Milestone seeks to acquire Hotels with the following characteristics:

• Significant discount to replacement cost
• Stabilized and predictable revenue stream
• Under-performing
• Operational turnaround, primarily through improved cost controls
• Potential to reposition (if necessary)
• High barriers to competitive entry
• Our focus is primarily in the middle segment of the industry (i.e. Radisson, Hilton, Sheraton, Holiday Inn, etc.)
• Our preference is full service properties, specifically hotels and resorts with meeting facilities
• Single asset or portfolio acquisitions
• Transaction size from $5,000,000 to $100,000,000