| Attractive Hotel Economics - Stabilized ADR $576 and 61% Occupancy at a 21% EBITDA margin. |
| Profitable Golf Platform - Independent study projects stabilized NOI $4.1M at 60k annual rounds. |
| RTJ II Pedigree - Robert Trent Jones II design confers brand credibility, driving demand and pricing power. |
| Phased Execution - No delivery deadline on the hotel - execute golf-first with flexible hotel timing. |
| Public-Sector Alignment - Full City support for both hotel and golf course. |
| Symbiotic Uses - Resorts with on-site golf out perform non-golf resorts, delivering higher occupancy (72% vs. 67%). |
Michael Condon Jr.
Cushman & Wakefield
