BAYWOOD HOTELS, INC. IS ONE OF THE NATION S FASTEST GROWING, PRIVATELY OWNED HOTEL COMPANIES, WITH OVER $800 MILLION IN ASSETS.

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BAYWOOD HOTELS, INC. IS ONE OF THE NATION’S FASTEST GROWING, PRIVATELY

OWNED HOTEL COMPANIES, WITH OVER $800 MILLION IN ASSETS. THE KEY TO OUR SUCCESS AS MANAGERS, EMPLOYERS AND DEVELOPERS IS OUR ABILITY TO CONTINUALLY OFFER SOME OF THE MOST INNOVATIVE SOLUTIONS

IN THE HOTEL INDUSTRY.

FAI R FI E LD I N N & S U ITE S G E R MANTOWN GAITH E R S B U R G Germantown, Maryland

HAM PTON I N N & S U ITE S SAN ANTON I O-D OWNTOWN / MAR K ET S QUAR E

San Antonio, Texas

H OM E2 S U ITE S BY H I LTON SAN ANTON I O AI R P ORT San Antonio, Texas

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B A Y W O O D H O T E L S —

D E L I V E R I N G V I S I O N ,

I N N O V A T O N A N D V A L U E

As investors, we’re known for our focused vision, strong values, aggressive long-range strategy and, not to mention, our product concept and development skills. But, it is our outstanding management of assets that has truly built our reputation for developing and managing well-branded hotels throughout the Mid-Atlantic, Florida, and Texas regions.

Baywood Hotels and its affiliates employ more than 1,600 associates in independent boutique hotels and branded properties that carry some of the most recognized names in the hospitality industry, including:

• Candlewood Suites by IHG

• Canopy by Hilton

• Courtyard by Marriott

• DoubleTree by Hilton

• Fairfield Inn & Suites by Marriott

• Hampton Inn & Suites by Hilton

• Hilton Garden Inn by Hilton

• Holiday Inn Express & Suites by IHG

• Home2 Suites by Hilton

• Homewood Suites by Hilton

• Residence Inn by Marriott

• SpringHill Suites by Marriott

• Staybridge Suites by IHG

• TownePlace Suites by Marriott

FAI R FI E LD I N N & S U ITE S AR U N D E L M I LLS BWI AI R P ORT Hanover, Maryland

H OLI DAY I N N E X PR E S S WALD OR F Waldorf, Maryland

H OM E2 S U ITE S BY H I LTON SAN ANTON I O AI R P ORT San Antonio, Texas

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D E V E L O P M E N T

At Baywood Hotels, our hotel development efforts are firmly rooted in proven performance. Including both the outstanding performance of our existing hotels and our years of experience delivering successful hotel projects. Our business plan relies on our finely tuned ability to identify and develop properties based on our fundamental investment criteria:

• Strong, established markets

• High barriers to entry

• Optimal concept & brand

• Innovative design

• Premium product & value

• Intense development supervision

With a vision for identifying profitable redevelopment projects in key markets, Baywood’s in-house technical expertise includes pre-construction and construction services, interior design, purchasing, and project management. Whatever the scope of your project - from a 40-room independent boutique hotel to large, full-size operations or new ground-up construction to back-to-bare wall renovations - you can count on Baywood’s award-winning design and construction team to delivery.

HAM PTON I N N & S U ITE S SAN ANTON I O N ORTHWE ST/ M E D I CAL CE NTE R San Antonio, Texas

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N E W C O N S T R U C T I O N

At Baywood Hotels, every new development project is designed, capitalized and built for long-term success, not short-term profit. Unlike many ‘fee-for-service’ developers, we know there’s more to successfully completing a project than simply completing it on time and within budget. Being hoteliers ourselves, we look at every project from that perspective. Our projects must also achieve our high standards of guest satisfaction, meet financial projections, and maintain a high level of quality over the investment period. With Baywood, you can be sure that even short-term development decisions are based upon their long-term impact on ownership

“ Al Patel and the leaders at Baywood Hotels, Inc. continue to make a significant impact on the growth of Marriott’s select service and extended stay lodging brands across the U.S. due to their tremendous commitment to developing with Marriott’s “2009 Developer of the Year” award. We look forward to continuing to partner and grow with Baywood for years to come.”

— LIAM B R OWN, Chief Operations Officer, Select Service and Extended Stay Hotels, The Americas, Marriott International, Inc.

FAI R FI E LD I N N & S U ITE S AR U N D E L M I LLS BWI AI R P ORT Hanover, Maryland S PR I N G H I LL S U ITE S B R I D G E P ORT CLAR K S B U R G Bridgeport, West Virginia H OLI DAY I N N E X PR E S S & S U ITE S BAY CITY

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R E D E V E L O P M E N T

Since Baywood acquired its first distressed asset in Richmond, Virginia in 1991, we’ve acquired a high level of expertise in redeveloping and repositioning distressed and neglected hotel properties. In fact, we’ve been repeatedly recognized for our abilities by franchisors, lenders and local governments alike. In the years since, Baywood has completed over $100 million in additional projects — everything from troubled, underperforming properties to historic redevelopments. In each case, Baywood’s meticulous planning, innovative design, and flawless execution turned an underperforming property into a truly profitable asset.

H OM E2 S U ITE S BY H I LTON BALTI M OR E D OWNTOWN Baltimore, Maryland

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R E D E V E L O P M E N T

Some of our recent development projects include: • Hampton Inn Haverhill

Haverhill, Massachussetts

• Hampton Inn & Suites San Antonio Northwest/ Medical Center

San Antonio, Texas

• Holiday Inn Express San Antonio N-Riverwalk Area San Antonio, Texas

• Holiday Inn Express Waldorf Waldorf, Maryland

• Home2 Suites by Hilton Baltimore Downtown Baltimore, Maryland

• Home2 Suites by Hilton San Antonio Downtown-Riverwalk San Antonio, Texas

• Homewood Suites by Hilton Washington, DC North/Gaithersburg Gaithersburg, Maryland

• TownePlace Suites San Antonio Downtown San Antonio, Texas

“ We are very pleased and proud of the strength of the relationship that has continued to develop between IHG and Baywood Hotels. Under the leadership and guidance of Al Patel, Baywood has become one of the leading developers and operators with over 10 properties in our system across multiple brands, segments and geographies. Perhaps one of the most unique qualities that Al and his team possess is the expertise to deliver ROI objectives to investors in either a new construction or conversion scenario. Their attention to detail and ability to drive property level dedication and morale are also noteworthy. We look forward to expanding this partnership as a new opportunities continue to surface.”

— R OLAN D S CH I CK, Regional VP, Franchise Sales & Development, InterContinental Hotels Group (IHG)

H OM E2 S U ITE S BY H I LTON BALTI M OR E D OWNTOWN Baltimore, Maryland H OM EWOOD S U ITE S BY H I LTON WAS H I N GTON, D C N ORTH /GAITH E R S B U R G Gaithersburg, Maryland HAM PTON I N N HAVE R H I LL Haverhill, Massachussetts

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I N V E S T M E N T S

The cyclical nature of business is always challenging. This is especially true in real estate and hotel development, which involve long-term investments based on what are often short-term facts.

At Baywood Hotels, we believe that successful developers are uncompromising in their investment standards during growth periods, so they will have the ability to act on the opportunities that arise in periods of decline.

That’s why we continuously strive to make sound long-term decisions, while maintaining the flexibility to diversify and quickly adapt to those inevitable changes that often disrupt even the most well managed project.

FAI R FI E LD I N N & S U ITE S BALTI M OR E BWI AI R P ORT Linthicum, Maryland

H OTE L U R BAN O M IAM I D OWNTOWN-B R I CK E LL Miami, Florida

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S PR I N G H I LL S U ITE S JACK S ONVI LLE AI R P ORT Jacksonville, Florida

M A N A G E M E N T S E R V I C E S

At Baywood Hotels, we’re known for our ‘hands-on approach’ to managing our properties. By empowering each of our associates on the property level and backing them up with the tireless support of our corporate office, we have developed a decidedly proactive approach to customer service. It’s one that recognizes that providing superior guest service is the key to profitability and lasting success.

This fundamental philosophy guides our daily operations and helps both our corporate and local property associates to develop a deeper understanding of each hotel, the local community it serves and, most importantly, the expectations of both the clientele and the associates who serve them.

S A L E S A N D M A R K E T I N G

It’s a fact that a hotel operation is only as successful as its sales and marketing strategy.

We believe that an effective strategy needs to be insightful, flexible and, above all, comprehensive if it is to successfully guide a hotel’s marketing efforts for the coming year.

Our strategies are based on realistic goals, up-to-date information and an in-depth knowledge of the local market. They are designed to help every hotel property produce incremental increases in both operating revenue and bottom line profitability.

“ Al Patel and Baywood Hotels are exemplary franchisee partners. They have numerous hotels with us and several more approved. This includes the approval of five Home2 Suites by Hilton projects, Hilton’s newly launched brand. They are truly brand pioneers and very professional to work with. In addition, they are strong operators and builders due to their extensive experience. All at Baywood Hotels are a delight to work with.”

— CRAI G MAN CE, Senior Vice President, Franchise Development, Hilton Hotels Worldwide

D OU B LETR E E BY H I LTON H OTE L STE R LI N G - D U LLE S AI R P ORT Sterling, Virginia

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D E L I V E R I N G O N T H E

B R A N D P R O M I S E

At Baywood Hotels, we’re proud of the high-quality, multi-branded, and select-service properties we represent. You can rest assured that every Baywood associate at each of these new or recently renovated properties takes professional pride in ensuring that our guests receive the friendliest experience possible.

We are especially proud of the successful, professional partnerships we have built with many of the finest names in the hospitality industry, including:

• Marriott • Hilton

• InterContinental Hotels Group (IHG)

We consider the strength of these brand alliances as a testament to Baywood’s unwavering belief in the values of commitment, teamwork and mutual respect.

HAM PTON I N N & S U ITE S BALTI M OR E N ORTH /TI M ON I U M Timonium, Maryland

S PR I N G H I LL S U ITE S B R I D G E P ORT CLAR K S B U R G Bridgeport, West Virginia

B A Y W O O D H O T E L S

7871 Belle Point Drive, Greenbelt, Maryland 20770 tel 301.345.8700 | fax 301.345.8701

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• IHG Renovation AwardHoliday Inn Miami - Doral Area, FL

• IHG Renovation AwardStaybridge Suites Miami Doral Area, FL

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• Hilton Wall of Fame 2nd_Quarter_{Hampton Inn Uvalde, TX} • Connie Award for being one of the Top 6 Hampton Inns in

North America for Property Quality and Guest Satisfaction

Hampton Inn Syracuse / Clay, NY

• Hilton Wall of Fame 1st_{& 2}nd_Quarter_{Hampton Inn Pampa, TX} • TownePlace Suites by Marriott Hotel of the Year 2014

TownePlace Suites Eagle Pass, TX

• IHG Global Partner In Safety Award Holiday Inn Express Elkridge, MD

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• Hampton Developer of the YearHampton Inn Haverhill, MA

• IHG Global Partner In Safety AwardHoliday Inn Express & Suites Columbia - East Elkridge, MD

• Hampton Movers & Shakers Award Hampton Inn Pampa, TX

• Hilton Wall of Fame 1st_{- 4}th_Quarter_{Hampton Inn Pampa, TX} • Marriott Silver Circle Award TownePlace Suites Lexington Park

Patuxent River Naval Air Station, MD

• Marriott Silver Circle Award Fairfield Inn & Suites Germantown Gaithersburg, MD

• The Uvalde Area Chamber of Commerce 2013 People’s Choice Award Hampton Inn Uvalde, TX

• Rookie Business of the Year Hampton Inn Uvalde, TX

• IHG Renovation Award for 2013 Holiday Inn Express & Suites Chambersburg, PA

• Top 100 Owners & Developers (28 of 100) Hotel Business Magazine

• Marriott CFRST Developer of the Year

• Marriott Most Improved Extended Stay Award Residence Inn Lubbock, TX

• Carlson Hotels President’s Award Country Inn & Suites Chambersburg, PA

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• Top 100 Owners & DevelopersHotel Business Magazine

• Top Third-Party Management Companies

Hotel Management Magazine

• Marriott Strongest CollaboratorFairfield Inn & Suites Baltimore BWI Airport

• Texas Chamber of Commerce Top 25 Hotels in Texas

TownePlace Suites San Antonio Downtown, TX

• Best Adaptive Use Award TownePlace Suites San Antonio Downtown, TX

• Outstanding Commitment to Keep Doral Beautiful Holiday Inn Express Miami Airport Doral Area, FL

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• Top 100 Owners & Developers (28 of 100) Hotel Business Magazine

• Marriott Silver Circle Award Fairfield Inn & Suites Germantown Gaithersburg, MD

• Marriott Most Improved Extended Stay Award Residence Inn Lubbock, TX

• Carlson Hotels President’s Award Country Inn & Suites Chambersburg, PA

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• Top Hotel Companies Hotel & Motel Management Magazine

• Hilton Lifetime Achievement Award

• DoubleTree by Hilton Developer of the Year

• Home2 Suites by Hilton Best Conversion of the Year Home2 Suites Baltimore Downtown, MD

• Marriott Gold Circle TownePlace Suites Lexington Park Patuxent River Naval Air Station, MD

• Marriott International Best Custom Project TownePlace Suites San Antonio Downtown, TX

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• Marriot CFRST Design & Construction Excellence

• Design & Construction Excellence Award Courtyard Waldorf, MD

• Design & Construction Excellence Award Fairfield Inn & Suites Germantown Gaithersburg, MD

• Marriott Silver Circle Award Courtyard Waldorf, MD

• Marriott Gold Circle Award Fairfield Inn & Suites Germantown Gaithersburg, MD

• Home2 Suites by Hilton Developer of the Year

• IHG Renovation of the Year Holiday Inn Express Saugus (Logan Airport), MA

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• AAHOA Award for Excellence

• Marriott Gold Circle Award Fairfield Inn & Suites Germantown Gaithersburg, MD

• Marriott Share Shifter Award Fairfield Inn & Suites Germantown Gaithersburg, MD

• Magic General Managers Fairfield Inn & Suites Germantown Gaithersburg, MD

• IHG Newcomer of the Year Award SStaybridge Suites Baltimore BWI Airport, MD

• IHG Priority Club Reward Members’ Choice Hotel of the YearAward Staybridge Suites Baltimore BWI Airport, MD

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BAYWOOD HOTELS

,

INC

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7871 Belle Point Drive, Greenbelt, Maryland 20770

tel 301.345.8700 | fax 301.345.8701

info@baywoodhotels.com | baywoodhotels.com

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• Marriott Gold Award Fairfield Inn & Suites Germantown Gaithersburg, MD

• Renovation of the Year Award Holiday Inn Express & Suites Fairfax - Arlington Boulevard, VA

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• IHG Renovation of the Year Holiday Inn Express Baltimore at the Stadiums, MD

• Design & Construction Excellence Award Fairfield Inn & Suites Germantown Gaithersburg, MD

• Marriott Platinum Award Fairfield Inn & Suites Germantown Gaithersburg, MD

• Hilton Garden Inn Best Conversion Award Hilton Garden Inn San Antonio, TX

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• Marriott Gold Award Fairfield Inn & Suites Germantown Gaithersburg, MD

• IHG Torchbearer Award Holiday Inn Express Chambersburg, PA

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• Gold Hospitality Award Comfort Suites Dulles Airport, VA

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• Marriott Gold Award Fairfield Inn & Suites Manassas, VA

• Silver Hospitality Award Comfort Suites Dulles Airport, VA

• IHG Newcomer of the Year Holiday Inn Express & Suites Chambersburg, PA

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STAYB R I D G E S U ITE S M IAM I D ORAL AR EA Miami, Florida F L O R I D A R E G I O N

F L O R I D A H O T E L S

• FAIRFIELD INN & SUITES Miami Airport South

• HAMPTON INN Marathon Key

• HAMPTON INN & SUITES Lakeland - South Polk Parkway • HILTON GARDEN INN Miami South Beach - Royal Polo • HOLIDAY INN Miami-Doral Area

• HOMEWOOD SUITES Miami Downtown - Brickell

• HOTEL URBANO Miami Downtown - Brickell • RESIDENCE INN Miami Airport West/Doral • SPRINGHILL SUITES Jacksonville Airport

• STAYBRIDGE SUITES Miami Doral Area

M I D - AT L A N T I C R E G I O N

M A R Y L A N D H O T E L S

• AMERICAN INN OF BETHESDA

• COURTYARD Waldorf

• FAIRFIELD INN & SUITES Arundel Mills BWI Airport • FAIRFIELD INN & SUITES Baltimore BWI Airport • FAIRFIELD INN & SUITES Germantown Gaithersburg • HAMPTON INN & SUITES Baltimore North/Timonium • HAMPTON INN & SUITES Washington, DC North/

Gaithersburg

• HOLIDAY INN EXPRESS Baltimore at the Stadiums

• HOLIDAY INN EXPRESS Waldorf

• HOLIDAY INN EXPRESS Washington DC - BW Parkway

• HOLIDAY INN EXPRESS & SUITES Annapolis • HOLIDAY INN EXPRESS & SUITES Columbia East -

Elkridge

• HOME2 SUITES Arundel Mills

• HOME2 SUITES Baltimore Downtown

• HOMEWOOD SUITES Washington, DC North/

Gaithersburg

• STAYBRIDGE SUITES Baltimore BWI Airport • TOWNEPLACE SUITES Lexington Park Patuxent River

Naval Air Station

• WINGATE BY WYNDHAM BWI Airport

P E N N S Y L V A N I A H O T E L S

• A/C BY MARRIOTT Philadelphia

• HOLIDAY INN EXPRESS Altoona

• HOLIDAY INN EXPRESS & SUITES Chambersburg

V I R G I N I A H O T E L S

• CANDLEWOOD SUITES Alexandria - Fort Belvoir

• CANDLEWOOD SUITES Richmond-South

• DOUBLETREE BY HILTONSterling - Dulles Airport • HAMPTON INN Falls Church/Seven Corners • HAMPTON INN & SUITES Alexandria

• HOLIDAY INN EXPRESS Fairfax - Arlington Boulevard • HOLIDAY INN EXPRESS & SUITES Alexandria - Fort Belvoir

• SPRINGHILL SUITES Alexandria

• SPRINGHILL SUITES Potomac Mills Woodbridge • TOWNEPLACE SUITES Alexandria - Fort Belvoir

WA S H I N G T O N, D C H O T E L S

• COMFORT INN Downtown DC/Convention Center • HAMPTON INN Washington DC NoMa Union Station • HOMEWOOD SUITES Washington DC NoMa Union Station

W E S T V I R G I N I A H O T E L S

• SPRINGHILL SUITES Bridgeport Clarksburg • TOWNEPLACE SUITES Bridgeport Clarksburg

M I D W E S T & W E S T R E G I O N S

C O L O R A D O H O T E L S

• HOME2 SUITES Denver DIA Airport

K A N S A S H O T E L S

• HAMPTON INN Kansas City - Village West

• HOLIDAY INN EXPRESS Village West

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HAMPTON INN VADODARA Vadodara, Gujarat

HAM PTON I N N SYRACU S E CLAY Liver Pool, New York

HOTELS

L O U I S I A N A R E G I O N

L O U I S I A N A H O T E L

• CANOPY BY HILTON New Orleans

• HAMPTON INN Lake Charles

• HOMEWOOD SUITES Metairie

N O R T H E A S T R E G I O N

M A S S A C H U S E T T S H O T E L S

• HAMPTON INN Haverhill

• HOLIDAY INN EXPRESS Boston North - Woburn

• HOLIDAY INN EXPRESS Saugus (Logan Airport)

N E W Y O R K H O T E L S

• CANOPY BY HILTON Ithaca

• FAIRFIELD INN Albany East Greenbush • HAMPTON INN Ithaca

• HAMPTON INN Rochester - North • HAMPTON INN Seneca Falls • HAMPTON INN Syracuse/Clay

• HAMPTON INN & SUITES Buffalo Airport • HAMPTON INN & SUITES Syracuse/Carrier Circle

T E X A S R E G I O N

T E X A S H O T E L S

• COURTYARD San Antonio SeaWorld/Lackland

• HAMPTON INN Pampa

• HAMPTON INNUvalde

• HAMPTON INN & SUITES San Antonio Airport

• HAMPTON INN & SUITES San Antonio-Downtown/Market Square • HAMPTON INN & SUITES San Antonio Northwest/Medical Center • HAMPTON INN & SUITES Selma-San Antonio - Randolph AFB • HILTON GARDEN INN Downtown Riverwalk, San Antonio

• HOLIDAY INN EXPRESS Bay City

• HOLIDAY INN EXPRESS Lackland Air Force Base

• HOLIDAY INN EXPRESS New Braunfels

• HOLIDAY INN EXPRESS San Antonio N-Riverwalk Area • HOLIDAY INN EXPRESS & SUITES San Antonio - West

SeaWorld Area

• HOLIDAY INN EXPRESS & SUITES Uvalde • HOME2 SUITES San Antonio Airport

• HOMEWOOD SUITES Lackland AFB/SeaWorld

• HOMEWOOD SUITES San Antonio Airport

• RESIDENCE INN Lubbock

• TOWNEPLACE SUITES Eagle Pass

I N T E R N AT I O N A L

I N D I A H O T E L S

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BAYWOOD HOTELS

,

INC

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7871 BELLE POINT DRIVE, GREENBELT, MARYLAND 20770 tel 301.345.8700 | fax 301.345.8701