As part of the business plan, ownership will convert 44 units — located on floors 13-16 — into

extended-stay serviced apartments operated under the Apartments by Marriott Bonvoy (“AMB”)

platform. These units will be serviced, maintained, and master leased by the adjacent Renaissance

Hotel St. Elm, which is an affiliate of the borrower, with the lease commencing on the later of

April 1, 2025 or the closing date of the loan.

This strategic conversion is expected to generate approximately 30% in operating expense

reductions, while the master lease agreement, which spans the entire term of the loan, ensures

stable income and downside protection for the lender.

Ownership is committing approximately $2.2 million toward the conversion, underscoring their

alignment and confidence in the long-term value of the asset.