William J. Kottenstette

Statement of Qualifications

Mr. Kottenstette has over 25 years industry experience including 22 years consulting experience (four years with an international consulting firm and 18 years with Horwath HTL/Montgomery & Associates) performing hotel appraisals, hotel and restaurant operational analysis, market feasibility research, and financial analysis and seven years experience in hotel and restaurant operations, including hospitality marketing, strategic planning, and hotel facility management.

Mr. Kottenstette's areas of specialization and experience include the following:

• Real estate appraisals and business valuations for the hospitality industry.
• Assessment of market support for hotels and restaurants.
• Preparation of financial estimates to determine project feasibility.
• Operational studies of various hotel operating departments.
• Owner services, including development and disposition strategies, market repositioning strategies for existing hotels and restaurants and management and franchise reviews.

Mr. Kottenstette has consulted on engagements throughout the United States. Clients include property owners, hotel/motel franchise companies, hotel management companies, various independent developers and investors and multiple lending institutions.

Prior to his tenure at an internationally known hospitality consulting and accounting firm, and subsequently Horwath HTL/Montgomery & Associates, Mr. Kottenstette worked for the Potomac Hotel Group (now known as Potomac Hospitality Services), a hotel management company based in Washington D.C. Mr. Kottenstette held multiple management positions including General Manager, Resident Manager and Corporate Systems Analyst.

Mr. Kottenstette graduated from the University of Denver with a BSBA Degree in Hotel and Restaurant Management and is an Associate Member of the Appraisal Institute.

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.