Marriot Property Improvement Plan Necessary Renovations and Updates

BCL Front Desk and Lobby Main Concerns: -Darkness of red paint and lighting -Finishing of front desk -Flooring Front desk needs to be sanded, re-stained, and polished. Lighting and color scheme needs updating to open up the space Coffee and newspapers on front desk create clutter, re-locate to create a neat and tidy look similar to that of competition properties Water dispenser should be on tray or plate to prevent spills and drips from damaging wood table Flooring in lobby, elevators, 1st floor stairway, and gallery needs to be stripped and sealed to reveal brighter colors in stones

BCL Common Areas Main Concerns: -Lighting/darkness of common areas -Carpeting -Signage -Armchairs Carpeting is outdated, dirty and overdue for updating Ceiling tiles are due for replacement Too dark in hallways and common areas

BCL Common Areas Signage is very difficult to read from afar due to lighting and color of lettering on sign

BCL Common Areas Common area armchairs have clearly visible stains and marks

BCL Suite Bathrooms Main Concerns: -Shower fixtures -Bathroom sink fixtures -Wooden vanity base BCL Suite Bathrooms Wooden vanity is damaged and chipped Shower fixtures are scratched and look dull lacking shine Sink fixtures are also scratched and lacking shine

BCL Suite Living Rooms Main Concerns: -Leather chairs -Standing lamps -Wall coverings -Wall mirrors -Inevitable wear and tear BCL Suite Living Rooms Leather chairs look extremely worn and wrinkled, need to be replaced Mirror frames are chipped Wall coverings are fraying and need to be re-done Standing lamps are outdated and inconsistent with room lighting at competition properties

BCL Suite Bedrooms Main Concerns: -End tables -Vanity seating cube -Standing lamps -Vanity cloth divider -Desk chairs -Desk/dresser/closet -Sheers behind drapes -Vanity sink fixtures -Paint/wall covering -Trash cans -Dust ruffles - Inevitable wear and tear Standing lamps are outdated and inconsistent with room lighting at competition properties Vanity separation sheers are old, torn, missing hooks, and need to be replaced Vanity seating cubes look worn, “tired,” and need to be replaced Vanity sink fixtures are scratched

BCL Suite Bedrooms End tables are scuffed, chipped, show exposed wood, and are due for an upgrade

BCL Suite Bedrooms Trash cans are dented, misshapen, and due for replacement Sheers behind drapes are torn, stained, and due for replacement Desk chairs look worn and dirty

BCL Suite Bedrooms Dresser/desk combo is chipped, shows exposed wood, and water damage

BCL Suite Bedrooms Dust ruffles are scuffed and due for replacement

Beaver Creek Renovations How often should hotel renovations occur? There is no set rule stating hotels must renovate every however many years, however the answer to this question depends on individual circumstances. For example, if the rooms look worn with wall paper peeling off, stains in the carpet, furniture aging to name just a few factors, then a renovation is necessary. In general, as a hospitality industry practice, hotels renovate once every 6-7 years. In comparison to our competition properties, Beaver Creek Lodge is clearly overdue for a renovation. Beaver Creek Lodge – 13 years since last renovation in 2004 when Kessler Collection purchased the property Park Hyatt – 2 years since last renovation in 2015, went through $35 million dollar renovation of guest rooms, corridors, and common area, average cost per room was $184,210 Ritz-Carlton – 1 year since last renovation in 2016, went $15.1 million dollar renovation to refresh and enhance guest rooms, common areas FF&E, lobby and great room, average cost per room was $60,400 Osprey Hotel – 8 years since last renovation in 2008, spent $7 million on renovation, average cost per room was $170,731, another round of renovations is forecasted for spring and fall of 2018

Competition Properties Lobby is bright and inviting partially due to the large windows providing natural light. We feel we would be able to create a similar feel at BCL if we update the dark red color scheme to lighter colors that open the space. Park Hyatt Front desk is organized and free of clutter, wood is rich in color and appears brand new. We would like remain consistent with our competition by refurnishing and updating our front desk. Park Hyatt We consistently receive guest reviews stating it was an inconvenience to not have outlets on nightstands or end tables. In order to keep up with the evolving guest experience, we need to replace standing lamps with table lamps equipped with outlets. Park Hyatt

Competition Properties Lettering on signage at BCL is fading and is hard to read against the red background. Signage at our competition properties is clearly visible and appear brand new. Park Hyatt Park Hyatt Osprey Hotel Osprey Hotel Park Hyatt We consistently receive guest reviews stating our hallways and common areas are too dark and need better lighting. Adding more wall-mounted light fixtures brightens the space and serves a decorative purpose. Water station is separate from front desk and cups and water dispenser on resting on tray or platform to catch any drips or spills. Osprey Hotel