David E. Dean

Statement of Qualifications

David E. Dean is a Managing Director in the United States Horwath HTL group working primarily in its receivership/asset management group. Mr. Dean has over 31 years experience in all aspects of the real estate industry garnered through employment in the nation's largest privately owned real estate company, one of the nation's largest institutional real estate investment firms which acquired, managed, asset managed, and sold many billions of dollars worth of real estate in public and private arenas, a major hotel syndicator that acquired, asset managed, and sold hotels worth billions of dollars, and two major CPA/hospitality consulting firms.

For eight years prior to joining Horwath HTL, Mr. Dean was Vice President of Strategic Planning & Business Research for The Irvine Company the largest privately held real estate owner with 400 high-quality office and industrial properties in Silicon Valley, Los Angeles, Orange County and San Diego, over seven million square feet of retail space in Orange County, more than 85 exceptional apartment communities with about 32,000 units throughout California's coastal regions, two luxury hotels, three golf courses, and two marinas in Orange county. He provided that company's executive and senior management with market and economic information used in the short range and strategic planning activities and developed information handling and data presentation systems and sophisticated market forecasting models covering the company's apartment, office, and residential land sales activities located in California.

Mr. Dean was the Senior Vice President/Director of Real Estate Research & Investment Analysis at SSR Realty Advisors (Formerly: The Fox Group, Montgomery Realty Investors, Metric Realty & MetLife Realty Group; now Blackrock) for 13 years where he conducted the firm's investment analysis and due diligence activities in support of nationwide hotel, office, industrial, retail (NNN), and apartment acquisitions valued at $3.5 billion. This work included analyzing acquisitions candidates from the ground up, including engineering and environmental studies, market analysis, economic and demographic analysis, operational, and financial analysis. During his four year tenure with Montgomery Realty Investors he directed real estate research and investment analysis activities in support of the nationwide acquisition of 51 hotels valued at about $619 million located in major and secondary markets throughout the U.S.

Prior to Montgomery Realty Investors, Mr. Dean worked for Laventhol & Horwath (a predecessor to Horwath HTL) and Pannell Kerr Forster, the nation's leading hospitality consulting firms at the time. While at those firms he conducted or managed scores of hotel and motel feasibility and operational studies.

Mr. Dean earned his MS in Accountancy from the College of Business Administration of the University of Houston and a BS in Hotel and Restaurant Management from the Conrad N. Hilton College of Hotel & Restaurant Management of the University of Houston, where he also taught hospitality accounting and finance.

During his career, Mr. Dean has been a member of: Lambda Alpha International (the Honorary Society for the Advancement of Land Economics), the National Association of Real Estate Investment Managers, the National Council of Real Estate Investment Fiduciaries, the Pension Real Estate Association, the International Council of Shopping Centers, the Texas State Board of Public Accountancy, the Appraisal Institute (MAI Candidate), and the American Hotel & Motel Association.

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, Dallas, Denver, Atlanta, Miami, 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.