Hote l Div i s ionProgram

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M.S. Walker Architectural & Engineering Services, Inc.

Due DiligenceLand Planning

Civil EngineeringSurveying & MappingArchitectural Design

Architectural Construction DocumentsEntitlements

LEED Certified

M.S. Walker Construction Services, Inc.

Constructability ReviewsValue Engineering ReviewsConstruction Cost Estimates

Construction SchedulesConstruction Documentation

On-Site Construction SupervisionBid Documentation & Management

Quality ControlProject Job Costing & Accounting

Walker Booth General Engineering, Inc.

GradingPaving

Site ConcreteStructural Concrete

Parking GaragesSite Utilities

Sack & Patch

WW Pipe & SteelFabrication, Inc.

Structural Steel Fab & ErectionSteel ColumnsJoist & DeckRolled PiecesStair Systems

Steel Moment FramesLos Angeles City Approved

M.S. Walker & Associates, LLC

Structured FinancingLoan Packaging

Debt/Equity SourcingProperty Management

Asset Management

Western Realty Advisors, LP

Land AcquisitionBrokerage Services

Agency RepresentationConsulting

Investment Sales and AcquisitionReal Estate Joint Ventures

Yo u r To t a l P r o j e c t M a n a g e m e n t S o l u t i o n

Yo u r To t a l P r o j e c t M a n a g e m e n t S o l u t i o n

Yo u r To t a l P r o j e c t M a n a g e m e n t S o l u t i o n

Imagine a Company who can manage your entire project from concept to completion.

Welcome to M.S. Walker Companies, Incorporated.

About Us

MSW is one of the leading design/build firms with a reputation gained through innovation, dedication and a passion for excellence as the premier provider of a broad range of comprehensive construction services uniquely tailored for the hospitality industry.

Whether you need renovations or brand new facilities, MSW is prepared to meet clients’ needs with individualized service to meet the needs of all clients from independent owners to franchisees and corporate ownership including:

• Market Evaluation, Early Stage Planning, & Financial Modeling• Real Estate Acquisition/Site Analysis • Due Diligence/Investigation/Site Assessment • Land Planning/Entitlements • Civil Engineering/Architecture/MEP/Structural • Construction Budgeting and Estimating/Value Engineering • Capital Structuring, Loan Packaging, Equity/Debt Sourcing • Construction and OFI/FF&E Purchasing & Installation • Project Turnover/Project Closeout

MSW recognizes that each project is unique, and the path to meeting tough deadlines and budgets is never a predeter-mined route. It takes experience, insight and ingenuity to devise a customized solution to meet the particular needs of each client.

Our Mission

Our goal is to bring hotel clients new and unexpected value to the construction process and be recognized as the leading full-service provider of quality, value-driven Design-Build General Contract-ing, Construction Management and Real Estate Development services we call Total Quality Management.

Our Culture

Our culture is based on a set of core values which determine the way we do business and are:

Integrity–Dependability–Teamwork–Innovation–Excellence - Passion

MSW Strategy For Success

Sustainable Client Relationships – We strive to build and improve Customer Relationships. At MSW, we always treat our clients’ money as if it were our own.

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Highland, California, (August 2008) – M.S. Walker Companies, Inc., Victoria Development (San Manuel Band of Serrano Mission Indians) /Faithful and Gould, today announced the opening of the 110-room Hampton Inn & Suites Highland at 27959 Highland Av-enue, Highland, California. The hotel features full service hospital-ity perfect mix guest suites, pool/spa-exercise room, and accessible rooms.

Bakersfield, California (June 2004) - The Hil-ton Garden Inn Bakersfield 120 Deluxe guest rooms hotel is only minutes from downtown Bakersfield, California and the Bakersfield Air-port, near the intersection of California High-way 99 and Rosedale Highway. Buck Owens Crystal Palace, golf courses, tennis, jogging and hiking trails are nearby. Restaurants and Costco shopping are within walking distance. The hotel also features a pool, restaurant, fit-ness room, and Internet access.

Our strategy of Total Quality Management or TQM is a contracting method we use to direct work from pre-design through post-construction. As Total Quality Managers, we function as an extension of the Owner’s staff and oversee work in the following areas:

Feasibility studies •Concept Development •Programming •Design Management •Cost Management •Construction •Commissioning •Close-out•

Our project team members of real estate professionals, architects, engineers, project managers, purchasing agents, expeditors and job cost control specialists constantly monitor the process in order to deliver your project on time and on budget. Our vast support net-work of qualified vendors and subcontractors recognize the need for teamwork and establishing long-term relationships.

At MSW, we recognize the important role subcontractors play on our projects and the impact they have on our success and treat every-one with whom we do business fairly and honestly. Our Fairness Doctrine sets forth fair and ethical treatment of subcontractors, safety practices, prompt payment practices, project management, project supervision, quality management, spirit of teamwork, scheduling coordination, ability to effectively communicate, timely administration procedures, and ability to provide a work environment critical to their success. MSW clients benefit from our Master Subcontractor list of approved subs who have met stringent requirements to have their name

added to the list, and agree in advance to Master Subcontract Terms & Conditions in order to be ready to enter into Work Order agreements without wasting time on potentially time consuming negotiations, when they could be in the field doing what we do best….building.

Our ability to self-perform critical portions of work and our wide range of experience allows for dependable delivery and consistent quality. Our in-house services include concrete work and structural steel fabrication through our affiliates Walker Booth General En-gineering and WW Pipe & Steel.

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‘‘You are doing, and have been doing, everything perfectly, the way Hilton likes to see things done. ...I will strongly recommend MS Walker to future franchisees as a contractor/design-build organization that is responsive to Hilton's needs.’’

- George Snode, AIA, ASIDDirector-Franchise Design & Construction

Hilton Hotels Corporation-Franchise Hotel Group

Bakersfield, California, (July 2008) – M.S. Walker Companies, Inc and Grand Shangrila International, California today announced the opening of the Holi-day Inn Express by IHG at 3927 Marriot Drive, Ba-kersfield, CA. Hotel features restaurant, lounge, pool, on site fitness center. The Hotel’s facility includes 4 Floor(s), 120 Guest Room(s), 26 Suite(s), 65 Single-Bedded Room(s), 55 Double-Bedded Room(s), 120 Non-Smoking Room(s), Interior Corridor, and Ex-ecutive Suites. Hotel renovated in 2008.

Fresno, California (February 2008) – M.S. Walker Companies, Inc and OTO Hospitality Development Company, California today an-nounced the opening of the Spring-hill Suites by Marriott at 6844 North Fresno Street, Fresno. The facility fea-tures 4 floors, 118 suites, 2 meeting rooms, and 1,600 sq ft of total meet-ing space.

Tulare, California (April 2007)69 well-appointed guest rooms-27 of which are suites. Enjoy such modern conveniences as 27 inch televisions, cable TV with premium channels, refrigerator, microwave, voice mail and complimentary high-speed wireless Internet access.

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Paso Robles, California (summer 2007) La Bellasera Hotel & Suites be-came the first luxury boutique hotel in Paso Robles, California. Located in the heart of California’s Central coast wine region, La Bellasera is a 60 room full service luxury boutique and spa resort. Set amidst a scenic backdrop of gen-tly rolling hills flourishing with wine grapes of unparalleled beauty. La Bel-lasera is located in California approxi-mately halfway between San Francisco and Los Angeles.

Fresno, California (January 2008) M.S. Walker Companies, Inc and OTO Hospitality Development Com-pany, California today announced the opening of the 120-room Homewood Suites by Hilton at 6820 North Fresno Street, Fresno. The Homewood Suites hotel offers guests a variety of options including studio, one-bedroom and two-bedroom suite floor plans. The suites are ideal for temporary housing as well as overnight accommodations while in the Fresno area. Each suite offers a range of home comforts for your convenience.

MSW Technology Advantage

Clear, Accurate, Efficient Communications though a Web-Based Integrated Platform which is seamless and constant both inside and outside the company with alerts to keep us informed of critical items in time to react before they become major problems. Seamless Integrated Command and Control Platform designed to capture and present real-time data essential for effective Risk Management. Your team has secure, 24/7 access to real-time reporting as related to your project.

Our clients benefit from an Integrated Total Quality Management Program with the goal of zero defects through the entire project starting with the initial contact for a proposal through design, development, construction, occupancy and final warranty closeout.

Real Estate/Acquisition/Site Analysis

M.S. Walker Companies’ Real Estate Division is uniquely positioned to provide the advice and services required through our expertise as a builder, developer and owner of hotels as well as our networking with leading commercial brokers throughout the western United States. Our clients look to us for advice and execution on everything from site acquisition, valuations and financing advice to asset management, market and feasibility studies, operator selection to hotel investment sales. Our clients span the hospitality spectrum from luxury single assets and portfolio owner/operators to select and/or limited service and

budget hotels. We are continually challenged, trusted and engaged to deliver integrated hotel services, helping our clients to achieve continuous success in an increasingly complicated and transforming world.

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All current Value Place hotels are four stories tall. There are three primary building models: one with 108 rooms; one with 116; and the other with 124. The building sizes are 40,192 sq. feet, 42,564 sq. feet, and 44,936 respec-tively. There are three room plans: a 264 sq. foot studio; a 319 sq. foot studio sleeper; and a 319 sq. foot studio double. Renderings of our buildings and studios are avail-able on ValuePlace.com

Value Place Corporate Fact Sheet

Value Place, founded in 2003 by entrepreneur Jack DeBoer, is an extended stay hotel that features secure temporary lodging with low weekly rates, rigorous cleanliness standards, and a commitment to the comfort, privacy and peace of mind of each guest. Value Place provides its guests with the right amount of what they need for an extended stay. The Value Place brand comes from the management team that created and developed lodging brands such as Residence Inn (now owned by Marriott) Summerfield Suites (Hyatt) and Candlewood Suites (Intercontinental). The company is headquartered in Wichita, Kansas. For more information, visit www.ValuePlace.com.

Quick Facts HEADQUARTERS: 8621 E. 21st St. North, Ste. 250 Wichita, Kansas 67206 Phone: 316-631-1370 Fax: 316-631-1333

THE VALUE PLACE NETWORK: Value Place isone of the fastest-growing hotel brands inthe nation with nearly 670 franchise commitments in over 20 states! In mid 2008, Value Place will celebrate a milestone with the opening of its 100th property. A complete and current list of properties and locations can be found on ValuePlace.com.

VALUE PLACE GUESTS: Value Place was designed with the small business traveler and consultant in mind — professionals who, unlike their Fortune 500 counterparts, are footing their own bill for lodging and other travel expenses, or are traveling on a strict per diem budget. Value Place also serves families who are relocating to a new community, but want to avoid locking into an apartment lease before getting into their new home.

FRANCHISE OPPORTUNITIES • Currently 42 franchise groups • For more information, please contact us

at Franchise@ValuePlace.com or call 888 - 456 - VPFS (8737)

RECENT HONORS: In 2008, Value Place was named as a Top 50 Franchise Opportunity by current franchise owners in the Franchise 50 Franchise Satisfaction Awards.

PROPERTY SPECS & ACCOMMODATIONS: All current Value Place hotels are four stories tall. There are three primary building models: one with 108 rooms; one with 116; and the other with 124. The building sizes are 40,192 sq. feet, 42,564 sq. feet, and 44,936 respectively. There are three room plans: a 264 sq. foot studio; a 319 sq. foot studio sleeper; and a 319 sq. foot studio double. Renderings of our buildings and studios are available on ValuePlace.com

AMENITIES: Included in the weekly rate are expanded cable network and premium movie channel and a studio-style room with kitchen including two-burner stove, microwave, and full size refridgerator. Properties also offer additional services for a nominal fee: local and long distance calling; additional housekeeping; high-speed Internet access; on-site coin operatedlaundry and vending; dishes and kitchen supplies.

RATES: Rates vary across the country. All Value Place hotels sell rooms by the week. If a guest wishes to stay less than a week, they are still charged the full weekly rate for the first week. Daily rates are available after the first week.Reservations can be made online at ValuePlace.com or by calling 1-800-ValuePlace.

8621 E. 21st Street North Suite 250 Wichita, KS 67206 p. 316-631-1370 f. 316-631-1333

ValuePlace.com

Bakersfield, California - (August 2005)This 80 unit hotel was designed especially for longer stays with studios featuring ful-ly-equipped kitchens and plenty of work space… amenities you won’t find in a typ-ical hotel room. The studios provide the comforts and conveniences that long-term travelers value most, including kitchens with full-size appliances, computer data ports and separate sleeping, living and working areas.

Financing

One of the areas in which M.S. Walker Companies is able to differentiate from others is our ability to assist in project financing advi-sory services. We have various methods of providing support in this area depending on the needs of our client. As is the case in all facets of M.S. Walker, our clients can choose from a list of services depending on their needs. We can assist in packaging a financing request complete with pro forma analysis, project information, sponsorship information, and presentation materials. We can follow up with support in the lender negotiations and provide additional documentation and communication as needed to attain the most attractive terms possible.

Utilizing our extensive database of lenders, we are continually in contact to determine which firms are aggressive in the marketplace providing the best terms available. Our contacts include traditional lenders who provide conventional financing as well as sources for mezzanine debt products, equity and non-traditional financing needs. When special circumstances arise, such as the need for complex financial products or critical path timing, we can enlist our group of outside structured finance partners. Typically they will charge a fee to package, submit and negotiate the best terms and conditions possible. The firms we use are well respected in the marketplace and have a proven track record of completing transactions and closing loans. In summary, M.S. Walker can assist in the project financing process at many different levels depending on our clients’ needs. We are

able to utilize our executive level management team to engage in discussions to determine the client’s needs and to recommend an ap-proach to achieve success to this end.

Construction Estimating

M.S. Walker Companies employs a staff of qualified estimators who specialize in construction cost estimating. Our team provides clients with detailed budgets and pricing from a construction project’s conception phase to closeout. Our estimating staff maintains databases of historical and current local and national construction and engineering cost figures, along with vendors. We are equipped to prepare estimates at various stages throughout the construction process for projects around the country. By identifying and analyzing the project’s scope, time, cost, quality, and performance, M.S. Walker Companies develops an accurate assessment of how the construc-tion process is unfolding over the course of its duration.

With our methodical, yet practical approach M.S. Walker Companies construction bid estimates include market-factored pricing, and scheduling services. In our continual effort to provide the most accurate cost estimating services, we utilize the most cutting edge software and cost indexes. In addition, our estimating expertise qualifies us to evaluate and analyze submitted bids for possible errors or shortcomings.

M.S. Walker’s Architecture & Engineering Approach

Due Diligence Investigation/Site Assessment

M.S. Walker Companies’ extensive experience in providing a comprehensive package of pre-design services presents the client with critical information unique to the site at the very onset. During this phase, we contact local/state authorities and local utility companies having jurisdiction to obtain the required information necessary to produce a standardized preliminary site assessment report which can be utilized by the development team. This report normally includes the items described below, as well as meeting with City Officials to determine local development requirements, codes and zoning issues that may impact construction costs.

1. Introduction 2. Site Description 3. Site Survey4. Utilites5. Development Issues 6. Transportation7. Drainage8. Environmental 9. Exhibits

Land Planning/Entitlements

Our planners are experienced in providing a full range of planning services as well as entitlement processing. Our step by step ap-proach to the project provides the client with constant project updates and coordination, thereby assuring the level of communica-tion vital to the success of any project.

Our initial project planning approach is to determine the project type and needs relative to the entitlement and local agency re-quirements, planning and approval process i.e., Site Plan reviews, Tentative Map, C.U.P., etc. We coordinate with the client relative to project and client needs, provide preliminary project design to appropriate agency standards including preliminary architectural and civil concept plans. Our team will assess the site and its existing conditions and will provide site layout based on the owners requirements to optimize the site for the most efficient plan that will meet the owners, city and franchise requirements. The site will show proper flow and correct parking requirements and all necessary utilities to the operation of the hotel. Once the owner has approved the design we will submit, process, and track all submittals for the planning process to obtain city approval to proceed to the next phase.

We then provide initial in-house project setup for projects relative to planning and entitlements and provide findings for imple-mentation into entitlement application. We will attend agency meetings and public hearings as well as coordinate and meet with clients as necessary for project success. After initial project approval, we coordinate with client and design department managers to affect proper implementation of intended design.

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Architecture/Civil Engineering

M.S. Walker Companies employs a fully equipped staff of in-house licensed architects, civil engineers and land surveyors. Building upon our reputation for excellence in the hotel industry, our in-depth architectural experience in prototypical plan adaptation and Code/ADA compliance provides our clients with architectural services unmatched in the industry. Our team-driven approach al-lows us to oversee every aspect down to the last detail. M.S. Walker Companies will design the interior space plan based on the code and franchise requirements. A typical list of services we provide are as follows:

Prototypical plan adaptation •Code and ADA compliance•High-speed internet access infrastructure•Franchise submittals•Building Department Submittal•FF&E (provided as an extra service)•Project team coordination meetings•Complete tracking of progress of submittal through Plan review and bidding•Value-engineering reviews•Bid package preparation•Addendum issuing•RFI processing•Site visits to monitor progress of construction•Sign code analysis•

Our civil engineering department has over half a century of experience in all phases of land development ranging in projects from a single family custom homes, to 12,000 acre master planned mixed use communities involving in excess of 100 million cubic yards of earth movement, to commercial/industrial parks, large and small shopping centers, public and private educational and health care facilities, hotels, churches, cemeteries, and institutional work on the behalf of governing agencies. We offer survey services from ALTA surveys to construction staking. We also provide an array of public works design services for roadways, sewer and storm drain systems, hydrology and hydraulic studies, and general value engineering analysis. Our step by step approach to the project provides the client with constant project updates and coordination, thereby assuring the level of communication vital to the success of any project.

Why MSW

A successful construction project is ultimately the result of involvement by capable, experienced people. We have a talented and skilled staff, the technological and financial resources to deliver maximum quality and value in a process which emphasizes coordi-nation, teamwork and economic responsibility. We have earned a reputation for integrity, responsive delivery, enduring quality and value. This is a tribute to our people and those with whom we work. Our values and principals have served us well - we are committed to providing the finest possible service to our clients. Consider the advantages of having M.S. Walker Companies provide an inte-grated TQM delivery approach on your next project.

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The total solution to your development, construction & project management needs.

CALIFORNIA3551 Pegasus Drive Bakersfield, California 93308

Phone (661)399-3800 ~ Fax (661)399-5800 1-866-MSWALKER (679-2553)

California License #580574 ~ Arizona License #166479

TEXAS 300 Beardsley Lane Austin, Texas 78746

Phone (512)794-3800 ~ Fax (512)794-3801info@mswalkerinc.com ~ www.mswalkerinc.com

Partial Project List

Hilton Garden Inn Bakersfield, California

Springhill Suites Hotel Bakersfield, California

La Bellasera Suites & Spa Paso Robles, California

Value Place Hotel Fresno, California

Hampton Inn & Suites Burbank, California

Hampton Inn & Suites Chino Hills, California

Hampton Inn & Suites Tulare, California

Holiday Inn Express Castaic, California

Homewood Suites Clovis, California

Hampton Inn & Suites Clovis, California

Springhill Suites Fresno, California

Holiday Inn Bakersfield, California

Homewood Suites Fresno, Caliornia

Residence Inn Long Beach & Multiple Locations, California*

Holiday Inn Downtown, Dallas, Texas*

Candlewoood Suites Anahiem, California*

Holiday Inn Denton & Multiple Locations, Texas*

River Ridge Radisson Resort Oxnard, California*

Harvey Hotel Irving, Texas*

Bristol Suites Mesquite, Texas*

American Guest House San Antonio, Texas*

Holiday Inn El Paso, Texas*

Residence Inn Manhattan Beach, California*

Residence Inn Las Vegas, Nevada*

Hampton Inn & Suites Paso Robles, California*

Courtyard by Marriot Bakersfield, California*

Baymont Inn & Suites Ontario, California*

* Projects completed by MSW employees under prior employment

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