FULCRUM HOSPITALITY LLC
TAMPA, FLORIDA

Company Overview Fulcrum Hospitality, LLC is a hospitality investment operating partner, advisor, and asset manager founded by Steven Angel in 2011. Steven has over 20 years of experience in the lodging and gaming sectors, from Managing Director at Goldman Sachs to operational positions with Ritz-Carlton. Across its portfolio, Fulcrum Hospitality manages nearly $6 billion in assets, consisting of over 12,000 hotel rooms spanning across different brands. With a deep understanding of asset management and an arsenal of proprietary investment analysis tools, Fulcrum Hospitality is one of the fastest growing and most innovative asset management and hotel real estate investment companies in the hospitality industry. Investment Philosophy Asset Management Philosophy Fulcrum’s hands-on approach to asset management helps owners achieve their investment goals. Fulcrum’s differentiating asset management factors consist of: Fulcrum Hospitality delivers value to our clients through seven channels Fulcrum represents ownership groups through every transaction milestone including single-asset acquisitions, portfolio dispositions, and distressed recapitalization. Using deep capital markets understanding Fulcrum can help review and create pro formas, evaluate deal structures, and assist in broker selection. From 800-room group-oriented airport hotels to 100-room leisure boutique properties, Fulcrum possesses vast industry knowledge in the realm of sales and marketing, helping to maximize value of the investment. Fulcrum can evaluate sales organizational structures; develop new sales goals; analyze transient, group, and catering PACE reports; and collaborate with industry consultants to optimize the department’s efficiency. Steven founded Fulcrum Hospitality in 2011 and has over 20 years of experience in the hospitality industry, spanning principal investing, investment oversight, consulting, operations, and equity research. He has been critically involved in the acquisition, recapitalization and disposition efforts across virtually every hospitality industry segment including but not limited to luxury, full-service hotels, portfolios of limited-service assets, and large resort casinos. Prior to founding Fulcrum, Steven was a Managing Director at Goldman Sachs, where he led the asset management teams on over $5 billion of lodging and gaming properties and portfolios. Steven’s impressive ability to balance the needs and wants of owners and managers comes from his experience with several brands, including Ritz-Carlton, where he experienced hands-on operations in areas as diverse as Total Quality Management and housekeeping. Steven is a former Chairman of the Board for American Casino & Entertainment Properties, former Director and Current Chairman’s Council for Nor1, LLC (eStandby), former Director & Executive Committee Member of the Hotel Association of New York City, formerly licensed gaming principal of the Nevada Gaming Control Board, and a current member of the Hospitality Asset Managers Association and the Hotel Development Council, Urban Land Institute. Steven received his graduate degree from The Wharton School at the University of Pennsylvania, Masters of Business Administration. He received his undergraduate degree from Purdue University, Bachelor of Science in Hotel and Restaurant Management. Jim has over 25 years of experience in the service industry, driving financial success as a Chief Financial Officer and Principal. Jim has brokered, negotiated, and spearheaded the sale of multiple corporations, overseeing the transactions through completion. Jim works directly with Boards of Directors, leading the process with accounting firms, attorneys, insurance companies and financial institutions and has assisted organizations with structuring and creating entities to realize their optimum performance. Jim oversees property improvement plans (PIPs), the firm’s partnership accounting, negotiates administrative and service contracts, creates and administers budgets, and is the driving force behind establishing and achieving the company's financial goals. Immediately prior to joining Fulcrum, Larry was Senior Vice President of Asset Management for LaSalle Hotel Properties (a publicly traded REIT: LHO) for over 10 years and was directly responsible for more than $2 billion in hotel assets in many major US markets, having worked closely with over 20 hotel management companies including many of the major brands and independent operators. Larry lead the LaSalle portfolio-wide program of the industry-admired best practices and profit-enhancing / revenue-generating initiatives. Larry received his degree from Emory University, School of Business. Ellen is an expert in matters related to hotel investments and asset management including acquisitions, joint ventures, equity and debt financings, management contracts and value enhancement. She has overseen diverse transactions that range in value from $50 million to over $800 million. Most recently, Ellen was EVP of Acquisitions and Development at Denihan, an owner and operator of boutique hotels in major urban markets. At Denihan, she spearheaded the company’s expansion efforts including its acquisition and growth of The James brand including The James Chicago, New York, South Beach and West Hollywood. Prior to joining Denihan, Ellen provided advisory services to hospitality clients at PricewaterhouseCoopers, Landauer Associates and Laventhol & Horwath. Bonnie has over 25 years of property, corporate, and regional sales and revenue management experience and has been paramount in establishing Fulcrum’s industry-leading revenue management practices. Her experience has included regional revenue management roles and responsibility for total hotel revenue at 36 full-service Renaissance Hotels, as well as senior-level regional positions with Marriott. Subsequent to her time working for hotel management companies, Bonnie has been engaged by clients as diverse as public REITs (LaSalle Hotels), corporate franchisors (Choice International), and management companies (Gaylord Hotels) to advise and help institute revenue management and sales strategies to maximize top-line growth within these respective firms.