Dan Lesser, President and CEO, LW Hospitality Advisors LLC. Presenter: Tom Leppert, former Dallas Mayor

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1 Welcome Remarks and Introductions Market Update The Capital Markets: What Is Being Bought, Sold and Financed, and Who Is Doing It? Transaction of the Year Award Owners, Managers and Brands: Where Does the Relationship Stand? Closing Remarks and Thanks Cocktails and Networking Reception Cliff Risman, Partner, Gardere Wynne Sewell LLP Dan Lesser, President and CEO, LW Hospitality Advisors LLC Moderator: Chuck Bedsole, Managing Director - Global Leader, Hospitality & Leisure Group, Alvarez & Marsal Real Estate Advisory Services LLC Panelists: John Bourret, Managing Director, HFF Tom Cross, Managing Director, Cornerstone Real Estate Advisers Ben Leahy, Managing Director - Investment Banking Division Goldman, Sachs & Co. Bernie Siegel, Principal, KSL Capital Partners Presenter: Tom Leppert, former Dallas Mayor Moderator: Diane Parmerlee, Director - Hotel Group, Crow Holdings Capital Partners Panelists: Monty J. Bennett, Founder, Director and CEO, Ashford Hospitality Trust Tom Corcoran, Chairman of the Board, FelCor Lodging Trust Mike Deitemeyer, President, Omni Hotels & Resorts Dave Johnson, President and CEO, Aimbridge Hospitality L.P. Cindy Nelson, Partner, Gardere Wynne Sewell LLP Ballroom Foyer 3 p.m. Adjourn at 7 p.m.

Chuck Bedsole Managing Director - Global Leader, Hospitality & Leisure Advisory Services Group Alvarez & Marsal Real Estate Advisory Services LLC As founder of A&M s Hospitality and Leisure Group,

the areas of acquisitions, development, finance and marketing.

6 Chuck Bedsole Managing Director - Global Leader, Hospitality & Leisure Advisory Services Group Alvarez & Marsal Real Estate Advisory Services LLC As founder of A&M s Hospitality and Leisure Group, Chuck Bedsole has more than 30 years of industry experience, including eight years with Big Four professional service firms and five years of corporate-level experience with hospitality companies in the areas of acquisitions, development, finance and marketing. He has substantial domestic and international experience with various hospitality asset types including hotels, mixed-use resort developments, hotel condominiums, interval ownership, all-inclusive resorts and marinas. Mr. Bedsole also has significant experience with residential, commercial and industrial projects in Latin America. Mr. Bedsole's advisory experience includes strategic planning, asset management, due diligence, feasibility, valuation, marketing and financing engagements for multinational companies, capital sources, developers, financial institutions and governments in major markets in the United States, Caribbean and Latin America. Monty J. Bennett Founder, Director and CEO Ashford Hospitality Trust Monty Bennett serves as founder, director and CEO of Ashford Hospitality Trust, a REIT focusing exclusively on the hospitality industry across all segments and all levels of the capital structure, including direct hotel investments, first mortgages, mezzanine loans and sale-leaseback transactions. Ashford went public with six hotels valued at $130 million. Today, it has over $4 billion in assets. Mr. Bennett is a member of the American Hotel & Lodging Association s Industry Real Estate Finance Advisory Council and the Urban Land Institute s Hotel Council. He formerly served as a board director for Christian Union, a ministry serving Ivy League Universities. Mr. Bennett earned his B.S. and MBA at Cornell University. John Bourret Managing Director HFF John Bourret is Managing Director in the Dallas office of HFF (Holliday Fenoglio Fowler, L.P.), and is primarily responsible for institutional hotel and resort property transactions across North America. Mr. Bourret joined HFF in early 2006 and specializes in all areas of hotel commercial real estate finance including asset dispositions, partnership creation and recapitalization and debt transactions. He has been with HFF for six years and has been involved in more than $2.5 billion of commercial property transactions during his career. Throughout his career he has worked for and represented some of the most well respected real estate companies including: AREA Property Partners, Apollo Global Management, Garrison Investment Group, FelCor Lodging Trust, RLJ Lodging Trust, USAA, Bank of America, Morgan Stanley and Wells Fargo. Various 2012 transactions include the acquisition/renovation financing of the Sheraton Columbus, Doubletree RDU, and Doubletree Wilmington, refinance of the Westin DFW, the sale of the Lakeway Resort in Austin, Texas, and the sale of the St. Anthony Hotel in San Antonio, Texas.

Tom Corcoran Chairman of the Board FelCor Lodging Trust Tom Corcoran co-founded FelCor in 1991 and served as president and CEO since its formation until his appointment to chairman of the board in

Corcoran was appointed chairman of the board of Sammons Enterprises.

His management experience in the lodging and food service industries began with Brock Hotel Corp. in Topeka, Kansas. During his 11 years with Brock, Mr.

7 Tom Corcoran Chairman of the Board FelCor Lodging Trust Tom Corcoran co-founded FelCor in 1991 and served as president and CEO since its formation until his appointment to chairman of the board in Mr. Corcoran has more than 30 years of experience in the hospitality industry. After serving as independent board member since December 2010, Mr. Corcoran was appointed chairman of the board of Sammons Enterprises. Other board appointments include: past chairman of the American Hotel & Lodging Association and past chairman of the IHG Owners Association. His management experience in the lodging and food service industries began with Brock Hotel Corp. in Topeka, Kansas. During his 11 years with Brock, Mr. Corcoran's roles in the company included president and chief executive officer and a member of the board of directors of Chuck E. Cheese Entertainment Inc. Tom Cross Managing Director Cornerstone Real Estate Advisers Tom Cross is responsible for the origination, underwriting and closing of commercial loan investments for all property types, including high yield commercial real estate investments, transitional first mortgages and B-Notes. Prior to these responsibilities, he focused on multifamily development mezzanine loans for the firm s Southwestern regional office. Prior to joining Cornerstone in 2010 and its affiliate Babson Capital Management in 2000, he was with the MassMutual Investment Division since Mr. Cross earned a B.S. in Finance from Florida State University and an MBA in Business Administration from the University of Massachusetts. Cornerstone Real Estate Advisers is one of the largest, most experienced hotel investment managers, with a focus on hotels since Its dedicated equity hotel investment team has significant relationships with 13 major hotel brands and multiple operators. Cornerstone currently manages 38 hotels, with a gross market value of approximately $3 billion. Cornerstone s current debt portfolio consists of over $900 million in loans on 30 hotel properties. Mike Deitemeyer President Omni Hotels & Resorts Mike Deitemeyer is president of Omni Hotels & Resorts, which offers luxury accommodations at 50 properties in business gateways and leisure destinations across North America. Since 2004, he has established Omni as a leading luxury hotel brand known for superior quality, award-winning service and exceptional guest experiences. Under his leadership, Omni Hotels has been ranked Highest in Guest Satisfaction in the J.D. Power and Associates Guest Satisfaction Study four times since 2000 and also been noted as a top luxury brand by Harris Interactive, Conde Nast Traveler and Travel+Leisure among others. Mr. Deitemeyer has also been instrumental in the opening and acquisition of several hotels. He serves on the board for the Global Hotel Alliance, MPI Foundation and Global Hotel Network.

Dave Johnson President and CEO Aimbridge Hospitality L.P. Dave Johnson is president and CEO of Aimbridge Hospitality L.P. Mr.

Prior to joining Aimbridge, he spent 17 years at Wyndham International helping them grow from 10 hotels to over 200 at the time of his departure.

Johnson currently serves on several boards of directors, including Gaylord Entertainment, the Juvenile Diabetes Research Foundation International, Meeting Professionals International and Active

8 Dave Johnson President and CEO Aimbridge Hospitality L.P. Dave Johnson is president and CEO of Aimbridge Hospitality L.P. Mr. Johnson oversees the management of Aimbridge s entire portfolio consisting of over 80 hotels and $500 million in annual revenue. Prior to joining Aimbridge, he spent 17 years at Wyndham International helping them grow from 10 hotels to over 200 at the time of his departure. He received his bachelor s degree from Northeastern Illinois University in Business Economics, graduating with highest honors. Mr. Johnson currently serves on several boards of directors, including Gaylord Entertainment, the Juvenile Diabetes Research Foundation International, Meeting Professionals International and Active International. He serves on the Hilton Owners Council, is chairman of the Doubletree Brand Advisory Board and was recently named to Starwood s Real Estate Development Advisory Board. In 2003, he was named as one of the 25 Most Extraordinary Minds in Hospitality Sales & Marketing by HSMAI. Ben Leahy Managing Director - Investment Banking Division Goldman, Sachs & Co. Ben Leahy is global head of the Lodging Group in the Investment Banking Division at Goldman Sachs. He is active in strategic advisory transactions and capital raising efforts for companies in the lodging, ski and golf sectors. Mr. Leahy joined Goldman Sachs in 2006 and was named managing director in Prior to joining the firm, he was a principal at Banc of America Securities in the Real Estate Investment Banking Group. He also previously worked as a consultant for Wharton Econometric Forecasting Associates. Mr. Leahy earned a B.A. in History from Georgetown University. Selected transactions that he has worked on for clients include sole book manager on Hyatt Hotels' initial public offering, advising Sea Island Co. on the sale of the company and advising Intrawest Corp. on the sale of the company to Fortress. Dan Lesser President and CEO LW Hospitality Advisors LLC Dan Lesser has more than 30 years of expertise in a wide range of hospitality operational, investment counseling, valuation, advisory and transactional services. Prior to founding LW Hospitality Advisors, Dan created and served as senior managing director - industry leader of the Hospitality & Gaming Valuation Advisory Services Group at CB Richard Ellis Hotels. Prior to joining CBRE, Mr. Lesser founded and led the Hospitality & Gaming Group at Cushman & Wakefield and was a founding member of the team at HVS International. Mr. Lesser has held operational and administrative positions with Hilton Hotels Corp. and Eurotels-Switzerland. He is a graduate of the School of Hotel Administration at Cornell University, and also attended the Ecole hôtelière de Lausanne, Switzerland and Baruch College - CUNY.

Diane Parmerlee Director-Hotel Group Crow Holdings Capital Partners Diane Parmerlee is director of the Hotel Group at Crow Holdings Capital Partners.

In this role, she evaluates investment opportunities, including the selection of third party managers and franchises, acquisition and financing, renovation and capital planning, and the eventual

Parmerlee spent 12 years at Wyndham International where her most recent role was senior vice president of development.

9 Diane Parmerlee Director-Hotel Group Crow Holdings Capital Partners Diane Parmerlee is director of the Hotel Group at Crow Holdings Capital Partners. She is responsible for overseeing the acquisition and asset management of hotel investments made by the various CHCP real estate investment funds. In this role, she evaluates investment opportunities, including the selection of third party managers and franchises, acquisition and financing, renovation and capital planning, and the eventual disposition of the assets. She has been at Crow Holdings for nine years. Prior to her current position, Ms. Parmerlee spent 12 years at Wyndham International where her most recent role was senior vice president of development. During her tenure at Wyndham, she held various positions in the areas of development, finance, franchising and brand marketing. Ms. Parmerlee has a B.S. in Hotel Administration from Cornell University. Cliff Risman Partner Gardere Wynne Sewell LLP Cliff Risman chairs Gardere s Hospitality Industry Team and has a comprehensive business and real estate practice with particular emphasis on the global hospitality industry. He advises clients in the development, acquisition, financing and operation of hotel, resort and mixed-use properties throughout the United States and internationally; the structuring of domestic and foreign equity investments and formation of equity investment entities; the negotiation of management, franchise, development and design agreements; the structuring, development and marketing of whole and fractional residential ownership products and related rental program arrangements; and the structuring of management, license, use and access agreements for golf, spa and residential projects. Mr. Risman regularly publishes and speaks on hospitality, real estate and finance topics, is a member of the prestigious by invitation only International Society of Hospitality Consultants and is ranked by Chambers and Partners for Leisure & Hospitality Nationwide. Bernie Siegel Principal KSL Capital Partners Bernie Siegel joined KSL Capital Partners in June 2006, bringing over 22 years of experience in the hospitality industry. Prior to joining KSL Capital, he was executive vice president of Lowe Hospitality Group, serving as chief investment officer of its wholly owned subsidiary Destination Hotels & Resorts, a position he held since From 1995 to 2003, Mr. Siegel was managing director of the Hospitality Division of Secured Capital Corp. He has also held senior positions at Reach Associates, a real estate advisory firm, and Marriott Corp. Mr. Siegel holds an MBA from the University of Colorado and a B.A. from Cornell University's School of Hotel Administration.

10 2012 Dallas Hotel Conference Notes from the conference as well as previous years program, presentations and photos.

11 2012 Dallas Hotel Conference Notes from the conference as well as previous years program, presentations and photos.

2014 DALLAS HOTEL CONFERENCE Omni Dallas Hotel, Downtown Dallas

2014 DALLAS HOTEL CONFERENCE Omni Dallas Hotel, Downtown Dallas Welcome Remarks and Introduction Cliff Risman, Partner, Gardere Wynne Sewell LLP Market Update Presenter: Dan Lesser, President and CEO,