1. LWHA Asset Management
Services
“Bridging the gap between
the real estate investment
objectives and the day to
day performance of hotel
operations”

2. Gary Isenberg
President of LWHA Asset and Property
Management Services
Gary Isenberg currently serves as President of Asset and
Property Management Services for LW Hospitality Advisors. In
Gary’s current role he is responsible for heading up the Asset
Management and Hotel Management Divisions. Gary has over
28 years of diversified Hospitality experience in Hotel
Management, Finance, and Asset Management.
Mr. Isenberg attended Fairleigh Dickinson University and upon
completion of a Bachelor of Science in Business Management
with minors in Corporate Finance and Information Systems,
accepted his first full-time position with ITT Sheraton currently
known as Starwood Hotels and Resorts as a Corporate Trainee.
During his 16 year tenure, he was rapidly promoted over a series
of increasingly responsible positions, handling mergers and
acquisitions, and finance and operational disciplines.
A privately held hotel development, ownership and management
Company, Field Hotel Associates (FHA), recruited Gary to join the
organization as General Manager of the firms flagship property.
Mr. Isenberg was promoted to EVP of Hotel Operations of all of
FHA’s hotel assets, and most recently held the position of Chief
Operating Officer of the company. During his tenure with FHA,
Mr. Isenberg lead the development and opening of several
hotels, spearheaded several re-organization and repositioning
initiatives, and developed and executed numerous revenue
generating and cost cutting programs. Mr. Isenberg has a
demonstrable track record creating and enhancing hotel
property values and maximizing return for owners and
investors.

3. Daniel H. Lesser
CEO of LWHA Asset and Property
Management Services
Daniel H. Lesser, President & CEO of LW Hospitality Advisors and
CEO of LWHA Asset and Property Management Services, brings more
than 30 years of expertise in a wide range of hospitality operational,
investment counseling, valuation, advisory, and transactional
services. He provides services to corporate, institutional, and
individual clients as well as public agencies on all facets of hospitality
real estate including: litigation support and expert testimony, site
evaluation, highest and best use analysis, appraisals for mortgage,
acquisition, and portfolio management, workout strategies,
operational analysis, property tax assessment appeal evaluations,
economic impact studies, deal structuring, and fairness opinions.
Evan Weiss
COO of LWHA Asset and Property Evan Weiss serves as Executive Managing Director, Principal of
Management Services LW Hospitality Advisors, as COO of LWHA Asset and Property
Management Services. He was previously an associate at CBRE
Hotels – Hospitality & Gaming Valuation Advisory Services Group,
where he was awarded Silver and Gold production awards during
each year of his tenure. He also received the Valuation Services
Professional of the Year Award for the Tri-State region in 2007.
Prior to joining CBRE, Mr. Weiss held the executive position of
Director of Operations for CARINO Hotels & Resorts in New York, a
sales and marketing firm representing 75 luxury hotels throughout
the globe.

4. LWHA Asset Management
Services prides itself on maximizing value
and return on investment for its clients by
increasing revenue, minimizing costs and risk. By
unearthing hidden costs, potential revenue
opportunities, and unforeseen threats and or lack
of compliance, through detailed reviews, audits
and analysis LWHA Asset Management Services
successfully enhances and protects the value and
or ROI for its clients.
Services
Asset and Property Oversight
Development Services
Distress Property Services
Internal Control / Accounting Analysis
Lender Services
Operational Review & Analysis
Sales and Marketing Review and Analysis

5. Asset Property Oversight
Although each assignment is custom tailored to meet the specific needs
of the client, our focus remains the same, maximization of value and
return on investment, and minimization of risk. We believe what gets
measured gets done. Therefore, we work in conjunction with local
management on developing reach goals, budgets and action plans
aimed at improving profitability, product and service. We entrust local
management to execute such plans but we verify their performance
through periodic onsite visits, and detailed review and analysis of key
financial and operational reports. Some areas addressed in the asset
management process include:
•Accounts Receivable Aging Assessment
•Balance Sheet Review
•Bank / Cash Account Reconciliation Examination
•Brand Compliance
•Capital Planning and Implementation
•Comprehensive Marketing Plan Review and Analysis
•Cost Control
•Detailed Review of all Operating Departments
•Energy Management Efficiency
•Guest Service Standards Evaluation
•Labor Efficiency Analysis
•Management Contract Compliance
•Profit and Loss Statement Review and Variance Analysis
•Revenue Management Audit
•Safety and Security Standards and Reporting
•A monthly summary of our findings and observations along with an
overall financial recap is reported to ownership

6. Development Services
• Due Diligence
• FF&E Negotiation and Coordination
• Franchise Agreement RFP Process & Negotiations
• General Contractor Contract negotiations
• Liaison between GC, Design & Franchisor
• Loan Funding / Cash Management
• Management Contract RFP Process & Negotiations
• PIP Negotiation & Value Engineering
• Pre-opening Services
• Repositioning and Re-Branding Analysis
• Underwriting / Forecasting

7. Distress Property Services
• Accounts Receivable Aging Assessment
• Balance Sheet Review
• Bank / Cash Account Reconciliation Examination
• Bankruptcy Assistance – US Trustee Filing & Reporting
• Brand Compliance
• Cash Management Review
• Customer Service Improvement Plan
• Detailed Review of all Operating Departments
• Energy Management Efficiency
• Expense Audit – Testing to ensure no expenses outside scope of property
are paid.
• Expense Reduction Analysis
• Expert Witness Testimony
• Guest Service Standards Evaluation
• Internal Control Review
• Labor Efficiency Analysis
• Management Contract Compliance
• Management Skill Assessment
• Payroll Audit
• Process Improvement Operationally & Financially
• Profit and Loss Statement Review and Variance Analysis
• Receivership
• Repositioning Analysis
• Revenue Management Audit
• Third Party Marketing Review
• Third Party Operational Review

8. Internal Control / Accounting Analysis
• Accounts Receivable Aging Assessment
• Balance Sheet Review
• Bank / Cash Account Reconciliation Examination
• Cost Control
• Expense Audit – Testing to ensure no expenses outside
scope of property are paid
• Expense Reduction Analysis
• Internal Control Review – Identify control deficiencies
and make recommendations in order to
• Reduce the Risk of Fraudulent Activity
• Labor Efficiency Analysis
• Management Company Contract Compliance Audits
• Payroll Audit – Testing to ensure only approved and
essential personnel are paid via payroll

9. Lender Services
With the increase in loan defaults and the use of Special
Services LWHA has designed a series of services specific to the
needs of lenders and servicers.
• Balance Sheet Review
• Bank / Cash Account Reconciliation Examination
• Cash Management Agreement / Loan Document Compliance
Audits: Review all cash management agreements and loan
covenants, and conduct a forensic review of the property’s
books and records to ensure compliance
• Court Appointed Receiver Expense Audit: Detailed testing to
ensure no expenses outside scope of property are paid via
Accounts Payable
• Expert Witness Testimony
• Payroll Audit: Testing to ensure no outside personnel are on
the payroll funded by the property
• Third Party Marketing Review: Through interviews with key
management personnel and local market leaders a detailed
report is prepared depicting our fact based opinion on the
Marketing Plan and direction of the property
• Third Party Operations Review: Through interviews with key
management personnel and local market leaders a detailed
report is prepared depicting our findings and observations of
the operational efficiency of the property

10. Operational Review & Analysis
• Benchmarking and Establishing Objectives / Goals
• Brand Compliance
• Capital Planning and Implementation
• Cost Control
• Customer Service Improvement Plan
• Detailed Review of all Operating Departments
• Energy Management Efficiency
• Expense Reduction Analysis
• Forecasting and Budgeting Preparation, Review &
Oversight
• Guest Service Standards Evaluation
• Labor Efficiency Analysis
• Labor Relations
• Management Contract Compliance
• Management Skill Assessment
• Operational Review
• Process Improvement Operationally & Financially
• Profit and Loss Statement Review and Variance Analysis
• Safety and Security Standards and Reporting
• Strategic Planning Analysis

11. Sales & Marketing Review & Analysis
• Competitive Set Analysis & Review
• Marketing Plan Development & Oversight
• Marketing Review
• Rate Strategy & Pricing
• Repositioning Analysis
• Revenue Management Audit
• Sales Resource Allocation Analysis
• Sales Person Goals & Incentive Plans

12. Case Study Expertise
Development of a 216 Room Hampton Inn at JFK Airport
Background:
Developer was planning on building a 216 room Holiday Inn Express located near JFK Airport,
and immediately prior to breaking ground changed it to a Hampton Inn. The Hilton acquisition
of Promus, which included the Hampton Inn brand, facilitated this change as the Developer /
Owner had a previous relationship with Hilton.
Role:
•Detail all significant deviations in the building department approved plans as compared to
Hilton specifications
•Negotiate changes with GC and / or Hilton
•Interface and manage the relationship between the Brand, General Contractor, Owners
Representative, and Designer
•Negotiate and manage the Purchasing and Installation of all FF&E
•Perform all pre-opening hiring including management
•Produce and implement a Pre-opening Marketing Plan
•Conduct all pre-opening training
Conclusion:
•The property was completed in less than 12 months of construction
•Hilton modifications were completed within the existing budget
•FF&E was purchased and installed within budget
•Successfully met all the Hilton preopening requirements and the Hotel opened as scheduled
•Reached 100% Rev Par Yield against its competitive set with in the first 4 months of
operations

13. Case Study Expertise
Development of a 220 Room Hampton Inn at LGA Airport
Background:
The Owner of the Crowne Plaza LaGuardia Airport had a parking lot that it used for employees and
decided to develop it into a 220 room Hampton Inn.
Role:
•In conjunction with Architect presented and obtained design approval from Hilton
•Liaison between Hilton Design and Construction, General Contractor, Architect and Interior
Designer
•Managed expeditor and assisted in obtaining all permits and inspection approvals for the
Temporary Certificate of Occupancy
•Managed all Hilton approval submissions and inspections
•Processed and oversaw the construction loan draws and approvals, worked with the lenders
inspector and negotiated payments
•Negotiated and managed the purchasing and installation of all FF&E
•Performed all pre-opening hiring including management
•Produced and implemented a preopening marketing plan
•Conducted all pre-opening training
•Negotiated outsourcing of the housekeeping department
Conclusion:
•Successfully met all the Hilton pre-opening requirements
•Obtained 100% RevPar Yield against its competitive set with in the first 8 months of operations
•Produced 2MM of cash flow in the first year of operation

14. Case Study Expertise
Operational Restructuring of the Sheraton Meadowlands Hotel
Background:
The Sheraton Meadowlands a 425 Room Hotel, with over 20,000 square feet in meeting space. It is located directly
across the street from Giants Stadium at the Meadowlands in Northern New Jersey. The property was not performing
in all aspects of operations and financially, Customer Service Scores were far below acceptable. At a 73% RevPar
Index and the property was hemorrhaging cash with an EBITDA of $350K.
Role:
An LWHA executive participated as a member of the turnaround Management Team, which was assigned the
responsibility of Improving Service, RevPar Performance and Profitability.
Implementation / Restructuring:
•Participated in the recruitment and selection of a new management team for all key operating departments
•Restructured the Sales Organization to shift focus from SMERF and Tour and Travel to the more highly profitable
business of Corporate Group, specifically the pharmaceutical industry
•Implemented Customer Service Training at all levels of the organization
•Implemented P&L Responsibility to the Department head level, and held monthly review meetings with them
•Implemented a Work Order Ticket System for the Engineering Department
•Developed Hotel and then Departmental Goals and Objectives, ensured these were communicated to all levels of the
Organization via meetings and written materials
•Implemented strict revenue management guidelines in order to drive rate and occupancy
•Focused Catering on targeting Fund Raising Dinners in order to create more awareness and to become the first
choice for Social Catering needs
Conclusion:
•Rev Par penetration increased from 73% to 101%
•Guest Service Scores increased and the property was awarded the Chairman’s Award for 6 out of 8 quarters
•As financial performance improved the owners began re-investing in the product via capital projects.
•Employee morale and job performance improved
•EBITDA grew from 350K to over 3MM

15. Case Study Expertise
Preservation of Owners Equity through a Chapter 11 Filing
• Background:
• Two full service hotels, the Holiday Inn JFK Airport and the Crowne Plaza LGA Airport, financed via triple tax exempt
bonds in the amount of 35MM and 50MM respectively; these bonds were publicly traded and held by many of the large
household name mutual funds. Shortly after the perils of September 11, 2001 the properties performance began to
falter, by mid 2003 the debt service reserve had been depleted and the properties were about to default on debt
payments. As a group in 2004 they auctioned the bonds off, the bonds were purchased by a conglomerate of hedge
funds for about 70% of face value, with the intent of foreclosing on the properties, renovating and flipping them for a
significant return. The new bond holders had a receiver appointed without the knowledge of the properties owner. As a
defensive maneuver and an effort to protect equity the owners filed for protection under Chapter 11 of the Bankruptcy
Code. This was a highly contested and litigated case as the bond holders were more concerned with foreclosing and
taking back the properties than being paid.
• Role:
• An LWHA executive was tasked with preserving Owners equity. In conjunction with Legal Council provided leadership,
strategy, and guidance throughout the Chapter 11 filing process.
• Tasks:
• Managed all US Trustee filings and reporting
• Implemented cash budgeting and reporting procedures
• Liaison between local management, council, bond holders and the US Trustees Office
• Provided expert testimony concerning Hotel Operations and local market conditions
• Provided rebuttal witness to bond holder expert witnesses
• Produced Budgets and Performa’s
• Participated in the development of the Plan of Reorganization
• Structured a reorganization plan for the JFK property to have a auction of the property in the Bankruptcy Court
• Conclusion:
• Plan of Reorganization for the LGA property was confirmed and approved by the court
• Owner’s equity of the LGA property was preserved
• Negotiated new debt on the LGA property and the Bond Holders were taken out
• The JFK property was sold via the auction at 5MM over the appraised value
• Deal was structured to defer recapture and capital gains regarding the JFK property for the Owner
• All secured and unsecured creditors were paid off for both properties

16. Case Study Expertise
Repositioning and Implementation of Marketing Plan for the
Crowne Plaza LGA
Background:
•The 358 room Crowne Plaza at LaGuardia Airport had recently undergone a room’s soft goods renovation and
the Owner was unhappy with the financial performance. The property was running about 90% of the Market as it
related to RevPar, which was about the same performance prior to renovations.
•The property was also falling short as it related to Customer Service Scores, out of all Crowne Plaza Hotels
nationwide this property had the worst scores in the system; it was dead last in ranking.
Role:
An LWHA executive was assigned the duty of repositioning the hotel from a Sales and Marketing perspective, and
improve Customer Service Delivery.
Repositioning / Marketing Plan Implementation:
•Toured the competitive set with local management and sales team, and developed a SWOT analysis
•Detail review of the Group Rooms Control Log, identifying peak period and placing restrictions on such periods
in order to ensure revenue was maximized
•Reviewed all Local Negotiated Rates and production. Identified non producing accounts and increased such rates
•Identified from history nights where compression in the market place existed, which was approximately 150
nights annually. Placed significant rate controls on those nights which were primarily Monday, Tuesday and
Wednesday nights
•Eliminated the practiced of matching competitor group room bids mid week
•Re-allocated the sales force to align with current market trends and plan
Guest Service Improvement Plan Implementation:
•Identified top repeating guest issues from the Customer Service Surveys and developed action plans to
eliminate such complaints
•Implemented customer Service Training throughout the organization
•Introduced a work order ticket process to identify and correct common maintenance items
•Conducted periodic property tours to identify areas in need of repair and cleaning
•Implemented a Customer Service Complaint follow-up system and recognition for employees whom were
complimented by the guest
Conclusion:
•RevPar Index increased from 90% to 110% within 6 Months
•Daily rates mid week were as high as 229.00 per night including a 100 crew rooms at a rate of about $100 per
night
•Increase in Net Operating Profit of approximately 1.5MM, which was a 35% increase over prior year
•Increased Guest Service Ranking from the last to above the brand average

17. Case Study Expertise
Value Engineered and Renegotiated Hilton Conversion PIP for the Crowne
Plaza LGA
Background:
The Owner of the Crowne Plaza LaGuardia Airport had a PIP from Hilton to convert the existing Crowne Plaza LGA
to a full service Hilton at an estimated cost of 20MM.
Role:
An LWHA executive was assigned the duty of value engineering the Hilton PIP and renegotiating the details of the
PIP with Hilton.
Value Engineering and Renegotiation:
•Conducted a detailed review of the PIP identifying areas of high cost concern. These items were reviewed in
great detail and alternative plans were developed
•Successfully arranged a tour at the property with the Brand Manager for Hilton to review the existing PIP and our
recommendations. Our recommendations were successfully approved by the Brand Manager
•Obtained several proposals from designers and contractors; we evaluated and recommended the most cost
efficient bids
•Negotiated a very favorable case good pricing
•Prepared two sample rooms and obtained final Hilton Approval on all guest room modifications
Conclusion:
•Hilton PIP was renegotiated and priced at a cost of 11.5MM, which equates to over a 40% savings
•Franchise agreement was negotiated with an owner favorable ramp up in Franchise Fees

18. Asset and Property Management Services
570 Seventh Avenue, Suite 805
New York, NY 10018
United States of America
T 212.300.6684
www.lwhospitalityadvisors.com
Gary Isenberg
President LWHA Asset and Property
Management Services
212.300.6684 extension 108
gary.isenberg@lwhadvisors.com