Strong Submarket Fundamentals

The median household income is $152K and the there is a Master Plan to accommodate recent growth (10-year growth - 7.5%) and for future development

Value-Add Opportunity

Upon renovation, the hotel will be the newest renovated property in the area and will be positioned to command a significant premium in ADR

Operational Upside and Efficiencies

Identified underperforming areas, including revenue management and various cost-savings practices. Operates six other hotels in the Atlanta market creating savings via shared costs and operational synergies

Significant Discount to Replacement Costs

Underwritten all-in basis ($166K/Key) represents a 31.7% discount to replacement cost ($242K/Key) from comparable hotels