T.R. ENGEL Group, LLCtrengelgroup.com/TR-ENGEL-Group-Overview-materials.pdf · T.R. ENGEL Group, LLC ... Finance and Strategic Management CONFIDENTIAL –DO NOT REDISTRIBUTE 6 TRE

T.R. ENGEL Group, LLCOVERVIEW MATERIALS

REGIONAL OFFICES: NEW YORK CITY • WASHINGTON, D.C.

WWW.TRENGELGROUP.COMCONFIDENTIAL – DO NOT REDISTRIBUTE

BOSTONUNITED STATES HEADQUARTERS46 WALTHAM STREET, SUITE 208

BOSTON, MA, 02118UNITED STATES OF AMERICA

+1‐617‐451‐1701

DOHA, QATARMIDDLE EAST HEADQUARTERSAl FARDAN OFFICE TOWER

LEVEL 9, OFFICE 939DOHA, QATARP.O. BOX 31316

Tel: +974 (44) 10‐1560

Executive summaryT.R. ENGEL Group, LLC (‘TRE’) TRE is a Boston‐based, international hotel advisory services and asset management firm, working globally on

the toughest, most sophisticated, and most challenging lodging assignments

Lodging advisory– Core underwriting & investment due diligence– Hotel programming analyses / Brand & management RFP process– Annual budget planning process– Distressed hotel advisory– Comprehensive new build and redevelopment services– Expert litigation support on behalf of law firms and their clients

Asset management− Pre‐opening & technical services− On‐going operations− Investment sale advisory

TRE has its roots in brand management, and has a deep understanding of hotel brands’ sales, marketing, andfrequent traveler programs, and their related system assessment fees and policies

TRE’s competitive edge is its leadership, who have worked and understand hotels from every conceivableangle: hotel general managers and developers, lodging capital providers, hotel financiers, lodging brandoriginators, and public lodging company executives. In other words, TRE has extensive hands‐on, boots on theground, in the trenches experience with all major hotel brands, working on behalf of ownership and itsadvisors

2CONFIDENTIAL – DO NOT REDISTRIBUTE

Agenda

Introduction to T.R. ENGEL Group, LLC (‘TRE’)

TRE Advisory Services

TRE Asset Management

Why TRE?


3

8

18

23

Introduction to TRE

TRE is a full‐service, lodging real estate advisory and asset management firm offering acomplete range of hospitality investment services

TRE is directed by lodging industry leader Tom Engel and works exclusively for hotel investors ona global basis

TRE excels at advising clients with respect to acquisitions and development, operations, brandmanagement, project management, finance and accounting, revenue management, and hotelcapital markets

We are a global brand with the advantage of speed, quality service, expertise, and attention todetail. We offer experienced, sophisticated advice and have notable professional lodging andfinance experience at all levels

TRE’s unique competitive advantage lies in its demonstrated resourcefulness in being able toaddress all sides of the global lodging spectrum. Individually and collectively, TRE executiveshave worked hotel deals from every conceivable angle

TRE’s competitive edge: Identify upside potential and risk, communicate operating issues, create realistic opportunities to increase cash flow, and

enhance net asset value


Thomas R. Engel, President Previously, Executive Vice President, Equitable/AXA Real Estate Investment Management, Founded Global Lodging

and Leisure Group Created/Co‐created three lodging brands – Embassy Suites, Crowne Plaza Hotels & Resorts, Hawthorn Suites Hotels Previously, Group Brand Manager, Unilever, Inc., New York City; Director of Marketing, Revlon, Inc. Director, Eagle Hospitality Properties Trust (NYSE: EHP) Adjunct Professor, Boston University, School of Hospitality, Vice‐Chairman, Advisory Board American Hotel and Lodging Association (AH&LA), Member, Investment Committee Graduate, Northwestern University, Alumni Admissions Council; Graduate, University of St. Thomas Veteran, United States Marine Corps, VMA‐131 Air Wing

James J. Flynn, Senior Managing Director Extensive upper upscale and luxury hotel operations, food and beverage, operations finance experience Managing Director, Five‐Star Boston Harbor Hotel Vice President, Operations, Hilton Hotels Corporation Senior Vice President, Operations‐Promus Hotel Corporation; Doubletree Hotels Corporation; Guest Quarters Suite

Hotels Responsible for Harrison Conference Centers Founding Member, Beacon Hotel Corporation Graduate, Cornell University, School of Hotel Administration

Edouard A. Gremlich, Senior Managing Director Extensive upper upscale and luxury hotel development, operations, finance and accounting experience President, Castle & Cooke‐Lanai, Hawaii, five star resorts and all private homes’ real estate sales and development President, Millennium‐Copthorne, took company public +27 year worldwide career with ITT Sheraton; six (6) years Director of Finance, Hawaii, Sheraton ITT Corporation


TRE leadership

Paul Puzzanghero, Senior Vice President 30+ year industry veteran with a deep knowledge of hotel operations Previously, Vice President – Owner and Franchise Services, Marriott International. On behalf of Marriott, negotiated

budgets, capital plans, and brand standards with 15 institutional Marriott hotel ownership groups, including publicREITs and private equity firms

Held leadership positions as General Manager at the Ritz‐Carlton Boston Common, General Manager at the BostonMarriot Newton, and opening General Manager at the Boston Marriott Quincy

Matthew S. Engel, Senior Vice President 12+ years diversified real estate, capital markets, hotel asset management experience Previously, hotel asset manager, The Procaccianti Group, leading independent owner/operator Former Associate, Holliday Fenoglio Fowler, real estate investment sales, New York City Advanced Computer Certification, University of California, San Diego Graduate, Hamilton College, Public Policy Major

Matthew B. Enright, Manager Previously, Controller, Pyramid Hotel Group, leading third‐party management company Responsibilities included overseeing hotel financial performance, preparing monthly financial statements,

developing budgets, capital improvement schedules and business plans Cum Laude graduate, Babson College, Finance and Strategic Management


TRE leadership (cont’d)

Mark Elawadi, Managing Director (Doha‐based) International hospitality veteran with +30 years of hotel management, project development, asset management,

financial due diligence and acquisitions experience across five continents Previously, Group Acquisitions and Asset Management at the Kuwait Hotel Company Vice President and General Manager, Conrad Hotels & Resorts overseeing the project management, pre‐opening

and business implementation phases of three (3) hotel assets Vice President of Development and Franchise Relations, Ramada & Renaissance Hotels & Resorts covering Central

Asia, Commonwealth Independent States, Middle East and Africa Mark also worked for Cairo Capital Group, Ocean Point Holdings and Trust House Forte ‐ The Cumberland Hotel

London, Resort Properties Group

Alec H. Nejad, Vice President (Muscat‐based) Founded Crescent Capital Group, LLC, an innovative fund vehicle that pools immigrant investment for proprietary

real estate projects in the United States. Crescent Capital operates out of Dubai, UAE and Chicago, United States Previously, Nejad worked at Pinnacle Investment Group, LLC as a Real Estate Private Equity & Investment Banking

Senior Associate. At Pinnacle, Nejad sourced, analyzed and structured numerous deals in the real estate sector Began financial services career at JP Morgan Chase as an Analyst MBA, Northwestern University’s Kellogg School of Management B.S., New York University’s Stern School of Business


TRE leadership (cont’d)

Agenda





Why TRE?

3

8

18

23

Advisory services platform

9

1. Core underwriting & investment due diligence― Analyze existing investments and proposed acquisitions― Create and execute a hotel’s competitive market positioning statement; overhaul its sales strategy and manpower to improve mix of

business and average daily rate― Due diligence market, including detailed subject hotel analysis and analyses of existing and new supply― Forecast of competitive set occupancy, ADR and RevPAR and subject hotel penetration analysis― Pro forma income and expense projections, including forecasts of cash flows from operations and to various ownership interests― Determine current and anticipated returns to debt and equity investors

2. Brand & management identification and selection process ― Complete core underwriting and due diligence of proposed or existing hotel, identifying most suitable brand and management options― Create, organize, and execute brand and management selection process through detailed RFP process ― Participate in management / franchise contract negotiations

3. Annual budget planning process― Analyze of historical income statements versus forecast / budget and other industry metrics― Examine historical and projected market segmentation (mix of business) ― Analyze historical and projected changes to competitive supply and demand and competitive hotel landscape― Attend budget meetings as ownership’s ‘hospitality expert’― Critique capital plans and the sales and marketing plan

4. Distressed hotel advisory― Evaluate lodging market, competitive hotel, and subject hotel― Pro forma projections assuming various capital investment and new management scenarios― Analyze and negotiate hotel management agreements (‘HMA’) and licensing agreements, as well as breakage impact― Provide indication of value based upon TRE’s analyses and assumptions

5. Comprehensive new build and redevelopment services― Determine financial feasibility and competitive market positioning for the new‐build hotel― Advise on all programming specifications, including site selection, room count, style of guestrooms, amount and design of function space,

scope of guest amenities and style of furniture, fixtures and equipment― Advise on competitive bidding of general contractors and construction and project managers― Create pre and post‐opening business plan including selection of key operations personnel, direct sales, and sales promotions

Hotel advisory services

We develop actionable recommendations tailored to each investor client’s need

CONFIDENTIAL – DO NOT REDISTRIBUTE

Advisory services platform – TRE Market & Hotel Report

10

• In each advisory engagement, TRE completes and submits a written TRE Market & Hotel Report, detailing TRE’s key findings and actionable client recommendations

• Each TRE Market & Hotel Report is customized, but minimally includes the following analyses: Document Review & Analysis – Review historical performance through P&L statements and STR reports; review current

business plan and historical and forecasted capital expenditures; review pertinent hotel documents, including Hotel Management Agreement; Franchise and Licensing documents; Leases (if applicable), etc.

Local Lodging Market Analysis – Conduct research on the local lodging market including analyses of the existing and potential future primary demand generators, hotel supply and demand trends, and historical and forecasted revenue per available room (RevPAR) performance

Competitive Set Analysis – Tour the lodging competitors in the local lodging market (and regional / national markets, if applicable). Analyze and benchmark the subject hotel’s historical performance against the competitive set utilizing Smith Travel Research penetration indices. Analyze current positioning within the competitive set, identifying the subject hotel’s most significant competitive advantages/disadvantages

Subject Hotel Analysis Inspect the subject hotel and assess its overall physical condition. Walk all front and back of the house facilities, assess

competitiveness of its guest amenities, test and assess its guest services and product quality, and its current and future potential to compete effectively within its primary competitive set

Conduct a one‐on‐one meeting with the General Manager (if feasible). In addition, utilize and evaluate available independent consumer data to evaluate the Hotel’s performance

TRE Market & Hotel Report


We are led by a core value: Recommend, to the very best of our professional abilities, what we believe is in our client’s best company and economic interests. Our clients tell us we excel at what we do

Assignment overview Preliminary architectural rendering

• TRE was retained by a real estate private equity investor to determine the economic feasibility of a new‐build hotel development project

• The project included a 336‐room, dual‐branded Hampton Inn and Homewood Suites hotel

• TRE performed an in‐depth analysis of the lodging market, competitive set and key demand generators

• TRE forecasted competitive set occupancy, ADR and RevPAR and created a five‐year income and expense pro forma including anticipated returns to equity investors

• TRE produced and delivered its formal analyses and recommendations in a TRE Market & Hotel Report


Proposed Hotel – Chicago, Illinois

1. Core underwriting & investment due diligence: Case study

Proposed product – 23‐story, 302,086 square foot building including:• 210‐room Hampton Inn• 126‐room Homewood Suites by Hilton• Shared guest amenities such as an indoor pool, fitness center, sundeck

and 8,530 square feet of meeting space• 7,950 square feet of ground floor retail space• Two (2) stories of tiered parking including 117 spaces

Preliminary cost basis – Estimated at $94.8 million/$282,000 per room

Project overview

2. Brand & management identification and selection process:Case studyFour luxury, new‐build hotel developments – Doha, QatarAssignment overview Rendering of Old Salata Hotel

• Retained by an affiliate of the Qatari government through its development agent• Advised on approximately $1.2B of new development in Doha, Qatar, comprising

three luxury five‐star and one business focused four‐star, new‐build hotel developments

• TRE’s scope of work included competitive market positioning, detailed hotel programming, and sourcing and identifying most suitable brand affiliation and day‐to‐day property manager candidates

• TRE leveraged its brand network to field over 12 luxury RFPs from the industry’s leading brand and management companies

Map

12

Off‐Shore Island Resort Village

Old Salata Hotel

Doha Grand Park Deluxe Hotel

KSA‐Border Beach Resort Hotel concept


KSA‐Border Resort Hotel (not pictured)

St. Regis Hotel – Washington D.C.

Assignment overview

• TRE was retained by an institutional investor client to perform a detailed review and critique of the St. Regis Hotel business plan and budget

• TRE attended budget meetings with owner and manager• TRE analyzed the St. Regis Hotel’s historical income statements versus

forecast / budget and other commonly used industry metrics• TRE identified the Four Seasons Washington D.C. as a primary competitor

and benchmarked the St. Regis Hotel performance and top line occupancy and ADR performance against the Four Seasons

• TRE completed a line‐by‐line critique of the hotel’s income statement, including: Rooms, Food & Beverage, Administrative & General, Sales & Marketing,

Repairs & Maintenance, Real Estate Taxes Personnel travel policy / allowances Appropriate Full Time Equivalents (FTE) staffing levels and costs Employee training Brand fees

• TRE identified opportunity and recommended specific actions to maximize hotel net operating income (‘NOI’)


St. Regis Hotel – Washington D.C.

3. Annual budget planning process: Advisory case study

14

4. Distressed hotel advisory – Recent assignments

Recent distressed hotel advisory assignments

TRE produces a TRE Market & Hotel Report, outlining TRE’s key findings andmeaningful, actionable recommendations

TRE performs a comprehensive lodging market, competitive hotel, and subject hotel evaluation TRE’s recent distressed advisory assignments have resulted in recommendations that focus on special servicer needs

― Hotel management agreement (‘HMA’) and licensing agreement breakage analyses― Pro forma projections assuming various capital investment and new management scenarios― Indication of value based upon TRE’s analyses and assumptions

Special servicers have partnered with TRE to maximize returns to debt holders― Discounted payoff settlements― Foreclosure / real estate owned decisions― Bankruptcy / cash collateral management

TRE distressed advisory


Property Location # Rooms

The Bryant Park Hotel New York, NY 128

LaGuardia Plaza Hotel East Elmhurst, NY 359

Hampton Inn JFK Airport Jamaica , NY 216

Hard Rock Hotel Chicago Chicago, IL 381

Embassy Suites Cleveland Downtown Cleveland, OH 252

Hotel Teatro Denver, CO 110

Sheraton Charles ton Charles ton, SC 289

Lake Eve Resort Orlando, FL 176

Crowne Plaza Times Square New York, NY 770

Twenty‐two (22) hotel portfol io Midwest, Southern United States 2,341

Capita l Hi l ton Washington, D.C. 544

Hi l ton Rye Town Rye Brook, NY 447

Three (3) hotel portfol io Cape Cod, MA 385

John Hancock Hotel and Conference Center Boston, MA 64

DoubleTree Resort Lancaster / Wil low Val ley Lancaster, PA 185

Total rooms 6,647

• Developed TRE Repositioning Plan, including underwriting projects based on recommended asset renovations and overseeing renovations Under TRE’s direction, the

Hotel has successfully redeveloped the entirety of the lobby, food and beverage outlets, and public spaces

TRE continues to advise on all renovation specifications for the meeting spaces, design of the new restaurant and bar, and expansion of the fitness facilities

Identified need‐gap for restaurant including re‐concepting, approval of new menu, uniforming, staffing, and renovations

Identified and led operatinalcost savings initiatives within food & beverage department

Assignment overview Before After

5. Comprehensive redevelopment services – Crystal City Marriott

15

• Retained to develop and implement a complete asset repositioning plan, including underwriting recommended asset renovations and overseeing renovations Developed TRE Repositioning Plan, including

guestrooms, lobby, and food & beverage repositioning

Oversaw renovation of lobby, lounge, restaurant, and Champions Bar

Recommended and oversaw new menu implementation

Assignment overview

5. Comprehensive redevelopment services – Munich Marriott

16

Assignment overview

• TRE developed at TRE Repositioning Plan for a collection of six hotels located in Geneva, Switzerland

• The assets are both three and four star properties owned by a joint venture partnership between JER Partners Europe and Finial Capital

• Each hotel has a unique design, philosophy, and service delivery style to create distinctive guest experiences. These properties are quite similar to the lifestyle properties that are becoming more popular in the U.S., such as Kimpton Hotels

• TRE performed an in‐depth market study and provided a comprehensive brand repositioning strategy and revenue management initiatives

• TRE advised on major renovation and repositioning of Epsom Hotel (now Hotel N’VY)


Hotel Epsom (now Hotel N’VY)

Locations

Arrival ‐ Before Arrival ‐ After

Guestroom ‐ Before Guestroom ‐ After

5. Comprehensive redevelopment services – Manotel portfolio

Agenda





Why TRE?

3

8

18

23

Asset management – Required skill setAn integrated, comprehensive hospitality skill set exclusively focused on lodging

• Interpret favorable and unfavorable trends and pinpoint cash flow challenges and opportunitiesHotel finance

• Focus hotel revenue management teams to understand, anticipate and influence customer buying and spending patterns to maximize profits

Revenue management initiatives

• Prepare project scope of work, budget, timetable and “Hotel Story”

• Negotiate and oversee contracts• Oversee and track performance of all project

processes through completion

Project management

• Determine current and forecasted local and regional market area trends and mix of business

• Analyze the factors impacting the economic feasibility of a hotel

Development expertise

• Superior knowledge of hotel brands and philosophies• Establish Property Improvement Plans where required• Create Hotel Business Positioning Plans identifying how

best to capitalize on market potential

Positioning skills

• Create labor staffing guides to optimize efficiency• Determine the optimal mix of business and expenses• Monitor expense levels• Maximize productivity of all resources

Hotel operations analysis expertise

• Define what sales strategies both the hotel sales manager and consumers find most effective and attractive

• Tap into local and regional demand generators to gain market‐share

Sales and marketing knowledge

• Tom Engel created and managed three new lodging brands

• Knowledge of and constructive working relationships with hotel brand managers

• Experience in the brand management selection process

Hotel brand management


Asset management platform – A two step approach


How do I maximize profit from codependent operating

departments?

How do I boost RevPARpenetration against my

competitive set?

How do I protect and grow profit through supply growth?

TRE solves key investor concerns

We apply our experience as owners, brand managers, management company leaders, and hotel managers to create buy‐in from all parties

A two phase approach:

❶ In Phase One, our operations team performs a comprehensive market study and financial and operational review of the subject property. Working with brand and management, we create and deliver a comprehensive TRE Hotel Business Positioning Plan that identifies how to best capitalize on market potential. Before proceeding to Phase Two, TRE solicits and secures the commitment of each stakeholder to the TRE Hotel Business Positioning Plan.

❷ In Phase Two, TRE assumes on‐going asset management duties.

We enhance ownership and management communication and facilitate profit maximization. We are stewards of capital for our partners.

❶ Our in‐house operations team performs a comprehensive market study and financial and operational review of the subject property❷ Working with brand and management, we create and deliver a comprehensive Hotel Business Positioning Plan that identifies how to best

capitalize on market potential❸ On a weekly basis, we host an update call with property general manager to discuss month‐to‐date sales and performance against budget,

forecast, and STR competitive set❹ On a monthly basis, we review a reporting package which includes: Profit and loss statement Cash flow forecast Sales pace report General manager’s report of significant variances and events Guest satisfaction, brand standard and employee satisfaction reviews Capital reports

❺ On a quarterly basis, our operations team conducts a profit and loss review meeting with ownership to review the financial results❻ On an annual basis as part of our annual budgeting process, we prepare an updated business plan, as well as a comprehensive marketing

and advertising plan

We analyze risk more clearly, communicate operating issues more candidly, and create realistic opportunities to increase cash flow and recover net asset value


Asset management platform – Scope of work

On‐going operational asset management

Technical services & pre‐opening asset management

❶ Manage the interface between the Design and Procurement Team and the Brand Operator Team❷ Participate in the hiring of key personnel by the Owner in accordance with the HMA❸ Analyze, critique, and ultimately seek owner’s approval (in conjunction with brand and management): Pre‐opening budget Sales & marketing plan Operating budget

❹ Monitor departmental preparations for hotel opening

Asset management portfolio


Existing asset management engagements

Recently completed asset management engagements

Operations asset management Location # RoomsDoubleTree by Hi l ton Orlando at SeaWorld Orlando, FL 1,004 Renaissance Schaumburg Convention Center Hotel Schaumburg, IL 500 Marriott Munich Hotel Munich, Germany 348 Crys ta l City Marriott Hotel Arl ington, VA 333 Crowne Plaza Charlotte Executive Park Hotel Charlotte, NC 297 Sheraton Suites Tampa Airport Westshore Tampa, FL 261 Wyndham Virginia Cross ings Hotel & Conference Center Glen Al len, VA 183 The NoMad Hotel New York, NY 168 Total rooms 3,094

Property Location # RoomsNew York's Hotel Pennsylvania New York, NY 1,705 Marriot Michigan Avenue Chicago, IL 1,198 Crowne Plaza Times Square Manhattan New York, NY 795 Westin Michigan Avenue Chicago, IL 751 Hyatt Regency Irvine Irvine, CA 536 Westin O'Hare Rosemont, IL 525 Alex Hotel & Flatotel New York, NY 491 Stanford Court Renaissance Hotel San Francisco, CA 393 Fa i rview Park Marriott Hotel Fa l l s Church, VA 388 Marriott Grand Cayman Beach Hotel Grand Cayman Is lands 350 Woodlands Waterway Marriott Hotel Woodlands , TX 343 Sheraton Gunter Hotel San Antonio, TX 322 Cincinnati Marriott at River Center Covington, KY 321 Hi l ton Ontario Airport Hotel Ontario, CA 309 DoubleTree Tucson Reid Park Tucson, AZ 287 DoubleTree Hotel Albuquerque Albuquerque, NM 261 Embassy Suites Tampa Westshore Tampa, FL 247 Hol iday Inn Suffern Suffern, NY 230 Chicago Marriott Southwest Burr Ridge, IL 184 Hi l ton Garden Inn Tampa Tampa, FL 172 Hi l ton Garden Inn Palm Springs Rancho Mirage, CA 140 Total rooms 9,948

Agenda





Why TRE?

3

8

18

23

Why TRE?

RESOURCEFULNESS. TRE’s unique competitive advantage lies in its demonstratedresourcefulness in being able to address all sides of the global lodging spectrum. Individuallyand collectively, TRE executives have worked hotel deals from every conceivable angle. Weare not life‐long consultants. We have acted as lodging capital providers, hotel operators,managers and developers, hotel financiers, lodging brand originators, and public lodgingcompany executives.

INNOVATION. Tom Engel is credited with co‐founding three major lodging brands. Jim Flynnis a founding member of the Beacon Hospitality Group, a hotel development andmanagement firm that grew to 40 hotels in four years. We are currently engaged on threecontinents and we lend relevant and unique experience to each assignment to driveprofitability.

QUALITY OF AND ENDURING RELATIONSHIPS WITH OUR PARTNERS. Unlike many advisoryand asset management firms, our client list does not read like a novel. We are fortunate topartner with a selective, prestigious group of private capital providers and REITs who benefitfrom our expertise with the most interesting and challenging lodging assets. Ourrelationships endure because we are able to identify, recommend, and implementmeaningful, profit‐driving change.


TRE is a respected and trusted advisorTRE is actively engaged with some of the world’s most significant hotel investors TRE personnel: Superior quality hospitality asset managers, with historical and current extensive experience in hotel

development, existing hotel asset management. Experience on all sides of the business – brand management, hotel operations, real estate investment management

Reputation: TRE works closely with some of the world’s most highly respected, publicly‐held companies and private equity entrepreneurs. Deeply‐connected within the lodging industry

Broad reach: Knowledgeable and experienced working in hotel markets throughout the U.S., Europe, and the Middle East

Proven Results: Extensive references globally furnished


Client testimonials

“I appreciate all of the efforts of the T.R. ENGEL Group and especially your efforts providing leadership of the Hotel Pennsylvania. Mike and I are committed to continuing our relationship…”– David Greenbaum, Mike Fascitelli, Vornado Realty Trust

“The T.R.ENGEL Group’s focused and detailed asset management style has assisted hugely in extracting value from our hotel investment. Their talents, experience and tenacity have been invaluable.”– Christopher Zeuner, Managing Director, LaSalle Investment Management

“The T.R. ENGEL Group’s aggressive asset management approach adds tremendous value to a hospitality portfolio. They achieve results as a result of their vast experience, tenacity and creativity‐ the TRE Group makes it happen!” – Alex Gilbert, President, Artemis Real Estate Partners

“Tom Engel and his knowledgeable team provided insightful commentary…in evaluating the investment merits of a joint venture interest in a new $450 million resort in Texas. As hotels were a new asset class for us, his report and moreover his presence at our Investment Committee, resulted in internal approval of this deal. His “hands‐on” asset management experience with hotels and resorts, as well as his past institutional career with Equitable/Lend Lease’s hotel group gave us a great degree of comfort.”– James Fitzgerald, Managing Director‐Hotel Investments, Principal Real Estate Investors– Randy Mundt, President, and Chief Investment Officer, Principal Real Estate Investors

TRE are recognized leaders who produce investor‐client results


T.R. ENGEL Group, LLCCONTACT US

REGIONAL OFFICES: NEW YORK CITY • WASHINGTON, D.C.

WWW.TRENGELGROUP.COMCONFIDENTIAL – DO NOT REDISTRIBUTE

BOSTONUNITED STATES HEADQUARTERS46 WALTHAM STREET, SUITE 208

BOSTON, MA, 02118UNITED STATES OF AMERICA

+1‐617‐451‐1701

DOHA, QATARMIDDLE EAST HEADQUARTERSAl FARDAN OFFICE TOWER

LEVEL 9, OFFICE 939DOHA, QATARP.O. BOX 31316

Tel: +974 (44) 10‐1560

Documents

T.R. ENGEL Group, LLCtrengelgroup.com/TR-ENGEL-Group-Overview-materials.pdf · T.R. ENGEL Group, LLC ... Finance and Strategic Management CONFIDENTIAL –DO NOT REDISTRIBUTE 6 TRE