The Expertise in Real Estate You Expect

The Specialization in Hospitality You Need

www.lwhospitalityadvisors.com

Mission……………….........…….....………… 3

Services Provided……………….......……... 5

Engagements………..............………........ 10

Clients…………………............................... 12

The Team...……………..………....……...... 15

Testimonials……………….............……….. 24

Alliances…………………...............…........ 29

LW Hospitality Advisors (LWHA) specializes in a wide

range of advisory, valuation, feasibility, investment

counseling, asset management, property management,

and transactional services focused on hotels, resorts,

gaming properties, and conference center assets

worldwide.

LWHA works with corporate, institutional, and individual

clients, as well as with municipalities and governmental

agencies on all facets of hospitality real estate.

LWHA is a leading hospitality valuation and advisory

services firm whose executives have more than 70 years

of combined broad hotel experience. The firm was founded

by Daniel H. Lesser, a renowned authority on hotel

feasibility and valuation. Mr. Lesser is a highly sought after

expert who is widely published and a frequent speaker at

leading hotel and real estate conferences and lecturer at

prestigious institutions of higher education, including

Cornell University, Columbia University, and New York

University.

Mission

Mission

LWHA professionals are passionate about serving their

clients with utmost professionalism, providing a high

quality of unbiased due diligence in a timely and cost

effective manner. LWHA professionals are known for

offering a premier level of service and work product.

LWHA’s clients include a “Who’s Who” of lodging

industry market participants including: owners,

operators, lenders, attorneys, investment banks, and

public agencies.

Hotels are very complex real estate assets that are

intertwined with going business concerns and can only

be appropriately underwritten and analyzed by

dedicated lodging experts. LWHA is staffed with career

hospitality specialists focused exclusively on the lodging

and gaming sectors. All members of the firm are

graduates of accredited hotel schools and possess

extensive lodging operational, valuation, advisory, and

asset management experience.

Services Provided

Advisory & Consulting

LW Hospitality Advisors (LWHA) provides high-touch customized advisory and consulting services

to a broad array of clients. Our experience through changing economic cycles has provided us the

ability to effectively navigate today’s opportunities and challenges to provide unparalleled advice.

LWHA offers a unique combination of experience in hotel operations, hotel transactional work and

hotel ownership, which in turn provides our clients with a thorough and hands-on understanding of

the hotel business alongside the business of hotels.

• Comparable Sales Analysis

• Critical Asset Review

• Development / Refurbishment / Renovation

& Repositioning Cost Analysis

• Development Services

• Discounted Cash Flow Analysis

• Economic Feasibility Analysis

• Economic Impact Analysis

• Facilities Planning & Development

Consulting

• Fairness Opinions

• Highest & Best Use Analysis

• Market Supply & Demand Study - Occupancy

& Average Rate Projections

• Market Study – Projections of Income &

Expenses

• Mixed Use Asset Strategy Consulting

• Property Tax Assessment Appeal Evaluations

• Repositioning Consulting

• Restaurant Consulting

• Return On Investment Analysis

• Site Selection & Evaluation

• Third Party Independent Reviews

• Transactional Advisory

For more information on our Advisory & Consulting services, please visit our website: http://www.lwhospitalityadvisors.com/what-we-do/advisory-consulting

Appraisal & Valuation

LW Hospitality Advisors offers dynamic well researched and highly credible hotel real estate

appraisal/valuation related services. LWHA appraisals on all types of lodging assets are prepared

by highly skilled valuation professionals degreed in hotel management, experienced in hospitality

operations and knowledgeable in hotel real estate and finance.

Appraisal/Valuation of:

• Building/Improvements

• Business

• Furniture, Fixtures, & Equipment

• Land

• Real Estate

Valuation Types & Interests:

• Debt

• Equity

• Fee Simple

• Insurable Value

• Investment Value

• Leased Fee

• Leasehold

• Liquidation Value

• Market Value

• Mezzanine Financing

• Partial Interest

Lodging Property Types:

• Conference Centers

• Casinos

• Hotels

• Mixed Use Facilities

• Resorts

• Spa & Wellness

• Timeshare/Fractional Ownership Properties

Lodging Company Types:

• Franchise Company

• Hotel Property Ownership

• Management Company

Valuation Purposes:

• Condemnation

• Damages Calculations

• Estate

• Financing

• Gift Tax

• Partnership Reporting

• Property Tax

• Purchase Price Allocations

Asset & Property Management

LWHA Asset & Property Management Services offers a comprehensive range of customized asset

management and advisory services to maximize the profitability, value and potential of all types of

hospitality organizations. Furthermore, as a third-party independent hotel management company,

LWHA Asset & Property Management Services is committed to delivering excellence in hotel

operations, profitability, and guest service through a hands-on approach and practical experience.

• Asset & Property Management

• Brand and/or Management Selection &

Negotiation

• Capital Budgeting

• Food & Beverage / Restaurant Consulting

• Hospitality Property Management

• Interim Property Management

• Internal Control / Accounting Analysis

• Investment Counseling / Due Diligence

• Loan Restructuring / Workouts

• Operational Review & Analysis

• Property Tax Assessment Appeal

Evaluations

• Receivership

• Sales and Marketing Services

• Staffing, Wages & Benefits Analysis

• Strategic Planning & Investment Analysis

For more information on our Asset & Property Management services, please visit our website: http://www.lwhospitalityadvisors.com/what-we-do/asset-property-management

Dispute Analysis & Litigation

LW Hospitality Advisors (LWHA) Dispute Analysis & Litigation Support services provides a range of

services focused on lodging real estate-related complex litigation involving property economic

issues, dispute analysis, damages theory and trial support services. LWHA possesses core

competencies in property valuation, economics, finance, statistics, damages theory, and expert

witness testimony. Coupled with quantitative and technical skills and wide ranging operational hotel

experience, this practice provides the benefit of a multi-disciplinary approach to problem solving

characterized by collaboration, specialized expertise and recognized thought leadership. Our clients

include law firms, government entities, developers, investors and lenders.

Dispute Analysis Dispute analysis occurs at the earliest stages of every engagement to identify the relevant technical issues

and to provide a thorough understanding of the real estate and financial components of the case. LWHA

experts vet case issues, providing context and clarity to property and financial issues. We also assist counsel

in decisions regarding whether to pursue litigation, alternative dispute resolution options, or other courses of

action.

Litigation Consulting LWHA assists attorneys in identifying key issues, developing case strategies, and identifying potential

experts.

Expert Testimony LWHA provides expert testimony relating to property economics and damages issues.

Trial Support LWHA assists in framing trial issues, the preparation of rebuttal reports and post-trial memoranda, and in the

preparation of cross examination.

For more information on our Dispute Analysis & Litigation Support services, please visit our website: http://www.lwhospitalityadvisors.com/what-we-do/litigation-support

Engagements

United States • ALABAMA

• ALASKA

• ARIZONA

• ARKANSAS

• CALIFORNIA

• COLORADO

• CONNECTICUT

• DELAWARE

• DISTRICT OF COLUMBIA

• FLORIDA

• GEORGIA

• HAWAII

• IDAHO

• ILLINOIS

• INDIANA

• IOWA

• KANSAS

• KENTUCKY

• LOUISIANA

• MAINE

• MARYLAND

• MASSACHUSETTS

• MICHIGAN

• MINNESOTA

• MISSOURI

• MISSISSIPPI

• MONTANA

• NEBRASKA

• NEVADA

• NEW HAMPSHIRE

• NEW JERSEY

• NEW MEXICO

• NEW YORK

• NORTH CAROLINA

• NORTH DAKOTA

• OHIO

• OKLAHOMA

• OREGON

• PENNSYLVANIA

• RHODE ISLAND

• SOUTH CAROLINA

• SOUTH DAKOTA

• TENNESSEE

• TEXAS

• UTAH

• VERMONT

• VIRGINIA

• WASHINGTON

• WEST VIRGINIA

• WISCONSIN

• WYOMING

International • BAHAMAS

• CANADA

• CAYMAN ISLANDS

• FIJI ISLANDS

• GUAM

• ISRAEL

• MEXICO

• PUERTO RICO

• UNITED KINGDOM

• US VIRGIN ISLANDS

• BARBADOS

• JAMAICA

• NEVIS

• ST. LUCIA

• ST. MAARTEN

Clients

Lenders & Investment Banks

Hotel Companies / Publicly-Traded REITS

Private Equity Funds & Developers

For a complete list of clients we have serviced, please visit our website: http://www.lwhospitalityadvisors.com/clients/client-list

Law Firms

Municipalities

Miscellaneous

For a complete list of clients we have serviced, please visit our website: http://www.lwhospitalityadvisors.com/clients/client-list

The Team

Daniel H. Lesser, President & CEO of LW Hospitality

Advisors, brings more than 30 years of expertise in a wide range of hospitality operational, investment counseling, valuation, advisory, and transactional services. He provides services to corporate, institutional, and individual clients as well as public agencies on all facets of hospitality real estate including: litigation support and expert testimony, site evaluation, highest and best use analysis, appraisals for mortgage, acquisition, and portfolio management, workout strategies, operational analysis, property tax assessment appeal evaluations, economic impact studies, deal structuring, and fairness opinions. Mr. Lesser earned a Bachelor of Science degree in Hotel Administration from Cornell University, and also attended the Ecole hôtelière de Lausanne, Switzerland and Baruch College - City University of New York.

Evan Weiss serves as Executive Managing Director, Principal

of LW Hospitality Advisors. He was previously an associate at CBRE Hotels – Hospitality & Gaming Valuation Advisory Services Group, where he was awarded Silver and Gold production awards during each year of his tenure. He also received the Valuation Services Professional of the Year Award for the Tri-State region in 2007. Prior to joining CBRE, Mr. Weiss held the executive position of Director of Operations for CARINO Hotels & Resorts in New York, a sales and marketing firm representing 75 luxury hotels throughout the globe. Mr. Weiss was the first official hire for this firm and grew the entity by recruiting twenty professionals around the world. He holds a Bachelor of Science degree in Hotel and Tourism Management from New York University Preston Robert Tisch Center for Hospitality, Tourism and Sports Management.

Meet the Team

For complete team bios, please visit our website: http://www.lwhospitalityadvisors.com/team

Gary Isenberg currently serves as President, Asset and

Property Management Services for LW Hospitality Advisors. In Gary’s current role he is responsible for heading up the Asset Management and Hotel Management Division. Gary has over 28 years of diversified Hospitality experience in Hotel Management, Finance, and Asset Management. Prior to joining LWHA, Mr. Isenberg most recently served as Chief Operating Officer for Field Hotel Associates (FHA), a privately held hotel development, ownership and management Company. During his time with FHA, Mr. Isenberg led the development and opening of several hotels, spearheaded multiple re-organization and repositioning initiatives, and developed numerous revenue generating and cost cutting programs.

Mr. Isenberg’ career in the hospitality industry began at ITT Sheraton, now Starwood Hotels and Resorts, as a corporate Trainee. During his 16-year tenure at Starwood Hotels & Resorts, he was rapidly promoted over a series of increasingly responsible positions, mergers and acquisitions, at both the corporate and property level, in the disciplines of finance and operations.

Tony Jenkins serves as Managing Director for LW Hospitality

Advisors, bringing more than 25 years of experience in a wide range of hospitality operational, valuation and advisory services. He provides services to corporate, institutional and individual clients on many facets of hospitality real estate including: expert testimony, site evaluation, highest and best use analysis, appraisals, and feasibility and market studies. Most recently, Mr. Jenkins served as Vice President with PKF Consulting USA. He earned a Bachelor of Science degree in Hotel Administration from the University of Southern Mississippi.

Meet the Team

For complete team bios, please visit our website: http://www.lwhospitalityadvisors.com/team

Jonathan Jaeger currently serves as Managing Director

with LW Hospitality Advisors, based in New York City. He graduated with a Bachelor of Science from the Boston University School of Hospitality Administration in addition to a minor in Business Administration from the Boston University School of Management. Prior to joining LWHA, Mr. Jaeger had been with Pinnacle Advisory Group from January of 2008 through January of 2014. He began as a Consultant in the Boston office and was promoted to Vice President and head of the New York Practice. During his tenure, Mr. Jaeger was involved in the execution of over 300 consulting and valuation assignments throughout the United States.

Lily Lesser is the Director of Operations for LW Hospitality

Advisors, where she is responsible for coordinating the firm’s daily activities. A graduate of Tel Aviv University and the Dina Academic School of Nursing, Ms. Lesser rose to the rank of Lieutenant in the Israel Defense Forces medical corps. Her broad professional experience includes development and managerial roles with several New York City medical and insurance practices. During 2009 Ms. Lesser was elected a Trustee and also serves as President of the Sisterhood of Temple Emanuel of Great Neck.

Meet the Team

For complete team bios, please visit our website: http://www.lwhospitalityadvisors.com/team

Brian R. Biggs opened the firm’s third office and serves as

Senior Vice President based in Orlando, FL, bringing more than 25 years of experience in a wide range of hospitality financial, operational, valuation, and advisory services. Mr. Biggs provides services to corporate, institutional and individual clients on many facets of hospitality real estate including: expert testimony, site evaluation, highest and best use analysis, appraisals, and feasibility and market studies. Mr. Biggs earned a B.S. in Accounting from the University of Texas at Dallas – School of Management.

Ellen Sooyon Park currently serves as Vice President for

LW Hospitality Advisors, based in New York City. Ms. Park earned a Bachelor of Science degree in Hotel and Tourism Management from New York University Preston Robert Tisch Center for Hospitality, Tourism and Sports Management. She holds significant operational experience in various independent and branded hotels, including The James New York and Chicago, The Alex Hotel, Hotel Indigo – Chelsea, Hotel Roger Williams, and Millenium Hilton. Her most recent professional experience at Denihan Hospitality Group included introducing a recognized and growing brand to the New York hotel market. Her sales and marketing contributions at the Hotel Indigo – Chelsea and Hotel Roger Williams included analytical and strategic insights to the 2009 Annual Marketing Plan and creation of report and business proposal templates for a brand new property, respectively.

Meet the Team

For complete team bios, please visit our website: http://www.lwhospitalityadvisors.com/team

Michelle LaRocca currently serves as Vice President for LW

Hospitality Advisors, based in New York City. Prior to joining, she spent three years at Deutsche Bank as an Associate in the Leveraged & Structured Finance group within Credit Risk Management. During her undergraduate career, she gained varied experience in the Hospitality industry through positions in Development, Revenue Management, Event Planning, and Restaurant Operations. Ms. LaRocca obtained a Bachelor of Science degree in Hotel & Tourism Management from the NYU Preston Robert Tisch Center for Hospitality, Sports, and Tourism. She was honored at graduation with the Bunny Grossinger Award for exhibiting outstanding leadership, and remains an active member of the Tisch Center Alumni Society.

Michael Travers serves as Vice President for LW Hospitality

Advisors, based in Atlanta. Prior to joining the firm, he has had experiences in both the financial and hospitality industries. Michael worked at Morgan Stanley for a financial advisor, giving him knowledge of various financial markets. At the Hotel Beacon in New York City Michael worked in the executive office of the hotel, where he managed various projects for different departments within the hotel. Most recently, he worked at a hotel online reservation site, gaining knowledge of hotel revenue management. Mr. Travers holds a Bachelor of Science Degree in Economics from Fairfield University.

Meet the Team

For complete team bios, please visit our website: http://www.lwhospitalityadvisors.com/team

Kurt Strauss serves as Managing Director for LWHA Asset &

Property Management Services, based in New York City. Prior to joining the firm Mr. Strauss held the position of General Manager (Regional) with Magna Hospitality Group, and focused on supporting the Vice Presidents in assessing hotel performance, renovations oversight, as well as construction management. Previously, Mr. Strauss served as General Manager for Synergy Hospitality at both the Crowne Plaza New York LaGuardia as well as the Crowne Plaza Philadelphia West. Prior to moving to the Northeast, the Johnson & Wales University graduate spent three years working with Abercrombie & Kent Destination Clubs overseeing Florida Operations responsible for $11 Million in annual revenues and $33 Million in asset management.

Robert Van Laer currently serves as Senior Associate for LW

Hospitality Advisors, based in New York City. In addition to being a native New Yorker, Mr. Van Laer holds significant hospitality operational experience accumulated in Belgium, Greece, and Switzerland with both independent and chain-affiliated hotels. His in-depth knowledge of the hospitality industry has served him well in performing market and feasibility analyses for not only the hotel and restaurant industry, but also the distilled beverage industry. Mr. Van Laer holds a Bachelor of Science in International Hospitality Management from EcoleHôtelière de Lausanne with a specialization in Finance (Corporate; Market; Real Estate).

Meet the Team

For complete team bios, please visit our website: http://www.lwhospitalityadvisors.com/team

Spencer Davidson graduated from Boston University in 2012

with a Bachelor’s Degree in Hospitality Administration. Currently, Mr. Davidson serves as a Senior Associate for LW Hospitality Advisors, and has been with the company providing extensive valuation and appraisal services. He has extensive experience in both hotel and restaurant operations and had most recently held a position as Operations Manager at Dos Caminos in New York City, a $13 million/yr restaurant property within BR Guest Hospitality. Additionally, he has worked for companies such as Tao Restaurant Group, Hilton Hotels under Briad Hospitality Group, and independent 5-star luxury hotel property, The Chancery Court Hotel, in London, UK.

David Eskander currently serves as Assistant Vice President

for LWHA Asset & Property Management Services. Mr. Eskander holds a Bachelor of Science degree from the School of Hotel Administration at Cornell University. He is also a member of the Cornell Hotel Society and HSMAI. Mr. Eskander most recently served as Area Sales Manager at Highgate Hotels overseeing key accounts for the Crowne Plaza Times Square and Park Central Hotel. During his tenure at Highgate, Mr. Eskander was instrumental in establishing new accounts and developing strong relationships between the sales and operations teams. His success at Highgate led him to be promoted three times within his first two years at the company and was selected as Manager of the Year in 2011 while with Hilton New York Fashion District.

Meet the Team

For complete team bios, please visit our website: http://www.lwhospitalityadvisors.com/team

Soo Yeon Noh is an Associate of LW Hospitality Advisors.

Prior to joining full time, Soo served as an intern at the firm for two semesters. She also gained varied experience in the Hospitality industry through positions in Real Estate Acquisitions, Revenue Management, Development, Purchasing, Sales and Marketing during her undergraduate career. Soo received a Bachelor of Science degree in Hotel & Tourism Management from the NYU Preston Robert Tisch Center for Hospitality, Sports, and Tourism, concentrating in Hotel Development.

Michael Cline serves as an Associate of LW Hospitality

Advisors. Prior to joining the firm, he gained operational experience in a variety of hotels and resorts including Anchorage by the Sea, The Statler Hotel, and the JW Marriott San Antonio Hill Country Resort. While working at the front desk at Anchorage by the Sea in Ogunquit, Maine, Michael interacted with all departments gaining extensive knowledge of hotel operations. Most recently, Mr. Cline acquired experience in food and beverage operations while interning at the JW Marriott San Antonio Hill Country Resort. Mr. Cline holds a Bachelor of Science degree in Hotel Administration from the Cornell University School of Hotel Administration.

Meet the Team

For complete team bios, please visit our website: http://www.lwhospitalityadvisors.com/team

Testimonials

Testimonials

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Testimonials

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Testimonials

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Testimonials

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Alliances

Alliances

Alliances

570 Seventh Avenue, Suite 805

New York, NY 10018

United States of America

T 212.300.6684

www.lwhospitalityadvisors.com

Atlanta Office

180 Interstate North Parkway, Suite 250

Atlanta, GA 30339

United States of America

T. 404.220.7704

Orlando Office

5728 Major Boulevard, Suite 215

Orlando, FL 32819

United States of America

T. 407.301.2999