Investments

JF Capital Advisors selectively makes principal hotel investments. In August 2006, we acquired two Doubletree hotels in Dallas and Denver in connection with GoldenTree Insite Partners and Aimbridge Hospitality. In October 2006, we created a joint venture agreement to pursue ground-up development of Starwood's new aloft by W Hotels brand with Hillwood Investments, Aimbridge Hospitality, and Champ Hospitality. In August 2007, we partnered with Apollo Real Estate Advisors and Aimbridge Hospitality to acquire publicly- traded Eagle Hospitality Properties Trust, which owned 13 hotels in the US and Puerto Rico. In July 2007, we acquired a portfolio of six hotels (four Doubletrees and two Wyndham Gardens) in connection with GoldenTree Insite Partners and Aimbridge Hospitality.

Doubletree Hotel Dallas-Campbell Centre

The Doubletree Hotel Dallas-Campbell Centre is a 300-room hotel located in the vibrant North Dallas business district just off of US-75, with easy access to dozens of regional and national corporations, downtown Dallas, the Richardson Telecom Corridor and the renowned North Park Mall. JF Capital Advisors purchased the property in August 2006 as part of a joint venture with Goldentree InSite Partners and Aimbridge Hospitality. The partnership made significant capital improvements, and has implemented a series of operational changes which enhanced the customer experience and improved the hotel's financial performance.

Doubletree Hotel Denver-Southeast

The Doubletree Hotel Denver-Southeast is a 248-room hotel located along the I-225 corridor, in an area currently undergoing a major revitalization due to the nearby $3 billion Fitzsimmons Medical Center project. Acquired at the same time as the Doubletree Hotel Dallas-Campbell Center, in August 2006, JF Capital Advisors likewise acquired this hotel as part of a partnership with Goldentree InSite Partners and Aimbridge Hospitality.

Joint Venture to Develop Aloft by W Hotels

JF Capital entered into a joint venture to develop aloft hotels, a new brand that embodies a unique vision of upscale lodging. Stylish, affordable, and appealing to both business and leisure travelers, the new aloft hotel concept will offer a guest experience currently unavailable through traditional brands. JF Capital and its partners developed four hotels (Plano, Frisco, Las Colinas, and San Antonio).

Midwest Hotel Portfolio

The Midwest Hotel Portfolio is comprised of six full-service hotels, four Doubletree and two Wyndham Garden hotels, encompassing a total of 1,027 rooms. The hotels are located throughout the U.S., in Kansas, Illinois, Michigan, North Carolina and Wisconsin. In July 2007, JF Capital Advisors LLC, acquired this portfolio in partnership with GoldenTree Insite Partners and Aimbridge Hospitality L.P.

Eagle Hospitality Properties Trust Portfolio

Eagle Hospitality was a publicly traded hotel REIT which owned 13 full-service and all-suite hotels encompassing a total of 3,516 rooms and premier brands including Hilton, Embassy Suites, Marriott and Hyatt. The hotels are located throughout the U.S., in Arizona, California, Colorado, Florida, New York, Kentucky, Ohio, Illinois, Massachusetts and Puerto Rico. In August 2007, JF Capital Advisors LLC, acquired this company in partnership with Aimbridge Hospitality L.P., and Apollo Real Estate Investment Fund V L.P. Jonathan Falik subsequently served as the CEO for four years.