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Introduction <br />3 <br /> <br />conditions, we would anticipate a longer marketing period relative to the exposure period. The <br />following table presents information derived from various sources and our conclusion <br />EXPOSURE/MARKETING TIME DATA <br />Exposure/Mktg. (Months) <br />Investment Type Range Average <br />Comparable Sales Data 0.0 - 24.0 15.3 <br />PwC Limited Service Hotels <br />National Data 2.0 - 12.0 6.6 <br />RERC Hotels <br />Local Market Professionals 6.0 - 12.0 9.0 <br />CBRE Exposure Time Estimate <br />CBRE Marketing Period Estimate <br />PwC Real Estate Investor Survey & Situs RERC Real Estate Report <br />9 Months <br />12 Months <br /> <br />INTEREST APPRAISED <br />The value estimated represents the Fee Simple Estate and is defined as follows: <br />Fee Simple Estate - Absolute ownership unencumbered by any other interest or estate, <br />subject only to the limitations imposed by the governmental powers of taxation, <br />eminent domain, police power and escheat. 5 <br />Leased Fee Interest - A freehold (ownership interest) where the possessory interest has <br />been granted to another party by creation of a contractual landlord-tenant <br />relationship (i.e., a lease). 6 <br />Leasehold Interest - The tenant’s possessory interest created by a lease. 7 <br />SCOPE OF WORK <br />This Appraisal Report is intended to comply with the reporting requirements set forth under <br />Standards Rule 2 of USPAP. The scope of the assignment relates to the extent and manner in <br />which research is conducted, data is gathered and analysis is applied. CBRE, Inc. completed the <br />following steps for this assignment: <br />Extent to Which the Property is Identified <br />The property is identified through the following sources: <br /> postal address <br /> assessor’s records <br /> legal description <br /> <br />5 Dictionary of Real Estate Appraisal, 78. <br />6 Dictionary of Real Estate Appraisal, 113. <br />7 Dictionary of Real Estate Appraisal, 113.