Hotel and Related Assets in Arizona

Sale of hotel commonly known as the Smoketree Resort located at 7101 E. Lincoln Dr., Scottsdale, Arizona. together with (a) all buildings, structures and other improvements, utilities and fixtures thereon, including the Buildings (the “Improvements”), and (b) all of Seller’s right, title and interest, if any, in and to any air space, sub-terrain, roads, streets, alleys and ways, public and private, serving any of said Land or Improvements, all of Seller’s right, title and interest, if any, in and to any land lying in the bed of any street, road, avenue or alley, open or closed, or proposed to be opened or closed, in front of or adjoining any of said Land, and all other appurtenances, water lines, uses, licenses, rights, easements, rights-of-way, tenements and hereditaments incident thereto, and all right, title and interest of Seller in and to all products, proceeds and awards resulting from the pending condemnation litigation with respect to a portion of the Land (collectively, the “Appurtenant Rights”); (c) all development rights and approvals, if any; and (d) all of Seller’s right, title and interest in and to all fixtures and tangible personal property which are located on the Land as of the Closing Date (it being understood that Seller may remove some or all of the tangible personal property from the Land prior to Closing at Seller’s discretion) (the “Personal Property” (the Land, Improvements, Appurtenant Rights, and Personal Property hereinafter individually and collectively referred to as the “Property”).

The sale also include liquor license owned by the seller's wholly-owned subsidiary.