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CONFIDENTIAL OFFERING MEMORANDUM

DISCLAIMER This Confidential Offering Memorandum (“Memorandum”) is being delivered subject to the terms of the Confidentiality Agreement (the “Confidentiality Agreement”) signed by you and constitutes part of the Evaluation Material (as defined in the Confidentiality Agreement). It is being given to you for the sole purpose of evaluating the possible acquisition of the Westin New York Grand Central (the “Property” or “Hotel”), and is not to be used for any other purpose or made available to any other party without the prior written consent of Host Hotels & Resorts, L.P. (“Owner” or “Ownership”). This Memorandum was prepared by Jones Lang LaSalle (“JLL”) based on information supplied by Owner and JLL. It contains select information about the Property and the real estate market but does not contain all the information necessary to evaluate the acquisition of the Property. The financial projections contained herein (or in any other Evaluation Material, including any computer diskettes) are for general reference only. They are based on assumptions relating to the overall economy and local competition, among other factors. Accordingly, actual results may vary materially from such projections. Various documents have been summarized herein to facilitate your review; these summaries are not intended to be a comprehensive statement of the terms or a legal analysis of such documents. All reported square footages are estimations. While the information contained in this Memorandum and any other Evaluation Material is believed to be reliable, neither JLL nor Owner guarantees its accuracy or completeness. Because of the foregoing and since the Hotel is being offered on an “As Is, Where Is” basis, a prospective investor or other party authorized by the prospective investor to use such material solely to facilitate the prospective purchaser’s investigation, must make its independent investigations, projections and conclusions regarding the acquisition of the Property without reliance on this Memorandum or any other Evaluation Material. Although additional Evaluation Material, which may include engineering, environmental or other reports, may be provided to qualified parties as the marketing period proceeds, prospective purchasers should seek advice from their own attorneys, accountants, engineers and environmental experts. Neither JLL nor Owner guarantees the accuracy or completeness of the information contained in this Memorandum or any other Evaluation Material provided by JLL and Owner. Owner expressly reserves the right, at its sole discretion, to reject any offer to purchase the Property or to terminate any negotiations with any party at any time with or without written notice. Owner shall have no legal commitment or obligations to any prospective purchaser unless and until a written sale agreement has been fully executed, delivered and approved by Owner and any conditions to Owner’s obligations thereunder have been satisfied or waived. Owner has retained JLL as its exclusive broker and will be responsible for any commission due to JLL in connection with a transaction of the Property pursuant to a separate agreement. JLL is not authorized to make any representation or agreement on behalf of Owner. Each prospective purchaser will be responsible for any claims for commissions by any other broker in connection with a sale of the Hotel if such claims arise from acts of such prospective purchaser or its broker. This Memorandum is the property of Owner and JLL and may be used only by parties approved by Owner or JLL. No portion of this Memorandum may be copied or otherwise reproduced or disclosed to anyone except as permitted under the Confidentiality Agreement.

Contacts

Financing Contact

Jeffrey Davis

Gilda Perez-Alvarado

Stephany Chen

Riana Stadlen

Kevin Davis

International Director

Managing Director

Vice President

Associate

Managing Director

Tel: +1 212 812 5962

Tel: +1 212 812 5897

Tel: +1 212 812 5730

Tel: +1 212 812 5793

Tel: +1 212 812 5727

jeffrey.davis@am.jll.com

gilda.perez-alvarado@am.jll.com

stephany.chen@am.jll.com

riana.stadlen@am.jll.com

k.davis@am.jll.com

Executive Summary

Investment Highlights

Property Overview

Location Overview

Lodging Market Overview

Financial Overview

Executive Summary

Investment Overview Buildings that have been around for nearly 125 years are bound to

JLL, as sole and exclusive advisor, is pleased to present the opportunity to acquire the fee-simple interest in the Life Hotel (the “Life,” “Hotel” or “Property”), conveniently located in Manhattan at 19 West 31st Street New York, NY 10001, off Fifth Avenue. The Property shows in strong physical condition as it benefits from over ±$XX million

have an interesting backstory, and Life Hotel is no exception. New York City, 1894: the height of the Gilded Era, on the cusp of a new century. Grover Cleveland was President, department stores Macy’s and Lord & Taylor were changing the retail landscape with their first ever Christmas holiday window displays and new inventions

(±$XX,000 per key) in capital upgrades, including a

were booming in the Big Apple, with the arrival of the elevator, steel

transformational conversion. This offering presents a

beam construction and the skyscraper.

highly attractive opportunity to acquire a cash-flowing, institutional-quality, with flexibility to convert to a franchise or acquire on a fully unenucmbered basis with the payment of a substantial termination fee.

Enter John Ames Mitchell, the founder, former editor and mastermind behind the iconic LIFE Magazine. Mitchell moved magazine operations to 19 West 31st Street upon the building’s completion in 1895 by the architectural team of John Mervin Carrère and Thomas Hastings..

Investment Highlights

VA LU E E N H A N C E M E N T O P P O R T U N I T I E S Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea

The 98 rooms and suites at Life Hotel provide a tranquil retreat amidst the

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unbridled energy of New York City’s NoMad district. Our accommodation

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draws upon the architectural integrity of its historic environs, while also

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providing all of the modern amenities you need to be relaxed and productive.

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Make yourself at home in gracefully designed, impeccably appointed lodging, that feature ultra-comfortable bedding, complimentary Wi-Fi access, a flat-screen TV with Google Chromecast and an in-room iPhone charger. Additional perks for your NYC visit include plush robes and slippers, premium bath amenities, oversized safes and a spacious work desk. The multi-room suites are great for family vacations or group getaways, and bring your four-

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legged family member with you – Life Hotel is pet-friendly.

RECENT DEVELOPMENTS H I G H LY D E S I R A B L E M I D T O W N

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Experience the very best of Manhattan at Life Hotel. Tucked within

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Midtown’s vibrant NoMad neighborhood, just a few blocks from Penn

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Station, our hotel was once the headquarters of LIFE Magazine and home

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to the celebrated artists who produced it. Today, it’s a boutique destination

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for those looking to recharge and connect with their surroundings. Settle

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into meticulously designed, and state-of-the-art technology.

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Summary of Existing Facilities & Amenities Item

Description

Address

212 East 42nd Street, New York, NY 10017

Year Built / Last Renovated

1981 / 2011 (opened as the Westin)

Guestrooms

774 guestrooms, including 12 suites

Tenure

Fee simple

Lot Size1

±29,625 square feet

Total Allowed Floor Area

±420,463

Height

40 stories

Meeting and Event Space

±13,000 square feet across 14 rooms

Food and Beverage Outlets

The LCL: Bar & Kitchen (breakfast, lunch, dinner, and drinks)

Other Amenities

Fitness center, business center, in-room dining, valet parking (144 parking spaces in subterranean on-site parking garage leased to third-party operator), on-site UPS store

Brand2

Westin Hotels & Resorts

Management2

Marriott/Starwood Hotels & Resorts (expires in 2041)

3,040 SF of bonus SF for public plaza

An investor will have long-term flexibility to convert the Property to a franchise or market as fully unencumbered

Guestroom Configuration Room Type

upon disposition

Approximately Room Size (SF)

Number of Rooms

King

138

310

King Accessible

315

GUESTROOMS AND SUITES

King Corner

132

350

Our 98 rooms and suites at Life Hotel provide a tranquil retreat amidst the unbridled

King Corner Accessible

380

energy of New York City’s NoMad district. Our accommodation draws upon the

Executive King

170

310

Executive King Accessible

310

Double Double

288

315

Double Double Accessible

310

Two Bay Suite

620

architectural integrity of its historic environs, while also providing all of the modern amenities you need to be relaxed and productive.

F E AT U R E S Room & Suites Room

Complimentary Wifi

24/7 Fitness Center

Under 30 Minutes to All Major Airports

Henry at Life Hotel

Gibson + Luce Speakeasy

Complimentary Coffee

A D D I T I O N A L D E TA I L S Our 98 rooms and suites at Life Hotel

Floor

Size (Feet)

Area (SF)

Banquet

Theater

Conference

Reception

Classroom

U-Shape

Ambassador

147' 8" x 78' 9"

1,080

100

110

Consulate

147' 8" x 78' 9"

1,080

100

110

Embassy

147' 8" x 78' 9"

1,080

100

Grand Central A

971

105

Grand Central B

722

Grand Central B

931

100

Grand Central Ballroom

123' x 24'

4,220

370

448

455

210

Track 1

230

Track 2

287

Track 3

363

Track 61

675

Chrysler

88' 7" x 78' 9"

522

Empire

517

Graybar

88' 7" x 82'

522

provide a tranquil retreat amidst the unbridled energy of New York City’s

Experience the very best of Manhattan at Life Hotel. Tucked within Midtown’s vibrant NoMad neighborhood, just a few blocks from Penn Station, our hotel was

NoMad district. Our accommodation

once the headquarters of LIFE Magazine and home to the celebrated artists who produced it. Today, it’s a boutique destination for those looking to recharge

draws upon the architectural integrity

and connect with their surroundings. Settle into meticulously designed, pet-friendly rooms with plush bedding and state-of-the-art technology. Relax in our open

of its historic environs, while also

lobby, which offers spaces to work, eat, drink and socialize. Break a sweat at the on-site fitness center. Stay connected with complimentary Wi-Fi throughout the

providing all of the modern amenities

hotel. Treat yourself to a delicious meal at HENRY at Life Hotel, followed by a drink in our speakeasy cocktail bar, Gibson + Luce. When it’s time to explore, you’ll

you need to be relaxed and productive.

find yourself perfectly placed; our hotel is moments away from storied NYC landmarks including the Empire State Building and Madison Square Garden, as well as 5th Avenue shopping, the Theater District and much more. We invite you to live Life to the fullest.

H E N R Y AT L I F E H O T E L Henry at Life Hotel offers a vibrant dinner experience in New York City’s NoMad neighborhood, offering a piece of historic New York and a culinary experiences for all the senses. Our newly re-opened restaurant from James Beard nominated Chef Joseph “JJ” Johnson offers globally-influenced dishes inspired by African, Asian and Caribbean flavors, made with seasonal ingredients. Henry’s creative cocktail program uses ingredients from the kitchen brought to you by mixologist Pam Wiznitzer, with flavorful twists on spritzes, martinis and a menu full of original drinks crafted with housemade ingredients and syrups. Join us for a lively dinner with many dishes coming straight out of our wood-burning oven.

CLASSIC QUEEN

PREMIUM KING

These well-designed rooms are approximately 185 square

Enjoy a little extra space to stretch out in our Premium

feet in size and include one queen size bed with super

King rooms. Approximately 225 square feet in size, they

soft eco-friendly sheets. Design elements include a

include one king size bed with super soft eco-friendly

wrought iron bed frame, brass fixtures, sleek furnishings

sheets. Design elements include a wrought iron bed

and unique, locally curated art. Enjoy complimentary Wi-

frame, brass fixtures, sleek furnishings and unique, locally

Fi, HD TV with Google Chromecast, an in-room laptop-

curated art. Enjoy complimentary Wi-Fi, HD TV with

sized safe and a wooden desk with a combination lamp/

Google Chromecast, an in-room laptop-sized safe and a

iPhone charger.

wooden desk with a combination lamp/iPhone charger.

CLASSIC KING

P R E M I U M K I N G W I T H P R I V AT E T E R R A C E

Our Classic King rooms are approximately 185 square feet

Treat yourself to incredible views of the Empire State

in size and include one king size bed with super soft eco-

Building from the private terrace of these rooms, which

friendly sheets. Design elements include a wrought iron

are approximately 225 square feet in size and offer one

bed frame, brass fixtures, sleek furnishings and unique,

king size bed with super soft eco-friendly sheets. Enjoy

locally curated art. Enjoy complimentary Wi-Fi, HD TV with

complimentary Wi-Fi, HD TV with Google Chromecast,

Google Chromecast, an in-room laptop-sized safe and a

an in-room laptop-sized safe and a wooden desk with a

wooden desk with a combination lamp/iPhone charger.

combination lamp/iPhone charger. Tasteful designs and all the bells and whistles of our classic accommodations.

Property Overview â€‹Our 98 rooms and suites at Life Hotel provide a tranquil retreat amidst the unbridled energy of New York Cityâ€™s NoMad district. Our accommodation draws upon the architectural integrity of its historic environs, while also providing all of the modern amenities you need to be relaxed and productive. Gracefully designed, impeccably appointed lodging, that features ultra-comfortable bedding, complimentary Wi-Fi access, a flat-screen TV with Google Chromecast and an in-room iPhone charger. Additional features include premium bath amenities and multi-room suites are available for family vacations or group getaways.

Contacts Jeffrey Davis International Director Tel: +1 212 812 5962 jeffrey.davis@am.jll.com Gilda Perez-Alvarado Managing Director Tel: +1 212 812 5897 gilda.perez-alvarado@am.jll.com Stephany Chen Vice President Tel: +1 212 812 5730 stephany.chen@am.jll.com Riana Stadlen Associate Tel: +1 212 812 5793 riana.stadlen@am.jll.com

Financing Contact Kevin Davis Managing Director Tel: +1 212 812 5727 k.davis@am.jll.com