1. the ultimate guest experience TM

2. CONTENTS
In the Spirit of Hospitality .............................................................3
Parent Company Profile ................................................................4
Executive Profiles ..........................................................................6
Mission, Core Values & Guest Commitment ...............................9
Operations ...................................................................................10
Human Resources .......................................................................11
Training and Development / Accounting.....................................12
Property Portfolio ........................................................................13
Brand Approvals ..........................................................................18

3. In the Spirit of
Hospitality
When I began in the hospitality is to Exemplify the Spirit of Hospitality
industry there was a phrase with Integrity, Passion and Performance.
that always exemplified what the
industry meant to me, “in the spirit of Ultima Hospitality has attracted highly
hospitality”. From a desk clerk through skilled, passionate and motivated
my days as a General Manager and on associates with proven track records in
into my career, this has always been the the industry. We have the experience
backbone of my hospitality philosophy, necessary to drive revenue and
and still fills me with the passion and profit within the market because we
drive I feel for the industry today. understand the unprecedented market
dynamics and challenges we face. What
For me personally, this phrase captures will differentiate us in the market are
the rewarding feeling I received as a not only the results that we receive but
General Manager when a guest told more importantly how we achieve those
me how wonderful their wedding was results. Ultima Hospitality will deliver
or the family that gushed about how results, we have high expectations that
wonderful their vacation had been. The we know will reap high rewards.
feeling that I received as a desk clerk
recommending a restaurant to a guest Ultima Hospitality looks forward
only to have them come back and to developing a mutually rewarding
buy me an entrée because they were relationship. In the spirit of hospitality,
so thrilled with the restaurant I had we’ve been expecting you!
recommended.
In the spirit of hospitality also captures
the family atmosphere that runs
through the hotel. The feeling that
we are all working as a team toward
the common goal of ensuring our
guests have a truly memorable guest
experience. The idea that we will not
only go above and beyond for our Warmest Regards,
guests but also for our fellow associates
and colleagues.
Ultima Hospitality is extremely excited
and proud of the company that we have Mark Zettl
built through a tremendous amount of Executive Vice President, COO
hard work and dedication. Our Mission Ultima Hospitality
3

4. Parent Company
Waterton Associates
L.L.C. is a private equity
real estate investment
firm. The principals,
Peter M. Vilim and
David R. Schwartz,
having over 50 years of
combined experience in
multi-family real estate,
launched the Company
in 1995 to sponsor
multi-family real estate
investment funds.
Through the Company’s branded multifamily operating management company, Waterton Residential, was founded in
company, Waterton Residential™, it has completed over $3 1998. With headquarters in Chicago, IL, Waterton Residential
billion in investments in 110 separate real estate transactions also has regional offices in:
involving a portfolio of over 39,000 apartment units. A sister • Washington, D.C.
company, Waterton Commercial, has separately invested • Atlanta, Georgia
over $50 million in a portfolio of commercial, industrial and • Dallas, Texas
hospitality assets. All Waterton investments are made through • San Diego, California
equity joint ventures with major financial institutions, Wall
Street Investment banks, and pension funds. The company currently operates approximately 16,000
apartment homes across 34 communities in 12 states including:
Waterton’s principals and key officers are committed to grow • Arizona • Maryland
capital for their investors and have made personal • California • Minnesota
investments in the company sponsored funds. The Company’s • Colorado • Nevada
investment strategy relies on its team of professionals who are • Florida • North Carolina
real estate veterans with expertise in managing a full cycle of • Georgia • Texas
a real estate investment beginning with acquisition of an asset, • Illinois • Virginia
creation of value add through re-positioning and renovation,
and disposition of the asset. Over the past 14 years the staff and structure have grown
significantly and the current managements’ organizational
Waterton Associates L.L.C. was founded in 1995 and the structure is as follows:
4

5. Parent Company
Continued
P r o P e r t y o P e r at i o n s
• The management is run
nationwide with a corporate staff
of 18 associates
• Includes two Vice Presidents, six
Regional Managers, a Training &
Marketing Manager, an Ancillary
Business Services Manager, a Human
Resources team, and a Capital Project
Management team
systeMs and teChnology
asset ManageMent
• Staffed by 13 associates
• Includes Systems Trainers, Systems Specialists, Network Specialists and Project • Staffed by 7 associates
Managers servicing hardware and software functions throughout the company and • The asset management team includes
our communities two asset managers supported by
specialists in portfolio and property
Waterton Residential has not only grown in terms of the number of staff members, level analysis, loan draw coordination,
it has also grown in terms of the quality of its management. Waterton Residential real estate taxes, insurance and legal
has won a collection of property management awards during their 14 years, but more entities
specifically, in 2008 Waterton Residential had six Satisfacts Award Winners, a
resident survey program, for the following properties: P r o P e rt y a C C o u n t i n g
a n d r e P o rt i n g
• 2008 - Pinnacle Ridge
• 2008 - Hidden Creek • Staffed by 10 associates
• 2008 - Monterey Lakes • Includes Property Controller, Property
• 2008 - Tantra Lakes Accounting Staff, and Accounts
• 2008 - Camino Real Payable
5

6. Executive Profiles
MarC swerdlow
President, General Counsel, Mr. Swerdlow joined Waterton in 2001. Mr. Swerdlow has
been involved in real estate investment since 1986. Prior to joining Waterton, Marc was
a Senior Investment Manager with GE Capital Real Estate where he was responsible for
structuring and closing structured debt and joint venture transactions. During his tenure
at GE Capital he was directly involved the origination and structuring of over $600
million of debt and $120 million of equity investments with a total value of $1.1 billion.
Before joining GE Capital, Mr. Swerdlow was a Senior Vice President with Heitman
Advisory Corporation for eleven years during which he was involved in the structuring
and closing of acquisitions of in excess of $1 billion and dispositions in excess of $750
million in all classes of commercial real estate. In addition Marc was involved in the
negotiation of investment management agreements with many of Heitman’s institutional
clients, including, Colorado Public Employees Retirements System and Iowa Public
Employees Retirement System. Mr. Swerdlow graduated from the University of Iowa with
a Bachelor’s Degree in Finance and holds a J.D. Degree from DePaul University. Marc is a
board member and executive committee member of the Lungevity Foundation.
Mark Zettl
Executive Vice President, COO for Ultima Hospitality, Mr. Zettl joined Waterton in 2008
after over 25 years of experience in the Hospitality field. Prior to joining Waterton, Mr.
Zettl served as Vice President of Operations for two Chicago based hotel companies whose
properties included Doubletree, Radisson, Marriott, and InterContinental. Mr. Zettl is
also the former Director of Franchise Services for InterContinental Hotel Group (IHG).
During his tenure with IHG, he was instrumental in developing the Holiday Inn Express
Brand and oversaw new hotel openings for all Holiday Inns in North America. Mr. Zettl
was also integral in hotel level training and wrote many service and revenue workshops.
As a General Manager, he has operated the Renaissance O’Hare and the Holiday Inn-
Select in Naperville, IL. Mr. Zettl holds a Bachelor of Science degree in Hotel and Resort
Management from the Rochester Institute of Technology.
alisha kalous, Phr
Vice President of Human Resources for Ultima Hospitality, Ms. Kalous joined Ultima
Hospitality in 2010, after consulting on the development of the human resources
function for Ultima Hospitality. Prior to joining Ultima Hospitality, Ms. Kalous owned
a human resources consulting firm and previously worked for the Hyatt Corporation on
the rebranding and development of the human resources platform for the select-service
division of Hyatt. Over Ms. Kalous’s hospitality career, she has worked as a Director of
Human Resources and held several operations management roles within four-diamond
resorts and luxury boutique properties, within organizations such as the Marcus
Corporation and Interstate Hotels & Resorts. Ms. Kalous holds a Bachelor of Science
degree in Business Leadership with a minor in Communication from George Williams
College and maintains her Professional Human Resources designation (PHR) as certified
through the Human Resources Certification Institute (HRCI) in conjunction with the
Society for Human Resources Management (SHRM).
6

7. Executive Profiles Continued
C Y N T H I A B O C K Vice President of Sales for Ultima Hospitality, Cynthia joined
the Ultima team in 2010. Her prior experience includes Director of Sales & Marketing for
Hyatt, Hilton and InterContinental Hotel Group hotels. Brand hotels range from full service
properties such as Hyatt Regency, Hilton Suites, Doubletree Guest Suites & Conference
Center, Crowne Plaza Hotel & Conference Center to focused service brands such as Hilton
Garden Inn and Doubletree Club. Ms. Bock’s extensive hospitality career has included
leading a “Doubletree Sales Team of the Year”, being chosen as the Chicagoland cluster
lead for Hilton hotel’s Director of Sales, Sales Trainer for regional sales teams, Independent
Consultant for the International Association of Conference Centers and opening one of
the most sought after banquet facilities in Chicago’s western suburbs; Esplanade Lakes
by Doubletree. Ms. Bock’s drive and dedication for hospitality is fueled by a passion for
leadership, training, development and overall success in moving market share. Ms. Bock
holds a Bachelor of Science degree in both Marketing & Public Relations from Bradley
University in Peoria, IL.
D A N I E L P H E L P S Vice President, Asset Management for Ultima Hospitality,
Waterton Commercial Properties, Dan began his career in the real estate industry in
1997 with Liska Management as a Building Manager where his responsibilities included
managing the aesthetics, maintenance, leasing and daily communications with tenants. In
2002, Dan worked for GVA Williams as a Broker’s Assistant; helping both sellers and
Waterton, Mr.
Phelps worked as a real estate consultant at Realogic Analytics. While with Realogic, Mr.
During this time Dan also played an instrumental role in developing a valuation model,
securitization of condominium conversions. Mr. Phelps holds a Bachelors of Science degree
in Business Finance-Real Estate from Indiana University, Bloomington.
M E G A N O ’ M A L L E Y , C P A Assistant Vice President, Corporate Accounting
Manager for Ultima Hospitality and Waterton Commercial Properties, Ms. O’Malley joined
Waterton in 2008. Her responsibilities include financial, tax, investor and third party reporting
for the Tactical Fund, Ultima Hospitality and Corporate entities. She oversees multiple
locations’ financial reporting, cash management, and budgeting processes as well as the set up
and maintenance of the accounting systems. Upon graduating Marquette University with a
Bachelor’s Degree in Accounting and International Business and subsequently a Master’s
Degree in Accounting, Ms. O’Malley joined the Audit and Assurance Practice of Ernst &
Young, LLC in Chicago. As an auditor, she received a wide breadth of accounting, auditing
and financial reporting experience applicable to private and publicly held companies both
domestic and international. As an Audit Manager, Ms. O’Malley specialized in the real estate
industry, serving both public and private clients including hospitality, private equity firms, and
real estate investment trusts. Ms. O’Malley is a Certified Public Accountant and a member of
the Illinois CPA Society and the American Institute of Certified Public Accountants. She also
serves on the Board of Directors of the Council of International Programs in Chicago.
7

8. Executive Profiles Continued
N I R L I E B L I N G , Senior Vice President, Director of Acquisitions, joined Ultima
Hospitality in 2011 and is primarily responsible for overseeing Ultima Hospitality’s
acquisition initiatives. Mr. Liebling has executed on over $2 billion in lodging
transactions across major markets in the United States. Prior to joining Ultima, Mr.
Liebling led acquisitions for Chartres Lodging Group, LLC, where he was responsible for
originating transactions, leading due diligence efforts and negotiating all key transaction-
related documents including: purchase agreements, management agreements and joint
ng Mr. Liebling
oversaw more than $200 million in equity joint venture transactions alongside prominent
roles, Mr. Liebling also served with CNL Hotels & Resorts where he was involved in
acquisitions and dispositions as well as with Ernst and Young’s Real Estate Advisory
Services practice where he was involved in the due diligence and underwriting of over
$1 billion in real estate transactions. Mr. Liebling graduated magna cum laude from the
University of Miami, holds a Master’s degree from Cornell University’s School of Hotel
Administration and an MBA from the Wharton School at the University of Pennsylvania.
8

9. Ultima Hospitality’s Mission:
Exemplify the Spirit of
Hospitality with Integrity,
Passion and Performance
u lt i M a h o s P i ta l i t y ’ s
C o r e Va l u e s :
Integrity: adherence to moral and
ethical principles; soundness of
moral character and honesty in all
that you do
Accountability: being accountable,
liable, or answerable for personal
actions & decisions
Performance: completion of tasks
with the highest level of achievement
Passion: powerful or compelling
emotion or feeling toward what you
do that exudes in your daily work,
dedication
u lt i M a h o s P i ta l i t y ’ s C o M M i t M e n t t o o u r g u e s t s :
Ultima Hospitality is committed to the service of our guests and firmly believes that our superior ability to serve the guest will
differentiate us as a hospitality company of choice. Our expectation is that our associates provide superior service to not only our
guests but also to fellow associates and vendors. We ask that as associates go throughout their day, they consider our core values
and remember our sole purpose is to serve our guests in a way that meets their expectations, going above and beyond to create
the ultimate guest experience!
ultiMa hosPitality’s CoMMitMent to our
CoMMunities
Ultima Hospitality is committed to assisting in the development of the communities
in which we are a part of. We strongly believe that our associates are the
community’s strongest asset and that by encouraging and developing opportunities
for our associates to use their talents through volunteering, the community will reap
generous rewards. Ultima participates in numerous community enrichment projects
and supports several other national and world-wide volunteer, non-for-profit and charity
based programs. Ultima’s associates build stronger communities through personal
accountability which sustains long term benefits for personal growth and engagement. It
is Ultima’s belief that this rewards the community, associate, asset and investor.
9

10. Operations
s t r at e g i C g o a l s
Strategic alignment: The strategic priorities that are transmitted, shared, and made
consistent with organizational values and behaviors.
Customer focus alignment: The strategic, performance, and people approaches
needed to focus successfully on the customer relationship.
Leadership and talent management alignment: The leadership style,
communication, motivation, commitment, and behaviors to create the necessary
climate for the organization to be productive.
Performance alignment: The processes and day-to-day behaviors and activities
that match and support the strategic priorities of the organization.
Cultural alignment: The values and beliefs of associates and the processes that
directly links them so that their behavior supports overall organizational strategy.
sales & Marketing
Ultima Hospitality is committed to acquiring only the highest level of talent
within the industry, finding dedicated leaders with a proven sales ability. As
an important asset to our team, our sales professionals are given the tools and
knowledge in order for them to succeed. Our sales professionals build upon our
core values of integrity, accountability, passion and performance to build solid,
sustainable and long-term relationships with clients and within the community.
We differentiate ourselves by approaching each hotel from an ownership
perspective, as owners ourselves.
Food & BeVerage
Ultima Hospitality is dedicated to providing our guests with food & beverage
experience that exceeds expectations and matches the positioning of the hotel
with a flare of creativity.
Our food & beverage operation focuses on running an operation that combines
profitability with special attention to service and menu items that are tailored to
the specific needs and audience of the hotel. We create only the highest quality
and most effective vendor relationships to ensure our food and beverage goals
are met.
10

11. Human Resources
Ultima Hospitality believes hr teChnology
that the human resources Taleo Our strategic talent acquisition includes the utilization of a state of the art online
applicant tracking system, Taleo Business Edition. Taleo currently works with clients like
function plays an integral
Hyatt, Hard Rock, Aramark, Hewlett-Packard, and Starbucks. Having an online system also
role in the satisfactions of allows us to build in specific filters to ensure our associates match our values and service
our associates and guests, principles. It also allows for us to recruit utilizing the last industry trends, including social
while helping to drive media. Taleo’s versatility also allows for us to integrate behavioral, background, tax credits
revenue. and drug screening as part of the on-boarding process.
Taleo allows for impressive operational results, including reductions in hiring cycle times,
cost per hire, turnover, and risk. Taleo manages all necessary reporting for Affirmative
Action and annual EEO reporting. It also allows the corporate office to have direct
oversight of all hiring practices and track training required by a variety of brands to ensure
compliance. This system directly impacts owner value through increased revenues and
decreased costs.
Ultimate Software & Kronos Kronos is our automated, biometric, time and attendance
system, reducing the risks of errors and payroll inflation common to manual processes. It
allows for detailed labor tracking reports to ensure proper payroll management, directly
impacting overall revenue. Together, with our HRIS, Ultimate Software, we are able to
provide the most automated people management, reporting and analysis.
a s s o C i at e B e n e F i t s Ultima Hospitality is committed to providing our
associates with the highest level of medical, dental and vision coverage. Additionally, with
Fidelity Investments as our 401(k) provider, we are able to offer associates assistance in
planning their retirement needs. Our entire benefits package is extremely comprehensive and
competitive within the industry.
t r a i n i n g & d e V e l o P M e n t Ultima Hospitality strongly believes in hiring
and developing the best talent in the industry, ultimately driving revenue to the bottom line.
As part of our ongoing commitment, Ultima maintains several company specific training and
development programs as well as maintaining compliance with all brand specific programs.
Ultima has developed a college management training program to develop young managers
into skilled professionals within the industry and building bench-strength within the
organization. Ultima recruits management candidates from some of the most renowned
hospitality programs in the country.
Ultima believes our true success lies within our associates therefore, we continuously strive to
train and develop the best and brightest in the industry, assisting our associates to succeed at the
highest possible level.
11

12. Accounting
As part of Ultima’s
ongoing commitment
to use only the highest
quality vendors, we
have an accounting
system that is robust and
versatile.
M3aCCknowledge
M3 AccKnowledge links the properties and corporate office to a common site.
Data is entered directly into the system at the property level. This reduces the
cost, time, and inefficiency of two or more people handling the same
paperwork. Management has immediate, same-day daily reports
and on-demand financial reporting including general
ledger, accounts payable and inventory management. This
also allows management to spend less time hunting and
gathering information and more time guiding associates and
satisfying guests.
12

13. Property Portfolio
doubletree by hilton Chicago – north shore Conference Center
Location:
• Skokie, Illinois
• 18 miles north of downtown Chicago
• 15 miles from O’Hare Airport
• Excellent location in Skokie, Illinois, a block from Westfield Old Orchard
Shopping Mall, the North Shore’s premier shopping destination.
Project Description:
• 367 Rooms
• Over 22,000 square feet of meeting space
• Features a Jameson’s Charhouse restaurant
• Acquired in 2006 in an 80/20 joint venture with Oxford OBG
• Sole ownership and management of the property as of December 1, 2010
Investment Highlights:
• Asset holds the International Association of Conference Centers (IACC)
designation making it one of the prominent meeting, conference and banquet
centers in the Chicago North Shore
• Completed $19.9 million renovation in 2007
• Purchased at a significant discount to replacement value
13

14. Property Portfolio
embassy suites Portland
Location:
• Portland, Maine
• Largest city in the state
• 115 miles north of Boston
• Located at the Portland International JetPort
• Less than five miles from downtown Portland and the Old Port District which is
the largest port in the state
Project Description:
• 119 Rooms
• 2,300 square feet of flexible meeting space
• Acquired in late 2007 in a 95/5% joint venture with the RIM Corp.
• Post-closing JPMorgan entered into an 85/15% joint venture of Waterton’s 95%
Investment Highlights:
• Completed $4.2 million renovation in 2009 positioning the hotel as one of the
premier branded lodging assets in the market
• Located at the Portland International JetPort, the Embassy Suites hotel provides
an upscale lodging experience for business and leisure travelers alike
• The suites product provides a tremendous value to the customer
14

15. Property Portfolio
sheraton Madison
Location:
• Madison, Wisconsin
• 2nd largest city in the state
• Minutes from State Capital & Big Ten University
• Across from the Alliant Energy Center
• Less than 10 miles from the Dane County Regional Airport
Project Description
• 239 Rooms
• Over 17,000 square feet of meeting and exhibition space
• Acquired in 2007 in an 85/15% joint venture with the Marcus Corp.
Investment Highlights:
• Completed $4.6 million renovation in 2008, included updates to the common
areas, meeting facilities and guestrooms
• Located in a high barriers-to-entry market
• Property offers convenient access to the State Capital, University of Wisconsin-
Madison central campus and Alliant Energy Center
15

16. Property Portfolio
westin great southern
Location:
• Columbus, Ohio
• 15th largest metro area in the US
• State Capital & Big Ten University
• South end of CBD
• Across from new state courthouse
Project Description:
• 188 Rooms
• Over 12,000 square feet of meeting space in 10 rooms
• Two F&B outlets: High Street Grill and Thurber’s Bar
• Acquired in 2007 in an 85/15% joint venture with the Marcus Corp.
Investment Highlights:
• With the completion of a $9.2 million renovation in 2008, the property now
provides the state-of-the-art amenities expected by today’s travelers
• Premier hotel destination in the market
• Famous historic hotel, first opened in 1897, located within the downtown
business district
• The property’s signature 4,200 square foot Grand Ballroom provides an
unforgettable setting for up to 450 guests
16

17. Property Portfolio
Sheraton Framingham Hotel & Conference Center
Location:
• Framingham, Massachusetts
• Framingham/Natick is located within the Boston “Metro West” submarket
• 20 miles west of Boston CBD
• Direct access to the most heavily traveled east/west thoroughfares
(Mass Turnpike [HWY 90] and Worcester Road [Route 9] as well as being
strategically located between the areas two major north/south expressways (I-95
and I-495)
• 25 miles from Logan International Airport
Project Description:
• 375 Rooms
• Over 21,000 square feet of meeting space including a 8,500 square foot
Grand Ballroom
• Two F&B outlets: Molly Malone’s and J. Witherspoons
• Acquired in 2011 in a joint venture with AREA Property Partners
Investment Highlights:
• Asset holds the International Association of Conference Centers (IACC)
designation making it one of the prominent meeting, conference and banquet
centers in the market
• Property underwent approximately $13.4 million in renovation in 2008 to soft
goods, lobby and the IACC Conference Center
• Immediately adjacent to the areas 2 largest employers: the World Headquarters of
Staples, Inc. and Genzyme Corporation, one of the world’s leading biotechnology
companies
17

18. Brand Approval
H I LT O N W O R L D W I D E
• Hilton
• DoubleTree by Hilton
• Embassy Suites
• Homewood Suites
S TA R W O O D H O T E L S A N D R E S O R T S
• Sheraton
• Element
I N T E R C O N T I N E N TA L H O T E L S G R O U P
• Crowne Plaza
• Holiday Inn
• Holiday Inn Express
• Staybridge Suites
18