the ultimate guest experience   TM
CONTENTS           In the Spirit of Hospitality .............................................................3           P...
In the Spirit of                                             Hospitality       When I began in the hospitality       is to...
Parent Company                                                                                            Waterton Associa...
Parent Company    Continued                                                                                     P r o P e ...
Executive ProfilesMarC swerdlowPresident, General Counsel, Mr. Swerdlow joined Waterton in 2001. Mr. Swerdlow hasbeen invo...
Executive Profiles                                                            ContinuedC Y N T H I A B O C K Vice Presiden...
Executive Profiles                                                         ContinuedN I R L I E B L I N G , Senior Vice Pr...
Ultima Hospitality’s Mission:                                           Exemplify the Spirit of                           ...
Operationss t r at e g i C g o a l sStrategic alignment: The strategic priorities that are transmitted, shared, and madeco...
Human ResourcesUltima Hospitality believes    hr teChnologythat the human resources       Taleo Our strategic talent acqui...
Accounting                                                                                   As part of Ultima’s          ...
Property Portfoliodoubletree by hilton Chicago – north shore Conference Center                                            ...
Property Portfolioembassy suites Portland                          Location:                          • Portland, Maine   ...
Property Portfoliosheraton Madison                   Location:                   • Madison, Wisconsin                   • ...
Property Portfoliowestin great southern                        Location:                        • Columbus, Ohio          ...
Property PortfolioSheraton Framingham Hotel & Conference Center                                                Location:  ...
Brand ApprovalH I LT O N W O R L D W I D E• Hilton• DoubleTree by Hilton• Embassy Suites• Homewood SuitesS TA R W O O D H ...
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Ultima Hospitality Brochure

  1. 1. the ultimate guest experience TM
  2. 2. CONTENTS In the Spirit of Hospitality .............................................................3 Parent Company Profile ................................................................4 Executive Profiles ..........................................................................6 Mission, Core Values & Guest Commitment ...............................9 Operations ...................................................................................10 Human Resources .......................................................................11 Training and Development / Accounting.....................................12 Property Portfolio ........................................................................13 Brand Approvals ..........................................................................18
  3. 3. In the Spirit of Hospitality When I began in the hospitality is to Exemplify the Spirit of Hospitality industry there was a phrase with Integrity, Passion and Performance.that always exemplified what theindustry meant to me, “in the spirit of Ultima Hospitality has attracted highlyhospitality”. From a desk clerk through skilled, passionate and motivatedmy days as a General Manager and on associates with proven track records ininto my career, this has always been the the industry. We have the experiencebackbone of my hospitality philosophy, necessary to drive revenue andand still fills me with the passion and profit within the market because wedrive I feel for the industry today. understand the unprecedented market dynamics and challenges we face. WhatFor me personally, this phrase captures will differentiate us in the market arethe rewarding feeling I received as a not only the results that we receive butGeneral Manager when a guest told more importantly how we achieve thoseme how wonderful their wedding was results. Ultima Hospitality will deliveror the family that gushed about how results, we have high expectations thatwonderful their vacation had been. The we know will reap high rewards.feeling that I received as a desk clerkrecommending a restaurant to a guest Ultima Hospitality looks forwardonly to have them come back and to developing a mutually rewardingbuy me an entrée because they were relationship. In the spirit of hospitality,so thrilled with the restaurant I had we’ve been expecting you!recommended.In the spirit of hospitality also capturesthe family atmosphere that runsthrough the hotel. The feeling thatwe are all working as a team towardthe common goal of ensuring ourguests have a truly memorable guestexperience. The idea that we will notonly go above and beyond for our Warmest Regards,guests but also for our fellow associatesand colleagues.Ultima Hospitality is extremely excitedand proud of the company that we have Mark Zettlbuilt through a tremendous amount of Executive Vice President, COOhard work and dedication. Our Mission Ultima Hospitality 3
  4. 4. Parent Company Waterton Associates L.L.C. is a private equity real estate investment firm. The principals, Peter M. Vilim and David R. Schwartz, having over 50 years of combined experience in multi-family real estate, launched the Company in 1995 to sponsor multi-family real estate investment funds.Through the Company’s branded multifamily operating management company, Waterton Residential, was founded incompany, Waterton Residential™, it has completed over $3 1998. With headquarters in Chicago, IL, Waterton Residentialbillion in investments in 110 separate real estate transactions also has regional offices in:involving a portfolio of over 39,000 apartment units. A sister • Washington,, Waterton Commercial, has separately invested • Atlanta, Georgiaover $50 million in a portfolio of commercial, industrial and • Dallas, Texashospitality assets. All Waterton investments are made through • San Diego, Californiaequity joint ventures with major financial institutions, WallStreet Investment banks, and pension funds. The company currently operates approximately 16,000 apartment homes across 34 communities in 12 states including:Waterton’s principals and key officers are committed to grow • Arizona • Marylandcapital for their investors and have made personal • California • Minnesotainvestments in the company sponsored funds. The Company’s • Colorado • Nevadainvestment strategy relies on its team of professionals who are • Florida • North Carolinareal estate veterans with expertise in managing a full cycle of • Georgia • Texasa real estate investment beginning with acquisition of an asset, • Illinois • Virginiacreation of value add through re-positioning and renovation,and disposition of the asset. Over the past 14 years the staff and structure have grown significantly and the current managements’ organizationalWaterton Associates L.L.C. was founded in 1995 and the structure is as follows: 4
  5. 5. Parent Company Continued P r o P e r t y o P e r at i o n s • The management is run nationwide with a corporate staff of 18 associates • Includes two Vice Presidents, six Regional Managers, a Training & Marketing Manager, an Ancillary Business Services Manager, a Human Resources team, and a Capital Project Management teamsysteMs and teChnology asset ManageMent• Staffed by 13 associates• Includes Systems Trainers, Systems Specialists, Network Specialists and Project • Staffed by 7 associates Managers servicing hardware and software functions throughout the company and • The asset management team includes our communities two asset managers supported by specialists in portfolio and propertyWaterton Residential has not only grown in terms of the number of staff members, level analysis, loan draw coordination,it has also grown in terms of the quality of its management. Waterton Residential real estate taxes, insurance and legalhas won a collection of property management awards during their 14 years, but more entitiesspecifically, in 2008 Waterton Residential had six Satisfacts Award Winners, aresident survey program, for the following properties: P r o P e rt y a C C o u n t i n g a n d r e P o rt i n g• 2008 - Pinnacle Ridge• 2008 - Hidden Creek • Staffed by 10 associates• 2008 - Monterey Lakes • Includes Property Controller, Property• 2008 - Tantra Lakes Accounting Staff, and Accounts• 2008 - Camino Real Payable 5
  6. 6. Executive ProfilesMarC swerdlowPresident, General Counsel, Mr. Swerdlow joined Waterton in 2001. Mr. Swerdlow hasbeen involved in real estate investment since 1986. Prior to joining Waterton, Marc wasa Senior Investment Manager with GE Capital Real Estate where he was responsible forstructuring and closing structured debt and joint venture transactions. During his tenureat GE Capital he was directly involved the origination and structuring of over $600million of debt and $120 million of equity investments with a total value of $1.1 billion.Before joining GE Capital, Mr. Swerdlow was a Senior Vice President with HeitmanAdvisory Corporation for eleven years during which he was involved in the structuringand closing of acquisitions of in excess of $1 billion and dispositions in excess of $750million in all classes of commercial real estate. In addition Marc was involved in thenegotiation of investment management agreements with many of Heitman’s institutionalclients, including, Colorado Public Employees Retirements System and Iowa PublicEmployees Retirement System. Mr. Swerdlow graduated from the University of Iowa witha Bachelor’s Degree in Finance and holds a J.D. Degree from DePaul University. Marc is aboard member and executive committee member of the Lungevity Foundation.Mark ZettlExecutive Vice President, COO for Ultima Hospitality, Mr. Zettl joined Waterton in 2008after over 25 years of experience in the Hospitality field. Prior to joining Waterton, Mr.Zettl served as Vice President of Operations for two Chicago based hotel companies whoseproperties included Doubletree, Radisson, Marriott, and InterContinental. Mr. Zettl isalso the former Director of Franchise Services for InterContinental Hotel Group (IHG).During his tenure with IHG, he was instrumental in developing the Holiday Inn ExpressBrand and oversaw new hotel openings for all Holiday Inns in North America. Mr. Zettlwas also integral in hotel level training and wrote many service and revenue workshops.As a General Manager, he has operated the Renaissance O’Hare and the Holiday Inn-Select in Naperville, IL. Mr. Zettl holds a Bachelor of Science degree in Hotel and ResortManagement from the Rochester Institute of Technology.alisha kalous, PhrVice President of Human Resources for Ultima Hospitality, Ms. Kalous joined UltimaHospitality in 2010, after consulting on the development of the human resourcesfunction for Ultima Hospitality. Prior to joining Ultima Hospitality, Ms. Kalous owneda human resources consulting firm and previously worked for the Hyatt Corporation onthe rebranding and development of the human resources platform for the select-servicedivision of Hyatt. Over Ms. Kalous’s hospitality career, she has worked as a Director ofHuman Resources and held several operations management roles within four-diamondresorts and luxury boutique properties, within organizations such as the MarcusCorporation and Interstate Hotels & Resorts. Ms. Kalous holds a Bachelor of Sciencedegree in Business Leadership with a minor in Communication from George WilliamsCollege and maintains her Professional Human Resources designation (PHR) as certifiedthrough the Human Resources Certification Institute (HRCI) in conjunction with theSociety for Human Resources Management (SHRM). 6
  7. 7. Executive Profiles ContinuedC Y N T H I A B O C K Vice President of Sales for Ultima Hospitality, Cynthia joinedthe Ultima team in 2010. Her prior experience includes Director of Sales & Marketing forHyatt, Hilton and InterContinental Hotel Group hotels. Brand hotels range from full serviceproperties such as Hyatt Regency, Hilton Suites, Doubletree Guest Suites & ConferenceCenter, Crowne Plaza Hotel & Conference Center to focused service brands such as HiltonGarden Inn and Doubletree Club. Ms. Bock’s extensive hospitality career has includedleading a “Doubletree Sales Team of the Year”, being chosen as the Chicagoland clusterlead for Hilton hotel’s Director of Sales, Sales Trainer for regional sales teams, IndependentConsultant for the International Association of Conference Centers and opening one ofthe most sought after banquet facilities in Chicago’s western suburbs; Esplanade Lakesby Doubletree. Ms. Bock’s drive and dedication for hospitality is fueled by a passion forleadership, training, development and overall success in moving market share. Ms. Bockholds a Bachelor of Science degree in both Marketing & Public Relations from BradleyUniversity in Peoria, IL.D A N I E L P H E L P S Vice President, Asset Management for Ultima Hospitality,Waterton Commercial Properties, Dan began his career in the real estate industry in1997 with Liska Management as a Building Manager where his responsibilities includedmanaging the aesthetics, maintenance, leasing and daily communications with tenants. In2002, Dan worked for GVA Williams as a Broker’s Assistant; helping both sellers and Waterton, Mr.Phelps worked as a real estate consultant at Realogic Analytics. While with Realogic, Mr.During this time Dan also played an instrumental role in developing a valuation model,securitization of condominium conversions. Mr. Phelps holds a Bachelors of Science degreein Business Finance-Real Estate from Indiana University, Bloomington.M E G A N O ’ M A L L E Y , C P A Assistant Vice President, Corporate AccountingManager for Ultima Hospitality and Waterton Commercial Properties, Ms. O’Malley joinedWaterton in 2008. Her responsibilities include financial, tax, investor and third party reportingfor the Tactical Fund, Ultima Hospitality and Corporate entities. She oversees multiplelocations’ financial reporting, cash management, and budgeting processes as well as the set upand maintenance of the accounting systems. Upon graduating Marquette University with aBachelor’s Degree in Accounting and International Business and subsequently a Master’sDegree in Accounting, Ms. O’Malley joined the Audit and Assurance Practice of Ernst &Young, LLC in Chicago. As an auditor, she received a wide breadth of accounting, auditingand financial reporting experience applicable to private and publicly held companies bothdomestic and international. As an Audit Manager, Ms. O’Malley specialized in the real estateindustry, serving both public and private clients including hospitality, private equity firms, andreal estate investment trusts. Ms. O’Malley is a Certified Public Accountant and a member ofthe Illinois CPA Society and the American Institute of Certified Public Accountants. She alsoserves on the Board of Directors of the Council of International Programs in Chicago. 7
  8. 8. Executive Profiles ContinuedN I R L I E B L I N G , Senior Vice President, Director of Acquisitions, joined UltimaHospitality in 2011 and is primarily responsible for overseeing Ultima Hospitality’sacquisition initiatives. Mr. Liebling has executed on over $2 billion in lodgingtransactions across major markets in the United States. Prior to joining Ultima, Mr.Liebling led acquisitions for Chartres Lodging Group, LLC, where he was responsible fororiginating transactions, leading due diligence efforts and negotiating all key transaction-related documents including: purchase agreements, management agreements and joint ng Mr. Lieblingoversaw more than $200 million in equity joint venture transactions alongside prominentroles, Mr. Liebling also served with CNL Hotels & Resorts where he was involved inacquisitions and dispositions as well as with Ernst and Young’s Real Estate AdvisoryServices practice where he was involved in the due diligence and underwriting of over$1 billion in real estate transactions. Mr. Liebling graduated magna cum laude from theUniversity of Miami, holds a Master’s degree from Cornell University’s School of HotelAdministration and an MBA from the Wharton School at the University of Pennsylvania. 8
  9. 9. Ultima Hospitality’s Mission: Exemplify the Spirit of Hospitality with Integrity, Passion and Performance u lt i M a h o s P i ta l i t y ’ s C o r e Va l u e s : Integrity: adherence to moral and ethical principles; soundness of moral character and honesty in all that you do Accountability: being accountable, liable, or answerable for personal actions & decisions Performance: completion of tasks with the highest level of achievement Passion: powerful or compelling emotion or feeling toward what you do that exudes in your daily work, dedicationu lt i M a h o s P i ta l i t y ’ s C o M M i t M e n t t o o u r g u e s t s :Ultima Hospitality is committed to the service of our guests and firmly believes that our superior ability to serve the guest willdifferentiate us as a hospitality company of choice. Our expectation is that our associates provide superior service to not only ourguests but also to fellow associates and vendors. We ask that as associates go throughout their day, they consider our core valuesand remember our sole purpose is to serve our guests in a way that meets their expectations, going above and beyond to createthe ultimate guest experience!ultiMa hosPitality’s CoMMitMent to ourCoMMunitiesUltima Hospitality is committed to assisting in the development of the communitiesin which we are a part of. We strongly believe that our associates are thecommunity’s strongest asset and that by encouraging and developing opportunitiesfor our associates to use their talents through volunteering, the community will reapgenerous rewards. Ultima participates in numerous community enrichment projectsand supports several other national and world-wide volunteer, non-for-profit and charitybased programs. Ultima’s associates build stronger communities through personalaccountability which sustains long term benefits for personal growth and engagement. Itis Ultima’s belief that this rewards the community, associate, asset and investor. 9
  10. 10. Operationss t r at e g i C g o a l sStrategic alignment: The strategic priorities that are transmitted, shared, and madeconsistent with organizational values and behaviors.Customer focus alignment: The strategic, performance, and people approachesneeded to focus successfully on the customer relationship.Leadership and talent management alignment: The leadership style,communication, motivation, commitment, and behaviors to create the necessaryclimate for the organization to be productive.Performance alignment: The processes and day-to-day behaviors and activitiesthat match and support the strategic priorities of the organization.Cultural alignment: The values and beliefs of associates and the processes thatdirectly links them so that their behavior supports overall organizational strategy.sales & MarketingUltima Hospitality is committed to acquiring only the highest level of talentwithin the industry, finding dedicated leaders with a proven sales ability. Asan important asset to our team, our sales professionals are given the tools andknowledge in order for them to succeed. Our sales professionals build upon ourcore values of integrity, accountability, passion and performance to build solid,sustainable and long-term relationships with clients and within the community.We differentiate ourselves by approaching each hotel from an ownershipperspective, as owners ourselves.Food & BeVerageUltima Hospitality is dedicated to providing our guests with food & beverageexperience that exceeds expectations and matches the positioning of the hotelwith a flare of creativity.Our food & beverage operation focuses on running an operation that combinesprofitability with special attention to service and menu items that are tailored tothe specific needs and audience of the hotel. We create only the highest qualityand most effective vendor relationships to ensure our food and beverage goalsare met. 10
  11. 11. Human ResourcesUltima Hospitality believes hr teChnologythat the human resources Taleo Our strategic talent acquisition includes the utilization of a state of the art online applicant tracking system, Taleo Business Edition. Taleo currently works with clients likefunction plays an integral Hyatt, Hard Rock, Aramark, Hewlett-Packard, and Starbucks. Having an online system alsorole in the satisfactions of allows us to build in specific filters to ensure our associates match our values and serviceour associates and guests, principles. It also allows for us to recruit utilizing the last industry trends, including socialwhile helping to drive media. Taleo’s versatility also allows for us to integrate behavioral, background, tax creditsrevenue. and drug screening as part of the on-boarding process. Taleo allows for impressive operational results, including reductions in hiring cycle times, cost per hire, turnover, and risk. Taleo manages all necessary reporting for Affirmative Action and annual EEO reporting. It also allows the corporate office to have direct oversight of all hiring practices and track training required by a variety of brands to ensure compliance. This system directly impacts owner value through increased revenues and decreased costs. Ultimate Software & Kronos Kronos is our automated, biometric, time and attendance system, reducing the risks of errors and payroll inflation common to manual processes. It allows for detailed labor tracking reports to ensure proper payroll management, directly impacting overall revenue. Together, with our HRIS, Ultimate Software, we are able to provide the most automated people management, reporting and analysis. a s s o C i at e B e n e F i t s Ultima Hospitality is committed to providing our associates with the highest level of medical, dental and vision coverage. Additionally, with Fidelity Investments as our 401(k) provider, we are able to offer associates assistance in planning their retirement needs. Our entire benefits package is extremely comprehensive and competitive within the industry. t r a i n i n g & d e V e l o P M e n t Ultima Hospitality strongly believes in hiring and developing the best talent in the industry, ultimately driving revenue to the bottom line. As part of our ongoing commitment, Ultima maintains several company specific training and development programs as well as maintaining compliance with all brand specific programs. Ultima has developed a college management training program to develop young managers into skilled professionals within the industry and building bench-strength within the organization. Ultima recruits management candidates from some of the most renowned hospitality programs in the country. Ultima believes our true success lies within our associates therefore, we continuously strive to train and develop the best and brightest in the industry, assisting our associates to succeed at the highest possible level. 11
  12. 12. Accounting As part of Ultima’s ongoing commitment to use only the highest quality vendors, we have an accounting system that is robust and versatile.M3aCCknowledgeM3 AccKnowledge links the properties and corporate office to a common site.Data is entered directly into the system at the property level. This reduces thecost, time, and inefficiency of two or more people handling the samepaperwork. Management has immediate, same-day daily reportsand on-demand financial reporting including generalledger, accounts payable and inventory management. Thisalso allows management to spend less time hunting andgathering information and more time guiding associates andsatisfying guests. 12
  13. 13. Property Portfoliodoubletree by hilton Chicago – north shore Conference Center Location: • Skokie, Illinois • 18 miles north of downtown Chicago • 15 miles from O’Hare Airport • Excellent location in Skokie, Illinois, a block from Westfield Old Orchard Shopping Mall, the North Shore’s premier shopping destination. Project Description: • 367 Rooms • Over 22,000 square feet of meeting space • Features a Jameson’s Charhouse restaurant • Acquired in 2006 in an 80/20 joint venture with Oxford OBG • Sole ownership and management of the property as of December 1, 2010 Investment Highlights: • Asset holds the International Association of Conference Centers (IACC) designation making it one of the prominent meeting, conference and banquet centers in the Chicago North Shore • Completed $19.9 million renovation in 2007 • Purchased at a significant discount to replacement value 13
  14. 14. Property Portfolioembassy suites Portland Location: • Portland, Maine • Largest city in the state • 115 miles north of Boston • Located at the Portland International JetPort • Less than five miles from downtown Portland and the Old Port District which is the largest port in the state Project Description: • 119 Rooms • 2,300 square feet of flexible meeting space • Acquired in late 2007 in a 95/5% joint venture with the RIM Corp. • Post-closing JPMorgan entered into an 85/15% joint venture of Waterton’s 95% Investment Highlights: • Completed $4.2 million renovation in 2009 positioning the hotel as one of the premier branded lodging assets in the market • Located at the Portland International JetPort, the Embassy Suites hotel provides an upscale lodging experience for business and leisure travelers alike • The suites product provides a tremendous value to the customer 14
  15. 15. Property Portfoliosheraton Madison Location: • Madison, Wisconsin • 2nd largest city in the state • Minutes from State Capital & Big Ten University • Across from the Alliant Energy Center • Less than 10 miles from the Dane County Regional Airport Project Description • 239 Rooms • Over 17,000 square feet of meeting and exhibition space • Acquired in 2007 in an 85/15% joint venture with the Marcus Corp. Investment Highlights: • Completed $4.6 million renovation in 2008, included updates to the common areas, meeting facilities and guestrooms • Located in a high barriers-to-entry market • Property offers convenient access to the State Capital, University of Wisconsin- Madison central campus and Alliant Energy Center 15
  16. 16. Property Portfoliowestin great southern Location: • Columbus, Ohio • 15th largest metro area in the US • State Capital & Big Ten University • South end of CBD • Across from new state courthouse Project Description: • 188 Rooms • Over 12,000 square feet of meeting space in 10 rooms • Two F&B outlets: High Street Grill and Thurber’s Bar • Acquired in 2007 in an 85/15% joint venture with the Marcus Corp. Investment Highlights: • With the completion of a $9.2 million renovation in 2008, the property now provides the state-of-the-art amenities expected by today’s travelers • Premier hotel destination in the market • Famous historic hotel, first opened in 1897, located within the downtown business district • The property’s signature 4,200 square foot Grand Ballroom provides an unforgettable setting for up to 450 guests 16
  17. 17. Property PortfolioSheraton Framingham Hotel & Conference Center Location: • Framingham, Massachusetts • Framingham/Natick is located within the Boston “Metro West” submarket • 20 miles west of Boston CBD • Direct access to the most heavily traveled east/west thoroughfares (Mass Turnpike [HWY 90] and Worcester Road [Route 9] as well as being strategically located between the areas two major north/south expressways (I-95 and I-495) • 25 miles from Logan International Airport Project Description: • 375 Rooms • Over 21,000 square feet of meeting space including a 8,500 square foot Grand Ballroom • Two F&B outlets: Molly Malone’s and J. Witherspoons • Acquired in 2011 in a joint venture with AREA Property Partners Investment Highlights: • Asset holds the International Association of Conference Centers (IACC) designation making it one of the prominent meeting, conference and banquet centers in the market • Property underwent approximately $13.4 million in renovation in 2008 to soft goods, lobby and the IACC Conference Center • Immediately adjacent to the areas 2 largest employers: the World Headquarters of Staples, Inc. and Genzyme Corporation, one of the world’s leading biotechnology companies 17
  18. 18. Brand ApprovalH I LT O N W O R L D W I D E• Hilton• DoubleTree by Hilton• Embassy Suites• Homewood SuitesS TA R W O O D H O T E L S A N D R E S O R T S• Sheraton• ElementI N T E R C O N T I N E N TA L H O T E L S G R O U P• Crowne Plaza• Holiday Inn• Holiday Inn Express• Staybridge Suites 18