1. Hotel Integration, Rental Agreements and Brand Standards Condo/Hotel Models Condo/Hotel Models  Model 1 o Developer retains ownership of hotel common areas, including food and beverage operations and a significant percentage of the hotel units. The balance of the units are sold to individual purchasers. o Developer enters into hotel management agreement with Brand. o Developer also enters into rental management agreements with individual condo/hotel purchasers.

2.  Model 2 o Developer sells all condo units and retains ownership of common areas, including food and beverage operations. o Developer enters into hotel management agreement with Brand. o Developer enters into rental management agreements with individual condo/hotel purchasers. Hotel Integration, Rental Agreements and Brand Standards

3.  Model 3 (Trump Model) o Developer creates traditional condominium. Condominium Association manages all common areas. Developer sells all condominium units. o Condominium Association enters into hotel management agreement. o Hotel Manager or Condominium Association enters into rental management agreements with individual condo/hotel purchasers. Hotel Integration, Rental Agreements and Brand Standards

4. From the Brand Perspective From the Brand Perspective  The first two models are preferable  Advantages for a Branded Hotel Operator o The Condo/Hotel Model facilitates the construction of new Hotels o Exposes the Brand to a large number of high income potential customers o Creates Brand Loyalty Hotel Integration, Rental Agreements and Brand Standards

5.  Challenges for the Brand o Rental Management Contracts  Inventory Management  Compliance with Brand Standards  Accounting Issues o Managing Hotel Operations vs. Managing the Condominium  Understanding the difference between Condo Budgets and Hotel Budgets  Compliance with Brand Standards o Control of Common Areas o Protecting the Brand Hotel Integration, Rental Agreements and Brand Standards