Ramsfield was created to invest in high-yielding, collateralized hotel debt on low to no cash flowing properties with turnaround programs in place. In December 2006, our platform grew as we began purchasing hotel real estate. Due to recent market changes, we are currently buying distressed senior hotel debt as well as distressed real estate. In addition, as a balance to our platform and because of the success of our in-house division, Ramsfield began asset managing hotels for third party accounts and institutional investors in 2008. Ramsfield is an experienced hotel investor that seeks to make direct equity investments in hospitality real estate assets across the entire capitalization stack. This includes opportunistic property purchases as well as the purchase of existing distressed loans and equity positions.