A rose by any other name Truly unique Condominium Hotels A rose by any other name Truly unique

Structuring Issues Real Estate Securities what’s a “security?” avoiding the law exemptions from registration Interstate Land Sales Full Disclosure Act Out-of-State Registration

Structuring Issues Operational Aspects Control over public spaces Control over the association Maintaining the hotel standard ADA units

Documentation Declaration Bylaws Rules Shared amenities agreement Association management agreement Rental management agreement