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JF CAPITAL ADVISORS OVERVIEW

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TABLE OF CONTENTS

I CAPABILITIES OVERVIEW 3

II EXPERIENCE OVERVIEW 9

III SELECTED BIOGRAPHIES 27

IV SELECTED EXPERIENCE BY TYPE 32

I. CAPABILITIES OVERVIEW

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EXECUTIVE SUMMARY

JF Capital Advisors is an industry-leading team of highly experienced hospitality capital markets and transactional specialists

We have completed in excess of $30 billion of transactions including $29 billion as advisors or placement agents and $1 billion as principals and investors

We help owners, developers, property managers, fund sponsors, and investment managers raise equity and debt capital for: Acquisitions, Restructurings, Recapitalizations, Development

We also provide:

Owner representation services processing and coordinating all aspects of transactions

Debt, equity, and operational restructuring services

Aggressive hands-on asset management to maximize value and performance

Structuring expertise and tailored solutions for complex financing transactions including equity, debt, ground leases and complex tax structuring

Expertise in identifying and selecting operators and brands and in negotiating management agreements and franchise agreements

Detailed insight into the hospitality capital markets

Litigation support and expert witness testimony

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The JF Capital team has completed over $30 billion of transactions including $1 billion as principals

Extensive asset management and consulting experience includes over 30 significant transactions and advisory assignments, involving more than 150 hotels

Substantial restructuring and repositioning experience for single assets, portfolios, and public companies comprising over $5 billion of value and over 300 hotels

Hospitality debt placement and debt acquisition experience includes over 20 transactions, with total debt raised of almost $9 billion

Hospitality equity and joint venture structuring experience includes more than 10 transactions, with an aggregate value in excess of $3 billion

Hospitality M&A experience includes over 20 transactions with both public and private hospitality and real estate companies with a value in excess of $10 billion

Hospitality investment sales experience of single assets and large portfolios comprising over 100 hotels sold with an aggregate value in excess of $2 billion

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The JF Capital team has completed over $30 billion of transactions including $1 billion as principals

Development experience for ground up development and adaptive re-use comprising 18 hotels with an aggregate development cost of over $900 million

Substantial principal and advisory acquisitions experience including single assets and portfolios of over 200 hotels with an aggregate value in excess of $6 billion

Party arbitrator, expert witness or advisor experience in 12 separate legal disputes, testified in numerous separate legal disputes as a principal and has been deposed and testified in arbitrations and in state courts as a plaintiff and a corporate representative

JF CAPITAL ADVISORS SERVICES

JF Capital Advisors creates value for clients

JF Capital provides innovative transaction solutions for all types of hospitality properties, including branded and independent full-service, luxury, select-service, boutique and resort hotels,

As career professionals in the hospitality industry, we have the experience, relationships and flexibility to offer clients customized solutions

We have extensive relationships with leading capital providers

We provide numerous services including:

Owner Representation

Asset Management

Equity Financing

Debt Financing

Recapitalizations and Restructurings

Acquisitions and Dispositions

Consulting and Advisory

Litigation Support and Expert Witness

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Our team provides comprehensive solutions, with a reputation for delivering results

For Buyers, our long-standing relationships and extensive experience create efficiency and credibility

For Sellers, we provide speed to market with a tailored, efficient strategy designed to achieve the highest value and the greatest certainty of closing

For Owners, we offer aggressive asset management and value creation services

For Developers, we facilitate programming, management and brand negotiations, capital structuring, and capital raising

For Borrowers, we coordinate all aspects of capital raising and loan transactions from initial diligence through closing

For Lenders, we provide detailed insight on valuation, operational issues, brand issues and practical approaches to dealing with borrowers

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Investors and capital providers understand the benefits of working with industry experts

As former hospitality executives, our expertise extends beyond just real estate assets - we have a detailed understanding of the overall competitive landscape, including operations, demographics, competing brands and local economic drivers

Acquisitions and Dispositions

With specialized expertise, our professionals are able to value assets with a high degree of confidence and execute transactions at attractive valuations

Based on extensive relationships, we have a broad reach to access buyers of hospitality properties and to match capital providers and owners

We know who is investing, who is selling, and where and how to find the best match

We maximize opportunities with an early vetting of buyers’ and sellers’ investment criteria and capabilities, expediting each transaction process

Market Intelligence

We prepare financial research and analytics on the United States publicly traded hotel companies (reaching over 3,500 senior industry professionals monthly)

II. EXPERIENCE OVERVIEW

CPA Experience at Price Waterhouse performing acquisition due-diligence and audit services for realestate opportunity funds

MBA MBA with a focus in Real Estate Finance from Columbia Business School

Professor Experience as an Adjunct Professor at NYU in the Masters in Real Estate Program teaching RealEstate Finance

CEO CEO and founder of JF Capital Advisors, in business since 2004CEO of Eagle Hospitality Trust a private 13 hotel REIT

REITs Investment Banker and strategic advisor to numerous public REITs; CEO of Eagle Hospitality Trust andReunion Hospitality Trust; JF Capital was ranked #1 in Hotel REIT M&A League tables in 2007

Investment Banking Hospitality Investment Banker at Bear Stearns, Cantor Fitzgerald, and JF Capital

Principal Investing Direct principal investment experience in 25 hotels including 21 existing hotels and 4 ground-uphotels

Development Principal investor in 4 ground-up hotel developments; strategic and capital markets advisor on over20 hotel developments across multiple markets and multiple brands

Public Companies Investment banker covering public companies at Bear Stearns, Cantor Fitzgerald, and JF Capital;produce comprehensive monthly trading comparables package distributed monthly to over 3,500market participants

HISTORICAL EXPERIENCE

Jonathan Falik, CEO of JF Capital has had a wide range of historical experience.

Boutique/Lifestyle 5 years on board of Boutique Lifestyle Lodging Association; Investment Banker and strategic advisor/consultantto Ian Schrager, MOB Hotels, Sydell Group, and NYLO, as well as numerous other boutique/lifestyle operators

Acquisitions/Dispositions Led the sale of over 100 hotels across the US for institutional investors; Oversaw disposition programs forWyndham International, Innkeepers Hospitality, and others; Head of Hotel Investment Sales for NewmarkGrubb Knight Frank

Brands Worked closely with owners in negotiating franchise agreements with many major brands;Advised on the negotiation for over 115 franchise agreementsPrincipal investing experience with numerous brands including: aloft, Doubletree, Embassy Suites, Hilton, Hyatt,Marriott, and Wyndham GardenAdvisory experience with numerous brands including: Affinia, Autograph, Courtyard, Crowne Plaza, Curio,Doubletree, Edition, Embassy Suites, Fairfield, Four Points, Hampton, Hilton, Hilton Garden Inn, Holiday Inn,Hyatt, Marriott, Millennium, Night, Public, Residence Inn, Sheraton, Tapestry, Tryp, W, Westin

Financing Experience Diverse borrowing and capital markets advisory experience with revolving credit facilities, letter of creditfacilities, term loans, balance sheet loans, unsecured high yield notes, construction loans, CMBS loans,insurance company loans, mezzanine loans, loan restructurings, defeasance, and yield maintenance for hotelsthat are owned fee simple, as well as those subject to ground leases

Asset Management Experience with asset management on behalf of institutional and high net-worth investors for over 150 hotelsincluding 25 as principal owner/investorCoordinated numerous processes to select third-party operators to manage hotels on behalf of our clients andnegotiated numerous hotel management agreements

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Jonathan Falik has had a wide range of historical experience.

Management Represented both owners and operators in negotiating over 125 hotel management agreements (andtechnical services agreements) for both existing assets, as well as hotel developments. CoordinatedRFP processes for hotel developers to assist them in selecting the optimal management company

Ground Lease Worked with public and private hotel owners on negotiating new ground leases, as well asamendments to existing ground leases. Assisted existing owners of fee simple hotels in creating newground lease structures and sourcing bifurcated mortgage loans on the leasehold and fee interests

Union Significant principal and advisory experience in owning, asset managing, franchising, and developinghotels with collective bargaining agreements. Experience in negotiating neutrality agreements,amendments to collective bargaining agreements and new collective bargaining agreements.

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Jonathan Falik has had a wide range of historical experience.

LITIGATION SUPPORT EXPERIENCE

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Client (1) Client Law Firm Location Role Type Nature of Case

Developer of Mark Hotel and Residences

Kramer Levin New York Expert Witness Litigation Defense against defaulting co-op purchasers suing for return of residential deposits and counterclaims/damages

TriyarHospitality

Miller Barondess

Westlake Village, CA

Expert Witness –Rebuttal

Litigation Specific performance and course of conduct for a hotel disposition/acquisition

William Obeid Meister Seelig New York Expert Witness Litigation Damages and course of conduct lawsuit related to partner’s voluntary bankruptcy and forced sale of several hotels and management company

SM Sydell Hotels

Kaplan Hecker & Fink

New York Party Arbitrator Arbitration Baseball arbitration process for valuation related to buyout of equity interests in management company

U-Trend Morrison Cohen

New York Expert Witness Litigation Ability related to refinance existing indebtedness on market terms

(1) In each case, either JF Capital Advisors or Mr. Falik was retained directly by the law firm on behalf of their client

LITIGATION SUPPORT EXPERIENCE

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Client (1)

Client Law Firm Location Role Type Nature of Case

Meyer Jabara LachtmanCohen

New York Expert Witness Arbitration Funding and course of conductdispute and arbitration

Flintlock CondonForsyth

New York Expert Witness Arbitration Damages, mismanagement and course of conduct arbitration

Mack- Cali Herrick New Jersey Strategic Advisorfor litigation andarbitration

Litigation & Arbitration

Litigation and arbitration dispute with Hyatt regarding approval of union agreements and fraudulent representations

LRLA Rose Island

Greenberg & Traurig

New York Expert Witness Litigation Damages inquest

Presidio Companies

Munsch Hardt Fort Worth Expert Witness Litigation Damages related to improper conduct by lender

Navika Miles & Stockbridge

Virginia Expert Witness Litigation Damages from termination and profit sharing with management company

Cali Brothers Russell Woods New Jersey Expert Witness support

Litigation Damages from lack of office development

(1) In each case, either JF Capital Advisors or Mr. Falik was retained directly by the law firm on behalf of their client

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The following is a summary of selected investment sales experience, which includes the sale of numerous hotels, with an aggregate value of over $2 billion

Sale of portfolio of 13 Wyndham owned hotels to Westbrook/Sunstone for $447 million

Sale of 25 Wyndham owned hotels to Whitehall Funds and Highgate Holdings for $366 million

Sale of Blackstone owned Hyatt Maui hotel to Host Marriott for $321 million

Sale of portfolio of 14 hotels to group comprised of Olympus, HEI and Rockwood for $312 million

Sale of 4 Wyndham owned hotels to Highland Hospitality for $227 million

Sale of 2 Starwood owned hotels to CNL Hospitality for $104 million

Sale of the Wyndham owned Marriott Warner Center hotel to Westbrook/Sunstone for $70 million

Sale of 4 Wyndham owned hotels to Thayer Lodging for $51.4 million

Sale of a portfolio of 8 Wyndham Garden hotels for $46 million

Sale of Wyndham owned US Grant Hotel for $45 million

Sale of 7 Wyndham owned hotels to Lone Star Opportunity Fund for $43 million

Sale of LaGuardia Airport Hotel for $21.5 million

Sale of Wyndham owned Marriott Atlanta to RLJ for $11.4 million

Sale of portfolio of 6 Wyndham owned heavily encumbered Doubletree hotels

Sale of Wyndham Myrtle Beach to FelCor Lodging and settlement of litigation with Hilton Hotels

Swap of minority interests on Marriott Warner Center and Don Cesar hotels with CIGNA

Sale of minority interests in 7 Marriott hotels owned by Wyndham to Host Marriott

Strategic oversight of the Innkeepers non-core disposition program for Apollo Investment Corporation

Note: Includes transactions originated and/or executed by bankers and brokers while at prior firms

HOSPITALITY INVESTMENT SALES EXPERIENCE

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The following pages summarize selected asset management and consulting experience, which includes more than 30 transactions and advisory assignments

Senior team members served as CEO and COO of Eagle Hospitality Trust, a 13 hotel private REIT

Provided extensive asset and investment management services to Apollo Investment Corporation for the 75 hotels in the Innkeepers portfolio; included detailed site visits and property reviews, budget reviews, ROI initiatives, capital structure analysis, capex budgeting, etc.

Advised Wyndham International on the sale of entire company to Blackstone Real Estate

Advised Wyndham on restructuring corporate guaranteed leases on 6 hotels with Innkeepers

Advised Wyndham on termination of corporate guaranteed leases on 12 hotels with HPT

Advised Ian Schrager and provided financial analytics for the Edition JV brand with Marriott

Advised Ian Schrager on valuation issues for the IPO of Morgans Hotel Group

Advised Ian Schrager on restructuring ownership interests in Ian Schrager Hotels

Advised the principals of NorthStar Capital on merger of 2 opportunistic real estate funds

Advised Roseland Property Company on the branding, management, programming and financing of the Renaissance and Residence Inn hotel development at Port Imperial in Weehawken

Provided Apollo and Innkeepers extensive valuation, modeling and asset management services for entire enterprise as well as all owned assets, development projects, and subordinate loans

Advisor to Apollo Management on acquisition of hotel company debt in the secondary market


HOSPITALITY ASSET MANAGEMENT AND CONSULTING EXPERIENCE

Provided detailed extensive advisory services to Apollo Management regarding evaluation of investments in or acquisitions of numerous public and private hotel and hotel related companies

Provided consulting due diligence services for Lightstone’s acquisition of an indoor water park portfolio

Provided acquisition consulting and asset management services to Lightstone for the Crowne Plaza / CoCo Key Danvers conversion to Doubletree

Provided financial advisory services for a portfolio of 6 Doubletree hotels owned by USAA Real Estate Company

Provided financial advisory services for New York assets owned by a major branded international hotel company

Provided detailed financial analyses of ground-up hotel and multifamily development in Silicon Valley

Evaluated two underperforming midwestern hotels behalf of a branded international hotel company

Provided financial advisory, modeling, due diligence and underwriting services to KeyBridge, a venture affiliated with FBR, for possible investment in over 15 separate transactions

Advised Winston Hotels on two structured forward takeouts for $110 million

Advised Cantor Commercial Real Estate on equity and debt capital raising options

Provided detailed asset management services to KMS Development for the 350 room Hyatt Penn’s Landing

Advised an international luxury boutique hotel operator on its expansion activities in NY and LA

Advised Gehr Group on its strategic restructuring of the Four Points and Fairfield Inn Times Square

Provided detailed assessment of the valuation, structure, performance, capitalization, and operations of the portfolio of a major New York City owner/operator

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HOSPITALITY ASSET MANAGEMENT AND CONSULTING EXPERIENCE (CONTINUED)


Advised a New York City developer on the costs, implications, and process of shutting down a union hotel

Advised an LA office building owner on JV strategies related to conversion to a branded hotel

Advised a developer on feasibility and branding strategies for a ground up hotel development in NYC

Asset management and repositioning of the Hilton at Penn’s Landing

Asset manager, restructuring advisor, and repositioning and rebranding for NYLO Plano, Warwick, and Las Colinas

Asset manager for public REIT owning the Hyatt Jersey City

Asset manager for public REIT owning the Residence Inn and Autograph Port Imperial

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HOSPITALITY ASSET MANAGEMENT AND CONSULTING EXPERIENCE (CONTINUED)


The following is a summary of selected debt placement and debt acquisition experience. The JF Capital team has raised over $9 billion of debt

Originated $2.4 billion of CMBS financing for Blackstone’s LBO of Extended Stay America

Exclusive financial advisor to Wyndham on $1.65 billion global debt refinancing consisting of a Letter of Credit facility, revolving credit facility, first lien term loan, second lien term loan, CMBS facility, mezzanine loan, and a forward commitment on a CMBS facility

Underwrote and co-managed $1.5 billion of senior notes for Starwood Hotels

Arranged $1.2 billion of new fixed and floating rate debt financing for Apollo Investment Corporation on its financing for the $1.5 billion acquisition of Innkeepers USA Trust

Arranged $639 million of debt for AREA Property Partners for the acquisition of Eagle Hospitality

Underwrote as co-manager for Host Marriott a $450 million senior notes offering

Originated $280 million mortgage loan to Westbrook/Sunstone for portfolio purchase from Wyndham

Advised Cantor Commercial Real Estate on $250 million high yield debt raise

Originated $187 million loan for HEI as buyer of 14 hotel portfolio from Starwood

Financial advisor to Winston Hotels on $176 million, 16-hotel CMBS loan and defeasance

Underwrote $172 million add-on to term loan for Starwood Hotels

Advisor to Gehr Group on the $161 million balance sheet, CMBS, and mezzanine refinancing of the Four Points and Fairfield Inn Times Square, comprising four loans with three separate lenders

Arranged $74.5 million of debt for Kuf Dalet to refinance existing debt on the NYLO portfolio

Arranged $67 million of debt for Goldentree Insite JV which acquired 6 Wyndham Garden hotels with a plan to convert them to Doubletrees

Arranged $77.5 million refinancing for the Hilton Penn’s Landing

Arranged $56.4 million of debt for Joy Construction and AWH for the acquisition of 3 Holiday Inn hotels in Boston

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HOSPITALITY DEBT PLACEMENT AND DEBT ACQUISITION EXPERIENCE


Arranged $67 million of construction debt for Hillwood JV which developed 4 aloft hotels in Texas

Advised on $53.5 million for Seaview’s refinancing of the Residence Inn LAX

Arranged $48 million of CMBS financing for Seaview’s financing of the leasehold interest of the Residence Inn Beverly Hills

Arranged for the $44.3 million refinancing for the Four Points by Sheraton Manhattan West

Arranged $42 million of financing for JMI Realty on the acquisition of the Hyatt Denver Tech Center

Arranged $34 million of renovation debt for Seaview’s development of the Residence Inn LAX

Arranged $29 million of debt for Goldentree JV which acquired 2 Doubletrees

Arranged $27 million of construction debt for Joy’s Four Points by Sheraton Manhattan Hudson Yards

Arranged $15 million of insurance company long term financing for Seaview’s financing of the fee interest of the Residence Inn Beverly Hills

Arranged $7 million acquisition financing for Seaview’s acquisition of the Marriott Pueblo

Advisor to Apollo Management on significant acquisition of privately held hotel company

Structured amendment to existing Wyndham CMBS pooling and servicing agreement

Advised Apollo on restructuring of mezzanine debt for the Hilton Suites Anaheim

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HOSPITALITY DEBT PLACEMENT AND DEBT ACQUISITION EXPERIENCE (CONTINUED)


The following is a summary of selected equity and JV structuring experience. The JF Capital team has raised over $300 million of equity with an aggregate transaction value in excess of $3 billion

Exclusive financial advisor to Apollo Real Estate JV group acquiring publicly traded Eagle Hospitality Trust for approximately for $55 million of equity with $750 million of total acquisition cost

Exclusive capital structure advisor to Apollo Investment corporation on its financing for the $1.5 billion acquisition of Innkeepers USA Trust

Structured equity investment for sponsor group with Goldentree Insite Partners for 2 Doubletree Hotels comprising $11 million of equity and $40 million of total project cost

Structured equity investment for sponsor group with Goldentree Insite Partners for 6 Wyndham Garden Hotels comprising $21 million of equity and $82 million of total project cost

Structured equity investment for sponsor group with Hillwood for 4 aloft Hotels comprising $15 million of equity and $80 million of total project cost

Advised Wyndham Worldwide on JV investment in Westin Rio Mar in Puerto Rico

Advised Ian Schrager and provided financial analytics for creation of the Edition JV brand with Marriott

Advised Ian Schrager on restructuring ownership interests in Ian Schrager Hotels

Advised Ian Schrager on negotiation of employment agreement and restructuring with NorthStar

Advised Winston Hotels on structured forward takeouts for $110 million of hotels under development

Structured $220 million of debt, mezzanine, preferred equity and JV equity for the acquisition of the Brill Building in Times Square

Advised Roseland on the equity JV structure for the Residence Inn and Autograph hotels at Port Imperial in Weehawken, NJ

Advised Joy Construction on its joint venture with AWH to acquire a portfolio of Holiday Inn hotels

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HOSPITALITY EQUITY AND JV STRUCTURING EXPERIENCE


The following is a summary of selected M&A experience, which includes over 20 transactions with an aggregate value in excess of $10 billion with both public and private hospitality companies

Exclusive financial advisor to Apollo Real Estate JV group acquiring publicly traded Eagle Hospitality for approximately $750 million

Exclusive M&A advisor to Apollo Investment Corp on $1.5 billion acquisition of Innkeepers Hospitality

Advised on $3.2 billion sale of Wyndham to Blackstone Real Estate

Advised the principals of NorthStar Capital on merger of 2 opportunistic real estate funds

Exclusive M&A Advisor to Blackstone on $3.4 billion acquisition of Extended Stay America

Advisor on sale of Winston Hotels to Inland America Real Estate Trust for $750 million

Provided consulting services to Lightstone Group in connection with proposed but unconsummated 10 property indoor water park portfolio

Provided extensive acquisition advisory and investment management services to Lightstone Group for Crowne Plaza Danvers hotel

Provided detailed advisory services regarding evaluation of investments in or acquisitions of public and private hotel and hotel related companies

HOSPITALITY M&A EXPERIENCE

Note: Includes transactions originated and/or executed by bankers and brokers while at prior firms 23

The following is a summary of selected Union Advisory experience

Assisted Night Hotel Times Square ownership with evaluating the timing, costs, and process of shutting down the hotel, laying off employees, and negotiating favorable severance packages for employees to be laid off both with and without recall rights

Worked extensively with management company of the Hilton Penn’s Landing, ownership, and lenders on key economic terms of proposed changes while negotiating new CBA

Led discussions with union leadership on possibility of creating a new wage scale and phase-in program for a to-be-developed, Hampton Inn, which would be the first union operated hotel in the Bronx

Conducted operating analysis, feasibility analysis, and impact of unionization. Attended several city hall meetings to find an operator, and found brand affiliation for the Hilton Hoboken Hotel

Oversaw detailed negotiations and collaboration with counsel of Collective Bargaining Agreement as Hilton Glendale became unionized shortly after a major portfolio acquisition

Reviewed economic terms of two Collective Bargaining Agreements as part of acquisition due-diligence and asset management for the Hyatt Jersey City; Evaluated the detailed pro forma impact of the CBAs on current and future years cash flow, EBITDA margins, and on likely sales cap rates and valuations

Reviewed economic and structural terms of proposed CBAs for the Autograph and Residence Inn Port Imperial

Quantified valuation impact on corporate refinancing and a corporate sale which included the Hilton Newark, El San Juan Hotel, El Conquistador Hotel, and Condado Plaza Hotel in Puerto Rico; 2 of these included casino operations, as part of a larger hotel portfolio; provided asset management services for the hotels

UNION EXPERIENCE

Note: Includes transactions originated and/or executed by bankers and brokers while at prior firms 24

The following is a summary of selected acquisition advisory experience, which includes more than 200 hotels, with aggregate value of over $6 billion

Exclusive financial advisor to Apollo Real Estate joint venture group acquiring publicly traded Eagle Hospitality Trust, which owned 13 hotels, for approximately $750 million

Exclusive M&A advisor to Apollo Investment Corporation on $1.5 billion acquisition of Innkeepers USA Trust, a publicly traded REIT owning 76 hotels

Led the acquisition for sponsor group with Goldentree Insite Partners of 2 Doubletree Hotels comprising $11 million of equity and $40 million of total project cost

Led the acquisition for sponsor group with Goldentree Insite Partners of 6 Wyndham Garden Hotels comprising $21 million of equity and $82 million of total project cost

Exclusive M&A Advisor to Blackstone on its $3.4 billion acquisition of Extended Stay America

Provided extensive acquisition services to Lightstone for the Crowne Plaza Danvers

Advisor to Preiss Company on $36 million acquisition of student housing facility in Florida

Engaged by major opportunity fund to perform numerous initial screenings and, in certain cases extensive due diligence, on acquisitions of numerous public companies and private hotel portfolios

Advised Joy Construction/AWH joint venture on acquisition of a portfolio of Holiday Inn hotels

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HOSPITALITY ACQUISITION ADVISORY EXPERIENCE


The following is a summary of selected management and franchise agreement negotiation experience

Management Agreements: We have negotiated in excess of 125 hotel management agreements

New management agreements

Amendments

Assignment and assumptions

Terminations

Franchise Agreements: We have negotiated in excess of 115 hotel franchise and license agreements

Applications

New license agreements

Amendments

Owner recognition agreements

Comfort letters

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HOSPITALITY MANAGEMENT AND FRANCHISE AGREEMENT NEGOTIATION EXPERIENCE


The following is a summary of selected ground lease agreement negotiation experience

Ground Lease Agreements: We have negotiated in excess of 20 ground lease and operating lease agreements

New ground lease agreements

Amendments

Bifurcation of properties info fee interest and leasehold interest

Assignment and assumptions

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HOSPITALITY MANAGEMENT AND FRANCHISE AGREEMENT NEGOTIATION EXPERIENCE


III. SELECTED BIOGRAPHIES

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SELECTED BIOGRAPHIES

Jonathan FalikFounder &Chief Executive Officer

Jonathan Falik is the Founder and Chief Executive Officer of JF Capital Advisors. Mr. Falik leads thefirm’s hospitality business, which includes equity and debt placement, asset acquisitions anddispositions, portfolio transactions, joint venture structuring, asset management, managementcompany and brand evaluation, and strategic and capital markets advisory services.

Mr. Falik was a Senior Managing Director and the Head of Hospitality Capital Markets at BGC RealEstate Capital Markets. Simultaneously, Mr. Falik was the Head of Hotel Investment Sales forNewmark Grubb Knight Frank. Previously, Mr. Falik was a Managing Director and Head of the Lodgingand Leisure Investment Banking group at Cantor Fitzgerald & Co.

Prior to joining Cantor Fitzgerald, Mr. Falik was the founder and CEO of JF Capital Advisors, a lodgingadvisory and principal investment firm. While at JF Capital, Mr. Falik led the acquisition ordevelopment of 25 hotels with over 5,500 keys and an aggregate cost of approximately $1 billion.Additionally, Mr. Falik was the CEO of Eagle Hospitality Trust, a 13 hotel-property private REIT. Mr. Falikhas led the sales of single assets and portfolios of over 100 hotels for over $2.5 billion of value. Beforefounding JF Capital in 2004, Mr. Falik was an investment banker at Bear Stearns in the Gaming,Lodging and Leisure Group. Mr. Falik began his career as a CPA at Price Waterhouse.

Mr. Falik has over 20 years of experience in the real estate and lodging sector. He has worked onnumerous M&A and financing transactions involving well over 2,000 hotels and over $30 billion oftransaction value. Of the $30 billion, $29 billion was completed as an advisor and $1 billion wascompleted as a principal. He has been actively involved with mergers and acquisitions of public andprivate companies, portfolio sales and single asset sales, equity financings, high yield financings andmortgage financings. Mr. Falik has extensive hospitality experience as an agent, advisor, principal,owner, borrower, guarantor, franchisee, lender and asset manager.

Mr. Falik received a BA in economics with high honors from Rutgers College and an MBA fromColumbia Business School with a concentration in Real Estate Finance. Mr. Falik has been an adjunctprofessor at NYU’s Real Estate Institute and is an active lecturer and panelist at industry events.Additionally, Mr. Falik was on the board of the Boutique & Lifestyle Lodging Association.

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Nicholas MellisVice President

Nicholas Mellis is a Vice President at JF Capital Advisors. Mr. Mellis has more than 5 years ofexperience in the lodging sector, where he has focused on acquisitions, asset management and brandownership of upper upscale and luxury hotels in North America, Western Europe and the Middle East.

Prior to JF Capital Advisors, Mr. Mellis was a Senior Acquisitions and Asset Management Associate forHotel Capital Advisers, the hotel investment advisor to Kingdom Holding Company and PrinceAlwaleed bin Talal. In this role, Mr. Mellis oversaw the asset management and administration ofKingdom’s interest in the Four Seasons Hotel George V, The Plaza Hotel, The Savoy, Four SeasonsVancouver and Fairmont San Francisco. This included all asset level refinancings, strategic capitalimprovement plans and yield management initiatives.

As part of his role, Mr. Mellis transitioned to Kingdom Hotel Investments in Dubai, where he supportedKingdom’s ownership interest in Fairmont Raffles Hotels International and the eventual $2.9 billionsale to Accor Hotels for a combination of cash and shares.

Prior to Hotel Capital Advisers, Mr. Mellis worked on Citigroup’s Investment Banking Finance andStrategy Team in New York.

Mr. Mellis received his BS with high honors from the School of Hotel Administration at CornellUniversity with a concentration in Corporate Finance and a Minor in Real Estate and his MBA fromColumbia Business School with a concentration in Real Estate Finance. He is a member of The CornellHotel Society and the Young Hospitality Investment Professionals (YHIP).

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Eli GrodkoVice President

Eli Grodko is a Vice President at JF Capital Advisors. Eli has more than 7 years of experience in the lodging sector where he is focused on asset management, capital markets advisory services and public/private company valuation and analysis.

Eli started his career at JF Capital Advisors in 2005, where he was the sole analyst on $3.0 billion of closed M&A transactions: Apollo Investment Corp acquisition of InnKeepers USA, Inland American acquisition of Winston Hotels and Apollo Real Estate acquisition of Eagle Hospitality. In addition to public M&A advisory, Eli helped asset manage over 80 hotels and raise more than $2.0 billion in the capital markets.

In 2010, Eli left the firm to join his father’s financial planning practice, where he worked as a financial consultant at Merrill Lynch, Oppenheimer and Co. and Blueprint Wealth Alliance. During this time, he helped oversee more than $100.0 million of assets for close to 200 individuals and earned both his Certified Financial Planner (CFP®) and Chartered Retirement Planning Counselor designations.

Eli graduated Magna Cum Laude in 2005 from Yeshiva University and received a BS in Finance. He is very involved with the Jett Foundation and Camp Promise, which provides summer programs for individuals with muscle dystrophy. His other interests include Yiddish (theater, radio, and learning the language), old scotch (mainly drinking it) and traveling the globe.

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Agita JaberDue Diligence Manager and Director of Social Media

Ms. Jaber is the Due Diligence Manager at JF Capital Advisors and focuses on due diligence andtransaction support for asset management, acquisitions, dispositions, development, and financingengagements. In addition, Ms. Jaber is the Director of Social media as she oversees hotel portfoliosocial media and food and beverage activation for clients.

Ms. Jaber is licensed as a Certified Public Accountant in state of New Jersey and has over 5 years ofexperience as a CPA working with clients in the financial, real estate and commercial sectors.

Previously Ms. Jaber was a Senior Accountant at Lazard Asset Management, a financial advisory andasset management firm. Ms. Jaber was responsible for leading the North America Retail Annuitiesteam including production and analysis of monthly reporting to management, monthly general ledgerclose, journal entries, reconciliations, quarterly and yearly SEC filing requirements (10Q and 10k), aswell as production of financial statements for North America group.

Prior to Lazard Asset Management Ms. Jaber was at Deloitte & Touché, LLP. Ms. Jaber was an AuditSenior and was responsible for performing external audits of financial statements according to USGAAP and IFRS. Ms. Jaber supervised teams in reviewing on 10-K and audit of 10-Q filings. She led allphases of audit engagements including planning, staffing, audit scope and risk assessment,performance and review of testing procedures, internal specialist coordination, and report issuance.Ms. Jaber worked with several public and private clients in various industries including commercial,real estate, insurance, and financial.

Prior to Deloitte & Touché, LLP Ms. Jaber was at WISS & Company where she was an Intern in Auditand Tax teams. Ms. Jaber assisted in preparing individual, S-Corp, C-Corp and Partnership tax returns,1040’s, 1120’s, 1065’s and extensions. Ms. Jaber was also engaged in providing support to severalaudit teams in commercial and non for profit sectors.

Ms. Jaber has B.S with a concentration in Accounting from Montclair State University in New Jersey aswell as A.S degree in Legal Studies from Essex County College. Ms. Jaber holds CPA license from Stateof New Jersey.

IV. SELECTED EXPERIENCE BY TYPE

The following is a summary of selected debt financing and lender experience. We have negotiated loans secured by single assets and large portfolios with numerous institutional lenders including:

• Bear Stearns

• Bank Leumi

• GE Capital

• Nomura

• Lehman Brothers

• Guardian

• Rockbridge

• Cantor Commercial Real Estate

• Mesa West

• JP Morgan

• Prudential

• Wells Fargo

• Natixis

• Credit Suisse

• Bank of Scotland

• AREA Property Partners

• Voya

• Bank of the Ozarks

• RCG Longview

• Lowe Enterprises

• Ladder Capital Finance

34

LENDER EXPERIENCE


The following shows selected brands with which we have investment sales experience:

35

INVESTMENT SALES - BRANDS


The following shows selected buyers with which we have investment sales experience:

36

INVESTMENT SALES - BUYERS


The following shows selected sellers with which we have investment sales experience:

37

INVESTMENT SALES - SELLERS


The following shows selected companies with which we have debt placement and structuring experience:

38

DEBT PLACEMENT


Kuf

Dalet\

The following shows selected companies with which we have equity raising and JV structuring experience:

39

EQUITY


The following shows selected companies with which we have mergers & acquisitions experience:

40

MERGERS & ACQUISITIONS


The following shows selected companies with which we have acquisition advisory experience:

41

ACQUISITION ADVISORY


The following shows selected companies with which we have consulting experience:

42

CONSULTING


The following shows selected companies with which we have negotiated management agreements:

43

MANAGEMENT AGREEMENTS


The following shows selected brands for which we have negotiated franchise agreements:

44

FRANCHISE AGREEMENTS


The following shows selected companies with which we have negotiated financing agreements:

45

FINANCING AGREEMENTS


Kuf Dalet

The following shows selected brands with which we have asset management experience:

46

ASSET MANAGEMENT - BRANDS


The following shows selected owners with which we have asset management experience:

47

ASSET MANAGEMENT - OWNERS


Kuf Dalet

The following shows selected brands with which we have ownership experience:

48

OWNED - BRANDS


The following shows selected partners/owners with which we have ownership experience:

49

OWNED - OWNERS


215 Park Avenue South, 11th Floor

New York, NY 10003

www.jfcap.com

Jonathan Falik (917) 238-6917 [email protected]

jf capital advisors overview - prismhotels.com€¦ · 4 executive summary jf capital advisors is...

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