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<br /> <br /> <br /> <br /> <br />1900 LaSalle Plaza, 800 LaSalle Avenue <br />Minneapolis, MN 55402 <br /> <br />T 612-336-4315 <br />F 952-831-8023 <br />VALUATION & ADVISORY SERVICES <br />www.cbrehotels.com <br /> <br /> <br />April 20, 2021 <br /> <br /> <br /> <br />Tracy Anderson <br />VP, Credit Administration <br />FIRST CITIZENS BANK <br />2601 4th Street SW <br />Mason City, Iowa 50401 <br /> <br /> <br />RE: Appraisal of Quality Inn <br /> 1407 35th Street S <br /> Fargo, Cass County, North Dakota 58103 <br /> CBRE, Inc. File No. 21-414NH-0242-4 <br /> <br />Dear Ms. Anderson: <br />At your request and authorization, CBRE, Inc. has prepared an appraisal of the market value of <br />the referenced property. Our analysis is presented in the following appraisal report. <br />The subject is a 64-room limited service hotel property located at 1407 35th Street S in Fargo, <br />North Dakota. The improvements were constructed in 1987 and are situated on a 1.23-acre site. <br />The hotel is being operated as a Quality Inn/Choice brand hotel which was closed temporarily in <br />2020 but open as of the inspection date. Amenities include an indoor pool and breakfast <br />room. The property is located in the central portion of Fargo, just north of I-94, east of I-29 and <br />within close proximity to West Acres. The existing operations are managed by a related-entity; <br />therefore this appraisal assumes the property sells unencumbered with a management contract. <br />The franchise agreement was not provided for this assignment but it is a specific assumption the <br />subject is affiliated with the current brand. The reader is advised to review all extraordinary <br />assumptions and assignment conditions. <br />As noted within this report, the hospitality sector has been severely disrupted by COVID-19. As <br />such, the subject and subject’s submarket are not currently operating at a stabilized level. The As <br />Stabilized date of value is consistent with our forecast of the subject reaching stabilized <br />occupancy, which includes both the stabilization of the subject’s submarket from the effects of <br />COVID-19 as well as the subject stabilization. <br />Based on the analysis contained in the following report, the market value of the subject is <br />concluded as follows: