1. Hotel, Tourism and Leisure

2. Helping you succeed with your HTL projects.
■ Hotels ■ Tourism
■ Resorts ■ Brand Expansion
■ Golf Courses ■ Timeshare/Vacation Ownership
■ Restaurants ■ Tourist Attractions
■ Conference Centers ■ Serviced Apartments
■ Convention and Exhibition Centers ■ Cruise Ships
■ Clubs ■ Mixed-Use Development
■ Spas ■ Fractional/Vacation Ownership
Hotel, Tourism and Leisure

3. Horwath HTL can assist you in optimizing
results in all stages of your project’s life cycle.
Horwath HTL Services
Planning & Development Asset Management Transactions & Financial
■ Appraisal Reports (Operations) Restructuring
■ Destination and Large-Scale ■ Accountability Review ■ Asset Brokerage
Project Master Planning ■ Asset Management Advisory ■ Asset Valuation
■ Facilities Programming ■ Benchmarking ■ Corporate Mergers and
■ Highest and Best Use ■ Best Practice Analysis Acquisition Advisory
■ Hotel Management Company ■ Capital Expenditure ■ Debt and Equity Sourcing
Selection and Contract Negotiation Cost/Benefit Analysis ■ Due Diligence
■ Macro Tourism Analysis ■ Litigation Support ■ Insolvency/Receivership
■ Market and Financial ■ Loan Underwriting ■ Investment and Divestment Strategy
Feasibility Studies
■ Operational Reviews ■ Loan Work-out
■ Market Entry Strategy
■ Owner Representation ■ Pre-lending Review
■ Product Conceptualization
■ Property Tax Review ■ Strategic Management and Planning
■ Project Capitalization and
Financial Structuring ■ Reposition Strategy and Analysis ■ Transaction Management and Closure
■ Residual Land Valuation
■ Strategic Planning
■ Tourism Planning
Hotel, Tourism and Leisure

4. Why Horwath HTL?
Rich History: Founded in 1915 in New York City
Industry Originator: Created the Uniform System of Accounts for
Hotels (the industry standard)
Focus: Exclusively HTL Specialized
Global Network: Currently 50 offices in 30 countries
Part of Horwath International with 380 offices in 87 countries
Localized Expertise: Extensive office network affords unique local market understanding
International Perspective: Group interaction yields global view and world-class solutions
Experience: Industry seasoned consultants, real estate brokers, and financial
advisors bring unparalleled depth and value to every project
Database: Provides historical and detailed tracking of market performances
Industry Leader: Recognized around the Globe as the HTL expert for successful projects
A World of difference, one solution – Horwath International.
380 offices in 87 countries.
Visit www.HorwathHTL.com for a current listing of the Horwath HTL offices worldwide.

5. Hotel, Tourism and Leisure
Corporate Office – San Francisco
Horwath Hospitality & Leisure LLC
900 Larkspur Landing Circle, Suite 209
Larkspur, CA 94939
415.925.8800
U.S. Brokerage: www.HorwathHL.com
Worldwide Consulting: www.HorwathHTL.com
Horwath HTL is an organization of a group of member firms of Horwath International Association, a Swiss Verein (Horwath). Each member firm of Horwath is a separate and independent legal entity.

6. DISTRESSED HOTEL AND ASSET MANAGEMENT SERVICES
Horwath HTL can provide an array of advisory services to help owners, lenders and attorneys resolve
distressed hotel asset problems. The hospitality industry is a very management intensive business that
requires specialized skills and diligent oversight, especially during economic downturns. For almost 95
years our Company has assisted clients around the globe with resolving issues related to troubled hotel
real estate during difficult economic climates. The current global financial crisis is creating challenges
similar to those in past cycles and we are dedicated to helping owners, investors and lenders make
challenging decisions and find real world solutions to solving problem related to their property
investments.
Horwath HTL provides its clients a seasoned team of industry veterans with the expertise to help its
clients through this portion of the economic cycle, just as we have done for nearly a century. Our team is
well experienced with the specific needs of chief credit officers, special asset department managers or
owners who are unable to meet their debt service payments or loan covenants. With long-standing
experience in receivership, asset management, valuation and MAI prepared appraisals, strategic and
operational consulting, capital improvements oversight, management company and licensor selection,
contract negotiation and litigation support, we can deliver value-added services to our clients.
RECEIVERSHIP SERVICES
Our experienced receivers have the ability to take control of a hotel asset and make sound decisions that
will best protect the interests of all concerned parties. Our past work experience includes:
Receivership appointments for individual hotels, inns, and resorts as well as hotel
portfolios.
Provide oversight of existing management company and its day to day operation of the
property.
If required provide property management via an affiliated entity.
ASSET MANAGEMENT SERVICES
For owners or lenders who need assistance with property oversight and reevaluation of their hotel specific
business model, our team has unsurpassed experience and has functioned as asset managers for
individual limited service, extended stay, boutique, full service, resort and conference center properties as
well as multi-billion dollar portfolios with as many as sixty five hotels with all major industry brand names
including: Four Seasons, Marriott, Hyatt, Hilton, Omni, Holiday Inn, Residence Inn and Hampton Inn to
name a few. Many of our asset management assignments involved complex joint venture ownership and
creative capital structures. Our hands on asset management style includes:
Ongoing asset management including oversight of the management company, periodic
sight visits, preparation of monthly management reports,
Revenue management audits needed to maximize revenues and enhance profitability,
Compliance reviews for loan documents, franchise agreements, supplier contracts,
management agreements and leases,
Operating budget and marketing/sales plan review and approval,

7. Distressed Hotel and Asset Management Services Page 2
Management and franchise company selection and contract negotiation,
Litigation management and strategy,
Capital expenditure project review, approval and implementation oversight.
VALUATION AND MAI APPRASIALS
Most lenders and owners need to know the current value of their hotel in order to make knowledgeable
and effective distressed asset decisions. Our appraisal staff can conduct simple asset valuations or fully
qualified FIRREA appraisals. Our real estate brokerage division can also complete broker opinions of
value.
CONSULTING
Our staff of consultants who have extensive operational, marketing and revenue management experience
can provide a variety of hospitality asset related services to help lenders and owners with their distressed
asset decisions. Some of these analyses include:
Market demand studies and financial projections
Monthly and annual operating cash flow estimates
Repositioning strategies and analysis
Due diligence reviews and underwriting
LITIGATION SUPPORT
Horwath HTL has a team of seasoned industry professionals who have operational, marketing, financial,
valuation, investment sales and development expertise that can help in all facets of litigation. We have
team members who are certified public accountants who can assist with private and public company
litigation or audit matters. Our valuation services can be used to support conclusions regarding loan
defaults, revenue losses, bankruptcies, refinancing and other ancillary valuation matters.
AFFILIATE COMPANY SERVICES
Horwath HTL has an affiliate relationship with a number of companies that can provide valuable support
services to owners and lenders. Through these affiliate entities, we can provide the following services:
Hotel and loan brokerage
Hotel property management
Asset allocation analysis
Audit and financial reporting

8. Receivership & Asset Management Assignments
Colorado Minnesota N. Dakota Illinois New York
Hilton Hotel South, Denver Radisson South, Minneapolis Dakota Inn, Jamestown Park Hyatt, Chicago Omni Berkshire Place, New York City
Millennium Harvest House, Millennium Hotel, Minneapolis Sheraton Walden, Schaumberg UN Plaza Hotel, New York City
Boulder Knickerbocker Hotel, Chicago Sheraton, Buffalo
Comfort Inn, Vail Washington Howard Johnson, Colonie
Quality Inn, Colorado Springs Sheraton, Tacoma Wisconsin Michigan New Hampshire
Charter at Beaver Creek, Vail Marriott, Milwaukee Hilton Hotel, Troy Hilton, Merrimack
Utah Kansas Indiana Massachusetts
Hilton, Salt Lake City Doubletree, Clarion Resort & Marina, Omni Parker House, Boston
Comfort Inn, Salt Lake City Overland Park Monroe Bostonian Hotel, Boston
Nevada Four Seasons, Boston
Bourbon St. Hotel & Casino, New Jersey
Las Vegas Marriott, Somerset
Mountain View Resort/Conf Center
Northern California Ohio
Hayes Mansion Conference Marriott, Cleveland
Center, San Jose Mariott, Columbus East
Marriott, San Francisco Airport Millennium, Cincinnati
Hyatt Regency, Burlingame Four Points, Cincinnati
Biltmore Hotel, Santa Clara Aurora Inn, Aurora
Westin Hotel & Convention Center, Santa Clara Westin, Columbus
Four Points, San Rafael Residence Inn, Columbus
The Donatello Hotel, San Francisco Washington, D.C.
Holiday Inn, San Rafael Park Terrace Hotel
Hilton, Sunnyvale Missouri
Clarion, Sacramento Millennium, St. Louis
Residence Inn, Sacramento Doubletree, St. Louis
Rocklin Park Hotel & Spa, Rocklin Tennessee
Industrial Building, Petaluma Millennium Maxwell House, Nashville
Southern California Arizona Arkansas Alabama Residence Inn, Nashville
Loews Coronado Bay Hotel, San Diego El Conquistador, Tucson Residence Inn, Little Rock Marriott, Pt. Clear Marriott, Nashville
Biltmore Hotel & Office Tower, Los Angeles Park Inn, Tucson Hampton, Little Rock Marriott, Huntsville Days Inn, Nashville
Doubletree Hotel & Marina, San Pedro Quality Inn, Phoenix Hampton, Birmingham North Carolina
Marriott, Los Angeles McCormick Ranch Resort, Scottsdale New Mexico Marriott Crabtree Valley, Raleigh
Marriott, Long Beach Renaissance, Mesa El Dorado Resort, Santa Fe Florida Hyatt Regency, Winston-Salem
Embassy Suites, Buena Park Sheraton, Tempe Hampton, Albuquerque Sheraton, Key Largo Sheraton, Durham
Holiday Inn, Buena Park Plaza Hotel, Tucson Bonaventure Resort and Spa, Foxfire Resort, Pinehurst
Quality Inn & Suites, Lompoc Embassy, Phoenix Ft. Lauderdale Ramada, Fayetteville
Marriott, Ontario Embassy, Tempe Inverray Resort, Ft. Lauderdale
Radisson, La Jolla Marriott Sawgrass, Ponte Vedra South Carolina
Residence Inn, Ontario Hilton Hotel, St. Petersburg Hilton, Greenville
Holiday Inn Express, Rancho Cucamonga Texas The Mutiny Hotel, Miami Georgia
Ramada, Indian Wells Hyatt Regency, Austin Marriott West Shore, Tampa Hyatt Regency Ravinia, Atlanta
Ramada Suites, Santa Maria Mariott Quorum, Dallas Hilton Garden Inn, Tampa North Country Inn & Suites, Atlanta
Sheraton LAX, Los Angeles Four Seasons, San Antonio Radisson River House, Miami Hampton Inn, Atlanta
All Star Inns Portfolio (5 Hotels) Four Seasons, Houston Park Inn & Suites, Bradenton Holiday Inn, Albany
Best Western Portfolio (5Hotels) Marriott Riverwalk, San Antonio Sheraton, Kissimmee Holiday Inn, Brunswick
Days Inns Portfolio (10 Hotels) Hilton Hotel Dallas Parkway, Dallas Residence Inn, Altamonte Springs
Motel 6 (10 Hotels) Park Central Marriott, Dallas Sheraton, New Port Richey
Ramada Inn, Temecula Sheraton Park Central, Dallas Hilton, Gainesville
Clarion, Ft. Worth Hilton, St. Petersburg
Radisson Crest, Austin
Hampton Inn, Dallas
Sheraton Mockingbird, Dallas
Marriott Park Central, Dallas
Hawaii Holiday Inn, Dallas
The Ilikai, Waikiki
Outrigger Ala Wai Tower, Waikiki
Seaside Suites, Waikiki
Tradewinds, Waikiki
Ala Wai Gateway, Waikiki
Marriott Resort, Kona Coast
Outrigger Waikiki, Honolulu
Outrigger Reef, Honolulu
Outrigger East, Honolulu
www.HorwathHTL.com

9. HOTEL BROKERAGE SERVICES
Our brokerage practice philosophy is very basic and to the point. In order for a transaction to be
completed “the deal” has to be fair for all concerned parties. Both seller and buyer have to walk away
from the negotiating table believing they won. Our fiduciary responsible of course is to our client but the
real art of negotiation produces two winners and no losers in any transaction.
BASIS OF OUR BROKERACE PRACTICE
Our associates were trained in the hotel industry and then transitioned to real estate brokerage.
We become intimately familiar with the listed hotel asset.
We develop complete and thorough offering memorandums.
We conduct all property tours in person.
We relay current market conditions to our clients in an effort to inform and not persuade.
All of our associates work as one team and all are fully knowledgeable of all details of each
assignment undertaken.
We have a national network of brokerage offices that work in a cooperative effort on each
transaction.
BROKERAGE MARKETING METHODS
Direct mail
Trade shows
Internet listings
Shared database
Utilize international offices to identify foreign buyers
Share information among divisions to support cross selling both domestically and worldwide

10. Completed Full Service Hotel Transactions – Partial List
Minnesota N. Dakota New York
Millennium Hotel, Minneapolis Dakota Inn, Jamestown UN Plaza Hotel, New York
Colorado Hilton Airport, Minneapolis Four Seasons, New York
Millennium, Boulder Holiday Inn Central, Bloomington Illinois Four Points, Buffalo
Millennium Knickerbocker, Chicago
Utah Michigan Connecticut
Sheraton, Salt Lake City Hotel St. Regis, Detroit Wisconsin Radisson, Enfield
Holiday Inn, Salt Lake City Sheraton Inn, Detroit Holiday Inn Centre City, Green Bay
Iowa Holiday Inn, Hurley Massachusetts
Northern California Holiday Inn, Des Moines Bostonian Hotel, Boston
InterContinental Hotel, Holiday Inn, Muscatine
San Francisco New Jersey
Hilton, Sacramento Sheraton Hotel, Newark
Radisson Airport, San Jose
Orchard Garden Inn (land), SF Indiana
Hotel Valencia (land), San Jose Clarion Hotel & Marina,
Clarion, Sacramento Bloomington
Holiday Inn, San Rafael Ohio
Millennium, Cincinnati
Southern California Aurora Inn, Aurora
Four Points by Sheraton, San Diego
Biltmore Hotel & Office Tower, LA Tennessee
Radisson LAX, Los Angeles Regal Maxwell House, Nashville
Marriott Hotel, Ontario
Holiday Inn, Thousand Oaks Missouri
Best Western, Long Beach Park Place Hotel, Kansas City
Sheraton Mission Valley, San Diego Quality Inn, St. Charles
Radisson, La Jolla Doubletree, St. Louis
Arizona Arkansas Millennium, St. Louis
McCormick Ranch Resort, Scottsdale Holiday Inn, Alabama
Radisson Hotel, Scottsdale Arkadelphia Holiday Inn, North Carolina
Homewood Sheraton, Durham
Texas
Radisson, Dallas Louisiana Georgia
Wyndham, San Antonio Mississippi Holiday Inn, Metarie Georgian Terrace, Atlanta
Hawaii Holiday Inn, Dallas Holiday Inn, Gulfport
Marriott Wailea Resort, Maui Clarion, Ft. Worth Holiday Inn Airport, Gulfport Florida
Parkside Hotel, Waikiki Radisson, Austin Hilton Garden Inn, Tampa North
Doubletree Alana, Waikiki Holiday Inn Lubbock South, Lubbock Four Points, Kissimmee
Outrigger Luana, Waikiki Holiday Inn, Pecos Inn on the Beach, Daytona Beach
Crowne Plaza, San Antonio Holiday Inn, Plantation
Holiday Inn, Jacksonville
Dominican Republic
Canoa Coral Resort, Dominican Republic
Hamaca Coral Resort, Dominican Republic
Marien Coral Resort, Dominican Republic
www.HorwathHL.com

11. Completed Limited Service Hotel Transactions – Partial List
Colorado Illinois Michigan
Comfort Inn, Avon Ramada Hotel, Oakbrook Terrace Hampton Inn, New York
Quality Inn, Colorado Springs (Chicago) Sault Ste. Marie Best Value Inn, Buffalo
Hampton Inn, Colorado Springs Best Western, Schaumberg Holiday Inn Express,
Western Inn, Denver Ramada Inn, Bloomington Poughkeepsie
Candlewood Suites, Rockford
Ohio Massachusetts
Utah Indiana Pine Lake Club Days Inn, Burlington
Microtel, Salt Lake City Days Inn, Sellersburg
Comfort Inn, Salt Lake City New Jersey
Best Western, Delta Best Western, Piscataway
Maryland
Northern California Ramada Hotel, Annapolis
Holiday Inn Express, Corning
AmeriSuites, Dublin Kentucky
Cartwright Hotel, San Francisco Best Western, Lexington
Roadway Inn, South Lake Tahoe
Holiday Inn Express, Tracy Tennessee
Holiday Inn Express, Sacramento Residence Inn, Nashville
Quality Suites, Millbrae Days Inn, Nashville
Continental Inn, Nashville
Southern California Missouri
Anaheim Lodge, Anaheim Hampton Inn, St. Louis
Holiday Inn Express, Century City Independent, Kansas City
Ramada Inn, Santa Ana
Comfort Inn & Suites, Anaheim Arizona North Carolina
Radisson CI & S, Ontario Best Western, Green Valley Sleep Inn, Yadkinville
Desert Inn, Lancaster Comfort Inn, Phoenix Mississippi
Saddleback Inn, Norwalk Howard Johnson, Tucson Biloxi Beach Resort, Biloxi Georgia
Days Inn, Banning Travelodge Metro Center, Phoenix Holiday Inn Express, Gulfport Holiday Inn Express, Baxley
Hampton, Arcadia Park Inn, Phoenix Holiday Inn Express, Biloxi Comfort Inn, Atlanta
Econolodge, National City Motel 6, Phoenix Microtel Inn & Suites, Meridian Residence Inn Perimeter, Atlanta
Days Inn, Barstow Independent, Phoenix Hampton Inn (Northlake), Atlanta
Fairfield Inn, Ontario Alabama Best Western, Savannah
Best Western, Blythe Best Western, Montgomery
Economy Inn, Blythe Texas Ramada Inn, Madison Florida
Hampton Inn, Anaheim Hampton Inn, (Addison) Dallas Residence Inn, Altamonte Springs
Travelodge, Buena Park Days Inn, Irving Park Inn, Bradenton
Best Western, Ontario Tradewinds Motor Hotel, Wichita Falls Wynfield Inn, Kissimmee
Holiday Inn Express, Hillsboro Wynfield Inn, Orlando
Ramada Inn Midtown, Ft. Worth Independent, Miami Beach
Holiday Inn Express, Abilene Independent, Miami Beach
TownPlace Suites, Plano
Hawaii
Seaside Suites, Waikiki
Ala Wai Terrace, Waikiki
www.HorwathHL.com

12. PROJECT MANAGEMENT/DEVELOPMENT SERVICES
We have experienced project managers capable of assuming oversight duties of any hospitality project at
any phase in the development cycle. This includes ground-up developments as well as the
implementation of product improvement plans (PIP’s) where the developer or owner has abandoned the
project and left the lender with incomplete properties.
PROJECT MANAGEMENT CONTROLS
Development completion or PIP renovation program
Oversight of the following:
GC and sub-contractors
Architectural and engineering team
Interior design team
Purchasing agent
FF&E installation
Approval of all necessary change-orders
Approval of project draws
Provide value engineering with an eye towards hospitality design
Selection of a brand and management company
Ensure that the project is completed on time and within budget
Asset management of completed project.

13. Client Representation – Partial Listing
Hotel Companies Financial Institutions (continue)
American Property Management Hong Kong Shanghai Bank
Canyon Country Hospitality Imperial Bank
CDL Hotels International Industrial Bank of Japan
Chesapeake Hotels John Hancock Life Insurance
Corporacion Turistica Coral Midland Bank
Drake Leddy Companies Mitsui Bank and Trust
Destination Hotels & Resorts Mutual of New York
Hilton Hotels Corporation ORIX
InterContinental Hotel Group PNC Bank
Kimpton Hotels & Restaurants Prudential Insurance
Kor Hotel Group Rockbridge Capital
Millennium & Copthorne PLC Saehan Bank
Omni Hotels Temecula Valley Bank
Outrigger Hotels & Resorts TIG Insurance
Pacifica Hospitality US Bancorp
Pacifica Hotels Union Federal Bank
Park Lane Hotels Wells Fargo Bank
Prime Hospitality Corporation Zurich Insurance
Regal Hotels International
Richfield Hospitality Services
Starwood Hotels & Resorts Owner/Development Companies
Wyndham International
Amstar Group
Financial Institutions Big Rock Partners
California Mortgage & Realty, Inc.
Aetna Realty Investors,Inc. City of Austin, Texas
Anglo Irish Bank City of Garden Grove, CA
Bank Midwest City of San Jose, CA
Bank of America City of Sacramento, CA
Bank of the Redwoods Continental Development
Bank of Egypt County of Los Angeles, CA
California Federal Bank Columbus Properties
California Mortgage & Realty, Inc. Five Mile Capital
Canyon Capital Realty Advisors Gulf Shores, Inc.
City Bank Hawaii Hawaiiana Group
Connecticut General Life Insurance Hines Development
Essex Trust Interstate Hotels
Federal Deposit Insurance Corp. Jackson Hole Resort Corporation
GE Capital John Hancock Insurance
Glendale Federal Bank Kawasaki Enterprises, Inc.
GMAC Keck Seng Group
Grand Pacific Financial Corp. LNR Properties
Grupo BHD Morgan Stanley Real Estate Fund
Hall Financial Group Metropolitan Life Insurance
Hibernia Bank The Opus Group
http://www.HorwathHTL.com