Index Development, Ltd.

• Corresponding supply/demand ratio of hotel rooms, built and in pipeline

• Extensive cosmetic renovation required.

• Full or select service,

• Markets with successful older Marriott and Hilton branded hotels

• After PIP, qualified to maintain existing or upstream franchise,

• Positive performance for 3 trailing years,

• 120 – 200 rooms,

• Four or more stories,

• 5 - 15 years old,

• Priced to reflect lack of institutional investor interest.

Major Renovations/Rebranding

• Suitable for upstream re-branding,

• Full or select service,

• 150 – 300 rooms

• Four or more stories

• 10 – 20 years old

• Current occupancy of 50% or more,

• Comprehensive interior and exterior renovation required,

• Priced to reflect lack of institutional investor interest.