The Difference Creating Value Every Day

About WHG Winegardner & Hammons Hotel Group, LLC (WHG) is a privately held, full service development and management company based in Cincinnati, Ohio. The company was founded in 1958 by Roy E. Winegardner and John Q. Hammons. The company is guided by its Mission Statement and maintains a unique goal of providing consistently superior performance and proven results, both of which have allowed us to be one of the most successful independent developers, owners and operators in the nation. Currently, Winegardner & Hammons Hotel Group, LLC (WHG) manages 20 hotels throughout the United States. Within our hotels, WHG operates 25 signature, award-winning Food & Beverage concepts. The WHG portfolio includes lifestyle, University, urban, midtown and suburban full service, select service, resorts, all-suite, extended-stay, independent and brand affiliated hotels in many diverse markets throughout the United States. WHG currently has $111 million in 3 projects under construction:

1. AC Hotel Cincinnati at The Banks in downtown Cincinnati opening 2017 2. The Lytle Park Hotel Autograph Collection in downtown Cincinnati opening 2018 3. Marriott Hotel in Conference Center in Chandler, AZ opening 2019

The Hyatt Place Austin/Round Rock opened June, 2017

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WHG Mission Statement Our mission is to provide, within a positive working

environment, superior hotel management services for economically viable properties.

To this end, each of us is responsible for providing maximum customer satisfaction by delivering exceptional

services and quality products. By meeting and continually striving to exceed our

customers' expectations, we will produce the results needed to satisfy and attract investors and continue our

individual and corporate growth.

WHG Priorities Customer Satisfaction

Human Resources Product Quality

Profit Growth [3]

WHG and PHG

Winegardner & Hammons Hotel Group, LLC (WHG) is an affiliate of the Pyramid Hotel Group (PHG). • PHG is a privately-owned , Boston based hotel and resort management company • 71 properties, 18,000 rooms • The third largest independent hotel management company in the U.S. • Hotels in 42 Metropolitan areas across 23 states and 4 countries • Many Institutional Capital Partners including GE Capital, Goldman Sachs, Prudential, Morgan Stanley, and Rockbridge • 10 University affiliated hotels: Ohio University Inn and Conference Center, Union Club Hotel at Purdue University, Graduate Ann Arbor, Graduate Athens, Graduate Charlottesville, Graduate Madison, Graduate Oxford, Graduate Tempe, Hanover Inn at Dartmouth College, Wylie Inn & Conference Center at Endicott College • Hotels and resorts represent the leading hotel brands and Independent hotels Create value to owners • Leverage substantial operational and overhead cost savings with purchasing programs • Negotiating leverage with major regional and national health and property insurance providers • Talent acquisition, training, and career development • Access to capital including WHG’s long-term Capital Partner Western & Southern Financial Group

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Industry Leader The Difference is Clear

Offering exceptional services, quality products and gracious hospitality are the cornerstones for WHG. We continually strive to exceed our customers' expectations. We truly believe that “when you take care of your customers, they take care of you.“ Our business is creating value for our guests, associates and ultimately, our owners. WHG is a full service company, providing centralized accounting, national sales, business development, revenue management and e-commerce, talent acquisition and development as well as comprehensive maintenance, energy, telecommunications and life safety, all of which sets WHG apart from the rest. Bottom line: we execute a sound business plan for each hotel which creates value every day for our owners.

The Difference: Operational Excellence

Operational Excellence • Our Mission Statement sets the expectations in terms of service delivery, and a disciplined

labor management tool enables us to manage our operations efficiently and effectively. • WHG’s Proprietary METS program maintains a quality product for our guests, extends

asset life and provides Life Safety training, energy management and sustainability.

WHG provides safe, clean, well maintained hotels with friendly, knowledgeable,

problem solving associates.

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Revenue Management, e-commerce, Sales & Marketing, Revenue Management • Consolidated Revenue Management team provides consistent, unbiased oversight of hotel

pricing strategy, inventory management and restrictions to maximize revenues and profits • WHG provides a proprietary tool to deliver real-time data to maximize results eCommerce • Ensures leadership and best practices in website content, search, mobile, and digital

marketing, (search engine optimization - SEO, search engine marketing – SEM) • Maximize online distribution channels • Social Media plan development and management Sales and Marketing • Unique commissioned salesforce led by the General Manager as the Director of Sales,

creating accountability with a strong focus on results and market share growth • Innovative Business Development provides competitive intelligence and highly qualified

business leads and resources • Regional Sales Performance support including key customer contract acquisition [7]

Food & Beverage, Human Resources, Finance

Food & Beverage • Vice President of Food & Beverage provides food, beverage and catering support to hotels • Conceptual direction and menu engineering • Sales and marketing support and special event planning • Operational service standards

Human Resources • WHG has a proprietary selection tool developed by the Gallup Organization to select the best

talent (General Managers, supervisors, sales and hotel associates) • Provide direction in the area of compensation, benefits, training, and development • Promote accelerated growth opportunities for all associates • WHG, along with the Gallup Organization completes an annual associate opinion survey at each

hotel with management follow up

Finance Services • Interprets and consolidates financial information with a staff of CPAs, and strong internal

controls • Centralized accounting services and uniform procedures improves cash flow and timely

reporting for owners • Associate’s compensation, insurance benefits and retirement options regularly monitored to

ensure each hotel provides competitive benefit packages • Financial planning, risk management and property tax evaluation

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Construction and Product Management Winegardner & Hammons Hotel Group, LLC has focused its growth in hotel development with economically viable urban lifestyle, full-service and select-service hotels which delivers an appropriate return on investment. WHG’s in-house construction team is adept at handling projects of all types including new construction, adaptive re-use, renovations and product improvement plans (PIPS).

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Lifestyle Hotels

Location: Downtown Cincinnati historic building built in 1926, redeveloped to hotel in 2011 • Adjacent to Procter & Gamble Global HQ • 134 suites • 5,000 square feet of event space • Top of the Park rooftop terrace • The Phelps Bar • Outdoor courtyard with fire pit • Veranda

Awards • Ranked #1 on TripAdvisor • 2015 Certificate of Excellence TripAdvisor • Top 5% of the brand since opening • Winner Best Cincinnati Bar/Dining with a View

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Location: North Indianapolis in the Carmel Arts and Design District • 263 Rooms • 15,000 sq. ft. of meeting space • Grille 39 Restaurant • Day/Night Bar • Great Room Awards • Renaissance Opening of the Year • Hotel of the Year • #1 hotel in the Renaissance Brand

for Event Satisfaction • Top 10% in the Renaissance Brand

for overall guest satisfaction [13]

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Opened June, 2017 Location: North Austin in Round Rock’s La Fronterra e-commerce business park. • Dell Worldwide Headquarters • Total Rooms:138 • Meeting Space: 1,500 sq. ft.

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AC Hotel Cincinnati at The Banks

Opening: September, 2017 Location: New Build - Downtown Cincinnati at the Banks • Adjacent to the Great American Ball Park,

Smale Park and overlooking the Ohio River at the Suspension Bridge • Total Rooms: 171 • Meeting Space: 900 sq. ft. plus meeting space at the Great American Ball Park • Courtyard overlooking Smale Park • Rooftop Bar: 3,000 sq. ft. overlooking the

Ohio River and Downtown Cincinnati

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AC Hotel Cincinnati at The Banks

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Opening: 2018 Location: Downtown Cincinnati in the Lytle Park. Historic building built in 1909, currently being redeveloped as a Marriott Autograph Collection hotel • Total Rooms:106 rooms • Meeting Space: 10,800 sq. ft. • Lobby/Bar • Day/Night bar • Restaurant • Private dining room • Outdoor dining and patio overlooking

Lytle Park • Rooftop Terrace: 5,000 sq. ft. overlooking

Downtown Cincinnati [16]

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Hotels Developed Marriott Austin, Texas North Birmingham, Alabama Chicago, Illinois Northwest Cincinnati, Ohio Northeast Cincinnati, Ohio North Cincinnati,Ohio Airport Cleveland, Ohio East Columbus, Ohio Northwest Dallas/Ft.Worth, Texas Airport Hartford, Connecticut Airport Pittsburgh, Pennsylvania North Renaissance Indianapolis, Indiana North Residence Inn Cincinnati, Ohio Downtown Courtyard by Marriott Pittsburgh, Pennsylvania North AC Hotel by Marriott Cincinnati, Ohio Downtown – Opening 2017 Autograph Collection by Marriott Cincinnati, Ohio Downtown – Opening 2018 Embassy Suites Lexington, Kentucky Hyatt Place Austin, Texas North Opened June, 2017

Clearwater Beach Marriott Suites on Sand Key

Owners and lenders turn to Winegardner & Hammons Hotel Group LLC for leadership, stability and proven results.

Third Party Management Experience Long Term Relationships

Western & Southern Financial Group 33 years The Churchill Companies 31 years Robert P. Warmington Company 30 years Etkin Johnson Group 27 years Cedarwood Companies 27 years Ohio State University 23 years Bon Development Company 21 years Holiday Inns, Inc. 21 years Temple Inland Insurance Corporation 21 years Ohio University 20 years Orleans & Company 19 years Shoemaker Development 19 years Miller Valentine Group 17 years Royal Bank of Scotland 5 years Southern Hospitality Group 4 years Purdue University 2017 [23]

Marriott

Partnership Circle Hall of Fame 16 Partnership Circle Awards

10 Overall Guest Satisfaction Awards 10 Hotel and GM of the Year Awards

Residence Inn by Marriott #1 hotel in the brand (2years)

#13 worldwide in Trip Advisor Courtyard by Marriott

Top 5% in the brand More than 60 other hotel awards

Hilton Hotels Top 10% Embassy Total Quality Score (TQS)

Embassy Customer Really Matters (CRM) Award #1 Ranked Embassy Suites Hotel in the U.S.

Doubletree Pride of Excellence Award

Intercontinental Hotels 10 Torchbearer Awards; top 10% in the System

Gallup Only Hospitality Company with 11 consecutive

Gallup Great Workplace Awards

Market Performance WHG hotels consistently achieve

RevPAR premiums

AWARDS

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WHG Principals

Terry Dammeyer President and Chief

Construction and Development Officer

Mike Conway Chairman and Chief

Portfolio Officer

Kent Bruggeman Chief Operations and

Financial Officer

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Other References Counsel: Frost Brown & Todd Mr. P. Reid LeMaster Great American Tower 301 East Fourth Street Cincinnati, OH 45202 513-651-6800 Hospitality Consultants: Hospitality Valuation Services (HVS) Mr. Steve Rushmore, Founder Ms. Anne R. Lloyd-Jones Senior Vice President 372 Willis Avenue Minneola, NY 11501 516-248-8828

Hotel Operations Western – Southern Financial Group Mr. Thomas Stapleton, SVP. Real Estate Development 421 E. 4th Street Cincinnati, OH 45202 513-361-7830 Managed Since 1985 Joint Venture Partner Since 1985; 13 hotels, 10 Marriott Hotels, 1 Holiday Inn, 1 Renaissance Hotel, 1 Courtyard by Marriott

Hotel Operations The Cedarwood Companies Mr. Anthony Petrarca, President 1765 Merriman Road Akron, OH 44313 330-836-0721 Managed since 1989 220 Room Marriott Suite Hotel, 152 room Doubletree Suites Ohio University Inn and Conference Center Mr. Bob Rudy Ohio University Foundation 121 North 2nd Street Oakland, MD 21550 301/334-2325 Managed since 1996 143 Room, Full-service, Conference Center Hotel Owned by Ohio University Northcrest Corporation Mr. James J. Phelps, President 3914 IDS Center Minneapolis, MD 55401 612-337-5500 Managed since 1986 257 Room Full-service Radisson Hotel RBS Global Banking & Markets Mr. Steven S. Cho, Managing Director Real Estate Finance 550 West Jackson Blvd. Chicago, IL 60661 312-664-5990 Managed since 2010 347-Room Doubletree Suites, 88-Room Residence Inn

References

Hotel Franchisors Marriott International, Inc. Mr. Kip Vreeland, Chief Officer, Full Service Franchising One Marriott Drive Washington, DC 20058 301-380-1980 Franchisee of Marriott “Full –Service Hotels since 1996 Intercontinental Hotels Group Joel Eisman, President- The Americas Three Ravinia Drive Suite 2900 Atlanta, GA 303046 770-604-5588 Franchisee of Holiday Inn Hotels since 1957 Hilton Hotels Corporation Mr. Chris Nasseta, President & CEO 9336 Civic Center Drive Beverly Hills, CA 90210 Franchisee of Hilton Hotels since 1987

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Contacts

Mike Conway Chairman and Chief Portfolio Officer

513-794-2462 mike.conway@whhotelgroup.com

Contact us to see how we can make a difference in your hotel

Dan Demmerle Senior Portfolio Advisor

513-794-2407 dan.demmerle@whhotelgroup.com

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Cindy Swift Director Business Development

513-794-2419 cindy.swift@whhotelgroup.com

4243 Hunt Road Cincinnati, OH 45242

513-891-1066 WHhotelgroup.com

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