Daly City City Council
February 15, 2022

CITY OF DALY CITY
SPECIAL MEETING – STUDY SESSION
______
TUESDAY, FEBRUARY 15, 2022
5:30 P.M. – 8:30 P.M.
at https://bit.ly/dalycityfeb15livestream
COVID-19 ANNOUNCEMENT - PUBLIC MEETINGS
Pursuant to Government Code section 54953(e) et seq., members of the Daly City Council and staff will participate in this meeting via a teleconference. Members of the public are encouraged to watch the meeting via Livestream (City Council Meeting Livestream) at https://bit.ly/dalycityfeb15livestream or on local Channel 27 (Comcast).

AGENDA
I. Developer Interviews for the Hotel Site located at
1850 Junipero Serra Boulevard
II. Adjourn

A Study Session is a public meeting at which the City Council receives information and presentations. No decisions can be made at this meeting other than to request additional information or to move a matter to a Regular City Council Meeting. The public is encouraged to attend these meetings and receive the presentations as well.

City Council Study Session Report Item # _____
Meeting Date: February 15, 2022
Subject: Developer Interviews for Property Located at 1837 Junipero Serra Boulevard, Daly City
Discussion
Due to lack of performance with the previous developer selected for the City-owned property at 1837 Junipero Serra Boulevard, the City released an updated RFQ/RFP on July 16, 2021, to 56 hotel development firms and also made available to the public on the City’s Economic Development website. The deadline to submit a proposal was extended twice, with the final deadline of December 31, 2021. The City received five submissions, but one developer, LF George, recently withdrew their proposal. A summary of the four responses is described below.

Proposals
The updated AF Canta, Inc. and IBF Hospitality/Ray Bhai submittal includes Kollin Altimore Architects as the architect and proposes an approximately 200-key “boutique hotel” concept with ancillary amenities/facilities, with no hotel flag or brand proposed. Financial projections indicate a $1.5 million land cost/purchase price and $100.7 million in total project costs. One portion of the document shows $40.3 million in equity, and another portion of the document shows $35.3 million in equity. Evidence of financial wherewithal is made via letter from J.P. Morgan that the Bhai Family has over $60 million balance on hand.

The updated Majestic Hospitality and Equinox Hospitality submittal reflects Majestic Hospitality and Equinox Hospitality as development partners, with TS Architects Inc. as the architect. This submittal proposes an approximately 200-key “boutique hotel” concept with ancillary amenities/facilities, with no hotel flag or brand proposed. Financial datae is provided for project examples, but no specific evidence of financial wherewithal is provided for the hotel site.

The JM McLennan Development submittal reflects a mixed-use hotel/residential concept, including 230 residential/hotel units, a 30,000 square foot conference center, and a 30,000 square foot athletic club. The submittal includes Bridge Housing as a potential residential development partner and Heller Manus Architects as project architect. A $250,000 deposit is offered for a 10- month due diligence period with a 90-day extension for $50,000, at which time the deposit would become non-refundable and passed through to the City if the developer decides to move forward.

Evidence of financial wherewithal is provided via commitment letters from non-profit Bridge Housing and GSR Financial, which has reached out to financial institutions and investors regarding interest in the hotel site with a range of $100 to $138 million in total project costs.

The Phase 3 Real Estate Partners, Inc. submittal reflects a research and development (R&D) office concept, including approximately 210,000 square feet of office space, with interest to develop additional square footage if the City would be interested in a larger development concept.

The submittal includes Bain Capital Real Estate as a development/financial partner, which has invested $4.3 billion of equity in over 400 projects across multiple sectors since 2010. Specific financial data and evidence of financial wherewithal is not provided at this point. Of note, the submittal acknowledges that, while an R&D project would not be subject to the same level of taxation as a hotel project, Phase 3 is open to devising a structure that produces comparable longterm revenue for the City.

Interview Process
Each interview will be allotted forty minutes. The development teams have been advised to provide a ten-minute presentation and this will give the City Council 30 minutes to have a dialogue with each of the teams. Kosmont, the City’s consultant, in collaboration with City staff, has prepared a series of questions that the City Council can use to interview the developers. These questions are to provide structure to the interview process and to get more insight into the development teams and their concepts.

The City Council should consider the developers’ experience, access to financial capital, project readiness, and overall development concept.

Next Steps
The City Council will not be selecting preferred developers for further negotiation at tonight’s meeting, but will instead consider the proposals at a future meeting date. At that future meeting, the Council could ask selected developers to return with a more refined submittal. Once a single developer is selected, the City and the selected developer would enter into an Exclusive Negotiation Agreement (ENA) that would allow for further project refinement and the preparation of a Disposition and Development Agreement (DDA).

Respectfully submitted,
Tatum Mothershead
Director, Economic and Community Development

CITY OF DALY CITY, CALIFORNIA
1837 JUNIPERO

SERRA BLVD

BOUTIQUE HOTEL
RFP AUGUST 2021
1

TABLE OF CONTENTS

1. LETTER OF INTEREST/PROPOSAL ….………………………………….. 3
COMMUNITY INVOLVEMENT …..…………………….………………….. 4

2. DESCRIPTION OF POTENTIAL CONCEPTUAL PROJECT …. 5

3. TEAM MEMBERS ……………………………………………………………………… 10

4. RELEVANT PROJECT EXPERIENCE …………………………….…..…. 14

5. PROJECT APPROACH ………...............................……..…………. 19

6. FINANCIAL DATA …………......................................……..…………. 21

7. REFERENCES ….…………………………………………………………………..… 47
2

LETTER OF INTEREST/ PROPOSAL
3 August 27, 2021
Mr. Ken K. Hira
Kosmont Companies
1601 N. Sepulveda Blvd #382
Manhattan Beach, CA. 90266
Dear Mr. Hira:

I am honored to be invited back for this RFP process. A F Canta has been involved with this development project for over 10 years from inquiry stages to present. This hotel development deal is close to my heart as I won the RFP back in 2018 with my previous partners.

The proposed hotel will be a lifestyle boutique hotel which will encompass 200 keys, 10 stories, rooftop bar, meeting space that will accommodate 250 guests, path way to the BART station with a dedicated entrance access to the hotel for the guests and utilizing the garage with an access from the hotel. As mentioned in the past council meetings, prevailing wage is part of the construction cost and living wage for operations.

A F Canta’s investor/partner IBF Hospitality has the capacity to fund this entire deal. Mr. Ray Bhai’s history is from investment banking and hospitality is in his blood.

My commitment still stands to the community to make a difference. It is my utmost intention to embark on the culture of the Filipino heritage combining the savviness of the American legacy. I am a woman-based business and would like to get reconsidered once and for all. I appreciate the great relationships that we have all nurtured over the past years, and am particularly grateful to City Manager Shawna Maltbie, City Attorney Rose Zimmerman, ECD Director Tatum Mothershead and to the entire Honorable Members of Daly City Council.

Sincerely,
Aileen Canta
A F Canta Inc

COMMUNITY

INVOLVEMENT
• Public Gathering Space
• Measures aimed at reducing Greenhouse Gases and transportation trips including charging stations for electric vehicles, site specific transportation demand management programs.
• Co-host art exhibits, community & city events
• Public Safety enhancements including defibrillators, fire extinguishers
• Enhanced access improvements to adjoining facilities i.e. BART Station, parking structure
• Enhanced landscaping and street scape
• Enhancement of the BART Station by the hotel so it can be easily accessible to guests and locals alike.
4

5 DESCRIPTION OF POTENTIAL

CONCEPTUAL PROJECT
The development has been in the works with A F Canta for years and lifestyle boutique hotel will work best for this site. COVID 19 put a test in the hotel industry and it clearly supports how people are longing for serenity and luxurious experience while they are on the road. The thought process for this will make Daly City stand out and the community will benefit at a great degree. It will be a critical part in the revitalization of the entire City.

Having PGA in 2023 as Olympic Club to be their home and the 2028 Olympics coming to Los Angeles will definitely be a facility that everyone will seek as well as the locals will enjoy the scene that we are creating. The BART station is a key play for this hotel to access San Francisco, as it is a stop away to Powell Street. San Francisco Airport connects through the BART as well which is the next stop before the City.

Guests of the Olympic Club and other well know golf clubs can now enjoy a classy and vibrant facility that is five minutes away by car versus driving to San Francisco which will take 25-45 minutes one way.

6 LOBBY CONCEPT

PORTE COCHERE

BUILDING CONCEPT ELEVATION

7 LOBBY BAR

OUTDOOR BAR/ LOUNGE

8 GUEST BAHTROOM CONCEPT

GUESTROOM CONCEPT

• 200 keys, 65% King, 35% Double Queen & 5% Suites
• Corridors, Foyers & Housekeeping Closets total square footage @ 9,280 (assumes 25 keys per floor)
• Lobby @ 800 square feet
• Food & Beverage @ 4,190 square feet
• Meeting Rooms @ 7,150 square feet
• Restrooms @ 800 square feet
• Recreational Areas @ 600 square feet
• Retail Shops @ 160 square feet
• Back of House @ 800 square feet
• Public Entrance @ 400 square feet
• Executive Offices @ 900 square feet
• Accounting @ 400 square feet
• Sales and Marketing @ 500 square feet
• Human Resources @ 300 square feet
• Food & Beverages Office @ 450 square feet
• Housekeeping Offices @ 500 square feet
• Food & Beverage Kitchen and Storage @ 3,500 square feet • Laundry Valet @ 250 square feet
• Employee Areas @ 1,350 square feet
• Engineering @ 500 square feet
• MEP System @ 3,200 square feet
• Service Entrance @ 350 square feet
• Security Offices @ 150 square feet
• Circulation Spaces @ 14,995 square feet
• Ground Floor ALL DAY Dining Outlet-very high quality Market Café with supporting Bar • Bar to include possible entertainment
• Street presence, possible outdoor terrace, or possibly stairs to a second floor outdoor terrace as a billboard to BART station
• Roof top bar with limited food menu
• 250 square feet Wellness Studio
• Outdoor heated hot tub ground or podium roof or rooftop @ 4,000 square feet (exterior) 9 PROGRAM DESIGN FOR BOUTIQUE
HOTEL FOR DALY CITY:

10 LEAD

DEVELOPER

INVESTOR

ARCHITECT

AT A GLANCE
Under the leadership of Aileen Canta, the team for the Daly City Project consists of three unique companies. Each member has diverse experience and areas of expertise including extensive hotel design, development & operational experience.

TEAM MEMBERS

11 A F Canta Inc has been in the Hotel Development scene for 22 years. Leading the industry in development and design of hotels in many industry segments, starting with the Red Rock in Vegas continuing with the Hard Rock Hotel San Diego. Our expertise in development, design & construction management of a 5 -star hotel/condo facilities started originally with the Kor hotel group became “Viceroy Hotels” and Sunstone Hotels.

Since then we have worked on the Montage Laguna Beach and many other premium products. Our experience in development as well as 5- year capital improvement packages allows us to have a very broad and precise view on how a project should progress and perform. We have been integral in assisting companies regain their status.

Because of A F Canta Inc’s design capacity, we have always been involved in guiding designer’s directions on projects. Our understanding of quality and the ability to make sure brand standards, budget and restrictions are met is a strength. Our long history with brands allows us to understand the process and approvals needed to get projects done. AF Canta Inc. has always been fully involved with the marketing projects. We are involved in the development from beginning to end on any size or combination of mixed use facilities. Our ability to handle many products in the industry allows us the unique perspective on how to bring a project like this to market.

Aileen Canta, founder of A F Canta Inc started in 2005, is a hospitality development firm based in California.

Aileen brings nearly 22 years of experience in the Hospitality Industry, Mixed Use and Commercial Building. Ms. Canta holds a position with IBF Hospitality as their Chief Development Officer and Head of Acquisitions as of June 2020. She has been immersed in the Development & Construction of various hotel projects from boutique, select service, full service and resorts. Ms. Canta began with the Kor Group and having the opportunity to work for a smaller firm gave her the chance to flourish and become educated in learning to develop hotels from A to Z. Aileen became versed in “Complete” Project Development. This led to her becoming a developer of Hospitality. She has worked in the US, Caribbean, Europe, South America and Canada.

She has advised many owners on how to build and adaptive reuse their properties. She has an affinity for Historic and Green projects. She has relationships with all the major US brands and has been instrumental in getting difficult projects completed. She also has experience in leading forensic teams in analyzing projects for ownership groups.

Aileen has been and still is a presenter at many of the industry events and conferences. She has spoken on such diverse topics as green design and building practices to marijuana’s impact on the industry. She continues to be asked to comment on the “cutting edge” issues of Hospitality.

A F CANTA INC.

LEAD DEVELOPER

AILEEN CANTA

PRESIDENT/CEO
AWARDS
• 2015, 2016 & 2017 Best of Hospitality Development &
Construction, Newport Beach, CA

RELEVANT EXPERIENCE
• Hard Rock San Diego
• Hyatt Place Roseville
• Red Lion Anaheim
• Magnolia Hotel Denver

12 IBF HOSPITALITY

INVESTOR
RAHEEL “RAY” BHAI
CEO
Raheel “Ray” Bhai is Chairman, CEO and Co-founder of IBF Group of Companies. Under his leadership, IBF Group of
Companies has entered into various business verticals
including real estate, private equity, finance, insurance and pharmaceuticals. IBF Hospitality is a platform built under the IBF Group of Companies umbrella. It has set out to invest $375 Million in hospitality products
including Development and Acquisitions. Currently, the
hospitality platform is amalgamating with the retail make up to create a diversified REIT to be traded and IPO’d late 2022.

Ray is a former Investment Banker as a Mergers &
Acquisitions, Disposition and Asset Management & Project Management in acquiring Billion-Dollar portfolio for
both boutique and multinational investment banking
firms.

Mr. Bhai is a prominent member and donor of the Rita Gala Alzheimer’s Foundation as the way to give back to the
community.

RELEVANT EXPERIENCE
• Real Estate Property Investor
• Hampton Inn Addison
• AC Hotel San Jose
• AC Hotel Downtown Dallas TX
• Residence Inn Miami FL

Mr. Kollin, AIA, NCARB, brings 30 years of Architectural experience to Kollin Altomare Architects, specializing in Architectural and Project Management Services, and is
licensed in 7 states. As the Founder and Principal of this practice, Mr. Kollin is directly in-charge of business
development, design, project development, quality control, and community outreach.

AWARDS
• Best Custom Home – 7,000 SF Residential Design & Build Magazine Watson Residence, Seal Beach
• Lodging & Hospitality Design Award, Ritz-Carlton, Marina del Rey • SARA Design Award, The Blumenthal Residence, Newport Beach • SARA Merit Award, Pacific Western National Bank, Brea

RELEVANT EXPERIENCE
• The Ritz-Carlton Laguna Niguel
• The Ritz-Carlton Half Moon Bay
• The Spa at Catalina
• Crowne Plaza Hotel
• Landwin Hyatt Place Hotel & Residences
• Hyatt Regency Orange Country
• Province at West Valley
• Custom Hotel LAX
13 KOLLIN ALTIMORE ARCHITECTS

ARCHITECT

MICHAEL KOLLIN

KAA PRINCIPAL

14 RELEVANT PROJECT

EXPERIENCE

RITZ-CARLTON Laguna Niguel
15 LEAD ARCHITIECT: DESIGN & ELEMENTS
STATUS
Private project on the coast in pre-development of
25 new rooms and 35,000 sqft conference center
with site amenities. Construction began September
2016 and was completed on September 2017

TOTAL COST
$35-$40 Million

DEVELOPER
Strategic Hotel & Resorts

PROPOSER
Kollin Altomare Architects
KEYS: 471

ADDRESS
1 Ritz Carlton Dr.

Dana Point, CA 92629

RITZ-CARLTON Half Moon Bay
16 LEAD ARCHITIECT

DEVELOPER
Strategic Hotel & Resorts

PROPOSER
Kollin Altomare Architects
KEYS: 261

ADDRESS
1 Ritz Carlton Dr.

Dana Point, CA 92629
MAP

HARD ROCK San Diego
17 DEVELOPER CONSULTANT

DEVELOPER
Tarsadia Hotel

PROPOSER
A F Canta Inc.

KEYS: 420

ADDRESS
207 Fifth Ave.

San Diego, CA 92101
STATUS
Completed in 2007 in the heart of downtown
San Diego.

TOTAL COST
$280 Million

HYATT PLACE Roseville
18 DEVELOPER CONSULTANT

DEVELOPER
ABA Development

PROPOSER
A F Canta Inc.

KEYS: 151

ADDRESS
207 Fifth Ave.

San Diego, CA 92101
STATUS
Completed in 2010 located in Sacramento
Roseville.

TOTAL COST
$26.5Million

19 A F Canta and team is excited to have this vision
in play with a lifestyle boutique hotel that touches
luxury encompassing the technology of today’s
world, with innovation design that spells out
comfort and the best guest experience there is.

Our concept is centered around the sense of a communities’ history. We thrive to make each facility specific to its location and what the demographic is asking for. Historical facts will play a huge role on how Daly City is indeed part of the San Francisco as it’s shadow for years but our hotel will bring the City as an integral part of San Francisco. Creativity will impact the residents of the region as they can escape and enjoy the fantastic atmosphere and offerings that will imbed a memory that will last a lifetime. We will make a destination that will capture the heart and soul of the Daly City and the Bay area communities while providing the best and unique experiences. It will be a place to hangout for both locals and tourists alike.

The hotel will be a host hotel for the surrounding Golf clubs which will make it convenient for the guests versus commuting to the City. Food and Beverage is a key component for anyone that will visit our hotel with conforming to everything that home can bring while being on the road “Comfort and Relaxation”. Plush beds, spa like showers and deep fill bath tubs and more importantly, our Spa and Fitness will resonate to our guests.

PROJECT

APPROACH

20

21 FINANCIAL DATA

22

23

24

25

26

27

28

29

30

31

32

33

34

35

36

37

38

39

40 PROFORMA

41 PROFORMA CONTINUATION
40 PROFORMA CONTINUATION

42 DEVELOPMENT COST ANALYSIS

43

44 Daly City Boutique Hotel Development

CAPITAL STACK

45 THIS LETTER AND ANY INFORMATION PROVIDED IN CONNECTION HEREWITH ARE FURNISHED ON THE CONDITION THAT THEY ARE STRICTLY CONFIDENTIAL, THAT NO LIABILITY OR RESPONSIBILITY WHATSOEVER IN CONNECTION HEREWITH SHALL ATTACH TO JPMORGAN CHASE & CO., ITS SUBSIDIARIES OR AFFILIATES,

OR ANY OF ITS OFFICERS, EMPLOYEES, OR AGENTS, THAT THIS LETTER MAKES NO REPRESENTATIONS REGARDING THE GENERAL CONDITION OF THE SUBJECT, ITS MANAGEMENT OR THE SUBJECT’S FUTURE ABILITY TO MEET ANY OBLIGATIONS, AND THAT ANY INFORMATION PROVIDED IS SUBJECT TO CHANGE WITHOUT NOTICE. VALUATIONS OF CERTAIN ASSETS HELD IN THE ACCOUNT(S) MAY NOT NECESSARILY REFLECT THEIR MARKET PRICE ON TODAY’S DATE, AS CERTAIN ASSET VALUES ARE NOT DETERMINED ON A DAILY BASIS. IF AN ASSET IS NOT PRICED DAILY (E.G., IT IS PRICED WEEKLY OR MONTHLY), THE ACCOUNT(S) WILL REFLECT THE ASSET’S VALUE AS OF THE LAST PRICING. THE INFORMATION PRESENTED IS OBTAINED FROM SOURCES BELIEVED TO BE RELIABLE, WITHOUT EXPRESS OR IMPLIED WARRANTIES AS TO COMPLETENESS OR ACCURACY. WE EXPRESSLY DISCLAIM ANY LIABILITY FOR ERRORS AND OMISSIONS REGARDING THIS INFORMATION.

Bank products and services, which may include bank-managed investment accounts and custody as part of its trust and fiduciary services, are offered through JPMorgan Chase Bank, N.A. and its affiliates.

Brokerage investment products and services are offered through J.P. Morgan Securities LLC, member FINRA and SIPC.

JPMorgan Chase Bank, N.A. Member FDIC
INVESTMENT PRODUCTS: • NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE 1218-131-CR-EB August 
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46 REFERENCES
• Ned DeLorme (Aileen Canta & Ray Bhai’s Reference)
Capay Capital Advisors
(949) 466-8476
[email protected]
• Jeffrey Mar (Aileen Canta’s Reference)
Heritage Realty
(408) 376-5000
[email protected]
• William C Roher (Ray Bhai’s Reference)
EVP/Chief Lending Officer Dallas
NMLS# 1154663
Direct (972) 759-3634
Main (972) 960-6000 ext. 208
[email protected]

CITY OF DALY CITY, CALIFORNIA
1837 JUNIPERO SERRA BLVD

BOUTIQUE HOTEL
RFP AUGUST 2021
47

M A J E S T I C H O S P I T A L I T Y G R O U P

M A J E S T I C H O S P I T A L TI

O R G Y U P

CITY OF DALY CITY, CALIFORNIA
1837 JUNIPERO

SERRA BLVD
August 27, 2021

AUGUST 27, 2021 RFQ DALY CITY 02
City of Daly City c/o Kosmont Companies
Majestic Hospitality Group & Equinox Hospitality
Adam Suleman EVP
+1 415 298 7674
[email protected]
400 Spear Street, Suite 103
San Francisco, CA 94105
www.equinoxhotels.com
Christopher Henry, ISHC President
+1 310 895 7911
[email protected]
2050 S. Bundy Drive, Suite 225
Los Angeles, CA 90025
majestic-hospitality.com
Mr. Ken K. Hira, President
1601 N. Sepulveda Boulevard, #382
Manhattan Beach, CA 90266
[email protected]

SUMBITTED TO

SUBMITTED BY

AUGUST 27, 2021 RFQ DALY CITY 03
Dear Mr. Hira:

We are excited to submit our proposal for your consideration. My team and I believe the 1837 Junipero Serra Boulevard site is a unique location which is deserving of the City’s newest and most influential lodging property. This is a task we are excited to take on. Our goal is to create a hotel space which surpasses the City’s baseline needs by becoming an integral part of the community that serves the needs of both local residents and visitors. The style, design, and amenities proposed for this hotel all reflect Daly City’s charm as the gateway to the San Francisco Peninsula.

The development of this site will be undertaken by Majestic Hospitality Group, a Los Angeles based development company that specializes in the boutique lodging domain. We have partnered with Equinox Hospitality, who is a local Bay Area investor, owner, and operator of unique hospitality offerings. Majestic’s longtime strategic partner, TS Architects Inc. has been selected to provide design services for the project. Our team have worked on numerous global hospitality projects and are dedicated to creating properties that provide guests a unique experience.

Sincerely,
Christopher Henry, President
Majestic Hospitality Group

LETTER OF INTEREST

26 APRIL 2017 RFQ DALY CITY 04

01. PROJECT OVERVIEW _____________________________________ 05

02. COMMUNITY INVOLVEMENT ____________________________ 12

03. DEVELOPMENT TEAM OVERVIEW ______________________ 13

04. QUALIFICATIONS & EXPERIENCE _______________________ 20

05. PROJECT APPROACH ____________________________________ 25

06. FINANCIAL PROFILE _____________________________________ 26

07. REFERENCES ______________________________________________ 32

TABLE OF CONTENTS

01. 02.

03. 04.

05.

AUGUST 27, 2021 RFQ DALY CITY 05
01 PROJECT OVERVIEW

AUGUST 27, 2021 RFQ DALY CITY 06
As a community, Daly City demands a vibrant classy facility that will provide retail, lodging, and dining to start the change. First, foot traffic must be created as we need to give people a reason to visit and walk around. This requires building a destination. Renewal starts with properties that are inviting and provide the community with a sense of inclusion. We envision the proposed lifestyle hotel as this linchpin in the revitalization. By having hotel guests to populate the streets and patron local establishments and vendors, we are creating that necessary foot traffic. We want to engender the surrounding peninsula communities to visit and enjoy the new Daly City.

PROJECT OVERVIEW
Our goal is more than build a lodging facility. We are
creating a space of which the community can be proud.

Our team envisions a unique lifestyle hotel as a critical part in the revitalization of downtown Daly City.

AUGUST 27, 2021 RFQ DALY CITY 07
CONCEPTUAL 8 STORY BUILDING FOR THE PROPOSED SITE

AUGUST 27, 2021 RFQ DALY CITY 08

AUGUST 27, 2021 RFQ DALY CITY 09

AUGUST 27, 2021 RFQ DALY CITY 10
PROGRAM DESIGN FOR LIFESTYLE HOTEL DALY CITY:
• 200 keys, 65% King, 35% Double Queen & 5% Suites
• Corridors, Foyers & Housekeeping Closets total square footage @ 9,280 (assumes 25 keys per floor) • Lobby @ 800 square feet
• Food & Beverage @ 4,190 square feet
• Meeting Rooms @ 7,150 square feet
• Restrooms @ 800 square feet
• Recreational Areas @ 600 square feet
• Retail Shops @ 160 square feet
• Back of House @ 800 square feet
• Public Entrance @ 400 square feet
• Executive Offices @ 900 square feet
• Accounting @ 400 square feet
• Sales and Marketing @ 500 square feet
• Human Resources @ 300 square feet
• Food & Beverage Office @ 450 square feet
• Housekeeping Offices @ 500 square feet
• Food & Beverage Kitchen and Storage @ 3500 square feet • Laundry Valet @ 250 square feet
• Employee Areas @ 1350 square feet
• Engineering @ 500 square feet
• MEP Systems @ 3200 square feet
• Service Entrance @ 350 square feet
• Security Offices @ 150 square feet
• Circulation Spaces @ 14,995 square feet
• Ground Floor All Day Dining Outlet-very high quality Market Café with supporting Bar • Bar to include possible entertainment
• Street presence, possible outdoor terrace, or possibly stairs to a second floor outdoor terrace as a billboard to BART station • Roof top bar with limited food menu
• 250 Square Feet Wellness Studio
• Enclosed roof top pool and amenity deck

AUGUST 27, 2021 RFQ DALY CITY 11

MARKET DATA

CURRENT MONTH
(UPSCALE CHAINS)
PROPS: 19
ROOMS: 9,368
OCCUPANCY: 56%
ADR: $140.00
REVPAR: $78.41
DEMAND % CHG: 122.7
REVENUE % CHG: 117.3
RUNNING 3 MONTH
(UPSCALE CHAINS)
PROPS: 19
ROOMS: 9,368
OCCUPANCY: 50.1%
ADR: $133.49
REVPAR: $66.86
DEMAND % CHG: 136.8%
REVENUE % CHG: 135.4%

STAR REPORT SUMMARY FOR SAN FRANCISCO AIRPORT MARKET
RUNNING 12 MONTH
(UPSCALE CHAINS)
PROPS: 19
ROOMS: 9,368
OCCUPANCY: 37.4%
ADR: $127.26
REVPAR: $47.60
DEMAND % CHG: -38.7%
REVENUE % CHG: -60.8%
Full STR report available upon request.

AUGUST 27, 2021 RFQ DALY CITY 12
1 Public Gathering space
2 Measures aimed at reducing Greenhouse Gases and Transportation trips including charging stations for electric vehicles, site specific transportation demand management programs
3 Co-host art exhibits, community & city events
4 Public Safety enhancements including
defibrillators, fire extinguishers
5 Enhanced access improvements to adjoining
facilities i.e. Bart Station, parking structure
6 Enhanced landscaping and street scape
7 Enhancement of the BART station by the hotel so it can be easily accessible to guests and locals alike

COMMUNIT Y

INVOLVEMENT

AUGUST 27, 2021 RFQ DALY CITY 13
DEVELOPMENT 02 TEAM OVERVIEW

AUGUST 27, 2021 RFQ DALY CITY 14

AT A GLANCE

ABOUT THE TEAM
Each member has diverse experience and areas of expertise including extensive hotel design, development & operational experience with: Four Seasons, Ritz-Carlton, Hyatt, Hilton Worldwide, Marriott International, Starwood, Wyndham, Dream Hotels, Standard Hotels, Prince Resorts, and many others.

Under the leadership of
Christopher Henry, the team for
the Daly City Project consists
of three unique companies.

Lead Developer Christopher Henry
Co-Developer & Management Adam Suleman
Architecture & Design TS Architects

AUGUST 27, 2021 RFQ DALY CITY 15

MAJESTIC HOSPITALITY GROUP

LEAD DEVELOPER
Majestic Hospitality Group assists owners, operators, investors and fellow developers with proven solutions that successfully transform older, distressed or green field hotel projects into optimal states for the particular markets they serve.

We believe that each project, no matter its current position or vision, can always be improved upon and polished. The hospitality industry is ever-changing; we help each client navigate current trends and achieve the highest potential. Formed in October 2008, our mission is to be the conduit for delivering transformative hospitality experiences to the clients we serve.

Majestic Hospitality is run by a small, dedicated team of professionals skilled in hotel development, operations, market assessment, financial analysis, environmental assessment, and leading consumer trends. We inform the decisions clients make so that their property delivers exceptional results and profitable guest experiences. Our goal is simple: our client’s success. We achieve this goal because we are diligent and creative; not because we are big.

Our select group allows us to be closer to the decisions that matter and enables us to carry them out quickly and efficiently. Majestic has the freedom to work with the best talent, while our partners benefit from our tight-knit team of highly talented professionals. Our collaborative and flexible approach assures that our clients get the exact skill-sets to complement their team and their company’s assets. 2050 S. Bundy Drive, Suite 225
Los Angeles, CA 90025
majestic-hospitality.com
+1 310 895 7925
ROLE ON PROJECT Majestic’s role on the Daly City Project will be as co-developer and responsible for day to day project and construction management during the pre-development and development process.

CURRENT PROJECTS • Margaritaville - Aruba
• Lake Travis Resort - Austin, Texas
• Cabo Wave Hotel - Cabo San Lucas, Mexico
• Maison Robert, a Bunkhouse Hotel - Houston, Texas

AUGUST 27, 2021 RFQ DALY CITY 16

EQUINOX HOSPITALITY
Equinox Hospitality and Equinox Hotels is a premier hotel investment, management, acquisition, and development company. Founded in 1994, Equinox Hotels strive to provide exceptional experiences for our guests, while providing an excellent work environment for our staff and obtaining industry leading results in the United States, Europe, and Middle East.

As a developer, Equinox has successfully constructed and/or renovated over $4 billion in assets. The company currently has a dual branded Choice hotel under construction in Mesa, Arizona. They also currently manage 3 other properties under the Hilton and IHG flags.

The mission of Equinox Hospitality is to:
• Acquire, develop, own and manage hotels
• Maximize yield for our investors
• Instill trust, respect and fairness in our dealings with colleagues, guests, and communities
• Strive for excellence in what we do, clarity in what we say and purpose of our actions
• Be deliberate and responsive in all our activities and sensitive to the needs of others
• Demonstrate generosity and genuine concern for everyone we know and the environment in which we work
• Profit from our endeavors and enjoy what we do
400 Spear Street, Suite 103
San Francisco, CA 94105
+1 415 298 4647
equinoxhotels.com
ROLE ON PROJECT Equinox Hospitality is involved with the Daly City project as co-developer and will manage investor relations. Once the hotel is complete, Equinox will be the operator and asset manager.

PROJECTS & EXPERIENCE • Walnut Creek Marriott & Athletic Club - Walnut Creek, CA • Hyatt Regency Sacramento - Sacramento, CA
• Hilton Pleasanton at The Club - Pleasanton, CA
• Laguna Cliffs Marriott Resort & Spa - Dana Point, CA

AUGUST 27, 2021 RFQ DALY CITY 17

TS ARCHITECTS

ARCHITECTURE & DESIGN
TSArchitects was founded in 2004 as a full service architectural firm that focuses on hospitality, retail, and lifestyle centers. The firm began with a 100-acre lifestyle complex in Huntsville, Alabama. As an early adopter of BIM program AutoCAD Revit, this project was the largest project to be done on Revit aside from the Freedom Tower in New York. All of our projects are on Revit from Schematic Phase through Construction Administration. To date, TS Architects has completed over 150 projects on Revit.

Services include Programming, Planning, Design, Interior Design, and Project Management. TS Architects has performed master planning for several thousand acres across the Western United States. The firm has assembled nationwide teams of consultants in order to make large scale projects come to fruition. Key to our strategy is meeting with local governing agencies early in the process and negotiate entitlement and permitting issues.

TS Architects (Tomasi Serrao Architects) was stated by Alan Tomasi and Chris Serrao. Both Alan and Chris grew up in architectural families so they bring to the profession a depth of knowledge that precedes themselves. TS Architects provides its employees that total security and freedom to do the best they can which allows them to provide their clients with unparalleled service and projects.

On a side note, TS Architects and Majestic Hospitality have been long term strategic partners and share a corporate office.
2050 S. Bundy Drive, Suite 225
Los Angeles, CA 90025
+1 310 901 6535
tsarch.com
ROLE ON PROJECT TSA has done the preliminary architectural renderings and will oversee the design of the future proposed lifestyle hotel.

PROJECTS & EXPERIENCE • Westin Hotel - Huntsville, AL
• Westin Hotel - McKinney, TX
• Hyatt Place - Delano, CA
• Vecino Hotel - Dublin, CA

AUGUST 27, 2021 RFQ DALY CITY 18

KEY INDIVIDUALS
Co-founding Majestic Hospitality Group in August 2008, Christopher is the company’s CEO and oversees its development and consulting projects. Christopher’s passion for resorts and their outdoors was fostered by his family’s frequent trips to Hawaii. It was there that Laurance Rockefeller’s philosophy of conservation through recreation captured him from a young age. Christopher seeks to endow this philosophy on all of the projects he works on. As a hotelier by training, a developer by business, and outdoor adrenaline junkie by habit, he has the thorough ability to blend all of these disciplines into one.

While growing up, Christopher worked and trained informally at various Four Seasons Hotels and Resorts and at Laurance Rockefeller’s Mauna Kea Beach Hotel in Hawaii. When he formally joined Four Seasons and was involved with their properties in Los Angeles, San Diego, Hawaii, Jackson Hole, and Costa Rica.

During his time with Four Seasons, Christopher earned his Associate of Science in food and beverage management from Le Cordon Bleu and then received his Bachelor of Science degree in hotel management and entrepreneurship with a minor in ecotourism at Johnson & Wales University, Denver. After college, he officially joined the team at Mauna Kea, now owned by Prince Resorts Hawaii. It was here that Christopher formally made the transition from operations to development of hotels and resorts. Eventually, he left Hawaii and returned to Los Angeles with a focus to grow Majestic Hospitality into a fully-fledged hospitality development company.

Outside of the hotel sphere, Christopher has also been involved with the architecture and healthcare industries. While principally living in Los Angeles, he has now worked on four continents and draws on his experiences from spending time in over 50 countries.
• Fusaki Beach Resort - Ishigaki, Japan
• Cabo Wave Hotel - Cabo San Lucas, Mexico
• Home2 by Hilton - Inglewood, CA

RELEVANT EXPERIENCE

LEAD DEVELOPER

CHRIS HENRY, CEO

MAJESTIC HOSPITALITY GROUP

AUGUST 27, 2021 RFQ DALY CITY 19
Adam Suleman graduated from Santa Clara University in ’07 (earned a bachelor’s degree in Finance and Economics). He also studied international business at Imperial College in London in 2005 as well as completed a certificate program for Cornell in Hotel Real Estate and Asset Management.

Adam Suleman currently serves as a Principal for Equinox Hospitality with much of his career background focusing on real estate acquisitions/investments and extensive hotel operational experience from his time with Starwood Hotels & Resorts’ W Brand. Moreover, he has been a repeat guest speaker at hospitality and business programs in the Bay Area, such as San Francisco State University and the University of San Francisco. He is also a registered broker with the Department of Real Estate in California. In the December 2014 issue of Hotel Business Magazine, Mr. Suleman was named as one of 2015’s eight rising stars in the hotel industry.

In addition to working on hotel deals, Adam Suleman’s group also invests in other real estate classes such as multifamily, assisted living, work-force housing, land, retail etc. Moreover, Adam Suleman serves on the Board for Pathways for Kids, a San Francisco-based charity focused on assisting inner city children and young adults. He has been with this organization for about 9 years.

Adam Suleman was featured in Hotel Business Magazine recently for a one to one interview: https://vimeo.com/331065918
• Crowne Plaza - Arlington, TX
• Hilton Garden Inn - Addison, TX
• The Davenport Hotel, Spokane, WA

RELEVANT EXPERIENCE

CO-DEVELOPER

ADAM SULEMAN, EVP
EQUINOX HOSPITALITY.

AUGUST 27, 2021 RFQ DALY CITY 20
QUALIFICATIONS 03 & EXPERIENCE

AUGUST 27, 2021 RFQ DALY CITY 21

LAKE TRAVIS RESORT

AUSTIN, TX

PROJECT DESCRIPTION
COST VS. VALUE

LAND USES

DATE TO COMPLETE

DURATION OF DEVELOPMENT PROCESS

DEVELOPER
Resort, Marina, Event Facility
Mid-2024
36 months

FEE DEVELOPER & PROJECT MANAGER
A mere 30 minutes north of Austin, the Lake Travis Resort will be the first, world-class destination resort in the region. Spread over 200 acres and with a over a mile of water frontage, the Lake Travis Resort is based on a 99-year land lease with the Lower Colorado River Authority.

Currently in the planning phase, the project consists of a 230-key upper upscale resort hotel including villas and treehouses. The resort also features a 300-slip marina, 4 food & beverage outlets, 12,500 sqft of indoor meeting space, numerous outdoor event spaces, hiking/mountain biking trails, multiple pools, and a private members Lake Club.

The Lake Travis Resort is funded, fully entitled by right and is slated to commence vertical construction in mid-2022. The sponsors of the project are prominent local investors with over $500 million of product currently under construction.

Cost to build $52 Million
Anticipated value at year 10 $141,000,000
Legacy DCS, VIP Marinas,
& Majestic Hospitality
Scale: 1” = 500’- 0”
north 0’ 250’ 500’ 1000’
Event Hall
• Demonstration
Kitchen
• Farm to Table
• Event Lawn
• F&B Outlet
Marina & Ship Store
• F&B Outlet
Villa (typ.)
Gate House
Treehouse (typ.)
Lake Club
• Resort Style Pool
• Kayak Club
• Amphitheater
• Nature Play
• F&B Outlet
Beach (Typ.)
Observation Tower
+ Stargazing Plaza
Resort Lodge/ Boutique Hotel
• 60-80 Rooms
• Spa
• Trail Access
• F&B Outlet
Beach Pavilion
• Beach Volleyball
• Lawn Games
• Water Access
100 Year Flood
(722 ft.)
Lake Travis
Pace Bend Rd. N.

Primary Access
Pace Bend Park
(Travis County)
Lake Travis
LCRA Texas Concept Plan
Legacy Communities
May 26, 2021

NOT FOR REGULATORY APPROVAL, PERMITTING, OR CONSTRUCTION Camp Chautauqua 1

AUGUST 27, 2021 RFQ DALY CITY 22

CABO WAVE HOTEL

CABO SAN LUCAS, MEXICO FEE DEVELOPER, PROJECT MANAGER, OPERATOR

PROJECT DESCRIPTION

DATE TO COMPLETE

LAND USES

DEVELOPER

DURATION OF DEVELOPMENT PROCESS
Boutique Hotel
36 months (Impacted by COVID)
Originally envisioned as a surf club and restaurant, this project took on a life of its own. Majestic Hospitality Group was hired for its expertise in hotel development and operations when the client decided to add a lodging component to the program.

This funky 55-key boutique hotel features a fusion of modern Mexican architecture and Scandinavian inspired minimalism.

Key to this project is its “FlowRider” attraction which creates a surfable artificial wave. The hotel also offers an all-day dining venue, two bars, and a rooftop amenity deck.

The Cabo Wave Hotel is slated to complete construction in mid2022. Majestic will also be providing pre-opening management services to support the owner’s independent team.

Q3 2022
Majestic Hospitality Group on behalf
of High Net Worth Individual

AUGUST 27, 2021 RFQ DALY CITY 23

CROWNE PL A Z A

ARLINGTON (DALLAS), TEXAS

PROJECT DESCRIPTION

LAND USES

DEVELOPER ROLE
Hotel and Conference Center
Equinox Hospitality owns and
operates this property.

OWNER & OPERATOR
200 keys, 8,300 sf of meeting space, F&B Outlet

AUGUST 27, 2021 RFQ DALY CITY 24

HILTON GARDEN INN

ADDISON (DALLAS), TX

PROJECT DESCRIPTION

LAND USES

DEVELOPER ROLE
Limited Service Hotel
Equinox Hotels developed, own, and
operate this property

DEVELOPER, OWNER, & OPERATOR
96 keys, 1,000 sf of meeting space, restaurant

AUGUST 27, 2021 RFQ DALY CITY 25
Our concept is centered around the sense of a communities history. We always look to make each facility specific to its environment. We start with looking at the historical significance of an area or place and then add all the latest innovations to the concept once it has been designed. We create a place where residents of the region can escape and enjoy the fantastic atmosphere and offerings that make us unique. We want to make a destination that will capture the heart and soul of the Daly City, while providing the best in cutting edge hospitality experiences. Attention to detail in the rooms and the common areas allows us to provide an improved stay. We create a destination for the traveler and a place for the best in Food and Beverage experiences.

Food and Beverage is a key element to any of our projects. Our innovative and exciting use of Food and Beverage to enhance the travelers stay is what adds the touches that we are so known for. We favor personality and individuality over cookie cutter conformity and trends. We provide experiences in Food and Beverage that makes us a leader in the industry. We are known for the many exciting options we provide for dinning. Our Food and Beverage partners will make this a destination in the region.

We focus on offering the traveler a unique experience using a truly original approach.

PROJECT APPROACH
Our team approaches projects in a distinct manner committed to a philosophy of forward thinking design, innovation, conservation, service and fantastic guest experiences.

AUGUST 27, 2021 RFQ DALY CITY 26
FINANCIAL 04 PROFILE
The following pages contain information that is proprietary and is protected by law. You are being provided access to this information to enable you to more effectively discuss our business opportunities. You shall maintain strict confidentiality of this information and shall not copy, distribute, forward and/or disseminate this information for any other purpose. Any distribution shall include this notice.

DISCLOSURE AGREEMENT

AUGUST 27, 2021 RFQ DALY CITY 27

HOTEL COST ANALYSIS
Full Service Hotel
Daly City, Ca
Number of Rooms 200
Annual Growth Rate 2.5% for Revenues and Real Estate/Business Taxes Occupancy 68.5% 75.5% 79.0% 79.0% 79.0% 79.0%
Average Daily Rate $194.00 . $198.85 $203.82 $208.92 $214.14 $219.49 RevPAR $132.89 $150.13 $161.02 $165.04 $169.17 $173.40
Availabe Room Nights 73,000 73,000 73,000 73,000 73,000 73,000 Occupied Room Nights 50,005 55,115 57,670 57,670 57,670 57,670 Revenues:

Rooms Revenue $9,700,970 84.2% $10,959,618 85.4% $11,754,371 86.0% $12,048,231 86.0% $12,349,437 86.0% $12,658,172 86.0% F&B Revenue $1,450,000 12.6% $1,486,250 11.6% $1,523,406 11.1% $1,561,491 11.1% $1,600,529 11.1% $1,640,542 11.1% Other (Parking) $345,000 3.0% $353,625 2.8% $362,466 2.7% $371,527 2.7% $380,815 2.7% $390,336 2.7% Misc. $28,000 0.2% $28,700 0.2% $29,418 0.2% $30,153 0.2% $30,907 0.2% $31,679 0.2% TOTAL REVENUE $11,523,970 100.0% $12,828,193 100.0% $13,669,661 100.0% $14,011,402 100.0% $14,361,687 100.0% $14,720,730 100.0% Departmental Expenses:

Rooms $3,007,301 31.0% $2,959,097 27.0% $3,114,908 26.5% $3,192,781 26.5% $3,272,601 26.5% $3,354,416 26.5% F&B Revenue $623,500 43.0% $639,088 43.0% $655,065 43.0% $671,441 43.0% $688,227 43.0% $705,433 43.0% Other (Parking) $86,250 25.0% $88,406 25.0% $90,616 25.0% $92,882 25.0% $95,204 25.0% $97,584 25.0% Misc. $4,200 15.0% $4,305 15.0% $4,413 15.0% $4,523 15.0% $4,636 15.0% $4,752 15.0% Total Departmental Expenses $3,721,251 32.3% $3,690,896 28.8% $3,865,002 28.3% $3,961,627 28.3% $4,060,668 28.3% $4,162,185 28.3% Departmental Profit $7,802,719 67.7% $9,137,297 71.2% $9,804,659 71.7% $10,049,775 71.7% $10,301,020 71.7% $10,558,545 71.7% Undistributed Expenses:

Admin. & General $1,106,301 9.6% $1,154,537 9.0% $1,230,269 9.0% $1,261,026 9.0% $1,292,552 9.0% $1,324,866 9.0% Sales & Marketing $979,537 8.5% $1,026,255 8.0% $1,093,573 8.0% $1,120,912 8.0% $1,148,935 8.0% $1,177,658 8.0% Franchise Fees $485,049 4.2% $547,981 4.3% $587,719 4.3% $602,412 4.3% $617,472 4.3% $632,909 4.3% Repairs & Maintenance $380,291 3.3% $423,330 3.3% $451,099 3.3% $462,376 3.3% $473,936 3.3% $485,784 3.3% Utility Costs $460,959 4.0% $513,128 4.0% $546,786 4.0% $560,456 4.0% $574,467 4.0% $588,829 4.0% Total Undistributed Expenses $3,412,137 29.6% $3,665,232 28.6% $3,909,446 28.6% $4,007,182 28.6% $4,107,362 28.6% $4,210,046 28.6% Gross Operating Profit $4,390,582 38.1% $5,472,065 42.7% $5,895,213 43.1% $6,042,593 43.1% $6,193,658 43.1% $6,348,499 43.1% Mangement Fees:

Management Fees $403,339 3.5% $448,987 3.5% $478,438 3.5% $490,399 3.5% $502,659 3.5% $515,226 3.5% Total Management Fees $403,339 3.5% $448,987 3.5% $478,438 3.5% $490,399 3.5% $502,659 3.5% $515,226 3.5% Income Before Fixed Expenses $3,987,243 34.6% $5,023,079 39.2% $5,416,774 39.6% $5,552,194 39.6% $5,690,999 39.6% $5,833,274 39.6% Fixed Expenses:

Insurance $334,195 2.9% $333,533 2.6% $341,742 2.5% $350,285 2.5% $359,042 2.5% $368,018 2.5% Real Estate/Business Taxes $345,719 3.0% $354,362 3.0% $363,221 3.0% $372,302 3.0% $381,609 3.0% $391,149 3.0% Other Taxes $92,192 0.8% $102,626 0.8% $109,357 0.8% $112,091 0.8% $114,893 0.8% $117,766 0.8% Misc. $34,572 0.3% $38,485 0.3% $41,009 0.3% $42,034 0.3% $43,085 0.3% $44,162 0.3% Total Fixed Expenses $806,678 7.0% $829,005 6.5% $855,329 6.3% $876,712 6.3% $898,630 6.3% $921,096 6.3% Total Expenses $8,343,404 72.4% $8,634,119 67.3% $9,108,215 66.6% $9,335,921 66.6% $9,569,319 66.6% $9,808,552 66.6% NET OPERATING INCOME $3,180,566 27.6% $4,194,074 32.7% $4,561,445 33.4% $4,675,482 33.4% $4,792,369 33.4% $4,912,178 33.4% Reserves For Replacements $345,719 3.0% $384,846 3.0% $546,786 4.0% $560,456 4.0% $574,467 4.0% $588,829 4.0% CASH FLOW FROM OPERATIONS $2,834,846 24.6% $3,809,228 29.7% $4,014,659 29.4% $4,115,026 29.4% $4,217,901 29.4% $4,323,349 29.4% Openning 2024 (est) Year 2 Year 3 Year 4 Year 5 Year 6
Disclaimer:

AUGUST 27, 2021 RFQ DALY CITY 28

FINANCIAL DATA

VECINO HOTEL

DUBLIN, CALIFORNIA (ON HOLD)
Total Development Cost: $62 million

1. Capital Stack
o Equity Contribution – 28.1%
o TOT Relief – 14.1%
o Key Money – 2.8%
o Debt – 55%

2. How was the capital provided or in progress?
o Sponsor closed on land with 100% equity
o Sponsor raised joint venture capital from one source in 90 days o TOT Relief has been earmarked and the City is implementing its legal mechanisms o Debt is currently being raised by licensed broker

3. Financial Participants
o Sponsor – Concept Hotel Group – 40%
o Private Equity – (confidential) – 60%
o Debt Financing – George Smith Partners

4. Size of the project
o 175 keys
o 16,000 square feet of meeting space-600 people count
o 8,075 square feet Rooftop and garden
o 7,500 square feet of Restaurant and Bar @ ground level o 9,500 square feet of Retail
o 7,500 pool deck and fitness facility

AUGUST 27, 2021 RFQ DALY CITY 29

THE LODGE AT COLEBURN DISTILLERY

SPEYSIDE, SCOTLAND (ON HOLD)
Total Development Cost: £51 million

1. Capital Stack
o Land Contribution – 1.59%
o Equity Contribution – 31.72%
o Government Grant – 3.18%
o Key Money – 2%
o Debt – 60%

2. How was the capital provided or in progress?
o Sponsor acquired the land for all cash over a five year period o Sponsor has also invested additional personal capital o Majestic rolled 50% of its development fee into a equity stake o Majestic is providing additional capital as Key Money o Highland and Islands Enterprises is the investment arm of Her Majesty’s (Scottish) Government and provided a grant to show commitment to project success o Additional funding was provided by a larger company in the Scotch Whisky industry o Debt funding was secured through a local bank

3. Financial Participants
o Sponsor – D&M Winchester Limited
o Private Equity – Majestic Hospitality Group
o Private Equity – Highlands and Islands Enterprise
o Private Equity – (Confidential)
o Debt Financing – Bank of Scotland

4. Size of the project
o 121 keys (guestrooms and cottages)
o 3 Food & Beverage Outlets
o 7,500 sf of indoor meeting space
o 15,000 sf of outdoor event space
o 12,000 sf spa
o Micro-whisky distillery (800,000/liters/year)
o Bonded Warehouse (12,000 casks)
o Whisky School

AUGUST 27, 2021 RFQ DALY CITY 30

CABO WAVE HOTEL

CABO SAN LUCAS, MEXICO (UNDER CONSTRUCTION)
Total Development Cost: $25 million

1. Capital Stack
o Equity – 100%

2. How was the capital provided or in progress?
o Sponsor closed on land with 100% equity
o Sponsor is self-funding 100% of construction with equity

3. Financial Participants
o Sponsor – Private Individual (Confidential)

4. Size of the project
o 55 keys
o 2 Food & Beverage Outlets
o 5,000 sf of outdoor event space
o FlowRider

AUGUST 27, 2021 RFQ DALY CITY 31

LAKE TRAVIS RESORT

AUSTIN, TEXAS (UNDER DEVELOPMENT)
Total Development Cost: $52 million

1. Capital Stack
o Equity - 40%
o Debt - 60%

2. How was the capital provided or in progress?
o Sponsor invested 50% of the equity required
o Remaining 50% of equity was raised from closely held family offices o Debt provided on balance sheet based relationship with local bank

3. Financial Participants
o Legacy DCS
o VIP Marinas
o Lower Colorado River Authority

4. Size of the project
o 230 keys
o 4 food & beverage outlets
o 12,500 square feet of Meeting Space
o Lake Club
o 300 slip marina

AUGUST 27, 2021 RFQ DALY CITY 32

LIST OF REFERENCES

7. John Rennels, Project Manager
Real Estate & Property Development Manager
Bay Area Rapid Transit (BART)
(510) 464-6893
[email protected]
(State Agency)

8. H.P. Kang, Community Development Director
City of Hemet
445 E. Florida Avenue, Hemet, CA 92543
(951) 765-2456
[email protected]

9. Fiona Hyslop MSP
Cabinet Secretary for Culture, Europe
and External Affairs
Her Majesty’s Scottish Government
St Andrew’s House
Regent Road
Edinburgh EH1 3DG
+44 300 244 4000
[email protected]

10. J MacDougall
Energy and Climate Change Directorate
Her Majesty’s Scottish Government
Victoria Quay
Edinburgh EH6 6QQ
+44 131 244 0930
[email protected]

11. Hon. John D’Amico, Mayor
City of West Hollywood
8300 Santa Monica Boulevard
West Hollywood, CA 90069
(323) 848-6460
[email protected]

1. Walter Barela, CEO
Peak Hospitality
6407 Menaul Blvd. NE, Albuquerque, NM 87110
(505) 244-1114
[email protected]
(JV Partner)

2. Adam Burke, CEO
Los Angeles Tourism & Convention Board
633 W. 5th St., Suite 1800, Los Angeles, CA 90071
(213) 236-2388
[email protected]
(Board Member)

3. Andrew Cohan, Managing Director
Horwath HTL – Miami
(305) 606-2898
[email protected]
(Strategic Partner)

4. Fred Runde, Owner
Cabo Wave Hotel
(608) 778-0328
[email protected]
(Client)

5. Cass Brewer, President
Legacy Companies
205 Wild Basin Road South, Building 1
Austin, TX 74746
(512) 848-7221
[email protected]
(Client)

6. Kenny Reed, Business Development
Lower Colorado River Authority
(512) 578-3573
[email protected]
(State Agency)

© 2021 Majestic Hospitality Group
2050 South Bundy Dr. Suite 225
Los Angeles, CA 90025
+1 310 895 7925
www.majestic–hospitality.com
400 Spear Street, Suite 103
San Francisco, CA 94105
+1 415 298 7674
www.equinoxhotels.com

JM McLennan Development
Daly City Hotel/Mixed Use Development
City of Daly City
Request for Developer Qualifications and Proposals
1837 Junipero Serra Blvd

PROJECT Summary
PROJECT Team
We believe this project can be built in today's complex financial environment. With the creation of a mixed use plan this project gives the developer the flexibility to make the development a huge success for the City of Daly., The plan calls for over 230 residential / Hotel units, a 30,000 conference Center and a 30,000 Athletic Club. Not only will it create the desired increase in revenue to the City of Daly City's general fund it will create a substantial robust development at the City's entry from San Francisco. The positive variables with this plan are endless.

Lead by Bob McLennan, The project investor/manager that gets things built. Bob will have the who's who of advisors/ investors at his disposal. They are:

Adrienne Tissier of Bay Relations.

Adrienne’s experience with North San Mateo County developments is unmatched. Adrienne’s knowledge of the City of Daly City’s community and the trust from City Council members up and down San Mateo County make her a valued team member. She is the past Mayor of the City of Daly City and the past President of San Mateo County Board of Supervisors.

Bob Eaton. Bob is considered one of the most distinguished and knowledgeable investor/Advisor/brokers in the hotel business today. Bob will head up the search for the best current hotel model that will benefit the City’s needs.

Bridge Housing,
An absolute powerhouse in residential housing and finance in the State of California. As you will see in the supporting documents, Bridge’s accomplishments in San Mateo County and San Francisco are unmatched by any other firm.

Heller Manus Architects
Based in San Francisco, Award winning High-rise/Hotel/
Residential buildings in San Francisco and China, Jeff Heller is the past president of AIA in San Francisco, Advisory board member of SPUR.

GSR Financial-Lee Reposa
Lee’s knowledge of today’s complex financial environment is invaluable. His past relationships with McLennan Development makes his ability to package the construction/take-out financing a seamless process. The complexity of this project requires a firm that is knowledgeable in the private and public sector.

PROJECT Feasibility/
Financial Data
In our attached letters from GSR Financial and Bridge Housing we will have various avenues to finance this project. We feel in today's financial market, a mixed use development is very attractive, this was not the case 2 years ago, times have changed dramatically. In its current state, McLennan Development will provide 100% of the soft cost needed for entire project as well as 100% of the financing for the development of the Athletic Club References Direct contact with our team members will be provided for future interviews and to hone in on references the City would like to explore.

Litigation History There has been no litigation with any public agency over the past 10 or more years.

Time Line Month 0-10
Execute exclusive right to negotiate document, determine Hotel/ Residential mix and project details
Month 11-18
Submit Construction Drawings and receive building permit Month 19
Break ground
Month 35
Complete construction

PROJECT SUMMARY
Daly City Hotel/Mixed Use Development

1837 Junipero Serra
Daly City, CAHeller Manus Architects

PROGRAM SUMMARY

AREA SUMMARY PARKING UNITS
Level
Conference
Center GSF
Health Club
GSF
Hotel /
Residential
GSF Parking GSF
Mechanical
GSF Total GSF Stalls
Loading
Spaces
Hotel /
Residential
MP 4,377 4,377
10 16,280 16,280 24
9 19,078 19,078 308 21,548 21,548 347 21,548 21,548 346 21,895 21,895 365 21,895 21,895 364 21,895 21,895 363 33,912 33,9122 31,685 31,6851 1,676 1,676 4,050 26,945 34,347 60 B 38,533 38,533 91 2
TOTAL 33,361 35,588 148,189 65,478 4,377 286,993 151 2 230 August 27, 2021

DALY CITY, CA
1837 JUNIPERO SERRA AERIAL SITE PLAN

HELLER MANUS

A R C H I T E C T S
ALL RIGHTS RESERVED © 2021
AUGUST 27, 2021
JUNIPERO SERRA BLVD.

JOHN DALY BLVD.

DALY CITY STATION

PUBLIC PARKING

STRUCTURE
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DALY CITY BART

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PROJECT Team
Bios and Project Experience

Bob McLennan
Bob is a 3rd generation San Franciscan who grew up in
Daly City starting in 1960. Bob's family built and operated several hotels on Lombard Street in San Francisco and
was the lead developer of the Sheraton at Fisherman's Wharf in San Francisco, a 585-room hotel. Two of the hotels, the Lombard Motor Inn and the Buena Vista were under Bob's development team.

Starting back in 1985 through the JM McLennan Development banner, Bob has built over 53 single family homes in San Francisco, Daly City and Colma. Bob's development experience has been all in-fill projects in San Mateo County or San Francisco.

Bob has been one of the leaders in the Fitness Industry in Northern California starting back in 1979 with the opening of What a Racquet Athletic Club which is still in business today as Planet Fitness, a forty-two-year run at the same Daly City location. This fitness facility is in the top 20 Planet Fitness franchises of over 2100 units in the United States.

Bob's companies have always had ties with the local community and a supporter of many local charities and civic fund raisers. In 2006, Bob was voted by the City of Daly City Council, Citizen of the Year. Bob's community service accomplishments can be verified by the City of Daly City's current council members.

BAYRelations

Bay Relations, a woman owned business lead by Adrienne
Tissier, is a public relations and communications consulting firm specializing in land use entitlements. She has over 25 years of experience in residential, commercial and retail development in Daly City and the San Mateo County
Peninsula.

Much of the success is advising clients of the importance of strong communication with community members and project stakeholders.

Several projects successfully entitled include:

Village in the Park (residential) Daly City
Pointe Pacific (residential) Daly City
Duggans Serra Mortuary (expansion) Daly City
MV Transportation
Bart to SFO
Costco—South San Francisco
Terrabay (residential) South San Francisco

Prior to founding Eaton Hotel Investments, Mr. Eaton was head of U.S. Hotel Investment Sales under PKF Capital and
responsible for all hotel and resort property transactions in the United States with an emphasis on California and the
southwestern United States. Prior to Colliers’ acquisition of PKF Consulting, Mr. Eaton spent eighteen years as Executive Managing Director and a senior hotel broker for Colliers International Hotels, based in San Francisco.

Prior to joining Colliers in 1989, Mr. Eaton spent fifteen years with Hyatt Hotels and Laventhol & Horwath gaining marketing, finance, and development expertise in the lodging and real estate industries. He has worked on behalf of large hotel companies, developers, governmental agencies and private owners and developers. Mr. Eaton was part of the opening team at the Hyatt Regency San Francisco from 1973 through 1978.

Mr. Eaton is a graduate of the School of Hotel Administration at Washington State University and holds a California Real Estate Broker license (CDRE 01047309). He is currently on the advisory board of the Recreation, Parks and Tourism Advisory Board at Cal Poly San Luis Obispo, was on the advisory board of the School of Hospitality Management at the University of San Francisco and is a former member of the International Society of Hospitality Consultants. He has spoken extensively on the lodging industry throughout the United States.

Eaton Hotel Investments 181 Second Street, Suite 580 San Mateo, CA 94411 415.706.4955 www.eatonhi.com

Marriott Del Mar
Del Mar, CA
320 room upscale, full service hotel
Hyatt Saine Claire Hotel
San Jose, CA
171 room upscale boutique hotel
Silverado Resort & Spa
Napa, Ca
400 unit condo hotel and two
championship golf courses
Sheraton at Fisherman’s
Wharf
San Francisco, CA
524 room full service hotel

QUALIFICATIONS
HELLER MANUS ARCHITECTS • THE TRANSAMERICA PYRAMID • SAN FRANCISCO, CA • WWW.HELLERMANUS.COM

Heller Manus Architects has dedicated more than 35 years to developing a diversified, client-oriented firm that is a design and sustainability leader in the profession.

Our design philosophy is based on innovative design, grounded in a respect for continuity and context, particularly in the urban setting. Our designs express not only a functional purpose but also the physical and social context, thereby ensuring quality and relevance for generations to come. Ours is a philosophy that embraces timeless values.

Our portfolio includes a variety of project types ranging from master plans to hotels, high-rise office towers, in-fill buildings, transportation facilities, multi-family residential, historic, adaptive reuse, and civic complexes. Our design is done with a common characteristic: high-quality, cost-effective design that is responsive to the end-users’ function. Each new commission is treated as a unique project with distinct attributes. We take the challenges and constraints to create the ideal design solution tailored to the project. Long-standing client relationships and repeat business is a true measure of the success of our personal approach to our work.

Since 2004, Heller Manus International has experienced dynamic growth throughout China. Fostered by strong professional relationships with clients, decision-makers, government entities, and working with local design firms. Our desire to be fully engaged with Asian culture and people has been the catalyst to broaden our portfolio as well as our expertise.

Heller Manus has a long-established track record of maintaining high-quality design and execution while obtaining approvals from governing agencies and neighborhood groups under difficult circumstances. By understanding the public nature of buildings in urban settings, our experience is seamlessly integrated into the design process. This approach consistently produces buildings with a strong, popular appeal.

FIRM PROFILE

With the construction and operation of buildings now contributing up to 50 percent of the total greenhouse gases generated, and automobile commuting making up a significant percent as well, Heller Manus recognizes the key role the architecture profession serves in championing the importance of creating sustainable cities and architecture. We are committed to cutting-edge practice in sustainable design, as well as developing strategies to cut construction and operating costs where appropriate. Currently, over half of our staff are LEED Accredited Professionals (AP).

Sustainability is not the only key to reducing the negative impact of buildings on the environment, but it helps to reduce our client’s operating costs by increasing their building’s energy, water, and sewage efficiencies. Healthy buildings in sustainable communities can be achieved by appropriate design of energy, water, and transportation, thereby reducing operating costs and attracting more tenants. We encourage our clients, whenever possible, to adopt criteria that will result in the best value for their investment. Our firm is a leader in the profession and sustainable movement with some of the first sustainable architecture and large-scale urban planning projects in the U.S. and China, including the first LEED Gold office towers in both San Francisco and Shanghai, the first LEED Platinum neighborhood master plan in the U.S., and sustainable master plans for Guangzhou and other Chinese cities.

Commitment to

SUSTAINABLE DESIGN

JEFFREY HELLER, FAIA
Founding Principal
Jeffrey Heller, FAIA is the Founding Principal of Heller Manus Architects. Since its beginning in 1984, the firm has established a reputation for influencing architecture and urban design in the Bay Area, nationally and internationally.

Jeffrey’s experience covers a broad range of professional endeavors. He is a leader in the profession and green movement with some of the first sustainable architecture and large scale urban planning projects in the US and China, including the first LEED Gold office towers in the sister cities of San Francisco and Shanghai, the first LEED Platinum neighborhood development master plan, a sustainable/livable master plan for Guangzhou’s North and South Axes, a sustainable urban plan proposal for Shanghai’s Yangpu Waterfront, and a sustainable urban plan for the city expansion area of Ulanhot, Inner Mongolia. His work in China often now involves land use implications for high speed rail.

AFFILIATIONS
ƒ International Green Growth Leaders’ Council, Copenhagen ƒ Board Member, Bay Area Council, and Co-Chair of Climate Change Committee ƒ Senior Urban Planning Advisor, Yangpu District, Shanghai ƒ Leadership Council, Urban Land Institute (ULI)
ƒ Advisory Board Member, Asia Society
ƒ Board Member and Past President, California Architects Board ƒ Leadership, Council on Tall Buildings & Urban Habitat (CTBUH) ƒ Past President, AIA San Francisco Chapter; Past Board Member, California Council ƒ Advisory Board, San Francisco Planning and Urban Research Association (SPUR) ƒ San Francisco-China Committee (ChinaSF) Advisory Board Member ƒ Bay Bridge Design Advisory Panel
ƒ Lambda Alpha International Honorary Land Use Organization Jeffrey is a Fellow of the American Institute of Architects. He has been recipient of several awards and honors including AIA design awards and various professional organizations’ awards. He is particularly proud of receiving the National AIA Honor Award, ‘Citation for Excellence in Urban Design. He has been guest lecturer and speaker at various academic and professional venues for more than 20 years.

Prior to forming Heller Manus Architects, Jeffrey held various roles at well-known architecture firms including SOM, Gensler, and KMD where he was a Partner.

SIGNIFICANT PROJECTS IN UNITED STATES AND NORTH AMERICA Projects of note where Jeffrey has been Principal-in-Charge both at Heller Manus and prior include:
ƒ Daly City BART Mixed-Use Plan, Daly City, CA: 382,905 gsf transit based, mixed-use hotel, office, residential, garage
ƒ Emeryville Marketplace, Emeryville, CA: 1.2M gsf, first LEED-ND Platinum, transit based, mixed-use
ƒ Oceanwide Center, San Francisco, CA: 1.15M sf office space, 770,000 sf residential, 262,000 sf hotel space designed to LEED Platinum standards ƒ Andaz Napa Hotel, Napa, CA: 141-room boutique hotel, courtyard, restaurant ƒ Avia Hotel (Napa Inn at Town Center), Napa, CA: 142 room hotel, 107,991 sf, health club, restaurant
ƒ Playa Diamante Marsur, Acapulco, Mexico: 400,000 sf mixed-use beachfront resort, residential, hotel, retail, commercial

EDUCATION
Master of Science, Architecture and Urban
Design, Massachusetts Institute of Technology
Bachelor of Science, Architecture and Urban
Design, Massachusetts Institute of Technology

PROFESSIONAL REGISTRATIONS
Registered Architect: California, Colorado,
Hawaii, Idaho, Michigan, Oregon, Washington,
Nevada, Arizona, Montana

AWARDS OF NOTE
181 Fremont, SF Chronicle, Building of the
Decade, 2019 (John King)
MIT Lifetime Achievement Award, 2017
181 Fremont, CTBUH Best Tall Building 2019
350 Bush, Grand Prizes in Best Commercial
Project and Best Rehabilitation Project, PCBC
Gold Nugget Awards 2020
181 Fremont, Merit Award, Best Mixed-Use
Project, PCBC Gold Nugget Awards 2020
Menlo Gateway, Merit Award, Best Mixed-Use
Project, PCBC Gold Nugget Awards 2020
Guangzhou South Axis Awards, 2020 Merit
Award, Best Commercial, Guangdong Lingnan
Characteristic Planning Bronze Award 2011
Guangzhou North Axis, Guangdong Planning
Institute Award, First & Second Prize, 2009
Honorary Citizen of Ulanhot, Inner Mongolia
Armenian Earthquake Task Force, Citation
for Excellence in Urban Design, AIA National
Design Awards, 1990
555 Mission Street, San Francisco Beauty
Contest Winner, 2001
275 Sacramento St., Award of Merit, Best Office Development, Gold Nugget Awards, 2002 EmeryStation, Best Suburban Office Development, San Francisco Business Times, 2000 San Francisco City Hall Improvement, Honor
Award for Interior Architecture AIA National
Design Awards, 2000
Hayward City Hall, Helen Putnam Award for
Excellence, PCBC Gold Nugget Awards, 2000

ƒ Emery Station Transit Village, Emeryville, CA: 4-story, 98,000 sf public/private joint development, mixed-use, city hall, residential, retail
ƒ 350 Bush Street, San Francisco, CA: 19-story, office/retail, galleria, LEED NC Platinum ƒ 555 Mission Street, San Francisco, CA: 31-story, 499,000 sf, First LEED-CS Gold office in San Francisco
ƒ 55 Second Street, San Francisco, CA: 25-story, 420,000 sf office, retail, parking ƒ 71 Stevenson, San Francisco, CA: 23-story, 395,000 sf commercial office building ƒ Montgomery Washington Tower, San Francisco, CA: 15-story, 232,000 sf office, 87,000 sf residential
ƒ 505 Brannan (Pinterest HQ), San Francisco, CA: 154,925 gsf, 12-story office with ground floor retail
ƒ 500 Pine Street, San Francisco, CA: 5-story, 78,000 sf LEED-CS Gold office, retails ƒ 55 Stockton Street, San Francisco, CA: 8-story, 135,000 sf office, retail, residential ƒ 275 Sacramento, San Francisco, CA: 7-story, 92,740 sf building, 16,000 sf street level retail space, 63,000 sf Class “A” office space, 1 basement level with 15 parking stalls ƒ 901 Kifer/Fortiner Headquarters, Sunnyvale, CA: 4-story, 172,740 SF office building, executive briefing center, cafeteria, fitness center, yoga room, bicycle shower, and locker ƒ Menlo Gateway, Menlo Park, CA: 694,000 sf three office buildings designed to LEED\ Gold Standards, parking, pre-leased by Facebook
ƒ 181 Fremont, San Francisco, CA: Rincon Hill 65-story, 495,000 sf LEED-CS Gold office, residential
ƒ Camelback Master Plan, including Orchid Tree, Scottsdale, AZ: 1M sf mixed-use, residential office, retail
ƒ Hacienda Master Plan, Pleasanton, CA: 1.4M sf, office, retail, residential, BART plaza, parking ƒ Hayward City Hall, Hayward, CA: 4-story, 98,000 sf public/private joint development, mixed-use, city hall, residential/retail
ƒ Walnut Creek Center, Walnut Creek, CA: 2-building complex with 7-story, 185,000 sf office, 6-story 60,000 sf office
ƒ Hilton Financial District, San Francisco, CA: new executive lounge, buffet ƒ Pleasant Hill Downtown, Pleasant Hill, CA: 42 acres, 1.2M sf, retail, office, hotel ƒ Levi Plaza (Project Designer), San Francisco, CA

SIGNIFICANT PROJECTS IN CHINA AND ASIA
ƒ Zhujiangdijing, Guangzhou, China: 350,000 sqm office, hotel, retail ƒ China Automotive Technology & Research Center (CATARC), Tianjin, China: 65,750 sqm, high-tech office, hotel, research facilities
ƒ Eastern Harbor International Tower, Shanghai, China: 26-story, 372,000 sf, first LEEDCS Gold high-rise office in Shanghai
ƒ Guangzhou Urban Master Plan, Guangzhou, China: North Axis, 6.88 sq km, waterfront development, central business district, sports center, railway station, parks South Axis, 40.26 sq km, waterfront development, central government districts, transit oriented development, ferry terminal, residential
ƒ Ulanhot Hedong District Urban Design, Inner Mongolia, China: 9.42 sq km, adminstrative office, commercial-retail, residential community ƒ Ulanhot Hedong District Urban Design, Inner Mongolia, China: 9.42 sq km, administrative office, commercial-retail, and residential community Pleasant Hill Downtown Master Plan, Project
Award, APA Northern Planning, 2000

SPEAKING ENGAGEMENTS
ULI Fall Meeting 2013, Chicago, IL
US-China Green Energy Council Mayor
Summit & Smart City Development
Forum 2011 Infocom Conference,
2011, Calcutta, India
Pacific Cities Green Transportation
Conference, 2011 ULI Fall Meeting
2011, Los Angeles, CA
U.S. Department of Energy Eco-Cities
Development Training for The China
National Academy for Mayors, 2011
Stanford University (SPRIE), Innovation
Beyond Boundaries, 2011
American Institute of Architects National
Convention, New Orleans
Global Green Cities of the 21st Century, 2011
Urban Land Institute California High-Speed
Rail TOD MarketPlace
Council for Tall Buildings & Urban Habitat
Congress Conference, Dubai

PUBLICATIONS
Bloomberg, Master Class: Taking Your
Business Global, 2011
Jyske Bank TV, “Can the World
Copenhagenize”, 2011
Residential Architect, “Shedding Borders”, 2011
South-South News, “Green Growth Leaders
Meet in Copenhagen”, 2011
The Registry, “SF Architects Tapped for More
Work in China”, 2011
The New York Times, “Architects Find Their
Dream Client, in China”, 2011
The Planning Report, “Jeffrey Heller —
Bay Area Architect Designing & Planning
Sustainable Projects in China”, 2010
Shanghai Daily, “Sisters Are Doing It for
Themselves”, 2010
Globe Street, “Secrets to High-Speed Rail in
CA Unveiled”, 2010
Urban Land Magazine, “Repositioning
Guangzhou”, 2009

JEFFREY HELLER, FAIA
(cont’d)

ERIC LUNDQUIST, LEED AP
President/CFO
During his 41-year career, over 31 of which has been with Heller Manus, Eric Lundquist has led as a design director, master planner and project leader for extensive key USA and international projects, being responsible for design, coordination and management. He is currently is President and CFO of Heller Manus. Mr. Lundquist has a vision of internationalism, intercultural competence, diversity, theory and practice and has demonstrated problem solving, critical thinking and team leadership in eco city planning, sustainable building design, tall building design, building construction and technical solutions. With perseverance and patience, he has implemented professional knowledge to solve various problems in urban construction, using new techniques to analyze the processes of complex projects and respond quickly and accurately in key steps. He has proven to be skilled at communicating with all members of the team to develop a shared vision and foster a high-quality project.

He consistently delivers enhancements and solutions that drive customer satisfaction and loyalty. Mr. Lundquist is a California registered professional architect .

RECENT PROJECT EXPERIENCE
ƒ Daly City BART Mixed-Use Plan, Daly City, CA: 382,905 gsf transit based, mixed-use hotel, office, residential, garage
ƒ Hotel Vitale, San Francisco, CA: 200-room boutique hotel, public transit integration ƒ Emeryville Marketplace, Emeryville, CA: 1.2M gsf, first LEED-ND Platinum, transit based, mixed-use
ƒ Oceanwide Center, San Francisco, CA: 1.15M sf office space, 770,000 sf residential, 262,000 sf hotel space designed to LEED Platinum standards ƒ Emery Station Transit Village, Emeryville, CA: 4-story, 98,000 sf public/private joint development, mixed-use, city hall, residential, retail
ƒ China Automotive Technology & Research Center (CATARC), Tianjin, China: 65,750 sqm, high-tech office, hotel, research facilities
ƒ 181 Fremont, San Francisco, CA: Rincon Hill 65-story, 495,000 sf LEED-CS Gold office, residential
ƒ 350 Bush Street, San Francisco, CA: 19-story, office/retail, galleria, LEED NC Platinum ƒ 555 Mission Street, San Francisco, CA: 31-story, 499,000 sf, First LEED-CS Gold office in San Francisco
ƒ Metropolitan, San Francisco, CA: 550,000 sf, 33-story, office/retail, LEED CS Gold ƒ 55 Second Street, San Francisco, CA: 25-story, 420,000 sf office, retail, parking ƒ 505 Brannan (Pinterest HQ), San Francisco, CA: 154,925 gsf., 12-story office with ground floor retail
ƒ 500 Pine Street, San Francisco, CA: 5-story, 78,000 sf LEED-CS Gold office, retail ƒ 733 Front Street, San Francisco, CA: Conversion of office building into 69 luxury condominiums, 39 off-street parking spaces ƒ Hayward City Hall, Hayward, CA: 4-story, 98,000 sf public/private joint development, mixed-use, city hall, residential/retail
ƒ The Hayes, San Francisco, CA: 128 units, 8-story, retail, parking ƒ Eastern Harbor International Tower, Shanghai, China: 26-story, 372,000 sf, first LEEDCS Gold high-rise office in Shanghai
ƒ Guangzhou Urban Master Plan, Guangzhou, China: North Axis, 6.88 sq km, waterfront development, central business district, sports center, railway station, parks South Axis, 40.26 sq km, waterfront development, central government districts, transit oriented development, ferry terminal, residential

EDUCATION
Master of Arts, Architecture,
University of Virginia
Bachelor of Science, Architecture,
University of Virginia

PROFESSIONAL REGISTRATIONS
Registered Architect: California
LEED Accredited Professional

RECENT PROJECT AWARDS
SF Chronicle, Building of the Decade, 2019
(John King) 181 Fremont
181 Fremont, CTBUH Best Tall Building 2019
350 Bush, Grand Prizes in Best Commercial
Project and Best Rehabilitation Project, PCBC
Gold Nugget Awards 2020
181 Fremont, Merit Award, Best Mixed-Use
Project, PCBC Gold Nugget Awards 2020
Guangzhou South Axis, Guangdong Lingnan
Characteristic Planning Bronze Award 2011
Guangzhou North Axis, Guangdong Planning
Institute Award, First & Second Prize, 2009
555 Mission Street, San Francisco Beauty
Contest Winner, 2001
San Francisco City Hall Improvement, Honor
Award for Interior Architecture AIA National
Design Awards, 2000
Hayward City Hall, Helen Putnam Award for
Excellence, PCBC Gold Nugget Awards, 2000
733 Front Street, Northwest Edition, Building
of America Award, 2009
555 Mission Street, San Francisco Business
Times Real Estate Deals of the Year Best New
Office Building
The Metropolitan, PCBC Best in the West
Gold Nugget Awards 2005 Merit Award, Best
Residential

RICHARD KOZONO
Principal/Director of Design
Richard has a broad background in architectural design, urban and master planning projects. Richard has been with Heller Manus for more than 24 years, and as a Director and Senior Designer, he focuses on the development and coordination of major design projects:
and works directly with clients, consultants, contractors and planners. With over 35 years of experience, his knowledge encompasses a wide range of building types, including office, residential, hotel and retail projects. As a senior designer with detailed knowledge of planning codes throughout the Bay Area, the majority of Richard’s project involvement focuses mainly on the early stages of the concept design and planning approval phases.

RECENT PROJECT EXPERIENCE
ƒ Daly City BART Mixed-Use Plan, Daly City, CA: 382,905 gsf transit based, mixed-use hotel, office, residential, garage
ƒ Hotel Vitale, San Francisco, CA: 200-room boutique hotel, public transit integration ƒ Emeryville Marketplace, Emeryville, CA: 1.2M gsf, first LEED-ND Platinum, transit based, mixed-use
ƒ Oceanwide Center, San Francisco, CA: 1.15M sf office space, 770,000 sf residential, 262,000 sf hotel space designed to LEED Platinum standards ƒ China Automotive Technology & Research Center (CATARC), Tianjin, China: 65,750 sqm, high-tech office, hotel, research facilities
ƒ 181 Fremont, San Francisco, CA: Rincon Hill 65-story, 495,000 sf LEED-CS Gold office, residential
ƒ 555 Mission Street, San Francisco, CA: 31-story, 499,000 sf, First LEED-CS Gold office in San Francisco
ƒ Metropolitan, San Francisco, CA: 550,000 sf, 33-story, office/retail, LEED CS Gold ƒ 55 Second Street, San Francisco, CA: 25-story, 420,000 sf office, retail, parking ƒ 505 Brannan (Pinterest HQ), San Francisco, CA: 154,925 gsf., 12-story office with ground floor retail
ƒ The Infinity, San Francisco, CA: Rincon Hill high-rise residential village, 655 units ƒ 500 Pine Street, San Francisco, CA: 5-story, 78,000 sf LEED-CS Gold office, retail ƒ 733 Front Street, San Francisco, CA: Conversion of office building into 69 luxury condominiums, 39 off-street parking spaces ƒ Cityline Subblock 3S, Sunnyvale, CA: Two 12-story residential buildings/mixed-use development with a total 461 units, ground level retail and restaurant uses of approximately 37,300 sf, two basement residential parking levels of 484 parking spaces ƒ Eastern Harbor International Tower, Shanghai, China: 26-story, 372,000 sf, first LEEDCS Gold high-rise office in Shanghai
ƒ The Royal at 201 Sansome Street, San Francisco, CA: 48-unit residential conversion ƒ The Montaire at 1340 Clay Street, San Francisco, CA: 9-story, 20 luxury condominiums ƒ One Ecker Place, San Francisco, CA: 58,000 sf, 51 residential units ƒ The Hayes, San Francisco, CA: 128 units, 8-story, retail, parking ƒ San Francisco City Hall, San Francisco, CA: 500,000 sf interior renovation ƒ Hayward City Hall, Hayward, CA: 4-story, 98,000 sf public/private joint development, mixed-use, city hall, residential/retail
ƒ Newark City Hall, Newark, CA: master plan of new 25,000 sf administration building (included design), 24,000 sf library, 17,000 sf police headquarters and training cent

EDUCATION
Bachelor of Science, Architecture,
Cal Poly, San Luis Obispo

PROFESSIONAL REGISTRATIONS
Registered Architect: California

RECENT PROJECT AWARDS
SF Chronicle, Building of the Decade, 2019
(John King) 181 Fremont
181 Fremont, CTBUH Best Tall Building 2019
181 Fremont, Merit Award, Best Mixed-Use
Project, PCBC Gold Nugget Awards 2020
Hotel Vitale, PCBC Best in the West Gold
Nugget Awards 2006 Merit Award, Best
Specialty Project, PCBC Best in the West Gold
Nugget Awards 2005
The Metropolitan, Merit Award, Best
Residential, PCBC Best in the West Gold Nugget
Awards 2003
The Terraces, Merit Award, Best Residential,
PCBC Best in the West Gold Nugget Awards
2003

PO Box 927729, San Diego, CA 92192 • P: (858) 546-0888 • F: (858) 546-0999 October 15, 2021
Daly City
C/O Ken Hira
Kosmont Companies
1230 Rosecrans Ave, Ste 630 | Manhattan Beach, CA 90266 RE: Expression of Interest – 1837 Junipero Serra,
Dear Ken,
Phase 3 Real Estate Partners, Inc. (“Phase 3”) would like to formally express interest in the development of 1837 Junipero Serra Boulevard, Daly City, CA, into a world-class research and development building. Given Daly City’s clear interest in developing a hotel on the site, Phase 3 is submitting this Expression of Interest in lieu of a Request for Qualifications/Proposal.

Property: The property consisting of 1.26 acres, located at 1837 Junipero Serra Boulevard, Daly City, CA.

Use: Our proposal is to incorporate the highest and best use at the property, which we believe to be R&D. While the COVID-19 Pandemic had the result of materially reducing hotel demand across the country, it caused demand for life science real estate to accelerate as a result of record high venture capital funding and streamlined FDA approval processes. Phase 3 is currently in the process of developing the neighboring office building at 2001 Junipero Serra Boulevard for R&D use and has experienced tremendous early leasing success at terms that rival those of South San Francisco, one of the country’s epicenters of life science.

Due to the requirements of its investors, Phase 3 is not able to develop hospitality uses on the site without partnering with another developer, which it would be open to.

Development: Phase 3 would develop the site into a +/- 210,000 square foot, Class A building specifically designed for use by R&D tenants. The site may also contain ground-floor retail and public areas such as meeting spaces, conference rooms, fitness centers, and outdoor spaces. Exhibit A contains renderings that illustrate potential developments on the site that range in size. The final design is subject to collaboration with Daly City and its residents. Phase 3 is open to developing more than the proposed 210,000 square feet if a variance could be obtained.

Process: After being awarded the project, Phase 3 would work with Daly city to amend PD-54 to allow for R&D and office uses and potentially increase the maximum development size, should it be determined that a larger project would be of interest to Daly City.

Fiscal Impactful: An R&D development on the site would result in the creation of a significant amount of high-paying jobs. As developable parcels in South San Francisco become increasingly scarce, we believe that a new Genesis life science project of this scale could be the catalyst to significant life science development in Daly City. While an R&D building would not be subject to the same level of taxation as a hotel building, Phase 3 is open to devising a structure that produces comparable long-term revenue for the city.

Daly City, CA, Page 135 of 161
Expression of Interest
1837 Junipero Serra Blvd, Daly City, CA
October 2021
PO Box 927729, San Diego, CA 92192 • P: (858) 546-0888 • F: (858) 546-0999 Developer: Phase 3 and Bain Capital Real Estate (together “the Venture”), through its “Genesis” programmatic life science joint venture. Exhibit B contains a sponsorship overview while Exhibit C contains several case studies highlighting Genesis projects.

Upon request, Phase 3 can furnish additional information regarding our proposal. Phase 3 has enjoyed working with Daly City on its Genesis Station (2001 Juniper Serra Blvd) project and hopes to continue the relationship.

Sincerely,
W. Neil Fox, III
Chief Executive Officer

Expression of Interest
1837 Junipero Serra Blvd, Daly City, CA
October 2021
PO Box 927729, San Diego, CA 92192 • P: (858) 546-0888 • F: (858) 546-0999 EXHIBIT A: Proposed Project

110' Building Height Massing
Height: 110'
Total GFA: 184,562 sf
Total FAR: 3.36
No. of R&D Floors: 7
Height: 110'
Total GFA: 212,563 sf
Total FAR: 3.87
No. of R&D Floors: 7
Height: 110'
Total GFA: 213,000 sf
Total FAR: 3.88
No. of R&D Floors: 7

200' Building Height Massing
Height: 200'
Total GFA: 393,250 sf
Total FAR: 7.16
No. of R&D Floors: 13
Height: 200'
Total GFA: 325,000 sf
Total FAR: 5.92
No. of R&D Floors: 13
Height: 200'
Total GFA: 339,600 sf
Total FAR: 6.19
No. of R&D Floors: 12

Expression of Interest
1837 Junipero Serra Blvd, Daly City, CA
October 2021
PO Box 927729, San Diego, CA 92192 • P: (858) 546-0888 • F: (858) 546-0999 EXHIBIT B: Sponsorship Overview

Expression of Interest
1837 Junipero Serra Blvd, Daly City, CA
October 2021
PO Box 927729, San Diego, CA 92192 • P: (858) 546-0888 • F: (858) 546-0999

Expression of Interest
1837 Junipero Serra Blvd, Daly City, CA
October 2021
PO Box 927729, San Diego, CA 92192 • P: (858) 546-0888 • F: (858) 546-0999 EXHIBIT C: Genesis Case Studies

BUILDING CONVERSIONS TO GENESIS BRAND
3

1 & 2 TOWER PLACE
11 BEFORE
AFTER

1 & 2 TOWER PLACE
12 BEFORE
AFTER

5590 MOREHOUSE DRIVE
13 AFTER
BEFORE
AFTER
AFTER
BEFORE

5580 MOREHOUSE DRIVE
14 BEFORE
AFTER
BEFORE
AFTER

4224 CAMPUS POINT DRIVE
15 BEFORE
AFTER

4242 CAMPUS POINT DRIVE
16 AFTER
BEFORE
AFTER
BEFORE

10210 CAMPUS POINT DRIVE
17 BEFORE
AFTER

1900 ALAMEDA DE LAS PULGAS
18 BEFORE
AFTER

WHY THE “GENESIS” LIFE SCIENCE PLATFORM?
➢ Market demand is life science centered on the UTC market and surrounding sub-markets ➢ “GENESIS” is a nationally recognized brand
➢ Known commodity in San Diego life science community with 30 plus years in the space ➢ Timeless, modern designs
➢ Proven business model done at a scale that no other developers have achieved ➢ Reduction of future capital expenditures
➢ Speed of delivery
➢ Durable income
➢ Unique business model delivery
➢ No stronger private platform in San Diego in the life science market ➢ Not a “Johnny Come Lately” to the life science market Located in the TOP-CORE life science markets - San Diego, San Francisco, and Boston - the GENESIS brand is a nationally recognized, respected, and valued. When bringing a new asset to the market and working with the local brokers, the expectations have been set to deliver:
➢ A premier laboratory space
➢ Desirable location and great access
➢ Infrastructure that supports life science needs
➢ Flexible environments
➢ High-end amenities that create a truly innovative ecosystem ➢ Helps to retain valuable talent for companies

GENESIS PLATFORM
25

PREMIER CLASS A

LIFE SCIENCE PROJECTS
26

LAB & OFFICE

HYPER FLEXIBLE
27

TIMELESS
MODERN

AMENITY-RICH
28

South Tower
• ±315,000 RSF, Existing 12-Story Building
• Class A Office
• 6 Vacant, Cold Shell Floors
• 47.4% Vacant upon Acquisition
• 230 Person Auditorium
• Fitness Center
• Shipping and Receiving Dock
• 50% Complete 7 Story Parking Structure
North Tower
• ±375,000 RSF, 21 Story (Future Ground
Up)
• Existing North Tower Foundation
• Third Amenity Building Designed
• Open Permits (Since 2007)
• Curtain Wall and Steel Frame
Fabricated
GENESIS – South San Francisco
Pre-Existing Conditions
CASE STUDY 1
1 & 2 TOWER PLACE
29

• Class A High Rise R&D/Office Campus
• 92% Leased at Sale
• Completed South Tower Conversion on 6 Floors
• Completed North Tower Ground Up High Rise
• Complete Third Amenity Building
• North & South Tower - MEP Infrastructure Upgrades
• North & South Tower - Dedicated Emergency
Generators
• North & South Tower - Freight Elevators
• South Tower - Two Exterior Exhaust Shafts
• Relocated & Completed Fitness Center
• Completed Patio/Lounge
GENESIS – South San Francisco
Executed Business Plan
CASE STUDY 1
1 & 2 TOWER PLACE
30

CASE STUDY 1
1 & 2 TOWER PLACE
31 • Trophy-Core Life Science Towers with Upside: Two trophy-caliber buildings designed by renowned architecture firm Skidmore Owings & Merrill occupying what we believe is the most prominent site in the world’s premier life science cluster, South San Francisco. Approximately 92% leased to a diversified rent roll, the property featured a combination of nearly eight years of weighted average lease term on existing leases, with the opportunity to lease up the remaining 59k SF of vacancy in a market with growing demand, low single-digit vacancy rates, and rising rents. • Market-Leading Lab Improvements: The towers feature 21- and 12-stories of lab, or lab-ready conversion, space designed to appeal to the market’s most discerning and innovative life science firms. As evidenced by the ~580k SF of leasing completed under Genesis ownership, these assets are achieving some of the highest lab rents in the broader South San Francisco life science market.
• Flexibility: The South Tower, originally designed as a creative office campus, has been mostly converted into plug-andplay life science. However, we believe the property offers a future buyer the opportunity to convert the remaining office space into additional life science facilities, providing for higher rents and lower recurring capital costs. The North Tower was purpose built as a life science campus featuring move-in ready lab facilities throughout 100% of the rentable floors. Although we believe life science fundamentals (rents and demand) currently favor lease-up of the remaining vacancy to the life science tenants, these buildings are designed to appeal to both life science and creative technology users. We believe a recent lease at Oyster Point with Stripe, a technology company, suggests assets that appeal to both user bases may provide significant and enduring advantages in the marketplace. • Unobstructed Views: At 21- and 12-stories, we believe the towers offer an exceptionally unique lab-user experience in the marketplace by providing tenants with unobstructed views at higher elevations – an advantage over other laboratory facilities in the South San Francisco life science market. • Best-in-Class Life Science Campus Amenities:
- Fit Genesis: Premier gym facility available to all tenants with workout equipment, yoga room, Pilates room, fitness classes, and showers / locker rooms
- Genesis Kitchen + Drinks: Genesis-branded restaurant operated by Bon Appetit - Conference Center: Features large and small rooms, allowing tenants to build more efficient space plans - Lounge: Newly completed tenant lounge with an outdoor deck, putting green, bar, and training room - Focaccia: Provide breakfast and lunch options for tenants along with catering services Property Summary
North Tower South Tower
Address 2 Tower Place 1 Tower Place
Built / Renovated 2018 2009 / 2016
RSF 374,432 348,482
% Leased2 84% 100%
WALT210.1 Years 4.8 Years
Parking 2,050 Spaces – 3.00 / 1,000 SF
(Shared)
Stories 21 12
Avg. Floor Plate 20,000 33,000
Slab-to-Slab 13’ - 18’ 13’ - 18’
Live Load 100 lbs PSF 100 lbs / 80 lbs
PSF
% Lab 100% 60%
APN 007-650-190 007-650-180
Site Area 4.9 Acres 16.1 Acres

5590 Morehouse Drive
• Existing Two-Story level office
• ±35,000 SF total building
• Vacant for 12+ years Prior to
Acquisition
• Cold shell condition
• Zero amenities
• Demoed portion of 2nd floor
• Demoed extra passenger elevator
• Opened lobby entrance to attain
aesthetically pleasing ceilings heights
GENESIS – Science Center
Pre-Existing Conditions
CASE STUDY 2
5590 MOREHOUSE DRIVE
32

Building Upgrades
• Complete exterior re-skinning
• MEP upgrades meeting laboratory
standards
• Created new double level entry
• Emergency generator
• Landscaping
Campus Upgrades
• Fitness center
• Outdoor amenity patio
• Conference Center
Notable Outcomes
• Executed GENESIS business plan
• Pre-Leased entire building at 50%
construction completion
GENESIS – Science Center
Executed Business Plan
CASE STUDY 2
5590 MOREHOUSE DRIVE
33

CASE STUDY 2

GENESIS SCIENCE CENTER
34 • Newly Assembled Life Science Campus: Consisting of five sizable parcels with four existing office buildings and a 4.13-acre parcel entitled for development of a 333k SF life science building assembled off-market, the campus allows for a future density of up to 583k SF in the Sorrento Mesa San Diego cluster. • Located in the Sorrento Mesa Life Science Cluster: Since 2013, Sorrento Mesa has seen an almost 25% increase in life science space, from 3.8 M SF to 4.8 M SF, with a majority of this increase occurring over the last 18 months. Sorrento Mesa is the second largest life science submarket in San Diego and continues to be a dominant submarket for life science real estate. Genesis Mesa is situated in what we believe is the desirable western portion of the Sorrento Mesa cluster near the premier existing and anticipated life science developments and the clusters amenity core, including a new food hall concept currently under construction.
• Convenience-Driven Amenity Collection: Planned amenities include a unique food truck program, staffed shipping and receiving, on-site property management, and potential on-site fitness center, vivarium, and training rooms.

Property Summary
Address 5510-5590 Morehouse Drive
Buildings 4 (+ 1 developable lot)
Built / Renovated 1984 - 2013
RSF (Current / Potential) 249,798 / 570,000
% Leased 42%
Parking 680 Spaces – 2.87 / 1,000 SF
Stories 1 – 4
Avg. Floor Plate 23,000 – 33,000
Slab-to-Slab 10’ – 20’
Live Load (Lab / Office) 100 lbs / 80 lbs PSF
% Lab 85%
APN 341-031-57/70/72
Site Area 17.05 Acres