The Hotel The Suburban Studios 2-Pack offers the 77-room Suburban Studios Hotel Cedar Falls built in 2010 and the 72-room Suburban Studios Hotel Waterloo – Cedar Falls built in 2007 located within 10 miles of each other. The 149-rooms between both properties all include kitchenettes and are in good condition requiring a minimal PIP. The hotel’s websites: - Suburban Studios Cedar Falls - Suburban Studios Waterloo - Cedar Falls The Market The Hotels have frontage to major roadways allowing easy access into the city and east/west outside Waterloo and Cedar Falls. The MSA of Waterloo-Cedar Falls consists of 168,000 residents and several high-profile demand generators such as the John Deere manufacturing system, MercyOne Waterloo Medical Center, and the University of Northern Iowa (9,000 students). The market has no new hotel supply under construction. Investment Thesis The availability of the Suburban Studio 2-pack represents a rare opportunity to acquire the only extended stay hotels in one of Iowa's overlooked markets. There is also no new supply announced or under development in the Cedar Falls/Waterloo market. The highly efficient nature of the hotels operating in a WoodSpring Suites style of management results in NOI margins in the low 40% (after 3% management fee and 4% reserves for replacement). NOI margins continue to improve each month as the hotels further implement the economy extended stay model. Terms of Sale

• Estate: Fee Simple
• Terms: As is, where is, with all faults. All cash to the Seller.
• Branding: The Hotel is being sold subject to a licensing agreement with Suburban Studios.
• Management: The Hotel is being sold unencumbered by management.
• Debt: The Hotel is being sold unencumbered by debt.​​​​​​​ (HREC Capital Markets group has underwritten the transaction and can help with financing.)