Richard EhmerPresident415.225.5176rehmer@ehmergroup.comLicense # 00934142

Del SolMadera, CA

CONFIDENTIAL OFFERING MEMORANDUM

TABLE OF CONTENTS

EXECUTIVE SUMMARY .......................... 03

PROPERTY DETAILS ............................... 06

3D DRAWINGS .......................................... 09

LOCATION OVERVIEW .......................... 13

MAPS & SATELLITE IMAGES ................ 16

COMPETITIVE SET .................................. 18

SALES COMPARABLES ............................ 20

FINANCIAL PERFORMANCE ................ 21

Confidentiality Agreement:

The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from The Ehmer Group and should not be made available to any other person or entity without the written consent of The Ehmer Group. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. The Ehmer Group has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, The Ehmer Group has not verified, and will not verify, any of the information contained herein, nor has The Ehmer Group conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.

Del SolMadera, CA

2

EXECUTIVE SUMMARY 3

EXECUTIVE SUMMARY

Investment Highlights• Newly Opened Upper Midscale Select Service Hotel with 97 Guest Rooms - Turnkey

Opportunity.

• Priced to Sell @ $12,800,000 - $132,000/room - 10.25% Projected Cap Rate year one and a 12.75% Projected Cap Rate upon stabilization.

• Location: Prominent building in downtown Madera across the street from the Civic Center.

• New Del Sol by La Quinta Inn & Suites product. Adaptive conversion of existing building.

• Strong Lodging Market: Key Performance Indicators of Occupancy 78.5% and ADR $114.00. Steady upward trend from STR market reports of Madera / North Fresno comp set.

• Strong Brand Recognition: La Quinta Inn & Suites is a proven brand with strong customer loyalty and high retention rate with 900 locations across the US, Canada and Latin America.

Investment Overview The Del Sol a new upper midscale select service hotel located in Madera, California and is the newest member of La Quinta Inn & Suites Franchise Brand. The property consists of 97 rooms, five-story, interior corridor, full amenity upper midscale select service hotel. The hotel sits on half a city block with 56,075 square feet of usable building space and visibility from Highway 99. There are over 60,000 residents in Madera with the city’s population almost doubling in size over the past 10 years. The property is an adaptive use conversion of an existing property that will be delivered as a Turnkey Operation to the new owner at close of escrow. The property opened December of 2018.

La Quinta Inn & Suites is an internationally recognized brand with over 900 locations in the United States, Canada and Latin America. The Del Sol is new hotel brand from La Quinta Inn and Suites with a competitive set to include but not limited to a Holiday Inn Express, Hampton Inn and Springhill Suites. The new Del Sol will draw a significant percentage of customers from its central location in downtown Madera. The brand’s guest loyalty has a 50% return rate and 50% of the revenues generated come from the reservation system at each property. The guest profile is 50% business and 50% leisure. The support from a proven leader such as La Quinta Inn & Suites combined with a new Del Sol product in a very strong hotel market are all extremely positive indicators of value in this offering.

44

EXECUTIVE SUMMARYEXECUTIVE SUMMARY

Hotel SummaryWith a Year One Projected Cap Rate of 10.25%, and a sales price equating to $132,000 per room, the Del Sol presents the potential investor with incredible opportunity to acquire a new upper midscale select service hotel priced below replacement costs in a reliable and strong lodging market. The hotel will be delivered as a new turnkey operation for an operator to come in with a seamless transition at close of escrow. The hotel year one projections have significant room for improvement of Occupancy, ADR, and RevPAR and will continue to rise till stabilization under new ownership. In 2017 - 2018 the property went under an adaptive renovation of an existing building. The whole property from top to bottom to include but not limited to all major systems, roof, building exterior, common areas, parking, a new and dynamic FF&E guest room and common area package. The Del Sol opened in December of 2018. Market conditions in Madera for the competitive set according to Smith Travel Research in 2018 boasts an ADR of $114.00, an Occupancy of 78.5% and a Rev Par of $89.50. Year one projections for the Del Sol is an ADR of $107.00, Occupancy of 68% and a Rev Par of $72.76. Based on year one projections at $12,800,000 the property is priced at a 10.25% cap rate. Upon market stabilization of an ADR of $114.00 and an Occupancy of 78.5% the property will boast a 12.75% cap rate. At close of escrow, Buyer will own the property as a Fee Simple interest and will assume all operations, franchise agreement and management responsibilities at the Del Sol. This is an exciting opportunity to purchase and operate a new upper midscale select service hotel property in the Madera market, an exciting and rapidly-growing area. The City of Madera, with an increasing population and local economy, is an ideal location for this property type and offers the potential sustained ADR, Occupancy and RevPAR growth. The Del Sol is in excellent condition, priced competitively and below replacement costs and is priced to sell at $12,800,000.

PriceCap Rate (Year 1)RRM (Year 1)Number of RoomsPrice Per RoomOccupancy (Year 1)ADR (Year 1)RevPAR (Year 1)Year BuiltAdapted Conversion to Del SolLot SizeType of Ownership

$12,800,00010.25%4.9297$132,00068%$107.00$72.7619732018 56,075 Sq. Ft.Fee Simple

Investment Summary

55

PROPERTY DETAILS 6

PROPERTY DETAILS

Property OverviewNameAddressCity, State, ZIPCountyAPNZoningLocation TypeManagementProperty TierHotel ClassOwnership Type

Del Sol by La Quinta Inn & Suites317 N. G. Street

Madera, CA 93637Madera County

006-095-010General Commercial (C)

InterstateOwner / Operator

Upper Midscale Select Service3.5 Star

Fee Simple

Site DescriptionYear BuiltRoomsBuilding AreaBuildingsAdditional BuildingCorridors# of StoriesElevatorsParking

1973 & 2018 Adapted Conversion to Del Sol97

56,075 Sq Ft.One 5-Story Building

NAInterior

52 (3,000 pound capacity)

New Asphalt - 82 Spaces

Room BreakdownKing Rooms King Standard Room King Deluxe ADA Queen Double Rooms Queen Double Deluxe Queen Double ADA Total

3918183

584783

97

FranchiseFranchise Parent CompanyFranchise AffiliationStart DateRenewal Date

La Quinta Inn & SuitesDel Sol

March 29, 201720 years

TransportationHighwayAirports

Highway 99 & 145Madera Municipal & Fresno International

On-Site ParkingWake-Up Service

On Site Workout RoomWheelchair Accessible

Business Center

AmenitiesFlat Panel LED HD TV’sDaily Housekeeping ServiceComplimentary BreakfastHigh-Speed Wireless Internet Swimming Pool

77

PROPERTY DETAILS

Construction / MechanicalFoundationFramingExteriorParking SurfaceRoofElectricalElevatorCeilingFire / Life / SafetyWindowsHVAC

Reinforced Concrete SlabClass “D” Wood Frame Construction

New Stucco / Painted Cement With Plaster FinishNew Asphalt / 82 Parking Spots

New Steel Frame And Asphalt Shingles. New 240/120-Volt Electrical Service

2 (3,000 Pound Capacity) New Dropped Acoustic Tile Ceiling & Painted Sheetrock

New Wet Sprinkler SystemNew Double-Pane Windows In Vinyl Or Metal Frames

New Central In Common Areas + PTAC Units In Rooms

TelevisionsCondition of TelevisionsCoffee Makers / Deluxe Clock RadiosMicrowaves / RefrigeratorsPhone SystemVoice MailInternet Access

As Per Del Sol PrototypeNew

As Per Del Sol PrototypeNA

As Per Del Sol PrototypeYes

Yes - High Speed Wireless and Wired

Utility ProvidersElectricityGasWaterPhoneCable

PG&EPG&E

Madera Water DistrictAT&T

Comcast

Interior Room DetailHeating SystemCondition of Heating SystemCooling SystemCondition of Cooling SystemType of Bath / ShowerCondition of Bath / ShowerBathroom Tile TypeCondition of Bathroom TileType of FurnitureCondition of FurnitureWindow CoveringsCondition of Window CoveringsRoom Floor CoveringsCondition of Floor CoveringsWall CoveringsCondition of Wall Coverings

P-TacNew

P-TacNew

As Per Del Sol PrototypeNew

As Per Del Sol PrototypeNew

As Per Del Sol PrototypeNew

As Per Del Sol PrototypeNew

As Per Del Sol PrototypeNew

As Per Del Sol PrototypeNew

Room Amenities

88

FRONT ELEVATION

SIDE ELEVATION

LA QUINTA INTRODUCES ITS FRESH, NEW PROTOTYPE – DEL SOL

This guest-inspired, owner-friendly design makes a bold and inviting statement for today’s and tomorrow’s guest.

Competitive advantages for the hotel owner – The new Del Sol prototype is part of La Quinta’s overall business strategy to innovate for the benefit of our guests and hotel owners. The use of bold shapes, colors and textures creates unique and distinctive elevations on the exterior. The adaptable and scalable footprint optimizes the site and fully maximizes ROI potential.

With its unique elements and curb appeal, the Del Sol prototype is a beacon that will attract travelers to La Quinta and drive value for La Quinta hotel owners.

3D DRAWINGS - EXTERIOR 9

3D DRAWINGS - GREAT ROOM 10

ARCHITECTURAL DRAWINGS - GREAT ROOM3D DRAWINGS - FITNESS CENTER 11

3D MODELS - ROOMSROOM INTERIOR 12

13LOCATION OVERVIEW

Market OverviewKnown as the gateway to Yosemite National Park, Madera is a beautiful and growing town located in the original California wine country. The population of Madera has grow from 40,000 people to over 60,000 people in the past five years. With this type of growth and economic resurgence, the Del Sol by La Quinta Inn & Suites is in high demand. The Del Sol is a full service hotel conveniently located off Interstate-99 in Madera, CA. With the civic center and government buildings across the street the hotel is perfectly situated in the middle of downtown and ready to capitalize on business travellers, tourists and the lunch crowd. Guests are close to wine country and the Yosemite mountains. The Del Sol is close to all with the warm feeling of home.

Located in the central valley of California at the entrance to the Sierra Mountain Range, the county of Madera is ripe with opportunity and adventure. The Del Sol splits it customers between business and pleasure. With the new high speed rail being built through Madera and new shopping center soon to break ground just down the road, the Del Sol will enjoy several new revenue generators over the next several years.

Local Attractions & Points of Interest

• Ficklin Vineyards• Quad Winery• Madera Wine Trail• Birdstone Winery• Valley Bowl• ApCal Event Venue• Chateau Lasgoity• Madera Speedway• Three Monkeys Brewing Company• Skywalk Trampoline Arena• Toca Madera Winery• Yosemite Falls• Oakhurst National Parks Gallery• Home Grown Cellars• Fossil Discovery Center• Chukchansi Gold Resort and Casino• Charles Miller Museum• Glacier Point, Yosemite National Park• Half Dome, Yosemite National Park• Deadwood Pass

Major Employers in the Local Economy

• Chukchansi Gold Report - 3,000 employees• Valley Children’s Hospital - 2,900 employees• Mission Bell Winery - 800 employees• Pacific Gas & Electric - 650 employees• Span Construction Inc - 500 employees• Primerica Financial - 450 employees

LOCATION OVERVIEW 1414

LOCATION OVERVIEW 1515

LOCATION MAPS 1616

SATELLITE IMAGES 1717

COMPETITIVE SET

SpringHill SuitesThe SpringHill Suites is an 84-room three story interior corridor hotel with visibility off Highway 99. The SpringHill Suites features similar amenities, a location just south of the Del Sol and is a slightly newer building. The Hotel offers free breakfast, a pool, and free Wi-Fi Internet access. Current rates range from $96-$150 making this a “upper economy” hotel with a higher end clientele than would be targeted by the Del Sol.

Holiday Inn ExpressThe Holiday Inn Express is a 62-room hotel with signage visibility off of Highway 99 just north of the subject property. The Holiday Inn Express offers many similar services as the Wingate by Wyndham but caters to a slightly higher end clientele. Current rates range from $95 - $140 for a single bed or double bed room. This hotel offers a pool, fitness center and free wireless internet.

Competitive Properties

SpringHill Suites

Holiday Inn Express

Hampton Inn & Suites

Hampton Inn & SuitesThe Hampton Inn and Suites is a 78-room four story interior corridor hotel located north of the subject property just off Highway 99. The Hampton Inn features many similar amenities including breakfast, a fitness center, business center and outdoor pool. Current rates range from $100-$135 putting this on the higher end of the competitive set.

18

Tab 10 - Response ReportMadera, CA; BOWLES - Madera, CA Area Selected PropertiesJob Number: 955993_SADIM Staff: SS Created: February 15, 2018

STR Code Name of Establishment City & State Zip Code Class Aff Date Open Date RoomsChg in Rms J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D

57824 Springhill Suites Madera Madera, CA 93637 Upscale Class Mar 2009 Mar 2009 88 ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●56986 Hampton Inn Suites Madera Madera, CA 93637 Upper Midscale Class Jul 2008 Jul 2008 78 ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●39922 Holiday Inn Express Madera Madera, CA 93637 Upper Midscale Class Jun 2000 Jun 2000 62 ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●60495 La Quinta Inns & Suites Fresno Northwest Fresno, CA 93722 Midscale Class Sep 2009 Sep 2009 72 ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●

Total Properties: 4 300 ○ - Monthly data received by STR● - Monthly and daily data received by STRBlank - No data received by STRY - (Chg in Rms) Property has experienced a room addition or drop during the time period of the report.

201720162015

The STR Trend Report is a publication of STR, Inc. and STR Global, Ltd., and is intended solely for use by paid subscribers. Reproduction or distribution of the STR Trend Report, in whole or part, without written permission is prohibited and subject to legal action. If you have received this report and are NOT a subscriber to the STR Trend report, please contact us immediately. Source: 2018 STR, Inc. / STR Global, Ltd. trading as “STR”.

ADR ($)January February March April May June July August September October November December

2013 85.03 85.43 85.82 85.93 86.19 86.51 86.85 87.05 87.35 87.62 87.99 88.072014 88.36 88.77 89.25 89.72 90.29 91.10 91.76 92.72 93.26 93.59 94.01 94.442015 94.66 95.25 95.72 95.99 96.12 95.99 95.95 95.93 96.05 96.33 96.67 97.212016 97.33 97.77 98.09 98.78 99.24 100.29 100.80 101.64 102.52 103.32 103.86 103.582017 103.76 103.68 104.11 104.21 104.89 105.70 106.23 106.26 106.98 107.34 107.87 108.362018 108.56 109.04 109.18 109.89 110.46 110.77 111.51 112.47 112.84 113.56

RevPAR ($)January February March April May June July August September October November December

2013 54.07 54.71 55.20 55.18 55.68 56.36 57.29 57.77 57.73 57.91 58.30 58.932014 59.41 60.13 60.84 61.93 62.48 62.99 63.68 64.67 65.47 65.80 66.86 67.202015 67.59 68.20 68.64 68.84 68.55 68.73 68.61 68.94 69.47 70.32 70.54 70.762016 70.42 70.00 69.71 70.63 71.63 72.89 73.79 74.82 75.91 76.47 76.75 76.932017 77.34 77.76 78.82 78.54 79.08 79.40 80.11 80.02 80.83 81.34 82.32 82.912018 83.77 84.28 84.46 85.41 86.81 87.41 87.43 88.13 88.01 89.16

SupplyJanuary February March April May June July August September October November December

2013 109,500 109,500 109,500 109,500 109,500 109,500 109,500 109,500 109,500 109,500 109,500 109,5002014 109,500 109,500 109,500 109,500 109,500 109,500 109,500 109,500 109,500 109,500 109,500 109,5002015 109,500 109,500 109,500 109,500 109,500 109,500 109,500 109,500 109,500 109,500 109,500 109,5002016 109,500 109,500 109,500 109,500 109,500 109,500 109,500 109,500 109,500 109,500 109,500 109,5002017 109,500 109,500 109,500 109,500 109,500 109,500 109,500 109,500 109,500 109,500 109,500 109,5002018 109,500 109,500 109,500 109,500 109,500 109,500 109,500 109,500 109,500 109,500

DemandJanuary February March April May June July August September October November December

2013 69,631 70,128 70,428 70,323 70,735 71,338 72,229 72,671 72,372 72,375 72,551 73,2682014 73,628 74,173 74,642 75,585 75,779 75,715 75,994 76,378 76,876 76,988 77,870 77,9162015 78,184 78,394 78,518 78,530 78,089 78,402 78,298 78,686 79,205 79,934 79,898 79,7072016 79,225 78,402 77,818 78,297 79,032 79,586 80,151 80,607 81,077 81,038 80,921 81,3322017 81,623 82,122 82,906 82,525 82,556 82,256 82,579 82,460 82,738 82,978 83,562 83,7782018 84,489 84,636 84,701 85,107 86,064 86,405 85,859 85,799 85,410 85,972

Revenue ($)January February March April May June July August September October November December

2013 5,921,046 5,990,761 6,044,090 6,042,598 6,096,934 6,171,679 6,273,132 6,325,799 6,321,909 6,341,552 6,384,113 6,452,7442014 6,505,544 6,584,490 6,661,515 6,781,425 6,842,091 6,897,466 6,972,957 7,081,589 7,169,364 7,205,152 7,320,811 7,358,5422015 7,401,276 7,467,391 7,516,068 7,538,164 7,505,988 7,526,043 7,512,382 7,548,444 7,607,276 7,700,370 7,723,949 7,748,6992016 7,710,987 7,665,201 7,633,031 7,734,294 7,843,003 7,981,444 8,079,579 8,193,008 8,311,688 8,372,976 8,404,079 8,424,3462017 8,469,108 8,514,468 8,630,997 8,599,736 8,659,348 8,694,404 8,772,389 8,762,359 8,851,162 8,906,603 9,013,506 9,078,5582018 9,172,544 9,229,129 9,247,961 9,352,776 9,506,204 9,570,885 9,573,945 9,650,002 9,637,595 9,763,358

Twelve Month Moving Average

COMPETITIVE SET 19

SALES & ON MARKET COMPARABLES

Sold Property City State Rms Transaction Date

Price Price/Rm

Hampton Inn Cypress Cypress CA 110 Jun-15 $20,000,000 $181,818Courtyard Long Beach Airport Long Beach CA 159 Oct-15 $40,000,000 $251,572SpringHill Suites Bakersfield Bakersfield CA 119 Nov-16 $13,000,000 $109,244TownePlace Suites Carlsbad/Vista Vista CA 94 Apr-16 $15,000,000 $159,574Best Western Plus InnSuites Ontario Ontario CA 150 Jun-17 $17,500,000 $116,667SpringHill Suites Paso Robles Atascadero Atascadero CA 130 Aug-17 $25,000,000 $192,308Hyatt Place San Diego/Vista-Carlsbad Vista CA 150 Dec-17 $27,000,000 $180,000Radisson Hotel Rancho Bernardo San Diego CA 178 Dec-17 $22,800,000 $128,090Property Averages 136 $22,537,500 $164,909

On the Market Property City State Rms Transaction Date

Price Price/Rm

Holiday Inn Express Grover Beach Grover Beach CA 78 OTM $11,700,000 $150,000Holiday Inn Express Bakersfield Bakersfield CA 90 OTM $15,995,000 $177,722Country Inn & Suites Bakersfield Bakersfield CA 65 OTM $7,600,000 $116,923Comfort Inn Escondido Escondido CA 94 OTM $15,000,000 $159,574Property Averages 82 $12,573,750 $151,055

Del Sol by La Quinta Inn & Suites Madera CA 97 Market $12,800,000 $132,000

RRM Class Location Cap Rate

5.04 Upper Midscale Suburban NA5.52 Upscale Class Urban NA3.65 Upscale Class Suburban 11.2%4.57 Upper Midscale Suburban NA4.35 Upper Midscale Airport NA5.23 Upscale Class Small Metro NA4.71 Upscale Class Suburban 6.3%4.54 Upscale Class Suburban NA4.70

RRM Class Location Cap Rate

4.87 Upper Midscale Suburban NA5.51 Upper Midscale Suburban 7.7%NA Upper Midscale Suburban NA

5.88 Upper Midscale Urban NA5.42

4.92 Upper Midscale Suburban 10.25%

2020

FINANCIAL PERFORMANCE

$ % $ % $ % $ % $ %Number of Rooms 97 97 97 97 97Days in Period 365 365 365 365 365Available Rooms 35,405 35,405 35,405 35,405 35,405Occupied Rooms 24,075 25,846 26,554 27,616 27,793Occupancy 68.00% 73.00% 75.00% 78.00% 78.50%ADR $107.00 $110.00 $112.00 $114.00 $116.00RevPAR $72.76 $80.30 $84.00 $88.92 $91.06RevPAR Growth 0.00% 10.36% 4.61% 5.86% 2.41%

IncomeRoom Revenue $2,576,068 99.04% $2,843,022 98.96% $2,974,020 98.84% $3,148,213 98.75% $3,223,979 98.62%Misc Income $25,000 0.96% $30,000 1.04% $35,000 1.16% $40,000 1.25% $45,000 1.38%

Total Income $2,601,068 100.00% $2,873,022 100.00% $3,009,020 100.00% $3,188,213 100.00% $3,268,979 98.62%

ExpensesRoom Department $450,000 17.30% $475,000 16.53% $500,000 16.62% $550,000 17.25% $575,000 17.59%Administration & General $220,000 8.46% $230,000 8.01% $250,000 8.31% $270,000 8.47% $285,000 8.72%Marketing $90,000 3.46% $100,000 3.48% $108,000 3.59% $114,000 3.58% $120,000 3.67%Maintenance & Repairs $40,000 1.54% $57,460 2.00% $60,180 2.00% $63,764 2.00% $65,380 2.00%Utilities (PG&E, Water, Cable/Internet, Trash, etc.) $100,000 3.84% $110,000 3.83% $120,000 3.99% $125,000 3.92% $130,000 3.98%Franchise Fees $125,000 4.81% $135,000 4.70% $140,000 4.65% $145,000 4.55% $150,000 4.59%Professional Fees (Legal, Accounting, etc.) $25,000 0.96% $25,000 0.87% $27,500 0.91% $27,500 0.86% $30,000 0.92% Total Operating & Departmental Expenses $1,050,000 40.37% $1,132,460 39.42% $1,205,680 40.07% $1,295,264 40.63% $1,355,380 41.46%

FIXED CHARGESReal Estate Taxes (Based on New Sale Value) $140,000 5.38% $140,000 4.87% $140,000 4.65% $140,000 4.39% $140,000 4.28%Insurance $30,000 1.15% $32,500 1.13% $35,000 1.16% $37,500 1.18% $37,500 1.15%Management Fee $70,000 2.69% $75,000 2.61% $80,000 2.66% $85,000 2.67% $90,000 2.75%

Total Fixed Charges $240,000 9.23% $247,500 8.61% $255,000 8.47% $262,500 8.23% $267,500 8.18%

Net Operating Income $1,311,068 50.40% $1,493,061 51.97% $1,548,340 51.46% $1,630,448 51.14% $1,646,100 50.36%

FIVE YEAR OPERATING PROFORMA YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5

21

The ehmer GrouphospiTaliTy and invesTmenT real esTaTe

212 Sutter Street, 3rd Floor ■ San Francisco, CA 94108 ■ Tel 415-225-5176 ■ Fax 415-520-0787www.ehmergroup.com

www.hbihotels.com

Richard EhmerPresident

rehmer@ehmergroup.com415.225.5176