Page 55 - Valor Presentation for Baxter Fain

EXAMPLE OF VALOR MANAGEMENT FEE CALCULATION WITH REVENUE ASSUMPTIONS

BY PROPERTY INCLUDING JV ALLIANCE REBATE

Valor Management Fee Income including rebate

2019 Rooms F&B B.F Asset Net Valor Typical Mgt Fee B.F Asset
Hotel Keys Occ ADR Revenue Assumption Total Revenue Mgt. Fee Fee Fee Revenues Fee

Laszlo (1) 51 75.0% 114.14 $ 1,200,000 $ 4,300,000 $ 5,500,000 5.00% 0.35% 4.65% $ 275,000 $ 19,250
Holiday Inn - Limon 67 80.2% 116.35 $ 2,281,962 $ 2,281,962 4.00% 0.35% 3.65% $ 91,278 $ 7,987

Holiday Inn - Grand Junction 119 65.2% 100.64 $ 2,850,087 $ 370,860 $ 3,220,947 4.00% 0.35% 3.65% $ 128,838 $ 11,273

Holiday Inn - Fraser 62 75.1% 141.71 $ 2,408,380 $ 2,408,380 4.00% 0.00% 4.00% $ 96,335 $ -
Holiday Inn - Casper 119 69.1% 115.20 $ 3,433,715 $ 428,073 $ 3,978,470 4.00% 0.00% 4.00% $ 159,139 $ -

Candlewood - Craig 76 57.6% 83.23 $ 1,329,869 $ 1,329,869 4.00% 0.35% 3.65% $ 53,195 $ 4,655

(1) Estimated based on TTM Comp Set

Totals 494 $ 13,504,012 $ 5,098,933 $ 18,719,627 $ 803,785 $ 43,165

$ 760,620

Valor Blended Net Management Fee 4.06%

Blended Management Fee incl. rebate 4.29%