900 Peninsula Corporate Circle - CapasGroup Realty … · development land known as the 900 Peninsula Corporate Circle (the “Property”), which is currently entitled for 81,892

900 Peninsula Corporate Circle3.76 ACRE HOTEL SITE FOR SALEBOCA RATON, FLORIDA

CONFIDENTIAL OFFERING MEMORANDUM

Offering Memorandum Disclaimer

Christopher Thomson, SIORSenior Director+1 561 227 [email protected]

Christopher J. Metzger, SIORExecutive Director+1 954 938 [email protected]

For more information, please contact one of the following individuals:

This Confidential Offering Memorandum (“Memorandum”) is being delivered subject to the terms of the Confidentiality Agreement (the “Confidentiality

Agreement”) signed by you and constitutes part of the Confidential Information (as defined in the Confidentiality Agreement). It is being given to you for the sole

purpose of evaluating the possible purchase of the 900 Peninsula Corporate Circle, Boca Raton, Florida (the “Property”), and is not to be used for any other

purpose or made available to any other party without the prior written consent of Managing Member, or its exclusive broker, Cushman & Wakefield. This

Memorandum was prepared by Cushman & Wakefield based primarily on information supplied by the Managing Member. It contains select information about

the Property and the real estate market but does not contain all the information necessary to evaluate the Property. The Confidential Information contained

herein is for general reference only. Various documents have been summarized herein to facilitate your review; these summaries are not intended to be a

comprehensive statement of the terms or a legal analysis of such documents. While the information contained in this Memorandum and any other Confidential

Information is believed to be reliable, neither Cushman & Wakefield nor the Managing Member guarantees its accuracy or completeness. Because of the

foregoing, and since the investment in the Property is being offered on an “As Is, Where Is” basis, a prospective investor or other party authorized by the

prospective investor to use such material solely to facilitate the prospective purchaser’s investigation, must make its independent investigations, projections and

conclusions regarding the investment in the Property without reliance on this Memorandum or any other Confidential Information. Although additional

Confidential Information, which may include engineering, environmental or other reports, may be provided to qualified parties as the marketing period proceeds,

prospective purchasers should seek advice from their own attorneys, accountants, engineers and environmental experts. Neither Cushman & Wakefield nor

the Managing Member guarantees the accuracy or completeness of the information contained in this Memorandum or any other Confidential Information

provided by Cushman & Wakefield and the Managing Member. The Managing Member expressly reserves the right, at its sole discretion, to reject any offer to

invest in the Property or to terminate any negotiations with any party at any time with or without written notice. The Managing Member shall have no legal

commitment or obligations to any prospective investor unless and until a written sale agreement has been fully executed, delivered and approved by the

Managing Member and any conditions to the Managing Member’s obligations thereunder have been satisfied or waived. The Managing Member has retained

Cushman & Wakefield as its exclusive broker and will be responsible for any commission due to Cushman & Wakefield in connection with a transaction

relating to the Property pursuant to a separate agreement. Cushman & Wakefield is not authorized to make any representation or agreement on behalf of the

Managing Member. Each prospective investor will be responsible for any claims for commissions by any other broker in connection with an investment in the

Property if such claims arise from acts of such prospective investor or its broker. This Memorandum is the property of the Managing Member and all parties

approved by the Managing Member and may be used only by parties approved by the Managing Member. No portion of this Memorandum may be copied or

otherwise reproduced or disclosed to anyone except as permitted under the Confidentiality Agreement.

225 NE Mizner Boulevard, Suite 300Boca Raton, FL 33432+ 954 771 0800

2Cushman & Wakefield


Table of Contents

Executive Summary 3

Property Information 7

Market Overview 14

Due Diligence Materials 19


SECTION I

EXECUTIVE SUMMARY


EXECUTIVE SUMMARY

DEVELOPMENT OPPORTUNITY

Cushman & Wakefield has been retained by the Owner as the exclusive agent for the sale of approximately 3.67 acres of prime

development land known as the 900 Peninsula Corporate Circle (the “Property”), which is currently entitled for 81,892 square feet of

office. The Property is located in South Florida’s premier Boca Raton market and is currently in for rezoning and site plan approval for

a 186 room hotel (two buildings). The Owner has not established a specific asking price but is a sophisticated, market sensitive seller

with expectations of achieving a land value that premium locations like this property command.

Rare opportunity to develop a hotel or office building in Boca Raton, creating significant value to the investor

Only development ready property in this high barrier to entry submarket

Continued strong population and job growth driving demand for hotel rooms with immediate access to Interstate 95 and within the

Boca Raton City limits

OFFERING HIGHLIGHTS

PROPERTY DESCRIPTION

This development site is located just off I-95 and is ideally suited for hotels to service the businesses and population of Broward and

Palm Beach Counties.

Property Snapshot:

LOT SIZE±3.67 AC

ADDRESS900 Peninsula Corporate CircleBoca Raton, Florida

COUNTYPalm Beach


900 PeninsulaCORPORATE CIRCLE

SITE

EXECUTIVE SUMMARYMARKET OVERVIEWBoca Raton is a vibrant epicenter of innovation and commerce as one of Palm Beach County’s top cities that is continuously recognized for attracting top talent, corporate headquarters, entrepreneurs and start-up businesses. This prestigious location is a mile or two from private golf and country club communities and a diverse array of neighborhoods that satisfy all lifestyle needs and desires.

This is the perfect address for businesses of all sizes and industries. Located in a burgeoning yet relaxed work/live community hub offering the very best of the enviable South Florida lifestyle, both businesses and their workforce are at great advantage being close to:

All major highways A private executive airport Two international airports Free City shuttles to/from Boca’s Tri-Rail station Two Universities and One State College A-rated Public Schools Award-winning Private Schools Two Boca Raton-based World-class Center of Excellence Hospitals Sports Arenas and Stadiums World Class Shopping, Dining, Art/Culture, Recreation and Nightlife Parks and Nature Trails Pristine Beaches Major Destination Events, Include:

Allianz Championship, PGA Champions Tour event at The Old Courseat Broken SoundBoca Raton Bowl (ESPN Events), FAU StadiumFestival of the Arts BOCA, Downtown BocaBoca Raton Concours d’Elegance, Boca Raton Resort & ClubBrazilian Beat Festival, Downtown BocaMeet Me On The Promenade Festival: Downtown BocaBoca Raton Museum of Art, Rotating Exhibitions/Juried Art Shows

Fresh Grocers, Supermarkets, Green Markets Health & Wellness Providers

EXECUTIVE SUMMARY

95

N


Christopher J. MetzgerExecutive Director

225 NE Mizner Boulevard, Suite 300Boca Raton, FL 33432+ 954 938 2607 P+ 954 771 3608 F

[email protected]

Christopher ThomsonSenior Director

303 Banyan Boulevard, Suite 301West Palm Beach, FL 33401+ 561 227 2019 P+ 561 227 2699 F

[email protected]

CONTACT CONTACT

900 Peninsula Corporate Park is being marketed in accordance with the schedule outlined

below. The Owner, as it may deem necessary, reserves the right to modify any and all time

frames within the schedule.

The bid date will be February 2, 2017 by noon EST. Owner reserves the right to accept an offer

prior to this date or to remove the property from the market at any time. All offers should be

based on 2 options: 1.) As-Is and 2.) Deposit of a minimum of 5% to be non-refundable

following due diligence and closing, subject only to planning permission approval. The buyer

may have the rights to submit his site plan approval in parallel to the rezoning process.

All questions and written correspondence should be forwarded to:

OFFERING SCHEDULE

EXECUTIVE SUMMARY


SECTION II

PROPERTY INFORMATION


PROPERTY INFORMATION

PHYSICAL DESCRIPTION

FOLIO NUMBER: 06 43 46 31 23 009 0000

2016 ASSESSED VALUE: $1,380,251

2016 TAX AMOUNT: $25,753

MILLAGE RATE: 18.523

REAL ESTATE TAXESThe Property is currently assessed for ad valorem and non-ad valorem taxes by Palm Beach County, Florida.

The assessment for real estate purposes is established as of January 1st of each year. The County Commission

sets the millage rate to be used in calculating the tax bill in September or October of each year. Payment of

current year taxes is due by March 31st of the following year with a four percent discount if paid by

November 30th. The discount is reduced by one percent per month through March after which they are

delinquent.

LOCATION: 900 Peninsula Corporate Circle, Boca Raton, Florida

TOTAL LAND AREA (acres): ±3.76 acres

SITE PLAN APPROVAL SUBMITTED FOR: 186 room hotel

ZONED: Rezoning to LIRP, presently zoned M-3


PROPERTY INFORMATIONLOCATION MAP – REGIONAL PERSPECTIVE

Distance to Key Distribution Points:

• Fort Lauderdale International Airport

• Port Everglades

• Miami International Airport

• Port of Miami

• West Palm Beach International Airport

• Port of Palm Beach


N

24.0 miles

23.6 miles

44.5 miles

45.0 miles

17.5 miles

22.7 miles

SITE


PROPERTY INFORMATIONLOCATION MAP – IMMEDIATE LOCATION

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YAMATO RD.

CLINT MOORE RD.

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LINTON BLVD.

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PROPERTY INFORMATIONPROPOSED HOTEL SITE PLAN N


PROPERTY INFORMATIONPROPOSED HOTEL SITE PLAN N


PROPERTY INFORMATIONAERIAL

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PENINSULA CORP. DRIVE

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SECTION III

MARKET OVERVIEW


PALM BEACH COUNTY OFFICE MARKET OVERVIEWMARKET OVERVIEW

Major Companies Within The Park at Broken Sound

Cushman & Wakefield Research Department

Company Name Building Name Address City State SF Occupied TYPEADT Coporation ADT Building 1501 Yamato Road Boca Raton FL 171,490 SECURITY SERVICES / DEVICESOffice Depot, Inc. Office Depot 6600 N Military Trl Boca Raton FL 625,000 OFFICE SUPPLIESThe GEO Group, Inc. One Park Place 621 NW 53rd St Boca Raton FL 113,461 CORRECTIONSVOLVO AERO SERVICES Volvo Aero 645 Park of Commerce Way Boca Raton FL 113,191 AVIATION PARTSCanon Solutions America Broken Sound Boulevard 5600 5600 Broken Sound Blvd NW Boca Raton FL 96,861 BUSINESS SVCSAlro Metals Service Center Alro 6200 Park of Commerce Blvd Boca Raton FL 90,000 METALS, PLOYMERSUNIFY Siemens / Building A 5500 Broken Sound Blvd NW Boca Raton FL 88,624 TELECOMSundown Naturals Rexall/Sundown Mfg. 901 Broken Sound Pky NW Boca Raton FL 84,000 VITAMINSBioTest 5800 Park of Commerce Blvd Boca Raton FL 80,308 PHARMACEUTICALSMulti Image Group Inc Boca Tech II 1701 Clint Moore Rd Boca Raton FL 80,060 MARKETING / PRODUCTIONCancer Treatment Centers of America Broken Sound Plaza B - Phase II 5900 Broken Sound Pky NW Boca Raton FL 77,340 HEALTCHAREKRS Global Biotechnology Inc. 791 Park of Commerce Blvd Boca Raton FL 68,711 PHARMACEUTICALSCross Country Healthcare, Inc. Park Central South 6551 Park Of Commerce Blvd NW Boca Raton FL 61,300 STAFFING AGENCYWoodfield Distribution Mark Group 6500 Park of Commerce Blvd Boca Raton FL 53,139 PHARMACEUTICALSTaylor & Francis Group Broken Sound Plaza A - Phase I 6000 Broken Sound Pky NW Boca Raton FL 42,927 PUBLISHINGBoston Proper Inc Building IV 1155 Broken Sound Pky NW Boca Raton FL 42,563 CLOTHINGCSL Plasma 900 Broken Sound Blvd Boca Raton FL 42,504 LIFE SCIENCESUS Default Group Bldg 4 6409 Congress Ave Boca Raton FL 40,462 LEGAL SERVICESAmTrust Financial Services, Inc. Congress Corporate Center 903 NW 65th St Boca Raton FL 37,435 FINANCIAL SERVICESVertical Bridge 750@Park 750 Park of Commerce Dr Boca Raton FL 36,630 COMMUNICATION TOWERSVitacost.Com, Inc. 5400 Broken Sound Blvd NW Boca Raton FL 34,683 VITAMINSDigital Media Arts College 5400 Broken Sound Blvd NW Boca Raton FL 34,042 EDUCATIONBarcharts 6000 Park of Commerce Blvd Boca Raton FL 31,096 BUSINESS SERVICESSomfy Systems, Inc. Newhouse Business Center 6100 Broken Sound Pky NW Boca Raton FL 28,247 HOME AUTOMATION3Cinteractive Corp. Boca Colonnade II 750 Park Of Commerce Blvd Boca Raton FL 25,247 MARKETINGGeosyntec Consultants, Inc. 900 Broken Sound Blvd Boca Raton FL 24,751 ENVIRONMENTAL CONSULTINGHollander Home Fashions The Millennium 6501 N Congress Ave Boca Raton FL 21,600 SLEEP PRODUCTSCareersUSA Inc. The Millennium 6501 N Congress Ave Boca Raton FL 21,500 STAFFING AGENCYUnified Physician Management 1501 Yamato Rd Boca Raton FL 20,900 MEDICAL MANAGEMENTQEP Co Inc The Park at Broken Sound III 1001 Broken Sound Pky NW Boca Raton FL 20,750 CONSUMER APPLIANCESTechnowise Newhouse Business Center 6100 Broken Sound Pky NW Boca Raton FL 20,602 CONSERVATION SOLUTIONSEmergent Capital 701 Park of Commerce 701 Park of Commerce Blvd Boca Raton FL 20,521 FINANCIAL SERVICESAll Tag Security Americas Building IV 1155 Broken Sound Pky NW Boca Raton FL 20,137 SECURITY DEVICESBmi Elite Inc The Siena at Broken Sound 1095 Broken Sound Pky Boca Raton FL 19,936 MARKETINGAmerican Tower Corporation Boca Colonnade II 750 Park Of Commerce Blvd Boca Raton FL 19,542 COMMUNICATION TOWERSDestination Rewards, Inc. The Park at Broken Sound V 1225 Broken Sound Pky NW Boca Raton FL 18,661 MARKETINGSynergy Technical Solutions Mark Group 6400 Park of Commerce Blvd Boca Raton FL 18,544 IT SERVICESLaser Substrates Coastal Security 6251 Park of Commerce Blvd Boca Raton FL 16,176 BUSINESS SERVICES / PRODUCTSDatamax System Solutions Inc Coastal Security 6251 Park of Commerce Blvd Boca Raton FL 15,247 BUSINESS SERVICES / PRODUCTSGraphic Printing Corp Amtec 10 751 Park of Commerce Dr Boca Raton FL 15,000 PRINTING SERVICESNRC Electronics, Inc. 6600 Park of Commerce Blvd Boca Raton FL 14,970 ELECTROnICSMarc Bell Capital Partners, LLC. Broken Sound Corporate Center 6800 Broken Sound Pky NW Boca Raton FL 14,959 FINANCIAL SERVICESResmac 5400 Broken Sound Blvd NW Boca Raton FL 14,886 FINANCIAL SERVICESSachs Sax Caplan P.L. The Atrium at Broken Sound 6111 Broken Sound Pky NW Boca Raton FL 14,597 LEGAL SERVICESIBM Southeast Employees' Federal Credit Union IBM Credit Union 790 Park of Commerce Blvd Boca Raton FL 12,000 FINANCIAL SERVICESRevalex Bldg 6 6405 Congress Ave Boca Raton FL 10,156 TRAVEL PRODUCTSCarr Company 6000 Park of Commerce Blvd Boca Raton FL 10,000 BUSINESS SERVICESBosworth Tennis Bldg 5 & 7 6401 Congress Ave Boca Raton FL 10,000 SPORTING EQUIPMENT


PROPERTY INFORMATIONLOCATION MAP – DELRAY BEACH, FL HOTELS

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PROPERTY INFORMATIONLOCATION MAP – BOCA RATON, FL HOTELS

YAMATO RD.

CLINT MOORE RD.

JOG

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95 N


SITE


PALM BEACH COUNTY OFFICE MARKET OVERVIEWMARKET OVERVIEW

STR Trend Report – Boca Raton, FL

Tab 2 - Data by MeasureBoca Raton, FL Selected PropertiesJob Number: 823806_SADIM Staff: SS Created: October 24, 2016

Occupancy (%)January February March April May June July August September October November December Total Year Sep YTD

2010 72.7 84.0 73.7 62.0 58.2 62.1 62.1 57.1 49.8 59.0 63.3 70.1 64.4 64.52011 72.7 86.4 82.8 73.0 65.0 60.2 61.0 62.7 56.2 63.0 69.6 70.9 68.5 68.82012 78.1 89.5 86.1 75.2 63.3 60.3 62.4 62.1 56.8 66.1 73.9 76.6 70.8 70.32013 82.2 89.1 87.6 76.3 72.3 67.7 66.3 66.4 61.3 70.1 74.4 74.1 74.1 74.52014 81.6 91.8 87.0 77.1 70.0 69.1 71.0 72.7 67.9 74.9 79.1 83.7 76.9 76.22015 84.1 94.5 87.7 77.8 70.6 71.2 74.1 70.1 65.8 69.8 75.0 78.4 76.5 77.22016 82.4 90.6 85.4 73.6 73.7 71.5 78.4 74.4 70.3 77.7Avg 79.1 89.4 84.3 73.6 67.6 66.0 67.9 66.5 61.2 67.1 72.5 75.7 71.8 72.7

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

2010 122.71 134.59 123.05 98.82 85.39 83.15 78.72 78.45 77.44 82.78 85.16 91.97 97.25 100.712011 116.69 130.97 123.17 100.28 88.38 82.02 78.18 77.22 78.25 85.28 88.24 95.07 97.22 99.712012 126.89 136.87 130.19 101.19 91.52 87.51 83.05 81.42 81.99 99.79 94.00 101.08 103.53 105.332013 132.43 144.25 138.49 109.29 95.51 89.76 86.96 85.33 86.50 96.19 101.35 112.71 108.97 110.722014 149.08 164.46 154.94 130.98 100.24 94.62 92.26 91.64 93.18 106.97 111.91 135.20 120.17 120.722015 162.99 191.67 175.52 142.99 110.84 98.31 95.99 96.45 99.26 113.81 122.33 144.13 132.29 133.892016 174.95 198.66 180.80 142.26 112.38 100.37 99.14 97.41 102.55 136.55Avg 141.75 158.12 147.27 118.58 98.42 91.29 88.49 87.51 89.48 98.22 101.23 114.46 110.62 116.23

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

2010 89.20 113.00 90.72 61.30 49.67 51.64 48.89 44.83 38.56 48.83 53.88 64.44 62.64 64.962011 84.85 113.17 102.03 73.20 57.45 49.37 47.72 48.40 43.94 53.71 61.45 67.39 66.62 68.562012 99.09 122.51 112.11 76.11 57.89 52.81 51.81 50.57 46.59 65.97 69.48 77.41 73.26 74.032013 108.91 128.50 121.32 83.42 69.06 60.76 57.69 56.62 53.01 67.45 75.35 83.52 80.72 82.462014 121.70 150.94 134.79 100.94 70.20 65.38 65.51 66.59 63.31 80.12 88.51 113.17 92.46 91.932015 137.08 181.14 153.93 111.22 78.21 69.95 71.10 67.63 65.34 79.38 91.75 113.01 101.18 103.352016 144.16 180.07 154.36 104.74 82.80 71.75 77.76 72.51 72.09 106.16Avg 112.14 141.36 124.18 87.23 66.49 60.27 60.13 58.21 54.75 65.94 73.44 86.59 79.48 84.53

SupplyJanuary February March April May June July August September October November December Total Year Sep YTD

2010 73,935 66,780 73,935 71,550 73,873 71,490 73,873 73,873 71,490 73,873 71,490 73,873 870,035 650,7992011 73,873 66,724 73,873 71,490 73,873 71,490 73,873 73,873 71,490 73,873 71,490 73,873 869,795 650,5592012 73,873 66,724 73,873 71,490 73,873 71,490 73,873 73,873 71,490 73,873 71,490 73,873 869,795 650,5592013 73,873 66,724 73,873 71,490 70,184 67,920 70,184 70,184 67,920 70,184 67,920 70,184 840,640 632,3522014 70,184 63,392 70,184 67,920 74,493 72,090 74,493 74,493 72,090 74,493 72,090 74,493 860,415 639,3392015 74,493 67,284 74,493 72,090 74,493 72,090 74,493 74,493 72,090 74,493 72,090 74,493 877,095 656,0192016 74,586 67,368 74,586 72,120 74,524 72,120 74,524 74,524 72,120 656,472Avg 73,545 66,428 73,545 71,164 73,616 71,241 73,616 73,616 71,241 73,465 71,095 73,465 864,629 648,014

DemandJanuary February March April May June July August September October November December Total Year Sep YTD

2010 53,741 56,068 54,508 44,387 42,969 44,403 45,879 42,212 35,602 43,575 45,235 51,762 560,341 419,7692011 53,714 57,654 61,193 52,189 48,026 43,034 45,093 46,301 40,144 46,527 49,786 52,366 596,027 447,3482012 57,686 59,721 63,616 53,772 46,729 43,141 46,083 45,886 40,618 48,837 52,844 56,574 615,507 457,2522013 60,754 59,440 64,714 54,570 50,747 45,976 46,559 46,572 41,623 49,218 50,499 52,006 622,678 470,9552014 57,292 58,180 61,055 52,347 52,173 49,812 52,893 54,129 48,979 55,796 57,015 62,355 662,026 486,8602015 62,652 63,586 65,331 56,076 52,568 51,293 55,174 52,230 47,456 51,960 54,071 58,408 670,805 506,3662016 61,456 61,061 63,679 53,097 54,909 51,558 58,449 55,474 50,697 510,380Avg 58,185 59,387 62,014 52,348 49,732 47,031 50,019 48,972 43,588 49,319 51,575 55,579 621,231 471,276

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

2010 6,594,640 7,546,452 6,707,081 4,386,143 3,669,182 3,692,059 3,611,540 3,311,466 2,756,897 3,607,119 3,852,107 4,760,319 54,495,005 42,275,4602011 6,267,864 7,550,922 7,537,278 5,233,333 4,244,320 3,529,704 3,525,189 3,575,239 3,141,137 3,967,927 4,392,970 4,978,617 57,944,500 44,604,9862012 7,319,808 8,174,118 8,281,968 5,441,000 4,276,772 3,775,379 3,827,067 3,736,106 3,330,454 4,873,211 4,967,477 5,718,495 63,721,855 48,162,6722013 8,045,646 8,574,061 8,962,282 5,963,808 4,846,942 4,126,815 4,048,804 3,973,774 3,600,360 4,734,167 5,118,003 5,861,635 67,856,297 52,142,492

2014 8,541,191 9,568,470 9,459,894 6,856,160 5,229,630 4,713,372 4,880,078 4,960,499 4,563,857 5,968,456 6,380,521 8,430,300 79,552,428 58,773,1512015 10,211,628 12,187,493 11,466,601 8,018,118 5,826,409 5,042,439 5,296,193 5,037,598 4,710,709 5,913,491 6,614,611 8,418,210 88,743,500 67,797,1882016 10,752,014 12,130,663 11,513,306 7,553,696 6,170,516 5,174,800 5,794,924 5,403,939 5,198,981 69,692,839Avg 8,247,542 9,390,311 9,132,630 6,207,465 4,894,824 4,293,510 4,426,256 4,285,517 3,900,342 4,844,062 5,220,948 6,361,263 68,718,931 54,778,398

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: 2016 STR, Inc. / STR Global, Ltd. trading as “STR”.

Tab 3 - Percent Change from Previous Year - Detail by MeasureBoca Raton, FL Selected PropertiesJob Number: 823806_SADIM Staff: SS Created: October 24, 2016

OccupancyJanuary February March April May June July August September October November December Total Year Sep YTD

2011 0.0 2.9 12.4 17.7 11.8 -3.1 -1.7 9.7 12.8 6.8 10.1 1.2 6.4 6.62012 7.4 3.6 4.0 3.0 -2.7 0.2 2.2 -0.9 1.2 5.0 6.1 8.0 3.3 2.22013 5.3 -0.5 1.7 1.5 14.3 12.2 6.3 6.8 7.9 6.1 0.6 -3.2 4.7 6.02014 -0.7 3.0 -0.7 1.0 -3.1 2.1 7.0 9.5 10.9 6.8 6.4 13.0 3.9 2.22015 3.0 3.0 0.8 0.9 0.8 3.0 4.3 -3.5 -3.1 -6.9 -5.2 -6.3 -0.6 1.42016 -2.0 -4.1 -2.7 -5.4 4.4 0.5 5.9 6.2 6.8 0.7Avg 2.2 1.3 2.6 3.1 4.2 2.5 4.0 4.6 6.1 3.5 3.6 2.5 3.5 3.2

ADRJanuary February March April May June July August September October November December Total Year Sep YTD

2011 -4.9 -2.7 0.1 1.5 3.5 -1.4 -0.7 -1.6 1.0 3.0 3.6 3.4 -0.0 -1.02012 8.7 4.5 5.7 0.9 3.6 6.7 6.2 5.4 4.8 17.0 6.5 6.3 6.5 5.62013 4.4 5.4 6.4 8.0 4.4 2.6 4.7 4.8 5.5 -3.6 7.8 11.5 5.3 5.12014 12.6 14.0 11.9 19.8 4.9 5.4 6.1 7.4 7.7 11.2 10.4 20.0 10.3 9.02015 9.3 16.5 13.3 9.2 10.6 3.9 4.0 5.2 6.5 6.4 9.3 6.6 10.1 10.92016 7.3 3.6 3.0 -0.5 1.4 2.1 3.3 1.0 3.3 2.0Avg 6.2 6.9 6.7 6.5 4.7 3.2 3.9 3.7 4.8 6.8 7.5 9.6 6.4 5.3

RevPARJanuary February March April May June July August September October November December Total Year Sep YTD

2011 -4.9 0.1 12.5 19.4 15.7 -4.4 -2.4 8.0 13.9 10.0 14.0 4.6 6.4 5.52012 16.8 8.3 9.9 4.0 0.8 7.0 8.6 4.5 6.0 22.8 13.1 14.9 10.0 8.02013 9.9 4.9 8.2 9.6 19.3 15.1 11.4 12.0 13.8 2.3 8.4 7.9 10.2 11.42014 11.7 17.5 11.1 21.0 1.7 7.6 13.6 17.6 19.4 18.8 17.5 35.5 14.5 11.52015 12.6 20.0 14.2 10.2 11.4 7.0 8.5 1.6 3.2 -0.9 3.7 -0.1 9.4 12.42016 5.2 -0.6 0.3 -5.8 5.9 2.6 9.4 7.2 10.3 2.7Avg 8.6 8.4 9.4 9.7 9.1 5.8 8.2 8.5 11.1 10.6 11.3 12.5 10.1 8.6

SupplyJanuary February March April May June July August September October November December Total Year Sep YTD

2011 -0.1 -0.1 -0.1 -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 -0.02012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.02013 0.0 0.0 0.0 0.0 -5.0 -5.0 -5.0 -5.0 -5.0 -5.0 -5.0 -5.0 -3.4 -2.82014 -5.0 -5.0 -5.0 -5.0 6.1 6.1 6.1 6.1 6.1 6.1 6.1 6.1 2.4 1.12015 6.1 6.1 6.1 6.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.9 2.62016 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.1Avg 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2

DemandJanuary February March April May June July August September October November December Total Year Sep YTD

2011 -0.1 2.8 12.3 17.6 11.8 -3.1 -1.7 9.7 12.8 6.8 10.1 1.2 6.4 6.62012 7.4 3.6 4.0 3.0 -2.7 0.2 2.2 -0.9 1.2 5.0 6.1 8.0 3.3 2.22013 5.3 -0.5 1.7 1.5 8.6 6.6 1.0 1.5 2.5 0.8 -4.4 -8.1 1.2 3.02014 -5.7 -2.1 -5.7 -4.1 2.8 8.3 13.6 16.2 17.7 13.4 12.9 19.9 6.3 3.42015 9.4 9.3 7.0 7.1 0.8 3.0 4.3 -3.5 -3.1 -6.9 -5.2 -6.3 1.3 4.02016 -1.9 -4.0 -2.5 -5.3 4.5 0.5 5.9 6.2 6.8 0.8Avg 2.4 1.5 2.8 3.3 4.3 2.6 4.2 4.9 6.3 3.8 3.9 2.9 3.7 3.3

RevenueJanuary February March April May June July August September October November December Total Year Sep YTD

2011 -5.0 0.1 12.4 19.3 15.7 -4.4 -2.4 8.0 13.9 10.0 14.0 4.6 6.3 5.52012 16.8 8.3 9.9 4.0 0.8 7.0 8.6 4.5 6.0 22.8 13.1 14.9 10.0 8.02013 9.9 4.9 8.2 9.6 13.3 9.3 5.8 6.4 8.1 -2.9 3.0 2.5 6.5 8.32014 6.2 11.6 5.6 15.0 7.9 14.2 20.5 24.8 26.8 26.1 24.7 43.8 17.2 12.72015 19.6 27.4 21.2 16.9 11.4 7.0 8.5 1.6 3.2 -0.9 3.7 -0.1 11.6 15.42016 5.3 -0.5 0.4 -5.8 5.9 2.6 9.4 7.3 10.4 2.8Avg 8.8 8.6 9.6 9.8 9.2 5.9 8.4 8.7 11.4 11.0 11.7 13.1 10.3 8.8


Tab 4 - Percent Change from Previous Year - Detail by YearBoca Raton, FL Selected PropertiesJob Number: 823806_SADIM Staff: SS Created: October 24, 2016

Jan 11 Feb 11 Mar 11 Apr 11 May 11 Jun 11 Jul 11 Aug 11 Sep 11 Oct 11 Nov 11 Dec 11 Total Year Sep YTDOcc 0.0 2.9 12.4 17.7 11.8 -3.1 -1.7 9.7 12.8 6.8 10.1 1.2 6.4 6.6ADR -4.9 -2.7 0.1 1.5 3.5 -1.4 -0.7 -1.6 1.0 3.0 3.6 3.4 -0.0 -1.0

RevPAR -4.9 0.1 12.5 19.4 15.7 -4.4 -2.4 8.0 13.9 10.0 14.0 4.6 6.4 5.5Supply -0.1 -0.1 -0.1 -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 -0.0

Demand -0.1 2.8 12.3 17.6 11.8 -3.1 -1.7 9.7 12.8 6.8 10.1 1.2 6.4 6.6Revenue -5.0 0.1 12.4 19.3 15.7 -4.4 -2.4 8.0 13.9 10.0 14.0 4.6 6.3 5.5

Jan 12 Feb 12 Mar 12 Apr 12 May 12 Jun 12 Jul 12 Aug 12 Sep 12 Oct 12 Nov 12 Dec 12 Total Year Sep YTDOcc 7.4 3.6 4.0 3.0 -2.7 0.2 2.2 -0.9 1.2 5.0 6.1 8.0 3.3 2.2ADR 8.7 4.5 5.7 0.9 3.6 6.7 6.2 5.4 4.8 17.0 6.5 6.3 6.5 5.6

RevPAR 16.8 8.3 9.9 4.0 0.8 7.0 8.6 4.5 6.0 22.8 13.1 14.9 10.0 8.0Supply 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Demand 7.4 3.6 4.0 3.0 -2.7 0.2 2.2 -0.9 1.2 5.0 6.1 8.0 3.3 2.2Revenue 16.8 8.3 9.9 4.0 0.8 7.0 8.6 4.5 6.0 22.8 13.1 14.9 10.0 8.0

Jan 13 Feb 13 Mar 13 Apr 13 May 13 Jun 13 Jul 13 Aug 13 Sep 13 Oct 13 Nov 13 Dec 13 Total Year Sep YTDOcc 5.3 -0.5 1.7 1.5 14.3 12.2 6.3 6.8 7.9 6.1 0.6 -3.2 4.7 6.0ADR 4.4 5.4 6.4 8.0 4.4 2.6 4.7 4.8 5.5 -3.6 7.8 11.5 5.3 5.1

RevPAR 9.9 4.9 8.2 9.6 19.3 15.1 11.4 12.0 13.8 2.3 8.4 7.9 10.2 11.4Supply 0.0 0.0 0.0 0.0 -5.0 -5.0 -5.0 -5.0 -5.0 -5.0 -5.0 -5.0 -3.4 -2.8

Demand 5.3 -0.5 1.7 1.5 8.6 6.6 1.0 1.5 2.5 0.8 -4.4 -8.1 1.2 3.0Revenue 9.9 4.9 8.2 9.6 13.3 9.3 5.8 6.4 8.1 -2.9 3.0 2.5 6.5 8.3

Jan 14 Feb 14 Mar 14 Apr 14 May 14 Jun 14 Jul 14 Aug 14 Sep 14 Oct 14 Nov 14 Dec 14 Total Year Sep YTDOcc -0.7 3.0 -0.7 1.0 -3.1 2.1 7.0 9.5 10.9 6.8 6.4 13.0 3.9 2.2ADR 12.6 14.0 11.9 19.8 4.9 5.4 6.1 7.4 7.7 11.2 10.4 20.0 10.3 9.0

RevPAR 11.7 17.5 11.1 21.0 1.7 7.6 13.6 17.6 19.4 18.8 17.5 35.5 14.5 11.5Supply -5.0 -5.0 -5.0 -5.0 6.1 6.1 6.1 6.1 6.1 6.1 6.1 6.1 2.4 1.1

Demand -5.7 -2.1 -5.7 -4.1 2.8 8.3 13.6 16.2 17.7 13.4 12.9 19.9 6.3 3.4Revenue 6.2 11.6 5.6 15.0 7.9 14.2 20.5 24.8 26.8 26.1 24.7 43.8 17.2 12.7

Jan 15 Feb 15 Mar 15 Apr 15 May 15 Jun 15 Jul 15 Aug 15 Sep 15 Oct 15 Nov 15 Dec 15 Total Year Sep YTDOcc 3.0 3.0 0.8 0.9 0.8 3.0 4.3 -3.5 -3.1 -6.9 -5.2 -6.3 -0.6 1.4ADR 9.3 16.5 13.3 9.2 10.6 3.9 4.0 5.2 6.5 6.4 9.3 6.6 10.1 10.9

RevPAR 12.6 20.0 14.2 10.2 11.4 7.0 8.5 1.6 3.2 -0.9 3.7 -0.1 9.4 12.4Supply 6.1 6.1 6.1 6.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.9 2.6

Demand 9.4 9.3 7.0 7.1 0.8 3.0 4.3 -3.5 -3.1 -6.9 -5.2 -6.3 1.3 4.0Revenue 19.6 27.4 21.2 16.9 11.4 7.0 8.5 1.6 3.2 -0.9 3.7 -0.1 11.6 15.4

Jan 16 Feb 16 Mar 16 Apr 16 May 16 Jun 16 Jul 16 Aug 16 Sep 16 Oct 16 Nov 16 Dec 16 Total Year Sep YTDOcc -2.0 -4.1 -2.7 -5.4 4.4 0.5 5.9 6.2 6.8 0.7ADR 7.3 3.6 3.0 -0.5 1.4 2.1 3.3 1.0 3.3 2.0

RevPAR 5.2 -0.6 0.3 -5.8 5.9 2.6 9.4 7.2 10.3 2.7Supply 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.1

Demand -1.9 -4.0 -2.5 -5.3 4.5 0.5 5.9 6.2 6.8 0.8Revenue 5.3 -0.5 0.4 -5.8 5.9 2.6 9.4 7.3 10.4 2.8


Tab 5 - Twelve Month Moving AverageBoca Raton, FL Selected PropertiesJob Number: 823806_SADIM Staff: SS Created: October 24, 2016

Occupancy (%)January February March April May June July August September October November December

2011 64.4 64.6 65.4 66.3 66.8 66.7 66.6 67.1 67.6 67.9 68.5 68.52012 69.0 69.2 69.5 69.7 69.5 69.5 69.7 69.6 69.7 69.9 70.3 70.82013 71.1 71.1 71.2 71.3 72.1 72.7 73.1 73.5 73.9 74.3 74.3 74.12014 74.0 74.1 74.0 74.1 73.9 73.9 74.3 74.8 75.3 75.7 76.1 76.92015 77.2 77.5 77.6 77.6 77.7 77.8 78.1 77.9 77.7 77.3 76.9 76.52016 76.3 76.0 75.8 75.5 75.8 75.8 76.2 76.5 76.9

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

2011 96.67 96.41 96.74 96.90 97.04 96.99 96.97 96.75 96.65 96.78 96.95 97.222012 98.33 99.03 99.86 99.94 100.21 100.60 100.93 101.27 101.50 102.60 103.03 103.532013 104.19 104.88 105.79 106.50 106.73 106.81 107.08 107.34 107.60 107.31 107.95 108.972014 110.38 112.22 113.70 115.57 115.92 116.15 116.31 116.48 116.64 117.37 118.13 120.172015 121.70 124.62 126.79 127.81 128.61 128.81 128.99 129.46 129.97 130.62 131.54 132.292016 133.34 133.76 134.16 134.06 134.11 134.25 134.34 134.24 134.32

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

2011 62.26 62.27 63.23 64.21 64.87 64.69 64.59 64.89 65.33 65.75 66.37 66.622012 67.83 68.54 69.40 69.64 69.68 69.96 70.31 70.49 70.71 71.75 72.41 73.262013 74.10 74.56 75.34 75.94 76.92 77.65 78.24 78.85 79.50 79.68 80.20 80.722014 81.67 83.19 84.16 85.60 85.62 85.89 86.44 87.17 87.88 88.88 89.92 92.462015 93.93 96.52 98.35 99.20 99.88 100.26 100.73 100.82 100.99 100.93 101.19 101.182016 101.78 101.71 101.75 101.22 101.61 101.76 102.32 102.73 103.29

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

2011 869,973 869,917 869,855 869,795 869,795 869,795 869,795 869,795 869,795 869,795 869,795 869,7952012 869,795 869,795 869,795 869,795 869,795 869,795 869,795 869,795 869,795 869,795 869,795 869,7952013 869,795 869,795 869,795 869,795 866,106 862,536 858,847 855,158 851,588 847,899 844,329 840,6402014 836,951 833,619 829,930 826,360 830,669 834,839 839,148 843,457 847,627 851,936 856,106 860,4152015 864,724 868,616 872,925 877,095 877,095 877,095 877,095 877,095 877,095 877,095 877,095 877,0952016 877,188 877,272 877,365 877,395 877,426 877,456 877,487 877,518 877,548

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

2011 560,314 561,900 568,585 576,387 581,444 580,075 579,289 583,378 587,920 590,872 595,423 596,0272012 599,999 602,066 604,489 606,072 604,775 604,882 605,872 605,457 605,931 608,241 611,299 615,5072013 618,575 618,294 619,392 620,190 624,208 627,043 627,519 628,205 629,210 629,591 627,246 622,6782014 619,216 617,956 614,297 612,074 613,500 617,336 623,670 631,227 638,583 645,161 651,677 662,0262015 667,386 672,792 677,068 680,797 681,192 682,673 684,954 683,055 681,532 677,696 674,752 670,8052016 669,609 667,084 665,432 662,453 664,794 665,059 668,334 671,578 674,819

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

2011 54,168,229 54,172,699 55,002,896 55,850,086 56,425,224 56,262,869 56,176,518 56,440,291 56,824,531 57,185,339 57,726,202 57,944,5002012 58,996,444 59,619,640 60,364,330 60,571,997 60,604,449 60,850,124 61,152,002 61,312,869 61,502,186 62,407,470 62,981,977 63,721,8552013 64,447,693 64,847,636 65,527,950 66,050,758 66,620,928 66,972,364 67,194,101 67,431,769 67,701,675 67,562,631 67,713,157 67,856,2972014 68,351,842 69,346,251 69,843,863 70,736,215 71,118,903 71,705,460 72,536,734 73,523,459 74,486,956 75,721,245 76,983,763 79,552,4282015 81,222,865 83,841,888 85,848,595 87,010,553 87,607,332 87,936,399 88,352,514 88,429,613 88,576,465 88,521,500 88,755,590 88,743,5002016 89,283,886 89,227,056 89,273,761 88,809,339 89,153,446 89,285,807 89,784,538 90,150,879 90,639,151

High value is boxed. Low value is boxed and italicized.


Tab 6 - Twelve Month Moving Average with Percent ChangeBoca Raton, FL Selected PropertiesJob Number: 823806_SADIM Staff: SS Created: October 24, 2016

Date Occupancy ADR RevPar Supply Demand Revenue

This Year % Chg This Year % Chg This Year % Chg This Year % Chg This Year % Chg This Year % ChgJan 11 64.4 96.67 62.26 869,973 560,314 54,168,229Feb 11 64.6 96.41 62.27 869,917 561,900 54,172,699Mar 11 65.4 96.74 63.23 869,855 568,585 55,002,896Apr 11 66.3 96.90 64.21 869,795 576,387 55,850,086May 11 66.8 97.04 64.87 869,795 581,444 56,425,224Jun 11 66.7 96.99 64.69 869,795 580,075 56,262,869Jul 11 66.6 96.97 64.59 869,795 579,289 56,176,518

Aug 11 67.1 96.75 64.89 869,795 583,378 56,440,291Sep 11 67.6 96.65 65.33 869,795 587,920 56,824,531Oct 11 67.9 96.78 65.75 869,795 590,872 57,185,339Nov 11 68.5 96.95 66.37 869,795 595,423 57,726,202Dec 11 68.5 6.4 97.22 -0.0 66.62 6.4 869,795 -0.0 596,027 6.4 57,944,500 6.3Jan 12 69.0 7.1 98.33 1.7 67.83 8.9 869,795 -0.0 599,999 7.1 58,996,444 8.9Feb 12 69.2 7.2 99.03 2.7 68.54 10.1 869,795 -0.0 602,066 7.1 59,619,640 10.1Mar 12 69.5 6.3 99.86 3.2 69.40 9.8 869,795 -0.0 604,489 6.3 60,364,330 9.7Apr 12 69.7 5.2 99.94 3.1 69.64 8.5 869,795 0.0 606,072 5.2 60,571,997 8.5May 12 69.5 4.0 100.21 3.3 69.68 7.4 869,795 0.0 604,775 4.0 60,604,449 7.4Jun 12 69.5 4.3 100.60 3.7 69.96 8.2 869,795 0.0 604,882 4.3 60,850,124 8.2Jul 12 69.7 4.6 100.93 4.1 70.31 8.9 869,795 0.0 605,872 4.6 61,152,002 8.9

Aug 12 69.6 3.8 101.27 4.7 70.49 8.6 869,795 0.0 605,457 3.8 61,312,869 8.6Sep 12 69.7 3.1 101.50 5.0 70.71 8.2 869,795 0.0 605,931 3.1 61,502,186 8.2Oct 12 69.9 2.9 102.60 6.0 71.75 9.1 869,795 0.0 608,241 2.9 62,407,470 9.1Nov 12 70.3 2.7 103.03 6.3 72.41 9.1 869,795 0.0 611,299 2.7 62,981,977 9.1Dec 12 70.8 3.3 103.53 6.5 73.26 10.0 869,795 0.0 615,507 3.3 63,721,855 10.0Jan 13 71.1 3.1 104.19 6.0 74.10 9.2 869,795 0.0 618,575 3.1 64,447,693 9.2Feb 13 71.1 2.7 104.88 5.9 74.56 8.8 869,795 0.0 618,294 2.7 64,847,636 8.8Mar 13 71.2 2.5 105.79 5.9 75.34 8.6 869,795 0.0 619,392 2.5 65,527,950 8.6Apr 13 71.3 2.3 106.50 6.6 75.94 9.0 869,795 0.0 620,190 2.3 66,050,758 9.0May 13 72.1 3.7 106.73 6.5 76.92 10.4 866,106 -0.4 624,208 3.2 66,620,928 9.9Jun 13 72.7 4.5 106.81 6.2 77.65 11.0 862,536 -0.8 627,043 3.7 66,972,364 10.1Jul 13 73.1 4.9 107.08 6.1 78.24 11.3 858,847 -1.3 627,519 3.6 67,194,101 9.9

Aug 13 73.5 5.5 107.34 6.0 78.85 11.9 855,158 -1.7 628,205 3.8 67,431,769 10.0Sep 13 73.9 6.1 107.60 6.0 79.50 12.4 851,588 -2.1 629,210 3.8 67,701,675 10.1Oct 13 74.3 6.2 107.31 4.6 79.68 11.1 847,899 -2.5 629,591 3.5 67,562,631 8.3Nov 13 74.3 5.7 107.95 4.8 80.20 10.8 844,329 -2.9 627,246 2.6 67,713,157 7.5Dec 13 74.1 4.7 108.97 5.3 80.72 10.2 840,640 -3.4 622,678 1.2 67,856,297 6.5Jan 14 74.0 4.0 110.38 5.9 81.67 10.2 836,951 -3.8 619,216 0.1 68,351,842 6.1Feb 14 74.1 4.3 112.22 7.0 83.19 11.6 833,619 -4.2 617,956 -0.1 69,346,251 6.9Mar 14 74.0 3.9 113.70 7.5 84.16 11.7 829,930 -4.6 614,297 -0.8 69,843,863 6.6Apr 14 74.1 3.9 115.57 8.5 85.60 12.7 826,360 -5.0 612,074 -1.3 70,736,215 7.1May 14 73.9 2.5 115.92 8.6 85.62 11.3 830,669 -4.1 613,500 -1.7 71,118,903 6.8Jun 14 73.9 1.7 116.15 8.8 85.89 10.6 834,839 -3.2 617,336 -1.5 71,705,460 7.1Jul 14 74.3 1.7 116.31 8.6 86.44 10.5 839,148 -2.3 623,670 -0.6 72,536,734 8.0

Aug 14 74.8 1.9 116.48 8.5 87.17 10.5 843,457 -1.4 631,227 0.5 73,523,459 9.0Sep 14 75.3 2.0 116.64 8.4 87.88 10.5 847,627 -0.5 638,583 1.5 74,486,956 10.0

Tab 6 - Twelve Month Moving Average with Percent ChangeBoca Raton, FL Selected PropertiesJob Number: 823806_SADIM Staff: SS Created: October 24, 2016

Date Occupancy ADR RevPar Supply Demand Revenue

This Year % Chg This Year % Chg This Year % Chg This Year % Chg This Year % Chg This Year % ChgOct 14 75.7 2.0 117.37 9.4 88.88 11.5 851,936 0.5 645,161 2.5 75,721,245 12.1Nov 14 76.1 2.5 118.13 9.4 89.92 12.1 856,106 1.4 651,677 3.9 76,983,763 13.7Dec 14 76.9 3.9 120.17 10.3 92.46 14.5 860,415 2.4 662,026 6.3 79,552,428 17.2Jan 15 77.2 4.3 121.70 10.3 93.93 15.0 864,724 3.3 667,386 7.8 81,222,865 18.8Feb 15 77.5 4.5 124.62 11.0 96.52 16.0 868,616 4.2 672,792 8.9 83,841,888 20.9Mar 15 77.6 4.8 126.79 11.5 98.35 16.9 872,925 5.2 677,068 10.2 85,848,595 22.9Apr 15 77.6 4.8 127.81 10.6 99.20 15.9 877,095 6.1 680,797 11.2 87,010,553 23.0May 15 77.7 5.2 128.61 10.9 99.88 16.7 877,095 5.6 681,192 11.0 87,607,332 23.2Jun 15 77.8 5.3 128.81 10.9 100.26 16.7 877,095 5.1 682,673 10.6 87,936,399 22.6Jul 15 78.1 5.1 128.99 10.9 100.73 16.5 877,095 4.5 684,954 9.8 88,352,514 21.8

Aug 15 77.9 4.1 129.46 11.1 100.82 15.7 877,095 4.0 683,055 8.2 88,429,613 20.3Sep 15 77.7 3.1 129.97 11.4 100.99 14.9 877,095 3.5 681,532 6.7 88,576,465 18.9Oct 15 77.3 2.0 130.62 11.3 100.93 13.6 877,095 3.0 677,696 5.0 88,521,500 16.9Nov 15 76.9 1.1 131.54 11.3 101.19 12.5 877,095 2.5 674,752 3.5 88,755,590 15.3Dec 15 76.5 -0.6 132.29 10.1 101.18 9.4 877,095 1.9 670,805 1.3 88,743,500 11.6Jan 16 76.3 -1.1 133.34 9.6 101.78 8.4 877,188 1.4 669,609 0.3 89,283,886 9.9Feb 16 76.0 -1.8 133.76 7.3 101.71 5.4 877,272 1.0 667,084 -0.8 89,227,056 6.4Mar 16 75.8 -2.2 134.16 5.8 101.75 3.5 877,365 0.5 665,432 -1.7 89,273,761 4.0Apr 16 75.5 -2.7 134.06 4.9 101.22 2.0 877,395 0.0 662,453 -2.7 88,809,339 2.1May 16 75.8 -2.4 134.11 4.3 101.61 1.7 877,426 0.0 664,794 -2.4 89,153,446 1.8Jun 16 75.8 -2.6 134.25 4.2 101.76 1.5 877,456 0.0 665,059 -2.6 89,285,807 1.5Jul 16 76.2 -2.5 134.34 4.1 102.32 1.6 877,487 0.0 668,334 -2.4 89,784,538 1.6

Aug 16 76.5 -1.7 134.24 3.7 102.73 1.9 877,518 0.0 671,578 -1.7 90,150,879 1.9Sep 16 76.9 -1.0 134.32 3.3 103.29 2.3 877,548 0.1 674,819 -1.0 90,639,151 2.3


Tab 7 - Day of Week AnalysisBoca Raton, FL Selected PropertiesJob Number: 823806_SADIM Staff: SS Created: October 24, 2016

Occupancy (%) Three Year Occupancy (%)

Sun Mon Tue Wed Thu Fri Sat Total Month Sun Mon Tue Wed Thu Fri Sat Total YearOct - 15 56.0 72.0 78.4 77.4 67.0 67.5 71.0 69.8 Oct 13 - Sep 14 59.9 76.1 82.6 82.8 75.0 74.4 76.5 75.3Nov - 15 57.9 74.2 79.2 81.4 80.4 78.1 78.4 75.0 Oct 14 - Sep 15 62.5 76.8 83.4 83.6 77.7 79.2 80.5 77.7Dec - 15 68.7 81.2 83.0 80.5 79.9 74.1 79.4 78.4 Oct 15 - Sep 16 62.2 76.1 83.4 83.6 76.3 76.7 79.9 76.9Jan - 16 68.0 82.5 89.7 92.9 86.3 80.6 81.2 82.4 Total 3 Yr 61.6 76.3 83.2 83.3 76.3 76.8 79.0 76.7Feb - 16 77.0 88.5 96.5 97.6 94.6 89.8 91.0 90.6Mar - 16 70.8 85.5 91.6 91.5 84.0 84.5 86.9 85.4Apr - 16 55.4 71.7 79.8 79.2 71.4 76.0 79.7 73.6May - 16 58.8 66.8 78.1 81.8 71.2 79.6 83.7 73.7Jun - 16 55.8 75.3 81.7 76.8 65.9 70.2 74.9 71.5Jul - 16 65.7 75.2 84.3 86.4 77.8 78.4 83.2 78.4Aug - 16 58.4 75.0 81.5 79.2 75.1 74.0 74.8 74.4Sep - 16 54.1 65.7 77.7 80.9 67.0 70.9 76.5 70.3

Total Year 62.2 76.1 83.4 83.6 76.3 76.7 79.9 76.9

ADR Three Year ADRSun Mon Tue Wed Thu Fri Sat Total Month Sun Mon Tue Wed Thu Fri Sat Total Year

Oct - 15 111.16 118.46 122.79 121.79 112.97 104.81 106.14 113.81 Oct 13 - Sep 14 111.62 121.01 123.59 124.02 117.41 108.38 107.91 116.64Nov - 15 116.08 124.13 127.63 129.51 124.41 117.02 116.33 122.33 Oct 14 - Sep 15 125.76 132.70 136.42 136.03 131.67 122.76 122.98 129.97Dec - 15 142.90 146.20 146.04 148.31 148.64 135.55 137.61 144.13 Oct 15 - Sep 16 129.07 137.78 141.72 142.15 135.80 125.68 126.19 134.32Jan - 16 166.11 178.22 186.67 189.45 181.84 163.05 162.05 174.95 Total 3 Yr 122.40 130.61 133.99 134.22 128.54 119.24 119.31 127.17Feb - 16 188.36 199.27 206.02 206.81 200.58 193.32 193.39 198.66Mar - 16 171.73 183.55 189.84 188.04 179.04 172.61 174.16 180.80Apr - 16 138.87 148.79 151.32 149.81 141.29 134.33 134.47 142.26May - 16 107.10 113.95 118.87 120.64 111.18 106.37 106.52 112.38Jun - 16 96.57 104.90 107.13 107.48 98.78 91.86 91.88 100.37Jul - 16 95.06 102.38 106.66 106.57 99.85 92.19 93.80 99.14Aug - 16 94.01 101.41 104.22 103.38 97.20 87.57 87.84 97.41Sep - 16 94.55 105.74 111.67 112.84 102.46 95.05 94.12 102.55

Total Year 129.07 137.78 141.72 142.15 135.80 125.68 126.19 134.32

RevPAR Three Year RevPARSun Mon Tue Wed Thu Fri Sat Total Month Sun Mon Tue Wed Thu Fri Sat Total Year

Oct - 15 62.27 85.25 96.29 94.30 75.65 70.72 75.32 79.38 Oct 13 - Sep 14 66.86 92.03 102.12 102.63 88.05 80.63 82.57 87.88Nov - 15 67.25 92.04 101.04 105.44 100.05 91.35 91.17 91.75 Oct 14 - Sep 15 78.64 101.95 113.80 113.74 102.29 97.23 99.02 100.99Dec - 15 98.20 118.71 121.17 119.39 118.79 100.42 109.29 113.01 Oct 15 - Sep 16 80.30 104.84 118.24 118.88 103.61 96.42 100.85 103.29Jan - 16 112.87 147.05 167.48 176.00 156.89 131.36 131.60 144.16 Total 3 Yr 75.36 99.69 111.43 111.86 98.13 91.58 94.27 97.49Feb - 16 145.07 176.40 198.87 201.79 189.68 173.61 175.95 180.07Mar - 16 121.66 156.89 173.90 172.06 150.45 145.91 151.34 154.36Apr - 16 76.95 106.69 120.75 118.64 100.95 102.13 107.11 104.74May - 16 62.97 76.11 92.84 98.74 79.17 84.71 89.17 82.80Jun - 16 53.84 78.94 87.58 82.50 65.07 64.48 68.83 71.75Jul - 16 62.50 77.03 89.88 92.08 77.68 72.24 78.03 77.76Aug - 16 54.89 76.10 84.90 81.90 73.00 64.78 65.69 72.51Sep - 16 51.12 69.46 86.77 91.27 68.63 67.41 71.99 72.09

Total Year 80.30 104.84 118.24 118.88 103.61 96.42 100.85 103.29


Tab 8 - Raw DataBoca Raton, FL Selected PropertiesJob Number: 823806_SADIM Staff: SS Created: October 24, 2016

Date Occupancy ADR RevPar Supply Demand Revenue Census & Sample %This Year % Chg

This Year % Chg

This Year % Chg This Year % Chg This Year % Chg This Year % Chg Census Props Census Rooms

% Rooms STAR Participants

Jan 10 72.7 122.71 89.20 73,935 53,741 6,594,640 16 2,385 100.0Feb 10 84.0 134.59 113.00 66,780 56,068 7,546,452 16 2,385 100.0Mar 10 73.7 123.05 90.72 73,935 54,508 6,707,081 16 2,385 100.0Apr 10 62.0 98.82 61.30 71,550 44,387 4,386,143 16 2,385 100.0May 10 58.2 85.39 49.67 73,873 42,969 3,669,182 16 2,383 100.0Jun 10 62.1 83.15 51.64 71,490 44,403 3,692,059 16 2,383 100.0Jul 10 62.1 78.72 48.89 73,873 45,879 3,611,540 16 2,383 100.0

Aug 10 57.1 78.45 44.83 73,873 42,212 3,311,466 16 2,383 100.0Sep 10 49.8 77.44 38.56 71,490 35,602 2,756,897 16 2,383 100.0Oct 10 59.0 82.78 48.83 73,873 43,575 3,607,119 16 2,383 100.0Nov 10 63.3 85.16 53.88 71,490 45,235 3,852,107 16 2,383 100.0Dec 10 70.1 91.97 64.44 73,873 51,762 4,760,319 16 2,383 100.0Jan 11 72.7 0.0 116.69 -4.9 84.85 -4.9 73,873 -0.1 53,714 -0.1 6,267,864 -5.0 16 2,383 100.0Feb 11 86.4 2.9 130.97 -2.7 113.17 0.1 66,724 -0.1 57,654 2.8 7,550,922 0.1 16 2,383 100.0Mar 11 82.8 12.4 123.17 0.1 102.03 12.5 73,873 -0.1 61,193 12.3 7,537,278 12.4 16 2,383 100.0Apr 11 73.0 17.7 100.28 1.5 73.20 19.4 71,490 -0.1 52,189 17.6 5,233,333 19.3 16 2,383 100.0May 11 65.0 11.8 88.38 3.5 57.45 15.7 73,873 0.0 48,026 11.8 4,244,320 15.7 16 2,383 100.0Jun 11 60.2 -3.1 82.02 -1.4 49.37 -4.4 71,490 0.0 43,034 -3.1 3,529,704 -4.4 16 2,383 100.0Jul 11 61.0 -1.7 78.18 -0.7 47.72 -2.4 73,873 0.0 45,093 -1.7 3,525,189 -2.4 16 2,383 100.0

Aug 11 62.7 9.7 77.22 -1.6 48.40 8.0 73,873 0.0 46,301 9.7 3,575,239 8.0 16 2,383 100.0Sep 11 56.2 12.8 78.25 1.0 43.94 13.9 71,490 0.0 40,144 12.8 3,141,137 13.9 16 2,383 100.0Oct 11 63.0 6.8 85.28 3.0 53.71 10.0 73,873 0.0 46,527 6.8 3,967,927 10.0 16 2,383 100.0Nov 11 69.6 10.1 88.24 3.6 61.45 14.0 71,490 0.0 49,786 10.1 4,392,970 14.0 16 2,383 100.0Dec 11 70.9 1.2 95.07 3.4 67.39 4.6 73,873 0.0 52,366 1.2 4,978,617 4.6 16 2,383 100.0Jan 12 78.1 7.4 126.89 8.7 99.09 16.8 73,873 0.0 57,686 7.4 7,319,808 16.8 16 2,383 100.0Feb 12 89.5 3.6 136.87 4.5 122.51 8.3 66,724 0.0 59,721 3.6 8,174,118 8.3 16 2,383 100.0Mar 12 86.1 4.0 130.19 5.7 112.11 9.9 73,873 0.0 63,616 4.0 8,281,968 9.9 16 2,383 100.0Apr 12 75.2 3.0 101.19 0.9 76.11 4.0 71,490 0.0 53,772 3.0 5,441,000 4.0 16 2,383 100.0May 12 63.3 -2.7 91.52 3.6 57.89 0.8 73,873 0.0 46,729 -2.7 4,276,772 0.8 16 2,383 100.0Jun 12 60.3 0.2 87.51 6.7 52.81 7.0 71,490 0.0 43,141 0.2 3,775,379 7.0 16 2,383 100.0Jul 12 62.4 2.2 83.05 6.2 51.81 8.6 73,873 0.0 46,083 2.2 3,827,067 8.6 16 2,383 100.0

Aug 12 62.1 -0.9 81.42 5.4 50.57 4.5 73,873 0.0 45,886 -0.9 3,736,106 4.5 16 2,383 100.0Sep 12 56.8 1.2 81.99 4.8 46.59 6.0 71,490 0.0 40,618 1.2 3,330,454 6.0 16 2,383 100.0Oct 12 66.1 5.0 99.79 17.0 65.97 22.8 73,873 0.0 48,837 5.0 4,873,211 22.8 16 2,383 100.0Nov 12 73.9 6.1 94.00 6.5 69.48 13.1 71,490 0.0 52,844 6.1 4,967,477 13.1 16 2,383 100.0Dec 12 76.6 8.0 101.08 6.3 77.41 14.9 73,873 0.0 56,574 8.0 5,718,495 14.9 16 2,383 100.0Jan 13 82.2 5.3 132.43 4.4 108.91 9.9 73,873 0.0 60,754 5.3 8,045,646 9.9 16 2,383 100.0Feb 13 89.1 -0.5 144.25 5.4 128.50 4.9 66,724 0.0 59,440 -0.5 8,574,061 4.9 16 2,383 100.0Mar 13 87.6 1.7 138.49 6.4 121.32 8.2 73,873 0.0 64,714 1.7 8,962,282 8.2 16 2,383 100.0Apr 13 76.3 1.5 109.29 8.0 83.42 9.6 71,490 0.0 54,570 1.5 5,963,808 9.6 16 2,383 100.0May 13 72.3 14.3 95.51 4.4 69.06 19.3 70,184 -5.0 50,747 8.6 4,846,942 13.3 15 2,264 100.0Jun 13 67.7 12.2 89.76 2.6 60.76 15.1 67,920 -5.0 45,976 6.6 4,126,815 9.3 15 2,264 100.0Jul 13 66.3 6.3 86.96 4.7 57.69 11.4 70,184 -5.0 46,559 1.0 4,048,804 5.8 15 2,264 100.0

Aug 13 66.4 6.8 85.33 4.8 56.62 12.0 70,184 -5.0 46,572 1.5 3,973,774 6.4 15 2,264 100.0Sep 13 61.3 7.9 86.50 5.5 53.01 13.8 67,920 -5.0 41,623 2.5 3,600,360 8.1 15 2,264 100.0Oct 13 70.1 6.1 96.19 -3.6 67.45 2.3 70,184 -5.0 49,218 0.8 4,734,167 -2.9 15 2,264 100.0Nov 13 74.4 0.6 101.35 7.8 75.35 8.4 67,920 -5.0 50,499 -4.4 5,118,003 3.0 15 2,264 100.0Dec 13 74.1 -3.2 112.71 11.5 83.52 7.9 70,184 -5.0 52,006 -8.1 5,861,635 2.5 15 2,264 100.0

Tab 8 - Raw DataBoca Raton, FL Selected PropertiesJob Number: 823806_SADIM Staff: SS Created: October 24, 2016

Date Occupancy ADR RevPar Supply Demand Revenue Census & Sample %This Year % Chg

This Year % Chg

This Year % Chg This Year % Chg This Year % Chg This Year % Chg Census Props Census Rooms

% Rooms STAR Participants

Jan 14 81.6 -0.7 149.08 12.6 121.70 11.7 70,184 -5.0 57,292 -5.7 8,541,191 6.2 15 2,264 100.0Feb 14 91.8 3.0 164.46 14.0 150.94 17.5 63,392 -5.0 58,180 -2.1 9,568,470 11.6 15 2,264 100.0Mar 14 87.0 -0.7 154.94 11.9 134.79 11.1 70,184 -5.0 61,055 -5.7 9,459,894 5.6 15 2,264 100.0Apr 14 77.1 1.0 130.98 19.8 100.94 21.0 67,920 -5.0 52,347 -4.1 6,856,160 15.0 15 2,264 100.0May 14 70.0 -3.1 100.24 4.9 70.20 1.7 74,493 6.1 52,173 2.8 5,229,630 7.9 16 2,403 100.0Jun 14 69.1 2.1 94.62 5.4 65.38 7.6 72,090 6.1 49,812 8.3 4,713,372 14.2 16 2,403 100.0Jul 14 71.0 7.0 92.26 6.1 65.51 13.6 74,493 6.1 52,893 13.6 4,880,078 20.5 16 2,403 100.0

Aug 14 72.7 9.5 91.64 7.4 66.59 17.6 74,493 6.1 54,129 16.2 4,960,499 24.8 16 2,403 100.0Sep 14 67.9 10.9 93.18 7.7 63.31 19.4 72,090 6.1 48,979 17.7 4,563,857 26.8 16 2,403 100.0Oct 14 74.9 6.8 106.97 11.2 80.12 18.8 74,493 6.1 55,796 13.4 5,968,456 26.1 16 2,403 100.0Nov 14 79.1 6.4 111.91 10.4 88.51 17.5 72,090 6.1 57,015 12.9 6,380,521 24.7 16 2,403 100.0Dec 14 83.7 13.0 135.20 20.0 113.17 35.5 74,493 6.1 62,355 19.9 8,430,300 43.8 16 2,403 100.0Jan 15 84.1 3.0 162.99 9.3 137.08 12.6 74,493 6.1 62,652 9.4 10,211,628 19.6 16 2,403 100.0Feb 15 94.5 3.0 191.67 16.5 181.14 20.0 67,284 6.1 63,586 9.3 12,187,493 27.4 16 2,403 100.0Mar 15 87.7 0.8 175.52 13.3 153.93 14.2 74,493 6.1 65,331 7.0 11,466,601 21.2 16 2,403 100.0Apr 15 77.8 0.9 142.99 9.2 111.22 10.2 72,090 6.1 56,076 7.1 8,018,118 16.9 16 2,403 100.0May 15 70.6 0.8 110.84 10.6 78.21 11.4 74,493 0.0 52,568 0.8 5,826,409 11.4 16 2,403 100.0Jun 15 71.2 3.0 98.31 3.9 69.95 7.0 72,090 0.0 51,293 3.0 5,042,439 7.0 16 2,403 100.0Jul 15 74.1 4.3 95.99 4.0 71.10 8.5 74,493 0.0 55,174 4.3 5,296,193 8.5 16 2,403 100.0

Aug 15 70.1 -3.5 96.45 5.2 67.63 1.6 74,493 0.0 52,230 -3.5 5,037,598 1.6 16 2,403 100.0Sep 15 65.8 -3.1 99.26 6.5 65.34 3.2 72,090 0.0 47,456 -3.1 4,710,709 3.2 16 2,403 100.0Oct 15 69.8 -6.9 113.81 6.4 79.38 -0.9 74,493 0.0 51,960 -6.9 5,913,491 -0.9 16 2,403 100.0Nov 15 75.0 -5.2 122.33 9.3 91.75 3.7 72,090 0.0 54,071 -5.2 6,614,611 3.7 16 2,403 100.0Dec 15 78.4 -6.3 144.13 6.6 113.01 -0.1 74,493 0.0 58,408 -6.3 8,418,210 -0.1 16 2,403 100.0Jan 16 82.4 -2.0 174.95 7.3 144.16 5.2 74,586 0.1 61,456 -1.9 10,752,014 5.3 16 2,406 100.0Feb 16 90.6 -4.1 198.66 3.6 180.07 -0.6 67,368 0.1 61,061 -4.0 12,130,663 -0.5 16 2,406 100.0Mar 16 85.4 -2.7 180.80 3.0 154.36 0.3 74,586 0.1 63,679 -2.5 11,513,306 0.4 16 2,406 100.0Apr 16 73.6 -5.4 142.26 -0.5 104.74 -5.8 72,120 0.0 53,097 -5.3 7,553,696 -5.8 16 2,404 100.0May 16 73.7 4.4 112.38 1.4 82.80 5.9 74,524 0.0 54,909 4.5 6,170,516 5.9 16 2,404 100.0Jun 16 71.5 0.5 100.37 2.1 71.75 2.6 72,120 0.0 51,558 0.5 5,174,800 2.6 16 2,404 100.0Jul 16 78.4 5.9 99.14 3.3 77.76 9.4 74,524 0.0 58,449 5.9 5,794,924 9.4 16 2,404 100.0

Aug 16 74.4 6.2 97.41 1.0 72.51 7.2 74,524 0.0 55,474 6.2 5,403,939 7.3 16 2,404 100.0Sep 16 70.3 6.8 102.55 3.3 72.09 10.3 72,120 0.0 50,697 6.8 5,198,981 10.4 16 2,404 89.1


Tab 9 - ClassicBoca Raton, FL Selected PropertiesJob Number: 823806_SADIM Staff: SS Created: October 24, 2016

Date Occupancy ADR RevPar Supply Demand Revenue Census & Sample %

This Year % Chg This Year % Chg This Year % Chg This Year % Chg This Year % Chg This Year % Chg Census Props Census Rooms% Rooms STAR

ParticipantsJan 10 72.7 122.71 89.20 73,935 53,741 6,594,640 16 2,385 100.0Feb 10 84.0 134.59 113.00 66,780 56,068 7,546,452 16 2,385 100.0Mar 10 73.7 123.05 90.72 73,935 54,508 6,707,081 16 2,385 100.0Apr 10 62.0 98.82 61.30 71,550 44,387 4,386,143 16 2,385 100.0May 10 58.2 85.39 49.67 73,873 42,969 3,669,182 16 2,383 100.0Jun 10 62.1 83.15 51.64 71,490 44,403 3,692,059 16 2,383 100.0Jul 10 62.1 78.72 48.89 73,873 45,879 3,611,540 16 2,383 100.0

Aug 10 57.1 78.45 44.83 73,873 42,212 3,311,466 16 2,383 100.0Sep 10 49.8 77.44 38.56 71,490 35,602 2,756,897 16 2,383 100.0Oct 10 59.0 82.78 48.83 73,873 43,575 3,607,119 16 2,383 100.0Nov 10 63.3 85.16 53.88 71,490 45,235 3,852,107 16 2,383 100.0Dec 10 70.1 91.97 64.44 73,873 51,762 4,760,319 16 2,383 100.0

Sep YTD 2010 64.5 100.71 64.96 650,799 419,769 42,275,460Total 2010 64.4 97.25 62.64 870,035 560,341 54,495,005

Jan 11 72.7 0.0 116.69 -4.9 84.85 -4.9 73,873 -0.1 53,714 -0.1 6,267,864 -5.0 16 2,383 100.0Feb 11 86.4 2.9 130.97 -2.7 113.17 0.1 66,724 -0.1 57,654 2.8 7,550,922 0.1 16 2,383 100.0Mar 11 82.8 12.4 123.17 0.1 102.03 12.5 73,873 -0.1 61,193 12.3 7,537,278 12.4 16 2,383 100.0Apr 11 73.0 17.7 100.28 1.5 73.20 19.4 71,490 -0.1 52,189 17.6 5,233,333 19.3 16 2,383 100.0May 11 65.0 11.8 88.38 3.5 57.45 15.7 73,873 0.0 48,026 11.8 4,244,320 15.7 16 2,383 100.0Jun 11 60.2 -3.1 82.02 -1.4 49.37 -4.4 71,490 0.0 43,034 -3.1 3,529,704 -4.4 16 2,383 100.0Jul 11 61.0 -1.7 78.18 -0.7 47.72 -2.4 73,873 0.0 45,093 -1.7 3,525,189 -2.4 16 2,383 100.0

Aug 11 62.7 9.7 77.22 -1.6 48.40 8.0 73,873 0.0 46,301 9.7 3,575,239 8.0 16 2,383 100.0Sep 11 56.2 12.8 78.25 1.0 43.94 13.9 71,490 0.0 40,144 12.8 3,141,137 13.9 16 2,383 100.0Oct 11 63.0 6.8 85.28 3.0 53.71 10.0 73,873 0.0 46,527 6.8 3,967,927 10.0 16 2,383 100.0Nov 11 69.6 10.1 88.24 3.6 61.45 14.0 71,490 0.0 49,786 10.1 4,392,970 14.0 16 2,383 100.0Dec 11 70.9 1.2 95.07 3.4 67.39 4.6 73,873 0.0 52,366 1.2 4,978,617 4.6 16 2,383 100.0

Sep YTD 2011 68.8 6.6 99.71 -1.0 68.56 5.5 650,559 -0.0 447,348 6.6 44,604,986 5.5Total 2011 68.5 6.4 97.22 -0.0 66.62 6.4 869,795 -0.0 596,027 6.4 57,944,500 6.3

Jan 12 78.1 7.4 126.89 8.7 99.09 16.8 73,873 0.0 57,686 7.4 7,319,808 16.8 16 2,383 100.0Feb 12 89.5 3.6 136.87 4.5 122.51 8.3 66,724 0.0 59,721 3.6 8,174,118 8.3 16 2,383 100.0Mar 12 86.1 4.0 130.19 5.7 112.11 9.9 73,873 0.0 63,616 4.0 8,281,968 9.9 16 2,383 100.0Apr 12 75.2 3.0 101.19 0.9 76.11 4.0 71,490 0.0 53,772 3.0 5,441,000 4.0 16 2,383 100.0May 12 63.3 -2.7 91.52 3.6 57.89 0.8 73,873 0.0 46,729 -2.7 4,276,772 0.8 16 2,383 100.0Jun 12 60.3 0.2 87.51 6.7 52.81 7.0 71,490 0.0 43,141 0.2 3,775,379 7.0 16 2,383 100.0Jul 12 62.4 2.2 83.05 6.2 51.81 8.6 73,873 0.0 46,083 2.2 3,827,067 8.6 16 2,383 100.0

Aug 12 62.1 -0.9 81.42 5.4 50.57 4.5 73,873 0.0 45,886 -0.9 3,736,106 4.5 16 2,383 100.0Sep 12 56.8 1.2 81.99 4.8 46.59 6.0 71,490 0.0 40,618 1.2 3,330,454 6.0 16 2,383 100.0Oct 12 66.1 5.0 99.79 17.0 65.97 22.8 73,873 0.0 48,837 5.0 4,873,211 22.8 16 2,383 100.0Nov 12 73.9 6.1 94.00 6.5 69.48 13.1 71,490 0.0 52,844 6.1 4,967,477 13.1 16 2,383 100.0Dec 12 76.6 8.0 101.08 6.3 77.41 14.9 73,873 0.0 56,574 8.0 5,718,495 14.9 16 2,383 100.0

Sep YTD 2012 70.3 2.2 105.33 5.6 74.03 8.0 650,559 0.0 457,252 2.2 48,162,672 8.0Total 2012 70.8 3.3 103.53 6.5 73.26 10.0 869,795 0.0 615,507 3.3 63,721,855 10.0

Jan 13 82.2 5.3 132.43 4.4 108.91 9.9 73,873 0.0 60,754 5.3 8,045,646 9.9 16 2,383 100.0Feb 13 89.1 -0.5 144.25 5.4 128.50 4.9 66,724 0.0 59,440 -0.5 8,574,061 4.9 16 2,383 100.0Mar 13 87.6 1.7 138.49 6.4 121.32 8.2 73,873 0.0 64,714 1.7 8,962,282 8.2 16 2,383 100.0Apr 13 76.3 1.5 109.29 8.0 83.42 9.6 71,490 0.0 54,570 1.5 5,963,808 9.6 16 2,383 100.0May 13 72.3 14.3 95.51 4.4 69.06 19.3 70,184 -5.0 50,747 8.6 4,846,942 13.3 15 2,264 100.0Jun 13 67.7 12.2 89.76 2.6 60.76 15.1 67,920 -5.0 45,976 6.6 4,126,815 9.3 15 2,264 100.0Jul 13 66.3 6.3 86.96 4.7 57.69 11.4 70,184 -5.0 46,559 1.0 4,048,804 5.8 15 2,264 100.0

Aug 13 66.4 6.8 85.33 4.8 56.62 12.0 70,184 -5.0 46,572 1.5 3,973,774 6.4 15 2,264 100.0Sep 13 61.3 7.9 86.50 5.5 53.01 13.8 67,920 -5.0 41,623 2.5 3,600,360 8.1 15 2,264 100.0Oct 13 70.1 6.1 96.19 -3.6 67.45 2.3 70,184 -5.0 49,218 0.8 4,734,167 -2.9 15 2,264 100.0Nov 13 74.4 0.6 101.35 7.8 75.35 8.4 67,920 -5.0 50,499 -4.4 5,118,003 3.0 15 2,264 100.0

Tab 9 - ClassicBoca Raton, FL Selected PropertiesJob Number: 823806_SADIM Staff: SS Created: October 24, 2016

Date Occupancy ADR RevPar Supply Demand Revenue Census & Sample %

This Year % Chg This Year % Chg This Year % Chg This Year % Chg This Year % Chg This Year % Chg Census Props Census Rooms% Rooms STAR

ParticipantsDec 13 74.1 -3.2 112.71 11.5 83.52 7.9 70,184 -5.0 52,006 -8.1 5,861,635 2.5 15 2,264 100.0

Sep YTD 2013 74.5 6.0 110.72 5.1 82.46 11.4 632,352 -2.8 470,955 3.0 52,142,492 8.3Total 2013 74.1 4.7 108.97 5.3 80.72 10.2 840,640 -3.4 622,678 1.2 67,856,297 6.5

Jan 14 81.6 -0.7 149.08 12.6 121.70 11.7 70,184 -5.0 57,292 -5.7 8,541,191 6.2 15 2,264 100.0Feb 14 91.8 3.0 164.46 14.0 150.94 17.5 63,392 -5.0 58,180 -2.1 9,568,470 11.6 15 2,264 100.0Mar 14 87.0 -0.7 154.94 11.9 134.79 11.1 70,184 -5.0 61,055 -5.7 9,459,894 5.6 15 2,264 100.0Apr 14 77.1 1.0 130.98 19.8 100.94 21.0 67,920 -5.0 52,347 -4.1 6,856,160 15.0 15 2,264 100.0May 14 70.0 -3.1 100.24 4.9 70.20 1.7 74,493 6.1 52,173 2.8 5,229,630 7.9 16 2,403 100.0Jun 14 69.1 2.1 94.62 5.4 65.38 7.6 72,090 6.1 49,812 8.3 4,713,372 14.2 16 2,403 100.0Jul 14 71.0 7.0 92.26 6.1 65.51 13.6 74,493 6.1 52,893 13.6 4,880,078 20.5 16 2,403 100.0

Aug 14 72.7 9.5 91.64 7.4 66.59 17.6 74,493 6.1 54,129 16.2 4,960,499 24.8 16 2,403 100.0Sep 14 67.9 10.9 93.18 7.7 63.31 19.4 72,090 6.1 48,979 17.7 4,563,857 26.8 16 2,403 100.0Oct 14 74.9 6.8 106.97 11.2 80.12 18.8 74,493 6.1 55,796 13.4 5,968,456 26.1 16 2,403 100.0Nov 14 79.1 6.4 111.91 10.4 88.51 17.5 72,090 6.1 57,015 12.9 6,380,521 24.7 16 2,403 100.0Dec 14 83.7 13.0 135.20 20.0 113.17 35.5 74,493 6.1 62,355 19.9 8,430,300 43.8 16 2,403 100.0

Sep YTD 2014 76.2 2.2 120.72 9.0 91.93 11.5 639,339 1.1 486,860 3.4 58,773,151 12.7Total 2014 76.9 3.9 120.17 10.3 92.46 14.5 860,415 2.4 662,026 6.3 79,552,428 17.2

Jan 15 84.1 3.0 162.99 9.3 137.08 12.6 74,493 6.1 62,652 9.4 10,211,628 19.6 16 2,403 100.0Feb 15 94.5 3.0 191.67 16.5 181.14 20.0 67,284 6.1 63,586 9.3 12,187,493 27.4 16 2,403 100.0Mar 15 87.7 0.8 175.52 13.3 153.93 14.2 74,493 6.1 65,331 7.0 11,466,601 21.2 16 2,403 100.0Apr 15 77.8 0.9 142.99 9.2 111.22 10.2 72,090 6.1 56,076 7.1 8,018,118 16.9 16 2,403 100.0May 15 70.6 0.8 110.84 10.6 78.21 11.4 74,493 0.0 52,568 0.8 5,826,409 11.4 16 2,403 100.0Jun 15 71.2 3.0 98.31 3.9 69.95 7.0 72,090 0.0 51,293 3.0 5,042,439 7.0 16 2,403 100.0Jul 15 74.1 4.3 95.99 4.0 71.10 8.5 74,493 0.0 55,174 4.3 5,296,193 8.5 16 2,403 100.0

Aug 15 70.1 -3.5 96.45 5.2 67.63 1.6 74,493 0.0 52,230 -3.5 5,037,598 1.6 16 2,403 100.0Sep 15 65.8 -3.1 99.26 6.5 65.34 3.2 72,090 0.0 47,456 -3.1 4,710,709 3.2 16 2,403 100.0Oct 15 69.8 -6.9 113.81 6.4 79.38 -0.9 74,493 0.0 51,960 -6.9 5,913,491 -0.9 16 2,403 100.0Nov 15 75.0 -5.2 122.33 9.3 91.75 3.7 72,090 0.0 54,071 -5.2 6,614,611 3.7 16 2,403 100.0Dec 15 78.4 -6.3 144.13 6.6 113.01 -0.1 74,493 0.0 58,408 -6.3 8,418,210 -0.1 16 2,403 100.0

Sep YTD 2015 77.2 1.4 133.89 10.9 103.35 12.4 656,019 2.6 506,366 4.0 67,797,188 15.4Total 2015 76.5 -0.6 132.29 10.1 101.18 9.4 877,095 1.9 670,805 1.3 88,743,500 11.6

Jan 16 82.4 -2.0 174.95 7.3 144.16 5.2 74,586 0.1 61,456 -1.9 10,752,014 5.3 16 2,406 100.0Feb 16 90.6 -4.1 198.66 3.6 180.07 -0.6 67,368 0.1 61,061 -4.0 12,130,663 -0.5 16 2,406 100.0Mar 16 85.4 -2.7 180.80 3.0 154.36 0.3 74,586 0.1 63,679 -2.5 11,513,306 0.4 16 2,406 100.0Apr 16 73.6 -5.4 142.26 -0.5 104.74 -5.8 72,120 0.0 53,097 -5.3 7,553,696 -5.8 16 2,404 100.0May 16 73.7 4.4 112.38 1.4 82.80 5.9 74,524 0.0 54,909 4.5 6,170,516 5.9 16 2,404 100.0Jun 16 71.5 0.5 100.37 2.1 71.75 2.6 72,120 0.0 51,558 0.5 5,174,800 2.6 16 2,404 100.0Jul 16 78.4 5.9 99.14 3.3 77.76 9.4 74,524 0.0 58,449 5.9 5,794,924 9.4 16 2,404 100.0

Aug 16 74.4 6.2 97.41 1.0 72.51 7.2 74,524 0.0 55,474 6.2 5,403,939 7.3 16 2,404 100.0Sep 16 70.3 6.8 102.55 3.3 72.09 10.3 72,120 0.0 50,697 6.8 5,198,981 10.4 16 2,404 89.1

Sep YTD 2016 77.7 0.7 136.55 2.0 106.16 2.7 656,472 0.1 510,380 0.8 69,692,839 2.8


Tab 10 - Response ReportBoca Raton, FL Selected PropertiesJob Number: 823806_SADIM Staff: SS Created: October 24, 2016

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

2239 Best Western Plus University Inn Boca Raton, FL 33431 Upper Midscale Class Apr 2011 Jun 1965 90 ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●40982 Fairfield Inn & Suites Boca Raton Airport Boca Raton, FL 33431 Upper Midscale Class Oct 2000 Oct 2000 119 ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●34053 Hampton Inn Boca Raton Boca Raton, FL 33431 Upper Midscale Class Dec 1996 Dec 1996 94 ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●19382 Courtyard Boca Raton Boca Raton, FL 33431 Upscale Class Apr 1992 Apr 1992 152 ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●627 Wyndham Boca Raton Hotel Boca Raton, FL 33431 Upper Upscale Class Jun 2012 Feb 1982 182 Y ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●1350 Renaissance Boca Raton Boca Raton, FL 33431 Upper Upscale Class Sep 2001 Jun 1982 189 ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●

10523 Curio Collection Waterstone Resort & Marina Boca Raton Boca Raton, FL 33432 Upper Upscale Class Oct 2016 Jun 1976 139 Y ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●626 Holiday Inn Express Boca Raton West Boca Raton, FL 33434 Upper Midscale Class Nov 2003 Jun 1971 97 ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●

10520 Hilton Boca Raton Boca Raton, FL 33434 Upper Upscale Class Jan 2005 Apr 1988 199 ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●23324 Marriott Boca Raton @ Boca Center Boca Raton, FL 33486 Upper Upscale Class Aug 1987 Aug 1987 259 Y ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●38596 Springhill Suites Boca Raton Boca Raton, FL 33487 Upscale Class Jun 1999 Jun 1999 146 ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●42938 Hilton Garden Inn Boca Raton Boca Raton, FL 33487 Upscale Class Feb 2002 Feb 2002 149 ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●38488 TownePlace Suites Boca Raton Boca Raton, FL 33487 Upper Midscale Class Jul 1999 Jul 1999 91 ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●27385 Embassy Suites Boca Raton Boca Raton, FL 33487 Upper Upscale Class Jul 1991 Jun 1985 263 Y ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●19076 Residence Inn Boca Raton Boca Raton, FL 33487 Upscale Class May 1988 May 1988 120 ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●36364 Extended Stay America Boca Raton Commerce Boca Raton, FL 33487 Economy Class Oct 2012 Dec 1998 115 ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●

Total Properties: 16 2404 ○ - 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.

201620152014


Tab 11 - Help

Methodology

Glossary

Room revenue divided by rooms sold, displayed as the average rental rate for a Date the property opened as a lodging establishment.single room.

Date the property affiliated with current chain/flag

The number of properties and rooms that exist within the selected property set Total room revenue generated from the sale or rental of rooms.or segment.

Indicator of whether or not an individual hotel has added or removed rooms fromtheir inventory.

The factor used to convert revenue from U.S. Dollars to the local currency.The exchange rate data is obtained from Oanda.com. Any aggregated number in the report (YTD, Running 3 month, Running 12 month) uses the exchange Data on selected properties or segments starting in 2005. rate of each relative month when calculating the data.

STR CodeExtended Historical Trend

Data on selected properties or segments starting in 2000.

The number of rooms sold (excludes complimentary rooms). The number of rooms times the number of days in the period.

Data on selected properties or segments starting in 1987.

Rooms sold divided by rooms available. Occupancy is always displayed as a percentage of rooms occupied.

Percent Change

Supply (Rooms Available)

Occupancy

The value of any given month is computed by taking the value of that month and the values of the eleven preceding months, adding them together and dividing by twelve.

Sample % (Rooms)

Standard Historical Trend

Similarly, we sometimes obtain monthly data from a property, but not daily data. We use a similar process. We take the monthly data that the property has provided, and distribute it to the individual days based on the revenue and demand distribution patterns of similar hotels in the same location.

Twelve Month Moving Average

We believe it imperative to perform this analysis in order to provide interested parties with our best estimate of total lodging demand and room revenue on their areas of interest. Armed with this information a more informed decision can be made.

Every year we examine guidebook listings and hotel directories for information on hotels that don't provide us with data. We don't stop there. We call each hotel in our database every year to obtain "published" rates for multiple categories. Based on this information we group all hotels - those that report data and those that don't - into groupings based off of price level and geographic proximity. We then estimate the non-respondents based off of nearby hotels with similar price levels.

Exchange Rate

STR's proprietary numbering system. Each hotel in the lodging census has a unique STR code.

The % of rooms from which STR receives data. Calculated as (Sample Rooms/Census Rooms) * "100".

Affiliation Date

Demand (Rooms Sold)

RevPAR (Revenue Per Available Room)

Year to Date

Room revenue divided by rooms available

Amount of growth, up, flat, or down from the same period last year (month, ytd, three months, twelve months). Calculated as ((TY-LY)/LY) * "100".

Revenue (Room Revenue)

Change in Rooms

While virtually every chain in the United States provides STR with data on almost all of their properties, there are still some hotels that don't submit data. But we've got you covered.

ADR (Average Daily Rate) Open Date

Census (Properties and Rooms)

Full Historical Trend

Tab 12 - Terms and ConditionsBefore purchasing this product you agreed to the following terms and conditions.In consideration of the mutual promises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, STR, Inc. ("STR"), STR Global, Ltd. ("STRG"), and the licensee identified elsewhere in this Agreement ("Licensee") agree as follows: 1. LICENSE1.1 Definitions.

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SECTION IV

Due Diligence Materials


CONFIDENTIALITY AND CONDITIONSEXHIBITS

This Offering was prepared by Cushman & Wakefield. It contains select information pertaining to the Property and does not purport to be all-inclusive or to contain all of the information which a

prospective purchaser may desire. An opportunity to inspect the Property will be made available to qualified prospective purchasers.

In this Offering, certain documents, including Due Diligence Materials, are described in a summary form below. The summaries do not purport to be complete nor, necessarily, accurate

descriptions of the full agreements involved, nor do they constitute a legal analysis of such documents. Interested parties are expected to independently review all documents.

This Offering is subject to prior placement, errors, omissions, changes or withdrawal without notice and does not constitute a recommendation, endorsement or advice as to the value of the

Property by Cushman & Wakefield or Owner. Each prospective purchaser is to rely upon its own investigation, evaluation and judgment as to the advisability of purchasing the Property

described herein.

Owner and Cushman & Wakefield expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase the Property and/or to terminate discussions

with any party at any time with or without notice. Owner shall have no legal commitment or obligation to any purchaser reviewing this Offering or making an offer to purchase the Property unless

a written agreement for the purchase of the Property has been fully executed, delivered, and approved by Owner and any conditions to Owner’s obligations thereunder have been satisfied or

waived. Cushman & Wakefield is not authorized to make any representations or agreements on behalf of Owner.

This Offering is the property of Cushman & Wakefield and may be used only by parties approved by Cushman & Wakefield. The Property is privately offered and, by accepting this Offering, the

party in possession hereof agrees (i) to return it to Cushman & Wakefield immediately upon request of Cushman & Wakefield or Owner and (ii) that this Offering and its contents are of a

confidential nature and will be held and treated in the strictest confidence. No portion of this Offering may be copied or otherwise reproduced or disclosed to anyone without the prior written

authorization of Cushman & Wakefield and Owner.

Due Diligence Materials will only be released to interested parties only upon receipt of a signed Confidentiality Agreement.

Phase I

Survey

Office Building Entitlements

Geotech Report

LIRP Zoning

Hotel Proposal Site Plan and Elevation

The terms and conditions set forth above apply to this Offering in its entirety.


DISCLOSUREEXHIBITS

Regarding Environmental Matters: All parties to real estate transactions should be aware of the health, liability and economic impact of environmental factors on real estate. Cushman &

Wakefield does not conduct investigations or analyses of environmental matters and, accordingly, urges its clients to retain qualified environmental professionals to determine whether hazardous

or toxic wastes or substances (such as asbestos, PCBs and other contaminants or petro-chemical products stored in underground tanks) or other undesirable materials or conditions are present

at the property and, if so, whether any health danger or other liability exists. Such substances may have been used in the construction or operation of buildings or may be present as a result of

previous activities at the property. Depending upon past, current and proposed uses of the property, it may be prudent to retain an environmental expert to conduct a site investigation.

Various federal, state and local authorities have enacted laws and regulations dealing with the use, storage, handling, removal, transport and disposal of toxic or hazardous wastes and

substances. If hazardous or toxic substances exist or are contemplated to be used at the property, special governmental approvals or permits may be required. In addition, the cost of removal

and disposal of such materials may be substantial. Consequently, legal counsel and technical experts should be consulted where these substances are or may be present.

Cushman & Wakefield makes no representation and assumes no obligation regarding the presence or absence of toxic or hazardous waste or substances or other undesirable materials on or

about any property ultimately sold or leased. It is solely the responsibility of the potential tenants or purchasers to conduct investigations to determine the presence of such materials.

Regarding Radon Gas: Radon is a naturally occurring radioactive gas that, when it has accumulated in sufficient quantities, may present health risks to persons who are exposed to it over time.

Levels of radon that exceed federal and state guidelines have been found in buildings in Florida. Additional information regarding radon and radon testing may be obtained from your county

public health unit. This notice is given pursuant to section 404.056(8), Florida Statutes.

Regarding Closing Costs: Upon closing the sale of the Property, additional costs may be demanded from the purchaser in the form of closing costs. Closing costs include, typically, attorneys’

fees, title insurance premiums, other insurance costs, taxes, abstract charges, escrow fees, documentary stamps, recording fees, discount points, survey charges, mortgage transfer or service

fees, and/or any other major cost to be paid or assumed by the purchaser. Allocation of these costs may be varied by provisions of the contract of sale.

225 NE Mizner Boulevard, Suite 300Boca Raton, FL 33432+1 954 771 0800cushmanwakefield.com

Christopher J. Metzger, SIORExecutive Director+1 954 938 [email protected]

Christopher Thomson, SIORSenior Director+1 561 227 [email protected]

Documents

900 Peninsula Corporate Circle - CapasGroup Realty … · development land known as the 900 Peninsula Corporate Circle (the “Property”), which is currently entitled for 81,892