HOSPITALITY INVESTMENT SERVICES MOUNTAINTOP MANAGEMENT

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Asheville, NC

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Murfreesboro, TN

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Murfreesboro, TN

Charleston, SC

Pigeon Forge, TN

5341 Estate Office Drive, Suite 3 Memphis, TN 38119-3636 Telephone: 901-684-1234 * FAX 901-684-1267

Revised 4/1/07

INTRODUCTION TO THE COMPANY ( WEBSITE: WWW.MOUNTAINTOPMANAGEMENT.COM )

HOSPITALITY INVESTMENT SERVICES, LLC (HIS) Hospitality Investment Services (HIS) is the development and brokerage arm of our Company. *

HIS Development Company develops hotels and oversees the entire development process starting with site identification and negotiation, selection of architectural services, negotiation of property construction contracts, and management of the entire construction development process. HIS Development is also responsible for administering major renovation projects for existing owned or managed assets.

*

HIS Brokerage Company serves as a real estate agency for the buyer or seller of a hotel on a fee basis.

*

HIS offers consultation services for hotel owners or lenders and makes recommendations, which might conclude in suggesting management changes or renovation, or re-affiliation of a hotel property or sale of the real estate assets. HIS also serves as asset manager for existing hotels or related projects for corporateowned or third-party owned assets.

*

HIS has been involved in the operations, development, and/or asset management of the following hotel projects: Property

Current Status

Ramada Airport-Atlanta, GA (acquisition) Holiday Inn Airport-Montgomery, AL (acquisition) Holiday Inn Washington Road-Augusta, GA (ground-up development) Holiday Inn Fort Gordon Highway-Augusta, GA (ground-up development) Holiday Inn South-Richmond, VA (acquisition) Holiday Inn-Chester, VA (acquisition) Holiday Inn-Petersburg, VA (acquisition) Ramada Inn International Drive-Orlando, FL (ground-up development) Quality Inn/Days Inn Airport-Mobile, AL (acquisition) Holiday Inn-Aiken, SC (acquisition) Clarion Riverfront Inn Downtown-Montgomery, AL (acquisition) Holiday Inn Airport-Asheville, NC (acquisition) Holiday Inn Tunnel Road-Asheville, NC (acquisition) Days Inn Tunnel Road-Asheville, NC (acquisition) Hampton Inn & Suites, South-Denver, CO (ground-up development) Country Inn & Suites – Anderson, SC (management contract) Partridge Inn – Sevierville, TN (management contract) Hampton Inn - Holly Springs, MS (management contract) Hampton Inn-Gatlinburg, TN (management contract) Rivers Landing on the Parkway – Pigeon Forge, TN (management contract) The Mountain Lodge at Banner Elk, NC, dba Best Western (mgmnt. contract) Holiday Inn East/Blue Ridge Parkway-Asheville, NC (acquisition) Baymont Inn & Suites-Murfreesboro, TN (acquisition) Hampton Inn & Suites-Pigeon Forge, TN Best Western (formerly Howard Johnson)-Charleston, SC Hampton Inn & Suites-Murfreesboro, TN (ground-up development)

Sold Sold Sold Sold Sold Sold Sold Sold Sold Sold Sold Sold Sold Sold Sold prior to construction commencement Managed by Mountaintop Management until 9/30/04 Managed by Mountaintop Management until 10/28/04 Managed by Mountaintop Management until 10/31/04 Managed by Mountaintop Management until 10/31/04 Managed by Mountaintop Management until 1/31/05 Managed by Mountaintop Management until 7/31/05 80% ownership by Nearn since 1993; Currently managed by MTM 25% ownership by Nearn since 1997; Currently managed by MTM Purchased on 2/2006; 20% owned by principals of HIS/managed by MTM Purchased on 4/2006; 15% owned by principals of HIS/managed by MTM Under development with anticipated completion on May 15, 2007; 22% owned by principals of HIS/managed by MTM

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MOUNTAINTOP MANAGEMENT, LLC (MTM) *

Mountaintop Management, LLC (MTM) is the in-house management arm of Hospitality Investment Services, LLC (HIS) and operates corporate-owned or third party-owned hotels through an arms-length management contract. It manages the daily operations of the Holiday Inn-Biltmore East in Asheville, NC, the Baymont Inn & Suites-Murfreesboro, TN, the Hampton Inn & Suites-Pigeon Forge, TN, and the Best Western (formerly Howard Johnson Riverfront)-Charleston, SC, and has one project under construction, a Hampton Inn & Suites in Murfreesboro, TN. Over the past twenty-four months, Mountaintop Management has managed six additional hotels, which were sold during 2004/2005.

HOTELS OWNED / MANAGED BY MOUNTAINTOP MANAGEMENT, LLC Property

# Rooms

# Employees

2007 Total Gross Sales

2007 Occ / ADR

Asheville, NC – Holiday Inn East Murfreesboro, TN – Baymont Inn & Suites Pigeon Forge, TN – Hampton Inn & Suites Charleston, SC – Best Western Murfreesboro, TN – Hampton Inn & Suites** TOTALS:

111 114 100 151 101 577

26 24 30 35 28 143

$2,400,000 $2,200,000 $2,400,000 $3,700,000* $2,000,000* $12,200,000

70% / $80 67% / $75 70% / $92 65% / $85 80% / $98 72% / $88

Comments Full service – Restaurant leased to 3rd Party Limited Service Limited Service Full Service Limited Service

* Partial Year ** Under Construction

THE PRINCIPALS OF HOSPITALITY INVESTMENT SERVICES (HIS) AND MOUNTAINTOP MANAGEMENT (MTM): Bryan E. Nearn – HIS Principal / MTM Chairman and CEO Mr. Nearn is a 38-year veteran of the hotel industry. He has vast experience in hotel ownership, asset and operational management, as well as hotel development and brokerage. He began his career at Holiday Inns, Inc. as Director-Franchise Development and later served as Senior Vice President-Real Estate Development. After ten years at Holiday Inns, he joined a real estate development firm, which bought and developed hotel assets; he also brokered hotels while working at this firm. In 1985, he formed Hospitality Investor Services, Inc., a hotel brokerage, development, and consultation firm. In 1997, he formed Hospitality Investment Services, LLC (HIS), which offers hotel development, operational and brokerage services to clients on all domestic and international fronts. Mr. Nearn is a member of Lambda Alpha International, a land development fraternity. Throughout his career, Mr. Nearn has managed assets and operations for various hotel brands including franchised Holiday Inns, Hampton Inns, Ramada Inns, Quality Inns, Days Inns, Best Westerns, Baymont Inn & Suites, Country Inns & Suites, and several independent hotels. He has been involved in the equity ownership of twenty hotels and is the sole proprietor of the award-winning Holiday Inn-Asheville, NC Biltmore East/Blue Ridge Parkway, 25% owner of the Baymont Inn & Suites-Murfreesboro, TN, and is an equity partner in the Pigeon Forge, TN Hampton Inn & Suites, the Charleston, SC Best Western, and the soon-to-open Hampton Inn & Suites in Murfreesboro, TN. He has successfully raised equity capital to acquire and develop numerous hotels. Mr. Nearn has been married for 35 years, is the father of two sons, and grandfather of three boys and two girls. Timothy S. Rice - HIS Principal / MTM President and COO Mr. Rice has been involved in the development and operations business for 23 years and is responsible for the management of all HIS developed properties. He is a partner in Hospitality Investments Services, LLC, Murfreesboro Baymont Inn & Suites, the new Murfreesboro Hampton Inn & Suites, the Pigeon Forge Hampton Inn & Suites, and the Charleston, SC Best Western. He has been active in general management for both resort and commercial locations, including full-service and limited-service hotels. He has operated Hilton Hotels, Choice Hotels, Sheraton Hotels, Holiday Inn Hotels, and one independently-owned resort hotel in the North Carolina mountains. Mr. Rice has served as a professor in the hotel/restaurant management program at a community college in Asheville, North Carolina. Mr. Rice’s vast experience in revenue management, cost management, sales and marketing, and guest services, adds tremendously to his role as Director of Operations, Mountaintop Management, LLC. Mr. Rice is married and the father of three. 2

Gary V. Koester, CHA - HIS Principal / MTM CFO and VP-Development Mr. Koester joined HIS in July of 2004 and has been involved in the hotel industry since 1992. His experience and expertise is in strategic planning, project analysis, construction management, and hotel brokerage. He oversees the construction and development of all HIS projects. He is a partner in Hospitality Investment Services, Murfreesboro Baymont Inn & Suites, the new Murfreesboro Hampton Inn & Suites, the Pigeon Forge Hampton Inn & Suites, and the Charleston, SC Best Western. Mr. Koester is a seasoned veteran in the hotel business, having been responsible for overseeing the family’s hotel ventures in West Memphis, AR since 1992. His ownership and investment experience includes Choice, Marriott, Holiday, Radisson, and independent flags. Mr. Koester also worked with Procter & Gamble in Jackson, TN for 19 years, filling leadership roles in Manufacturing Operations and Strategic Planning, Finance and Information Systems, Customer Service & Logistics, and Total Quality implementation. While with P&G, Mr. Koester was responsible for a $12 million operating budget, and oversaw the operations of a 1,000,000 square foot primary warehouse for Pringles. He was also directly responsible for the welfare of over 250 employees. Mr. Koester participated in international training and consultation for Procter & Gamble in Argentina, Belgium, Chile, Mexico, and Peru as part of his tenure with P&G. His experience and expertise in strategic planning, project analysis, construction management, and hotel brokerage brings an added dimension to Mountaintop Management. Mr. Koester is married and the father of one son. Jeannette Alexander - Executive Administrator Ms. Alexander has been with Mountaintop Management since February of 2000. She has been involved in the hotel industry for 25+ years, holding various positions in hotel services, sales and marketing, database management, and contract administration. Ms. Alexander is the mother of two daughters, has one son-in-law, and one granddaughter. Andrew Nearn - Consultant Mr. Nearn holds a B.S. from Auburn University and an MA from the University of Denver. He spent two years as an analyst for Ernst & Young in Denver, CO. His expertise lies in computer programming and auditing analysis. Mr. Nearn serves as a consultant for Mountaintop Management and Hospitality Investment Services on a part-time basis while attending Medical School. Mr. Nearn is married and the father of two sons and one daughter. Ashley Nearn - Chief Editing Officer Mrs. Nearn holds a B.A. in Public Relations with a Minor in Marketing and Journalism, from Auburn University, where she was a 1995 graduate. She worked for four years for Promise Keepers Men’s Ministry, where she served as the editor of their newsletter. Mrs. Nearn is married to Andrew and the mother of two sons and one daughter. Frazee Ivy & Davis, PLC, Certified Public Accountants Led by Mr. John Ivy, the firm of Frazee Ivy & Davis serves Mountaintop Management's financial and tax reporting needs on a fee-for-service basis. Assisted by Vance Simmons, CPA, they are responsible for administering payroll and accounts payable, and compiling monthly financial statements for each property from their offices in Memphis, Tennessee. The 50-year old firm has a long history of serving the hospitality industry that includes both publicly and privately held hotel properties. With a total staff of some 22 professionals that includes 15 CPAs, Frazee Ivy & Davis interacts daily with each property as well as senior management. To learn more about the firm, visit their website at: www.fidcpa.com.

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MANAGEMENT CONTACTS Memphis Office

Field Offices

Bryan E. Nearn, Chief Executive Officer (CEO) Gary Koester, VP-Development / Chief Fin.Ofcr (CFO) Jeannette Alexander, Exec. Admin./Office Mgr. 5341 Estate Office Drive, Suite 3 Memphis, TN 38119-3636 Telephone: 901-684-1234 FAX: 901-684-1267 Bryan Nearn Email: [email protected] Gary Koester Email: [email protected] Jeannette Alexander Email: [email protected] Bryan Nearn: Home: 901-682-5313 Mobile: 901-356-7890 Gary Koester: Home: 901-685-9032 Mobile: 901-674-9032 Jeannette Alexander: Home: 662-895-8554 Mobile: 901-359-2219

Tim Rice, President / Chief Operating Officer (COO) Holiday Inn – Asheville East 1450 Tunnel Road Asheville, NC 28805 Telephone: 828-298-5611 FAX: 828-299-3308 Email: [email protected] Home: 828-251-5308 Mobile: 828-230-4378

Accounting: Frazee Ivy & Davis, PLC 5100 Poplar Avenue, Suite 1400 Memphis, TN 38137-1499 Telephone: 901-682-9611 * FAX: 901-682-5915 John D. Ivy, Jr., CPA – Ext. 424 - Email: [email protected] Angie Percer, Accounting Coordinator – Ext. 428 - Email: [email protected] Nancy Wright, Payroll – Ext 408 - Email: [email protected] Property Insurance: Lipscomb & Pitts Insurance, LLC 2670 Union Avenue, #200 Memphis, TN 38112-4416 Telephone: 901-321-1000 * FAX: 901-321-1099 Jay Harvill, Business Insurance Specialist (Mobile: 901-283-8853) – Email: [email protected] Jessica Walters, Assistant – Email: [email protected] Home Office Contact: Gary Koester: 901-684-1234 Health, Accident & Life Insurance (BlueCrossBlueShield/Starbridge/Colonial): E-Serv, LLC - Austin Baker / Yvonne Baker, Employee Benefits Specialists Email: [email protected] / Email: [email protected] Robin Landers, Assistant – Email: [email protected] 855 Willow Tree Circle, #100 Cordova, TN 38018 Telephone: 901-737-0123 * FAX: 901-405-0332 Home Office Contact: Jeannette Alexander: 901-684-1234

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HOTEL PROPERTIES HOLIDAY INN-ASHEVILLE, NC BILTMORE EAST / BLUE RIDGE PRKWY

ASHLEY RIVER INN – CHARLESTON, SC (Soon to become Best Western)

1450 Tunnel Road Asheville, NC 28805 Telephone: 828-298-5611 * FAX: 828-299-3308 E-Mail: [email protected] Owner: Asheville East Hotel Properties, LLC Bryan Nearn, Chief Manager 5341 Estate Office Drive, #3 Memphis, TN 38119-3636 Telephone: 901-684-1234 * FAX: 901-684-1267 Charleen Covert-Foster, General Manager (Mobile: 828-230-5404) (E-mail: [email protected]) Berlinda Diehl, Admin Assistant Debbie Batson, Director of Sales Florence Taylor, Executive Housekeeper Janice McClure, Guest Services Manager Ed Stein, Chief Engineer

250 Spring Street Charleston, SC 29403 Telephone: 843-722-4000 Website: www.hojocharlestonsc.com Owner: Charleston Innkeepers, LLC Bryan Nearn, Chief Manager 5341 Estate Office Drive, #3 Memphis, TN 38119-3636 Telephone: 901-684-1234 * FAX: 901-684-1267 David Norris, General Manager (Home/Mobile: 843-810-3297) (E-mail: [email protected]) Joline Zack, Front Desk / Assistant General Manager Twanda Burroughs, Administrative Assistant Heather Peebles, Director of Sales Bob Chamberlain, Chief Engineer Shirley Coakley, Executive Housekeeper Paul Wright, Executive Chef

* Quality Excellence Award – 2003 and 2004

HAMPTON INN & SUITES – MURFREESBORO, TN BAYMONT INN & SUITES-MURFREESBORO, TN 2230 Armory Drive Murfreesboro, TN 37129 Telephone: 615-896-1172 * FAX: 615-895-4277 E-Mail: [email protected] Website: www.baymontinns.com Owner: Murfreesboro Innkeepers, LLC Bryan Nearn, Chief Manager 5341 Estate Office Drive, #3 Memphis, TN 38119-3636 Telephone: 901-684-1234 * FAX: 901-684-1267 Sandra Miller, General Manager (Home/Mobile: 615-477-6150) (E-mail: [email protected]) Niki Orr, Director of Sales James Miles, Executive Housekeeper Walt Overcast, Chief Engineer

(Opening Spring of 2007) 325 N. Thompson Lane Murfreesboro, TN 37129 Telephone: 615-890-2424 * FAX: 615-890-2404 E-Mail: TBD Website: TBD Owner: Host Murfreesboro, LLC Bryan Nearn, Chief Manager 5341 Estate Office Drive, #3 Memphis, TN 38119-3636 Telephone: 901-684-1234 * FAX: 901-684-1267 Sandra Miller, General Manager (Home/Mobile: 615-477-6150) (E-mail: TBD) TBD, Chief Engineer/Maintenance TBD, Executive Housekeeper TBD, Director of Guest Services

HAMPTON INN & SUITES – PIGEON FORGE, TN 2025 Parkway Pigeon Forge, TN 37863 Telephone: 865-428-1600 * FAX: 865-429-3374 E-Mail: [email protected] Website: www.hamptoninnpigeonforge.com Asset Manager: P.F. Innkeepers, LLC/ East TN Holdings, LLC/Nelson Holdings, LLC, T.I.C. Bryan Nearn, Chief Manager 5341 Estate Office Drive, #3 Memphis, TN 38119-3636 Telephone: 901-684-1234 * FAX: 901-684-1267 David Allison, General Manager (Home/Mobile: 865-719-6553) (E-mail: [email protected]) Tim Roberson, Chief Engineer/Maintenance Pam Miller, Executive Housekeeper Sherry Sorge, Director of Sales TBA, Front Office Supervisor

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HIS Brokerage Company TRANSACTIONS

NUMBER OF ROOMS

LOCATION

FRANCHISE

PETERSBURG, VA RICHMOND, VA CHESTER, VA MOBILE, AL WARNER ROBBINS, GA BENTON, AR CHARLESTON, IL ATLANTA, GA SALINA, KS CLERMONT, FL PRINCETON, IN HAMMOND, IN ASHEVILLE, NC ASHEVILLE, NC ASHEVILLE, NC MUNCIE, IN FT. LAUDERDALE, FL MADISONVILLE, KY CHARLESTON, IL MARIETTA, GA HOLLYWOOD, FL HENDERSON, KY VERO BEACH, FL GREENVILLE, MS MOBILE, AL ROSWELL, GA AIKEN, SC MELBOURNE, FL STARKE, FL YEEHAW JUNCTION, FL LAFAYETTE, IN ANCHORAGE, AK CLARKSBURG, WV FAIRMONT, WV FLORENCE, KY MORGANTOWN, WV SYRACUSE, NY MONROVIA, CA MEMPHIS, TN ATLANTA, GA MONTGOMERY, AL LANSING, MI CHATTANOOGA, TN WILMINGTON, NC MEMPHIS, TN MEMPHIS, TN COLLEGE STATION, TX NASHVILLE, TN MEMPHIS, TN BLOOMINGTON/NORMAL, IL LITTLE ROCK, AR GRENADA, MS ROSWELL, NM BLYTHEVILLE, AR LITTLE ROCK, AR MEMPHIS, TN MEMPHIS, TN SEARCY, AR

HOLIDAY INN HOLIDAY INN – SOUTH HOLIDAY INN QUALITY INN – AIRPORT QUALITY INN HOLIDAY INN HOLIDAY INN HOWARD JOHNSON – GEORGIA TECH HOLIDAY INN HOLIDAY INN HOLIDAY INN HOLIDAY INN HOLIDAY INN – AIRPORT HOLIDAY INN – TUNNEL ROAD HOLIDAY INN – EAST HOLIDAY INN HOLIDAY INN HOLIDAY INN HOLIDAY INN HOLIDAY INN RAMADA INN RAMADA INN INDEPENDENT BEST WESTERN DAYS INN – AIRPORT SHERATON INN HOLIDAY INN HOLIDAY INN – I-95 ECONOLODGE INDEPENDENT HOLIDAY INN – NORTH HOLIDAY INN – DOWNTOWN HOLIDAY INN HOLIDAY INN HOLIDAY INN HOLIDAY INN HOLIDAY INN HOLIDAY INN HOWARD JOHNSON – ELVIS PRESLEY BLVD. EMBASSY SUITE – AIRPORT RIVERFRONT INN HOLIDAY INN BEST WESTERN HAMPTON INN THRIFTY INN – EAST AUDUBON SUITES HAMPTON INN HAMPTON INN – NORTH TRINITY LANE DAYS INN – POPLAR HOLIDAY INN HOLIDAY INN – CITY CENTER HOLIDAY INN ROSWELL INN DAYS INN HOLIDAY INN – OTTER CREEK RAMADA – MT. MORIAH & I-240 HAMPTON – MILLBRANCH & I-240 SHONEY’S INN (Sub Total)

210} 150} 130} 162 130 110 117 200 105 160 97 155 150} 211} 113} 150 145 144 120 330 196 117 110 105 162 172 148 104 100 120 150 252 161 104 106 147 153 174 150 234 130 162 100 119 104 123 135 125 126 163 280 134 123 122 130 200 128 105 8,563

GROSS SALES PRICE $ 18.5 $ $ $ $ $ $ $ $ $

4.1 2.0 1.2 2.1 7.0 1.2 2.4 1.7 1.7

$ 11.4 $ 1.7 $ 1.6 $ 4.1 $ 1.7 $ 7.1 $ 12.6 $ 3.7 $ 4.5 $ 1.2 $ 4.6 $ 13.5 $ 1.2 $ 1.7 $ 1.7 $ 1.0 $ 2.4 $ 7.5 $ 4.5 $ 2.0 $ 2.1 $ 2.5 $ 4.7 $ 16.7 $ 1.5 $ 22.2 $ 1.5 $ 2.3 $ 1.5 $ 4.0 $ 2.2 $ 1.2 $ 4.1 $ 3.9 $ 2.3 $ 3.4 $ 2.0 $ 1.6 $ 1.8 $ 1.0 $ 3.0 $ 2.4 $ 4.2 $ 3.6 $227.3

Continued on next page

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HOTEL SALES (Continued)

LOCATION

FRANCHISE

COLLEGE STATION, TX ORLANDO, FL FARMINGTON HILLS, MI GRAND RAPIDS, MI MINNEAPOLIS, MN DENVER, CO INDIANAPOLIS, IN LANSING, MI LINCOLN, NE MINNETONKA, MN OKLAHOMA CITY, OK OMAHA, NE TULSA, OK WARREN, MI ARLINGTON HEIGHTS, IL BLOOMINGTON, MN DOWNERS GROVE, IL MILWAUKEE, WI CLARKSDALE, MS GREENVILLE, MS ARLINGTON, TX KNOXVILLE, TN EAGAN, MN TINTON FALLS, NJ MEMPHIS, TN AIKEN, SC STATE COLLEGE, PA CLEVELAND, TN OKLAHOMA CITY, OK GERMANTOWN, TN GREENWOOD, MS TUPELO, MS MT. PLEASANT, SC FAYETTEVILLE, NC INDIANAPOLIS, IN JACKSONVILLE, FL MONTGOMERY, AL AUGUSTA, GA GREENVILLE, SC MEMPHIS, TN MEMPHIS, TN MEMPHIS, TN MEMPHIS, TN LOUISVILLE,KY MURFREESBORO, TN BROWNSVILLE, TX GREENWOOD, SC N. LITTLE ROCK, AR MEMPHIS, TN BANNER ELK, NC MEMPHIS, TN PIGEON FORGE, TN CHARLESTON, SC MURFREESBORO, TN AUGUSTA, GA

HAMPTON INN RAMADA INN COMFORT INN COMFORT INN HAMPTON INN HAMPTON INN HAMPTON INN HAMPTON INN HAMPTON INN HAMPTON INN HAMPTON INN HAMPTON INN HAMPTON INN HAMPTON INN HOLIDAY INN EXPRESS HOLIDAY INN EXPRESS HOLIDAY INN EXPRESS HOLIDAY INN EXPRESS COMFORT INN BEST WESTERN HAMPTON CAMPUS INN RESIDENCE INN RESIDENCE INN HOLIDAY INN & OFFICE BLDG. RAMADA INN HAMPTON INN HAMPTON INN RAMADA INN COURTYARD BY MARRIOTT SITE HAMPTON INN ECONOLODGE HOLIDAY INN HAMPTON INN HAMPTON INN HAMPTON INN RIVERFRONT INN HOLIDAY INN COMFORT INN HAMPTON INN DAYS INN COMFORT INN COURTYARD BY MARRIOTT SITE HEARTLAND SELF STORAGE HAMPTON INN LAQUINTA INN HOLIDAY INN HOWARD JOHNSON HOWARD JOHNSON BEST WESTERN HAWTHORN SUITES HAMPTON INN & SUITES BEST WESTERN HAMPTON INN & SUITES DEVELOPMENT LAND

NUMBER OF ROOMS

GROSS SALES PRICE

135 $ 6.0 200 $ 6.3 135 $ 4.6 109 $ 3.5 135 $ 9.0 138 $ 8.6 131 $ 8.5 108 $ 4.1 111 $ 5.1 127 $ 5.5 133 $ 7.3 129 $ 6.8 148 $ 6.1 124 $ 3.3 125 $ 4.4 142 $ 7.7 123 $ 6.2 122 $ 5.6 93 $ 3.3 120 $ 3.7 142 $ 7.3 120 $ 1.5 120 $ 9.3 96 $ 8.1 174 $ 4.1 150 $ 1.5 121 $ 8.4 60 $ 2.2 170 $ 3.9 0 $ .8 100 $ 2.8 100 $ 3.2 158} 122} 129} 122}……………………$27.5 130 $ .9 150 $ 4.3 192 $ 4.4 123 $ 6.0 240 $ 2.2 126 $ 4.6 0 $ .8 0 $ 2.2 118 $ 4.8 147 $ .6 100 $ 2.0 206 $ 2.5 283 $ 2.5 100 $ 4.5 113 $ 6.8 100 $ 3.9 151 $ 8.8 101 $10.2 0 $ 1.0

TOTAL NUMBER OF ROOMS

15,385

$ 490.7

________________________________________________________________________

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HOSPITALITY INVESTMENT SERVICES MOUNTAINTOP MANAGEMENT REFERENCES BUSINESS: Bruce Campbell Chairman of the Board (Retired) SunTrust Bank 5353 Poplar Avenue, Suite 100 Memphis, TN 38119 901-766-5900

Kem Wilson Kemmons Wilson, Inc. 8700 Trail Lake Dr. West, Suite 300 Memphis, TN 38125 901-346-8800

Joseph V. Green, President Winston Hotels, Inc. 2626 Glenwood Ave., Suite 200 Raleigh, NC 27608 919-510-6017

Phillip McNeill, Chairman (Retired) Equity Inns, Inc. 7700 Wolf River Boulevard Germantown, TN 38138 901-754-7774

Jack Lynch Chairman of the Board Allegiant 4191 Fayetteville Road Raleigh, NC 27603 919-772-8604

William W. Simmons, Exec. VP Enterprise National Bank Crescent Center 6075 Poplar Avenue, Suite 120 Memphis, TN 38119 901-312-3505

Frank Stallworth 1st Trust Bank 6525 Quail Hollow, 3rd Floor Memphis, TN 38120 901-259-5444 PERSONAL: Thomas Dyer Sharpenet Company 6410 Poplar Ave, Suite 700 Memphis, TN 38119 901-680-5314 Earl Blankenship, Chairman/CEO CB Richard Ellis 100 Peabody Place, #1200 Memphis, TN 38103 901-528-1900

Allen T. Malone, Attorney Burch, Porter & Johnson 130 North Court Memphis, TN 38103 901-524-5157 Kenneth Edmundson, President Edmundson Northstar Companies, LLC 775 Ridge Lake Blvd., Suite 160 Memphis, TN 38120 901-766-4560

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REFERENCES (Continued) PRIOR COMPANY AFFILIATES: Barbara Beville Owner - Hampton Inn-Gatlinburg, TN LeConte Creek Partners, GP 10 Oliver Court Signal Mountain, TN 37377 423-886-7464

William G. Martin Former Owner – Best Western-Banner Elk, NC Marger, Inc., Vice President 5170 Sanderlin, Suite 205 Memphis, TN 38117 901-684-1222

D. Michael Ward Owner – Country Inn & Suites-Anderson, SC Highland Street Properties, LLC 123 Highland Street Weaverville, NC 28787 828-298-1070

Richard Clarke – EVP, Tennessee State Bank Former Owner – Rivers Landing-Pigeon Forge, TN 2210 Parkway Pigeon Forge, TN 37863 865-908-5737

Dan & Candy Pollock Former Owners – Hampton Inn-Holly Springs, MS Advantage Hotels, Inc. 9 Glen Lake Drive Pacific Grove, CA 93950 831-644-0304

Sonny Coane Former Owner – Partridge Inn-Sevierville, TN Mountain National Bank 300 E. Main Street Sevierville, TN 37862 865-428-7990

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