1. CONFIDENTIAL Hospitality Asset Managers Association The James Royal Palm Miami Beach, Florida September 16-17, 2014

2. 2 HAMA Mission Statement The Hospitality Asset Managers Association (“HAMA”) is the pre-eminent organization of professionals responsible for proactively increasing asset values on behalf of hotel owners worldwide. Our mission is the enhancement of hospitality asset managers through education, advancement of the profession, and serving as the collective industry voice of hospitality ownership. Confidential

3. 2014 Initiatives Strengthen HAMA’s Reputation and Relevancy –White Paper Publication –HAMA Speaks –Support of the 2014 CapEx study initiative –Support of AH&LA Uniform System of Accounts for Hotels – 11th Edition –Support of Hotel Asset Mgmt, Principles and Practices, 3 rd Edition Foster Development of International Affiliates Support Growth of CHAM Designation –18 Designees, 3 Candidates, 2 Applicants Kick-off Website Redevelopment for 2015 Implementation 3 Confidential

4. Board Members Jennifer WilliamsTim Dick Kim Gauthier 4 2014 Board Members Craig Mason Treasurer Chair Michael Doyle International Chair Maxine Taylor Membership Chair Dan Kurz Industry Relations Chair Melissa Silvers Education Chair Ruby Huang President Dave Hogin Vice President Stephanie Roy Executive Director Steven Nicholas Communications Chair 4 Confidential

5. Board Member Updates Maxine Taylor –Membership Update Steve Nicholas –Communications Update Michael Doyle –International Update Craig Mason –Treasurer Update Ruby Huang on Behalf of Melissa Silvers –Education Update HAMA 2015 Take on Lodging Trends 2015 Board Slate 5 Confidential

6. Membership 6 Confidential United States Membership200 New Members17 (in 2014) Members Pending3 International Affiliates Japan39 Asia Pacific33 Europe6 (17 inquiries) China and Middle East Africa are working through application process.

7. Communications Strengthen HAMA’s Reputation and Relevancy –“Cost of Customer Acquisition” White Paper Publication –HAMA Speaks –HAMA 2015 “Take on Lodging Trends” –Press Release for Spring Conference Website Upgrade and Expansion 7 Confidential

8. Communications 8 “The Rising Costs of Customer Acquisition” - White Paper Publication –Press release was released on Aug 20, 2014 –All Brand partners were notified of release in advance –Picked up by more than 50 news mediums including: Hotels News Resource Hotel Online Hotel Interactive Hospitality NeT Hotel Business Street Insider Received limited request for full report at this point Working with Cindy Estes Green for additional press opportunities Confidential

9. Communications 9 HAMA SPEAKS –Larry Trabulsi & Andrew Leber (CHM) – Topic “Capital Planning” –Chad Sorenson (Warnick and Company) – “ Unlock the Value of Hotel Restaurants” –Kristin Knox (Hotel AVE) – “Process to Optimize Hotel Asset Preservation” –Maxine Taylor (Chartres Lodging) – “International Expansion of CHAM” –Sarah Ozone – (Goldman Sachs) – “Owner’s Manager’s Working together for Success” What’s Next –Filled up for rest of 2014. –HELP WANTED – Who wants to write an article for 2015 –Considering going more frequently than monthly. Need to know what I can rely on for authors. –Still not labeled “HAMA SPEAKS”. My short term goal for this program Confidential

10. Communications 10 Confidential

11. Communications 11 Confidential

12. Communications 12 Confidential

13. Communications 13 Website Upgrade –Important initiative Communication of membership Provide education, information and data to members Keep up with HAMA International Expansion Current Status –Kicked off Initiative June 2015. –Chad Sorenson is leading this group. –Initial planning Committee has been selected. –Finalized RFP to send out to selected vendors on September12th. –Final Scope of project and project scope, plan and budget to be created. Confidential

14. International – Pending Affiliates 14 Middle East/Africa –Affiliate incorporation September 2014 –97 targeted members –Application approved China –Application and budget under review –Late 2014 targeted launch –Collaboration to-date Confidential

15. International – Pending Affiliates 15 Letter from US presented at 2014 International Hotel Investment Summit on Sept. 2 in Beijing Confidential

16. Treasurer We are anticipating that 2014 revenues will finish $8,000 ahead of forecast due to increase in membership dues. CHAM is expected to finish 2014 $800 or slightly higher in revenue due to application fees. 2014 Initiatives –Salesforce/Chatter –White Paper –Update 2007 CapEx Study –Sponsorship of Consumer Innovation Forum 2015 Initiatives –Website Redevelopment 16 Confidential

17. Education HAMA Student Competition 2014/2015 –Four Universities participating – MSU, Cornell, Penn State and University of Denver –Each school will submit one anonymous entry to HAMA “judges” –One team from each school will attend the Spring 2014 HAMA meeting. –One team will win the HAMA student competition If you would like to be a mentor, judge or have a university that might want to participate – please contact Melissa Silvers melissa@scsadvisors.com 17 Confidential

18. “HAMA 2015 Take on Lodging Trends” 18 Confidential

19. What do you believe RevPar Growth will be for the US in 2015? 19 Confidential

20. How much of this growth will be fueled by ADR? 20 Confidential

21. Are you planning on making more or less capital expenditures for your hotel(s) in 2015 than you did in 2014? 21 Confidential

22. To use a baseball analogy, where do you see the current phase of the hotel real estate cycle? 22 Confidential

23. 2016 Presidential Election Impact 23 Confidential

24. What are the long term prospects for room service? 24 Confidential

25. How long until free Wi-Fi in guest rooms become the norm? 25 Confidential

26. Will mobile check-in be the norm for hotels in the next 3 years? 26 Confidential

27. How many new brands will be launched next year? 27 Confidential

28. What do you currently perceive to be the largest issue facing the industry? Pick your top 3 28 Confidential

29. Board Members Kim GauthierRuby Huang Larry Trabulsi 29 2015 Board Slate Craig Mason Treasurer Chair Maxine Taylor International Chair Jennifer Williams Membership Chair Tim Dick Industry Relations Chair Melissa Silvers Education Chair Dave Hogin President Steven Nicholas Vice President Stephanie Roy Executive Director Dan Kurz Communications Chair 29 Confidential

30. 2010 – Board Member At-Large 2011 – At Large – International Chair 2012 – Vice-President 2013 – President 2014 – At Large – International Chair 30 Michael Doyle 30 Confidential

31. THANK YOU! The James Royal Palm Miami Beach, Florida September 16-17, 2014 31 Confidential

32. Introduction to the AH&LA Consumer Innovation Forum Cindy Estis Green, Kalibri Labs 32 Confidential