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CLICK TO VIEW: CARLTON GROUP EUROPECarlton Europe I #1

Real Estate Investment Bankers

CARLTON GROUP EUROPE

NEW YORK LONDON MADRID MILAN ATHENS FLORIDA

A Global Leader in Real Estate Structured Finance, Equity Placements, and Investment Sales

http://carltongroup.com/carlton-international-division/


Local Knowledge

EQUITY PLACEMENT

DEBT PLACEMENT

STRUCTURED FINANCE

INVESTMENT SALES

LOAN SALE TRADING

VALUATION & LOAN

RESTRUCTURING

Global Capital



1. THE CARLTON EUROPEAN DIVISION

2. CARLTON EUROPE OVERVIEW

3. CARLTON EUROPE LINES OF BUSINESS

4. CARLTON GLOBAL INVESTOR ACCESS

5. COMPLETED EUROPEAN TRANSACTIONS

6. CARLTON EUROPEAN SENIOR EXECUTIVES

Table of Contents

For further information on how we can assist you with your transaction, please

contact either of the following Carlton Executives:

HOWARD L. MICHAELS

CHAIRMAN

[email protected]

MICHAEL J. CAMPBELL

PARTNER

[email protected]

KEVIN B. SWILL

COO

[email protected]


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Carlton Group Europe Executive Summary

The Carlton Group Europe has been in business since 1991 and we have closed well over $100 billion of equity, debt and

investment sale transactions on behalf of large property owners and institutional clients for their most important

transactions. We specialize in customizing and executing highly-sophisticated equity and debt capital solutions either

through a multi-tranche equity and debt capital placement or through some type of structured sale transaction.

We are one of the top strategic capital advisors in the world and have executed some of the largest equity and debt recapitalizations and

investment sales in Europe. Our real estate capital markets advisory practice is run by Carlton Chairman Howard L. Michaels, Javier

Beltran - Head of Iberia -, Mads Loewe who runs our London office and Anthony Marando who runs our business in Italy. In

addition, Kevin Swill runs our business in Israel, Andrew Karaan covers the MENA region, Nick Chen and three other senior

associates cover Asia, and Anastasios Tzavellas runs our overseas office in Athens, Greece. Overall, the European team is assisted by

over 50 capital market professionals in the United States, Europe and the Middle East.

The Carlton platform is unique in that our core competence is arranging highly structured equity and debt capital from

balance sheet and “off the radar” investors. For the last 26 years, we have developed deep relationships with private sources of

capital throughout the world including ultra-high net worth investors, family offices, pension funds, multi-strategy funds, insurance

companies and other balance sheet investors. Our specialty is raising capital on large, complex transactions which often need to be

executed within a short timeframe. For instance, we recently closed a $1 billion luxury condominium land development

transaction arranging and coordinating six different lenders and investors to participate in the capital stack.

In 2015, Carlton Group Europe acted as exclusive advisor on the sale of logistic-industrial assets and office headquarters

(GLA of 32,000sqm) of a Spanish multinational company and we currently have €200 million five-star hotel in Italy under

contract. In 2014, we sold the Centro Nuevo Parking Garage, the largest car park in Valencia (Spain) exceeding 2,650 parking spaces,

which has been one of the largest private off-street car park disposals in the last two decades in Spain. We also successfully closed the

sale of a residential condominium in Barcelona and we also closed capital a €140 million acquisition and recapitalization of a large

residential portfolio located in the UK. We are presently organizing a €350 million financing and recapitalization of a large residential

property in Naples, Italy and have six other European exclusives for over €1 billion in value. We also closed a €250 million

recapitalization of the Four Season in Milan during the low point of the European credit crunch.

In sum, Carlton is dedicated to providing our clients with the 24/7 work ethic with the goal to generate the best possible

service and terms for our clients. Stated simply, we can structure or capitalize any transaction which makes sense.



We have completed over $10 billion of Structured Finance and Investment Sales transactions within the last 24 months

We also closed, at the low point of the credit crunch, the largest

single asset trade in Europe, which was the €250 million

discounted loan payoff and recapitalization at the Four Seasons

hotel in Milan.

This was a noteworthy transaction because:

We were able to access a large amount of balance sheet

capital when most investors were not deploying capital.

The terms for our client were very beneficial and allowed our

client to maintain full ownership of this iconic property

with no dilution.

This transaction was also concluded with a modest discount

of the pay-off of the existing lender, which facilitated the

transaction.

As indicated herein, we have access to billions of dollars of

balance sheet capital which can facilitate transactions that

ordinarily may not be able to be completed.

The Carlton European Division



The Carlton European Division

Historically, Carlton and its executives have been responsible for some of the most premier European

transactions such as:

$800 Million Sale of the Savoy Hotel Group Portfolio

€250 Million JV Equity for Acquisition of German Multifamily Portfolio

€700 Million Sale of the CIGA Hotel Portfolio

Exclusive Advisor on the Famous Villa d’Este Resort Hotel on Lake Como

Acquisition & Construction Financing for the City Gate Towers in Bucharest, Romania

€120 Million of Equity & Debt Raised for a Major Latvia Apartment Portfolio

Sale of one of the largest private off-street car parks in Europe (Spain)

Sale of The Westin Valencia, the most iconic hotel in Valencia, Spain

Carlton specializes in accessing international capital from ultra high-net worth individuals, private equity

funds, sovereign wealth funds, family offices and other balance sheet and money management capital

sources from around the world.



Carlton European Overview

Long Standing Successful European Track Record

Over the last 15 years, Carlton and its senior executives have completed many large, high profile European transactions. In

addition to the Four Seasons Hotel in Milan, they included the $800 million sale of the Savoy Hotel Portfolio, the €685 million

CIGA Hotel Portfolio, the Villa d’Este five-star resort on Lake Como, The Westin Valencia Hotel and Nuevo Centro Car Park.

(Spain). In addition, we recently sold its industrial-logistic and office assets for a Spanish multinational company, a residential

condominium in Barcelona, a large land loan in the Metropolitan London area and we have also completed numerous transactions in

Germany and other European countries.

Top European Professionals

The Carlton European Division has one of the largest real estate private equity capital markets intermediary teams in the world, who in

total have executed billions of transactions throughout Europe.

Javier Beltran - Managing Director and Head of Carlton Spain and Portugal in Madrid, who was previously a senior executive at

UniCredit, Barclays Capital, Morgan Stanley and UBS.

Mads R. Loewe - Managing Director and Head of our London Office, who is a European and U.S. real estate expert with over ten

years of experience at Partners Group and DLA Piper, among other.

Anthony Marando - Managing Director at Carlton Group, who is a 20-year industry veteran with also a strong network in the U.S.

and Italy.

Ignacio Otero - Director at Carlton Spain and Portugal, who previously worked for ING, Deutsche Bank and Merrill Lynch, among

other.

Nick Chen- Director at Carlton Group, who runs our business in Asia.

Andrew Stone- Director at Carlton Group, who runs our business in the UK and Japan.

Andrew Karaan- Director at Carlton Group, who runs our business in the MENA region.

Anastasios Tzavellas - Managing Director, who manages Carlton Greece and has over 30 years of banking and financing experience

in Greece, including, most recently, as the CEO of the National Investment Bank of Greece.

Javier Pascual – Associate at Carlton Spain, who has more than 3 years of real estate and corporate finance experience in Spain,

Portugal and other countries

The European Team also benefits from a strong international presence in the U.S. with Andrew Stone, who Mr. Stone is a global attorney

and investment banker who is currently transacting over €1 Billion of business in the United Kingdom, France, and Japan. In addition, Head of

Carlton’s Hospitality Division, Brendan Sullivan, has decades of European hospitality experience.



Carlton European Overview

Experienced Team of Relationship Driven Professionals

Carlton's global marketing and capital markets team in both Europe, the United States and the Middle East is comprised of the most

qualified and uniquely experienced real estate and finance executives, who have relationships with virtually every major financial

institution, fund and other providers of capital. We raise every portion for the capital stack including senior financing, mezzanine

financing, joint venture equity, passive promotable equity along with various other creative structures required to complete the

transaction.

Capital Raising Focus

Our business is extremely unique within the industry as we solely focus on representing large property owners and financial institutions

to raise large amounts of either equity or debt, through either an investment sale, recapitalization, acquisitions, development or loan

sales. Unlike other advisory or brokerage firms, we are strictly a capital raising advisory firm and do not have other brokerage business

lines. We only focus on raising equity or debt capital for our clients as it is our expertise and gives us our niche in the business. As such,

our team covers virtually every major capital provider and the majority of the “off the radar” capital providers throughout the world.

We are experts in employing sophisticated valuation techniques and then create a viable plan to arrange all the financing required to

complete the capital structure.

“Off the Market” Capital Sources

We represent various capital sources who are looking for off-market, mis-priced investment opportunities and are willing to invest in

Europe. Our investors are yield-oriented and will provide capital on terms which is often better than the typical opportunity funds and

private equity firms, who are either red-lining certain European markets or providing terms that are not economically feasible to the

sponsor.

Claridge’sLondon, United Kingdom

The Savoy HotelLondon, United Kingdom

Four Seasons HotelMilan, Italy



Carlton European Lines of Business

The Carlton European Division provides highly sophisticated & creative advisory services in the following

areas, which enables us to provide you with a targeted and focused effort that will result in maximum

value, proceeds and terms to you:

Equity Placement

Debt Placement

Structured Finance

Investment Sales

Loan Sale Trading

Valuation & Loan Restructuring

Our Core European Offices are located in Madrid and London, with a strong presence within investors and

capital providers in the United Kingdom, Russia, Germany, Austria, France, Benelux, Southern Europe,

Switzerland and throughout the Middle East and Asia.

Le Meurice HotelParis, France

Villa d’EsteLake Como, Italy

Connaught HotelLondon, United Kingdom



Carlton Group Europe Mandates

Large, high-profile transactions recently completed or currently being marketed by Carlton in Europe include:

€350 Million Recapitalization of a U.S. Navy Support Site in Italy

€200 Million Large Land and Development Financing in Luxembourg

Sale of the Five-Star, 135-Key Westin Valencia Hotel in Spain

Sale of Nuevo Centro Car Park (Spain), one of the largest car park sold in last decades in Spain.

Sale and Leaseback of the Headquarters of a leading Spanish multinational company (Spain).

€30 Million Hospitality Property Sale Advisory Mandate in Germany

Sale of a Residential Condominium in Barcelona Metropolitan Area (Spain)

Sale of a Shopping Center & Nursing Home in Madrid (Spain)

Sale of an Office Building in CBD Madrid (Spain)

€250 Million Recapitalization of the Four Seasons Hotel in Milan, Italy

$800 Million Sale of the Savoy Hotel Group Portfolio

$700 Million Sale of the CIGA Hotel Portfolio

Historically, Carlton and its Senior Executives have also been responsible for some of the most significant

transactions in the United States:

$335 Million Construction Financing for the Trump SoHo

$580 Million Recapitalization of the Ian Schrager / Morgan's Hotel Portfolio

Represented Paulson & Co. and Winthrop Realty on the $4 Billion Foreclosure Sale of the CNL/MSREF Hotel

Portfolio

$525 Million Structured Acquisition and Renovation Financing of a High Profile Manhattan Property

$800 Million Refinance of a Large Manhattan Hotel, Retail and Signage Property

$600 Million Debt and Equity Financing for the Acquisition and Construction of a Large Times Square Property

$300 Million Recapitalization and Rebranding of the Shore Club South Beach

$100 Million Acquisition Facility for Miami Beach Oceanfront Hotel and Condominium Development



Global Investor Access

Connecting the Best Investor With Your Deal

The Carlton Group has been active in the debt & equity capital raising business since 1991 and have completed

billions of investment sales, financings, and recapitalizations on a wide range of asset types in virtually ever major

market throughout Europe and the United States.

As such, this has given us significant relationships with all of the following investor groups throughout the world.

Private Equity Funds

Investment Managers

Sovereign Wealth Investors

Hedge Funds

Multi-Strategy Funds

Investment Banks

Life Insurance Companies

Commercial Banks

REITs

Pension Funds

Family Office

High Net Worth Individuals

Money Management Advisors

Local Owners & Operators

Real Estate Companies



Recent Carlton European Closings

The Westin Valencia

Valencia, Spain

ConfidentialProperty Summary: A 5-Star Grand Luxury Hotel, one of

the best hotels in Valencia, the third largest city in Spain,

including 135 rooms and operated by Starwood.

Deal Summary: Carlton acted as the exclusive advisor to

Bankia Hábitat and it successfully sold the company that

holds the rights to operate The Westin Valencia, through a

long term leasing of this building, owned by the

Municipality of Valencia.

Transaction closed with the Gerlach Family, a German

Group that operates and owns hotels and other real estate

assets in the Canary Islands (Spain) and in Germany, at one

of the highest sale multiples of a Spanish real estate asset

within last years.

Carlton also designed and negotiated the financial structure

with the Buyer, on behalf of Bankia Hábitat.

Heyford Park

Oxfordshire, United Kingdom

£35 Million

Property Summary: 1,250 acre mixed-use estate being

redeveloped

Deal Summary: Carlton raised a £35 million mezzanine

financing facility for the refinancing of a 1,250 acre mixed-use

estate of residential and commercial properties in

Oxfordshire, United Kingdom.




Logistics/Industrial/Offices

Complex

Area of Valencia, Spain

Confidential

Property Summary: Important Spanish company

headquarters (industrial, logistic and office real estate assets)

with a total area of approximately 32,000 sq.m, located in the

Area of Valencia.

Deal Summary: Carlton Group has shown its capacity and

credibility to access several and off-radar sources of capital

world-wide bringing into the transactions a meaningful

investor consortium from a Baltic Republic. Carlton

deployed several skills in order to structure, execute and close

a real estate transaction by organizing a full professionalized

process, which has made the transaction a total success for

the seller and buyer. Carlton Group has also negotiated the

acquisition financing with top Spanish banks in order to

make the transaction feasible.

Nuevo Centro Car Park

Valencia, Spain

ConfidentialProperty Summary: Largest off-street private car park in

Valencia city center, including around 2,700 parking spaces

on a total constructed area of 74,300 sqm.

Deal Summary: Carlton Group was the exclusive advisor to

the Owner, completing the whole disposal process. Carlton

Group deployed an unparalleled sale strategy and run a

world-wide negotiated process throughout its global office

network and also prepared high quality financial and

marketing materials, answered hundreds of questions to

investors, coordinated all due diligence and virtual data room

processes and had a key and active role in all negotiations for

the successful closing, that included a debt write-off from the

existing financing bank.




UK Portfolio

London, United Kingdom

€140 Million

Property Summary: Portfolio of 10 residential assets in

London.

Deal Summary: Carlton accessed an international

balance sheet investor to acquire and recapitalize this

transaction.

Confidential

Berlin Apartments

Berlin, Germany

€300 million

Property Summary: A portfolio consisting of over 5,000

apartment units in Berlin, Germany.

Deal Summary: Carlton arranged a Canadian pension

fund and a European lender to provide approximately

€300 million of equity and debt capital to facilitate the

acquisition of this 5,000 unit apartment portfolio in Berlin

for a major European client.




Four Seasons Hotel

Milan, Italy

€250 Million

Property Summary: 117-key Four Seasons Hotel in

Milan

Deal Summary: Carlton brought in a London based

investment management firm that enabled our client to

buy back their maturing first mortgage from one of the

top financial institutions in the world at a discount to

recapitalize one of the most iconic European hotels in a

major city.

Residential Building

Barcelona Metropolitan Area, Spain

Confidential

Property Summary: Residential condominium located

in the Metropolitan Area of Barcelona. It was owned by

one of the best known developers in the Region.

Deal Summary: Carlton Group was the exclusive

advisor to the Owner, a prominent developer in

Barcelona, completing the whole disposal process in a

period of 5 months.

Carlton Group deployed a significant marketing effort,

along a detailed financial projections model and a

complete Information Memorandum. Carlton Group

also coordinated the due diligence, virtual data room and

Q&A and also led the Transaction’s documentation.



Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable, such information has not been verified, and no warranty, expressed or implied, is made as to the

accuracy of the information contained herein, and the same is subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. Carlton Europe I #16

The Savoy Hotel

London, UK

€800 million

Property Summary: Portfolio consisting of London's

finest five-star hotel asset.

Deal Summary: Carlton's hospitality executives executed

the $800 million sale of the Savoy Group Hotel Portfolio,

consisting of The Savoy Hotel, Claridges Hotel,

Connaught Hotel and the Berkeley hotel.

CIGA Hotel Portfolio

Venice, Milan, Rome & Paris

€685 million

Property Summary: Portfolio of five-star European

hotel assets in Rome, Venice, Milan and Paris.

Deal Summary: Carlton Hospitality Division Co-Head,

John Bralower, represented ITT Sheraton, who was the

largest hotel company in the world at the time. The Co-

Head of our Hospitality Division executed the acquisition

on this portfolio of some of Europe's most luxurious

hotels. Certain of the assets included the Hotel Danieli in

Venice, The Grand Hotel in Rome, The Meurice in Paris,

France and Hotel Principe Di Savoia in Milan.

More Completed European Transactions By Carlton Executives





Savoy Hotel

London, UK

Claridges Hotel

London, UK

Berkeley Hotel

London, UK

Connaught Hotel

London, UK

The following hotel assets were all part of the $800 million Savoy Hotel Group Portfolio consisting of London's most luxurious hotels.

Other Completed European Transactions





Grand Hotel Plaza

Rome, Italy

Le Meurice Hotel

Paris, France

Hotel Principe di Savoia

Milan, Italy

Hotel Danieli

Venice, Italy

The following hotel assets were all part of the €685 million CIGA Hotel Portfolio consisting of Europe's most luxurious hotels in Italy and France




Villa d’Este

Cernobbio, Italy

Exclusive Advisor

Property Summary: Five-star renaissance patrician hotel

in the Italian town of Cernobbio on the shores of Lake

Como.


John Bralower served as the advisor on the

recapitalization of what is considered to be one of the

greatest grand hotels in the world.






Latvia Apartments

Riga, Latvia

€120 million

Property Summary: A redeveloped apartment building

located in the heart of city in Riga, Latvia.

Deal Summary: Carlton arranged over €120 million of

equity and debt to allow our client to acquire and fully

renovate an apartment building in the city of Riga, Latvia.

City Hotels, S.A. Portfolio

Belgium & Netherlands

€84 million

Property Summary: A four-star European hotel

portfolio consisting of four hotel assets located in

Brussels and Amsterdam.


John Bralower advised City Hotels, S.A. in the $84 million

sale of a premier four-star hotel portfolio . The assets in

the portfolio consisted of the Galaxy Hotel in

Amsterdam, Hotel Arenber in Brussels, the Palace crown

Plaza in Brussels and the Royal Astor Hotel in Ostende.




Howard L. Michaels, Chairman

Mr. Michaels is Owner and Chairman of the Carlton Group. Since 1990, Mr. Michaels has been instrumental in the marketing, sale and

financing of over $85 billion of commercial and residential assets through the Carlton Group and its related entities. In addition to his

responsibilities as Chairman, Mr. Michaels directs Carlton’s loan sales and debt and equity placement activities. In this capacity, he has

established a reputation as one of the nation’s foremost dealmakers, and has arranged capital for such notable transactions as The

General Motors Building, Manhattan House, 666 Fifth Avenue, and the Starrett-Lehigh Building in New York, among numerous others.

He is a graduate of American University with a BS in Business Administration.

Michael J. Campbell, Partner

Mr. Campbell has over 15 years of commercial real estate experience. Since joining Carlton in 1998, he has been integrally involved in

the structuring and procuring of equity and debt capital for over $40 billion of real estate projects around the world as well as a senior

member of Carlton’s principal business. Prior to joining Carlton, Michael spent five years at various Prudential real estate groups

including PRG, PCG and PMCC. He has extensive experience in all facets of real estate investments including: complex equity and debt

capital structuring, business origination & development, loan/REO auctions and underwriting for all property classes. Michael has a

degree in Financial Engineering from James Madison University and a master’s in Real Estate Finance and Investments from New York

University.

Kevin B. Swill, Chief Operating Officer

Mr. Swill oversees the day-to-day operations of Carlton, as well as plays both a key role in growing the firm’s high net worth equity

syndication business and in expanding Carlton’s investment sales division. Mr. Swill has 23 years of commercial real estate and

investment banking experience. Prior to Carlton he was the President of Westminster Capital and Kushner Properties, where he

oversaw the financing of acquisitions and recapitalizations, as well as the disposition of more than 13,000 apartments units. Previously,

Mr. Swill held positions at Merrill Lynch, CIBC, Deutsche Banc, and Citicorp/Citibank. Mr. Swill is a member of the Real Estate Board

of New York (REBNY); the National Association of Industrial Office Properties (NAIOP); and International Council of Shopping

Centers (ICSC); and is an Executive Board member on the National Multihousing Council (NMHC). Mr. Swill holds Series 7 & 63

licenses. Mr. Swill received a Bachelor’s Degree in finance and business administration from Muhlenberg College.

Carlton Senior Executives



Javier Beltran, Managing Director & Head of Carlton Iberia (Spain & Portugal)

Mr. Beltrán is Managing Director of The Carlton Group Iberia and has more than 19 years of investment banking, real estate and

capital markets experience throughout Spain, Portugal and other European jurisdictions. Most recently, he was a Managing Director of

UniCredit Spain Investment Banking Division, and he had previously worked for UBS, Morgan Stanley and Barclays Capital. Over his

career, Mr. Beltrán has completed more than $20 billion in European transactions, including a wide spectrum of equity and mezzanine

investments and direct lending transactions. Between other many real estate and retail transactions, Javier has worked in: the IPOs of

Inmobiliaria Colonial, Ferrovial and Inditex, various syndicated loans for large real estate companies, such as Metrovacesa and I.

Colonial, and FCC’s restructuring of its real estate portfolio. He holds a PDG degree from IESE Business School and graduated from

CUNEF with a Bachelor’s degree in Business Administration & Finance.

Mads R. Loewe, Managing Director & Head of Carlton London Office

Mr. Loewe has 10 years of global private equity and real estate experience covering both the United States and Europe. Prior to joining

the joining Carlton, Mr. Loewe specialized in the mezzanine debt and preferred equity investment in real estate assets in key global

gateway cities for one of the largest private equity fund managers in the world with over $30 billion in AuM. Mr. Loewe is also a highly

accomplished international corporate and private equity attorney, having advised on some of the largest deals in the world while also

distinguishing himself by his commitment to give back to the community, which has earned him the Empire State Counsel nomination

by the New York State Bar Association. Mr. Loewe received his MBA from the Wharton School, University of Pennsylvania and also

holds Master of Law degrees from Boston University and University of Copenhagen. Mr. Loewe has lived and work on three

continents and speaks French, Russian, Danish, Spanish, Swedish and Norwegian.

Anthony F. Marando, Managing Director & Head of Italy

Mr. Marando is a Managing Director in Carlton’s Equity/ Debt Advisory and Strategic Ventures Departments, responsible for the

origination and placement of large corporate and real estate related structured transactions and funds. Prior to joining Carlton, as a

veteran of the commercial real estate market for the past 30 years, he has personally originated and placed over $1 billion of commercial

real estate and corporate transactions throughout his career. He has also been a Licensed NYS Real Estate Broker since 1983. Mr.

Marando is happily married for over 21 years and is a proud father of 3 children. He is also an active member in his local residential

community. Mr. Marando is a graduate of Fordham University with a B.A. in Economics and currently maintains Dual Citizenship in

the U.S. and Italy.




Anastasios Tzavellas, President – Greece

He has more than 30-year experience in banking and finance, mainly in the corporate and investment sectors. He started his career in

the World Bank in Washington D.C., where he served for about 10 years as an economist and an analyst. He returned to Greece after an

invitation by the Prime Minister to acquire a senior position as the Deputy- Governor of the National Mortgage Bank of Greece.

Subsequently he became the Governor of the Bank servicing more than eight years. During his term, the bank executed hospitality

related projects, covering almost 55% of the total hotels financed in Greece, at the amount of billions of Euros.

Mr. Tzavellas was the CEO of the National Investment and Industrial Development Bank of Greece, President and CEO of the

National Investment Bank of Greece and has been for many years a Member of the Board of Directors at the Hellenic Banking

Association. He was also appointed as a Member of the European Mortgage Banking Association and elected Vice President. Mr.

Tzavellas is holding a B.A Degree in Public Administration. He also holds two M.A. Degrees in Economic Development and Applied

Economics, all from The American University. He has also attended advanced graduate studies in International Finance in the George

Washington University.

Ignacio Otero, Director in Carlton Iberia

Mr. Otero is a Director of the Carlton Group based in Madrid and he has more than 13 years of real estate and corporate finance

experience in Spain, Portugal and other countries. Most recently, Ignacio was Deputy Managing Director of a medium size public real

estate company, a Spanish real estate quoted company and he has worked previously for ING Real Estate, Deutsche Bank Investment

Banking and Merrill Lynch, in Madrid and London. He is graduated from CUNEF with a Bachelor in Business Administration.

Javier Pascual, Associate in Carlton Iberia

Javier Pascual is an Associate of the Carlton Group based in Madrid and he has more than 3 years of real estate and corporate finance

experience in Spain, Portugal and other countries. Previously, Javier worked for Lazard Investment Banking in Madrid where he gained

relevant experience in refinancing and restructuring processes (Itevelesa, Cemex and NH Hoteles) and was involved in the structuring

of specific investment vehicles for real estate companies, such as Zaphir or Drago Capital. He graduated from ICADE (Spain) with a

double degree in Law and Business Administration.





Daniel I. Bildner, Managing Director & General Counsel

Mr. Bildner is a Managing Director and the General Counsel of the Carlton Group and its related companies. Mr. Bildner has over 15

years of experience in the real estate industry and is involved in Carlton’s advisory, consulting, principal transaction and workout and

restructuring businesses, in addition to his role as general counsel. Most recently, Mr. Bildner was vice president and general counsel of

Armstrong Capital Management, an owner and operator of nearly 3 million square feet of retail, shopping center, office and multifamily

properties, where in addition to being the chief legal officer of Armstrong, he also oversaw and led the acquisitions, financings,

restructures and joint ventures of the company. Prior to that, Mr. Bildner was a partner at the international law firm of Greenberg Traurig,

LLP where he practiced in the Real Estate Department for 12 years handling numerous complex acquisition, financing, construction and

joint venture matters.

David Tessier, Managing Director & Co-Head of Hospitality Division

Mr. Tessier is a highly successful Hospitality and Gaming industry veteran, principal and advisor who has been substantially involved in

well over $10 billion of transactions while holding senior financial positions at Hilton Hotels Corporation, Marriott International, Ian

Schrager Hotels, Intercontinental Hotel Group and played a key role as restructuring consultant then Chief Investment Officer of the

highly successful real estate and hospitality company, Turnberry Associates who developed, owns and manages the Fontainebleau Resort,

the Aventura Mall and numerous other highly successful properties. Mr. Tessier also is the former Chief Financial Officer of Kerzner

International Resorts and was actively involved in all of their resort operations, gaming, development and $5 billion plus privatization

transaction. Mr. Tessier will be providing an array of sophisticated hospitality services to Carlton’s hospitality clients including providing

high level capital markets advice and strategic consulting where appropriate. Mr. Tessier is a master technician and understands all facets of

the hospitality business which will provide him with unique insight into helping clients to satisfy their hospitality objectives, including

raising large amounts of capital, transaction support and repositioning or rebranding of assets.




John Bralower, Consultant to the Hospitality Division

During his career, Mr. Bralower has completed over $20 billion of debt, equity, corporate finance, M&A advisory and leasing transactions

for many of the real estate and hospitality industry’s leading companies. Mr. Bralower’s positions prior to joining Carlton include

Managing Director and co-head of global real estate investment banking at Houlihan Lokey Howard & Zukin and President of

Sonnenblick-Goldman Company. Mr. Bralower is a member of the board of the Lincoln Center Corporate Fund’s Real Estate and

Construction Council and of the advisory board of Distressed Assets Reporter. He is a Trustee Emeritus of the Advisory Board of New

York University’s Tisch Center for Tourism and Hospitality and is also a member of the New York State Bar and the Chairman of the

Planning Board of the Village of Oyster Bay Cove. Mr. Bralower has been quoted and featured in industry and mainstream publications,

including the New York Times, the Wall Street Journal and the New York Observer. His speaking engagements have included the New

York University and UCLA hotel investment conferences, the NYU Real Estate finance conference and the IH&RA Annual Congress in

London.

Brendan P. Sullivan, Managing Director & Co-Head of Hospitality Division

Mr. Sullivan has executed hospitality-related principal and advisory transactions with a market value in excess of $5.0 billion. Prior to

joining Carlton, Mr. Sullivan was President of Stephen W. Brener Associates/InterBank Brener Hospitality, where he was responsible for

the company’s three primary business lines: Investment Banking and Principal Activities; Advisory and Brokerage Services; and Strategic

Relationships. His major clients included Marriott International/Host Marriott, Ladbroke (Hilton), FelCor Lodging Trust, Thayer Lodging

Group and the Port Authority of NY and NJ, among others. Mr. Sullivan has also been the Regional Director of the Americas for

London-based Knight Frank Access and was on the Advisory Board for New York University’s Tisch Center for Tourism and Hospitality.

Mr. Sullivan began his career as an Investment Banker.

Andrew D. Stone, Director

Mr. Stone is a Director at Carlton, where he is involved in originating financing opportunities and obtaining financing for the firm’s

transactions. Mr. Stone is an attorney admitted to practice law in the States of NY and NJ, as well as the Federal Courts. In addition, he has

extensive experience with real estate syndication and transactional matters. Prior to Carlton, Mr. Stone served for more than 15 years as

General Counsel to McMahan Securities Co. L.P., a FINRA registered broker-dealer in Greenwich, CT, and its affiliated hedge funds

managed by Argent Funds Group LLC, an SEC registered investment adviser. He also practiced general corporate, securities and real

estate law for many years in NYC at several major law firms, including Weil Gotshal & Manges, and Wien Malkin & Bettex. Mr. Stone

holds a JD from The University of Pennsylvania Law School, and a Bachelor’s Degree (with Honors in Government) from Wesleyan

University in Middletown, CT.



The Carlton Group is an international real estate investment banking firm with offices throughout the United States and Europe. Founded in 1991,Carlton is a leading intermediary and advisor for asset-level sophisticated, structured equity and debt capital solutions to large property owners andfinancial institutions worldwide.

Howard L. [email protected]

Michael J. [email protected]

Kevin B. [email protected]

Javier BeltránManaging Director & Head of Carlton [email protected]

Mads R. LoeweManaging Director & Head of London [email protected]

Anthony F. MarandoManaging [email protected]

Anastasios TzavellasPresident, Carlton [email protected]

Ignacio [email protected]

New YorkThe Carlton Group, Ltd.560 Lexington Avenue, 10th Floor212.545.1000www.carltongroup.com

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