McDowell Hotel - Phoenix, AZ

Medical Hospitality Opportunity Zone Development

Proposed 100-guestroom Upscale Extended-Stay Hotel Property
Northwest Corner of McDowell Road and 12th St – Phoenix, AZ

CONFIDENTIAL

The proposed McDowell Hotel is a 100- THE PROJECT
guestroom upscale, extended-stay hotel.
The premium location at the corner of 12th A 53,651-square-foot (1.23-acre) site to be improved with an
St and McDowell Road is directly adjacent to upscale extended-stay hotel expected to open in mid-2023. The
Banner-University Medical Center Phoenix. hotel will feature 100 rooms, a breakfast dining area and lobby
It is situated near transit in downtown bar, an outdoor pool, a fitness room, a racquetball court, a lobby
Phoenix, within the McDowell Miracle Mile workstation, a market pantry, and guest laundry.
corridor and the Coronado Historic District. The hotel will be partially redeveloped from an existing vacant
office building and partially newly constructed, adding onto the
existing portion. Proximity to the Banner-University Medical
Center should benefit this hotel significantly as it will be the first
and only hotel within walking distance of the medical center.

MULTIPLE DEMAND GENERATORS

In addition to the immediate proximity to Banner-University Medical Center, this hotel will be optimally
located within a short distance to multiple demand generators in the market as shown below.

Demand Generator Approximate Travel Time
1. Banner-University Medical Center <1 minute
2. Phoenix Art Museum 4 minutes
3. Phoenix Biomedical Campus 4 minutes
4. Phoenix Children’s Hospital 5 minutes
5. Phoenix Convention Center 6 minutes
6. Downtown Phoenix 7 minutes
7. Chase Field (MLB AZ Diamondbacks) 8 minutes
8. St. Joseph Hospital 8 minutes
9. Desert Botanical Garden 12 minutes
10. Arizona State University 12 minutes

QUALIFIED OPPORTUNITY ZONES - QOZ

A Tax-Advantaged Investment Solution Potentially Delivering Both Social and Financial Benefits

Investors with taxable gains from the sale or exchange of virtually any type of property, including the following, may potentially
defer gains by reinvesting the proceeds in a QOZ within 180 days of the sale or exchange.

- Stocks - Mutual Funds - Bonds - Real Estate
- Business - Jewelry - Art - Cars

An individual who invests in a QOZ is eligible for favorable tax treatment in the form of both deferral and forgiveness.
Tax benefits vary and should be discussed with tax counsel.

PROFORMA – OPERATING SUMMARY

Number of Rooms Available HOTEL OPENING 2024 2025 2026 2027 2028 2029 2030 2031 2032
Average Daily Rate (ADR) 2H 2023 36,500 36,500 36,500 36,500 36,500 36,500 36,500 36,500 36,500
Gross Potential Room Revenue $148.00 $154.00 $160.00 $168.00 $173.04 $178.23 $183.58 $189.09 $194.76
Occupancy 18,250 $5,402,000 $5,621,000 $5,840,000 $6,132,000 $6,315,960 $6,505,439 $6,700,602 $6,901,620 $7,108,669
Rev PAR $140.00
$2,555,000 73.0% 77.0% 78.0% 78.0% 78.0% 78.0% 78.0% 78.0% 78.0%
$108.04 $118.58 $124.80 $131.04 $134.97 $139.02 $143.19 $147.49 $151.91
65.0%
$91.00

REVENUES: $1,660,750 Ratio $3,943,460 Ratio $4,328,170 Ratio $4,555,200 Ratio $4,782,960 Ratio $4,926,449 Ratio $5,074,242 Ratio $5,226,470 Ratio $5,383,264 Ratio $5,544,762 Ratio
Rooms 150,000 90.5% 154,500 95.6% 159,135 95.9% 163,909 96.0% 168,826 96.0% 173,891 96.0% 179,108 96.0% 184,481 96.0% 190,016 96.0% 195,716 96.0%
Food & Beverage 25,000 25,750 26,523 27,318 28,138 28,982 29,851 30,747 31,669 32,619
Other Operated Departments 0 8.2% 0 3.7% 0 3.5% 0 3.5% 0 3.4% 0 3.9% 0 3.8% 0 3.7% 0 4.0% 0 3.9%
Rental and Other Income 1.4% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.7% 0.7%
Total Revenue $1,835,750 0.0% $4,123,710 0.0% $4,513,828 0.0% $4,746,427 0.0% $4,979,924 0.0% $5,129,322 0.0% $5,283,201 0.0% $5,441,697 0.0% $5,604,948 0.0% $5,773,097 0.0%
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
DEPARTMENTAL EXPENSES:
Rooms $431,795 26.0% $985,865 25.0% $995,479 23.0% $1,047,696 23.0% $1,100,081 23.0% $1,133,083 23.0% $1,167,076 23.0% $1,202,088 23.0% $1,238,151 23.0% $1,275,295 23.0%
Food & Beverage 135,000 90.0% 135,960 88.0% 136,856 86.0% 137,684 84.0% 135,061 80.0% 139,113 80.0% 143,286 80.0% 147,585 80.0% 152,012 80.0% 156,573 80.0%
Other Operated Departments 18,000 72.0% 18,540 72.0% 19,096 72.0% 19,669 72.0% 20,259 72.0% 20,867 72.0% 21,493 72.0% 22,138 72.0% 22,802 72.0% 23,486 72.0%
Total Departmental Expenses 31.9% 27.7% 25.5% 25.4% 25.2% 25.2% 25.2% 25.2% 25.2% 25.2%
$584,795 $1,140,365 $1,151,431 $1,205,049 $1,255,401 $1,293,063 $1,331,855 $1,371,811 $1,412,965 $1,455,354

Gross Operating Income $1,250,955 68.1% $2,983,345 72.3% $3,362,396 74.5% $3,541,379 74.6% $3,724,523 74.8% $3,836,259 74.8% $3,951,346 74.8% $4,069,887 74.8% $4,191,983 74.8% $4,317,743 74.8%

UNDISTRIBUTED EXPENSES: $165,218 9.0% $371,134 9.0% $406,244 9.0% $427,178 9.0% $448,193 9.0% $461,639 9.0% $475,488 9.0% $448,193 9.0% $475,488 9.0% $448,193 9.0%
Administrative & General 137,681 7.5% 309,278 7.5% $338,537 7.5% $355,982 7.5% $373,494 7.5% $384,699 7.5% $396,240 7.5% $373,494 7.5% $396,240 7.5% $373,494 7.5%
Sales & Marketing 82,609 4.5% 185,567 4.5% $203,122 4.5% $213,589 4.5% $224,097 4.5% $230,819 4.5% $237,744 4.5% $224,097 4.5% $237,744 4.5% $224,097 4.5%
Property Maintenance 64,251 3.5% 144,330 3.5% $157,984 3.5% $166,125 3.5% $174,297 3.5% $179,526 3.5% $184,912 3.5% $174,297 3.5% $184,912 3.5% $174,297 3.5%
Utilities 24.5% 24.5% $1,105,888 24.5% $1,162,875 24.5% $1,220,081 24.5% $1,256,684 24.5% $1,294,384 24.5% $1,220,081 24.5% $1,294,384 24.5% $1,220,081 24.5%
Total Undistributed Expenses $449,759 $1,010,309

Gross Operating Profit $801,196 43.6% $1,973,036 47.8% $2,256,508 50.0% $2,378,504 50.1% $2,504,442 50.3% $2,579,575 50.3% $2,656,962 50.3% $2,849,805 52.4% $2,897,599 51.7% $3,097,662 53.7%

Property Management Expense $64,251 3.5% $144,330 3.5% $157,984 3.5% $166,125 3.5% $174,297 3.5% $179,526 3.5% $184,912 3.5% $190,459 3.5% $184,912 3.5% $190,459 3.5%

GP Asset Management Fee $36,715 2.0% $82,474 2.0% $90,277 2.0% $94,929 2.0% $99,598 2.0% $102,586 2.0% $105,664 2.0% $108,834 2.0% $112,099 2.0% $115,462 2.0%

FIXED EXPENSES: $91,788 5.0% $206,186 5.0% $225,691 5.0% $237,321 5.0% $248,996 5.0% $256,466 5.0% $264,160 5.0% $272,085 5.0% $264,160 5.0% $272,085 5.0%
Real Estate / Personal Property Taxes 27,536 1.5% 61,856 1.5% 67,707 1.5% 71,196 1.5% 74,699 1.5% $76,940 1.5% $79,248 1.5% $81,625 1.5% $79,248 1.5% $81,625 1.5%
Property Insurance 36,715 2.0% 82,474 2.0% 90,277 2.0% 94,929 2.0% 99,598 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
FF&E Reserve 8.5% 8.5% 8.5% 8.9% 9.4% $102,586 8.5% $105,664 8.5% $108,834 8.5% $105,664 8.5% $108,834 8.5%
Total Fixed Expenses $156,039 $350,515 $383,675 $403,446 $423,294 $435,992 $449,072 $462,544 $449,072 $462,544

Net Operating Income $544,191 29.6% $1,395,717 33.8% $1,624,573 36.0% $1,714,004 36.1% $1,807,252 36.3% $1,861,470 36.3% $1,917,314 36.3% $2,087,968 38.4% $2,151,516 38.4% $2,329,196 40.3%

PROFORMA – INVESTMENT SUMMARY

CONSTRUCTION PHASE: 2H 2021 THRU 1H 2023

HOTEL OPENING: 2H 2023

ANNUAL CASH FLOW 2H 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Net Operating Income $1,624,573 $2,329,196
Development/Construction Loan Debt Service $0 $0 $544,191 $1,395,717 $1,714,004 $1,807,252 $1,861,470 $1,917,314 $2,087,968 $2,151,516
Interest Reserve Used ($646,180) ($934,216)
Permanent Loan Debt Service ($41,006) ($412,505) ($598,199) ($598,199) $978,393 $1,394,980
Cash Flow
$41,006 $412,505 $446,489

$0 $0 $392,481 $797,517 ($646,180) ($646,180) ($934,216) ($934,216) ($934,216) ($934,216)
$1,067,825 $1,161,073 $927,254 $983,098 $1,153,752 $1,217,300

CONSTRUCTION PHASE: 2H 2021 THRU 1H 2023

HOTEL OPENING: 2H 2023

EQUITY INVESTOR CAPITAL ACCOUNT 2H 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Beginning Capital Account $4,024,224
Additions to Capital Account $0 $7,975,990 $7,975,990 $7,975,990 $7,975,990 $4,024,224 $4,024,224 $4,024,224 $4,024,224 $4,024,224 $4,024,224
Return of Capital, Refinance Perm Loan $0
Ending Capital Account Balance $7,975,990 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$4,024,224
$0 $0 $0 $0 ($3,951,766) $0 $0 $0 $0 $0 $0

$7,975,990 $7,975,990 $7,975,990 $7,975,990 $4,024,224 $4,024,224 $4,024,224 $4,024,224 $4,024,224 $4,024,224 $4,024,224

EQUITY INVESTOR PREFERRED RETURN 2H 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Cash Flow $0 $0 $392,481 $797,517 $1,394,980
Investor Annual Preferred on Capital Account (6%) $478,559 $478,559 $478,559 $978,393 $1,067,825 $1,161,073 $927,254 $983,098 $1,153,752 $1,217,300 $241,453
Prerred Return Payments Made $239,280 $0 ($392,481) ($797,517) ($241,453)
Investor Accrued Priority Balance $0 $717,839 $803,918 $484,960 $241,453 $241,453 $241,453 $241,453 $241,453 $241,453 $241,453
$0
$239,280 ($726,413) ($241,453) ($241,453) ($241,453) ($241,453) ($241,453) ($241,453)

$0 $0 $0 $0 $0 $0 $0

SPLIT OF CASH FLOW AFTER PREFERRED RETURN 2H 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Additional Proceeds Available to Split $0 $0 $0 $0 $251,980 $826,371 $919,619 $685,801 $741,645 $912,299 $975,847 $1,153,527
Equity Investor (70%) $0 $0 $0 $0 $176,386 $578,460 $643,734 $480,061 $519,151 $638,609 $683,093 $807,469
General Partner (30%) $0 $0 $0 $0 $75,594 $247,911 $275,886 $205,740 $222,493 $273,690 $292,754 $346,058

DISPOSITION ANALYSIS: SALE AT YEAR END 2032 SALE YE 2032 1%
Net Operating Income Year 2032 $2,329,196 2%
Sale Cap Rate on 2032 Net Operating Income 7%
Gross Sale Price $33,274,228
Less Outstanding Debt
Less Cost of Sale - Real Estate Brokerage (1%) ($14,594,392)
Less Disposition Fee to GP (2%) ($332,742)
Net Sale Proceeds ($665,485)

$17,681,610

Less Return of Remaining Investor Capital Account ($4,024,224)

Net Net Proceeds to Split between Investor and GP $13,657,385

Equity Investors (70%) $9,560,170
GP (30%) $4,097,216

EQUITY INVESTOR INVESTMENT SUMMARY 2H 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Totals
($7,975,990)
Initial Investment ($7,975,990) $0 $0 $7,975,990
$0 $392,481 $3,606,586
Return of Capital $0 $0 $0 $3,951,766 $0 $0 $0 $0 $0 $0 $4,024,224 $4,526,962
$0 $0 $797,517 $726,413 $241,453 $241,453 $241,453 $241,453 $241,453 $241,453 $241,453 $9,560,170
Annual Preferred Return $0 $0 $0 $176,386 $578,460 $643,734 $480,061 $519,151 $638,609 $683,093 $807,469 $17,693,717
$392,481 $0 $9,560,170
Additional Split of Annual Cash Flow after Pref $0 $0 $0 $0 $0 $0 $0 $0 $0 $14,633,316
$797,517 $4,854,565 $819,913 $885,187 $721,514 $760,605 $880,063 $924,546
Share of Net Net Sale Proceeds $0

Totals ($7,975,990)

IRR 16.10%
Multiple on Capital 2.22

SPONSORS, PRINCIPALS AND DEVELOPMENT TEAM

Terrence A. Plas Gary T. Haydon Kerry W. Boekelheide
The Terrence A. Plas Company Haydon Building Corp. KWB, LLC
101 E. Northview Avenue 4640 E. Cotton Gin Loop 1113 S Minnesota Ave
Phoenix, AZ 85020 Phoenix, AZ 85040 Sioux Falls, SD 57105
602-499-3908 602-296-1496 605-275-9499
[email protected] [email protected] [email protected]

Architect Civil Engineer
PK Architects, Jeff Pawlowski RCC Design Group, Stuart W. Rayburn, PE, Principal
4515 S. McClintock Drive, Suite 206 16815 S. Desert Foothills Pkwy., #138
Tempe, AZ 85282 Phoenix, AZ 85048
602-283-1620 480-598-0270
[email protected] [email protected]
Landscape Architect Traffic Engineer
WERK | urban design, Jesse Westad, PLA, ASLA Kimley Horn, Charles R. Wright, PE
51 W. 3rd Street., Suite 450 7740 N. 16th Street, Suite 300
Tempe, AZ 85281 Phoenix, AZ 85020
(602) 429-9922 602-944-5500
[email protected] [email protected]

Zoning Attorney
Larry Lazarus, Lazarus & Silvyn P.C.
206 E. Virginia Avenue
Phoenix, AZ 85004
602-340-0900
www.lslawaz.com

LOCAL AND REGIONAL EXPERTISE AND EXPERIENCE

HP Capital Partners is founded by individuals with more than 75 years of real
estate experience in the western United States. While the company’s
principals have jointly developed multiple properties through special
purpose entities over the past decade, they have now committed to a
synergistic partnership to expand the offering of services. Bringing a
substantial background of commercial finance, construction, and project
management, HP Capital Partners is well positioned to provide timely
execution for BTS clients of all sizes.

Gary Haydon is the President/CEO and founder of Haydon Building Corp, a Phoenix, Arizona-based company
since 1991. The company provides Commercial & Industrial building construction services as well as Heavy
Civil Roadway, Bridge, Utility and Water/Wastewater construction. Haydon provides landscape construction
services through its subsidiary, Earthscapes and BIM modeling services through its subsidiary, H3D. Haydon
Building Corp has over 500 employees and works in most southwestern states including New Mexico,
Arizona, Texas and Colorado.
Mr. Haydon graduated from Arizona State University in 1980 with a degree in Construction. He has worked as
a heavy equipment operator, ironworker, carpenter, Field Engineer, Superintendent, and Operations
Manager. He is a past president of Arizona General Contractors Association, and a current member of
Greater Phoenix Leadership.

GARY T. HAYDON

Terrence Plas founded his commercial real estate investment and development company in 1995. Since that
time, he has successfully developed multiple data centers, retail centers and office / mixed-use properties,
including redevelopment of Arizona’s first regional mall. Additionally, Mr. Plas has experience in development
of for-sale high rise residential, student housing, and infill townhome properties.
Mr. Plas graduated from Creighton University, and received a Masters of Business Administration from
Arizona State University. He is a licensed Arizona real estate broker, and has served on multiple charitable and
industry boards.

TERRENCE A. PLAS

KWB – A SOLID HISTORY OF SUCCESS

STRONG TIES TO THE HOTEL INDUSTRY AND AN EXTENSIVE NETWORK OF RELATIONSHIPS

KERRY W. BOEKELHEIDE KWB, LLC/KWB Hotel Partners, LLC (2014 – Present)
President, Managing Member
”We have been building, buying, owning • Current portfolio of 9 hotels, ~$155,000,000 market
and operating premium-branded, focused-
valuation
service hotels for over 40 years - and we Summit Hotel Properties, Inc. (2011 – 2015)
are REALLY good at it. Executive Chairman of the Board
• IPO 2/11/2011 NYSE Symbol: INN
”Kerry W. Boekelheide • Public REIT with a peak Total Enterprise Value of

~$2.6B
• Peak portfolio of 92 hotels in 22 states
Summit Companies (1990-2011)
Founder, Director, President and Chairman
• Sole owner of the Summit Group Inc: Managing

Member of SHP, LLC
• Summit Capital LLC: Manager & CEO - Registered

Broker-Dealer
• Summit Green Tiger: CEO & President - Alternative

energy company
Super 8 Motels (1980-2003)
• Super 8 Management, Inc: developed and managed

over 100 properties
• Super 8 Motels of Canada: President and CEO
• Super 8 Motel Williams Lake, BC Canada: President

and CEO
• Boekelheide-Rivett Developers, Inc: Partner in

property development
• Super 8 Motels Inc: Corporate Pilot

KWB EXECUTIVE TEAM – PROVEN AND EXPERIENCED

DAN BOYUM – VP CAPITAL MARKETS AND INVESTOR RELATIONS DANNY AMUNDSON – VP ASSET MANAGEMENT AND FINANCE
Dan has been with KWB for over twelve years and his Danny has been with KWB for over six years, joining the
primary role is development of equity capital sources and KWB team in 2014. Danny’s responsibilities include
investor relations. Dan also is part of the team providing oversight of hotel operations as well as identification and
oversight of hotel acquisition and development, market analysis of development and acquisition opportunities and
evaluation and portfolio value enhancement. Dan served implementation of debt structure. Danny is also
as VP of Investor Relations for Summit Hotel Properties, responsible for leading real estate due diligence and the
Inc from its IPO in 2011 through March 2014. He served as development process. Prior to joining KWB, LLC Danny
Director of Sales for Summit Capital Partners, LLC from founded, owned and operated Inside the Ropes, a
2008 through 2011. Prior to joining Summit Capital philanthropic international hospitality and event
Partners, LLC, Dan served as a Registered Representative management company. Danny also served as Director of
1992 to 2008 with various investment firms including Membership of Sutton Bay Golf Club. Danny received his
Morgan Stanley and RBC Dain Rauscher. B.S. degree in Business Finance from Belmont University in
Nashville, TN.

JOLYNN SORUM - CONTROLLER, TREASURER AND SECRETARY EDEE SUMMERS – DIRECTOR OF HOTEL OPERATIONS

JoLynn has been with KWB for over 20 years. Her vast Edee is responsible for the operations, strategic
experience managing the accounting, tax and audit functions planning, execution and management of our portfolio of
of hotel companies is invaluable. JoLynn served as VP, hotels. Edee provides leadership and oversight of the
Controller and Chief Accounting Officer for Summit Hotel General Managers in each of our hotels and is
Properties, Inc. from its IPO in 2011 through April 2013. She responsible for development and oversight of all
also served as the Controller for Summit Hotel Properties, aspects of operations and sales. Edee is a dynamic and
LLC from 2004 through 2011, and as the accounting proven hospitality professional with solid qualifications
manager and Controller for The Summit Group Inc. from and demonstrated success in all aspects of hotels
1998 through 2011. JoLynn is a Certified Public Accountant management and sales, bringing nearly twenty years of
and recently served as President of the South Dakota CPA experience in the hospitality industry.
Society. JoLynn earned a B.S. degree in accounting from
Huron University.

MICHAEL BLISS – ASSISTANT DIRECTOR OF HOTEL OPERATIONS
Michael works hand-in-hand with Edee in the oversight of operations for our portfolio of hotels. In addition to these day-to-day
responsibilities, Michael is our “man-of-action”; going where we need him to go and taking care of what we need done. Michael
has over eighteen years of experience in the hospitality industry with extensive hands-on involvement in the development,
opening and ramp-up process of fifteen hotels. Michael has also served in multiple management-level with five different hotel
franchise brands. His broad-based and unique insight to all aspects of hotel operations make him a valuable member of the KWB
team.

PREMIUM-BRANDED, FOCUSED-SERVICE & EXTENDED STAY HOTELS

KWB has developed, acquired, owned,
operated and sold over 200 hotels and is an

approved owner and operator of these
premium brands and flags

CURRENT KWB PORTFOLIO Hampton Inn & Suites by Hilton
7521 W 135th St
Holiday Inn Express & Suites by IHG Kansas City (Overland Park), KS
9620 Rosehill Road 101 guestrooms
Kansas City (Lenexa), KS Focused-Service property
96 guestrooms Ground-up development
Focused-Service property Opened 6/1/2018
Ground-up development
Opened 3/1/2018 Home2 Suites by Hilton
7121 W 135th St
Candlewood Suites by IHG Kansas City (Overland Park), KS
9630 Rosehill Road 123 guestrooms
Kansas City (Lenexa), KS Extended Stay property
96 guestrooms Ground-up development
Extended Stay property Opened 2/1/2019
Ground-up development
Opened 2/1/2018

CURRENT KWB PORTFOLIO Home2 Suites by Hilton
3333 S Market St
Courtyard by Marriott Phoenix (Gilbert), AZ
3056 West County Line Road 107 guestrooms
Denver (Littleton), CO Extended Stay property
125 guestrooms Ground-up development
Focused-Service property Opened 9/1/2018
Acquisition Hyatt Place
Opened 10/1/2016 3535 W Chandler Blvd
Acquired 3/1/2019 Phoenix (Chandler), AZ
129 guestrooms
Residence Inn by Marriott Focused-Service property
3090 West County Line Road Acquisition
Denver (Littleton), CO Acquired 2/1/2018
116 guestrooms
Extended Stay property
Acquisition
Opened 10/1/2017
Acquired 3/1/2019
Staybridge Suites by IHG
8211 Southpark Circle
Denver (Littleton), CO
105 guestrooms
Extended Stay property
Ground-up development
Opened 6/1/2018

TRADE NAMES, LOGOS, TRADEMARKS AND IMAGES

All brand and trade names, logos or trademarks and property images contained, or referred to, in these materials, as well as any document incorporated by
reference in these materials, are the properties of their respective owners. These references shall not in any way be construed as participation by, or an
endorsement of, any of the franchisors.

“Summit Hotel Properties, Inc.,” is a registered trademark of Summit Hotel Properties, Inc. or one of its affiliates. All references below to “Summit” mean
Summit Hotel Properties, Inc. and all of its affiliates and subsidiaries, and their respective officers, directors, agents, employees, accountants and attorneys.

“Marriott,” “Residence Inn by Marriott,” Courtyard by Marriott,” “TownePlace Suites by Marriott,” Fairfield by Marriott,” and “Springhill by Marriott,” are
registered trademarks of Marriott International, Inc. or one of its affiliates. All references below to “Marriott” mean Marriott International, Inc. and all of its
affiliates and subsidiaries, and their respective officers, directors, agents, employees, accountants and attorneys.

“Hilton,” “Hampton Inn & Suites,” “Homewood Suites,” “Home2 Suites,” “Hilton Garden Inn,” and “Tru by Hilton,” are registered trademarks of Hilton
Worldwide or one of its affiliates. All references below to “Hilton” mean Hilton Worldwide and all of its affiliates and subsidiaries, and their respective officers,
directors, agents, employees, accountants and attorneys.

“IHG,” “Staybridge Suites,” “Candlewood Suites,” and “Holiday Inn Express & Suites,” are registered trademarks of InterContinental Hotels Group or one of its
affiliates. All references below to “IHG” mean InterContinental Hotels Group and all of its affiliates and subsidiaries, and their respective officers, directors,
agents, employees, accountants and attorneys.

“Hyatt,” “Hyatt Place,” and “Hyatt House,” are registered trademarks of Hyatt Corporation or one of its affiliates. All references below to “Hyatt” mean Hyatt
Corporation and all of its affiliates and subsidiaries, and their respective officers, directors, agents, employees, accountants and attorneys.

None of Summit, Marriott, Hilton, IHG, or Hyatt is responsible for the content of these materials, or the information incorporated by reference in these
materials, whether relating to hotel information, operating information, financial information, its relationship with us or otherwise. None of Marriott, Hilton, IHG
or Hyatt has reviewed, authorized or endorsed these materials.