ABOUT ENDURING

Existing Supply / Demand imbalance

High barriers to entry

Strong micro-location within the market

Opportunity to achieve top 20% ADR’s

Less than 3-hour commute from top 20 cities; ideally less than 2

Markets with structural long-term drivers of tourism

20 – 75 keys

$20-60mn in asset value

Average to below average number of keys compared to market comps

In need of some level of material renovation and/or repositioning

Focus on near term quantifiable key metrics such as untrended return on costs, stabilized cash yield, and cost basis and less so on future estimates such as IRR.

Many target markets we consider lack institutional data with little to no market comps, reports, or construction estimates. Local municipalities are often difficult to navigate. While therein lies the opportunity, it is important our underwriting only considers what we know we can achieve. We may be aware of potential upsides, we will not underwrite them unless we have a full understanding of the details.

The above allows us to build a large moat around our investments mitigating market movement in both the short and long term.