Commercial Property TaxHospitality Qualifi cations

The landscape of the hospitality industry is rapidly changing.

Transaction volume remains high, capitalization rates are

again compressing, expectations for revenue are soaring, and

assessment and taxation practices are ever-shifting for the

unique category of commercial real estate. This fl uid

environment drives multiple opportunities for tax reduction

and a critical need for streamlined administration of

hospitality properties.

The potential impact on profi tability makes it imperative to

manage and mitigate the largest single operating expense

faced by the hospitality industry—property taxes. By taking a

holistic approach and assessing the tax management and

administrative challenges associated with each stage in an

asset’s life, Ryan provides customized services that add value

to your bottom line.

Single-Source Provider of Specialized Solutions

A single-source solution to coordinate, consult, and advise

ensures that your organization pays no more than its fair

share of state and local taxes. Ryan is the only full-service

provider to consider all tax implications associated with

the acquisition, management, and disposition of real and

personal property assets. Our lodging and hospitality

clients each benefi t from a comprehensive suite of services

designed to mitigate internal costs and risks, enhance cash

fl ow, and produce optimal return on investments.

Asset Liability Cycle

Specialized solutions for hospitality property types in all stages of the asset liability cycle:

DispositionAcquisition andDevelopment

Budget

Assessment Notice

Property Tax ComplianceTax Appeal

Tax Bill

· Acquisition and development strategy· Tax forecasts and budgets· Exemptions, credits, and abatements· Transfer and/or recordation tax plans· Intangible asset valuation and segregation· Transaction reports

· Exit planning· Transfer and/or recordation tax plans· Intangible asset valuation and segregation· SUT disclosure reviews/planning· Transfer tax planning

· Assessment enrollment and/or appeals· Audit defense· Real and personal property compliance· Tax bill and assessment administration · Sales and use tax (SUT) guidance

tax liability management

Customized ServicesACQUISITION AND DEVELOPMENT

THE CHALLENGE WHAT RYAN DELIVERS THE VALUE

Understanding the Impact of Acquisition or ConstructionDue Diligence: Provide insights into how each unique market addresses sales, development, or divestiture.

More precise budgeting and better-informed business decisions.

Potential Overpayment of Transfer or Recordation Taxes

Acquisition Price Allocation: Thorough study of buyer-and-seller assumptions focused on state and local tax and specific recordation, transfer, and property reporting and taxation requirements.

Opportunity for immediate benefits from reduced transfer and/or recordation tax burden, which could carry on in perpetuity with subsequent real property tax savings.

Navigating Varied Requirements to Maximize Available Incentives

Credits and Incentives: Identify, secure, or maintain all available credits and incentives.

Maximize return by subsidizing costs through local credits and incentives.

Ensuring Compliance and Correct Payment of Transactional Taxes

Sales and Use Tax: Comprehensive analysis of all sales and use tax implications related to the acquisition or development.

Successfully targets tax reduction opportunities and helps reduce liability.

Accurate Budget and Cash-Flow PlanningTax Budgeting: Thorough forecasting, tax estimates, and market evaluation.

Detailed, reliable, and timely reporting to support tax estimations and budgeting.

Complying with Sale Disclosure Demands in Each Unique Market

Transaction Reporting: Advise when compliance is mandatory and the optimal methodology for required reporting of the agreed-upon assumptions of each party.

Buyers and sellers have a more detailed and articulate document to summarize their assumptions.

TAX LIABILITY MANAGEMENT

THE CHALLENGE WHAT RYAN DELIVERS THE VALUE

Appropriate Accrual PlanningAnnual Budget: Custom annual budgeting from local experts.

Detailed deliverables support forecasting and business planning.

Monitoring Value Changes and Appeal DeadlinesAssessment Notice and Deadline Tracking: Management of all notices and deadlines for filings and appeals.

No missed appeal opportunities and up-to-date and accurate reporting.

Complying with Disclosure RequirementsCompliance: Review or prepare thorough and accurate personal property returns, tax bill transmittals, income and expense statements, and cost or sale disclosures.

Tax savings may be realized through filing methodology and early payment discounts, and potential penalties for non-compliance can be avoided.

Avoiding Overpayment of Property Taxes

Valuation, Review, and Appeal: In-depth property valuation analysis that considers local and hospitality market conditions; provide appeal recommendations for resolving any valuation disputes.

Generate tax savings through detailed analysis of assets, deployment of assertive appeal strategy, and positive resolution of valuation appeal.

Reviewing, Confirming Appropriateness, and Paying Property Taxes

Tax Bill Processing: Tracking down tax bills, reviewing for accuracy, and timely delivery of bills with payment instructions.

Timely payment of tax bills is important in taking advantage of early payment discounts and avoiding penalties and interest.

DISPOSITION

THE CHALLENGE WHAT RYAN DELIVERS THE VALUE

Avoiding Unforeseen Tax Pitfalls Potentially Associated with a Sale

Exit Planning: Advice regarding potential tax or other implications of transaction particular to each unique market.

Assistance to brokers with accurate and reliable assumptions for offering memorandums, closing statements, and other deal documents.

Potential Overpayment of Transfer Taxes

Acquisition Price Allocation: Thorough study of buyer-and-seller assumptions focused on state and local tax and specific recordation, transfer, and property reporting and taxation requirements.

Minimize seller-side transaction liabilities; also, buyers and sellers have a more detailed and articulate document to summarize their assumptions.

“ Ryan has been a trusted partner for more than a decade, consistently delivering outstanding client service and signifi cant property tax savings.”

Sr. Vice President, Operations, Finance and Accounting

SAGE HOSPITALITY

“ The property tax experts at Ryan consistently provide great service and results, and add value to our bottom line.”

Director of Property Tax

MAJOR HOSPITALITY CORPORATION

“ Ryan’s comprehensive hospitality industry and REIT experience, as well as their strategic approach to property tax, resulted in a substantial reduction of our tax liability in multiple jurisdictions across the country.”

Manager, Property & Transaction Taxes

SUNSTONE HOTEL INVESTORS

Hospitality Expertise

2019 Portfolio of Hospitality Sites Totaling a Value in Excess of $62 Billion

WA$889.1 M

MT$22.7M

ND$67.8 M

MN$996.7 M

WI$413.9 M

MI$381.2M

KY$618.0 M

TN$1.4 B

IN$490.2 M

OH$854.3M

WV$171.6 M

PA$1.1 B

NY$1.3B

VT$65.4M

NH$7.6M

MA$1.4B

RI$87.3M

CT$374.6 MNJ

$761.4 M

DE$22.3M

VA$2.4B

DC$2.6 B

MD$1.3 B

ME$73. 4 M

FL$9.3B

GA$2.5 BAL

$579.3 M

SC$715.2 M

NC$1.2 B

IL$1.3 B

MS$178.1M

IA$249.9M

MO$829.6M

AR$168.3M

LA$670.3 M

HI$592.0M

SD$894.5 K

NE$101.1M

KS$210.0 M

OK$282.6M

TX$4.7B

WY$51.5M

CO$2.5B

NM$211.9M

UT$470.3 M

AZ$1.4B

ID$337.8 M

NV$1.1B

OR$645.4M

CA$12.8 B

AK$183.7M

For additional information

1.855.RYAN.TAXryan.com

© 2019 Ryan, LLC. All rights reserved.

Award-Winning Tax Services

Multidisciplinary Team of Tax ExpertsRyan deploys a multidisciplinary team of experienced tax and hospitality industry

experts with longstanding jurisdictional relationships, as well as the knowledge and

resources needed to successfully manage the unique tax needs of the hospitality

industry. Our integrated team of industry-leading professionals is comprised of

certified and designated appraisers, personal property experts, former state and

local assessment officials, engineers, attorneys, certified public accountants, and

financial analysts.

Broad Geographic Coverage with Local Expertise

National coverage with local expertise and relationships, as well as a strong

understanding of the industry, its players, drivers, and concerns, is essential to

maximizing value of hospitality assets. With significantly more local market

experts than any other provider, Ryan is uniquely positioned to help

organizations understand the complexities of multiple tax jurisdictions and their

different approaches to valuing and assessing hospitality property types.

Uncompromising Commitment to Client Service

A commitment to excellence and utilization of sophisticated technology ensure

that we’re more thorough, efficient, and effective than our competitors. Every

client of Ryan has our unconditional guarantee that we will deliver the very best

results possible.

About RyanRyan, an award-winning global tax services and software provider, is the largest

Firm in the world dedicated exclusively to business taxes. With global headquarters

in Dallas, Texas, the Firm provides an integrated suite of federal, state, local, and

international tax services on a multijurisdictional basis, including tax recovery,

consulting, advocacy, compliance, and technology services. Ryan is a seven-

time recipient of the International Service Excellence Award from the Customer

Service Institute of America (CSIA) for its commitment to world-class client service.

Empowered by the dynamic myRyan work environment, which is widely recognized

as the most innovative in the tax services industry, Ryan’s multidisciplinary team

of more than 2,700 professionals and associates serves over 14,000 clients in more

than 50 countries, including many of the world’s most prominent Global 5000

companies. More information about Ryan can be found at ryan.com.

SOURCE: CVENT INC., FEBRUARY 2019

CLIENT SATISFACTION RATINGS

Services Performed Professionally

Services Performed Timely

Demonstrated Expertise

Overall Quality of Service

Avoided Disruptions in Client Offices

Responded Promptly

Results Created Value

Overall Experience

99% 99%

99% 99%

98% 98%

98% 97%

In North America, Ryan, LLC and Ryan ULC provide clients with tax consulting, recovery, compliance, advocacy, technology and other client-related professional services. Ryan, LLC is a member firm of Ryan International, a Swiss Verein. Ryan ULC is a constituent entity of Ryan International, a Swiss Verein. Ryan International is a Swiss Verein whose member firms and constituent entities form a leading network of tax advisory and consulting firms, each of which may be licensed to use the name “Ryan” in connection with providing tax advisory and consulting services to its clients. The member firms of Ryan International and their constituent entities operate throughout North America, Europe and Asia in accordance with local regulatory requirements but are not a part of a single international partnership. The responsibility for the provision of services to a client is defined in the terms of engagement between the client and the applicable member firm or constituent entity. Neither Ryan International nor any member firm or constituent entity of Ryan International is liable or responsible for the professional services performed by any other member firm or constituent entity. Ryan International is not itself engaged in the practice of providing professional services. Rather, it is an international umbrella entity organized as a Verein under Swiss law. Not all member firms and constituent entities provide the full range of services mentioned within this brochure. “Ryan” and “Firm” refer to the global organizational network and may refer to one or more of the member firms of Ryan International, each of which is a separate legal entity.