The Tempe Hyatt Regency Hotel and Residences · The Tempe Hyatt Regency Hotel and Residences is Tempe’s newest and most distinctive development project. The project includes development

The Tempe Hyatt Regency

Hotel and Residences

Tempe, Arizona

The Valhalla Development Group 480.282.2228

[email protected]

October 2012

The Tempe Hyatt Regency Hotel and Residences

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Contents The Project .......................................................... 3

Location ............................................................... 5

Project Economics ................................................ 9

Development Team .............................................. 14

Note to Recipients THIS PROJECT SUMMARY IS SUBMITTED ON A CONFIDENTIAL BASIS SOLELY TO PROVIDE AN INTRODUCTION TO THE TEMPE HYATT REGENCY HOTEL AND RESIDENCES. THIS PROJECT SUMMARY DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION TO BUY ANY SECURITIES. NO REPRESENTATIONS OR WARRANTIES OF ANY KIND ARE INTENDED NOR SHOULD ANY BE INFERRED WITH RESPECT TO THE ECONOMIC VIABILITY OF THE PROJECT.

CERTAIN OF THE MATTERS DISCUSSED IN THIS PLAN INCLUDE FORWARD-LOOKING STATEMENTS THAT INVOLVE RISKS AND UNCERTAINTIES THAT CANNOT BE PREDICTED WITH ACCURACY. ALL STATEMENTS, OTHER THAN STATEMENTS OF HISTORICAL FACTS, WHICH ADDRESS THE COMPANY’S’ EXPECTATIONS OF SOURCES OF CAPITAL OR WHICH EXPRESS THE COMPANY’S EXPECTATION FOR THE FUTURE WITH RESPECT TO FINANCIAL PERFORMANCE, OPERATING STRATEGIES, PRODUCT DEVELOPMENT, MARKET POSITION, EXPECTED EXPENDITURES AND FINANCIAL RESULTS CAN BE IDENTIFIED AS FORWARD-LOOKING STATEMENTS. SUCH FORWARD-LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS WHICH MAY CAUSE THE ACTUAL RESULTS DIFFER MATERIALLY FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY THOSE PROJECTED IN THE FORWARD-LOOKING STATEMENTS FOR ANY REASON. BECAUSE OF FACTORS BEYOND THE CONTROL OF THE TEMPE TOWN LAKE, LLC, ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THE EXPECTATIONS EXPRESSED IN THE FORWARD-LOOKING STATEMENTS. NO ASSURANCE CAN BE GIVEN THAT THE PROJECT’S ACTUAL PERFORMANCE WILL MATCH ITS INTENDED RESULTS.

THE ACCEPTANCE OF THIS BUSINESS PLAN CONSTITUTES AN AGREEMENT ON THE PART OF THE RECIPIENT HEREOF AND THE RECIPIENT’S REPRESENTATIVES TO MAINTAIN THE CONFIDENTIALITY OF THE INFORMATION CONTAINED HEREIN. THIS DOCUMENT MAY NOT BE REPRODUCED IN WHOLE OR IN PART.

© 2012 Valhalla Development Group, LLC Proprietary and Confidential

All rights Reserved

The Tempe Hyatt Regency Hotel and Residences — the Newest Addition to the Tempe Town Lake in Downtown Tempe


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The Project The Tempe Hyatt Regency Hotel and Residences is Tempe’s newest and most distinctive development project. The project includes development of a top-rated hotel and luxury condominium residences in a single complex. The development program for the project includes:

• A 240 room, 4+ Diamond Rated Hyatt Regency Hotel (220 rooms with 20 suites);

• 24 Luxury Condominium Residences (approximately 2,145 square feet each);

• Fine dining, and conference facilities, including an upscale destination restaurant seating 100; a sports-themed destination Restaurant/Bar accommodating 120; and meeting and banquet space totaling 15,000 square feet;

• A world-class 5,000 square foot Spa, with 12 treatment rooms, a 3,000 square foot fitness facility and 750 square feet of retail space;

• A Pool deck with views of downtown Tempe, and;

• Two levels of subterranean parking.

The Project comprises 287,000 gross square feet, excluding the underground parking, on .83 acres in the center of the Hayden Ferry Landing development complex. The opening date is scheduled for the second quarter of 2011.

The Tempe Hyatt Hotel and Residences distinguishes itself on four factors: Location, market position, its amenities and destination draw, outstanding project economics, and its first rate development team.

Location

Greater Phoenix has emerged as a major national urban center and tourist destination. Phoenix is now the 6th largest City in the US, and the 12th largest Metro Area. Fueled by its 31% population growth from 200 to 2008, Phoenix is one of the fastest growing regional economies in North America.

Tempe, one of Phoenix’s 23 diverse sub-communities, has grown into a major regional visitor destination and business hub of the region.

The project is located within Tempe’s hottest developments — the Hayden Ferry Lakeside Center. Hayden Ferry has quickly become a center of international business within metro Phoenix.

Market Position

The project has been designed to fill two underserved regional market niches — 4 Diamond rated hotels with high quality on-site amenities and services, and demand for urban-oriented luxury condominiums.

The Tempe Hyatt Regency Hotel and Residences will be the only Hyatt Regency in the state. The Hyatt Regency Flag is known for its locations in leading business and groups destinations round the world. These hotels are known to feature stylish, contemporary design, abundant meeting facilities and extraordinary restaurants.

Tempe has traditionally lacked quality meeting and event space, and only nine properties within the region are in the project’s competitive supply market (price and quality segment). No other significant properties in this segment are coming on line.

This particular hotel segment has performed well in greater Phoenix, with average occupancy at 78% since June 2007, and ADR’s increasing at an average of 9.6% per year since 2003.

The project creates a distinctive position in the greater Phoenix hospitality and residential market place. The location, design and pricing of the Tempe Hyatt Regency has been planned to appeal to business travel, conference, groups and leisure travelers. The offering of full-time residential condominiums with high-end design, 24-hour concierge services, and proximity to downtown nightlife, culture and shopping, introduces a new product into the Tempe residential market.

A Destination Draw with Unique Amenities

The Tempe Hyatt Regency Hotel and Residences has been designed to enter the market as a destination draw, driven by distinctive architecture, high quality rooms, services, restaurants and access to on and off-site amenities and activities.


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In addition to its core services, the project features a full-service spa and fitness center on site, and a roof top pool deck overlooking downtown Tempe. Hotel guests, visitors and residents will have access to the facilities at the nearby Karsten Golf Course and Hyatt Gainey Ranch Resort in Scottsdale, one of the region’s highest quality resorts. These partnerships have been designed to make a stay at the Tempe Hyatt an uncommon “town and country” business or leisure visitation experience.

Outstanding Project Economics

Hotels in this segment of the Phoenix market have outperformed the national marketplace over the last decade. The economic performance of the hotel is strengthened by development of a product with a globally established brand in a central location with unique access to a variety of amenities. Benefits and incentives, including a 100% real estate property tax abatement for the first eight years of the project, also improve the project’s bottom line.

The residential condominiums will be sold in the first two years after opening. Overall project economic performance is improved, particularly in the early years of the project, by the cash flow created by condominium sales, providing investors with higher than typical early cash returns. Over the long term, the project is expected to outperform the market.

An Experienced Project Team

Hyatt Town Lake, LLC, is owned and managed by The Valhalla Development Group. With steady and significant input from Global Hyatt, the project architect is Allen + Philp Architects of Scottsdale, AZ. The Perini Building Company is the General Contractor and the construction manager is former Starwood Executive PM, Gary Dillon.

The development team has designed and developed a broad portfolio of distinctive resort, commercial and residential development, delivering consistent returns for their investors.

Exterior Views of the Tempe Hyatt Regency Hotel and Residences


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Location Greater Phoenix, and the 23 diverse communities compose it, are known as the Valley of the Sun. Greater Phoenix has emerged as a major North American center of commerce, tourism, and transportation. Phoenix is now the 6th largest City in the US, and Greater Phoenix the 12th largest Metro Area. Fueled by its 31% population growth from 2000 to 2008, Phoenix is one of the fastest growing regional economies in North America. Phoenix expects its population to grow by another 85,000 residents in 2008.

Maricopa County has a renowned climate and broad range of recreational opportunities, cultural amenities and professional sports. Greater Phoenix is one of the few metro areas in the country with all four types of professional sports including Phoenix Suns Basketball, Arizona Diamondbacks Baseball, Arizona Cardinals Football, and Phoenix Coyotes Hockey. Cactus League spring training baseball also attracts thousands of fans to the area each year. In addition to professional sports, the area has more than 150 golf courses and 1,200 tennis courts located throughout the County.

There are seven lakes within an hour of the metro area that offer fishing, boating, water skiing, picnic areas, and camping. In addition, there are many opportunities for hiking, mountain biking and off-road driving in and around the County. Maricopa County has a wide variety of large performance venues including Phoenix Symphony Hall, Gammage Auditorium at Arizona State University, the newly restored Orpheum Theatre, the Herberger Theatre Center, the Maricopa County Events Center, and the Cricket Pavilion. Performing arts in the County include symphony, opera, Broadway Theater, and many other touring concerts, theater series and dance events. The county also has over 30 museums, and 150 art galleries offering everything from western and Native American works to contemporary exhibitions.

Phoenix Sky Harbor International Airport is the 8th busiest airport in the world for aircraft operations and the 13th busiest airport in the world for passenger traffic, serving over 41 million passengers each year. Greater Phoenix is the headquarters for US Airways and a major

hub for Southwest Airlines. The facility currently has three terminals with a total of 112 gates. Roughly 20 airlines serve the airport and it has over 1,300 flights daily.

Sky Harbor provides non-stop service to 109 domestic and international destinations with over 510 daily non-stop flights. International destinations with non-stop service include London, Frankfurt, Vancouver, Toronto, and Mexico. In response to its rapid growth, the City of Phoenix Aviation Department has undertaken a $619 Million airport expansion program.

A centrally located access point to the American west, Phoenix is within a one-hour flight of San Diego, Las Vegas and Los Angeles, within two hours of Denver and San Francisco, and two-and one-half hours flight from Austin, Dallas, Houston and Seattle.

Greater Phoenix hosted over 16 Million overnight tourist visitors in 2007. Tourist spending in the region topped $12.3 Billion dollars in the same year.

Tempe

Tempe, Arizona’s sixth-largest city is located at the center of the Greater Phoenix Region. While enjoying dynamic growth, the city has maintained a unique personality and style through a blending of the new with the old, mixing history and modern urban amenities.

Tempe has a distinct identity as an emerging destination city. Tempe has become regional economic seat for the region, and is home to technology, culture, tourism and educational resources.

Tempe has created a niche within the sports and events market. Tempe is the home of the ASU Sun Devils and the Insight Bowl and was the host city for Super Bowl XXX. In addition, Tempe hosts spring training for baseball’s Anaheim Angels is the site of the annual P.F. Chang’s Rock ‘N’ Roll Arizona Marathon & 1/2 Marathon, the Ironman Arizona triathlon, the American Volleyball Championship, and professional sporting events including the Phoenix Suns NBA Basketball Team.


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Tempe Town Lake

Downtown Tempe boasts more than 170 nightclubs, restaurants and retail shops in a pedestrian setting. In addition, the area hosts approximately 2,000 residential units on the drawing board of which 200 upscale condominiums are already occupied. Downtown Tempe also offers a variety of cultural activities. The Spring and Fall Festivals of the Arts each draw nearly 250,000 people, and are the second-largest juried art festivals in the nation. Downtown Tempe is also the place for stand-up comedy with the Phoenix Improv, and Childsplay, a professional company of adult actors housed at the Tempe Performing Arts Center.

The Tempe Hyatt Regency Hotel and Residences is part of the master-planned Tempe Town Lake, an extensive landscape comprising of water and park space that frames Tempe Beach Park, originally built in 1931. The park connects to five miles of picturesque bike and jogging paths, and boating concessions. The area plays host to open-air concerts and holiday celebrations throughout the year. The Paul Mitchell Beach Volleyball Tournament and the Iron man Triathlon are just a few examples of events held at the Lake. Tempe Town Lake is a unique attraction in Arizona due to its proximity to Arizona State University, the airport, five freeways, and an active, urban downtown. Tempe Town Lake is Arizona's second largest tourist attraction.

Located just five minutes from Sky Harbor International Airport and Arizona State University and adjacent to the vibrant Mill Avenue District, Tempe Town Lake provides an unparalleled urban experience for visitors. The unique mix of open recreational space, waterfront condominiums and office space can be found nowhere else in Arizona. More than 2.3 million people visit the 2.5-mile lake each year for recreation and more than 100 special events.

Within Tempe’s downtown, Hayden Ferry Lakeside is a master-planned mixed-use project on a 17-acre waterfront site. City-approved plans enable Hayden Ferry Lakeside to offer office, retail, hotel, and residential Development. Hayden Ferry Lakeside is quickly becoming a new hub of international business. Hayden Office Tower II was completed in February 2007 and contains companies that have

already signed leases or letters of intent include KPMG, Smith Barney, T.Y. Lin International, Regus/HQ Global Workplaces, Lifelock Identity Theft Prevention, Verdict Systems, Care Level management Group and the architectural firms DFD Cornoyer Hedrick and The Davis Group. Developers of twin office towers on the corner of Mill Avenue and Rio Salado Parkway submitted plans for a third, ten-story tower, which recieved approval in March of 2009. Sunbelt Holdings and Ryan Development just announced that ground-break on this third office tower is schedule for November of 2012.

Tempe consistently enjoys high hotel occupancy rates, and the Tempe Hyatt Regency is extremely well located to capture demand from leisure attractions, special events, recreational activities new commercial and residential development, and business and meeting markets.


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For more information on Hayden Ferry Lakeside, including a virtual tour and its development plan, please visit http://haydenferry.com


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Project Economics

Project Sponsor Hyatt Hayden Ferry LLC

Project Address 100 E. Rio Salado Parkway

Tempe, AZ

Property Type Hotel / For-Sale Condos

Hotel Flag Hyatt Regency

Hotel Rooms 240

Condominium Units 24

Gross Square Feet (excludes subterranean parking) 287,000

Site Area (Acres) 0.83

Site Area (SF) 36,152.00

Construction Financing Assumptions

Total Project Cost 91,626,814

Requested Loan Amount 64,138,770

Loan to Cost 70.00%

Project Opening Q1 2015

Hyatt Regency Hotel and ResidencesProject Program


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Estimated Development Budget

ACQUISITION COSTS

Total Per Key Per Square Foot

Land Purchase Price 1,300,000 4,924 4.53

Misc. Closing Costs 400,000 1,515 1.39

Subtotal 1,700,000 6,439 5.92

HARD COSTS

Site Work 1,527,000 5,784 5.32

Construction 45,121,080 170,913 157.22

Parking Garage 4,715,000 17,860 16.43

GC - Conditions 4,609,862 17,462 16.06

Sales Tax 3,081,785 11,673 10.74

GC Management Fee 3,200,000 12,121 11.15

Subtotal 62,254,727 235,813 216.92

SOFT COSTS

Closing Costs 491,431 1,861 1.71

Architectural 2,509,183 9,504 8.74

Structural Engineering 447,939 1,697 1.56

MEP Engineering 497,922 1,886 1.73

Interior Design 1,130,800 4,283 3.94

FF & E 7,200,000 27,273 25.09

Permits 260,954 988 0.91

Project Wrap Insurance 1,500,000 5,682 5.23

Admin & Legal 1,000,000 3,788 3.48

Development Fee 4,299,667 16,287 14.98

Project Contingency 3,763,154 14,254 13.11

Subtotal 23,101,050 73,250 80.49

FINANCING COSTS

Interest Reserve 3,395,175 12,861 11.83

Financing Fees 1,175,862 4,454 4.10

Subtotal 4,571,038 17,315 15.93

TOTAL PROJECT COST 91,626,814 381,778 319.26

Hyatt Regency Hotel and Residences


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Hyatt Regency Hotel and ResidencesStabilized Hotel Pro Forma

2015 2016 2017 2018 2019# of Rooms 240 240 240 240 240Total Rooms Avail. 87,600 87,600 87,600 87,600 87,600Total Occ. Rooms 56,064 61,320 65,700 65,700 65,700Occupancy % 64.00% 70.00% 75.00% 75.00% 75.00%ADR 236.01 243.00 251.00 258.01 266.00 REVPAR 151.05 170.10 188.25 193.51 199.50

REVENUE Total % REV $/Room Total % REV $/Room Total % REV $/Room Total % REV $/Room Total % REV $/Room

Rooms 13,231,665 58.3% 236.01 14,900,760 58.5% 243.00 16,490,700 58.5% 251.00 16,951,257 58.5% 258.01 17,476,200 58.5% 266.00

Food & Beverage 7,256,924 32.0% 129.44 8,175,182 32.1% 133.32 9,021,924 32.0% 137.32 9,292,000 32.1% 141.43 9,571,000 32.0% 145.68

Spa 1,008,591 4.4% 17.99 1,060,223 4.2% 17.29 1,170,117 4.2% 17.81 1,205,000 4.2% 18.34 1,241,000 4.2% 18.89

Other Operated Departments 946,360 4.2% 16.88 1,065,742 4.2% 17.38 1,176,687 4.2% 17.91 1,212,000 4.2% 18.45 1,248,000 4.2% 19.00

Rentals& Other Income 252,288 1.1% 4.50 284,525 1.1% 4.64 314,046 1.1% 4.78 323,000 1.1% 4.92 333,000 1.1% 5.07

Total Revenue 22,695,828 100.0% 404.82 25,486,432 112.3% 415.63 28,173,474 124.1% 428.82 28,983,257 127.7% 441.15 29,869,200 131.6% 454.63

OPERATING EXPENSESOperating Department Expenses

Rooms 3,704,866 28.0% 66.08 3,978,503 26.7% 64.88 4,248,434 25.8% 64.66 4,354,225 25.7% 66.27 4,491,383 25.7% 68.36

Food & Beverage 5,428,179 74.8% 96.82 5,886,131 72.0% 95.99 6,315,038 70.0% 96.12 6,503,988 70.0% 99.00 6,699,700 70.0% 101.97

Spa 685,842 68.0% 12.23 720,952 68.0% 11.76 796,215 68.0% 12.12 819,812 68.0% 12.48 843,880 68.0% 12.84

Other Operated Departments 586,743 62.0% 10.47 660,760 62.0% 10.78 729,505 62.0% 11.10 751,708 62.0% 11.44 773,760 62.0% 11.78

Total Operating Department Expenses 10,405,631 45.8% 185.60 11,246,346 44.1% 183.40 12,089,192 42.9% 184.01 12,429,733 42.9% 189.19 12,808,723 42.9% 194.96

Department ProfitRooms 9,526,799 72.00% 169.93 10,922,257 73.30% 178.12 12,242,266 74.24% 186.34 12,597,032 74.31% 191.74 12,984,817 74.30% 197.64

Food & Beverage 1,828,745 25.20% 32.62 2,289,051 28.00% 37.33 2,706,886 30.00% 41.20 2,788,012 30.00% 42.44 2,871,300 30.00% 43.70

Spa 322,749 32.00% 5.76 339,271 32.00% 5.53 373,902 31.95% 5.69 385,188 31.97% 5.86 397,120 32.00% 6.04

Other Operated Departments 359,617 38.00% 6.41 404,982 38.00% 6.60 447,182 38.00% 6.81 460,292 37.98% 7.01 474,240 38.00% 7.22

Total Dept Profit 12,037,910 53.04% 214.72 13,955,561 54.76% 227.59 15,770,236 55.98% 240.03 16,230,524 56.00% 247.04 16,727,477 56.00% 254.60

Undistributed Expenses Admin 1,827,686 8.1% 32.60 1,921,769 7.5% 31.34 2,121,000 7.5% 32.28 2,184,000 7.5% 33.24 2,250,000 7.5% 34.25

Sales & Marketing 1,358,431 6.0% 24.23 1,428,143 5.6% 23.29 1,576,000 5.6% 23.99 1,623,000 5.6% 24.70 1,672,000 5.6% 25.45

Repair & Maintenance 937,951 4.1% 16.73 986,639 3.9% 16.09 1,089,000 3.9% 16.58 1,122,000 3.9% 17.08 1,155,000 3.9% 17.58

Utilities 740,605 3.3% 13.21 779,377 3.1% 12.71 860,000 3.1% 13.09 886,000 3.1% 13.49 912,000 3.1% 13.88

Total Undistributed Expenses 4,864,673 21.4% 86.77 5,115,928 22.5% 83.43 5,646,000 24.9% 85.94 5,815,000 25.6% 88.51 5,989,000 26.4% 91.16

GROSS OPERATING PROFIT 7,425,524 32.7% 132.45 9,124,158 35.8% 148.80 10,438,282 37.1% 158.88 10,738,524 37.1% 163.45 11,071,477 37.1% 168.52

Management Fees 680,875 3.0% 12.15 764,593 3.0% 12.47 845,204 3.0% 12.86 869,498 3.0% 13.23 896,076 3.0% 13.64

Property Taxes - 0.0% - - 0.0% - - 0.0% - - 0.0% - - 0.0% -

Insurance 240,000 1.2% 4.53 247,200 0.9% 4.03 254,616 0.9% 4.37 262,254 0.9% 3.99 270,122 1.0% 4.11

FF&E Reserve 453,917 2.0% 8.10 764,593 3.0% 12.47 1,126,939 4.0% 17.15 1,159,330 4.0% 17.65 1,194,768 4.0% 18.19

1,374,791 6.1% 24.78 1,776,386 7.0% 28.97 2,226,759 7.9% 34.39 2,291,082 7.9% 34.87 2,360,966 7.9% 35.94

NET OPERATING INCOME 6,050,733 26.7% 107.93 7,347,773 28.8% 119.83 8,211,523 29.1% 124.99 8,447,442 29.1% 128.58 8,710,510 29.2% 132.58


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Hyatt Regency Hotel and ResidencesCondominium Unit Sales

Units 24

Average Size (s.f.) 1,750

Price per SF 550

Price per Unit 962,500

2015 2016

Gross Sale Revenue 11,550,000 11,550,000

Cost of Sales 577,500 577,500

Net Profit 10,972,500 10,972,500


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Hyatt Regency Hotel and Residences

Estimated Project Cash flow

Total Project Cost 91,626,814Debt Financing

Loan-to-Value 70.0%Total Debt 64,138,770

Equity 27,488,044Construction Period (Months) 22Finance Interest Rate 6.5%Finance Term 25

Exit Capitalization Rate 7.5%

COMBINED CASH FLOW 2013 2014 2015 2016 2017 2018

Net Operating Income - Hotel 6,050,733 8,211,523 8,447,442 8,710,510

Development & Construction Costs (49,433,559) (42,193,256)

Construction Financing 23,371,973 42,193,256

Debt Service - - -

(1,426,458) (4,261,740) (4,169,020) (4,098,224) (4,022,826) (3,942,527)

- - (1,089,171) (1,159,967) (1,235,365) (1,315,664)

Cash flow After Debt Service (27,488,044) (4,261,740) 792,542 2,953,332 3,189,250 3,452,319

CAPITAL EVENT PROCEEDSCondominium Sales

Gross Sales Revenue 11,550,000 11,550,000

Less: Cost of Sales 577,500 577,500 Net Condominium Sales Revenue 10,972,500 10,972,500

Hotel SaleGross Sales Revenue 116,140,140 Less: Cost of Sales (2,322,802.80) Less: Outstanding Loan Principal (59,338,602) Net Hotel Sales Revenue 54,478,735

Total Captial Event Proceeds - - 10,972,500 10,972,500 - 54,478,735

TOTAL CASH FLOW FOR DISTRIBUTION (27,488,044) (4,261,740) 11,765,042 13,925,832 3,189,250 57,931,054

PROJECT IRR 29.1%NET PROFIT 55,061,394


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Development Team

The Valhalla Development Group was founded with the philosophy of building long-term value by designing, developing and managing exclusive commercial real estate projects. With a primary focus on ground-up hotel development, Valhalla’s mission is to create and develop mixed-use live, work, play urban village environments in the western United States.

Tod Decker, the President and CEO of Valhalla, brings a long history of project success as well as key relationships with industry leaders to Valhalla’s development projects, including Suncor Development, Layton Construction, Hyatt Hotels, Starwood Hotels, Intercontinental Hotels, Intrawest Vacations and Adventure Travel, American Property Management Group.

valhalla D E V E L O P M E N T G R O U P

Since its founding in 1894 Perini has grown into one of the nation’s largest, most versatile construction companies. As construction manager or general contractor, we foster partnership, client advocacy, professional collaboration, and diversity. We are recognized as the largest builder of hospitality and gaming projects in the U.S. In addition, we build projects in specialized niche building markets including sports and entertainment, retail and mixed use, commercial, residential and senior living, healthcare, corrections, high tech, education, convention facilities, transportation, and government.

There are many reasons why owners are more confident bringing their projects to financial lenders when Perini is the designated builder. Perini excels at completing challenging, fast-track projects on time and within budget. In areas where labor and material resources are in high demand, our reputation for fairness and commitment to a diverse workforce enables us to rise above the competition and secure skilled craftsmen and favorable pricing.

Las Vegas Headquarters: 2955 North Green Valley Parkway

Henderson, NV 89014 Telephone: (702) 792-9209

Fax: (702) 792-9214

Phoenix Office: 5055 E. Washington Street

Suite 210 Phoenix, AZ 85034

Telephone: (602) 256-6777 Fax: (602) 258-2454

pbc.tutorperini.com


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Allen + Philp Architects / Interiors, established in 1976, focuses primarily on hospitality and urban mixed use developments, including destination resorts, hotels, signature spas, casinos, golf and country clubs, specialty retail and restaurants, interval ownership, high-rise residential, luxury senior living - and a “special” single family residence from time to time. While the majority of Allen + Philp’s work is primarily in the western United States, international commissions include projects in Spain, Mexico, Puerto Rico, Canada, Bermuda, and the Bahamas.

Through this international reach, the firm is experienced with diverse geographical, climatic and cultural impacts and influences on design, systems, and material selection. Allen + Philp have been recognized for their design capability with more than 40 design awards and inclusion in numerous publications. KENNETH L. ALLEN, AIA, ISHC

Kenneth L. Allen is President and a Founding Partner of Allen + Philp. His responsibilities within the firm include: business manager, new business development, programming and feasibility overview, presentations, and entitlement packaging. He fills a leadership and senior management role on select commissions. MARK A. PHILP, AIA

Mark A. Philp is a Founding Partner of Allen + Philp. His responsibilities for the firm include defining design philosophy and direction and historical and contemporary research ensuring building typology familiarity, materials, and systems. More than 35 Allen + Philp projects have received awards for design excellence under his direction.

7154 East Stetson Drive · Fourth Floor · Scottsdale, Arizona 85251 USA · Tel 480.990.2800 · Fax 480.990.3800 · www.allenphilp.com

HOSPITALITY DESIGN Hotel Valley Ho, Scottsdale, AZ Fairmont Scottsdale Princess, AZ Salobre Resort & Spa, Gran Canaria Island, Spain The Boulders, Carefree, AZ Montelucia Resort, Paradise Valley, AZ Sanctuary Camelback Mountain Resort & Spa, Paradise Valley, AZ Spa at Camelback Inn, Paradise Valley, AZ Bern’s Hotel, Spa & Mixed Use, Tampa, FL CANAL Restaurant at SouthBridge, Scottsdale, AZ Desert Springs Villas, Palm Desert, CA Grandview at Las Vegas, Las Vegas, NV PGA Golf Clubhouse , Scottsdale, AZ The Peaks, Telluride, CO Trader Vic’s, Scottsdale , AZ Big Rock Hotel & Casino, Espanola, NM Maravilla, Scottsdale, AZ Warm Springs Ranch Resort, Ketchum, ID US Grant Spa, San Diego, CA Element Hotel, Scottsdale, AZ Railroad Square Hotel, Durango, CO

Documents

The Tempe Hyatt Regency Hotel and Residences · The Tempe Hyatt Regency Hotel and Residences is Tempe’s newest and most distinctive development project. The project includes development