TEXAS HOTEL MANAGEMENT · PREPARED INTERNALLY · SHARED IN CONFIDENCE

Houston Four: Underwriting Summary

June 11, 2026 · Prepared following property tours with Alchemy Real Estate Advisors · All four assets underwritten to completed models, zero-growth revenue basis

1DoubleTree by Hilton Hotel & Suites Houston by the Galleria

476 keys

$26.0MAll-cash at close, no contingencies

$30.0MBridge-to-stabilization structure

$15.0MAll PIP + capex

T-12 EBITDA$3.53M→Year-3 stabilized NOI$5.49MStabilized coverage1.98x

2DoubleTree by Hilton Houston Intercontinental Airport

313 keys

$14.0MAll-cash at close

$17.0MBridge-to-stabilization structure

$17.5MAll PIP + capex

T-12 EBITDA$0.50M→Year-3 stabilized NOI$3.00MStabilized coverage1.21x

3Crowne Plaza Houston Med Ctr-Galleria Area

354 keys

$12.4MAll-cash at close

$15.0MBridge-to-stabilization structure

$10.8MAll PIP + capex

T-12 EBITDA-$0.51M→Year-3 stabilized NOI$2.24MStabilized coverage1.39x

4Sheraton North Houston at George Bush Intercontinental

419 keys

The deal does not pencil. $22.5M+ of PIP and capex against negative cash flow leaves no supportable basis on any structure.

Why these numbers close

15 hotelsHouston full-service owner-operator

Self-perform GCIn-house renovation and container-scale FF&E procurement

Family equityNo committee, no financing contingency at this size

As-is buyersWe underwrite condition before we sign, not after