At Horizon Hotels Limited, we believe the role of asset manager is to provide a responsive ownership representative who will bridge the gap that exists between two very different industries; hospitality and financial institutional investment. Horizon Hotels Limited, with more than 30 years of experience working with financial institutions, has a strategic understanding of the critical factors affecting the relationship between lender and owner, institutional owner and partner, and owner and management. Regardless of which of these relationships describes an individual investment, when investment returns falter, it is the fundamentals of the asset's operations which come into question and the institution does not always have the breadth and depth of experience available to develop a comprehensive diagnosis of the problem or a reliable approach for resolution. This is where Horizon Hotels Limited can be of invaluable assistance. As asset manager, we will evaluate your assets, loans and owned properties, whether classified as troubled or performing assets. We will analyze properties for which you are the lender to identify if any problems exist which are not yet apparent but could affect the accrual status of the loan. For those loans, which are in default, we will develop an operating strategy, which will dovetail with your workout strategy. For hotels in which you are the owner or have partial ownership interest, we will perform more aggressively on your behalf to insure that the interests of the management company are congruent with your own. Moreover, we will provide the on-site management companies, who are less experienced in operating distressed hotels, with alternative operating strategies. One additional advantage your institution will realize from having Horizon Hotels as asset manager is the development of a comprehensive portfolio investment strategy for hotel assets. Given the unique nature of hotels as real estate assets, the issues of exposure, risk and balance are critical to planning a viable investment portfolio. If the institution's exposure parameters indicate that the hotel portfolio should be downsized as a percentage of the total real estate investment portfolio, Horizon will help identify those assets which do not have long-term appreciation value and would be candidates for disposition. We will also assist in identifying new assets for investment in the event your institution wishes to expand its hotel portfolio. Horizon will be especially helpful in identifying the risk factor for each asset through our comprehensive analysis of each property and the accompanying assessment of when each hotel has or will peak in value. The issue of balance is also an important factor for portfolio planning. Horizon's knowledge of local market trends will be helpful in balancing the hotel portfolio to mitigate the impact on the overall portfolio of normal market variations. Horizon is also experienced in being appointed receiver on the lender's behalf in cases of bankruptcies and managing properties involved in foreclosure, deed-in-lieu or negotiated hand overs. Horizon has the reporting guidelines and systems in place when operating a property that is part of securitized loan, in order to maintain the favorable tax qualifications as a REMIC for special servicers administering default loans. Description of Services: Analysis of: Hotel's Economic Potential Hotel's Capital Structure Hotel's Overhead Expense Joint Partner's Role Franchise and Management Agreements Evaluation of: Asset Disposition Management Company On-site Management Assessment of Hotel's Marketing Program Annual Plan Review