rhi corporate overview, 2016

Richfield Corporate Overview Management Expertise. . . . . . . . . . 2

Ownership Structure. . . . . . . . . . 3

Richfield Philosophy. . . . . . . . . . 3

Core Values. . . . . . . . . . 3

Leadership Profiles. . . . . . . . . . 5

Contact. . . . . . . . . . 7

2 RICHFIELD CORPORATE OVERVIEW | CONFIDENTIAL | FEBRUARY 2016

Richfield Hospitality

OVERALL MANAGEMENT EXPERTISE

Richfield has extensive management expertise in Full Service, Select Service and Lifestyle properties. In lieu of operating from a traditional corporate mentality, the Richfield philosophy is to empower hotel operations by providing the most effective field support services. Our established reputation is vetted in over 40 years of trusted experience, and will be structured to maximize individual hotel performance. Especially in today’s operating environment, Richfield leads hotels to new profitability heights in a dynamically changing economic environment.

Richfield Hotel Management

Full Service

Select Service Lifestyle

Field Support Services

Regional Sales Financial Accounting Centralized Accounting On-‐Property Accounting

Human Resources Risk Management Procurement

Project Management Legal Tax

In addition to numerous independent properties, Richfield Hospitality has experience managing the following brands:

Richfield’s goal is to balance stakeholder management and unite the team to maximize ROIC. Operations must revenue performance while meeting both brand and consumer expectations and ensuring product relevance and sustainability. This process begins with a solid underwriting process and forecasting followed by diligent performance to meet or exceed expectations. Our entrepreneurial approach is hands-‐on and features frequent site visits and constant communication with our guests and associates at the property level and providing unequaled transparency to our partners. Our hotel management business operates in three distinct sectors: Full Service, Select Service, and Lifestyle. This allows Richfield to adjust our game plan for each property, provide the appropriate level of field support and maximize profitability.

RICHFIELD CORPORATE OVERVIEW | CONFIDENTIAL | FEBRUARY 2016 3

RICHFIELD OWNERSHIP STRUCTURE

Richfield was founded in 1968 as AIRCOA in Cleveland, Ohio and over the past four decades it has benefitted from management experience at more than 600 hotels. Several important milestones over the past forty years have placed Richfield and its sister organizations at the leading edge of this competitive industry. Richfield is a private company and subsidiary of City e-‐Solutions (CES). CES is the designated vehicle to spearhead new business initiatives in the hospitality industry for its Singapore-‐based parent company, City Developments Limited (CDL). City Developments Limited is listed on the Stock Exchange of Singapore and is the second largest real estate developer in Southeast Asia with a market capitalization exceeding US $7 billion. CES is listed in Hong Kong and its shares are also traded on CLOB International in Singapore Amsterdam Stock Exchange.

THE RICHFIELD PHILOSOPHY

Our management philosophy is rooted in delivering owner profits and asset appreciation.

We are experts in delivering top line revenues by exceeding our fair market through effective sales, marketing and revenue management techniques.

We retain exceptional talent that adapt to market conditions and apply efficient operating systems that build strong customer relations and win the loyalty and respect of guests and clients alike.

We engage the community and are accountable to ownership by maintaining appropriate cost controls and providing real-‐time transparency.

CORE VALUES

We are loyal managers on our client's behalf; we will strengthen top and bottom-‐line performance. We will earn the respect and trust of our clients. We are driven competitors who serve to win every guest, every time; we are hospitable and will exceed guest expectations to win their business and loyalty. We will earn the respect and trust of our guests. We are compassionate supporters of our fellow associates; we encourage their individual potential and aspirations. We will earn the respect and trust of our associates.

We are committed partners to our investors; we will expand our reach and produce favorable returns. We will earn the respect and trust of our investors. We are dedicated citizens serving our communities with charity and hospitality; we give back to the communities in which we serve. We will earn the respect and trust of our communities.


PHILOSOPHY

Our management philosophy is rooted in delivering owner profits and asset appreciation.

We are experts in delivering top line revenues while utilizing appropriate cost controls.

We adapt to market conditions, retain exceptional talent, and apply efficient systems that work well.

We are poised for strategic growth and offer flexible terms with preferred owner relationships.

TEAM ATTRIBUTES

Richfield’s organizational structure is designed to keep us responsive, timely, and entrepreneurial as a company. We deliberately maintain a lean reporting structure, and we empower our associates to be decision-‐makers, innovators, change-‐agents, thought-‐leaders, and creators. For our associates to thrive, Richfield’s organization structure combines leadership and resourcefulness with a fast-‐paced, results-‐oriented, start-‐up mentality. Every one of our associates is focused on maximizing hotel ROIC, profitability, and revenue-‐streams while concurrently exceeding guest expectations at every touch-‐point along the way.

Strategic & Collaborative

We are laser-‐focused on aligning hotels with low-‐cost, high-‐performance hospitality solutions while utilizing relevant data, market analysis, and competitive research in the decision-‐making process. Whether the team is working with Richfield hotels or a third-‐party business alliance partner, associates are highly engaged and dedicated to working together to generate synergy and reach the best possible solution for constituents within budget and timeframe.

Loyal & Expert

Our associates are dedicated to aligning with Richfield hotels, external clients, business partners, leadership team, fellow associates, and business communities achieve the best results on every project and endeavor to benefit all parties. We recruit and retain the best talent in the industry to ensure our clients’ expectations are exceeded at all touch-‐points; our level of expertise is a point of differentiation among our competitive set.

Innovative

We embrace the latest technologies, best practices, new media, and related consumer trends, and then we research and pro-‐actively recommend ideas and potential solutions to achieve maximum performance results for our clients.

Top-‐line & ROIC Focus

Richfield delivers top-‐line revenue growth and increased bottom-‐line profitability. In everything we do, we focus on return on invested capital for our stakeholders.


TEAM PERSONALITY

Every brand is made up of team members who embrace the company’s personality, or in other words, its main qualities. The three traits noted below best convey the core characteristics that resonate in every one of our team members and in the overall RHI brand image that our clients embrace and expect.

PROVEN NIMBLE EFFECTIVE

40 year track record Experienced operators

Focused, agile and quick to set plans that smartly accomplish

objectives

Focused approach to adding ROIC value and top line

revenues

Richfield’s team features a unique balance of strategic and tactical leadership that brings the rich experience, creative ideas, and depth of skills needed to ensure a successful transition, ongoing management and an enduring partnership. Each of the Richfield team leaders is dedicated to a successful transition of the property.

RICHFIELD HOSPITALITY LEADERSHIP TEAM

Rodrigo Jimenez, President

Rodrigo Jimenez was charged with leading the transformation of RHI in mid-‐2015 as the company embarked in an effort to re-‐position and fuel aggressive growth initiatives. He has a long history in the hospitality space, starting with Webvertising, the company that created the iHotelier Central Reservations System. In 2004, Rod co-‐founded Whiteboard Labs, which produced the WindsurferCRS in 2009. Since then, in 2012, Whiteboard Labs merged with Sceptre to create SHR, a sister company of RHI. Rod has been successfully leading the new company through great growth since its inception.

Prior to his time in the hospitality technology sector, Rod spent 10 years in the banking industry where he advised a large number of companies in a wide-‐range of industries and countries. During this time, Rod was a Vice President in the Latin America corporate banking group of Bank of America and also served as Vice President and Client Advisor in the International Department of the Chase Manhattan Bank in Houston. In that capacity, he advised subsidiaries of multinational companies in corporate finance and investment banking matters.

Rod is a graduate of the Financial Management Program at Stanford University and was a participant in the 1999 Focused Financial Management Series at Harvard Business School. He holds a B.B.A. in Marketing and an M.B.A. in International Business & Finance from the University of Houston.

Ellen Callas, VP of Operations

Ellen Callas, Vice President of Operations, directs the nation-‐wide team responsible for day-‐to-‐day operations and financial performance of the company’s portfolio of hotels.

Ellen joined Richfield in 2011 as Area Managing Director of Richfield's central region where she successfully oversaw five properties under the Platinum Equity portfolio, including the Sheraton Pittsburgh Airport, the DoubleTree by Hilton Bloomington, Crowne Plaza Melbourne Beach, Four Points Philadelphia Northeast, and DoubleTree by Hilton Dallas DFW.

Before that, she worked for Starwood Hotels & Resorts Worldwide for 12 years in the northeast region. In her capacity as Director of Operations for Starwood, she accomplished the rollout of Starwood's revenue management program at three properties achieving exceptional precision in forecast accuracy. She also has a luxury background with four years at the Copley Plaza and Ritz-‐Carlton in Boston. Ellen received numerous awards in her roles as Area Managing Director and General Manager including Richfield's General Manager of the Year and Sales Team of the Year in 2012, as well as Starwood's Hotel of the Year and Sales Team of the Year in 2003 and 2004. She holds a bachelor's degree in Psychology with a concentration in Human Resources Management.


Laurie Mowchan, VP of Finance Laurie Mowchan joined the Richfield Hospitality team in 2015 as the Vice President of Finance. In this role she leads all financial matters, including accounting and reporting, cash management and forecasting, and internal audit. Laurie is also responsible for overseeing the accounting operations for all Richfield managed properties. Prior to joining the Richfield team, Laurie was Director of Accounting and Finance at WhiteFence, an online utility connection provider for the residential marketplace. Laurie is a native Houstonian and holds a Bachelor’s Degree in Accounting from the University of Houston.

Camille Garner, Interim VP of Human Resources

Camille joined Richfield Hospitality in 2015 with an extensive background in Human Resources for several hotel brands including Marriott, Omni Hotels & Resorts, Joie de Vivre Hotels, and Four Seasons Hotels & Resorts. In her role with Richfield, Camille oversees all Human Resources activities for Richfield managed properties and the corporate Richfield staff. Her experience with training and development of staff, hotel openings and transitions, benefits administration, employee relations, and recruitment and retention add significant value to the Richfield leadership team as we work to re-position the company and fuel aggressive growth.

Camille holds a Bachelor’s of Science in Hospitality Management from Morgan State University. She is currently based out of the corporate offices in Houston, TX.

Patrick Shine, VP of Development

Patrick is a second-‐generation hotelier and responsible for the continued growth of the company through acquisition and third party management agreements along with development of strategic alliances. Prior to joining Richfield, Patrick acted as a private consultant and trusted advisor to the hospitality industry for over 25 years, spearheading critical development, marketing and turnaround projects for franchise partners, management companies and hotel ownership groups.


For development inquiries, please contact Patrick Shine.

Patrick Shine, VP of Development Richfield Hospitality

1900 West Loop South, Suite 1800 Houston, TX 77027

[email protected] 941.527.8016

www.richfield.com

The content of this material is confidential and proprietary to Richfield Hospitality, Inc., and may not be reproduced, disclosed, distributed, or used without the express permission of an authorized representative of Richfield. Facts and figures are provided without representation or warranty and are subject to change without notice, and were deemed correct at the time of printing or submission. Richfield Hospitality, Inc., is not responsible for misrepresentation, errors or omissions.

© 2016 Richfield Hospitality, Inc. All rights reserved.

rhi corporate overview, 2016

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