ten x commercial hospitality overview
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The Intersection of Real Estate and Technology
Backed by
Unmatched Access
2Confidential to Ten-X
MORE BUYERS LOOKING AT YOUR PROPERTY
MORE LEADS FOR YOUR BROKER
28%buyers from
other sources
72%buyers from Ten-X marketing efforts
“Ten-X has quietly become one of the largest marketplaces on the web.”David Lawee
Partner at Google Capital
The Leading Online Real Estate Marketplace
3Confidential to Ten-X
2009
1st CommercialOnline Auction
2015
Guinness World Record $96M Online Sale
2014
$50M Google Capital Investment
$14 billion in CRE sales
2016
INVESTORS BY THE NUMBERS
$40 BILLION+ASSETS SOLD
$30 MILLIONANNUAL MARKETING SPEND
Where Real Estate Is Moving
4Confidential to Ten-X
The Intersection of Real Estate and Technology
Confidential to Ten-X5
• Connect sellers with vetted buyers from around the globe
• Find “hidden buyers” using best-in-class data
• Get the best deal for your assets
• Close transactions quickly and seamlessly
The Top Transactors
6Confidential to Ten-X
Thousands Of Brokers Use Ten-X
7Confidential to Ten-X
The Ten-X Advantage
8Confidential to Ten-X
amplified execution
180+ daysRE-TRADE EXTENSIONS
HIGH FALL-OUT RATE
INTERNALPROSPECTS
SEVERALINTERESTED
BUYERS
INITIAL OFFERS +BEST & FINAL
ROUND
TYPICAL PROCESS
As little as 90-120 daysNO RE-TRADES
ADD TEN-X
GLOBAL PROSPECTS
90%+ CLOSE RATE
HUNDREDS OF INTERESTED
BUYERS
UNLIMITED OFFERS
Hotel Experience
9Confidential to Ten-X
◆ $2 billion in sales
◆ 571 transactions
◆ 92 transactions over $5 million
◆ 108% average price-to-reserve
Over 53,000 Rooms Sold
Ten-X has completed $14 billion in commercial property transactions.
Select Hotel Transactions
$10,893,750HAWTHORN SUITES BY WYNDHAMFort Worth, TX120 Rooms
Seller: InstitutionBroker: Hotel Assets
Group
8,435 prospects179 interested buyers29 approved buyers75 offersList to close: 48 days
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$28,150,000ORLANDO LAKE BUENA VISTA HOTELOrlando, FL241 Rooms
Seller: Alena Hospitality
Broker: HREC
10,845 prospects250 interested buyers18 approved buyers35 offersList to close: 118 days
$10,080,000SPRINGHILL SUITES MARRIOTTPittsburgh, PA94 Rooms
Seller: Garrison – CREBroker: Paramount
Lodging Advisors
6,258 prospects278 interested buyers8 approved buyers8 offersList to close: 94 days
$7,008,750DOUBLETREE BY HILTONSanta Fe, NM130 Rooms
Seller: Private SellerBroker: Cushman &
Wakefield
10,189 prospects197 interested buyers7 approved buyers17 offersList to close: 170 days
Select Hotel Transactions
$10,657,500SPRINGHILL SUITES MARRIOTTSarasota, FL84 Rooms
Seller: InstitutionBroker: Newmark Grubb
Knight Frank
7,213 prospects277 interested buyers12 approved buyers37 offersList to close: 118 days
11
$4,800,000QUALITY INN & SUITES WESTCHASEHouston, TX80 Rooms
Seller: InstitutionBroker: Paramount
Lodging Advisors
12.682 prospects425 interested buyers16 approved buyers40 offersList to close: 119 days
$10,500,000COURTYARD BY MARRIOTTBrunswick, GA93 Rooms
Seller: InstitutionBroker: Newmark Grubb
Knight Frank
5,486 prospects255 interested buyers8 approved buyers14 offersList to close: 116 days
$10,053,750HOLIDAY INN SELECT NORFOLK AIRPORTNorfolk, VA147 Rooms
Seller: InstitutionBroker: Hotel AG
6,929 prospects196 interested buyers15 approved buyers131 offersList to close: 114 days
How We Target the Right Buyers
12Confidential to Ten-X
2
Personalized target list of relevant buyers for each asset
Ten-X Research Team Ten-X Marketing Engine
◆ Dedicated staff finds buyers for each asset
◆ Leverage in-house and external databases for
owners of similar properties
◆ Powers direct mail, Ten-X featured asset email,
and call campaign
◆ Geography◆ Asset type
◆ User location◆ Saved searches
Inputs
◆ Website views◆ Bids and offers
Matching Criteria
◆ Property type◆ Property size
Output
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Our data scientists and engineers have developed a state-of-the-art marketing engine that generates leads using sophisticated data mining techniques as well as by tracking users’ digital behavior.
60% of Ten-X buyers are from out-of-state
Multi-Channel Marketing
13Confidential to Ten-X
• 5.6M web visits in Q1 2016
• $30M marketing spend per year
• 200+ global listing partners:
Targeted email
Directmail
Print ads
Call campaigns
Online listings & ads
Pre-Auction Leads Report: Event-Level Summary
Event Name Event Date Number of Assets Total Received POF Received DepositNon-Registered Accessed Vault
No Contact Non-Registered Accessed
VaultAsset Web Hits
MULTIFAMILY PROPERTY AUCTION: $700+ Million in Multifamily Commercial Real Estate! All Auctioned
Individually. (B-061)3/7/2012 61 851 275 101 2,025 1,414 215,551
Registered Bidder
Pre-Auction Leads Report: Action-Level Summary
Property Address City State Zip Property Description Received POFRegistered Bidder
Accessed VaultNon-Registered Accessed Vault
801 Randy Drive Mt. Vernon OH 43050 110 Unit Multi-family Property 16 21 911090 Claudia Drive London OH 43140 80 Unit Multi-family Property 15 19 72501 Camelot Drive Spartanburg SC 29301 116 Unit Multi-family Property 11 17 88418, 422, 426 Emilie St San Antonio TX 78221 24 Apartment Units Located In San Antonio, TX 11 7 621709, 1710 and 1718 South Jentilly Lane Tempe AZ 85281 137 Unit Multi-family Property 11 15 1161825 Carrington Oaks Drive Charlotte NC 28217 274 Unit Multi-family Property 12 24 1203201 Allerton Circle Greensboro NC 27409 228 Unit Multi-family Property 12 25 1171406 S Berth Ave Panama City FL 32404 A 60 Unit Multifamily Property 18 17 129815 Cole Drive Johnstown OH 43031 94 Unit Multi-family Property 16 19 84411 East Indian School Road Phoenix AZ 85012 399 Unit Multi-family Property 13 22 1091502 West Glendale Avenue Phoenix AZ 85021 166 Unit Multi-family Property 16 13 1073756, 3800 and 3880 Wynn Road Las Vegas NV 89103 555 Unit Multi-family Property 12 13 98
Bidders Access the Vault
Bid Activity ReportFirst Name Last Name Company Address City Phone Email Bid Amount
John Doe 123 Main Street San Diego 619-555-1234 John.Doe@yahoo.com $10,550,000 Sam Smith Company Y 456 First Street Los Angeles 323-555-1234 Ssmith@xyzcompany.com $10,450,000 John Doe 123 Main Street San Diego 619-555-1234 John.Doe@yahoo.com $10,350,000 Sam Smith Company Y 456 First Street Los Angeles 323-555-1234 Ssmith@xyzcompany.com $10,250,000 John Doe 123 Main Street San Diego 619-555-1234 John.Doe@yahoo.com $10,150,000 George Jones Company X 789 Maple Road, Suite 123 El Segundo 310-555-1234 GeorgeJ@companyx.com $10,050,000 David Williams 222 Ash Street Las Vegas 775-555-1237 DavidW@google.com $9,950,000 George Jones Company X 789 Maple Road, Suite 123 El Segundo 310-555-1234 GeorgeJ@companyx.com $9,850,000 Sam Smith Company Y 456 First Street Los Angeles 323-555-1234 Ssmith@xyzcompany.com $9,750,000 Seller Bidding on behalf of Seller $9,650,000 George Jones Company X 789 Maple Road, Suite 123 El Segundo 310-555-1234 GeorgeJ@companyx.com $9,550,000 John Doe 123 Main Street San Diego 619-555-1234 John.Doe@yahoo.com $9,450,000
Unparalleled Reporting 14
Reporting Overview
Confidential to Ten-X14
Multiple Ways to Transact
Pre-qualified buyers
Fixed auction date and closing period
Buyer determined by highest bid
90% of properties complete process in < 90 – 120 days
Live Bid(auction)
First round call for offers
Shortlisted buyers receive extra due diligence time
Buyer determined in final round auction
Best suited for high-quality, stabilized assets of $10M+
Managed Bid(1st round offers + auction)
Set preferred price and terms
Buyers make offers any time and may be shortlisted
Buyer selected based on offer strength and reputation
Sellers provide private guidance to individual buyers
Offer Select(negotiated transaction)
Our team works with you to determine the best sales method for your property
Online Auctions: Live Bid
16Confidential to Ten-X
• Set the sales terms for your asset
• Select the sale date on which the auction will take place
• Create competition among vetted buyers that compete on price
• Streamline the transaction process with state-of-the-art technology and unparalleled support
• Close quickly and with confidence without contingencies or re-trades
Onboarding0-5 DAYS
Underwriting5-21 DAYS
Marketing45 DAYS
Bidding2 DAYS
Closing30-60 DAYS
Document reviewPricing discussion
Broker coordination
Targeted marketing
$5k-$25k bid depositBidder proof of funds
PSA signed in 2 hrs5% non-refundable in 24 hrs
Property webpage Due diligence vault
Indicative bids + Auction: Managed Bid
Confidential to Ten-X
♦ Indicative bids
♦ Buyer shortlist
♦ Final round bidding
* Each stage can be adjusted to suit the asset and transaction complexity.
Onboarding Underwriting MarketingIndicative
BidsBuyer
ShortlistFinal Due Diligence Bidding Closing
SOLD: $96M Manhattan Towers309,734 SF Office | 43% Occupied
List to close: 119 days
Typical Transaction
90-120days*0-5 5-21 30-45 1 day 3-5 15-45 1 day 30-60
days days days days days days
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Negotiated Transactions: Offer Select
18Confidential to Ten-X
Marketing15-45 DAYS
Negotiation0-15 DAYS
Diligence & Closing15-75 DAYS
List Property
ReviewOffers
Call for Best& Final Offers
(optional)Due
Diligence
Market toBuyers
ShortlistBuyers (optional)
SelectBuyer
CloseEscrow
• Set preferred terms, including price, timing and contingencies
• See incoming offers in real-time, with details about each interested buyer
• Shortlist and provide guidance to individual buyers to strengthen their offers
• Select the winning buyer based on offer strength, buyer reputation or other factors
• Streamline the transaction process with state-of-the-art technology and unparalleled support
Maximum Seller ROIThe Power of Ten-X
◆ Global reach via a data-driven marketing engine
◆ $14 billion in commercial sales
◆ 108% average price-to-reserve in hotel transactions
◆ Higher certainty of close with streamlined execution on a proven, technology-driven platform
19
Testimonials
20Confidential to Ten-X
“Flawless process! A signed contract within a few hours, a $750,000 non-refundable deposit AND a closing per the contract.”Jatin Desai & Greg Friedman, Peachtree Hotel Group
“I was really pleased how the process had gone and look forward to manymore. Excellent work!”Herb Warmbrodt, Warmbrodt Hotel Investments
“When it comes to brokering hospitality sector assets, our firm appreciatesthe process, transparency and superior closing experienced on this platform.We look forward to closing more deals with Ten-X in 2016.”Daniel Beider, Senior Managing Director & Chairman of Paramount Lodging Advisors
“As first-time users of this asset disposition platform, it’s fair to say that weentered this process with a slight hint of skepticism. In the end, the sale wasvery efficient and we had a successful result that exceeded our expectations.”William Walker, Vice President of Asset Management for The Procaccianti Group
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Austin4030 W. Braker Lane
Building 5, Suite 500
Austin, TX 78759
949.855.7464
IrvineHeadquarters
1 Mauchly
Irvine, CA 92618
800.793.6107
Miami1111 Brickell Avenue
Suite 2625
Miami, FL 33131
305.503.2641
Plano6200 Tennyson Pkwy.
Suite 210
Plano, TX 75024
800.793.6107
Atlanta3355 Lenox Road NE
Suite 420
Atlanta, GA 30326
678.256.1440
Denver1515 Wynkoop Street
Suite 360
Denver, CO 80202
(303) 546-7959
New York555 Fifth Avenue
4th Floor
New York, NY 10017
800.793.6107
Silicon Valley1301 Shoreway Road
Suite 200
Belmont, CA 94002
650.597.4303
Disclosure and Confidentiality
This document, including all attachments, addenda, and exhibits provided in any form (together the “Confidential Documents”), is being furnished to the recipient (the “Recipient”) solely for the Recipient’s own limited use in considering whether to place real estate and/or mortgage notes (“Assets”) with Ten-X (the “Company”). They are for informational purposes and are not for the purpose of providing legal advice. Recipient will not, directly or indirectly, disclose or permit anyone else to disclose the Confidential Information or its contents to any other person, firm, or entity without the prior written authorization of the Company. Recipient will not use or permit to be used these Confidential Documents or its contents in any fashion or manner detrimental to the interest of the Company or for any purpose other than use in considering whether to conduct business with the Company.
The Company has prepared these Confidential Documents, which contain brief, selected information pertaining to the business and affairs of the Company. This information does not purport to be all-inclusive nor does it purport to contain all the information which the Recipient may desire. Neither the Company nor any of its respective partners, officers, employees or agents make any representations or warranties, expressed or implied, as to the accuracy or completeness of these Confidential Documents or of its contents, and no legal liability is assumed or shall be implied with respect thereto.
© TEN-X & AFFILIATES | CONFIDENTIAL AND PROPRIETARY | PHOTOCOPYING, DUPLICATION AND DISTRIBUTION ARE STRICTLY PROHIBITED. 21
Seattle1420 Fifth Avenue
Suite 2200
Seattle, WA 98101
(206) 274-5318
APPENDIX A
Commercial Auction Event End Date
Commercial Real Estate Event Calendar*
23Confidential to Ten-X 13
* Dates subject to change. Applicable to Live Bid and Managed Bid transaction methods only.
Holiday (Federal, Religious, Company)
x x
2016 Event NameList / DDDeadline
WebsiteGo-Live
Marketing Period
EventStart Date
September (#1) 6/28/2016 7/19/2016 49 9/6/2016
September (#2) 7/12/2016 8/2/2016 48 9/19/2016
October (#1) 7/26/2016 8/16/2016 48 10/3/2016
October (#2) 8/9/2016 8/30/2016 48 10/17/2016
2016 Event NameList / DDDeadline
WebsiteGo-Live
Marketing Period
Event Start Date
November (#1) 8/23/2016 9/13/2016 48 10/31/2016
November (#2) 9/6/2016 9/27/2016 48 11/14/2016
November (#3) 9/20/2016 10/11/2016 48 11/28/2016
December (#1) 10/4/2016 10/25/2016 48 12/12/2016
Sun Mon Tue Wed Thu Fri Sat Sun Mon Tue Wed Thu Fri Sat Sun Mon Tue Wed Thu Fri Sat1 1 2 3 4 5 1 2 3
2 3 4 5 6 7 8 6 7 8 9 10 11 12 4 5 6 7 8 9 109 10 11 12 13 14 15 13 14 15 16 17 18 19 11 12 13 14 15 16 17
16 17 18 19 20 21 22 20 21 22 23 24 25 26 18 19 20 21 22 23 2423 24 25 26 27 28 29 27 28 29 30 25 26 27 28 29 30 3130 31
October November December
Sun Mon Tue Wed Thu Fri Sat1 2 3
4 5 6 7 8 9 1011 12 13 14 15 16 1718 19 20 21 22 23 2425 26 27 28 29 30
September
Transaction Method Comparison
24
Live Bid Managed Bid
Negotiable Purchase &Sale Agreement
Fixed Closing Period
Multi-Term Offers
Seller Selects Buyer
Offer Select
Complete Diligence Review
Multi-Channel Marketing
Vetted Buyers
Indicative Offers
Shortlisting
24-Hour Hard Money
Marketing: Direct Mail
Confidential to Ten-X
Targeted Custom Brochures750-3,500 Prospects
Monthly Listing Brochure10,000+ Prospects
Targeted Asset Mailers40,000+ Prospects
25
Marketing: Targeted Email
Confidential to Ten-X
Featured Asset Emails+/- 5,000 Prospects
Third-Party Emails+/- 100,000 Prospects
Weekly Listings Email+/– 75,000 Prospects
26
Marketing: Customized Call Campaigns
Confidential to Ten-X
Email ClicksResearched Buyers Vault Visitors & Heat Trees
Ten-X Sales Team• Dedicated staff of CRE professionals• Targeted outbound calls to qualified buyers for each asset• Follow up calls on vault visits, email clicks, and buyers of similar properties
27
APPENDIX B
ORLANDO/LAKE BUENA VISTA HOTEL12490 South Apopka Vineland RoadOrlando, FL
$28,150,000241 Rooms | Hotel
$116,805 Room
SELLER:
BUYER:
BROKER:
SOLD!
MARKETING RESULTS
TRANSACTION HIGHLIGHTS
BID ACTIVITY
ORLANDO/LAKE BUENA VISTA HOTEL | Orlando, FL
Total Transaction Time: 118 Days Close of Escrow: 9/29/2015
$28,150,000241 Rooms | Hotel
$116,805 Room
Private InvestorDeveloper
Private InvestorGreenville, SC | $500+ Portfolio
HREC
• Full-service hotel with upside opportunity
• Seller recently completed 95% of $11.6M property improvement plan
• Located near Walt Disney World in Orlando's strongest performing submarket
10,486 Web Hits
252 Interested Buyers
15 Bidders
35 BidsPlaced in2 Hours
SELLER’S RESERVE: $17,000,000
TOTAL PURCHASE PRICE: $28,150,000
HOTEL – DOWNTOWN ORLANDO400 West Livingston StreetOrlando, FL
$12,800,000290 Rooms | Hotel
$44,138 Room
SELLER:
BUYER:
BROKER:
SOLD!
MARKETING RESULTS
TRANSACTION HIGHLIGHTS
BID ACTIVITY
HOTEL – DOWNTOWN ORLANDO | Orlando, FL
Total Transaction Time: 138 Days Close of Escrow: 9/25/2015
$12,800,000290 Rooms | Hotel
$44,138 Room
Private InvestorDeveloper
Private InvestorLong Island, NY | Private Equity Manager
HREC
• Full-service hotel within walking distance of downtown Orlando
• Originally opened as Omni hotel
• Value-add opportunity with recently completed demolition
SELLER’S RESERVE: $7,560,000
TOTAL PURCHASE PRICE: $12,800,000
July 2211:00 AM
July 221:00 PM
July 2212:00 PM
9,456 Web Hits
210 Interested Buyers
9 Bidders
64 BidsPlaced in2 Hours
HAMPTON INN - DAYTONA SPEEDWAY1715 West International Speedway BoulevardDaytona, FL
$6,510,000122 Rooms | Hotel
$53,361 Room
SELLER:
BUYER:
BROKER:
SOLD!
MARKETING RESULTS
TRANSACTION HIGHLIGHTS
BID ACTIVITY
HAMPTON INN - DAYTONA SPEEDWAY | Daytona, FL
Total Transaction Time: 140 Days Close of Escrow: 6/23/2015
$6,510,000122 Rooms | Hotel
$53,361 Room
InstitutionSpecial Servicer
Private InvestorDaytona Beach, FL | National Developer
NTX Realty
• Hampton Inn hotel sold as leasehold
• Amenities include ballroom, business center, laundry and fitness center
• Located within walking distance of NASCAR Daytona Speedway
SELLER’S RESERVE: $6,510,000
TOTAL PURCHASE PRICE: $6,510,000
March 249:00 AM
March 269:00 AM
March 259:00 AM
8,350 Web Hits
405 Interested Buyers
19 Bidders
14 BidsPlaced in48 Hours
RED ROOF INN & SUITES585 Parkway Drive NEAtlanta, GA
$5,092,500139 Rooms | Hotel
$36,637 Room
SELLER:
BUYER:
BROKER:
SOLD!
MARKETING RESULTS
TRANSACTION HIGHLIGHTS
BID ACTIVITY
6,829 Prospects
224 Interested Buyers
9 Approved Buyers
90 Offers
SELLER’S RESERVE: $3,850,000
TOTAL PURCHASE PRICE: $5,092,500
Nov. 17 Nov. 18 Nov. 19
Owner / Manager
Hotel AG
Private Buyer• Sold at 132% of reserve price
• From list to close in 85 days
• 224 interested buyers viewed due diligence vault
• 83 offers placed after “Reserve Met” was indicated
RED ROOF INN & SUITES | Atlanta, GA
List to Close: 85 Days Close of Escrow: 12/9/2015
$5,092,500139 Rooms | Hotel
$36,637 Room
Confidential to Ten-X36
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