A. Corey Limbach

Statement of Qualifications

A. Corey Limbach is a Managing Director with Horwath Hospitality & Leisure, part of for the United States Horwath HTL Group. Mr. Limbach possesses consulting experience encompassing over 25 years in the hospitality industry. Throughout his career, Mr. Limbach has provided detailed market and financial analysis for numerous complex hospitality projects. He has specialized in initial project planning and feasibility analysis for proposed new real estate developments including hotels, resorts, conference centers and mixed-use real estate projects.

During the course of his career in the hospitality industry, Mr. Limbach has worked on numerous international projects including consulting on master-planned resort developments in Tahiti, Indonesia, Malaysia, Australia and Mexico.

In addition to providing consulting on hundreds of hotels, Mr. Limbach has provided market and financial analysis for recreational facilities including golf clubs, ski resorts, and spas. Further specialized consulting services have focused on market positioning, financial structuring and operations for real estate projects including condominium, fractional and timeshare developments.

Mr. Limbach regularly provides assistance to financial institutions in their underwriting of hotel assets and portfolios. Underwriting duties include property inspections, market assessment, contract review, and financial analysis.

Mr. Limbach has been a valued advisor to public agencies such as cities, counties and redevelopment agencies with focus on the economic benefits of hospitality development entailing hotels, convention and conference centers.

Mr. Limbach received his Bachelor of Arts degree from the University of California where he was graduated with honors. He is a licensed Real Estate Salesperson in California and has participated in both the sale of and financing for many hospitality properties. Mr. Limbach has been a featured speaker and guest lecturer on hotel real estate market and finance issues at numerous industry conferences and university programs respectively.

Horwath HTL is the world's largest hospitality advisory firm with 57 offices in 32 countries with professionals dedicated to the hospitality industry. The Horwath HTL group has focused specifically on providing real estate, financial and contractual advisory services to its hospitality industry clients for over 90 years.

The North American offices are located in San Francisco, Los Angeles, Phoenix, Las Vegas, Dallas, Denver, Atlanta, Toronto, Montreal, Santo Domingo and Mexico City.

The company is a member of Crowe Horwath International – a network of certified public accounting firms with more than 400 offices worldwide.