive opportunities, growth and progress of the company · Monitor company financial reports · Executive management of 60+ employees · Build and maintain subcontractor relationships · Material purchasing, handling and storage activities Additional company information contained in IDC Construction company brochure January, 1988 to November, 1999 Impac Hotel Group, Inc.! Lodgian, Inc. (January, 1999 - November, 1999) Vice President of Renovations Responsibilities Included: · Profound role in evaluating renovation requirements on prospective, newly acquired and existing hospitality properties · Complete coordination and management of all construction activity on renovation projects · Coordination responsibilities included all aspects of architectural, design and engineering services related to renovation projects · Developed and maintained all budgets and schedules for over 80 completed renovation projects · Worked directly with General Contractors performing work on each project · Provide detailed recommendations for purchasing necessary to support all renovation projects · Provided complete turnkey services for phased, open facility renovation projects, from project conception to phased and final turnover for eighty (80) renovation projects, highlights include: · Hilton - Northfield, MI, 300 Rooms · Hilton - Columbia, MD, 268 Rooms · Hilton - Ft. Wayne, IN, 280 Rooms · Crowne Plaza - Albany, NY, 320 Rooms · Crowne Plaza - West Palm Beach, FL, 219 Rooms · Crowne Plaza - Melbourne, FL, 276 Rooms · Crowne Plaza - Phoenix, AZ, 318 Rooms · Marriott Courtyard - Revere, MA 189 Rooms · Mayfair House - Coconut Grove, FL 179 Rooms 1 Summary of Qualifications Present Business Duties Previous Business Duties Previous Business ID€ IDC DEVELOPMENT GROUP~ LLC ROBERT M. FLANDERS 4580 Kings Abbot Way Norcross, GA 30092 (770) 448-8076 20 years of hotel experience, Positions held during this period include Hotel Controller, Front Office Manager, General Manager, Corporate Controller, Regional Director, Construction Manager, Vice President of Operations Support and Vice President of Operations, IDC Development Group, LLC Director of Development 1004 Churchill Court Woodstock, GA 30188 April 2005 to present Responsible for a new business unit. Primary focus is on new hotel construction either thru third parties or joint venture partnerships, Ensure that all entitlements are obtained, financing is secured and construction budgets are met, Hospitality Ventures Vice President of Operations - Partner 3340 Peachtree Road Suite 605 Atlanta, GA 30326 February 2001 to March 2005 Responsible for the operations of 7 hotels. 4 Marriott branded hotels and 3 Hilton branded hotels, Ensure that high levels of guest satisfaction are obtained, brand standards are met, associate satisfaction levels are high, sales goals are obtained and maximize profitability levels Lodgian, Inc Vice President of Operations Support 3445 Peachtree Road, NE Suite 700 Atlanta, GA 30326 (404) 364 - 9400 January 1998 to February 2000 1 Duties Monitor financial operating performance of all 120 hotels, Analyze star reports to find revenue opportunities, review expense categories and payroll ratios. Hold monthly operating reviews with each of the 6 regions to determine areas of improvement. Previous Business Impac Hotel Group Executive Vice President - Partner 3445 Peachtree Road, NE Suite 700 Atlanta, GA 30326 (404) 364 - 9400 1989 to January 1998 Duties Formation of a start up Hotel Company. Growth from 1 hotel to 53 hotels. At various points during this time, responsibilities for the company included but not limited to acquisition of hotels, day to day operations, financial reporting, legal affairs, insurance matters, human resource functions, guest satisfaction, financial performance of each hotel, renovation of hotels, new construction of hotels, lender communication and investor communication. Listing of Impac Hotels: Hilton Garden Inn Rio Rancho (Albuquerque), NM Vice President & Stockholder Opened Dec. '98 129 Rooms Marriott Gateway Park Aurora (Denver Airport), CO Vice President & Stockholder Opened Nov, '98 238 Rooms Comfort Inn Revere (Boston), MA Vice President & Stockholder Purchased July '98 120 Rooms Residence Inn Dedham (Boston), MA Vice President & Stockholder Opened June '98 81 Rooms Residence Inn Little Rock, AR Vice President & Stockholder Opened Apr. 98 96 Rooms Fairfield Inn Augusta, GA Vice President & Stockholder Acquired Oct, '97 117 Rooms 2 Fairfield Inn Acquired Colchester, VT Oct. '97 Vice President & Stockholder 117 Rooms Fairfield Inn Acq u ired Jackson, TN Oct. '97 Vice President & Stockholder 105 Rooms Fairfield Inn Acquired Merrimack, NH Oct, '97 Vice President & Stockholder 116 Rooms Holiday Inn Downtown Acquired Anchorage, AK Sept, '97 Vice President & Stockholder 252 Rooms Courtyard by Marriott Opened Lafayette, LA Aug, '97 Vice President & Stockholder 90 Rooms Mayfair House Acquired Miami, FL June '97 Vice President & Stockholder 179 Rooms Fairfield Inn Opened Valdosta, GA May '97 Vice President & Stockholder 108 Rooms Crowne Plaza Acquired Macon, GA May '97 Vice President & Stockholder 299 Rooms Holiday Inn Acquired Riverside, CA May '97 Vice President & Stockholder 302 Rooms Courtyard by Marriott Opened Tulsa, OK May '97 Vice President & Stockholder 122 Rooms Holiday Inn Acq u ired Hamburg, NY Apr. '97 Vice President & Stockholder 128 Rooms 3 Howard Johnsons (now Holiday Inn) Miami, FL Vice President & Stockholder Acq u ired Apr. '97 96 Rooms Courtyard by Marriott Opened Paducah, KY Jan, '97 Vice President & Stockholder 100 Rooms Holiday Inn Portland South Acquired Wilsonville, OR Jan '97 Vice President & Stockholder 166 Rooms Holiday Inn Acquired Boise, ID Jan, '97 Vice President & Stockholder 266 Rooms Holiday Inn Downtown Acquired Cincinnati, OH Jan '97 Vice President & Stockholder 246 Rooms Holiday Inn South Acquired Ft, Mitchell, KY Jan '97 Vice President & Stockholder 214 Rooms Holiday Inn Sycamore Acquired Memphis, TN Jan '97 Vice President & Stockholder 175 Rooms Hollywood Palm Hotel Acquired Hollywood, CA Dec'96 Vice President & Stockholder 155 Rooms Courtyard by Marriott Opened Bentonville, AR Nov. '96 Vice President & Stockholder 90 Rooms Holiday Inn Acq u ired Bridgeport, WV Oct, '96 Vice President & Stockholder 160 Rooms Holiday Inn Acquired Fairmont, WV Oct. '96 Vice President & Stockholder 106 Rooms 4 Holiday Inn Acquired Morgantown, WV Oct, '96 Vice President & Stockholder 147 Rooms Holiday Inn Acquired Florence, KY Oct, '96 Vice President & Stockholder 106 Rooms Holiday Inn Acquired Syracuse, NY Oct. '96 Vice President & Stockholder 153 Rooms Holiday Inn Select (DFW) Acquired Dallas, TX Sept '96 Vice President & Stockholder 282 Rooms Comfort Suites Opened Greenville, SC Aug '96 Vice President & Stockholder 85 Rooms Hampton Inn Opened Norcross, GA July '96 Vice President & Stockholder 149 Rooms Courtyard by Marriott Opened Buckhead (Atlanta), GA July '96 Vice President & Stockholder 181 Rooms Courtyard by Marriott Opened Tifton, GA July '96 Vice President & Stockholder 90 Rooms Residence Inn Opened Atlanta, GA June '96 Vice President & Stockholder 160 Rooms Courtyard by Marriott Opened Abilene, TX March '96 Vice President & Stockholder 100 Rooms Doubletree Club Hotel Acquired Philadelphia, PA March '96 Vice President & Stockholder 188 Rooms Holiday Inn Strongsville Acquired Cleveland, OH October '95 Vice President & Stockholder 299 Rooms 5 Courtyard by Marriott Opened Florence, KY Sept. '95 Vice President & Stockholder 78 Rooms Holiday Inn South on the Lake Acq u ired Birmingham, AL June 1995 Vice President & Stockholder 166 Rooms Holiday Inn Express Acquired Nashville, TN June 1995 Vice President & Stockholder 210 Rooms Holiday Inn Airport North Acquired St, Louis, MO June 1995 Vice President & Stockholder 391 Rooms Radisson Read House Acquired Chattanooga, TN Nov, 1994 Vice President & Stockholder 237 Rooms Holiday Inn Sunspree Acquired Surfside Beach, SC June 1994 Vice President & Stockholder 133 Rooms Holiday Inn Express Acquired Lexington, MA April 1994 Vice President & Stockholder 168 Rooms Embassy Suites Acquired Corpus Christi, TX Jan. 1994 Vice President & Stockholder 150 Rooms Holiday Inn Airport West Acquired St, Louis, MO Dec, 1993 Vice President & Stockholder 250 Rooms Holiday Inn Acquired Atlanta, GA July 1993 Vice President & Stockholder 153 Rooms Holiday Inn LBJ Acq u ired Dallas, Texas May 1993 Vice President & Stockholder 244 Rooms 6 Hampton Inn Acquired Dallas, Texas Jan 1993 Vice President & Stockholder 120 Rooms Comfort Inn-Airport Acquired San Antonio, Texas August 1992 Vice President & Stockholder 202 Rooms Comfort Suites Hotel Opened London, Kentucky June 1992 Vice President & Stockholder 62 Rooms Doubletree Club Hotel Acquired Louisville, KY May 1992 Vice President & Stockholder 399 Rooms Embassy Suites Acquired Brunswick, Georgia Dec 1991 Vice President & Stockholder 130 Rooms Holiday Inn Express Opened Abingdon, Virginia Sept. 1991 Vice President & Stockholder 80 Rooms Super 8 Motel Acquired Morristown, Tennessee Sept. 1991 Vice President & Stockholder 63 Rooms Super 8 Motel Opened Prestonsburg, Kentucky April 1991 Vice President & Stockholder 80 Rooms French Quarters Suites Hotel Acquired Memphis, Tennessee January 1991 Vice President & Stockholder 105 Rooms Holiday Inn Acquired Valdosta, Georgia January 1991 Vice President & Stockholder 281 Rooms Super 8 Acq u ired Hazard, Kentucky May 1990 Vice President & Stockholder 86 Rooms 7 Days Inn Starke Florida Stockholder and Operator 1988 - 1992 Pirate's Cove Daytona Beach, Florida President & Stockholder 1988 - 1992 Days Inn Easton, Maryland Stockholder and Operator 1988 - 1992 Holiday Inn Corbin, Kentucky President & Stockholder 1986 - 1992 Howard Johnson Lodge Latham, New York President & Stockholder 1986 - 1992 Brighton Inn Portland, Maine Partner and Operator 1984 - 1986 Other Work Experience Pirate's Cove Daytona Beach, Florida Manager 1988-1990 Holiday Inn, Latham Latham, New York General Manager 1986-1988 Mountain View House Whitefield, New Hampshire Controller 1984-1985 Education University of New Hampshire Whittemore School of Business & Economics Durham, New Hampshire B.S. Business Administration 1984 Minor Economics Cum Laude Sunapee High School Sunapee, New Hampshire Graduated Cum Laude 1980 Date of Birth November 25, 1962 8 rI'j H'I@F'j le I tOn ann v @ Hilton CONRAD Illl!II',.)(!\l)ll!\ c;c( DOUBLETREf m EMBASSY S tJ I T f: S . m Hilton ~GardenInn @ Hilton Grand Vac-ations -. HOMEWOOD SU ITES ~ mlton~ 1/ '.,1 I, \I \11)): WALDORF=ASTORIA @ Hilton May 19, 2008 VIA OVERNIGHT DELIVERY Mr. Rob Flanders IDC Development Group, LLC 1004 Church Hill Court Woodstock, GA 30188 RE: Proposed Hampton Inn and Suites - Key West, FL Dear. Mr. Flanders: At the request of Steve Crabill enclosed please find our new Franchise Disclosure Document dated March 28, 2008 ("FDD") and our 2008 Franchise License Application ("Application"). Upon receiving the FDD, please sign and date a copy of the receipt page and return one original to me; the second original should be retained for your records, Please note that your signature on the receipt serves merely to evidence the date YOU received the UFOC, and not the date you reviewed its contents, Please note that the Application and franchise application check may not be submitted prior to the day after the 14th full calendar day (15 days) as evidenced by the date on the FDD Receipt Page. Please return the completed Application and check to the attention of Gary Finnell. If you have any questions, please contact me at 770-937-5163 or Steve Crabill at 770-857 -8502. ~it~JdQ)v Tracy Helton Franchise Development, Southeast Region Ith USA OQ5? Southeast Region 2100 RiverEdge Pkwy Ste 1000, Atlanta, GA 30328 tel +17709375163, hiltonfamily.com official sponsor ~~~<f:rH-"K~m' EXHIBIT M RECEIPT Hampton Inns Franchise LLC This disclosure document summarizes certain provisions of the franchise agreement and other information in plain language. Read this disclosure document and all agreements carefully. If Hampton Inns Franchise LLC offers you a franchise, it must provide this disclosure document to you 14 calendar~days before you sign a binding agreement with, or make a payment to, the franchisor or an affiliate in connection with the proposed franchise sale. Maryland, New York and Rhode Island require that we give you this disclosure document at the earlier of the first personal meeting or 10 business days before the execution of the franchise or other agreement or the payment of any consideration that relates to the franchise relationship. Michigan, Oregon, Washington and Wisconsin require that we give you this disclosure document at least 10 business days before the execution of any binding franchise or other agreement or the payment of any consideration, whichever occurs first. If Hampton Inns Franchise LLC does not deliver this disclosure document on time or if it contains a false or misleading statement, or a material omission, a violation of federal law and state law may have occurred and should be reported to the Federal Trade Commission, Washington, DC 20580 and the state agency listed on Exhibit 1. The franchisor is Hampton Inns Franchise LLC, located at 9336 Civic Center Drive, Beverly Hills, CA 90210. Its telephone number is (310) 278-4321. Issuance date: March 28. 2008 Steve Crabill, VP Franchise Dev 2100 RiverEdge Parkway, Ste 1000 Atlanta, GA 30328 770-857-8502 . _,(tttle] [telephone number). \ .~ The franchise seller for this offering is [name] , [address], Hampton Inns Franchise LLC authorizes the respective state agencies identified on Exhibit I to receive service of process for it in the particular state. I received a disclosure document dated March 28, 2008 that included the following Exhibits: Exhibit A Exhibit B List of Licensed Hotels (as of December 31, 2007) List of Licensed Hotels Terminated, Canceled, Not Renewed or with Changes in Controlling Interest During FY 2007 Financial Statements Franchise license Agreement, Rider, Attachment A and State Addenda Guarantee of Franchise Ucense Agreement Franchise license Application HITS Agreement Table of Contents of Brand Standards Manual State Administrators Agents for Service of Process State Addenda to Franchise Disclosure Document Voluntary Tennination Agreement (Franchise License Agreement) Receipt Exhibit C Exhibit 0 Exhibit E Exhibit F Exhibit G Exhibit H Exhibit I Exhibit J Exhibit K Exhibit L Exhibit M Dated: !VI ~I f) ~, :1-0 () f If a corporation or other business entity PROSPECTIVE FRANCHISEE: If an individual: JJJ ( 0 ev-t:/ or I~ 1\,/+- Gf (A-'f LLL (Name of Entity) I BY:_fllit~;t- vYI. ~ Its 0 J..f' [~,r tl f OPV( I OfJNN r (fitle) (Signature) (Print Name) (Signature) [W'bert- ~ Ff4hJf1'S (Print Name) (Print Name) Please return the signed receipt to Hilton, Please sign and date the above acknowledgement. Attach a business card and return to 2100 RiverEdge Parkway, Suite 1000, Atlanta GA 30328 ID€ I ID~,,~~~;;~~;'~:,,~C rfla nde rs@idcdevelopmenlllc.com V\7\\,\\' .idcconSlruction .C0111 OFfiCI 678-213-1110 1000 CHU](CHIU CO~In , '. fA>: 671-:-213-1109 WOODSTOCK. GA J0188 ,.. ,. CELL 671-:-4l1C)-080, U,S. fifty states and DC 2008 INSTRUCTIONS FOR SUBMITTAL OF FRANCHISE APPLICATION To submit a franchise application ("Application"): · Sign and date the "Receipt" page at the end of the current Franchise Disclosure Document ("Disclosure Document") for the applicable brand and retum it immediately to your Hilton Hotels Corporation development representative ("Developer"), The Receipt should be signed by an authorized signer for the Applicant (see below). · Complete the Application (please type or print) and have the authorized signer(s) for the Applicant sign and date the Application Letter. Note: If the Applicant is an entity, the entity must be in existence at the time it signs and submits the Application Letter. · Attach the supporting documents/information requested in the Application and summarized on the attached checklist. · Submit the entire package along with the initial fee ("Development Services Fee") described below to your Developer, NOTE: APPLICANT SHOULD NOT SIGN OR SUBMIT THE APPLICATION OR PAYMENT OF THE DEVELOPMENT SERVICES FEE UNTIL AT LEAST THE DAY AFTER THE FOURTEENTH FULL CALENDAR DAY FOLLOWING THE DATE YOU SIGNED THE RECEIPT CONTAINED IN THE DISCLOSURE DOCUMENT. Authorized Signers: Authorized signers for the Receipt and Application Letter include the fallowing: Applicant Individual(s): Corporation General Partnership Limited Partnership Limited Liability Company Trust Estate Siqner (s) Each Individual President, Vice President or other Authorized Officer Each General Partner Any General Partner Managing Member(s), Authorized Member(s), or Manager(s) Trustee(s) Executor/Executrix, Ad ministrator/ Administratrix Development Services Fee: Payment of the Development Services Fee must be made when you submit your Application. The Development Services Fee becomes non-refundable upon our approval of your Application. For a New Development, Conversion and Change of Ownership Application, please calculate your Development Services Fee as follows (all fees are in US Dollars): Conrad: MINIMUM $85,000, plus $300 per guest room/suite over 200 guest rooms/suites Embassy Suites: MINIMUM $75,000, plus $300 per suite over 250 suites Hilton: MINIMUM $85,000, plus $300 per guest room/suite over 275 guest rooms/suites Hilton Garden Inn: MINIMUM $60,000, plus $450 per guest room/suite over 150 guest rooms/suites Homewood Suites by Hilton: MINIMUM $60,000, plus $450 per guest room/suite over 150 guest rooms/suites Doubletree, Doubletree Guest Suites: MINIMUM $75,000, plus $300 per guest room/suite over 250 guest rooms/suites Hampton Inn, Hampton Inn & Suites: MINIMUM $50,000, plus $450 per guest room/suite over 100 guest rooms/suites For a Relicensing Application (not involving a Change of Ownership), please calculate your Development Services Fee as follows: Conrad, Hampton Inn, Hampton Inn & Suites, Homewood Suites by Hilton and Hilton Garden Inn: $25 per guest room/suite multiplied by the number of years in the Relicensing term. Hilton, Doubletree, Doubletree Guest Suites and Embassy Suites: $15 per guest room/suite multiplied by the number of years in the Relicensing term, Page 1 of 11 U,S, fifty states and DC APPLICATION CHECKLIST - REQUIRED ITEMS , FOR THE APPLICATION TO BE COMPLETE, THE FOllOWING ITEMS MUST BE INCLUDED: o Disclosure Document Receipt si!:med and dated by an authorized signer for the Applicant (see instructions on page 1) / .15 c:Ut4S ~-\e[+WL Siq;14 o Application letter signed and dated no earlier than the day after the 14th full calendar day following the date roo that Applicant signs the Receipt contained in the Disclosure Document, along with the remaining completed Application pages. (Example: If you sign the Receipt on January 1st, then the earliest you may sign and submit the Application Letter will be fifteen days after that date on January 16th). o Check (or wire transfer) for the Development Services Fee dated no earlier than the day after the 14th full calendar day following the date the Applicant signs the Receipt contained in the Disclosure Document. (Example: If you sign the Receipt on January 1", then the earliest you may submit the Development Services Fee will be fifteen days after that date on January 16111.) o Current Financial Statements less than one year old for Applicant; its controlling shareholders, partners or members; and each 25% or greater owner of Applicant o Upon request, completed Participant Information form(s) (see pages 10 and 11) siqned and dated for Applicant, each individual/entity with a 25% or greater direct or indirect ownership interest in Applicant, and each individual/entity with a controlling interest in Applicant, Le, general partner, managing member, etc, o Copies of Organizational Documents (including all amendments) for Applicant entity and each of its principal entities, including general partner(s), managing member(s), controlling shareholders or similar direct and indirect controlling interests, as follows: Private Corporation: Articles of Incorporation (with filing stamp or certification from the jurisdiction of incorporation) Articles of Organization (with filing stamp or certification from the jurisdiction of formation) and signed Operating Agreement Certificate of Limited Partnership (with filing stamp from the jurisdiction of formation) and signed Partnership Agreement Signed Partnership Agreement Signed Trust Agreement Letters Testamentary/of Administration (where applicable) Limited Liability Company: Limited Partnership: General Partnership: Trust: Estate: CJ Completed Ownership Structure Form (see page 6) for Applicant, its underlying ownership entities and the fee title holder or lessor/sublessor of the Hotel/Hotel Site if related to Applicant o If available, or upon request, market study o Site Control Document and all amendments (Le, deed, ground lease, purchase option, binding letter of intent, purchase agreement) o Site Plan, Aerial and location Map with site identified (consult your Developer for site plan requirements) o If available, or upon request, resume of General Manager, copy of management agreement and list of hotels owned or managed by the management company CONVERSION PROJECTS In addition to the above, include the following items: o Conversion Indemnity letter (if applicable) o Interior/Exterior Photographs o 3 Years' Hotel Operating Statistics Page 2 of 11 U,S. fifty states and DC APPLICATION LETTER ("Location") ("Applicant") BRAND (check one): [ ] Hilton [ ] Doubletree [ ] Hilton Garden Inn [ ] Doubletree Guest Suites [ ] Homewood Suites by Hilton [] Conrad [ ] Embassy Suites [ ] Hampton Inn & Suites [ ] Hampton Inn This letter is fumished to the applicable franchising subsidiary of Hilton Hotels Corporation for the brand selected above (Hilton Franchise LLC, Hilton Garden Inns Franchise LLC, Doubletree Franchise LLC, Embassy Suites Franchise LLC, Hampton Inns Franchise LLC, Homewood Suites Franchise LLC, or Conrad Franchise LLC) and its successors and assigns (each, "Licensor") in order to induce Licensor to process an application for a license to operate a hotel under the brand selected above at the Location designated above. The Applicant understands that Licensor is relying on the information provided in the application and all documents submitted by the Applicant and co-owners in connection with or in support thereof, including, but not limited to, this application letter, all hereinafter referred to as the "Application", Applicant agrees to supply such additional information, statements or data as may be requested by Licensor. The Applicant represents, understands and acknowledges that: 1, All information contained in the Application is true and correct as of the date set forth below and that the information contained in this Application is complete and not misleading due to an omission of any material information, The Applicant will inform Licensor promptly of any material change in any of the information fumished in the Application. The Applicant has the authority to submit the Application and to enter into the other documents contemplated thereby, including, without limitation, a Franchise License Agreement ("License"). Neither the submission of the Application nor the execution of such other documents (including the License) will conflict with the terms of any agreement(s) to which Applicant is a party or by which the Applicant is bound. The Applicant has not been induced by Licensor to terminate or breach any agreement with respect to the Location. 2. Information concerning the system for the brand selected above ("System"), including, without limitation, the Disclosure Document (if required under applicable law), has been made available to the Applicant. The Applicant is familiar with the System and its requirements and is applying for the form of License contained in the Disclosure Document. 3. Licensor does not enter into oral agreements or understandings with respect to Licenses or matters pertaining to the granting of a License, and as of the date set forth below there are no oral agreements or understandings whatsoever between the Applicant and Licensor with respect to any proposed License. 4, Payment of the Development Services Fee is enclosed with the Application. If the Application is not approved, or if Applicant withdraws the Application before it is approved, the Development Services Fee will be returned, without interest, less $7,500.00 for time and expenses incurred by Licensor in processing the Application. IF THE APPLICATION IS APPROVED, THE DEVELOPMENT SERVICES FEE WILL NOT BE RETURNED OR REFUNDED UNDER ANY CIRCUMSTANCES (EVEN IF APPROVAL IS CONDITIONED ON APPLICANT PROVIDING ADDITIONAL INFORMATION). Licensor reserves the sole right to approve or disapprove the Application for any reason it may determine. If the Application is approved, Applicant must provide any additional information requested, meet any additional requirements and sign the License within the time period Licensor specifies or Licensor may terminate the proposed hotel project and retain the Development Services Fee, The Development Services Fee may be invested, combined with other funds or otherwise used as Licensor, at its discretion, deems appropriate. Applicant authorizes credit bureaus, financial institutions, companies and individuals to disclose to Licensor, any and all information for the use of Licensor and its affiliates for the purpose of conducting any necessary credit and/or background investigations. Licensor will comply with any applicable laws in conducting such credit and/or background investigations, Page 3 of 11 U.S. fifty states and DC The Applicant Uointly and severally if applicable) agrees to indemnify and defend Licensor, Hilton Hotels Corporation, and their respective subsidiaries or affiliates, and their officers, directors, employees, agents, representatives, successors and assigns (collectively, the "Hilton Indemnitees") and to hold them harmless from all losses, consequently, in connection with the Application and the Location, including breach of any representations, undertakings or warranties contained herein and all claims, demands, suits, causes of action, liabilities, losses or otherwise, consequently or directly incurred (including legal and accounting fees and expenses), and including claims as a result of Licensor processing the Application and/or approving a License. Each Hilton Indemnitee will have the right independently to take any action it may deem necessary in its sole discretion to protect and defend itself against any threatened action subject to Applicant's indemnification, without regard to the expense, forum or other parties that may be involved, Each Hilton Indemnitee will have sole and exclusive control over the defense of any such action (including the right to be represented by counsel of its choosing) and over the settlement, compromise or other disposition thereof. Licensor may rely on any information, statement or notice from the Applicant pertaining to the Location or License without having to investigate or ascertain the accuracy of any fact or allegation in the notice. This application letter may be executed in counterparts, each of which shall be deemed an original, which together shall constitute one and the same instrument. This application letter must be signed by the authorized signer(s) for the Applicant (see Instructions page for required signatures) and the undersigned represents and warrants that he/she has the authority to sign this application letter. Please make as many copies as needed, FOR INDIVIDUAL FOR BUSINESS ENTITY Signature: By: Print name: Print Name & Title: Date (required): Date (required): Page 4 of 11 u.s. fifty states and DC HILTON HOTELS CORPORATION FRANCHISE APPLICATION APPLICANT NAME OF APPLICANT (your name may not include any of our marks or any variations/initials thereof): State in which Applicant's principal business address (or if Applicant is an individual, permanent residence) is located: Type: [ ] Corporation [ ] Individual [ ] Limited Partnership [ ] Trust [ ] General Partnership [ ] Other (specify) GOVT 10 or SS# (last 4 digits): [ ] Limited Liability Company Birth/Formation Information: Date: _/_/_ State: PRINCIPAL CORRESPONDENT FOR LEGAL NOTICES FOR DAY-TO-DAY COMMUNICATIONS Name: Name: Street Street Address: Address: City, State City, State Zip Code Zip Code Telephone #: Telephone #: Fax#: Fax#: Email: Email: MANAGEMENT INFORMATION THE PROPOSED HOTEL WILL BE MANAGED BY: [ ] A General Manager who will be employed by the Applicant The General Manager will be: [ ] A Management Group under a Management Agreement with the Applicant Company Name and Contact: Address: Telephone: Fax: Email: Attachments: (1) Resume of Genera/ Manager, if availab/e or upon request (2) Copy of Management Agreement, if available or upon request (3) List of Hotels owned or managed by the management group LIST ALL HOTELS OWNED AND/OR OPERA TED BY APPLICANT AND ITS EQUITY OWNERS (attach additional pages If necessary) Owner/Operator Name Brand/Property Name, City/State Description of Interest % Equitv Page 5 of 11 U.S. fifty states and DC OWNERSHIP STRUCTURE OF APPLICANT ENTITY INSTRUCTIONS: Please provide a complete breakdown of the owners of the Applicant Entity and any related entity that holds/will hold fee title to the Hotel site. If these owners are other legal entities, please include a breakdown of their underlying ownership. That means you should provide the name and description/percentage of ownership interest of all individuals who own and/or control these entities. Copy this form as needed to provide multiple structures. E:x~rl1ple:u n..__n__.....~n~n. ..hnhn..........____.__.._...,. n..._uu.. .hn.n.u......________..... ..h...................... 25% Limited Partner Business Address & Telephone hu. ____......h.....n.....____. n___.hn_n..__.....nn_.__.~ , XYZ Corp. Address/Phone , John Doe Address/Phone 'Uh;UUU'U'h"Umh'h_;_.J.li_rll:!_D~u6(jcj~l:!_~ll!F.'~_()rle . 99% ' ABC, L,L.C. Address/Phone BDC, Inc. Address/Phone 1% Entity/Person's Name Gov't ID/Soc See # - Description Of _uhu u uuu.uuu..!C1I>t~ucjI91~~u<>'I1_I.Yh huuuu_I':t!e!fl.StuuhUUrU 12-3456789 1234 5678 .0_...._ _ ...n...... . .nn..n.. ...... ............."......... u......__.nh__... ........_.....nn-Thn..hnn....___..h.........._n. 23-4567891 34-5678912 9012 % Interest , XYZ Corp. , - John Doe, President .:..J<:l.n~.Do.E!,..~~CI~e~~.lder . ABC, L,L.C. , - BDC, Inc., Its managing member - Bill Davis, President 100% 50% 50% General Partner , - Bill Davis Family Trust, member 25% . - Bill Davis, Trustee - Bill Davis, Jr. Beneficiary 100% same as above 2345 , Trust Contact Address/Phone - . - '. - iu.:..~!II.P!l,V.(llJ.I!.1~fl1.~r....,....,.,........,.,.,.......u.......,.....~Q.'Y.?......,....u,L__~~~.E2...~qg~__L.._....,,_,._._._._,_.,_u_.L....,.._._.._...,',..,._.L.!3J!I...Pi!Yl~6QQr.~~lP.!!Q..n_~____.i ENTITY NAME: OWNERSHIP STRUCTURE (provide additional pa~es if necessary) Entity/Person's Name Gov't ID/Soc Sec # - last 4 dialts onlv Description of Interest % Interest Business Address & TeleDhone Attachments: (1) Copy of the documents supporting formation of Applicant and its controlling entities (e,g., Articles of Incorporation, Partnership Agreement, Operating Agreement, etc.) (2) Upon request, completed Individual or Business Entity Participant Information Forms Page 6 of 11 U,S. fifty states and DC HOTEL/SITE LOCATION Street Address*: * If no street address, provide coordinates or other location description: City, State Zip Code: BRAND (check one): [ ] Hilton [ ] Hilton Garden Inn [ ] Homewood Suites by Hilton [ ] Doubletree [ ] Doubletree Guest Suites [ ] Conrad [ ] Embassy Suites [ ] Hampton Inn & Suites [ ] Hampton Inn Development Type: [] New-Build [] Conversion [] Change of Ownership [ ] Relicensing HOTEL FACILITIES, SITE, BUILDING INFORMATION Total guest units: # of Guest rooms: # of Guest Suites: # Stories: Total meeting space: Ballroom: [] Yes sq, feet [] No Pool (Indoor/outdoor/N/A): Other amenities: Total square footage of site: Zoned for hotel development? [] Yes [ ] No Maximum height allowed by zoning code: Feet: Stories: Any site/development restrictions? [ ] Yes [] No Please explain (attach additional pages If necessary): HOTEL AFFILIATION Has there ever been a franchise, branded management, affiliation or similar agreement pertaining to this hotel or site? [] Yes [ ] No Explain: If the hotel is currently affiliated with a hotel chain - What chain? Hotel's current name: Original opening date: Attachments: Conversion Indemnity Letter (if applicable) Page 7 of 11 u.s. fifty states and DC HOTEL SITE CONTROL/OWNERSHIP Applicant's Site Control: [] Owned by Applicant [ ] Leased to Applicant [ ] Optioned to Applicant [ ] Under purchase contract by Applicant [ ] Other (specify) If Hotel or Hotel site is currently owned by someone other than Applicant, please indicate: Fee owner name: Address: City, State/Province: Zip/Postal Code: Related to Applicant?: [ ] No [ ] Yes* (describe): Country: Telephone #: If Hotel or Hotel site will, upon close of purchase, be owned by someone other than Applicant, please indicate: Fee owner/Lessor name: Address: City, State/Province: Zip/Postal Code: Related to Applicant?: [ ] No [ ] Yes* (describe): Country: Telephone #: *If yes, provide complete ownership structure of related entity that will be fee owner (see form on page 6) Attachments: (1) Site Control Document (2) Site Plan (3) City Maps and Aerial Photograph with site identified (4) If applicable, complete ownership structure of related entity that will be the fee owner/lessor/sublessor DEADLINES ASSOCIATED WITH APPLICATION (such as option deadline, purchase deadline, etc.) Page 8 of 11 U.S. fifty states and DC NEW DEVELOPMENT PROJECT COSTS AND FINANCING ESTIMATED PROJECT COSTS - NEW CONSTRUCTION: Land: $US $US per room Construction: $US $US per room FF&E: $US $US per room Other: $US $US per room TOTAL $US $US per room ESTIMATED PROJECT COSTS - CONVERSION: Purchase price/ current mkt. value (estimate): $US $US $US $US per room Renovation/upgrade: per room Other: $US $US per room Forecasted Construction/Renovation Start Date: Forecasted Construction/Renovation Completion Date: OPERATING PROJECTIONS: Assumptions Yr1 Yr2 Yr3 Yr4 Yr 5 % Occupancy Avg, Daily Rate ($US) Do you have a loan or loan commitment for this project? [ ] Yes [] No Name of lender (s): Loan Amount: Percentage equity: Attachments: (1) Market or Feasibility Study, if available or upon request (2) For Conversion projects - 3 years' operating statistics (3) Financial Statements for Applicant, its controlling shareholders, partners or members, and each individual and entity with a 25%or greater direct or indirect ownership interest in the Applicant Page 9 of 11 U.S. fifty states and DC INDIVIDUAL PARTICIPANT INFORMATION INSTRUCTIONS: Upon request, Applicant may be required to provide the personal and business information requested below, and such additional information which Licensor may require, for each of the following individuals, as applicable: (1) each individual with a 25% or greater direct or indirect ownership interest in Applicant, and (2) each individual with a controlling interest in Applicant, i.e. general partner(s), managing member(s), etc., regardless of ownership interest. Personal information provided by Applicant to Licensor pursuant to this request will be considered confidential. Name of Individual: (Full first name) (Middle name/initiai) (Last name) (Fonner name/alias, if applicable) Social Security or Govt. 10 #: Sex [] Male [ ] Female Birth Information: Date: _/---1_ City/State/Province: mo day yr Country: Home Address/Dates: (past 10 years, attach separate sheet If necessary) Telephone #: Fax#: Employer/Address/Position/Dates (past 10 years, attach separate sheet If necessary): % Ownership of Applicant: (i.e. Shareholder, Officer, General Partner, Managing Member, limited partner, member etc.) Relationship to Applicant: References (name, address, telephone number) - include one bank/financial, one business & one personal: 1. 2. 3. CERTIFICA TIONS Have you or any legal entity in which you have been an officer, director, member or partner (or in which you have held a management position or ownership interest greater than 10%) ever (i) been a defendant in civil litigation alleging fraud, deceit or similar claims, (ii) been convicted of a criminal offense or have a charge currently pending, (iii) filed for protection from creditors under applicable bankruptcy laws, (iv) been a defaulting party in a foreclosure proceeding, or (v) been the subject of disciplinary action with respect to the suspension or revocation of, a professional or gaming license? L) NO L) YES If yes, please provide details: I certify that to the best of my knowledge the statements contained in this Application are true and complete and nothing has been withheld affecting my reputation and credit standing. In accordance with the Privacy Act, Freedom of Information Act, the Fair Credit Reporting Act, and any similar federal, state or local statutory or common laws or regulations, I expressly authorize the above-named references, any credit reporting agency, any law enforcement agency (federal/state/local) and any person, association, firm, company, financial institution, court system, personnel agency or credit bureau to furnish and release to Hilton Hotels Corporation and/or its representatives, owners, partners, parents, subsidiaries, affiliates, successors and assigns and each of such entities' officers, directors, agents and employees (collectively, "Hilton'), any information that is requested including, but not limited to, Information concerning my education, employment history, financial transactions, credit payment history, civil record, criminal conviction record, legal proceedings or judgments or any other record or report, and Hilton to request, obtain and use such information for the purpose of conducting any necessary credit and/or background investigations. I hereby release, indemnify, defend and hold harmless Hilton and any and all other persons or entities, including without limitation those providing information, from any and all liability for losses, claims, injuries, liabilities, and damages of whatever kind or nature, whether known or unknown, including without limitation those based upon defamation, invasion of privacy, and rights of publicity and personality, against any or all of them which may at any time arise or accrue to me or my heirs, successors, parents, subsidiaries, assigns, officers, directors, employees, agents or other persons or entities claiming by or through me, on account of the provision of such information or reliance on such information or on other information gathered pursuant thereto and hereto, I hereby authorize this Individual Participant Information Form, indemnity and release to be shown and delivered to such persons, with a copy of this Individual Participant Information Form, indemnity and release to be as valid as the original. SIGNATURE: DATE: Page 10 of 11 U.S. fifty states and DC BUSINESS ENTITY PARTICIPANT INFORMATION INSTRUCTIONS: Upon request, this form may be required for Applicant entity and each related entity with a 25% or greater direct or indirect ownership interest in Applicant, and/or a controlling interest in Applicant, i.e. general partner, managing member, etc" regardless of ownership interest. Entity Name: ("Entity") Formation Information: Date: _/_/_ State/Province: Country: Gov't 10: Address: Telephone #: Relationship to Applicant: Fax#: % Ownership Of Applicant: (i.e. Shareholder, General Partner, Limited Partner, Managing Member, Member, etc.) References (name, address, telephone number) - include one bank/financial reference & one business: 1. 2. 3. CERTIFICATIONS Has the above referenced Entity or an affiliate of the Entity (or in which the Entity has held a management position or ownership interest greater than 10%) ever (i) been a defendant in civil litigation alleging fraud, deceit or similar claims, (ii) been convicted of a criminal offense or have a charge currently pending, (iii) filed for protection from creditors under applicable bankruptcy laws, (iv) been a defaulting party in a foreclosure proceeding, or (v) been the subject of disciplinary action with respect to the suspension or revocation of, a professional or gaming license? L.l NO L.l YES If yes, please provide details: The undersigned hereby certifies that the statements contained in this Application are true and complete and nothing has been withheld affecting the reputation and credit standing of the Entity. In accordance with the Privacy Act, Freedom of Information Act, the Fair Credit Reporting Act, and any similar federal, state or local statutory or common laws or regulations, the undersigned authorizes the above-named references, any credit reporting agency, any law enforcement agency (federal/state/local) and any person, association, firm, company, financial institution, court system, personnel agency or credit bureau to fumish and release to Hilton Hotels Corporation and/or its representatives, owners, partners, parents, subsidiaries, affiliates, successors and assigns, and each of such entities' officers, directors, agents, and employees, (collectively, "Hilton"), any information that is requested including, but not limited to, information concerning the business and credit history, financial transactions, civil and criminal conviction records, legal proceedings or jUdgments or any other record or report, and Hilton to request, obtain and use such information for the purpose of conducting any necessary credit and/or background investigations. The undersigned agrees to release, indemnify, defend and hold harmless Hilton and any and all other persons or entities, including without limitation those providing information, from any and all liability for losses, claims, injuries, liabilities, and damages of whatever kind or nature, whether known or unknown, including without limitation those based upon defamation, invasion of privacy, and rights of publicity and personality, against any or all of them which may at any time arise or accrue to the undersigned or its successors, parents, subsidiaries, assigns, officers, directors, employees, or agents, on account of the provision of such information or reliance on such information or on other information gathered pursuant thereto and hereto. The undersigned authorizes this Business Entity Participant Form, indemnity and release to be shown and delivered to such persons, with a copy of this Business Entity Participant Form, indemnity and release to be as valid as the original. 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'=.'6" ~~~t;%~b~~~Ui~dj*0f7Sf ri;,46,!~I:;" ,< '.!o:;~<'''''>l.""".t.~,~~-,..,..-~.. ~~, :o<.r.~. . ~ii$~~1~~J~i~:~atts~ti~!i~. ~j(i.::' '..-.",...-,1,<=-_,_- r.t' ;j;;"~;'-'--':~"Qf!'A:",'~':" l--ti,~~"":;. ~" ~. . ~f.....,. ~ \"". ~.. ~ I~ :~ ..~'~l1~~.-~, ~I~ ~.~. .~t!~~l"'~:i, ~'4~~:i-~':"--'::~~':"~7'~:'~-'T<{;7:1r.-~l'~~ ~~~W~I~~~:~~\~~~:~*~~J: ~",l":~<'\' ',;,~ ;"''';.l~?'fili'.'\'!:''''%'-1'l"~~,.'!Ij.:ro._~,._ ftll~f~~I!~t~ ,/. "" ". ~':';.......~-;>,#:J.'._.~ ~ . - - ''''~~~:?:Ji::''', If;_~-r, ..>:,-..z;.M'~. ;;"~"-';;;/':;-'.;" :iKt<-~"","C ,. ~"""irl;",,_.~.,.,. rii~~~l~1 f "''1>-'':':i:'/~~l~:it~t~-'<'t~;t..~ JlI_~;~; ':_~~~J:~i .Or- A publication of RockBridge CapitaI, LLC Roc.kBridge In The News I I.. .. ..... '* ... .A It.: . III ~ ,. I i1rtl,v[' r'I~.:"-..~-e-;, .:PJ :!f.il ",,"'.:fl~~;:,...I\J.l'.~..;r. ~"')'.II;: ;;,........~~L.);Y'" r..:~ ~ oN I:'"! H,.dti- :+~l!;.:: ;F\~~u::. b'~!'I~~ C"lj.:::.I,~ ;I~~ LJ..;j.(., r, _~ J~~; hi."itrJ('.l101lIrt:r:~ ';;.:./1.'1:". fLl:;W,r_~ ~~. ~lt'ul ~..,._.f'l~ it~W"/ .. ct'O:~., ....~ :!."l')(3 ~L- ,;I": ~rr1l1 tr:"- ~t..mrtr~ ~~fJj;lrlCJ" t\.it;.o-:d ..l.l14t ~ ~~l r:J; ~ L"i~)Ij:: 1 . ()lrrt~r:1!~ M.~n~tf lJ:.. ~fO";...t...;:;. Fll ~-....NI wil9',t tU.ird, j,.'0, 1~! ...~ ~.:d.rt"rJlf &.-orar~ ?1.,;.r~I~~ t,"rIj[;\tI'Dt {l:j.t]ldIr,. W~~"'! olIUr:j-: lM.t~ t ,(Wl.I,1 ) .i<t,1l'l fl:tl":"" CO!oJ ~~"~' (Mov '~ Mr'i ... ~ -lIE --- r4(,~ .::r;w>>'TI,J'1'I1i't';: VNf ~~.tJ1r'1...tJlln'J!:(J ~~I>. ~5'!:l"tv:::-n~,.}.'\!~ 1:1>\l'ty.-,rr'!'I\l M.m~:"\.t~ !;:~ h'f"f')lliJL,.'.9. t;, Ot;,11 ~1:jh~ 1~.,~'rU1tt. :J..'51 krtfl\."'. ;ltIl;rr."f": ~re-, ,~~. W.l.~rr jr; ~~t;. 1=1 ~ il!laII'IOI,,,, IJot~"'F-l NJ<;l ~~~t..or".l.,.......tt $...,l~ If-al~~t_ '.J\l ~r p:"~"'~P! rr"'''''''.T..::<ti1 ,"",(1'li"""'t"""'l~......,,-,"""lrv'"'''' fAr"..':("i! ~ H':r1:ot! l~!"'J "'fIV..mk '\l:;{L."'T~ W'..,j~lt :;'Irt~ :O)C U~ft'1, &.x.l ' 11M.. J....,I!'l\'.a!:".L! ~ M-.n~' 11C'".tH~~ :"I,jl~ 1;t'O-~un ~~l..:.. I")i!: C:~_I ~~td~ l/....It~ ;;'W~t t'J-.rw ~r r [Pi!~.)~. "..h-,..-- .1 !j"~~ f hI! f. ... L.1l1~ 1 .01- ~~~~ j;.\r'lt.f~!"':".t:t;Et .rr& HtlJ~ :'l'OU.1 LODGING Hl)I~JT~(lT~ H"IIr.lpl ~; flit": ~ :'.'J:ir-:- j'.!+'tl"l.,lJ-.~ ':~~;.i rf~.i~.- ::,:....-r 'r-'.i...._"I f~. ::>::~~.! Hilltllj ~:,r~:o'1" ~I'~. -\ff'l ~ t.h!:~:J~ 11~l'h.... ~.t.f ~ -:::; 1..iI!~: n:;tt'~ ;"'I~t~.'t~J ~~)'_'~' 11:!f~rlfl~.:'II'1 I," .~ ~~Llile:. ;(~~I~, ':,,"'1';:. r":+'"" 'II~ 4...:-':.1 '. r. ..Jr"::1 ~~:-:.~;,.'~:;' ~~~""",;,.y.,. ~ ~of.' SCIllTI'!NDEN -...."7:. ~~.1.': ~~l~ ~....'~":'! ~.:.;.I~..... .-r'I,;'.'~ ~". J..IKj't.1 I :-t..l....~_; ~~....~1',.,., l..:o:- "r. Iii ~ . ~_..:::'"~:,,,J: t _ ,"" "t\ J,~r"""; ~.-:,.-... :..l' ~ -':"'71" ~~ " L:-'..i~ 'I;"IT""' ;-'-::"' Strong Year (from page 1) In the first quarter of 2006, RockBridge closed and signed over $425 million in new transactions, more than twice the amount from the same quarter last year, and rapidly approaching 2005's full year total of $500 million. We believe that our commitment - to our team, to the industry, and to our sponsors - has enabled us to continue to deliver quality investment opportunities during a strong market. Our sponsors, and others throughout the industry, recognize that RockBridge has a comprehensive understanding of the hospitality sector that has resulted in sound investments for our company and '" . - _~I\>~~~.,=~~.~.:;~':~~ i ...\~~ : ~- :..-~~:. :-~ - \ ~ ~., ., ~-. ,. ro.-" ..~.:-:--,'..?",'-.~;.~_r',_.:::' I , ~'.'~ ~ ," -, .~ ....,._; . i~~ . : ,.. ~ ...: .. . ,.;i., "., . .... 'J':. .'.. our sponsors, as well as exceptional performance for our investors. We continue to focus on our sponsors' success by properly structuring and capitalizing (both debt and equity) each investment. This focus continues to help us achieve our vision to be the hospitality industry's partner of choice. RockBridge's strategy and track record have allowed us to strengthen existing relationships as well as cultivate new ones, resulting in greater opportunities for everyone, We look forward to continued growth in the remainder of the year as well as into the future. [J "t";" ....1. ~ ":.l. ':""~~-,; ,~. '.~:j~~r:..j. -_ .~' ". .~, '. .," .....,:' :. ;...,- .0 -. .'.t"" ". Recent Transactions Featured Transaction .......;.--.. ;n -' - . .~~.......;~,. 1!' ~ II .~:: . :>ifI!!1'Iiit1~-''''- '~'-"-":- ~,.. -~ ':,.~.. ,,,..,.. -...,,-...:-~ ~ n.. . ". .,__ ,~._. RockBridge recently provided $32,2 million in first mortgage financing to recapitalize a three-property portfolio of hotels owned by First Hospitality Group Pictured above are Hampton Inn-Ann .Arbor, Hampton Inn & Suites-South Bend, and TownePlace Suites-Bloomington. Investment First Mortgage I Mezzanine Brand Location Three-Hotel Portfolio G Ann Arbor, MI 1m South Bend, IN . Bloomington, IN .\\lImott Lake Mary, FL l+un:U".~l""n III Plantation, FL iii Wichita, KS Two-Hotel Portfolio ESrt:.~.ln1t' Tulsa, OK /(..a4~~~... Tulsa, OK .. Fayetteville, NC . Savannah, GA a~~ Ft. Collins, CO @ Houston, 1)( Hilton .. St Petersburg, FL Sponsor First Hospitality Group Amount $32.2 million First Mortgage First Mortgage First Mortgage I Mezzanine First Mortgage RDA Investments Magna Hospitality AG Holdings, LLC $25,8 million $7,5 million $12.5 million $9,0 million Bridge Partners First Mortgage First Mortgage I Mezzanine First Mortgage I Mezzanine InterMountain Management Northwest Hospitality Group InterMountain Management $7.3 million $12,5 million $10,9 million $3.0 million $4,6 million Mezzanine Hospitality Ventures R DA. Investments Equity Big Boost for Big Brothers Big Sisters Each year, more than 3,000 community members and 400 companies and organ izations support Bowl For Kids' Sake. This annual Big Brothers Big Sisters of Central Ohio event is their biggest fundraiser of the year, and the largest event of its kind in Ohio, RockBridge has been the Presenting Sponsor and top fundraiser for the past three years. In fact, we had 10 teams this year, helping raise over $350,000. Many of our clients supported RockBridge in our efforts through financial donations to this worthy event We would like to take this opportunity to extend a sincere thank you to those of you that contributed, The contributions do make a difference! (jj iJ Type: Investment Programs Purpose: Geog ra ph ic Ma rkets: Brand Affiliation: Brand Scale: Loan Size: LTV: % of Capitalization: Term: First Mortgage, Construction, Mezzanine, Equity Refinance, Acquisition, Development, Reposition / Renovation Nationwide Hilton, Marriott, Starwood, IHG, etc. Mid-scale to Upper -Upscale First Mortgage / Construction: $5-$50 million Mezzanine / Equity: $1-$10 million First Mortgage / Construction: Up to 75% Mezzanine / Equity: 75%-95010 3-10 years For more information on our investment programs: Jim Merkel (614) 246-2505 Ron Callentine (614) 246-2520 Mark Crisci (858) 350-7566 Corporate Offke: 4100 Regent Street, Suite G Columbus, OH 43219 (614) 246-2400 West Coast Office: 1201 Camino Del Mar, Suite 209 Del Mar (San Diego), CA 92014 (858) 350-7566 www.rockbridgecapitaJ,colll ID€ IDC DEVELOPMENT GROUP, LLC DEVELOPMENT & DUE DILIGENCE SERVICES HOSPITALITY PROJECTS · The Identification and Acquisition of land most appropriate for successful hospitality projects is essential. IDC Development provides information critical to the decision making process including Zoning Requirements, Site Planning, Conceptual Project Planning, Regulatory Agency Requirements and a host of additional services described in the attached List of Development Services, · A Project Feasibility Analysis includes relevant market study information as well as data from local sources, IDC Development also provides continual updates on financial projections through out the project timeline, · IDC Development leads the effort Capitalize the project. IDe qualifies potential lenders and obtains the lender financing requirements. Loan terms are negotiated and the loan package is developed, while securing the commitment from the financial institution. ME!zZanine lenders are incorporated into the process, as required, On the Investor development side, IDC raises outside equity, implements the creation of entities and produces the partnership documents, · Constructability Planning and Review ensures the highest value from the beginning of project planning through completion through proactive planning. Architectural Planning, Project Conceptualization & Design along with Construction Document Review are integral to the success of the project. · IDC Development provides Construction Management during the construction phase, overseeing quality of craftsmanship and adherence to project documents, Regular reviews of Construction Progress compared to the Baseline Schedule are conducted. Monthly Meetings with the general contractor are held. Reviews of Project Costs and the Review and Approval of Project Change Orders are included in construction management services. · Monthly Project Summary Reports are distributed to Lenders and Investors, The monthly reports include: · Status of Construction · Financial Update - Cost to Complete · Approved Change Orders · Update on Major Events · Response to Various Lender & Investor Requests ID€ IDC DEVELOPMENT GROUP~ LLC List of Development Services · Feasibility and Site Analysis · Comprehensive Planning, Zoning and Rezoning Management · Site Plan Ordinances, Subdivision Regulations and Building Codes · Exactions, Infrastructure Enhancements and Fees · Real Property Law · Engineering Feasibility · Preliminary Engineering · Environmental Regulations · Environmental Site Assessments · Environmental Considerations · Environmental and Natural Resource Management · Environmental Permits · Historic and Archaeological Assessment · Historic Preservation and Archaeology Compliance · Market Analysis and Economic Feasibility · Conceptual Design · Development Patterns and Principles · Boundary Surveys for Land Development · Floodplain Studies . Control Surveys · Topographic Surveys · Suburban Street Design . Storm Drain Design · Design of Storm Water Management Facilities · Wastewater Collection . Waste Water Treatment · Water Supply and Treatment . Water Distribution · Complete Civil Drawings as needed for Site Development . Schematic Design . Geospatial Data . Final Design · Erosion and Sediment Control · Plan Submission and Permitting · Plan Review and Approval Process Management · Construction Cost Estimating · Contract Documents and Specifications · Construction Stake Out Surveys · Construction and Construction Management · Provision of Technical Appendices · Building Permits and Certificate of Occupancy Management TTV;' ~. IDC CONSTRUCTION, LLC NEW HOTEL CONSTRUCTION · Coordination of all Architectural & Engineering Services is critical to the smooth progress and success of all construction projects, The rDC Team works to prevent problems that can slow down a project and also to ensure that clients are getting the best value for their investment during the design and material selection process, Having the right profeSSionals on board is essential to minimizing project cost and schedule, · rDC provides BUdgeting & Estimating Services, based on compiled cost information, Actual unit costs are combined with regionally based skilled labor values and assimilated into realistic cost projections for new construction of hospitality projects. · During your Design and Selection Phase, rDC Purchasing provides Value Engineered Alternatives for the most appropriate products for your project, Our extensive knowledge of the hospitality industry allows IDC the opportunity to offer this advice along with our knowledge of standard pricing to ensure we provide the lowest cost solution to our clients, · rDC's experience in hospitality renovation has resulted in expertise of our Team's ability to manage Interior Design Service Coordination, Familiarity with brand standards along with first hand knowledge of material costs, combined with an approach focused on value engineering results in the achievement of optimal results for the best value, · Franchise Coordination and conformity to Brand Standards are areas of expertise for rDC Construction. You can rely on IDC's experience and resources to ensure that all construction related aspects of franchise requirements are met during the construction phase of your project. · roc provides a Full Range of Construction Services for new hospitality construction projects, From Pre-construction Planning to Certificate of Occupancy and Project Close-out, IDe's team of Estimators, Project Managers, Project Superintendents, Project Engineers and Administrators are 100% dedicated to the success of your project, · A Nationwide Base of Qualified Subcontractors and Suppliers, experienced in hospitality construction, has been developed and is carefully maintained to support the needs of IDe's client projects, Experience, insurability, available manpower and proper licensing are just some of the requirements for a subcontractor to be considered for an IDC project, · IDC has qualified General Contractor Licenses in the majority of states where an examination based license is required. 1000 CHuRcmLL CoURT · WOODSTOCK, GA 30188 . 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'- :; - - -= - - ~ 'L - - - - .- ::.... rL ,. ~ .- ;:;: - - .. .- - :;,. - - 0 - - - - " - - ~ :L - - - - - - - 0 - - .- - :L - c.<: - - l - - - '21 - - - - -= - ;:;: - - . ~ .- - - - - . - - .' - - - ... - - 9 - - '" - 0: - - - ~ :..1 ~ . ~ - ft ,~ . . , -~~~ enhancing the guest experience and turbo-charging the brand Award-winning Hampton Inn has been a favorite with guests and investors alike since it was founded 20 years ago, and changed the way we look at mid-priced hotels, By including special amenities -like our famous free breakfast - in the room rate and offering a 100% satisfaction guarantee, Hampton set new standards for value and consistent, friendly service, That made Hampton one of the strongest, fastest-growing brands in the country, And now we're doing it again, Shaking things up, Raising standards even higher. In fact, we're in the middle of the single largest and fastest transformation ever undertaken by a hotel brand. All to dramatically enhance the guest experience at every Hampton hotel. Based on two years of extensive research and trial, we're responding to what guests like about Hampton, and what they would like us to do better, Our goal is to give our guests a signature experience whenever they stay at any Hampton Inn or Hampton Inn & Suites hotel across the network, At the same time, many of the changes we're making will simplify work for the property owner and staff, There's no better time to invest in a Hamptol'1 Hampton continues to be a leading brand in its category, Nc only was it named the #1 mid-price hotel chain (without fooc & beverage) by the Business Travel News "Top U,S, Hotel Chain Survey" in 2003, but we have a plan to make our bran even better. Make It Hampton represents a brand-new visio for the future, and the added service, comfort and consisten are designed to make it even more popular with guests, In fact, this program is expected to propel the Hampton brand into unprecedented leadership in the coming decades, Now your chance to be a part of this exciting brand. Elevator graphics designed to make your guests smile. New breakfast on the go for travelers on Expansion, Hampton has expanded at a rate of 70-100 hote a year, The greatest opportunity for growth lies in the weste half of the U,S, where Hampton is under-represented, Three Development Options, The new 52-64-room Hampton Inn "Hometown" prototype for tertiary markets, a 70-plus-room Hampton Inn prototype for larger markets and urban areas, and our standard Hampton Inn & Suites prototype for most other markets. Put the power of Hilton behind you. When you franchise with Hilton, you're backed by a name that's been synonymous with first-class hospitality for nearly 85 years, To make sure you're as comfortable owning a Hampton franchise as you would be staying in one, we offer .. a wide range of continuing services and support that begins long before your first guest checks in, Business Reports, Hilton provides monthly reports (available electronically) for your property to help you to manage your business, Design and Construction. Site review, design consulting, referrals to architects and contractors, and monitoring of construction progress are included, Communication, We promote open communication through regional meetings with owners, annual brand conferences and a franchise advisory council. Hilton HHonors@, The Hilton HHonors guest reward program is one of the only programs to let members Double Dip@ to earn both hotel points for free nights and airline miles for free flights - for the same stay, Hotel Performance Support. A unique consultative field team offers tools and support so your hotel can have the opportunity to leverage the most from Hilton's worldwide support programs, Cross-selling, With a wide array of brands in the Hilton Family of Hotels, your property could benefit from referrals from other hotels in the Hilton Family in your area, Quality Assurance. To help you protect your asset, and the value of the brand in which you've invested, specialists evaluate each hotel twice annually with the focus of maintaining brand integrity, Consultation on your Capital Replacement program is also provided to ensure your property continues to be perceived positively by our guests. Marketing and Sales Support. This includes national sales and marketing efforts, meeting referrals through Hilton Commitment to Technology, Our leading-edge, centralized reservations system supports online bookings as well as traditional booking methods. Hilton is also committed to technology in other areas, including online purchasing and more, OnQ;M our required business software and hardware system, offers integrated technology designed to help improve customer service, enhance operations and maximize your marketing efforts, Direct,@ national and regional advertising, public relations, special marketing programs and access to a range of support materials, such as camera-ready ad slicks, logos, rack brochures and more. Call for more information today. See back of brochure for local contacts, or visit hamptonfranchise.com. :r. t. ~~\ , (; TheHiltmFami}y 100 We provide our clients with Single Source Accountability - all services under one roof. IDC Construction, LLC is devoted to hotel renovation and construction. We understand the unique demands of working in an operating hotel as well as having a thorough and detailed understanding of brand standards. IDC provides the specialized knowledge and services required to support successful renovation and new construction projects, IDC's Team of hospitality professionals will meet your renovation needs by providing all services and capabilities required to complete your hotel renovations, including: · Budgeting & Estimating / Value Engineering · Interior Design & Installation Documents · Franchise Coordination & City Permitting · Total Construction Project Management · FF&E Installation & Occupancy Coordination IDC can assess the project, prepare the construction documents and provide you with our proposal to successfully complete your requirements on time and on budget while being sensitive to the special needs of your hotel staff and guests. WE DO IT ALL. 1000 Churchill Court, Woodstock, GA 30188 I Phone: 678-213-1110 I Fax: 678-213-1109 IOO _......r/ NEW CONSTRUCTION , ~...~ . . .~--- .. .~~ , .'" , -.... ._jJ - l- J. . r,.... , SPRINGHill SUITES .J .,\\amon Gainesville, FL IOO ..1' "" · ~;~ f '1-- 'I'- "., .....~ : _, _ ., ~... f 4 ~ . ,- j '. ",. ": _ , ....L~i-_. J ~ .J.. ,. , .... SPRINGHill su IrES--.) A\amon Jacksonville, FL CASA MARINA IOO r ~ r ~ "&1' j ~~~ - r----;. · f- - ~ ~ ..... '........- ~ ~ ~ -::~ l i...- In addition to being the largest resort in the Florida Keys and being listed on the National Historic Register, Casa Marina is an exceptionally striking property, IDC was able to provide this superb location with a comprehensive renovation of the resort's suites, guest rooms, common areas, pool, ballroom and building exterior. Each step was carefUlly orchestrated, al!owing for the resort to remain operational throughout the construction schedule. The result was a world class renovation that restored splendor to this landmark property. IDe PROVIDES TURNKEY CONSTRUCTION SERVICES TO WORLD CLASS PROPERTIES. ~ ~ k, d'~; . jIt.--. I I - . \ ,. . .r;J. Phntnnrrinht: rf"'ll1Yt-~t"I" """f: I vn I '''~, ._., r\_ _ _ ,L .....,. 1000 Churchill Court, Woodstock, GA 30188 I Phone: 678-213-1110 I Fax: 678-213-1109 100 REACH RESORT ~ r'--- - IIIII~ ~ ,. : ~; .-. I , I I TTITTj ,', '1, i i, !j t i ' ; il'IH; ---.'--.111111'1' ~ f ,~ 1 i ; , ~ .;....:-1 I I I ~.~. ~ IDC Construction completed a sweeping modernization of this boutique resort located in Old Town Key West. Contemporary finishes and furnishings create an instant return on investment for guests in this chic, Caribbean setting. Significant improvements and upgrades were made to the guest rooms, common areas, exteriors, pool and landscaping. The changes made by IDC Construction have enhanced the resort experience and popUlarity at this well-known getaway, IDe MAXIMIZES YOUR MODERNIZATION INVESTMENT_ ~~t;{t.f~. Photographs courtesy of LXR Luxurv Rp<;nrt<:: R ~f'1t",1c 1000 Churchill Court, Woodstock, GA 30188 I Phone: 678-213-1110 I Fax: 678-213-1109 100 PLAZA " ( ... In addition to understanding the unique requirements of hotel renovation and modernization, IDC is deeply experienced in post-disaster property stabilization and rehabilitation, We combine our knowledge of brand standards and building codes with a sense of urgency to make your property operational and beautiful in as short a time as possible, Expertise in structural and finish systems, along with our understanding of the hospitality industry, places IDC as leaders in our field, PRODUCING EXCELLENT RESULTS UNDER CHALLENGING CIRCUMSTANCES, - ~ 1000 Chu rchill Court, Woodstock, GA 30188 I Phone: 678-213-1110 I Fax: 678-213-1109 BEACHF RONT RESORTS 100 IDC applies knowledge gained from diverse construction experience on beachfront properties to respond to the challenges presented on each coastal project. From waterfront sitework and landscaping to guestroom and common area modernization, IDC keeps a sharp focus on guest comfort and attention to detail. We work with the resort management and owner team to coordinate activity and proactively resolve construction issues. THE IDe TEAM DELIVERS THE QUALITY YOU AND YOUR GUESTS EXPECT -ON BUDGET AND ON SCHEDULE, I --r 1 - 1000 Churchill Court, Woodstock, GA 30188 I Phone: 678-213-1110 I Fax: 678-213-1109 Photographs courtesy of LXR Luxury Resorts & Hotels. 100 UPSCALE HOTELS ::.!.. . - !.... - ~: '-' ,.. ~'" -'..~~{. ~,..r~~0-~:.. ,- '. ...., T :.! .' ~:I:_;~. -.r._~(~:-~I::; :_'~ -. ,:J~(t(;=...~ ~~.~;: ".", ., . \ -- \ .,/ ~; " .<:,:~~- IDC provides nationwide construction services, furnishing our clients with consistent quality and dependability for their renovation projects. Whether your look is traditional or trendy, IDC delivers exceptional results. We have developed specialized relationships with subcontractors who understand the mission to achieve brand standard quality within the necessary timeframe and project budget. You CAN RELY ON THE IDC TEAM TO BRING A THOROUGH UNDERSTANDING OF BRAND STANDARDS TO ALL MAJOR FLAG PROPERTIES, ". . ." ~ I , I :~I ~. " " ~ ;'" .~ 1000 Churchill Court, Woodstock, GA 30188 I Phone: 678-213-1110 I Fax: 678-213-1109 Photographs courtesy of LXR Luxury Resorts & HotF'/s URBAN ~ IOO The demands of high-traffic, business and luxury class urban hotels present unique challenges when it is time for renovation. IDC understands how to manage logistics in urban environments and ensure smooth progress of open hotel phased renovation. Trust IDC for everything from managing your construction schedule to providing solutions for the staging of FF&E, all while being as invisible as possible, IDC IS YOUR SINGLE SOURCE FOR REINVIGORATING URBAN HOTEL PROPERTIES. "\ 1000 Churchill Court, Woodstock, GA 30188 , Phone: 678-213-1110 I Fax: 678-213-1109 100 . .....--.- i \I.: ~ III \~ .-, B()( ~l\ 1{;\,1{):,\ RESt )}( rci~(~I J 'I) -P.\L,\1 C()l 'RT- 1000 Churchill Court. Wooddork GA ~OlRA I Ph....no. '{7A_,)1~~111n I I:_~< L""O ...,'" ,,^^ 100 IDC DEVELOPMENT GROUP, LLC Response to Request for Proposals for Development, Construction and Management of a Hotel at Marathon Airport Monroe County, Florida Presented by IDC Development Group, LLC 1004 Churchill Court Woodstock, GA 30188 RECEIVED JUN 2 6 2~ 100 IDC DEVELOPMENT GROUP, LLC Part A - General Information 1. Executive Summary The concept proposed for development, construction and management of a hotel at the Marathon Airport, Monroe County, Florida is a Hampton Inn comprised of 90 guest rooms. The Hampton Inn is a nationally branded, high quality hotel known to both leisure and business traveling populations, Improvements featured in this proposal include a three story structure above ground level parking as well as a swimming pool, parking, and associated landscaping. Regarding the Level of Investment, we expect the Total Cost to be $15,200,000. Proposed Operational Plans, as described in Part B - Technical Information, are based upon proven success of the Hilton Family brands which are supported by a systemic approach to creating and maintaining an exceptional guest experience. The expertise of Mr. Davis, Mr. Williams and Mr. Flanders have in development, construction and hotel operations are also fundamental elements to the this proposal. As described in Part C - Financial Information, IDC Development Group has detailed a financial plan for the development, construction and operational management of the proposed concept. Along with this, a proposal for the base rent and percentage rent has been included, correlating to the number of proposed guest rooms. 2. Narrative Description IDC Development Group is proposing the development of a Hampton Inn for the Marathon Airport. This is based both on our extensive background and experience with Hilton as well as the quality of the Hampton brand. We have experience with successfully building and operating Hampton Inn along with other brands within the Hilton Family of Hotels. Hampton accounts for approximately 40% of proposed hotels in the Hilton development pipeline. Within just over two decades of its founding, Hampton has grown to over 1,500 locations. It is a "Lighthouse Brand" that consistently ranks among the top of the Mid Scale Limited Service hotels by J.D. Power. In 2007, Hampton was named by Success Magazine as one of the "10 Franchises We Love" due to their fast growing business and position as an industry leader. Hampton Inn is more upscale than a traditional Hampton Inn, having the flexibility to serve both leisure and business guests. Hampton Inn provides a complementary "On the House" hot breakfast, as well as "On the Run Breakfast Bags". There is also a gift and convenience shop that offers food and drinks. Meeting rooms are available with catered food. There is no proposed franchised food or retail concepts. There are no alcoholic beverage outlets. 1004 CHURCHILL COURT . WOODSTOCK, GA 30188 . FAX 678-213-5261 . PHONE 678-213-5267 2 100 IDC DEVELOPMENT GROUP. LLC The development of a Hampton Inn is subject to a feasibility study by Hilton Hotel Corporation and formal approval of the site plan. This is consistent with the requirements of all hotel franchise applications. 3. Management Company It will be IDe Development Group's intent to engage Hospitality Ventures as the management company for the Hampton Inn. Hospitality Ventures is a privately owned, fully-integrated hotel ownership and management organization based in Atlanta, Georgia. The company was formed in 2001 and currently owns and operates 12 hotels located in 10 states. Eleven hotels currently operate as Hilton or Marriott brands. The senior leadership team has experience owning and managing hotel portfolios that range in size from one to 143 properties. Further information regarding Hospitality Ventures qualifications is included under the "Other Related Information" section of this RFP. 4. Experience Statement While each member of IDe Development Group has strong experience in the areas of Development, Operation and Management of hospitality properties, we provide the following information regarding the individual areas of strength for proposed sponsors. Detailed resumes for each of the members have also been included in this response. Development - Sam Davis Mr. Davis is very experienced in the development process for a wide range of hospitality products and markets. Due diligence and preconstruction development of property with the potential for successful performance in the hospitality market has been a key focus of Mr. Davis' professional experience for over twenty years. A select list of projects resulting from Mr, Davis' development efforts include: . Marriott - Denver Airport . Hilton Garden Inn - Rio Rancho, NM . Hampton Inn - Norcross, GA Please see Mr. Davis' resume for additional detail, included in this proposal. 1004 CHURCHILL COURT . WOODSTOCK, GA 30188 . FAX 678-213-5261 . PHONE 678-213-5267 3 100 IDC DEVELOPMENT GROUP, LLC Construction - Gary Williams Hospitality construction has been the core of Gary Williams's professional experience for over two decades. The breadth and depth of Mr, Williams experience has provided him with exposure to many challenging hotel projects. Mr, Williams' areas of expertise include constructability review and all preconstruction processes, construction methodology and sequencing, potential obstacle anticipation and problem-solving through project completion, hotel flag and franchise inspections and turnover, Mr. Williams also has extensive knowledge of construction in the Marathon having just finished major renovations at the Cas a Marina and Reach Resort. Please see Mr. Williams' resume for additional detail, included in this proposal. Operations and Management - Robert Flanders Robert Flanders' career has been dedicated to the operations and management of various hotel properties for over twenty years. Mr. Flanders developed his hospitality operations career by fulfilling the responsibilities of various positions on hotel management teams, progressing to executive vice president of operation for a hotel company that operated 53 hotels ranging from 78 to 300 guest rooms. He had partnership roles with this hotel ownership group of properties. Mr. Flanders is committed to a comprehensive, systemic approach to hotel operations and management, resulting in high levels of customer satisfaction and providing quality hotel accommodations. Please see Mr. Flanders' resume for additional detail, included in this proposal. 5. Agreement Terms IDC Development would propose the following base terms and option terms for the lease: 1. Term of lease shall be 25 years from the date that construction begins on this parcel 2. Three (3) 25 year options shall be provided to the proposer at the option of the proposer with no change in the financial terms of the lease. 3. No real estate or personal property taxes shall be imposed upon the lessee during the term of this lease. Agreement terms are subject to further clarification and negotiation. 1004 CHURCHILL COURT . WOODSTOCK, GA 30188 . FAX 678-213-5261 . PHONE 678-213-5267 4 roo IDC DEVELOPMENT GROUP, LLC Part B - Technical Information 1. Total Number of Rooms by Room Type a. Kings - 37 b. Double - 42 c. ADA Kings - 5 d. ADA Double - 6 2. Total Floor Area of Hotel a, 47,982 sq ft of building area 3. Number of Proposed Parking Space a. All Parking will be on grade b. Design calls for utilizing space underneath the building for a portion of each parking space where practical c. 92 standard parking spaces d. 5 accessible parking spaces 4. Square Feet of Retail, Food, and Beverage Space a. 1,200 sq ft of food and beverage space b. 103 sq ft of retail/suite shop space 5. Square Feet of Meeting Space a. 750 sq ft 6. Amenities a. All Hampton Inn feature a swimming pool, exercise room, gift and convenience shop, and guest laundry. Business amenities are also available at no additional cost, including copying, faxing, high-speed internet in all rooms, complimentary local calls and long distance availability. A padded lap desk, coffee maker, iron and ironing board are also found in all rooms. b. We will provide a shuttle van for transportation to local Marathon attractions, c. There will also be bicycle and moped rentals available on site. d. Exercise room 350 sq ft e. Outdoor pool 648 sq ft 7. Access Improvements a. Nothing proposed 8. Conceptual Plans a. In planning and review stage Part B - Technical Information, continued: 9. Interface with EOc a. Emergency Operations Center shall be contained on this parcel of land b. Site plan will be developed to meet the needs of the Emergency Operations Center 1004 CHURCHILL COURT . WOODSTOCK, GA 30188 . FAX 678-213-5261 . PHONE 678-213-5267 5 ID€ IDC DEVELOPMENT GROUP, LLC 10. Operational Plans · The high recognition of the Hampton Inn brand will create an instant element of reliable quality for the traveling and leisure population in the area of the Marathon Airport, Hilton Family brands represent an internationally well-known standard of an exceptional hospitality experience. · As a part of the Hilton Family of brands, Hampton Inn franchisees are held to a very high standard or processes and procedures to ensure that commitment to guest satisfaction is top priority along with the overall supervision, management and operation of the property. · Commitment to serving the special needs of the Airport and its community will be integral to the success of any hospitality establishment in the location related to this proposal. The members of IDC Development Group are familiar with the unique aspects of airport area communities and will ensure that sensitivity to special needs continue through the term of the Agreement. · IDC Development Group is committed to providing opportunities to Disadvantaged Business Enterprises in each phase of the development, construction and operational management of the proposed hotel property. If selected to proceed beyond the proposal stage, we will request a list of local DBE entities from area resources in order to invite participation in an open and equitable environment. IDC Development Group will be pleased to submit an affirmative action plan related to the project at the appropriate time. · All Hampton Inn insure the satisfaction of the guests with a "100% Hampton Guarantee". This means that Hampton Inn will do everything necessary to provide a high level of guest satisfaction, or the guest will not be asked to pay. As a testament to the high level of service, less than half of 1 % of revenue is paid out through the guarantee, Research shows that for every $1 spent on reimbursing a guest, $7 is gained through return business. · Hampton Inn benefits from being a member of the Hilton Family of hotels. As a participant in the Hilton HHonors program, members can earn hotel points at more than 2,700 Hilton Family hotels worldwide and with more than 50 airline partners, · An additional benefit of being a member of the Hilton Family of hotels is the use of the award winning "Dna" Customer Relationship Management (CRM) technology, Guest information is shared among the entire Hilton Family of hotels, which creates an experience especially tailored to meet the needs of the guests. This includes: customized welcome messages, personalized amenities, guest preferences, as well as online confirmation and check-in options. The Dna system allows cross-selling of brands between other Hilton Family brands when one is unavailable. · Hampton provides a "Hotel Performance Support Team", which is composed of approximately 40 experienced hotel consultants to work individually with properties to help guarantee maximized revenue performance, customer satisfaction and team training and cohesiveness. 1004 CHURCHILL COURT . WOODSTOCK, GA 30188 . FAX 678-213-5261 . PHONE 678-213-5267 6 ID€ IDC DEVELOPMENT GROUP. LLC · In addition to all of these advantages, Hampton Inn also benefits from being a member of the Hilton Family of Hotels due to national advertising and sales campaigns through outlets such as CNN and USA Today, Local marketing programs are also made easy by having access to a complete array of collateral brochures, rack cards, camera-ready advertising slicks and other, · Owners receive discounts on OAG, HTI, Yellow Pages and AAA advertising, as well as with agencies to place the advertising. There are also discounts on Sabrevision/Spectrum-Apollo headlines. Direct mail packages are available, which can be utilized with database information gathered from Hampton Inn computers. · IDC Development Group's intent would be to engage Hospitality Ventures as the management company for this hotel. Hospitality Ventures executives have been managing hotels for over 25 years. Their current portfolio consists of multiple Hilton and Marriott branded hotels. The members of IDC Development Group have maintained a business relationship with Robert Cole, CEO of Hospitality Ventures, dating back to 1984. · Various marketing and promotional efforts will be utilized to ensure the success of the hotel. Aside from the vast sales and marketing benefits that Hilton provides, a dedicated sales professional will be hired to execute the hotel sales and marketing plan. This annual plan will include co-operative advertising with the Chamber of Commerce, Airport Authority, and Airlines. Direct sales efforts will target travel agents, both national and, local and regional corporations, government and leisure travelers. 1004 CHURCHILL COURT · WOODSTOCK, GA 30188 . FAX 678-213-5261 . PHONE 678-213-5267 7 100 IDC DEVELOPMENT GROUP, LLC Part C - Financial Information 4. Total Estimated Development Cost · See Exhibit A Development Cost section 5. Financing Plan for Development · IDC Development Group along with its related parties has completed multiple hotel financing transactions. We have existing relationships with local, regional and national hotel lenders. · For this specific transaction, it is IDC Development Group's intent to partner Rockbridge Capital. Rockbridge Capital is a lending source that provides construction financing, first mortgage financing and mezzanine funding for hotel projects, Our relationship with the executives of Rockbridge Capital extends over 10 years and includes total hotel financing in excess of $100,000,000 over this time period, Further information on Rockbridge Capital is contained under the "Other Related Information" section of this RFP. 6. Itemized Estimate to Develop Concept · See Exhibit A Construction Cost section · The anticipated construction time for the project is 12 months or less. For purposes of this proposal, IDC Development has projected a construction start date of January 1, 2009 with completion by December 31, 2009, 7. Estimated Number of Permanent Employees and Associate Salary . See Exhibit B 8. Proposed Base Rent and Percentage of Gross Receipts IDC Development proposes the following terms: · The base rent and percentage of gross receipts is directly correlated to the number of guest rooms that can be built on this site. Certain assumptions have been made by the IDC Development and Fruchtman Architects. Under these assumptions our conceptual plans show 90 hotel guest rooms, · Proposed minimum base rent shall be $70,000 per year payable in monthly installments of $5,833. The first payment to start on the 3rd full month of operations. · Proposed percentage of Gross Receipts shall be 2% of total revenue as defined as within the request for proposal dated from the Monroe County Engineer. Minimum rent shall be paid monthly with any overage rent being calculated based on each calendar year and paid within 20 days of December 31st, · No real estate or personal property taxes shall be imposed upon the lessee during the time of this lease. 9. Service Pricing 1004 CHURCHILL COURT . WOODSTOCK, GA 30188 . FAX 678-213-5261 . PHONE 678-213-5267 8 100 IDC DEVELOPMENT GROUP. LLC . The hotel will have two primary room types: Standard King Guest Room and Standard Double Guest Room. The market data suggests that the Standard Guest Rooms "best available price" will range between $150 and $200. These rates will be subject to change during the different demand seasons and during special events. 10. Surety . No bond or form of surety has been cancelled or forfeited. Part 0 - Other Related Information . Upper Florida Key's Hotel Star Report 1004 CHURCHILL COURT . WOODSTOCK, GA 30188 . FAX 678-213-5261 . PHONE 678-213-5267 9 ESTIl\IA TEn nEVELOPMENT COS Number of Rooms construction Period (number of months) construction Start construction End Site and Building Cost FF&E Operation Supplies Construction Cost DEVELOPMENT COSTS Site Planning (Civil, Survey, Etc) ArchitecturaVInterior DesignlMEP Fees Lenders Consultants Fees Environmental & Soil Testing AppraisallMarket Study Legal Fees Title Insurance Permit Fees and Impact Fees (Waived) Builders Risk Insurance Franchise Fee General & Administrative Miscellaneous Pre-Opening Startup Costs Working Capital/Operating Reserve Construction Interest Contingency Subtotal before Lenders Fee Development Fee Subtotal before Lenders Fees Lenders Fee TOTAL SOFT COSTS TOTAL ACQUISITION COSTS Hampton Inn Marathon, FL 90 12 Jan-09 Dec-09 TOTAL COSTS 47,982 sq ft 90 Room 90 Room $131,208 $ 210 $ 18,000 1250 I 10,076,239 1,620,000 112,500 11,808,7391 $75,000 $550,000 $30,000 $25,000 $50,000 $125,000 $50,000 $0 $212,808 $100,762 $50,000 $50,000 $50,000 $150,000 $95,000 $640,990 I 3.0%1 $354,262 $2,608,822 14.0%1 $576,702 $3,185,525 12,0%1 $210,000 $37,728 $3,395,525 $168,936 $15,204,264 Exhibit A ..J II. 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Box 1409 Key West, FL 33041 Re: Proposed ELEMENT Hotel at the Key West Airport Dear City of Key West and the RFP Selection Committee: Thank you for inviting Starwood Hotels and Resorts Worldwide, Inc. ("Starwood") and Champ Hospitality, L.P. to respond to your Request for Proposal ("RFP") to franchise the proposed ELEMENT Hotel in Key West, Florida. Starwood remains extremely excited about the prospect of having the opportunity to brand this great project. Over the last few weeks, we have been diligently working with the Champ Hospitality to ensure we were presenting the right Starwood Hotels & Resorts brand and that we were aligning ourselves with the right team. Weare very confident that this proposal presenting the ELEMENT Hotel brand and Champ Hospitality, L.P. is a winning combination. Starwood is proposing the ELEMENT Hotel brand, Inspired by Westin, for the hotel, one of the leading brands for high-quality hotels throughout the world. Starwood is extremely confident that our brand coupled with Starwood's programs and systems has the potential to significantly benefit the overall market and this location. Given our global representation across 80 countries, loyal customers around the world are captured through the dominance of programs like Starwood Preferred Guest@ (our frequent guest program); through relationships developed by our over 200 sales specialists in over 30 Global Sales Offices in 22 countries; and through the crucial networking of relationships throughout the distribution system. In 2007, Starwood's marketing and distribution systems (including Central Reservations Organization, Global Distribution Systems and Global Sales Organization) delivered over $3 billion in room revenue to Starwood properties worldwide. Weare looking forward to a meeting to present our credentials and answer any and all your questions. Please contact me at 770-857-2037 if you have questions or require additional FOUa. 'l POINTS ... .....~ . 'Htl> ~ ~I!!!!' _u...;.~ :&MERIDIEN ... w ~ ~~~~ worn.. 600 GALLERIA PARKWAY, SUITE 1700, ATlANTA, GEORGIA, 30339 T 770.857.2037 F 770.857.2040 Page 2 information or clarification regarding our team response. Once again, thank you for allowing us to present ELEMENT Hotel brand for this fantastic project. Sincerely, U~rK Ed Leuzarder Vice President Select Service Development Southeast & Caribbean Starwood Hotels & Resorts 600 Galleria Parkway Suite 1700 Atlanta, GA 30339 CC: Joseph H. Champ President Champ Hospitality, L.P. 4100 Midway Road, Ste 2115 Carrollton, TX 75007 Charlie J. Maas Vice President, Development & Acquisitions Champ Hospitality, L.P. 4100 Midway Road, Ste 2115 Carrollton, TX 75007 FOUR\POlHTS. illJ' ::&MERIOJEN .'. . .....- ~'!!!i!' ....u-_ W fC; WESTIN wor,,__ 600 GALLERIA PARKWAY, SUITE 1700, ATLANTA, GEORGIA, 30339 T 770.857.2037 F 770.857.2042 g~ !I PROPOSAL FORM PROPOSAL TO: MONROE COUNTY BOARD OF COUNTY COMMISSIONERS c/o PURCHASING DEPARTMENT 1100 SIMONTON STREET ROOM 1-213 KEY WEST, FLORIDA 33040 PROPOSAL FROM: Charlie Maas Champ Hospitality, LP 4100 Midway Road, Suite 2115, Carrollton, IX 75007 The undersigned, having carefully examined the Work and reference Drawings, Specifications, Proposal, and Addenda thereto and other Documents for the Development, Construction and Management of: HOTEL(S) AT KEY WEST INTERNATIONAL AIRPORT AND FLORIDA KEYS MARATHON AIRPORT IN MONROE COUNTY, FLORIDA and having carefully examined the documents and site where the Work is to be performed, having become familiar with all local conditions including labor affecting the cost thereof, and having familiarized himself with material availability, Federal, State, and Local laws, ordinances, rules and regulations affecting performance of the Work, does hereby propose to furnish all labor, mechanics, superintendents, tools, material, equipment, transportation services, and all incidentals necessary to perform and complete said Work and work incidental hereto, in a workman-like manner, in conformance with said Drawings, Specifications, and other Documents including Addenda issued thereto. The undersigned further certifies that he has personally inspected the actual location of where the Work is to be performed, together with the local sources of supply and that he understands the conditions under which the Work is to be performed. The successful Proposer shall assume the risk of any and all costs and delays arising from the existence of any subsurface or other latent physical condition which could be reasonably anticipated by reference to documentary information provided and made available, and from inspection and examination of the site. I acknowledge receipt of Addenda No.(s) No. -L-Dated No. Dated No. Dated No. Dated May 1. 2008 11 I have included in the Proposal the following documents: i. Proposal Form ii. Non-Collusion Affidavit iii. Lobbying and Conflict of Interest Clause IV. Drug-Free Workplace Form v. Insurance Agent and Bidder's Statements VI. Demonstration of Rights to Develop Documentation 'lII. ;\dElitiol'lal infunuati6n Itcn1~ 1 tmotl~h 10 Mailing Address: Champ Hospitality, LP 4100 Midway Road, Suite 2115 Carrollton, Texas 75007 Phone Number: 214-295-3575 Date: ~ Signed: {~~~ Charlie Maas (N ame) VP, Development & Acquisitions (Title) Witness: (Seal) 12 NON-COLLUSION AFFIDAVIT I, Charlie Maas of the city Dallas to law on my oath, and under penalty of perjury, depose and say that: STATE OF: COUNTY OF: according 1. I am Vice President of the firm of Champ Hospitality LP, the Proposer making the Proposal for the project described in the notice for calling for proposals for: Hotel in Key West International Airport and that I executed the said proposal with full authority to do so; 2. The prices in this Proposal have been arrived at independently without collusion, consultation, communication or agreement for the purpose of restricting competition, as to any matter relating to such prices with any other Proposer(s) or with any competitor; 3. Unless otherwise required by law, the prices which have been quoted in this proposal have not been knowingly disclosed by the Proposer( s) and will not knowingly be disclosed by the Proposer( s) prior to bid opening, directly or indirectly, to any other Proposer(s) or to any competitor; and 4. No attempt has been made or will be made by the Proposer(s) to induce any other person, partnership or corporation to submit, or not to submit, a Proposal for the purpose of restricting competition; and 5. ~~'re) ts contained in this affidavit are true and correct, and made with full of aid oject. .-A !~{),~ CM2 f ~~ PERSONALL Y APPEARED BEFORE ME, the undersigned authority, UlGAL-e ~ l1'tJrw who, after first being sworn by me, (name of individual signing) affixed hislher signature in the spa{Brovided above on this ?rr of day of ~'t/1..2..- ,20 < . ' NO\~~~~LItl~ ~/,,:JoI~ CJvho 3Il20/0 My commission expires: .- -- -- - 13 @) CONNIE RAUSCHER Mv CommlasIon ExpHI July Sl, 2010 ~ LOBBYING AND CONFLICT OF INTEREST CLAUSE SWORN STATEMENT UNDER ORDINANCE NO. 010-1990 MONROE COUNTY, FLORIDA ETHICS CLAUSE " Champ Hospitality, LP (Company) " " warrants that he/it has not employed, retained or otherwise had act on his/its behalf any former County officer or employee in violation of Section 2 of Ordinance No. 010-1990 or any County officer or employee in violation of Section 3 of Ordinance No. 010-1990. For breach or violation of this provision the County may, in its discretion, terminate this contract without liability and may also, in its discretion, deduct from the contract or purchase price, or otherwise recover, the full amount of any fee, commission, percentage, ift, consideration paid to the former County officer or employee". STATE OF: \.'7)..fCU COUNTY OF: ('jJfJ,j) p t~ Subscribed and sworn to (or affirmed) before me on ~ 3 / ) ()() B (date) He/She is personally known as ~1AJ. ~c;//l.9-( NOTARY PUBLIC My commission expires: ~7 31"2010 4@J - CONNIE RAUscHER My ConvnIuIon ElCJ)Ilw JUy 31,2010 ~ 14 DRUG-FREE WORKPLACE FORM The undersigned vendor in accordance with Florida Statute 287.087 hereby certifies that: Champ Hospitality, LP (Name of Business) 1. Publishes a statement notifying employees that the unlawful manufacture, distribution, dispensing, possession, or use of a controlled substance is prohibited in the workplace and specifying the actions that will be taken against employees for violations of such prohibition. 2. Informs employees about the dangers of drug abuse in the workplace, the business's policy of maintaining a drug-free workplace, any available drug counseling, rehabilitation, and employee assistance programs, and the penalties that may be imposed upon employees for drug abuse violations. 3. Gives each employee engaged in providing the commodities or contractual services that are under bid a copy of the statement specified in subsection (1). 4. In the statement specified in subsection (1), notifies the employees that, as a condition of working on the commodities or contractual services that are under bid, the employee will abide by the terms of the statement and will notify the employer of any conviction of, or plea of guilty or nolo contendere to, any violation of Chapter 893 (Florida Statutes) or of any controlled substance law of the United States or any state, for a violation occurring in the workplace no later than five (5) days after such conviction. 5. Imposes a sanction on, or require the satisfactory participation in a drug abuse assistance or rehabilitation program if such is available in the employee's community, or any employee who is so convicted. 6. Makes a good faith effort to continue to maintain a drug-free workplace through implementation of this section. As the person authorized to sign the statement, I certify that this firm complies fully with the above requirements. ~l~ Proposer's Signature f3p ~are 15 PROPOSER'S INSURANCE AND INDEMNIFICATION STATEMENT INSURANCE REQUIREMENTS Worker's Compensation Employers Liability Statutory Limits $500,000/500,000/500,000 General Liability, including Premise Operation Blanket Contractual Expanded Definition of Property Damage Products and Completed Operations Personal Injury Underground, Explosion and Collapse (XCU) $5,000,000 Combined Single Limit Vehicle Liability (Owned, non-owned, and hired vehicles) $500,000 per Person $1,000,000 per Occurrence $100,000 Property Damage $1,000,000 combined Single Limit Builders' Risk Proposer to Provide Builder's Risk INDEMNIFICA TION AND HOLD HARMLESS FOR PROPOSERS AND SUBCONTRACTORS The Proposer covenants and agrees to indemnifY and hold harmless Monroe County Board of County Commissioners from any and all claims for bodily injury (including death), personal injury, and property damage (including property owned by Monroe County) and any other losses, damage, and expenses (including attorney's fees, court costs and expenses) which arise out of, in connection with, or by reason of services provided by the Proposer or any of its Subcontractor(s) in any tier, occasioned by the negligence, errors, or other wrongful act or omission of the Proposer or its Subcontractor(s) in any tier, their employees, or agents. In the event the completion of the project (to include the work of others) is delayed or suspended as a result of the Proposer's failure to purchase or maintain the required insurance, the Proposer shall indemnifY the County from any and all increased expenses resulting from such delay. The first ten dollars ($10.00) of remuneration paid to the Proposer is for the indemnification provided for above. The extent of liability is in no way limited to, reduced, or lessened by the insurance requirements contained elsewhere within this agreement. 16 PROPOSER'S STATEMENT I understand the insurance that will be mandatory if awarded the contract and will comply in full with all the requirements. s(lJI;~ Charlie Maas Proposer INSURANCE AGENT'S STATEMENT I have reviewed the above requirements with the Proposer named above. The following deductibles apply to the corresponding policy. POLICY DEDUCTIBLES Liability policies are Occurrence Claims Made Insurance Agency Signature 17 II Aimbridge Hospitality~ -CONFIDENTIAL- Contact Information Joe Champ 214-550-5539 jchamp@champhospitality.com Charlie J. Maas 214-295-3575 cmaas@champhospitality.com Champ Hospitality" Champ Hospitality, L.P. 4100 Midway Road 1 Suite 21151 Carrollton, Texas 75007 Main: 214.432.9559 1 Fax: 214.295.3576 1 Table of Contents A. General Information 1. Executive Summary....................................................................................... 3 2. Narrative Description..................................................................................... 3 3. Management Company - Aimbridge Hospitality Executive Overview....................................................................................... 5 Aimbridge Portfolio ....................................................................................... 7 Executive Team Bios..................................................................................... 8 Corporate Background................................................................................. 11 Operational Philosophy................................................................................ 12 Starwood Preferred Management Company................................................ 17 4. Experience Statement - Champ Hospitality................................................. 17 Executive Team........................................................................................... 18 Current Projects .......................................................................................... 19 Representative Projects............................................................................... 20 Additional Professionals Leo A. Daly - Architecture........................................................................... 21 I BI Group - Planning, Civil Engineering ...................................................... 21 JF Capital Advisors...................................................................................... 21 5. Agreement Terms........................................................................................ 24 B. Technical Information Hotel Overview.................................................................................................. 24 Renderings........................................................................................................ 25 c. Financial Information Development Costs........................................................................................... 26 Financing Plans................................................................................................. 26 Development Timeline....................................................................................... 26 Proposed Staffing Plan...................................................................................... 27 Operating Pro Forma......................................................................................... 28 2 A. General Information 1. Executive Summary Champ Hospitality, Aimbridge Hospitality and JF Capital are proposing to develop and manage a 105- room element by Westin Hotel on the subject parcel. The hotel will have a mix of one bedroom suites, standard king, studio king and studio double queen rooms. All rooms will have oversized balconies and ocean views. There will be an outdoor swimming pool with Palapa style bar and restaurant. The hotel will have an investment of approximately $20,000,000. The partnership will finance the construction of the hotel with a combination of debt and equity as required by current market conditions. The partnership proposes to lease the land for a minimum period of 50 years with an automatic option of an additional 50- year extension. 2. Narrative Description The Development Team is comprised of firms and individuals with highly complementary competencies in hospitality management, development, financing and a long history of working together. Joe Champ of Champ Hospitality, prior Executive Development Officer for both Wyndham and Starwood, will oversee the hotel development. Champ Hospitality is a Preferred Starwood Developer and is currently constructing five W Hotel aloft hotels in Texas, with another five W aloft hotels and Westin inspired element hotels also under development. As a Starwood Preferred Management Company, Aimbridge Hospitality, a Dallas-based hospitality investment and management firm with 40 hotels nationwide currently under management, will manage the newly developed hotel. JF Capital Advisors, whose principals have over $10 billion of experience in hospitality mergers & acquisitions and capital market transactions, will oversee the project's initial debt and equity financing. element INSPIRED BY WEsrIN" After an extensive review of the overall Key West market and specifically the Key West Airport opportunity, we feel our program best utilizes the character of the site. We have chosen to work with the element by Westin, a newly developed, next generation extended stay brand which is being actively rolled out by Starwood Hotel and Resorts. Element is an upscale, extended-stay hotel that will be LEED Certified and position to take advantage of the well-recognized Westin brand. Inspired by the core values of the successful Westin brand - personal, instinctive and renewal - element is a wholly different hotel combining modern design, smart thinking, clever use of space and upscale amenities. This new brand promises to make guests' experience rich and fulfilling, no matter how long, or short, the visit. What's more, element offers many of the features and amenities that has made Westin so popular. Decidedly modern and more upscale than most extended stay hotels, element is designed to provide guests with a space to live their lives as they wish, at their own pace. ./ /' td:..~". I .~-~ . or" .' j ~...II. . - _:..._ 3 We feel the selected brand, in concert with service and restaurant oriented retailing, best utilizes the character of the site and meets requirements expressed by Monroe County to provide travelers to the Keys and patrons of the Key West International Airport with an upscale hotel, while maximizing the economic development of, and income generation to the Airport. Featured amenities for the hotel will include outdoor swimming pool, Palapa style bar, meeting room, and barbecue area, oversize spa showers, under building parking, in room stove, refrigerator, microwave and dishwasher. Element offers guests an innovative product that combines upscale amenities, chic and modern design, and reasonable room rates in an environment that is sophisticated yet accessible. Extended-Stay Hotel Business Strategy Another major benefit of associating with a Starwood brand is Starwood's well-respected member rewards program. We expect to generate a rather significant source of demand through Starwood's Preferred StarPoints member loyalty program. In many markets, Starwood's program has provided branded hotels with more than 50% of their occupied room-nights. The ability to combine Starwood's loyalty program with other frequent consumer programs has made this program very attractive to travelers, particularly those who seek the Westin experience, but may have to spend within the more limited parameters of a travel budget. About Starwood Hotels and Resorts Central Marketing Delivery drives 55% of room revenue in North America % room revenue in 2007(1) 60% 50% . 40% 30% .. 20% 10% 0% Call centers GDS MARS Web TOTAL $4.4 billion in worldwide revenue in 2007 Same Store, Active NAD properties (all brands) ource: Central Marketing Delivery, 2007 Starwood is a NYSE listed, International Hotel Franchising and Development Company with over 845 hotels around the world. They have 413 hotels and resorts in North America, 259 in Europe, Africa and the Middle East and 54 in Latin America. The hotels are operated under the brand names of Sheraton, Four Points by Sheraton, St Regis, Le Meridien, Luxury Collection, Westin, W, aloft and element. 1,.L:-5 f'. !-,- STARWOOD ;/3 MERIDIEN WESTIN" Horus a. RESORTS ~ i.W THt; UXlRY COLtfJ.:TIOY ",,-~r>i.zr_~ fli.M\\ ..-..... ",: -.l~;>L~ 11 Sh('I'C\tofl , '" " _ i ~,' ,- f!1loFf FOUR"\: POINTS W "OT~LS In- ';...ff(...:O~. 4 3. Management Company - Aimbridge Hospitality Executive Overview Aimbridge Hospitality is a hotel real estate and management company created to identify investment opportunities throughout the United States. Although relatively young, Aimbridge Hospitality has the unique experience of brand maximization, a solid understanding of direct sales and property repositioning, all of which translate to outperforming industry standards. Founded by Les Bentley, former President of Wyndham Hotels and Resorts, the company is committed to aligning its interests with those of its partners from pre-acquisition through a mutually lucrative exit strategy. Prior to acquiring its first hotel portfolio, Dave Johnson, former Executive Vice President/Chief Marketing Officer of Wyndham, joined Aimbridge as an equal partner and serves as President and CEO. Aimbridge has a proven track record of acquiring, renovating, redeveloping and re-branding hotels to create additional value for its investors. Through forming strategic alliances, Aimbridge is committed to the continued improvement of its existing hotels and to seizing advantageous acquisition opportunities. Aimbridge is capable of providing sliver equity in its investments to attract potential partners. In only five years time, Aimbridge has grown to have ownership in and/or operate a portfolio of forty-one managed hotels spread across the US. A sampling of the portfolio includes eight Embassy Suite Hotels, eight Doubletree Hotels, two Hilton Hotels and two Marriott Hotels. Aimbridge was very active in 2007, acquiring nineteen full-service assets in two separate transactions. The first, completed in June, was the $75 million acquisition of six hotels from Crow Holdings, totaling 1,027 rooms. Five of these properties had the Doubletree brand affiliation. For this acquisition, Aimbridge partnered with GoldenTree Insite partners, an asset management firm based in Manhattan with $13.5 billion under management. The second acquisition of 2007 was the company's largest, an $800 million purchase of thirteen hotels located across the US, including Puerto Rico, from Eagle Hospitality. This acquisition was completed in August with Apollo Real Estate Advisors, one of the largest real estate investors in the world. This seminal transaction included eight Embassy Suite Hotels, two Marriott Hotels, two Hilton Hotels and one Hyatt Hotel. Aimbridge Hospitality has quickly become one of the largest private operators of full and limited service hotels in the industry. Over the past five years, Aimbridge has demonstrated a consistent ability to generate superior returns for its partners by leveraging its vast experience of owning and operating hotels in a variety of different markets and economic cycles. A sample of past and present equity partners include major institutional groups such as Crow Holdings, JMI, Merrill Lynch, Kennedy and Associates, Hillwood, GoldenTree Insite Partners and Apollo Real Estate Advisors. .'. '- > ,., ~, <~~;~~~- . ~:,..,;-.. "'''''''''-1 ~" .' ~,:....~' --~ -- , - II ," ',', II ' '., . " . . , , I" . , , _ . .J '. A. ~ :' '- ,,_. ~_; _"j,,_ ~IPIi. .,..,~. .,,~.. "';'C.l~. t.......I;.,'-__.T'.. ~~,.. ~ ._. " '~"" '-- "-'- .. "- -~ < . - -- I n .." , " '. '-I . _ '; II"""::;" - . l I .. - . . -- UP _ ,_ ,.. . ,- ..... - . '';'''' , '.. "'"---.-.-- .'j ...... , , . .~ ~ '-~ - - ~ Doubletree San Pedro, CA 5 Competencies Aimbridge has already established a highly successful track record of revenue management and profitability. Core competencies include: · Superior Management Performance · Integrated Direct Selling Process · Brand Maximization · Financial Reporting/Accounting · Capital Renovation Supervision · Asset Management · Identifying/Underwriting Investment Opportunities · Consulting Services Vision and Mission Aimbridge Hospitality, L.P.'s vision is to be a leading midsized lodging real estate and management company as measured by our associates, the brands and our investment partners. The Aimbridge team works tirelessly to provide exemplary returns to our investment partners. The mission at Aimbridge is to balance the guest experience with associate engagement and satisfaction and investor returns while flying the flags of the lodging industry's top brands. Critical to achieving this goal is partnering with, and being good citizens of, the industry's top brands. The Aimbridge team recognizes that selecting the right brand and appropriately leveraging that brand for each asset can be the cornerstone of the hotel's overall success. As part of our mission, we intend to be viewed as a high quality employer where associates can grow their lodging industry careers by providing solid training curriculums and processes for all associates at every level. We also recognize the critical need to have a stable and highly engaged senior management team that has experienced all phases of the lodging cycle. By providing the senior management team the opportunity to invest in the company's portfolio of lodging products, we expect the team will have a longer tenure together and achieve stronger returns for all of our investment partners. Company Values Integrity, Quality and Financial Responsibility Each of these core values, which we hold dearly to the success of our organization, is important in its own right but none of them can stand on their own individually. The basis for any decision must include consideration for each of these values. As the Aimbridge Team strives to balance the guest experience with associate engagement and satisfaction and superior investor returns, we must always act with the highest ethics and integrity in a quality manner, while considering our fiscal responsibilities to each of our constituencies. Senior Management Team The Aimbridge Hospitality team has a wide variety of hospitality experience including but not limited to development, finance, marketing, operations and project management. Averaging over 25 years of hospitality experience, the senior executives have a unique blend of talent that joins to ensure financially successful hotels. The ultimate goal of Aimbridge Hospitality's impressive executive team is to enhance the value of each hotel for each owner. .,. -.;;...... - _.,- ...~----~ 6 Current Portfolio Aimbridge Hospitality, LP - Current Management Portfolio Brand Property Name City State Rooms Description Casa Sirena Hotel (redevelopment in process) Oxnard Oxnard CA 176 Full Service DoubleTree Hotel Milwaukee! Brookfield Brookfield WI 177 Full Service DoubleTree Hote] Wood Dale Wood Dale IL 161 Full Service DoubleTree Hotel Denver Southeast Denver CO 248 Full Service DoubleTree Hotel Dallas Campbell Centre Dallas TX 300 Full Service DoubleTree HQUit San Pedro San Pedro CA 226 Full Service DoubleTree Hotel Charlotte Charlotte NC 173 Full Service DoubleTree Hotel Schaumburg Schaumburg IL 188 Full Service Embassy Suites Phoenix! Scottsdale Phoenix AZ 270 Full Service Embassy Suites Denver International Airport Denver ~CO 174 Full Service Embassy Suites Tampa Airport Westshore Tampa FL 221 Full Service, Embassy Suites Cincinnati Rivercenter Covington KY 226 Full Service Embassy Suites Boston Logan Airport Boston MA 273 Full Service Embassy Suites Cleveland I Rockside Independence OH 271 Full Service Embassy Suites Columbus! Dublin Dublin OH / 284 FullS$rvice Embassy Suites Chicago I Deerfield Oeerfield IL 237 Full Service FourPoint$ by Sheraton Kansas 'City Kansas City MO 200 Full Service Hampton Irlf'! Oxnard Oxnard CA 95 Full Service Hilton Hilton Glendale Glendale CA 351 Full Service Hilton Cincinnati Airport Florence KY 306 Ft,1I1 Service Hilton Garden Inn Dallas Market Center Dallas TX 240 Full Service Marriott Chicago Southwest at Burr Ridge Burr Ridge IL 184 Full Service Marriott Cincinnati at Rivercenter Covington KY 321 Full Service Phoenix Inn Suites Albany Albany OR 93 Select Service Phoenix Inn Suites Beaverton Beaverton OR... 98 Select Service Phoenix Inn Suites Bend Bend OR 117 Select Service Phoenix Inn Suites Eugene Eugene OR 97 Select Service Phoenix Inn Suites Lake Oswego 'Lake Oswego OR 62 Select Service Phoenix Inn Suites Olympia Olympia WA 102 Select Service Phoenix Inn Suites Phoenix Phoenix AZ. 120 Select Service Phoenix Inn Suites North Salem Salem OR 80 Select Service Phoenix Inn Suites South Salem Salem OR 89 Select Service Phoenix Inn Suites Tigard Tigard OR 101 Select Service Phoenix Inn Suites Vancouver Vancouver WA 98 Select Service Quality Inn & Suites Maison St. Charles New Orleans LA 130 Select Service Summerfield Suites by Hyatt Northwest Austin Austin TX 198 Extended Stay Wyndham Garden Hotel Novi Novi MI 148 Full Service Wyndham Garden Hotel Overland Park Overland Park KS 180 Full Service Wyndham Hotel O'Hare Rosemont IL 465 Full Service Wyndham Resort Canoa Ranch Resort Tucson AZ. 288 Full Service 7,768 1211/2007 7 Aim bridge Hospitality, LP - Currently Under Construction Brand Property City State Rooms aloft aloft Piano Piano TX 136 aloft aloft Las Colinas Irving TX 136 aloft aloft Frisco Frisco TX 136 aloft aloft San Antonio Airport San Antonio TX 141 aloft aloft O'Hare / Rosemont Rosemont IL 251 800 511/2008 Aim bridge Hospitality, LP - New Development Pipeline Brand Property City State Rooms aloft aloft Long Island City Long Island NY 250 aloft aloft Houston Galleria Houston TX 145 aloft aloft Fort Worth Museum Place Fort Worth TX 141 Courtyard Courtyard Alliance Airport Fort Worth TX 123 Hampton Inn & Suites Hampton Inn Long Island City Long Island City NY 250 Hilton Hilton Resort San Antonio TX 250 Hyatt Place Hyatt Place Tyler Tyler TX 170 Hyatt Regency Hyatt Regency MN 275 Marriott Marriott Arkansas AR 266 1,870 511/2008 Executive Team Biographies Les Bentley - Chairman Les Bentley, Chairman, is a 28 year hotel industry veteran. He has proven expertise in leading successful executive teams, negotiating and supervising managemenUconsulting contracts and delivering expected profits to the bottom line. Before founding Aimbridge Hospitality, Les Bentley was President of Wyndham Hotels and Resorts. He led the brand and the operations of all Wyndham divisions including: Wyndham Hotels, Wyndham Resorts, Wyndham Grand Heritage Hotels and Wyndham Garden Hotels. Les Bentley has long been synonymous with Wyndham and helped guide the brand's growth from just a handful of hotels into one of the nation's leading upscale hotel and resort brands. .. 'S ... Prior to joining Wyndham Hotels and Resorts, Bentley spent eight years with Marriott Hotels in Chicago, Austin, and Denver. In 1985 his career led him to Wyndham where he served as Vice President of Operations. In 1989, Bentley became Partner in the Wyndham Hotel Management Company, only to move up again in 1990 as President of the Wyndham Garden Hotel division. In 1997, Bentley was named the Chief Operating Officer for Wyndham Hotels and Resorts, where he was responsible for all hotels operating under the Wyndham brand. 8 Dave Johnson - President & CEO Dave Johnson is both President and CEO of Aimbridge Hospitality. Johnson oversees the management of Aimbridge's entire portfolio. Through his dedication and leadership, Aimbridge is already being recognized as one of the fastest growing hotel management companies in the United States. Before joining Aimbridge, Johnson spent 17 successful years with Wyndham Hotels and Resorts helping them grow from ten hotels to over 200. While at Wyndham, Johnson served as Executive Vice President, President/Chief Marketing Officer, and President of the Hotel Division. If. It ,<.> If Johnson currently serves on several Boards of Directors including: The Juvenile Diabetes Research Foundation, Meeting Professionals International and Active International. Johnson was most recently named to Starwood's Real Estate Development Advisory Board. In 2003, he was named as one of the 25 Most Extraordinary Minds in Hospitality Sales & Marketing by HSMAE. Judy Hendrick - Executive VP & Chief Financial Officer Judy Hendrick, Chief Financial Officer, is responsible for the company's debt and equity capital sourcing and structuring for acquisitions, development and redevelopment of hotels, and management of the financial, cash management and real estate aspects of all properties and partnerships. Ms. Hendrick plays a key role in guiding Aimbridge's investment and business development strategies. Prior to joining Aimbridge, Ms. Hendrick served in several senior management positions with Wyndham International during her successful 16- year tenure, including Executive Vice President and Chief Investment Officer and Senior Vice President of Finance and Treasurer. Her 20 years of experience in finance and real estate also include positions with major financial institutions such as Chase Manhattan, Canadian Imperial Bank of Commerce and First Republic Bank. She has provided financial advisory services to select corporate clients, including commercial portfolio management for major public real estate investment trusts. Ms. Hendrick holds a B.S. degree from Kansas State University and a master's in business administration from the University of Texas at Dallas. She currently serves on several Boards including: Board of Trustees member and Treasurer, Business and Professional Women's Foundation (Washington D.C.); Advisory Board, The Leadership Exchange (New York); and Dallas Chamber of Commerce Executive Women's Roundtable Robert Burg - Executive VP & Chief Operating Officer Robert Burg, Chief Operating Officer, is in charge of overall hotel operations and project development/capital projects. Burg joined Aimbridge with a proven track record of increasing market penetration and increasing GOP above industry benchmarks. Prior to joining Aimbridge, Burg served as Senior Vice President of Wyndham Hotels and Resorts and provided over 15 years of experience. Beginning in September of 1990, Burg was the Vice President of Operations for 22 of the full- service hotels under the Wyndham banner. There, he oversaw the takeover of nine properties in a 12 month period. 9 Burg then lead the entire chain of the Summerfield Suites brand in operations, development, and revenue for the upscale, extended-stay product. Among many of his accomplishments during his tenure, he created and implemented specific sales strategies that enabled the portfolio to increase market share and revenues. Vince Cuce - Senior Vice President of Finance Vince Cuce is responsible for all financial and accounting functions for Aimbridge Hospitality and its managed properties. As Senior Vice President of Finance, Cuce develops, implements, and maintains financial controls and policies that streamline all financial communications. He also manages operating and capital budgets, debt financing, and structuring acquisitions. Cuce has over 35 years of experience in the hotel industry, most recently with Wyndham Hotels and Resorts as Vice President - Controller. He also has multiple brand experiences that include Holiday Inn, Hilton, Sheraton, and Travelodge. During his career, he has worked in several non-accounting positions including General Manager, Food and Beverage Director, and Vice President / Director of Operations. Before his tenure with Wyndham, Cuce spent 12 years with ITT Sheraton at various levels in both property and the corporate accounting areas. In 1987, Cuce became a Wyndham employee with the opening of the Wyndham Palm Springs, one of the first Wyndham Resorts. There he was responsible for financial controls for all asset-managed (non Wyndham branded) properties. After 1995, Cuce was responsible for the financial performance for 25 Wyndham Hotels and Resorts - a portfolio of over 10,000 rooms in both domestic and international locations. Lynne Roberts - Senior Vice President of Development Lynne Roberts, Senior Vice President of Development, is responsible for identifying prime investment opportunities and conversion analysis. Roberts' expertise will lead the company's growth through new acquisitions, management and development activities. Roberts worked with Wyndham Hotels and Resorts for over 10 years as Vice President of Development Planning. While at Wyndham, she led acquisition, new construction, management contracts, and conversion analysis. In 1997, she created and directed start-up company development for HomeGate Hospitality, an extended-stay group. There she contributed to achieving private to public company status and a successful company sale within two years of conception. Prior to her tenure at Wyndham, Roberts lead real estate analysis for Sheraton Suites Development in the Central United States and Canada. She was also a Hospitality consultant with Pannell Kerr Forster (PKF) in Chicago. Roberts currently serves on the Board of Governors for the University of North Texas and is a member in good standing of the Chief Executive Round Table (CERT). Tom Kenney - Senior Vice President of Sales & Marketing Tom Kenney, Senior Vice President of Sales & Marketing, not only provides strategic direction for Aimbridge's corporate image, but also directs the overall sales and marketing efforts for the company's entire portfolio. Kenney's in-depth industry knowledge, sales skills, and excellent people skills are 10 instrumental in building loyal relationship with nationwide customers and company-wide business partners. Kenney has over 25 years of experience in the hotel industry, most recently with The Procaccianti Group (TPG) as Regional Vice President of Sales. In this role, he directed overall sales efforts for TPG during a period of unprecedented growth from 25 to 57 hotels, while improving performance and revenues and reducing cost of sales by 31%, or $2.3M. Kenney was also instrumental in facilitating sales and marketing brand conversion initiatives of numerous properties. Before his tenure with TPG, Kenney served in various sales managerial positions in both national and regional level divisions of Wyndham International. During his successful 18-year career with Wyndham, Kenney implemented a systemic framework of sales tools, processes, priorities, and measurements across all hotels in a 10-state Eastern region, Caribbean resorts, and Canadian hotels constituting up to 64% of room revenue. Kenney also conceptualized and created the Business Transient Sales National Sales Organization in 1996 while with Wyndham. Katy Milarta - Corporate Director of HR The Human Resources Department is lead by our Corporate Director of HR, Katy Milarta. Milarta is responsible for developing strategic plans for organizational growth, progression of managers, and the management of the Aimbridge benefit process. Milarta administrates the annual employee opinion survey process and oversees the development and implementation of follow up action plans to improve employee satisfaction and increase retention. Her department supports the properties in recruiting, training, and compliance with statuary and brand requirements, as well as employee relations across the Aimbridge portfolio. Milarta graduated from Syracuse University with a degree in Human Resources Management. She worked in management operations for 7 years with Ruby Tuesday, Inc & SEGA GameWorks, LLC. Her solid operations background and experience has been valuable in enhancing her ability to interact with employees and managers at all levels of the properties as well as ownership groups. Corporate Background Vision and Mission Aimbridge Hospitality, L.P.'s vision is to be a leading midsized lodging real estate and management company as measured by our associates, the brands and our investment partners. The Aimbridge team works tirelessly to provide exemplary returns to our investment partners. The mission at Aimbridge is to balance the guest experience with associate engagement and satisfaction and investor returns while flying the flags of the lodging industry's top brands. Critical to achieving this goal is partnering with, and being good citizens of, the industry's top brands. The Aimbridge team recognizes that selecting the right brand and appropriately leveraging that brand for each asset can be the cornerstone of the hotel's overall success. As part of our mission, we intend to be viewed as a high quality employer where associates can grow their lodging industry careers. We attempt to emulate the long, successful history of Starwood's associate growth and development process by providing solid training curriculums and processes for all associates at every level. Community Involvement While each of the properties is engaged in their own specific communities needs, the company as a whole has adopted the Juvenile Diabetes Research Foundation as its philanthropic cause. Juvenile Diabetes has touched several associate's lives over the past several years. The company as a whole 11 participates in several fund raisers throughout the year. The President and Chief Executive Officer of Aimbridge, Dave Johnson currently serves on the Board of Directors for the National Juvenile Diabetes Research Foundation where he is the Chairman of the Audit Committee. The Johnson family was recently recognized by the Dallas Chapter of the JDRF for their long time contributions and effort in the fight against juvenile diabetes. Operational Philosophy Guest / Customer Focus Our philosophy begins with our corporate office and GM. Being "high touch" and accessible to everyone internally creates our culture for the properties. The comfort level of our GM's with our guest and property staff creates an environment of trust and forgiveness when situations do occur. Ultimately daily guest interaction from our GM's, accountability of our managers and empowerment of our line level associates ensure they have the tools and support to execute the appropriate guest requests. We require all our associates to practice the attached Guest Service Guidelines at all times. As with most brands, key performance indicators are compiled electronically. First and foremost we measure against our own prior months data to identify trends that quantify specific issues or areas of strength. This data is also bench marked against common "Brand" results that are reviewed at the corporate and regional level on a weekly basis. All data is managed personally via the General Manager and the appropriate department manager when responses are necessary. At the corporate level, we have the ability to obtain and review property specific data. In the stabilized (those not under significant renovations) assets, properties have committees that include line staff and management that review guest feedback and identify trends that occur and make recommendations of how to adjust or embrace these trends. All properties receive guest tracker information when a guest files a concern with the Brand. There is brand criteria associated with response time and follow up for all inquiries. A guest item identified by a staff member on property is handled prior to guest departure. All branded hotels operated by Aimbridge score in the top 50% of the each of the brands. Hotels that do not have tangible facility components that affect guest experience criteria i.e. two pipe systems, no elevator. Any hotels that do not meet appropriate bench marked quality goals have Key Result Action plans to address such. Leadership/ Operations Focus Aimbridge is today and will forever be a "high touch" organization. From the principals to the front line associate, the Aimbridge team is engaged in guest, partner (both investment and brand) and associate satisfaction. That engagement with constituency satisfaction starts at the top of our organization. The Senior Management Team is involved with the daily heartbeat of the company. At a minimum, twice weekly conference calls occur with each of the hotels to measure revenue, profitability, guest satisfaction performance. Members of the Senior Management Team, including the principals, visit the hotels on a weekly basis to assist the property management team in achieving success. Property visits include, but are not limited to, physical property inspections, sales calls and associate one-on-one meetings. One of the long term goals is to limit the number of hotels in the portfolio to 50 - 60 at any given time. We feel the 50 - 60 property threshold allows us to grow appropriately while always remaining close our associates, guests and partners (both investment and brand) and staying in touch with the individual needs and uniqueness of each asset. 12 Sales Aimbridge is very focused on creating a culture that delivers a highly effective, direct sales environment. The corporate staff completes a weekly conference call with all properties to review the monthly forecast; business booked and direct sales highlights. This communication with the properties allow for a "hands- on" approach to involving all levels in driving revenue. At the property, there is also a daily "Aimbridge Business Review" meeting for the GM and DOS to ensure all sales people are focused and on track to meet their weekly call goals. Please find the attached document describing the key sales procedures that all Aimbridge sales departments use to develop a productive sales effort. Each property also completes Key Result Area Plans (KRA's) on a quarterly basis to ensure a proactive and results oriented sales effort from their team. This involves developing a sales and marketing plan that results in positive RevPAR Index gains and requires action plans that name the responsible party(s) and contain specific, measurable, and time bound strategies. All parties responsible are an integral part in developing the action plans. Aimbridge believes a thorough review of the internal and external environment is an important part of the strategic planning process. The SWOT (Strengths, Weaknesses, Opportunities and Threats) Analysis provides information that is helpful in matching the hotel's facilities, capabilities, services and amenities to the competitive market. A detailed SWOT analysis is critical for understanding, improving and leveraging the competitive advantages within the market. Annual sales and marketing plans are completed at the beginning of the budgeting process. These plans, along with the SWOT Analysis, are critical tools that allow for the hotel management team and the Aimbridge corporate team to develop revenue goals for the following year. Attached is an example of a typical annual marketing plan. Marketing Conducting comprehensive marketing reviews is a priority for the Aimbridge Marketing Team. This includes assessment of all local, regional, national and international markets for each property on a regular basis. Understanding the key target markets and customer profile and relating that to each hotel's "ideal business mix" is critical. Aimbridge reviews on-line marketing strategies on a regular basis to ensure each property is taking full advantage of the many opportunities to capture revenue from customers who use the internet and buy based on website content. To ensure a successful online marketing campaign, each property website is reviewed and analyzed based upon usability, marketability, performance, design and natural search best practices in order to provide recommendations to improve conversions, user friendliness and natural search optimization. Following are a few key components to a successful website. · Booking Engine-use of brand booking engine · Two websites being used- determine future strategy · Website Navigation · Functionality Review · Natural Search Viability · Page Size and Download Speeds · Home Page Copy and Target Keywords · Page Title, Description, Meta Tags · Depth of Hotel Content · Depth and Placement of Content promoting Special Offers, Meetings, Weddings, Special Events, etc. An online marketing campaign will not be successful without also incorporating an online distribution strategy to increase direct brand.com bookings. Using a global view of the hotel's distribution, the 13 following items are integral parts of each marketing campaign and help determine the best strategy for each hotel. . Merchant Models Channels . Email Newsletters . Opaque Model Channels . Online PR . Retail Channels . Conversion Strategy . Travel Meta Search Sites Call center customers . Online Pricing Strategy Third party bookers . Online Group Strategy Security seekers (shop online, book . Search Engine Marketing (SEM) offline) Global, regional and local engines . Link Building Strategy (reciprocal and non- Keywords for the brand and hotel reciprocal) Branding decisions . Tracking and Measurement Revenue management techniques . Travel and Hotel Directories, and Review Sites for keyword buying . Destination and Event Marketing . Online Advertising Revenue Management Revenue Management is a strength of the Aimbridge operations team. To develop a sound revenue strategy plan a comprehensive revenue management analysis is carried out by conducting daily, weekly and monthly meetings with the key hotel personnel. The centralized revenue management environment allows the property to remain focused on the hotels daily operation and direct sales strategies. Centralized revenue management creates efficiencies and allows the property to maximize productivity by decreasing labor dollars. In a non-centralized environment, you would have a less experienced revenue manager costing the hotel approximately $60K per year. The non-centralized option demands more time from the General Manager and Guest Service Manager to oversee this crucial area, taking them away from other important functions such as direct sales and service delivery. Aimbridge deploys centralized revenue management in 96% of its portfolio. This team is made up of individuals with an average 10+ years experience in revenue optimization and is led by the Director of Corporate Revenue Management, who reports directly to Aimbridge's Senior Vice President of Sales and Marketing. Working hand in hand with the Sales and Marketing functions of the organization, the Revenue Management team carries out a process-oriented procedure for each property. Human Resources/Internal Associate Development Aimbridge strongly believes in continuously measuring ourselves against our goals as well as against the competition to ensure we are constantly striving to be the best and, most importantly, ensuring the engagement satisfaction of our team members. Soliciting feedback and promoting effective change to ensure satisfaction is done on a continuous basis both formally and informally. The first step to creating this environment begins with the welcome of the employee as part of our team during the orientation and training process. We encourage the assignment of a mentor to the new employee to provide an introduction and transition into our culture. One-on-one meetings and/or training sessions, both impromptu and scheduled, by the department managers for line level staff are held on a continuous basis. In addition, General Managers are required to perform scheduled "one-on-ones" with his/her managers, at a minimum, on a bi-weekly basis. Formal meetings are also required to communicate with our team members to solicit feedback, relieve concerns, and answer questions. Weekly management staff meetings, monthly departmental meetings, and quarterly all employee meetings are also scheduled regularly. Employee recognition and rewards are a critical part in the achievement of a satisfied team. Our company has a structured and consistent employee recognition program, which includes employee of the 14 month, employee of the year, manager of the quarter, and manager of the year. Award winners are determined with the input of both employees and managers. In addition, managers and their teams are recognized and awarded on an annual basis at our National Conference. The team awards include recognition of revenue excellence, President's Award for market share growth, and Hotel of the Year. Leadership Excellence Award is awarded to an outstanding individual who recognizes talent, and subsequently grooms, develops, and promotes numerous individuals. Recognition is also given on an individual basis to a manager who exemplifies our culture in the form of General Manager, Director of Sales, Sales Manager, and Catering Manager of the Year. Another aspect of ensuring a high level of employee satisfaction is to ensure competitive wages and compensation. Wage surveys are completed by our properties on an annual basis, utilizing the information of at least three competitors. Properties then follow up with comparison and adjust wages as necessary to ensure our place as an employer of choice. Aimbridge is committed to providing above market benefits for employees. Aimbridge's rich healthcare plans for medical and dental contain two options to better accommodate all employee needs. Respective carriers are: Unicare & Kaiser Permanente for medical, Met Life for dental, VSP for vision, and Fort Dearborn Life for life insurance and disability. Our employee opinion survey provides valuable information on employee perceptions of our business and our leadership. Survey questions are designed to elicit feedback about important topics such as compensation, departmental managers, retention, teamwork, respect, and job security. The telephone survey is administered by an outside consultant to ensure confidentiality throughout the process. The results provide comparative year over year data and versus the norm. We feel this feedback is instrumental in identifying ways in which we can grow and improve in an effort to be the employer of choice. The process of our employee opinion survey begins with the General Manager and management team reviewing results to identify the top strengths and opportunities. The General Manager conducts an all- employee meeting to communicate results and encourage employees to participate in taking action. General Managers effectively communicate during this meeting by acknowledging and thanking participants, balancing strengths and weaknesses, identifying priorities, and scheduling follow ups. Most importantly, confidentiality is respected. With input of team members, an action plan is drafted to enhance strengths and address needed improvements. Actions plans must include the following for each area needing improvement: recommended action, measurement, support needed, timeframe, and assign accountability. The corporate Human Resources Manager assists the properties with the process of reviewing results and the development and implementation of action plans. General Managers then monitor and communicate progress of action plans, linking survey issues to actions and progress. We are engaged at every level in employee satisfaction and managing change which is an ongoing process. Aimbridge Hospitality partners with risk engineer experts at Zurich North America in an effort to provide a safe work environment. The safety and health of our employees is more important than any other aspect of company operations. Both management and employees are involved in planning, developing, and implementing the safety program. Aimbridge's proactive approach to creating a safe work environment begins with a no tolerance drug free workplace policy that mandates pre-employment, post accident, reasonable suspicion and random testing for both exempt and non-exempt employees for illegal drugs to include amphetamines, opiates, cocaine, marijuana, and PCP. Pre-employment and random testing for exempt employees is done with a hair collection screening that provides an insurance of a 90-day drug free history. Non-exempt employees are screened randomly and at time of employment through an oral fluids method that provides a window of 72 hours. Specimen review is monitored by an outside company, Quest Diagnostics and all laboratory results are established by a Medical Review Officer. Another component of the safety program is manager training in emergency procedures. Zurich assists on a regular basis with such training as hurricane preparedness and emergency evacuations. They are 15 ( also our training partner at the Aimbridge annual conference, focusing recent presentations on important topics such as driver safety, claims reporting, and emergency responsiveness. Zurich works closely with us to provide further clarity and understanding in the property's emergency procedures manual. Training continues on a regular basis as safety is a consistent part of our manager one-on-ones, departmental meetings, and monthly employee meetings. Most importantly, safety committee meetings, involving employees and managers and led by the property engineer, focus on reviewing past occurrences, conducting property inspections, and reviewing safety procedures. Fire drill procedures are reviewed and conducted at each property at least twice annually. This strong focus coupled with employee participation results in increased awareness, education, and ultimately level of safety. Formal training is also conducted by an outside company Med-Alert. They provide regular training and ensure compliance in the following areas: CPR, First Aid, Hazmat, and SSP. Additional formal training can be seen by the utilization of the CAR.E. (Controlling Alcohol Risks Effectively) program to promote safe serving and alcohol awareness. Company policy maintains that all employees, whose job functions include serving alcoholic beverages, are to successfully complete alcohol awareness training by their first scheduled shift. In addition, managers who participate in the MOD program must complete CAR.E. training. Training is conducted electronically, with the exception of states that this means has not been approved. In these states, including Texas, Wisconsin, and Michigan, training is conducted by a "Train the Trainer" program. Follow up to initial training is conducted with an annual refresher course of the same material. In addition to CAR.E. training, applicable employees must sign a Responsible Serving Policy. Training Our goal at Aimbridge Hospitality is to provide training in order to successfully prepare employees for interaction with guests and team members, perform necessary tasks and duties, establish a clear expectation of performance level and provide quality guest service that embodies our culture. Our training program, Core Competencies, is organized into five steps to ensure consistent, effective, and thorough training for all employees from orientation until their 90-day evaluation period. Employees that are working in more than one position must complete the training applicable to each position. The objective of our program is that upon completion of training, employees will have learned about the culture and core values of Aimbridge Hospitality. Equally important, employees will be able to properly execute job duties and tasks as outlined in the training program. This objective must be reviewed with employees during orientation to establish the importance of the training program as well as the critical role that an employee has in the success of a training program. Communicating with employees is critical to providing an environment in which employees are comfortable asking questions and providing feedback to his/her trainer. Our Core Competencies program consists of the following five steps: objective, overview, outline, review, and completion of training. The overview contains the training topic, assigned trainer, date the training was completed and the signature of both the employee and trainer. The acknowledgements, as written below, ensure that the employee and trainer understand their role in the success of the training process. *Employee Acknowledgement -My signature above indicates that I have received the required training as outlined and have completed the training requirements. **Trainer Acknowledgement -My signature above indicates that to the best of my ability, I have provided complete and thorough training to this employee. The outline breaks down each topic into specific areas covered to ensure consistent and thorough training for all new employees within the hotel and within the company. The specifics are covered at a 16 pace suited to the individual in regard to their experience level and knowledge base. In some instances, it may be necessary to repeat training on a topic. All topics contained in the outline must be completed within 30 days from date of hire. In addition, managers are encouraged to add property specific information and policies as well as any training material they feel will benefit the employee. Questions to test the employee and evaluate the need for any additional training are contained in the review portion of training. Aimbridge feels it is important the employee completes the review and the trainer ensures the individual does not need additional training. Employees not adequately trained, those who receive below an 85% on the review, most likely will not perform tasks and duties to standard nor will they understand the culture and focus on providing outstanding guest service. Because thorough training is essential to the success of the employee, it is mandatory that an 85% or above score is achieved. Accounting Aimbridge Hospitality supports the accounting functions of each property by centralizing many processes and procedures within our corporate office. Accounts Receivable is administered primarily at the property level with the invoicing and processing of payments and aging handled by the Front Office, with ultimate responsibility for collection resting with the General Manager. The Accounts Payable process is initiated on property with the coding and verification handled by Department Heads and final approval for payment made by the General Manager. Invoices are then processed for payment at our Corporate Office. Payroll processing is first administered at the property with the operation of the time clock! time cards/ and scheduling along with review and approvals by Department Heads and the General Manager. The process is then completed at the Corporate Office where coding is finalized and checks are released to the property for distribution. Finally, the P&L function is carried out at the Corporate Office by a regional analyst working in concert with the General Manager to ensure accuracy and a quick and efficient period close. Capital Program Management With an average of over 20 years experience in the industry, each member of the team has prior experience in the management of capital programs for national brands including Wyndham, Marriott, Holiday Inn, Homegate and Summerfield Suites. Responsibilities have included oversight of construction of new build properties, complete renovations and routine capital projects at existing hotels as well as numerous hotel brand conversions. During their tenure with Wyndham, Chairman Les Bentley and CEO/ President Dave Johnson held responsibility for $100-150M in capital programs per year for the entire Wyndham chain of hotels. Starwood Preferred Management Company Aimbridge is a Starwood Preferred Management Company for the following brands: . aloft . element · Four Points by Sheraton · Sheraton · Westin 4. Experience Statement - Champ Hospitality Champ Hospitality LP is a hospitality development services and consulting company. The company develops hotels for its own portfolio and well as provides a broad range of services for third parties. The company was founded by Joseph H. Champ to allow him to capitalize on the relationships and experience derived from 25 years in the hospitality, resort and golf industries. 17 Champ Hospitality was selected to participate in the design and development of W aloft Hotels and Element by Westin; both recently introduced Starwood Hotel products. Joe Champ serves on the founding Development Board of Advisors for both products and has been actively involved in the design, pricing and concept of these new products. Executive Team Joe Champ - President Joe Champ has over 25 years experience in the hospitality business. Prior to forming Champ Hospitality, Mr. Champ was Executive Vice President Development/Chief Investment Officer for Wyndham International Inc. He was responsible for Wyndham's growth through acquisitions, development, joint ventures, management, and franchise contracts. During his tenure, the company originated $2.2 billion of asset sales. He managed Wyndham's real estate development and joint venture projects, including significant real estate holdings in Puerto Rico, Arizona and California. Champ also managed Wyndham's timeshare joint venture with Tempus Resorts. Prior to joining Wyndham, Champ was Senior Vice President for Acquisitions and Development for Starwood Hotels and Resorts Worldwide overseeing portions of North American, Caribbean and Canadian development as well as franchise sales for all of Starwood's brands. .~, ~.~ , tf Champ has been a frequent speaker at hospitality industry events and is considered an expert in the areas of hotel franchising, management contracts, hotel branding and development. Charlie Maas - Vice President, Development and Acquisitions Charles J. Maas is Vice President, Development and Acquisitions for Champ Hospitality. Maas is also a principal of CME Enterprises LLC, (CME) a Colorado company that specializes in hospitality development and consulting. CME currently is involved in Costa Rican and Hawaiian developments. Maas has been involved in national and international hotel development for over 20 years. Prior to forming CME, Maas was a principal of the International Hotel Group (IHG) in Denver where he worked on projects in France, the Bahamas and the United States. Prior to IHG, Maas held positions in marketing, sales, acquisitions and development at Associated Inns and Restaurant Company of America (AIRCOA), currently Richfield Hospitality Management, the largest independent hotel management company in the United States at that time. While at AI RCOA, he supervised hotels ranging in size from 45 to 1,000 rooms as well as international development projects of up to 800 acres. Prior to joining AIRCOA, Maas was Vice President of Marketing for Vail Associates and an integral part of Vail's new mountain resort at Beaver Creek at the time it opened. James Walley - Vice President of Construction/Project Management James M. Walley is Vice President of Construction/Project Management for Champ Hospitality. Walley has been involved in construction and project management for over 35 years. Walley most recently was a Vice President of Development for Remington Hotel Corporation and prior to that, he was Director of Commercial Construction with Archon Group/Goldman Sachs. Walley also has extensive experience in due diligence, geotechnical issues, and environmental issues, and was Regional Manager for Law Engineering prior to joining Archon Group. Walley is a retired Rear Admiral with the Civil Engineer Corps, United States Navy and served for 33 years on active and reserve duty. Walley is a recipient of the Navy Distinguished Service Medal and 18 oversaw complex construction projects for the United States Navy throughout the world during his tenure with the Navy. Current Projects by Champ Hospitality Aloft Hotels - Las Colinas, Piano, Frisco, San Antonio Texas . it- .. ~.<. In partnership with Aimbridge Hospitality, JF Capital Partners and Hillwood Development, Champ is developing the new Starwood W aloft hotel. These hotels are sited on approximately 2.75 acres of land, are five stories and have 136 rooms. Amenities include the latest in wireless in room technology, bar, pool, executive boardroom, exercise facilities and flat panel televisions. Construction of the hotels started in the fall of 2007 with an opening date of fall of 2008. Total value of hotels currently under construction is $80,000,000 Tropica Sands - Jaco Beach, Costa Rica In partnership with a United Kingdom developer and other United States partners, Champ is developing this beachfront condominium hotel on Jaco Beach, Costa Rica. The project consists of eighty four, two and three bedroom condominiums ranging in size from 1,750 to 3,200 square feet. The amenities include; hotel style reception, spa, exercise facility, two bars, restaurant and executive meeting room. This project is the first of its kind in the area. 19 Representative Projects Project Name Type Rooms Summary Westin Savannah Harbor Resort Convention and Golf Resort 403 Project management, JV management Savannah, GA in partnership with CSX Realty, development services Westin Hotel Portland Urban Downtown Hotel 205 Planning, design, program, JV project Portland, OR management, development services Westin Stonebriar Resort Suburban Resort Hotel 301 Planning, coordination, development Frisco, TX services Westin Riverwalk Urban Hotel 473 Planning, development services San Antonio, TX Westin Detroit Airport Terminal Airport Hotel 404 Planning, venture coordination, Detroit, MI development services Westin La Cantera Resort Resort Hotel 508 Planning, development services San Antonio, TX Playacar Resort Resort Development Land acquisition, resort planning, Cancun, Mexico w/ Golf, Tennis, Marina design, development, financing, Hotel Rooms 300 management, sale Single Family Home Sites 600 Condominiums 200 Grande Butte Hotel Resort Hotel 263 Project management, development Mt. Crested Butte Colorado services Kona Village Resort Full Service, 125 Acquisition, financing, renovation, Kona, Hawaii Luxury Resort management, sale Key West Resort Resort Hotel, Marina, 225 Planning and entitlements Key West, FL Condominiums Truman Annex Destination Resort Hotel 500 Feasibility analysis & market study, Key West, Florida Condominiums/Retail financial consulting Lansing Clarion Hotel Conventionff ourist/ 290 Project financing, management Lansing, Michigan Commercial Clarion Riverfront Towers Convention/ Tourist 879 Project financing, management, brand St. Louis, Missouri Commercial conversion Sheraton Inn Buffalo Airport Full-Service Commercial 292 Management, project financing Buffalo, NY Regal University Hotel Full-Service Commercial 313 Management, brand conversion Durham, NC (Duke University) Regal McCormick Ranch T ourist/Commercial/ 125 Management Scottsdale, AZ Resort Regal Harvest House Full-Service 269 Management Boulder, CO Commercialff ourist Eldorado Hotel Tourist/Resort 218 Development, management, project Santa Fe, NM Full-Service financing Sheraton Denver Tech Center Full-Service 600 Development, project financing, Denver, CO Commercial/Group management 20 Additional Professionals Leo A. Daly - Architecture Leo A. Daly is an internationally recognized, award-winning architecture, engineering, planning, interior design, and program management firm. Consistently ranked among the top design firms in the world, they have over 1,100 professionals in 24 offices worldwide. Their diverse portfolio includes world-class projects in over 65 countries, all 50 US states, and the District of Columbia. Leo A Daly's client base includes public, private, and institutional organizations in the following sectors: . Aviation . Hospitality and Gaming . Commercial Development . Manufacturing and Distribution . Corporate Office . Mixed-Use . Cultural . Public Assembly & Convention Centers . Entertainment and Retail . Science and Technology . Federal, State, and Local Agencies . Sports and Recreation . Healthcare . Transportation . Higher Education IBI Group - Planning, Civil engineering and Landscape Design 181 group is an international leader in providing a wide range of engineering and design services. 181 Group began offering consulting services in Florida as a result of the merger of four long established firms. These firms combine the diverse practices of Architecture, Civil Engineering, Landscape architecture, Land planning and surveying. The Florida Companies that make up the 181 group are: · CCI Consultants · Tomasino & Associates · Scharf & Assocaites · The RMPK Group With over 100 employees located throughout Florida, the 181 Group offers public, private and institutional clients timely and cost effective solutions in a comprehensive manner with its integrated style. JF Capital Advisors JF Capital Advisors was founded in April 2004 by a former 8ear Stearns investment banker on the principle that a small team of experienced professionals could complete transactions more efficiently and expeditiously then larger firms, as well as offer dramatically improved services to the hotel transactions community. JF Capital is built on core strengths of experience, focus, and personal relationships, which, in combination, make difficult transactions possible and help large transactions proceed smoothly. The principals of JF Capital have completed more than $12 billion of M&A and capital markets transactions in the lodging industry in both advisory and principal investing capacities. Their experience, gained through numerous complicated negotiations and transactions, gives them an advantage in shepherding transactions to the finish line. The strongest relationships are built on the mutual respect created by completing transactions to the satisfaction of both sides. JF Capital Advisors prides itself on the fact that the majority of our business comes from long-standing relationships with clients and partners. 21 JF Capital Advisors offers a full suite of investment and advisory services, drawing on its principals' substantial analytical and transactional experience. · Principal Investments · Transaction Structuring · Transaction Enabling 2007 Highlights · Financial Modeling · Industry Intelligence In 2007, JF Capital Advisors had an extremely active year with respect to acquisitions, developments, and advisory, transforming the Company from strictly an advisory group into a principal investment firm with various joint venture relationships and a portfolio of assets across the United States (including Puerto Rico). We have been utilizing our underwriting capabilities, capital market relationships, deal structuring knowledge, and detailed asset management approach to acquire assets at attractive valuations and improve operating results post closing. Principal Investments JF Capital Advisors has completed approximately $1.0 billion of real estate transactions, which includes 21 assets and 3 development projects, since August 2006. JF Capital Advisors first expanded its business into hotel investments when we acquired two Doubletree hotels in Dallas and Denver in connection with GoldenTree Insite Partners and Aimbridge Hospitality. In October 2006, we finalized a joint venture agreement to pursue ground-up development of Starwood's new aloft by W Hotels brand with Hillwood Investments, Aimbridge Hospitality, and Champ Hospitality. In April 2007, we announced a joint venture with Apollo Real Estate Partners and Aimbridge Hospitality to acquire publicly-traded Eagle Hospitality Properties Trust, which owned 13 hotels in the US and Puerto Rico. In July 2007, we acquired a portfolio of six hotels (four Doubletrees and two Wyndham Gardens) in connection with GoldenTree Insite Partners and Aimbridge Hospitality. 22 Recent Advisory Engagements · Eagle Hospitality Properties Trust · Innkeepers USA Trust . Winston Hotels · Keybridge Capital · Ian Schrager Company · Roseland Property Company · New Urban Equities · WB Resorts Development · Winston Hotels $26 million Follow-On Equity Offering · Winston Hotels $176 million CMBS Transaction · Wyndham Worldwide Investment in Puerto Rico Rio Mar Hotel · Wyndham Intemational $3.24 Billion Sale to Blackstone · Wyndham International $1.65 Billion Refinancing · Wyndham Intemational 23-Asset Sale JF Capital Advisors Team Jonathan Falik Jonathan Falik has worked on numerous completed M&A and financing transactions involving well over 1,000 hotels and over $12 billion of transaction value. He has been actively involved with mergers and acquisitions of public and private companies, portfolio sales and single asset sales, equity financing, high yield financing and mortgage financing. ( Jonathan is the founder and CEO of JF Capital Advisors. Prior to founding the company, Jonathan was an investment banker at Bear Stearns in New York where he represented public and private hotel owners and operators. Jonathan has worked as a C.PA for Price Waterhouse, concentrating on due diligence and auditing services for real estate opportunity funds and real estate investment partnerships. Jonathan received a BA in Economics with high honors from Rutgers College and an MBA from Columbia Business School with a concentration in Real Estate Finance. Jonathan has lectured and presented at industry events including New York University's International Hospitality Industry Investment Conference, Columbia University's Graduate School of Business and its Graduate School of Architecture, and Rutgers University. He is also an adjunct professor of Real Estate Finance at NYU's Graduate Real Estate Institute. Joe Weinberger Joe Weinberger has more than seven years of broad experience in commercial real estate, lodging and capital markets. He has worked on more than $10 billion in closed transactions, including a variety of developments, acquisitions, dispositions and financings. Prior to joining JF Capital Advisors as a Principal, Joe was an Associate at Inlet Capital LLC in New York focused on mezzanine loans and opportunistic real estate investments. Prior to working at Inlet, Joe was an investment banker at Bear Stearns in New York where he represented public and private hotel owners and operators. Joe has also worked as an analyst at Canderel Management Inc., a private real estate development company in Montreal, Canada. Joe earned a BA with great distinction in Economics from McGill University in 1998 and an M.BA in Finance from Columbia Business School in 2002. Joe is a member of Beta Gamma Sigma. 23 5. Agreement Terms The Partnership proposes the following terms for its development of the Westin element Hotel. Length of Ground Lease - 50 years with a 50 year automatic renewal. Ground Lease Payment terms 1st year - during design and development, $20,000 2nd year - during construction, $30,000 3rd _ 5th year 6th - 10th year 11th -15th year 16th -50th year base lease $300,000 base lease $350,000 base lease $400,000 base lease $450,000 plus 3.0% of Gross revenue plus 3.5% of Gross revenue plus 4.0% of Gross revenue plus 4.5% of Gross revenue B. Technical Information The following information regarding total square footage is an approximation subject to final design. Guestrooms 1. One Bedroom Suites (21.5'x21.5') 2. Standard King Rooms (21.5'x15') 3. Studio Kings (21.5'x19.5') 4. Studio Double Kings (21.5'x19.5') 462 SF per room 323 SF per room 419 SF per room 419 SF per room @ 21 rooms @ 9 rooms @ 44 rooms @ 31 rooms 105 rooms 9,707 Total SF 2,903 Total SF 18,447 Total SF 12,997 Total SF 44,054 *AII Rooms will have balconies Food & Beverage Breakfast Area (complimentary) ...... .......................... ............... ....................... 500 SF I ndoor Lounge ....................... ................................... ..................................... 1 ,000 SF Outdoor Lounge (lunch and light dinner snacks at pool) ................................... 1,000 SF Meeting Space .................................... .................... ............... ......................., 850 SF Other Hotel Amenities will include an outdoor swimming pool, fitness center, and guest laundry and barbeque area. 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CI) ~ l: ,., 1 ~ E . .... i." j .e ! '~: ! ,c. ~ '. i w I 6 .- - ~ cv W .t::. t: o Z ~ s lit . - s o ::r: - f/) Q) ~ >. ~ .c. t 0 Z 0> C .:::t:. 0 0 ...J ~ Q) > Q) ...J ~ Q) >- t . ~ .J::. +oJ ::J o C/) C) c :.s2 o o -J N Q) > Q) -J ~ Q) > c. Financial Information The total estimate cost for the development of the Westin element is approximately $20,363,500. The cost breakdown is as follows: 105 ROOMS /850 SF of MEETING SPACE Description Cost $ per nn % Construction $13,955 $132,905 68.5% Permits, Licenses, Fees 267 2,543 1.3% Design & Predevelopment 615 5,857 3.0% Development Fee 750 7,143 3.7% FF&E Guest Rooms & Corridors 1,581 15,057 7.8% OS&E 577 5,495 2.8% Food & Beverage Supplies 53 500 0.3% F & B Equipment 86 819 0.4% Laundry 63 600 0.3% Technology 467 4,448 2.3% Preopening 450 4,286 2.2% Legal 880 8,381 4.3% Total Development Costs $19,744 $188,033 97.0% Finance Costs 620 5,905 3.0% Land Costs 0.0% Grand Total $20,364 $193,938 100.0% Financing Plan The project will be financed with 30% equity and 70% debt. The partnership will invest 10% of the total equity requirement with a 3rd party limited partner funding the balance. Breakdown is below. Heal Clllilalilaliltll (~UOlJ.s) Equity Debt Total % 30% 70% 100% $ $ 6,109 14,255 $ 20,364 Tenl:llh l' Eq lIil~ St ruet un' (SlJon,,) % $ Partnership 10% $ 611 3rd Party LP 90% 5,498 Total 100% $ 6,109 Development Timeline The anticipated development schedule for the project will be approximately 19 months, beginning at completion of the master lease agreement to opening of the hotel, assuming normal governmental approvals and no weather delays. This includes 6 months for the schematic design and construction drawings phase and another 13 months for the actual construction of the hotel. 26 Proposed Staffing Plan ROOMS EXPENSE Front Desk Supervisor Housekeeping Manager F&B Attendant Welcome Ambassador (eg GSA) Van Driver Housekeeping Benefits (25.0%) Total Payroll & Benefits Other ($8.00 Per Occupied Room) Central & Local Reservations (3.0% of Rooms Revenue) Total Rooms Dept. Expense % Rooms DP ADMINISTRATIVE AND GENERAL General Manager Asst. GM (resp. for Accounting and F&B) Night Auditor Security Benefits (25.0%) Total Payroll & Benefits Centralized Accounting ($3,000 Monthly) Other ($2.75 Per Occupied Room) Credit Card Commissions (2.0% of TTL Rev) Total Administrative & General Total Administrative & General PAR A&G PAR Excluding Credit Card Commissions SALES AND MARKETING Director of Sales Sales Coordinator Benefits (25.0%) Total Payroll & Benefits Centralized Revenue Management ($1,000 Monthly) Other ($0.50 Per Occupied Room) Starwood Preferred Guest Program (1.8% of Rms Rev) Starwood Sales Program Allocations (4.0% of Rms Rev) Advertising ($0.50 Per Occupied Room) Total Sales & Marketing Total Sales & Marketing PAR Sales & Marketing PAR Excluding Starwood Fees REPAIRS AND MAINTENANCE Property Engineer Engineers Benefits (25.0%) Total Payroll & Benefits Other ($3.50 Per Occupied Room) Total Repair & Maintenance Total Repairs & Maintenance PAR First Full Year 2011 42,963 57,376 110,272 114,569 35,803 310,290 167,818 839,092 246,281 190,226 1,275,599 79.9% 2011 97,539 63,114 56,807 56,807 68,567 342,834 41,311 84,659 136,145 604,949 5,761 4,465 First Full Year 2011 80,327 20,082 100,408 13,770 15,393 114,135 253,634 15,393 512,733 4,883 1,381 2011 63,114 56,807 29,980 149,901 107,748 257,649 2,454 Annual Salary perFTE 37,440 50,000 29,120 33,280 31,200 27,040 Number of FTEs 1.0 1.0 3.3 3.0 1.0 10.0 $ Per Hour Or % 18.00 14.00 16.00 15.00 13.00 25.0% $ 8.00 3.0% Annual Number $ Per Hour Salary of Or perFTE FTEs % 85,000 1.0 55,000 1.0 35,360 14 17.00 35,360 14 17.00 25.0% Annual Salary perFTE 70,000 $ $ 3,000 2.75 2.0% Number of FTEs 1.0 $ Per Hour Or % 25.0% $ 1,000 $ 0.50 1.8% 4.0% $ 0.50 Annual Salary perFTE 55,000 35,360 Number of FTEs 1.0 14 $ Per Hour Or % $ 17.00 25.0% $3.50 27 <: ~ ~ o ~ o ~ ll.. t.:l Z ... f-< <: ~ >oJ ll.. o 1O~~ 0"-'" ~ (0- ai N'" 1O~~ Ot'-'" T""" ctJ-ctJ- N'" t'-1O IO"-N 00>'" T""" "":CfJ- N'" 0010 IONN 000'" T"""<tiai N'" (/) E (/) (/) 8 E E 0:: 8 8 ...0::0:: o "0 II> il!~ Ed= ::J 0 ~ zo< 1O~~ 0"-'" T""" co-ai N'" ~':I?~M 1:: 0 ""'" 0 ",.;tNN :2"-~~ ~",,<DO> o <DO> 'ol.ONT""" c1lt'-~~ ~~~~ ~~~;;; ~*rom (ij~~~ :2 ,- ~ ~ ~::RT"""M :o&,~co c1l"-~~ ~::RO(\l a;M~~ :2"-~~ S tll 0:: ~ :-.ii 00 l:G>0:: [ Cl< ::leo. o G> > o > G> 0<0:: :!:::RNm 1:: 0 co 0 ",.;tNN :2"-~~ '#'$.'#-'#'#.?f!. 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