Watermark Capital Partners, LLC is a Lake Forest, Illinois based real estate investment management firm that seeks to creatively enhance the value of our investments and deliver attractive risk-adjusted returns for our investors. We concentrate on assets that benefit from specialized marketing and value enhancement strategies, demographic shifts, and the unique skill sets of our team, including hotels and resorts; resort residential products; recreational uses including golf and club ownership programs; and mixed-use projects. Our current investing activities are focused on Carey Watermark Investors Incorporated, a publicly registered real estate investment trust (REIT) that was formed to make investments primarily in the lodging and lodging-related sectors. Affiliates of W. P. Carey & Co. LLC and Watermark Capital Partners advise the REIT and manage its overall portfolio. Our team is led by Michael G. Medzigian, who is also CEO of Carey Watermark Investors, and has been responsible for real estate investments in excess of $14 billion over 30 years of experience in the real estate industry. Watermark takes pride in its history of success and its reputation for forward thinking and contributing to numerous industry advances. While nuances will change, our core business philosophies will not – value-added investing in unique property holdings; hands on oversight of all strategic property positioning and operations; commitment to our investors, associates and business partners; and respect for the communities and natural environments in which we operate. Watermark employs a value added approach to investing by targeting opportunities that can benefit from the unique strategic, operational and capital markets capabilities brought to bear by our team as well as our culture of focused execution. We invest both solely and in partnership with leading real estate owners and operators. We focus our investment activities on hotels and resorts; resort residential products; recreational uses; and new-urbanism and mixed-use projects. While active in other sectors, over the course of 30+ years, our leadership has been recognized for its lodging-related investment activities and for being early trendsetters in value creation strategies ranging from the introduction of spas as part of integrated resort offerings, to operations outsourcing and the development of profitable new staffing techniques. Our team has also been early at employing similarly creative strategies in other real estate sectors including senior living. Importantly, we believe that we were among the earliest to capitalize on emerging trends over the course of multiple real estate cycles. Target investments generally exhibit the following themes: intrinsic barriers to entry such as legislated and natural growth limitations and environmental restrictions; markets and assets with the potential to attract a diversity of demand as opposed to narrow customer bases; scarcity value resulting from unique property characteristics, reputation, positioning or clientele; assets that provide internal value-added opportunities as opposed to those where returns are predicated upon market growth or recovery; and complex situations that offer multiple value creation opportunities.