Hotel/Resort Asset Management is the service of assisting hotel owners in realizing their investment goals. Asset Managers act as the owners agent to:

• Insure the hotel/resort is acquired for a reasonable price
• Operated properly during the period of ownership
• Ultimately disposed of at an appropriate time and price

The Scope Of Asset Management Services provided by DMT are outlined below:

I. DEVELOPMENT/ACQUISITION

A. Development

1. Market Survey/Evaluation
2. Feasibility Study
3. Appraisal/Economic Valuation Review & Critique
4. Site Review/Analysis
5. Facilities Planning
6. Financial Analysis For Redevelopment/Repositioning
7. Franchise Company Analysis
8. Prepare/Critique/Monitor Comprehensive Project Development Budget/Renovation Project
9. Management Company/Contract Analysis; Assist In Negotiation
10. Assist In Evaluating/Negotiating Land/Building Leases
11. Project Financing Assistance & Support

B. Acquisition

1. Acquisition Due Diligence, including review of existing and proposed contracts and the financial performance of the property. Will also generally include an evaluation of management and the franchise affiliation program; market positioning/market share analysis; capital program/project financing review and analysis.

II. OPERATIONS

1. Operational Diagnostics and Comprehensive Property Review, including property inspection; review of competitive properties and area prime demand generators; review historical operating results; analyze property’s market position. Based on same, present findings and recommendations.
2. Support/assist Ownership/Management with strategic planning and development of Annual Business Plan, including Profit & Loss Statement, Marketing Plan and Capital Budget Plan.
3. Sales & Marketing Services, including:
   • Market Research/Analysis
   • Product Development, Positioning and Pricing Strategies
   • Development/Analysis of Marketing Plan, including Staffing, Advertising, Promotion and Public Relations
   • Market Share Analysis/Strategy
4. Management Company Evaluation, including Management Contract review and analysis and evaluation of performance of the Management Company. Assist in Management Contract negotiations, as requested. Assist in change of Management Company, and transition, as requested.
5. Franchisee and/or Licensee compliance and performance evaluation
6. Capital Program planning and analysis
7. Institutional/Ownership Support Services re Distressed Property Workouts/Receivership

III. ASSET DISPOSITION/ SALE/ REPOSITIONING/ REFINANCING

DMT Hospitality can provide the information/data base for Ownership to develop the appropriate strategy for any of the above, including:

1. Profit & Loss Projections
2. Sales & Marketing Overview, addressing present and future anticipated market position and market share, as well as franchise/license affiliation
3. Capital Program, historical and anticipated for the future

With this information in hand, DMT, based on 35+years of experience, can consult with and advise Ownership as to the appropriate strategy to employ going forward.

Summary

Hotel management experience is an important pre-requisite to providing effective hospitality asset management services. Needless to say, DMT Hospitality truly has that. But hospitality asset managers need actual ownership experience, as well; that asset manager must think like an owner. Having personally held ownership positions in over 20 hotels and resorts, Mr. Theophilus knows the business well from "both sides of the table".

Asset Management References Available Upon Request