Page 3 - Valor Presentation for Baxter Fain

EXECUTIVE SUMMARY

Baxter Fain through a close personal relationship was introduced to Rebecca Wilson of the Kemmon Wilson Companies. Via that
introduction, Euan McGlashan, CEO of Valor Hospitality Partners subsequently enjoyed several conversations with Baxter
regarding, in particular, 6 hotel assets in Colorado seeking management.

Baxter Fain resides in Denver. CO and is Managing Director of Cushman & Wakefield as well as Manager of his family real
estate and business portfolio. Over the course of his career, Baxter has personally lead the equity, debt and overall capital raises
for multiple hospitality projects including all these included in this proposal request.

The hotel portfolio (un-named as a portfolio) is currently managed by MARS Hospitality, a company which due to recent
departures by owners / managing partners is now fragmented and additionally, can be terminated from management of the
properties with 30 days notice. The portfolio includes two Holiday Inn Express assets, two Holiday Inn’s, one Candlewood Suites
and one brand new to market, full service independent – The Laszlo.

Although initially having considered incorporating MARS into his own business portfolio given his liking, passion and enthusiasm
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for the hotel industry; Baxter has focused on finding a 3 party operator he knows can absorb the MARS portfolio into their own
platform. This firm must be able to drive culture and commerciality as well as become a hospitality ‘go to’ partner for Baxter in his

sourcing and delivery of new hotel assets.

Valor Hospitality Partners are a Global, full service hospitality company with award winning and second-to-none experience in all
aspects of hospitality management of both branded and independent hotels & resorts, perfectly positioned and resourced to
manage this portfolio.

The following slides talk to Valor, their experiences, an example of their services and examples of some select projects.