Declarationof Joseph Teichman Pursuant to Rule 1007-2 of the Local Bankruptcy Rules for the Southern District of New York in Support of First-Day Motions and Applications filed by Jacqueline Marcus on behalf of Extended Stay Inc.. (Marcus, Jacqueline) (Entered: 06/15/2009)
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UNITED STATES BANKRUPTCY COURT
SOUTIHiRN DISTRICT OF NEW YORK
............................................................. «X
In re Chapter 11 Case No.
EXTENDED STAY INC., et al_., 09-_____( )
Debtors. (Joint Administration Requested)
............................................................. --X
DECLARATION OF JOSEPH TEICHMAN
PURSUANT TO RULE 1007-2 OF THE LOCAL BANKRUPTCY
RULES FOR THE SOUTHERN DISTRICT OF NEW YORK IN
SUPPORT OF FIRST-DAY MOTIONS AND APPLICATIONS
I, Joseph Teichrnan, hereby declare as follows:
1. I am the Secretary of Extended Stay Inc. and each of its affiliates
(collectively, âExtended Stayâ or the âD_£l_)_t_ors_â),l and the General Counsel and a director of
Extended Stay Inc. and Homestead Village L.L.C., each of which has commenced a case under
chapter 11 of title 11 of the United States Code (the â ankruptcy Codeâ) on the date hereof (the
âCommencement Dateâ). Extended Stayâs hotels are managed by HVM L.L.C. (âMâ), an
entity that is affiliated with, but not directly owned by, the Extended Stay family of companies.
In my capacity as the Secretary and General Counsel of the Debtors and as a result of discussions
with HVM, I am familiar with the day-toâday operations, business, and financial affairs of the
Debtors.
2. I submit this declaration pursuant to Rule 1007-2 of the Local Bankruptcy
Rules for the Southern District of New York (the âLocal Rulesâ) to assist the Court and other
parties in interest in understanding the circumstances that compelled the commencement of these
I A list of the Debtors in these chapter 1 1 cases, along with the last four digits of each Debtorâs federal
tax identification number, is attached hereto as âExhibit A.â
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chapter 11 cases and in support of the first~day motions and applications filed
contemporaneously herewith (the âFirst Day Pleadingsâ).
3. Except as otherwise indicated, all facts set forth in this declaration are
based upon my personal knowledge, my discussions with other members of Extended Stayâs and
HVMâs senior management, my review of relevant documents, or my opinion based upon
experience, lmowledge, and information concerning Extended Stayâs operations and financial
affairs. If called upon to testify, I would testify competently to the facts set forth in this
declaration. I am authorized to submit this declaration on behalf of the Debtors.
4. This declaration is intended to provide a summary overview of the
Debtorsâ business and these chapter 11 cases. Parts I through V provide an overview of
Extended Stayâs business, organizational structure, debt structure, events giving rise to the
commencement of these chapter 11 cases, and the Debtorsâ financial outlook. Part VI lists the
schedules of information required by Local Rule 1007â2.
1.
Extended Stayâs Business
5. Extended Stay is the largest owner and operator of mid-price extended
stay hotels in the United States, holding one of the most geographically diverse portfolios in the
lodging sector with properties located across 44 states (including 11 hotels located in New York)
and two provinces in Canada. As a result of acquisitions and mergers, Extended Stayâs portfolio
has expanded to encompass over 680 properties, consisting of hotels directly owned or leased by
Extended Stay or one of its afï¬liates. Extended Stay currently operates five hotel brands: (i)
Crossland Economy Studios, (ii) Extended Stay America, (iii) Extended Stay Deluxe, (iv)
Homestead Studio Suites, and (v) StudioPLUS Deluxe Studios, each designed to appeal to valueâ
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conscious customers at different price points in their respective markets, and offering Extended
Stay guests a range of amenities and services.
6. Extended Stayâs business model is a hybrid between a hotel and an
apartment, as it provides value~conscious guests seeking longersterm accommodations with an
affordable, attractive alternative to traditional hotels and apartments. Extended Stay achieves
lower operating costs than traditional hotels, which provide higher service levels such as room
service and daily maid service, by eliminating these services and other amenities in exchange for
a lower per night price and a fully equipped kitchen, cable TV, and wireless internet access in
each of their available rooms, in addition to on site laundry facilities. Typical Extended Stay
guests include government and business travelers, people on temporary work assignments or
training programs, individuals relocating or purchasing a home and individuals with other short-
term housing needs.
7. For the year ending December 31, 2008, Extended Stayâs audited financial
statements show consolidated assets (including nondebtor affiliates) totaling approximately $7.1
billion and consolidated liabilities totaling approximately $7.6 billion. Consolidated revenues
for the 12 months ending December 31, 2008 were approximately $1 billion. For the months of
January through May 2009, revenue per available room (âRevParâ) decreased by more than
23.2% compared to the comparable period in 2008.
8. HVM operates as the hotel manager for 686 Extended Stay hotels,2 in
addition to providing administrative functions. HVM, on behalf of Extended Stay, pays all
property level expenses of the hotels, contracts with service providers and purchases all goods
2 In the Extended Stay portfolio, 686 hotels are managed by HVM, including 2 hotels located in Houston,
Texas that were acquired after the 2007 Acquisition (as defined herein). The Houston properties do not
constitute collateral for the Mortgage Debt (as defined herein) or the Mezzanine Debt (as defined herein).
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and materials utilized in the operation of the business. HVM employs approximately 10,000
employees in connection with the operation of the hotels at any given point in time.
11.
Organizational Structure
9. The Debtors are the entities that own and operate the properties held by
Extended Stay Inc. (â_E_S_Iâ) and Homestead Village L.L.C. (âHomesteadâ), and their respective
affiliates (collectively, the âExtended Stay Hotelsâ).3 As reï¬ected on the organizational chart
attached as âExhibit Bâ hereto, the Extended Stay entities are organized into two âbranches,â
operating under different trademarks and previously differentiated because one segment had
elected to be treated as a realâestate investment trust (âREITâ) for federal income tax purposes.4
In the E81 âbranch,â nonâDebtor BHAC Capital IV LLC (âBHACâ) owns 100% of the common
stock of ESI, which indirectly owns and operates 552 properties using the Extended Stay Hotels
service mark and one office building. In order to meet previous REIT ownership requirements,
ESI had 125 preferred stock investors, but currently it only has 90 preferred stock investors.
Further, all of the E81 Mortgaged Properties (as defined herein) and the properties held by ESA
UD Properties L.L.C., are operated by one of five special purpose corporations (collectively, the
Operating Lessee (as hereafter defined) and ESA 2007 Operating Lessee Inc.).5 BHAC owns the
3 For ease of reference, âExtended Stay Hotelsâ shall refer to the hotels owned and operated by both E81
and Homestead.
4 In May 2009, E81 determined to that it would no longer elect to be treated as a REIT. After submitting
the necessary paperwork and taking related actions, ESI is no longer considered a REIT as of the date
hereof.
5 As further described herein, the Operating Lessee and ESA 2007 Operating Lessee Inc. do not actually
manage the REIT mortgaged properties or the properties held by ESA UD Properties L.L.C. Rather, the
Operating Lessee and ESA 2007 Operating Lessee Inc. have entered into agreements with HVM, whereby
HVM manages the REIT mortgaged properties and the properties held by ESA UD Properties L.L.C.
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trademarks for the Extended Stay America, Studio Plus, Crossland, and Extended Stay Deluxe
brands, along with minor variations of those names. The Homestead âbranchâ owns, or leases,
and operates 132 hotels under the Homestead Studio Suites brand name, along with minor
variations of that name. Together, the Homestead and E81 entities hold a portfolio of 684 hotels
and one office building.6
10. The Homestead segment and the E81 segment are connected through a
common owner, DL-DW Holdings LLC (âDDDWâ). In June 2007, DLâDW was formed by an
investment consortium consisting of, among others, David Lichtenstein (âLichtensteinâ) and
Arbor Realty Trust (âArborâ), for the purpose of the acquisition of Extended Stay (the
âAcguisitionâ), which included hotels, Extended Stayâs headquarters, and all of the Extended
Stay brands from the Blackstone Group (âBlackstoneâ). As a result of the Acquisition,
Lichtenstein, and other parties, own DL-DW, which, together with those other parties, directly or
indirectly owns the 100% of the interests in E81 and Homestead. Specifically, (a) Lightstone
owns DL-DW, together with BREHESH Holding LLC (an entity holding the residual investments
of Blackstone) and other affiliates, which in turn owns Homestead, and (b) affiliates of
Lightstone and Arbor own BHAC, which in turn owns E81.
11. There are numerous special purpose entity subsidiaries under ESI and
Homestead (the âSPE Entitiesâ) that own, either directly or indirectly, through lease or title,
The definition of âOperating Lesseeâ does not include ESA 2007 Operating Lessee Inc, which was not a
party to the Mortgage Loan Agreement but acts as the operating lessee for the properties held by ESA UD
Properties LLC.
6 In the Extended Stay portfolio, 664 hotels were pledged as collateral for the Mortgage Debt (as defined
herein). Two properties held by ESA UD Properties LLC, located in Finley, Ohio and Wilkes Barre,
Pennsylvania, are subject to an approximately $8.5 million loan with Bank of America, and were not
pledged as collateral for the Mortgage Debt. In addition, there are 18 hotels operating under the
Homestead brand name, 17 of which are subject to a lease between HVI (2) LLC. and HFI Acquisitions
Company LLC, and 1 hotel subject to a lease between ES NAV LLC and HUB Properties GA LLC.
HVI (2) LLC. and ES NAV LLC. are not Debtors in these chapter 11 cases.
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interests in the applicable hotel properties. Twenty-one of the SPE Entities are borrowers under
that certain mortgage loan agreement, as further detailed in section III below. In addition, five of
the subsidiaries under ESl were organized as operating lessees and entered into separate
agreements with certain of the SPE Entities, pursuant to which the applicable hotel properties
held by or through such SPE Entities are leased to the applicable Operating Lessee or ESA 2007
Operating Lessee.
12. Another component of the financing associated with the Acquisition was
the formation of ten levels of mezzanine entities (each, a âMezzanine Borrowerâ), each of which
pledged its security interest in the equity of the entity beneath it to the respective lenders
(collectively, the âMezzanine Lenders,â as further defined herein). In order to implement the
mezzanine financing, two branches were established beneath ES 1, the âESA Mezz Entitiesâ and
the âESA P Mezz Entities.â Similarly, the âHomestead Mezz Entitiesâ (which, together with the
ESA Mezz Entities, and the ESA P Mezz Entities, shall be referred to as the âMezz Entitiesâ)
were created beneath Homestead. As reï¬ected on the organizational chart, (i) the ESA P Mezz
Entities own (directly or indirectly) all of the equity interests in the ESA P SPE Entities, (ii) the
ESA Mezz Entities own (directly or indirectly) all of the equity interests in the ESA SPEs, and
(iii) the Homestead Mezz Entities own (directly or indirectly) all of the equity interests in the
Homestead SPEs. The Mezz Entities are numbered for their respective tranches of the
Mezzanine Debt (as defined below), and each Mezz Entity is the sole equity member of the
Mezz Entity directly beneath it.
13. Extended Stay maintains its corporate headquarters in Spartanburg, South
Carolina, and its properties extend across 44 states and 2 provinces in Canada. Certain
management operations of Extended Stay are conducted at offices located at 460 Park Avenue in
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New York City. All of the Extended Stay Debtors are incorporated in Delaware, with the
exception of BSA Canada Operating Lessee Inc, which was incorporated in Canada. Each
Extended Stay Debtor which owns one or more hotels in the United States has a contract in place
with HVM, the management company that manages the hotels and provides administrative
functions in order to facilitate the operations of the hotels. HVM is owned by three individuals,
Gary DeLapp (President), Bob Micklash (Chief Operating Officer) and F. Joseph Rogers
(Executive Vice President). HVM appointed HVM Manager, L.L.C. (the âManagerâ), an entity
owned by Lichtenstein, as the managing member of HVM, with the rights and authority to direct
the operations of HVM. Lichtenstein does not have any economic interest in HVM. HVM
Canada Hotel Management ULC (âHVM Canadaâ) is a subsidiary of HVM, and manages the
three Canadian Extended Stay hotels, which are located in Ontario and Newfoundland, and
which function independently of the hotels and management located in the United States. HVM,
and its affiliated entities, are not debtors in these bankruptcy cases.
14. Currently, Extended Stay, through HVM, employs approximately 10,000
employees in its hotels and facilities. There are approximately 7,563 hourly employees and
2,340 salaried employees. In Canada, there are approximately 68 full time employees and 19
part time employees. As a result of the management arrangement with HVM and HVM Canada,
Extended Stay does not have its own employees.
15. Moreover, substantially all of the Debtors operating expenses, including
their trade payables, are incurred by and paid by HVM on behalf of the Debtors, and reimbursed
to HVM through the management fee and other arrangements between HVM and the Debtors.
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III.
W
16. In June 2007, Extended Stay was acquired by an investor consortium lead
by Lichtenstein. The Acquisition was financed through loans in an aggregate amount of $7.4
billion, which consisted of (i) a mortgage loan in the principal amount of $4.1 billion (the
âMortgage Debtâ or the âMortgage Loanâ) and (ii) an aggregate of $3.3 billion in 10 mezzanine
loan tranches (collectively, the âMezzanine Debtâ or collectively, the âMezzanine Loanâ).
17. The instruments evidencing Extended Stayâs significant indebtedness are
described below. In addition, as of the date hereof, other than amounts owed to HVM, the
Debtors have trade debt of approximately $278,775.80.
Mortgage Loan Agreement
18. Certain of the Debtors are borrowers (the âMortgage Borrowersâ)7 under
that certain Loan Agreement, dated as of June 11, 2007 (as amended, restated, replaced,
supplemented or otherwise modified from time to time, the âMortgage Loan Agreementâ), by
and among the Mortgage Borrowers, ESA P Portfolio MD Trust and BSA MD Properties
Business Trust (collectively, the âMaryland Ownerâ), ESA Canada Trustee, Inc. (the â ignatory
Mgâ), ESA Canada Properties Trust (the âCanadian Trustâ), ESA P Portfolio Operating
Lessee Inc., ESA 2005 Operating Lessee Inc., ESA Canada Operating Lessee Inc., and BSA
Operating Lessee Inc. (collectively, the âOperating Lesseeâ), and Wachovia Bank, NA.
7 The Debtors which are Mortgage Borrowers under the Mortgage Loan Agreement are as follows: ESA
2005 Portfolio L.L.C., ESA 2005â San Jose L.L.C., ESA 2005- Waltham L.L.C., BSA Acquisition
Properties L.L.C., ESA Alaska L.L.C., ESA Canada Properties Borrower L.L.C., ESA FL Properties
L.L.C., ESA MD Borrower L.L.C., ESA MN Properties L.L.C., ESA P Portfolio L.L.C., ESA P Portfolio
MD Borrower L.L.C., ESA P Portfolio PA Properties L.L.C., ESA P Portfolio TXNC Properties L.P.,
ESA PA Properties L.L.C., ESA Properties L.L.C., ESA TX Properties L.P., ESE/Homestead Portfolio
L.L.C., ESH/HV Properties L.L.C., ESH/MSTX Property L.P., ESH/TN Properties L.L.C., ESH/TX
Properties L.P..
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(âWachoviaâ), Bear Steams Commercial Mortgage, Inc. (âBearâ), and Bank of America, N .A.
(âBofA,â and together with Wachovia and Bear, and their respective successors and assigns, the
âMortgage Lendersâ). Pursuant to the Mortgage Loan Agreement, and the other documents
executed in connection therewith (the âLoan Documentsâ)8, the Mortgage Lenders extended an
aggregate of $4.1 billion to the Mortgage Borrowers. Although the Mortgage Debt is non-
recourse, there are certain nonârecourse carveâouts under the Mortgage Loan Agreement. ESI,
Homestead, Lightstone Holdings, LLC, an entity owned by Lichtenstein, and Lichtenstein are the
guarantors (collectively, the âGuarantorâ) of the non~ recourse carveâout provisions of the
Mortgage Debt.9 Additionally, ESA P Portfolio MD Trust, ESA P Portfolio MD Beneficiary
L.L.C., ESA MD Properties Business Trust and BSA MD Beneficiary L.L.C., collectively,
guarantied the obligations of BSA P Portfolio MD Borrower L.L.C. and BSA MD Borrower
L.L.C. under the Mortgage Debt. ESA Canada Trustee lnc., ESA Canada Beneficiary Inc. and
BSA Canada Properties Trust collectively, guarantied the obligations of BSA Canada Properties
Borrower L.L.C. under the Mortgage Debt.
19. The Mortgage Debt is secured by crossâcollateralized and crossâdefaulted
first priority liens on 666 properties (collectively, the âMortgaged Propertiesâ), comprised of 664
8 âLoan Documentsâ shall mean, collectively, the Mortgage Loan Agreement, the Note, the Security
Instruments, the Environmental Indemnity, the Assignment of Management Agreement, the Assignment
of Franchise Agreement, the Subordination of BSA Note, the Guaranty, the Cash Management
Agreement, the Interest Rate Cap Agreement, the Assignments of Interest Rate Cap Agreement, the
Contribution Agreement, the Canadian Indemnity Guaranty, the Maryland Indemnity Guaranty, the
Assignment of BSA Note, Subordination of Aristocrat Notes, the Maryland Beneficiary Pledge
Agreement, the Canadian Beneficiary Pledge Agreement, the Security Account Control Agreement, the
Trademark Security Agreement (all as defined in the Mortgage Loan Agreement) and all other documents
executed and/or delivered in connection with the Loan, in each case, as the same may be amended,
restated, replaced, supplemented or otherwise modified from time to time.
9 In addition, ESl is a guarantor under that certain Loan Agreement between Debtor ESA UD Properties
L.L.C., Debtor ESA 2007 Operating Lessee Inc., and Bank of America, N .A., as lender, dated February
14, 2008, in the amount of approximately $8.5 million.
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hotels, Extended Stayâs headquarters building in Spartanburg, South Carolina, and a parcel of
undeveloped land located in Minnesota, and the other collateral, as set forth in the Loan
Documents, including all of the cash proceeds generated from the Mortgaged Properties. As of
the Commencement Date, the aggregate principal amount of approximately $4.1 billion was
outstanding under the Mortgage Loan.
Securitization of the Mortgage Loan
20. Subsequent to the closing of the 2007 Acquisition, the Mortgage Lenders
sold their interests in the Mortgage Loan, and received in exchange therefore certificates
representing their ownership of the beneficial interests of a vehicle (the âI_ru_§tâ) holding the
Mortgage Loan and the collateral therefor. In turn, certain investors bought those interests (the
âCertificate Holdersâ) and the Certificate Holders hold the certificates representing a beneficial
interest in the Trust. The Trust is governed by the Trust and Servicing Agreement, an agreement
between Wachovia Large Loan, Inc, as depositor, Wachovia Bank, National Association, as
servicer and special servicer, and Wells Fargo Bank, NA, as trustee (the âTrust and Servicing
Agreementâ), dated as of August 1, 2007. Although nominally they have indirect interests in the
Mortgage Loan, the Certificate Holders are the real parties in interest with respect to the
Mortgage Debt and own 100% of the beneficial interests in the Mortgage Debt. There are 18
principal balance classes of Certiï¬cates and, under the Trust and Servicing Agreement,
distributions with respect to the Mortgage Loan are allocated to each class of Certificates based
on their alphabetical (and, if applicable, numerical) designation, starting with Class A-l. The
alphabetical (and numerical, if applicable) designation denotes the priority of the class of
Certiï¬cates as among the other classes of Certiï¬cates.
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Mezzanine Loan Agreements
0
21. The Mezzanine Borrowersl are borrowers under ten different Mezzanine
Loan Agreements (the âMezzanine Loan Agreementsâ), with Wachovia Bank, National
Association, Bear Steams Commercial Mortgage, Inc. and Bank of America, NA, as lenders
(collectively with their respective successors and assigns, the âMezzanine Lendersâ), dated June
11, 2007. As of the Commencement Date, the aggregate principal amount of approximately $3.3
billion was outstanding under the Mezzanine Loan Agreements.
22. Pursuant to the Mezzanine Loan Agreements, the Mezzanine Debt is
secured by the applicable Pledge Agreement and the other Mezzanine Loan Documents. 11 The
Mezzanine Debt is not secured by any of the Mortgaged Properties nor any of the other collateral
securing the Mortgage Debt, including the cash and proceeds generated from the Mortgaged
Properties. Mezzanine A Borrower is the legal and beneficial owner of 100% of the issued and
10 The âMezzanine Borrowersâ consist of the following entities: ESH/Homestead Mezz L.L.C., ESA P
Mezz L.L.C. and BSA Mezz L.L.C. (the âMezzanine A Borrowerâ), ESHIHomestead Mezz 2 L.L.C.,
ESA P Mezz 2 L.L.C. and BSA Mezz 2 L.L.C. (the âMezzanine B Borrowerâ), ESH/Homestead Mezz 3
L.L.C., ESA P Mezz 3 L.L.C. and BSA Mezz 3 L.L.C. (the âMezzanine C Borrowerâ), ESH/Homestead
Mezz 4 L.L.C., ESA P Mezz 4 L.L.C. and BSA Mezz 4 L.L.C. (the âMezzanine D Borrowerâ),
ESH/Homestead Mezz 5 L.L.C., ESA P Mezz 5 L.L.C. and BSA Mezz 5 L.L.C. (the âMezzanine E
Borrowerâ), ESE/Homestead Mezz 6 L.L.C., ESA P Mezz 6 L.L.C. and BSA Mezz 6 L.L.C. (the
âMezzanine F Borrowerâ), ESH/Homestead Mezz 7 L.L.C., ESA P Mezz 7 L.L.C. and BSA Mezz 7
L.L.C. (the âMezzanine G Borrowerâ), ESH/Homestead Mezz 8 L.L.C., ESA P Mezz 8 L.L.C. and BSA
Mezz 8 L.L.C. (the âMezzanine H Borrowerâ), ESE/Homestead Mezz 9 L.L.C., ESA P Mezz 9 L.L.C.
and BSA Mezz 9 L.L.C. (the âMezzanine I Borrowerâ), ESH/Homestead Mezz 10 L.L.C., ESA P Mezz
l0 L.L.C. and BSA Mezz lO L.L.C. (the âMezzanine J Borrowerâ). Each Mezzanine Borrower is party to
its respective Mezzanine Loan.
â âMezzanine Loan Documentsâ shall mean, with respect to each mezzanine loan, the Mezzanine Loan
Agreement, the Note, the Pledge Agreement, the Environmental Indemnity, the Subordination of
Management Agreement, the Subordination of Franchise Agreement, the Subordination of Aristocrat
Notes, the Subordination of BSA Note, the Guaranty, the Cash Management Agreement, the Interest Rate
Cap Agreement, the Assignment of Interest Rate Cap Agreement, the Contribution Agreement (all as
defined in the Mezzanine Loan Agreements), and all other documents executed and/or delivered in
connection with the Mezzanine Loans, in each case, as the same may be amended, restated, replaced,
supplemented or otherwise modified from time to time.
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outstanding membership interests in certain of the Debtors, and has pledged all of its interests in
those entities and certain other rights, and all proceeds of each, as security for the Mezzanine A
Loan. The Mezzanine B Borrower is the legal and beneficial owner of 100% of the issued and
outstanding membership interests in Mezzanine A Borrower, and has pledged all of its
membership interests in Mezzanine A Borrower, certain other rights, and all proceeds of each as
security for the Mezzanine B Loan; and the same arrangement has been entered into by the
Mezzanine C, D, E, F, G, H, I, and J Borrowers for each respective level of the Mezzanine Debt.
Consequently, the Mezzanine J Loan is the most structurally subordinate of the Mezzanine
Loans. Subsequent to the Acquisition, the Mezzanine Lenders assigned some of their interests in
Mezzanine Loans to various investors.
Intercreditor Agreement
23. The Mortgage Lenders and the Mezzanine Lenders have entered into an
Intercreditor Agreement dated as of June 11, 2007 that governs certain of their respective rights
and interests in the Mortgage Loan and the Mezzanine Loans relating to, among other things,
their rights and the exercise of remedies during an Event of Default and in the event of a
bankruptcy filing of their respective borrowers, and the payment subordination of the Mezzanine
Loans to the payment in full of the Mortgage Loan, including related enforcement and turn-over
provisions.
Senior Subordinated Notes
24. Pursuant to an indenture, dated as of June 27, 2001 (as supplemented,
modified or amended thereafter, the âIndentureâ), between Manufacturers and Traders Trust
Company, as trustee, and Extended Stay America, Inc.,12 Extended Stay America, Inc.
12 Extended Stay America, Inc. has since merged into Extended Stay, Inc.
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authorized the issuance of up to $300 million in principal amount of Senior Subordinated Notes
due June 15, 2011, which bear interest at the rate of 9-7/8% per annum (the âSenior
Subordinated Notesâ). Interest on the Senior Subordinated Notes is payable semiannually on
June 15 and December 15 of each year. As of Commencement Date, approximately $8.5 million
was outstanding pursuant to the Senior Subordinated Notes, including accrued and unpaid
interest.
IV.
Events Leading to the Chapter 11 Cases
25. Extended Stay is in a liquidity crisis that is directly attributable to the
impact of the deteriorating condition and instability of the financial markets on the expected
performance of the entire hospitality industry. The sole source of Extended Stayâs revenue
stream is the income received from the Extended Stay guests who stay at the hotels. Since the
Acquisition closed in June 2007, Extended Stay has operated in a difficult financial environment,
driven by reduced consumer and commercial spending and high fuel prices, resulting in a
devastating impact on occupancy rates at Extended Stay hotels. This has been exacerbated by
the unprecedented collapse of the financial markets and crisis in the credit markets. Since the
typical Extended Stay customer seeks a lengthy stay based on commercial relocation, the
contraction of construction and new business development began to significantly and adversely
affect Extended Stayâs revenue stream.
26. Based on the collapse of the financial markets, including the real estate
markets, the value of the Mortgaged Properties has substantially declined since 2007, as have
Extended Stayâs revenues, resulting in a severe erosion of Extended Stayâs enterprise value. In
addition, due to the dramatic reduction in RevPar, Extended Stay has been compelled to
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significantly underâinvest in its assets and properties, to the detriment of the enterprise value of
Extended Stay. Extended Stay has lacked the funds necessary to make improvements in the
Mortgaged Properties, resulting in a deterioration of the value of the Mortgaged Properties that
are collateral for the Mortgage Loan. To stay competitive and to preserve the value of its assets,
Extended Stay has identified various capital expenditures and improvements that are vital for the
future of the business. However, Extended Stay is completely dependent on its operating cash
flow to pay expenses and debt service, leaving it short of the cash necessary to pay for such
development and redevelopment costs.
27. As a result of Extended Stayâs decreasing cash revenue, continuing
inability to meet the threshold regarding the debt yield covenant (âDebt Yield Covenantâ)
required under the Mortgage Loan Agreement and the Mezzanine Loan Agreements, and the
resulting inability of Extended Stay to get relief from the Cash Management Agreement and the
fact that receipts have been insufficient to fund the full cash ï¬ow distribution, as described in the
Cash Management Agreement, including occupancy taxes, the Debtors confronted a situation in
which it appeared that they would not have access to sufficient liquidity to run their operations,
both in the immediate future and on a long term going concern basis, Although the tranches of
the Mortgage Loan that mature in June 2009 have generous extension terms, such terms require
the Debtors to make significant amortization payments beginning in June of 2009. Based on
Extended Stayâs cash flow projections and need to make critical capital expenditures, Extended
Stay is significantly over-leveraged and the projected cash ï¬ows cannot continue to service over
$7 billion in debt. As a result, a comprehensive restructuring of the entire capital structure is
necessary to preserve and maximize value.
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28. Accordingly, Extended Stay began to consult with the necessary
professionals to facilitate a discussion with the Certificate Holders and the Mezzanine Lenders
regarding a potential restructuring of Extended Stay.
Restructuring Efforts
29. In connection with pursuing a restructuring or recapitalization of Extended
Stay, Lazard Freres & Co. LLC (âLazardâ) was retained as an investment banker in September
2008. Since then, Lazard has reviewed and analyzed Extended Stayâs business, operations and
financial projections, evaluated Extended Stayâs potential debt capacity in light of its projected
cash flows, assisted in the determination of a range of value for Extended Stay on a going
concern basis, and has participated and facilitated meetings and negotiations with the various
advisors for the Certificate Holders and the Mezzanine Lenders.
30. During the past nine months, Extended Stay and Lazard have engaged in
numerous discussions and negotiations with representatives of an informal group of certain
significant Certificate Holders (the âAd Hoc Mortgage Lender Groupâ), regarding a potential
recapitalization of Extended Stayâs debt structure. In addition, the Debtors and their
professionals conducted discussions with some of the holders of the Mezzanine Debt (the âAd
Hoc Mezzanine Lender Groupâ) with respect to a potential recapitalization of Extended Stayâs
debt structure.
31. At the end of January 2009, the parties began to exchange draft term
sheets reï¬ecting proposed restructuring terms for both the Mortgage and Mezzanine Debt. For
the next several months, Extended Stay and Lazard negotiated separately with each of the Ad
Hoc Mortgage Lender Group and the Ad Hoc Mezzanine lender Group and their respective
advisors to finalize the terms of a reorganization of the debt and equity structure of Extended
Stay that would allow Extended Stay to continue to operate as a viable business. The Debtors
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were unable to reach an acceptable agreement with the Ad Hoc Mortgage Lender Group within
the necessary time constraints. The Debtors were, however, able to reach a timely agreement
with the Ad Hoc Mezzanine Lender Group which represented the best option available at the
time. Accordingly, on May 19, 2009, Extended Stay and certain holders of the Mezzanine Debt
reached an agreement regarding a consensual foreclosure of certain of Extended Stayâs
mezzanine debt (the âCIL Transactionâ). Consummation of the CIL Transaction would have
resulted in the elimination of approximately $3 billion in mezzanine indebtedness and the
concomitant elimination of certain debt amortization payment requirements in respect of the
Mortgage Debt. However, despite extraordinary efforts to effectuate the closing of the CIL
Transaction within the very short time period available under the circumstances, the closing of
the CIL Transaction was precluded by the entry of temporary restraining orders entered by the
Supreme Court of the State of New York (Line Trust Corporation, Ltd. et al. v. Wachovia Bank,
MA, et al., Index No. 601713/2009) and the District Court of Dallas County (Atlas Ventures 1.,
LLC v. Wachovia Bank, NA, Bank of America, MA, US. Bank, as Trustee for Maiden Lane
Commercial MortgageâBacked Securities Trust 2008-], BlackRock Financial Management, Inc,
Merrill Lynch Mortgage Lending, Inc, No. 09â07058) as a result of actions commenced by more
junior mezzanine lenders.
32. Even as the Debtors prepared for closing of the CIL Transaction, and in
view of various contingencies associated with the closing, Extended Stay and its advisors
continued their discussions with the holders of the Mortgage Debt in order to develop a
contingency plan in the event the CIL Transaction could not close before June 10, 2009, the
outside closing date set forth therein.
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33. As a result of these efforts and facing an imminent liquidity crisis and
worsening operating performance, Extended Stay ultimately determined the best alternative for
preserving value was to file for chapter 11 and pursue a restructuring of its debt based on a pre-
negotiated term sheet for a chapter 11 plan, as agreed with the Ad Hoc Mortgage Lender Group.
To that end, immediately prior to the commencement of the Debtorsâ chapter 11 cases, Extended
Stay reached an agreement in principle with the Ad Hoc Mortgage Lender Group on the terms of
a restructuring that reflects a manageable level of debt and provides Extended Stay with
sufficient liquidity for operations and to make necessary improvements to ensure Extended
Stayâs ability to operate as a goingâconcern. The agreement in principle among Extended Stay
and the Ad Hoc Mortgage Lender Group was memorialized in a term sheet (the "Restructuring
Term Sheet"), a copy of which is annexed hereto as âExhibit C.â Based on the analysis
performed to date, Extended Stay believes that the terms set forth in the Restructuring Term
Sheet reflect a valuation that approximates the midâpoint of the range of Extended Stayâs
enterprise value, after adjusting for the capitalized lease. The Restructuring Term Sheet will form
the basis for the Debtorsâ chapter 11 plan, which the Debtors intend to file with the Bankruptcy
Court in the near term. As a result, it is contemplated that the Debtorsâ proposed chapter 11
plan (the "M") will be a consensual arrangement among the Debtors and their senior creditors,
which is intended to maximize value for all constituents and ensure the Debtorsâ viability as a
going concern.
34. The Debtors have concluded that the proposed restructuring with the
Mortgage Lenders and the Certificate Holders is the best way of maximizing value for all of the
Debtorsâ stakeholders.
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V.
The Debtorsâ Financial Outlook
35. Extended Stay is struggling to find its footing as the economic
environment remains unstable. The tightening credit markets, the reduction in construction
activity and increased unemployment have decreased the demand for Extended Stay
accommodations, as fewer construction sites, consulting opportunities and travel plans are
coming to fruition. As such, Extended Stay faces a future where the performance of its business
remains uncertain and is inextricably tied to trends in consumer spending and the performance of
the financial and credit markets.
36. Extended Stay believes, however, that with the restructured capital
structure contemplated by the Restructuring Term Sheet, Extended Stay will emerge from
chapter 11 significantly de~levered with the ability to withstand the current unstable economic
environment and to strengthen the business with reâinvestment. In the meantime, Extended Stay
expects to continue operating during the chapter ll cases with sufficient access to liquidity.
37. Given that the Debtorsâ operations generate positive cash flow on an
operating basis, they expect to be able to fund their postpetition operations by the use of cash
collateral with the consent of the Ad Hoc Mortgage Lender Group and do not need debtorâin-
possession financing. Subject to the terms and conditions set forth in the Debtorsâ Motion For
Order (A) (i) Authorizing Use of Cash Collateral, (ii) Granting Adequate Protection, and (iii)
Modifying the Automatic Stay, and (B) Scheduling A Final Hearing Pursuant to Bankruptcy
Rule 4001 , the Debtors have reached an agreement with the Ad Hoc Mortgage Lender Group to
use the Mortgage Lendersâ cash collateral, which will enable ongoing operation of the Extended
Stay properties. These funds will serve as the only cash resource during the administration of
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these chapter 11 cases and will be used to advance funds to HVM with which to continue to
operate the Debtorsâ hotel business. Contemporaneously herewith, the Debtors have filed the
Debtorsâ Motion For Order (A) (i) Authorizing Use of Cash Collateral, (ii) Granting Adequate
Protection, and (iii) Modifying the Automatic Stay, and (B) Scheduling A Final Hearing
Pursuant to Bankruptcy Rule 4001 and the Debtorsâ Motion Pursuant to Sections 105 and 363(b)
of the Bankruptcy Code for Authorization to Reimburse HVM L.L.C. for Critical Operating
Expenses Incurred on Debtorsâ Behalf Prior to the Commencement Date.
VI.
Information Reguired by Local Rule 1007-2
38. Local Rule 1007-2 requires certain information related to the Debtors,
which is set forth below.
39. The information requested in Local Rule 1007v2(a)(l) is set forth in Parts I
and IV above.
40. Pursuant to Local Rule 1007â2(a)(3), Schedule 1 hereto lists the attorneys
for the Ad Hoc Mortgage Lender Group and the Ad Hoc Mezzanine Lender Group organized
prior to the order for relief in these chapter 11 cases, and a brief description of the circumstances
surrounding the formation of each committee and the date of its formation.
41. Pursuant to Local Rule 1007-2(a)(4), Schedule 2 hereto lists the following
information with respect to each of the holders of the Debtorsâ 5 largest unsecured claims on a
consolidated basis, excluding claims of insiders: the creditorâs name, address (including the
number, street, apartment or suite number, and zip code, if not included in the post office
address), and telephone number; the name(s) of persons(s) familiar with the Debtorsâ accounts,
the amount of the claim, and an indication of whether the claim is contingent, unliquidated,
disputed, or partially secured.
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42. Pursuant to Local Rule 1007~2(a)(5), Schedule 3 hereto provides the
following information with respect to each of the holders of the five largest secured claims
against the Debtors on a consolidated basis: the creditorâs name, address (including the number,
street, apartment or suite number, and zip code, if not included in the post office address), and
telephone number; the amount of the claim; a brief description of the collateral securing the
claim; an estimate of the value of the collateral and whether the claim or lien is disputed.
43. Pursuant to Local Rule lOO7â2(a)(6), Schedule 4 hereto provides a
summary of the Debtorsâ assets and liabilities.
44. In response to the information requested in Local Rule 1007~2(a)(7), the
Debtors do not have any publicly held stock, debentures or other securities.
45. Pursuant to Local Rule 1007-2(a)(8), Schedule 5 hereto provides a list of
all of the Debtorsâ property in the possession or custody of any custodian, public officer,
mortgagee, pledgee, assignee of rents, secured creditor, or agent for any such entity, giving the
name, address, and telephone number of such entity and the location of the court in which any
proceeding relating thereto is pending.
46. Pursuant to Local Rule 1007â2(a)(9), Schedule 6 hereto provides a list of
the premises owned, leased or held under other arrangement from which the Debtors operate
their businesses.
47. Pursuant to Local Rule 1007-2(a)(10), Schedule 7 hereto provides the
location of the Debtorsâ substantial assets, the location of their books and records, and the nature,
location, and value of any assets held by the Debtors outside the territorial limits of the United
States.
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48. Pursuant to Local Rule lOO7â2(a)(l 1), Schedule 8 hereto provides a list of
the nature and present status of each action or proceeding, pending or threatened, against the
Debtors or their property.
49. Pursuant to Local Rule lOO7â2(a)(12), Schedule 9 hereto provides a list of
the names of the individuals who comprise the Debtorsâ existing senior management, their tenure
with the Debtors, and a brief summary of their relevant responsibilities and experience.
50. Pursuant to Local Rule lOO7â2(b)(l)~(2)(A), Schedule 10 hereto provides
the estimated amount of weekly payroll to the Debtorsâ employees (not including officers,
directors and stockholders) and the estimated amount to be paid to officers, stockholders,
directors and financial and business consultants retained by the Debtors, for the thirty (30) day
period following the filing of the Debtorsâ chapter 11 petitions.l3
13 Although the information has been provided, the Debtors note that such obligations are paid on their
behalf by HVM, and not directly by any of the Debtors entities.
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51. Pursuant to Local Rule 1007-2(b)(3), Schedule 11 hereto provides, for the
thirty (30) day period following the filing of the chapter 11 petitions, a list of estimated cash
receipts and disbursements, net cash gain or loss, and obligations and receivables expected to
accrue that remain unpaid, other than professional fees.
52. The foregoing is true and correct to the best of my knowledge,
information, and belief.
Dated: June 15, 2009
EXTENDED STAY INC., et a1.
/s/ J osegh Teichman
Joseph Teichman
Secretary and General Counsel
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EXHIBIT A
Debtor- Last Four Digits of
_ - Federal Tax LI). Number
Extended Stay Inc.
ELSA P Portfolio L.L.C.
f/k/a BRE/ESA P Portfolio L.L.C.
ESA 2005 Portfolio L.L.C.
f/k/a BRE/ESA 2005 Portfolio L.L.C.
ESA 2005-San Jose L.L.C.
f/k/a BRE/ESA 2005âSan Jose L.L.C.
ESA 2005âWaltham L.L.C.
f/k/a BRE/ESA 2005âWaltham L.L.C.
ESA Acquisition Properties L.L.C. 8149
f/k/a BRE/ESA Acquisition Pro rties L.L.C.
ESA Alaska L.L.C. 8213
f/k/a BRE/ESA Alaska L.L.C.
ESA Canada Properties Borrower L.L.C. 7476
f/k/a BRE/ESA Canada Properties Borrower L.L.C.
ESA FL Properties L.L.C. 7687
f/k/a BRE/ESA FL Properties L.L.C.
ESA MD Borrower L.L.C. 8839
f/k/a BREIESA MD Borrower L.L.C.
ESA MN Properties L.L.C. 0648
f/k/a BRE/ESA MN Properties L.L.C.
ESA P Portfolio MD Borrower L.L.C. 7448
f/k/a BRE/ESA P Portfolio MD Borrower L.L.C.
ESA P Portfolio PA Properties L.L.C. 6306
f/k/a BRE/ESA P Portfolio PA Properties L.L.C.
ESA P Portfolio TXNC Properties LP. 7378
f/lda BRE/ESA P Portfolio TXNC Properties L.P.
ESA PA Properties L.L.C. 7652
f/k/a BRE/ESA PA Properties L.L.C.
BSA Properties L.L.C. 1249
f/k/a BRE/ESA Properties L.L.C.
ESA TX Properties LP. 1295
f/k/a BRE/ESA TX Properties L.P.
ESHIHomestead Portfolio L.L.C. 9049
f/k/a BRIE/Homestead Portfolio L.L.C.
ESH/HV Properties L.L.C. 8927
f/k/a BRE/HV Pro rties L.L.C.
ESH/MSTX Property LP. 5862
f/k/a BREIMSTX Property LP.
ESH/TN Properties L.L.C. 5781
f/k/a BRE/TN Pro erties L.L.C.
ESH/TX Properties LP. 6964
f/k/a BRE/TX Properties L.P.
EBB/Homestead Mezz L.L.C. 9883
f/k/a BRE/Homestead Mezz L.L.C.
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Debtor Last Four Digits of
Federal Tax 1.1). Number
ESA P Mezz L.L.C. 7467
f/k/a BRE/ESA P Mezz L.L.C. â
1 BSA Mezz L.L.C. 0767
f/k/a BRE/ESA Mezz L.L.C.
i ESE/Homestead M622 2 L.L.C. 9903
f/k/a BRE/Homestead M622 2 L.L.C.
ESA P M622 2 L.L.C. 7480 1
f/k/a BRE/ESA P M622 2 L.L.C.
ESA Mezz 2 L.L.C. 0866
f/k/a BRE/ESA M622 2 L.L.C.
[SSH/Homestead Mezz 3 L.L.C.
l f/k/a BRIE/Homestead M622 3 L.L.C.
L 9936
ESA P M622 3 L.L.C. 8977
f/k/a BRE/ESA P M622 3 L.L.C.
BSA M622 3 L.L.C. 0929
f/k/a BRE/ESA M622 3 L.L.C.
ESH/Homestead Mezz 4 L.L.C. 9953
f/k/a BRE/Homestead Mezz 4 L.L.C. I
ESA P M622 4 L.L.C. 8997
f/k/a BRE/ESA P M622 4 L.L.C.
ESA Mezz 4 L.L.C. l 0964
f/k/a BRE/ESA Mezz 4 L.L.C.
ESH/Homestead M622 5 L.L.C. 9613
f/k/a BRIE/Homestead Mezz 5 L.L.C.
ESA P M622 5 L.L.C. 9186
f/k/a BRE/ESA P M622 5 L.L.C.
f/k/a BRE/ESA P Mezz 7 L.L.C.
ESA M622 5 L.L.C. 1006
f/k/a BRE/ESA M622 5 L.L.C.
ESH/Homestead Mezz 6 L.L.C. 9667
f/k/a BRIE/Homestead M622 6 L.L.C.
ESA P M622 6 L.L.C. 9247
f/k/a BRE/ESA P M622 6 L.L.C.
ESA M622 6 L.L.C. 8995
f/k/a BRE/ESA M622 6 L.L.C.
ESH/Homestead M622 7 L.L.C. 9722
flk/a BIKE/Homestead M622 7 L.L.C.
ESA P Mezz 7 L.L.C. 9349 l
ESA M622 7 L.L.C.
f/k/a BRE/ESA M622 7 L.L.C.
ESH/Homestead M622 8 L.L.C. 9779 l
f/k/a BRFJHomeStead Mezz 8 L.L.C.
9065
f/k/a BRE/ESA M622 8 L.L.C.
FISH/Homestead Mezz 9 L.L.C.
f/k/a BRIE/Homestead M622 9 L.L.C.
ESA P Mezz 9 L.L.C.
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ESA M622 8 L.L.C. 9117
1011
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Debtor _ Last Four Digits of
_ Federal Tax LI). Number
ESA Mezz 9 L.L.C. 0923
ESHIIâIomestead Mezz 10 L.L.C. 1063
f/k/a BRE/Homestead Mezz 10 L.L.C.
ESA P Mezz 10 L.L.C. 0224
ESA Mezz 10 L.L.C. 0175
Homestead Village L.L.C. 8930
f/k/a BRElHomestead VillaggLLC.
ESA MD Beneficiary L.L.C. 7038
f/k/a BRE/ESA MD Beneficiary L.L.C.
ESA P Portfolio MD Trust 8258
f/k/a BRE/ESA P Portfolio MD Trust
ESA MD Properties Business Trust 6992
f/k/a BRE/ESA MD Properties Business Trust
ESA P Portfolio MD Beneficiary L.L.C. 8432
f/k/a BRE/ESA P Portfolio MD Benefici L.L.C.
ESA Canada Properties Trust
f/k/a BRE/ESA Canada Properties Trust
ESA Canada Trustee Inc.
f/k/a BRE/ESA Canada Trustee Inc.
ESA Canada Beneficiary Inc.
f/k/a BRE/ESA Canada Beneficiary Inc.
ESA UD Properties L.L.C.
ESA 2007 Operating Lessee Inc.
f/k/a BRE/ESA 2007 Operating Lessee Inc.
ESA 2005 Operating Lessee Inc.
f/k/a BRE/ESA 2005 Operating Lessee Inc.
ESA Operating Lessee Inc.
f/k/a BRE/ESA O eratin; Lessee Inc.
ESA P Portfolio Operating Lessee Inc. 7433
f/k/a BRE/ESA P Portfolio 0 ratin; Lessee Inc.
ESA Business Trust 8078
f/k/a BRE/ESA Business Trust
ESA Manaement L.L.C. 9101
ESA P Portfolio Holdings L.L.C. 8432
f/k/a BRE/ESA P Portfolio Holdings L.L.C.
ESA Canada Operating Lessee Inc. 8838
f/k/a BRE/ESA Canada 0 ratin; Lessee Inc.
Extended Stay Hotels L.L.C. 7438
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EXHIBIT B
ORGANIZATIONAL CHART
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EXHIBIT C
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EXTENDED STAY HOTELS
RESTRUCTURING TERM SHEET1
In an attempt to facilitate an expeditious and value maximizing restructuring, this nonâbinding
term sheet (the âTerm Sheetâ) dated as of June 12, 2009, outlines the principal economic terms of
a proposed restructuring pursuant to a plan of reorganization (the âPlan â) under chapter ll of
title ll of the United States Code (the âBankruptcy Code â) of the outstanding indebtedness and
equity of Extended Stay Hotels, Inc, Homestead Village L.L.C. and certain of their whollyâ
owned direct and indirect subsidiaries (collectively, the âCompanies â), including, without
limitation, (i) the obligations outstanding under that certain $4.1 billion mortgage loan (the
âMortgage Loanâ) dated as of June 1 l, 2007, among Wachovia Bank, National Association,
Bear Steams Commercial Mortgage, Inc. and Bank of America, NA, as co-lenders, and the
borrower entities signatory thereto, and the related certiï¬cates (the ââCertiï¬catesâ) that represent
100% of the beneï¬cial interests in the Mortgage Loan; (ii) the obligations outstanding under
those certain mezzanine loans (collectively, the âMezzanine Loans â) dated as of June ll, 2007,
among the borrower entities and ï¬nancial institutions signatory thereto in the aggregate amount
of approximately $3.3 billion; (iii) the outstanding preferred equity (the âPreferred Equityâ); and
(iv) the outstanding common equity and other equity interests (the âCommon Equityâ).
This Term Sheet does not address all of the terms and conditions that would need to be agreed to
in order to have a consensual Plan. Without limiting the generality of the foregoing, this Term
Sheet is subject to the parties reaching agreement on a satisfactory use of cash collateral.
Mortgage Loan: Pursuant to the Plan, the Trustee for the Trust established pursuant to
that certain Trust and Servicing Agreement dated as of August 1,
2007 between Wachovia Large Loan, Inc, Wachovia Bank, National
Association, and Wells Fargo Bank, NA. (the âTrust and Servicing
Agreementâ), as lender under the Mortgage Loan, will be entitled to
receive in full and complete satisfaction of its claims arising under
the Mortgage Loan and in exchange for the Mortgage Loan, but
subject to the exchange for certain Certiï¬cates described below, (i)
$1.8 billion in principal amount of a new three-tranche first lien
mortgage loan (the âNew First Lien Mortgage Loanâ), the terms of
which are set forth on Exhibit A and shall be generally consistent
with the terms of the Mortgage Loan, but shall include a to be
negotiated ï¬nancial covenant that is reasonably satisfactory to the
The proposed terms and conditions set forth in this Term Sheet are intended merely as an outline of certain
material terms of a potential transaction and do not constitute an offer, agreement or binding commitment
by or on behalf of any party. This Term Sheet does not include a description of all of the terms, conditions
and other provisions that would be contained in deï¬nitive documentation relating to the proposed
transaction and is not intended to limit the scope of discussion and negotiation of any matters not consistent
with the specific matters set forth herein. This Term Sheet is also not an offer for the purchase, sale or
subscription of or solicitation or invitation of any offer to buy, sell or to subscribe for any securities nor
shall it or any part of it form the basis of or be relied on in connection with any contract or commitment
whatsoever.
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Mortgage Loan
Certiï¬cates:
holders of the New First Lien Mortgage Loan and the holders of
Certiï¬cates that are proponents of this Term Sheet (the âSupporting
Holdersâ), (ii) up to $775 million in principal amount of a new
second lien mortgage loan secured by second priority mortgages and
evidenced by new second lien mortgage notes (the âNew Second
Lien Notesâ), the terms of which are set forth on Exhibit B and shall
be generally consistent with the terms of the Mortgage Loan, which
mortgages shall be subject to an intercreditor agreement in form
satisfactory to the holders of both the New First Lien Mortgage Loan
and the New Second Lien Notes, (iii) up to $471.25 million of new
preferred stock (âNew Preferred Stockâ) to be issued by NewCo (as
deï¬ned below)2, the terms of which are set forth on Exhibit C and
(iv) 100% of the new common equity (the âNew Common Stockâ) to
be issued by NewCo based on the Plan value of $3.3 billion.
Except as set forth below, the Certiï¬cates will remain outstanding
and will continue to represent 100% of the beneï¬cial interest in the
New First Lien Mortgage Loan. The Certiï¬cates will be serviced by
the New First Lien Mortgage Loan pursuant to the terms thereof and
the Trust and Servicing Agreement.
Pursuant to the Plan, the principal amount of the New First Lien
Mortgage Loan will be less than the Mortgage Loan and will
generate less debt service payments for the Trust to satisfy
distributions on account of all classes of the Certiï¬cates. As a result,
(i) the holders of the A4 Certiï¬cates will receive the New Second
Lien Notes in lieu of retaining and in exchange for their A4
Certiï¬cates and (ii) all other classes of Certiï¬cates that are junior to
Classes Al through A4 as set forth on Exhibits C through D (the
âJunior Certificatesâ) will have Realized Losses (as deï¬ned in the
Trust and Servicing Agreement) and therefore will not be entitled to
interest or principal payments on account of their Certiï¬cates.
However, in order to provide holders of Junior Certiï¬cates the value
and recovery on account of their Certiï¬cates that they are entitled to
receive based on the value of the Companies, pursuant to the Plan,
each class of holders of Junior Certiï¬cates will receive the New
Preferred Stock and New Common Stock (collectively, the âNew
Securitiesâ) (that would otherwise have been provided to the Trustee
for the Trust as set forth above), in lieu of retaining and in exchange
for their Certiï¬cates.
The holders of the A4 Certiï¬cates will receive in exchange for the
A4 Certiï¬cates the New Second Lien Notes as set forth on Exhibit
B, with each holder receiving its pro rata share based on its holdings
as compared to the aggregate holdings within the A4 class. The
The structure of the reorganized entity is to be determined based on the tax implications to the Companies
and their constituencies and other considerations.
2
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allocation and amount of the New Securities each class of Junior
Certiï¬cates will receive in exchange for the Junior Certiï¬cates as
provided for above are set forth on Exhibits C and I), with each
Certiï¬cate holder in such class of Junior Certiï¬cates receiving its pro
rata share based on its holdings as compared to the aggregate
holdings of the class.
As set forth on Exhibit D, holders of Junior Certiï¬cates in classes H
through M will not be entitled to a direct distribution of either the
New Second Lien Notes or the New Securities. In exchange for their
Junior Certiï¬cates, holders of Junior Certiï¬cates in classes H
through M will receive the call options (the âCall Optionsâ)
described below.
In addition, the holders of A4 Certiï¬cates and/or the holders of
Junior Certificates who are entitled to receive New Second Lien
Notes or New Securities in exchange for their Certiï¬cates (the
âEligible Holdersâ) will have the option to elect to receive, in lieu of
all or a portion of their respective interests in the New Second Lien
Notes or New Securities, new unsecured debt (âNew Unsecured
Debtâ) to be issued by NewCo in the aggregate amount of up to $250
million. The New Unsecured Debt will have a nine-year term and
interest will be payable in cash at a six percent annual rate. The ratio
of New Second Lien Notes to New Unsecured Debt will be three to
two (such that for every $3 in New Second Lien Notes an Eligible
Holder is entitled to receive under the Plan, such Eligible Holder will
be entitled to elect to receive $2 in New Unsecured Debt in lieu of
the New Second Lien Notes). The ratio of New Securities to New
Unsecured Debt will be tlnee to one (such that for every $3 in New
Securities an Eligible Holder is entitled to receive under the Plan,
such Eligible Holder will be entitled to elect to receive $1 in New
Unsecured Debt in lieu of the New Securities). Eligible Holders of
New Second Lien Notes will have priority over Eligible Holders of
New Securities to elect to receive New Unsecured Debt, subject to a
cap of $200 million (âNew Second Lien Notes Capâ) applicable only
if Eligible Holders of New Securities elect to receive more than $50
million of New Unsecured Debt. If the New Second Lien Notes Cap
applies to electing Eligible Holders of the New Second Lien Notes,
the New Unsecured Debt will be distributed among such electing
Eligible Holders pro rata in an aggregate amount not to exceed the
New Second Lien Notes Cap. The aggregate amount of New
Unsecured Debt to be issued on account and in lieu of New
Securities shall not exceed $100 million (the âNew Securities Capâ).
To the extent that Eligible Holders that are otherwise entitled to New
Securities elect to receive, in the aggregate, greater than the New
Securities Cap of New Unsecured Debt, the New Unsecured Debt
will be distributed among such electing Eligible Holders pro rata in
3
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Mezzanine Loans:
Preferred Equity:
Common Equity:
Call Options:
an aggregate amount not to exceed the New Securities Cap.
Based upon the valuation of the Companies, the lenders under the
Mezzanine Loans are not entitled to receive a distribution on
account of their claims arising under the Mezzanine Loans.
Therefore, the Mezzanine Loans and the claims arising thereunder
will be extinguished and discharged and holders thereof will not
receive a distribution on account of such claims.
However, in order to resolve and settle any and all potential claims
or causes of action the holders of the Mezzanine Loans may assert
or pursue against the Companies or their related entities, with the
consent of the holders of the Mortgage Loan pursuant to the Plan,
the holders of the Mezzanine Loans will receive the Call Options
described below.
Based upon the valuation of the Companies, the holders of the
Preferred Equity interests are not entitled to receive a distribution
on account of their interests. Therefore, the Preferred Equity
interests will be extinguished and holders thereof will not receive a
distribution on account of such interests.
However, in order to resolve and settle any and all potential claims
or causes of action the holders of the Preferred Equity may assert or
pursue against the Companies or their related entities, with the
consent of the holders of the Mortgage Loan pursuant to the Plan,
the holders of the Preferred Equity Interests will receive the Call
Options described below and warrants (the âWarrantsâ) for up to
10% of New Common Stock, the terms of which are set forth on
Exhibit E.
Common Equity interests will be extinguished and holders thereof
will not receive a distribution.
The Call Options are transferable options to purchase the New
Securities distributed to holders of Certiï¬cates in classes B through
G at a price equal to par plus accrued interest in respect of the claims
of such classes B through G, subject to the adjustment described
below. The Call Options will be exercisable on the 30âh day after the
effective date of the Plan (the âEffective Dateâ). The Call Options
will represent the right to purchase, in the aggregate, 100% of the
New Securities distributed to holders of Certificates in classes B
through G. If any âpersonâ (including any group), as such term is
deï¬ned in section l3(d)(3) of the Securities Exchange Act of 1934,
exercises Call Options to purchase greater than 50% of the then
outstanding New Securities, such individual or group shall be
required to purchase 100% of the then outstanding New Securities.
4
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With respect to the Junior Certiï¬cates, the Call Options will be
distributed to holders in classes H through M of the Junior
Certiï¬cates and each holder of such Junior Certiï¬cates will receive
its pro rata portion of the Call Options based on its holdings within
its class of Junior Certiï¬cates. With respect to the Mezzanine Loans,
the Call Options will be distributed to lenders under Mezzanine
Loans A through J and each lender under such Mezzanine Loans will
receive its pro rata portion of the Call Options based on its holdings
within its Mezzanine Loan tranche. With respect to the Preferred
Equity, the Call Options will be distributed to holders of the A-l, A-
2 and Aâ3 Units and each holder will receive its pro rata portion of
the Call Options based on its holdings within the Units.
The right to exercise the Call Options will be based on the seniority
of the holders receiving Call Options in reverse order with the most
junior constituents having priority to exercise (such that the holders
of Preferred Equity will have priority over all other holders of the
Call Options to exercise the Call Options and the lenders under the
Mezzanine Loans will have priority to exercise over the holders of
the Junior Certiï¬cates). Within the tranches of the Mezzanine
Loans and the classes of Junior Certiï¬cates, the most junior
tranches/classes will have priority to exercise over the senior
tranches/classes. Each holder of a Call Option will have the right to
oversubscribe for the New Securities to the extent that other holders
of Call Options with the same priority do not exercise their Call
Options.
To the extent necessary, there will be a price adjustment for the Call
Options based on the seniority of the exercising holders such that
the price for an exercising holder equals par plus accrued interest in
respect of the claims of all classes of Certiï¬cates in classes B
through G plu__s the claims of only those classes of Junior
Certiï¬cates and/or tranches of Mezzanine Loans that are senior to
the exercising class and have also elected to exercise their Call
Options. By way of example, if holders in Certiï¬cate class H elect
to purchase 10% of the New Securities and holders in Certiï¬cate
class M elect to purchase 100% of the New Securities (and no other
holders of the Call Options elect to exercise), the exercise price for
90% of the New Securities purchased by the holders in Certiï¬cate
class M will equal par plus accrued interest in respect of the claims
of classes of Certiï¬cates B through G and the exercise price for
10% of the New Securities purchased by the holders in Certiï¬cate
class M will equal par plus accrued interest in respect of the claims
of the Certiï¬cates in class H.
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NewCo:
Subject to the results of the tax review and other diligence, a new
holding company (âNewCoâ) will be created to hold all of the
equity interests of the Mortgage Borrowers from and after the
Effective Date pursuant to organizational documents satisfactory to
the parties thereto and Supporting Holders. NewCo will issue the
New Securities. Control of HVM L.L.C., the Companiesâ current
management company, and its subsidiaries and afï¬liates, and all
other assets necessary to run the Companiesâ business as a goingâ
concern, including the trademarks for the Extended Stay America,
Studio Plus, Crossland and Extended Stay Deluxe brands, along
with any variations of those names and other intellectual property
owned by BHAC Capital IV LLC, will also be contributed to
NewCo in exchange for, in part, the releases described below, and
the Warrants and Call Options described above.
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Management
Arrangements:
Releases and
Exculpation:
Pursuant to the Plan, the Companiesâ existing management
agreements will be rejected and NewCo will enter into new
management agreements with the Companiesâ current management
mutually agreed to by Supporting Holders and management.
NewCo will also enter into new compensation arrangements with
management that are mutually agreed to by Supporting Holders and
management, which may include potential equity participations
based on the performance of the businesses. It is understood that
the Management Arrangements shall be structured to provide
incentive compensation that aligns the interests of management
with those of both the holders of the New Preferred Stock and New
Common Stock. This shall be achieved either by creating an
incentive compensation structure to the returns on both the New
Preferred Stock and New Common Stock or through an alternate
structure mutually agreeable to the Companies, management, and
the Supporting Holders.
The Plan will provide for customary exculpation for all parties in
connection with the formulation, solicitation and consummation of
the Plan and mutual releases of individuals who will remain with
the management company for NewCo, and certain other third
parties.
The holders of the Mortgage Loan and the holders of the Mezzanine
Loans and Preferred Equity interests that receive a distribution
under the Plan (the âAccepting Holdersâ) will release David
Lichtenstein from liability under his guarantee of the Mortgage
Loan and the Mezzanine Loans, except with respect to the filing of
the chapter ll cases (the âBankruptcy Guaranteeâ). Prior to the
Effective Date, Accepting Holders will agree not to exercise
remedies under the Bankruptcy Guarantee; provided however, that
to the extent a claim under the Bankruptcy Guarantee with respect
any of the Mezzanine Loans or the Mortgage Loan is asserted
against Mr. Lichtenstein, the Accepting Holders will agree to join
in such action and/or exercise remedies with respect to the
Bankruptcy Guarantee; provided further that to the extent an
Accepting Holder is entitled to a recovery on account of the
Bankruptcy Guarantee, such holder will turnâover and contribute
such recovery to NewCo. On the Effective Date, Accepting
Holders will be deemed to have transferred to NewCo all of their
rights and remedies under the Bankruptcy Guarantee, including all
rights to enforcement and collection.
In exchange for Mr. Lichtensteinâs agreement to transfer to Newco
his interest in HVM Manager LLC, and the resulting transfer of
control of HVM L.L.C. and its subsidiaries and affiliates as
described above, in addition to the releases set forth herein, subject
to the occurrence of and on the Effective Date, NewCo will agree to
7
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provide Mr. Lichtenstein with an indemnity (the âIndemnityâ? for
any final and non-appealable damages claim against him due to the
ï¬ling of the bankruptcy proceeding in breach of the Bankruptcy
Guarantees relating to the Mezzanine Loans and the Mortgage Loan
for (i) with respect to the Bankruptcy Guarantees relating to
Mezzanine Loans, up to $50 million and (ii) with respect to the all
of the Bankruptcy Guarantees, up to $100 million in the aggregate.
For the purposes of clarity, NewCoâs undertaking to provide the
Indemnity is subject to the occurrence of the Effective Date of the
Plan that is consistent in all respects to the terms of this Term Sheet
and has been consented to by the Supporting Holders.
As a condition to NewCoâs undertaking to provide the Indemnity,
at all times Mr. Lichtenstein is obligated to diligently and
vigorously defend against any claims and causes of action asserted
against him under the Bankruptcy Guarantees. During the chapter
11 cases, any proposed settlement of claims and causes of action
asserted against Mr. Lichtenstein under the Bankruptcy Guarantees
must be reasonably satisfactory to the Supporting Holders and
subject to Bankruptcy Court approval. On and after the Effective
Date, as a further condition to NewCoâs undertaking to provide the
Indemnity, NewCo, in its sole discretion will have the right to
control the defense, prosecution and/or settlement of any claims,
causes of action, litigation or other proceeding commenced against
Mr. Lichtenstein, including, without limitation, the selection of
counsel and the timing and circumstances of any strategy, defense,
appeals, settlement negotiations and the like, and Mr. Lichtenstein
will be obligated to cooperate fully and completely with and assist
NewCo with respect to such actions and proceedings and will
refrain from taking any action or failing to take any action that is
inconsistent with or would hinder the litigation and/or settlement
efforts and strategy as determined by NewCo in its sole discretion.
Without in any way limiting the foregoing, NewCo will agree to
provide Mr. Lichtenstein with information regarding material
events in any litigation or other proceeding, as well as with the
opportunity to provide input on a regular basis and will consult with
Mr. Lichtenstein with respect to the terms of a settlement. To the
extent Mr. Lichtenstein fails to satisfy his obligations to defend, and
to cooperate and facilitate the defense and/or prosecution of, any
claims or causes of action arising out of the Bankruptcy Guarantees
as provided herein either during the chapter 11 cases or on and after
the Effective Date, or acts in a manner that is otherwise inconsistent
with the foregoing, NewCoâs undertaking to provide the Indemnity
will be null and void.
During the chapter ll cases, at the appropriate time determined by
the Companies and the Supporting Holders in consultation with Mr.
Lichtenstein, the Companies will seek a coâdebtor stay from the
8
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No Substantive
Consolidation:
Bankruptcy Court to stay, among other things, the assertion of any
claims or causes of action against Mr. Lichtenstein arising out of
the Bankruptcy Guarantees. The Companies and the Supporting
Holders agree that seeking a co-debtor stay with respect to Mr.
Lichtenstein will facilitate the implementation of the a restructuring
pursuant to the terms of this Term Sheet. Therefore, in connection
with the Companies' efforts to obtain the coâdebtor stay from the
Bankruptcy Court and until a co-debtor stay is obtained, so long as
the Companies, Mr. Lichtenstein and the Supporting Holders are
diligently pursuing the implementation and conï¬rmation of the Plan
that is consistent in all respects with the terms of this Term Sheet,
the Supporting Holders will agree not to commence any action
against Mr. Lichtenstein under the Bankruptcy Guarantee. To the
extent that the Bankruptcy Court does not grant a co-debtor stay,
the Companies will provide access to an up to $5 million litigation
reserve to be used by Mr. Lichtenstein during the chapter 11 cases
to defend against litigation (subject to the terms, conditions and
provisions contained above with respect to the control of and
cooperation in any action) commenced against him arising out of
his breach of the Bankruptcy Guarantees relating to the Mortgage
Loan and the Mezzanine Loans. All amounts provided to Mr.
Lichtenstein from the litigation reserve will be credited against the
total amount of the indemnity to be given by NewCo on the
Effective Date.
The Plan will not provide for substantive consolidation. The Plan
with respect to the Mortgage Borrowers will be consummated and
become effective regardless of whether a Plan with respect to any
Mezzanine Borrower cannot be or is not conï¬rmed.
Conditions to Closing Conditions customary for a transaction of the type contemplated by
the Transaction:
Governing law:
this Term Sheet including, Without limitation, that there shall be no
material adverse change to the assets, liabilities, businesses, or
prospects of the Companies or their subsidiaries in the ability of
these entities to perform their obligations hereunder (provided that
the commencement of the chapter ll cases and any events of
default that may occur under the Mortgage Loan or the Mezzanine
Loans shall not constitute material adverse changes for purposes of
this provision), satisfaction with the resolution of all accounting and
tax matters and satisfaction with the terms and conditions of any
and all documents relating to the restructuring of the Companies
and their subsidiaries.
New York law.
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EXHIBIT A
TERMS OF NEW FIRST LIEN MORTGAGE LOAN
Certiï¬cates: Certiï¬cate Classes Al through A3
Initial Term: 5 years
Extension Options: One l-yr option, subject only to a 1% fee and no event of default
Call Protection: None
Interest: Payable in cash at rates described below
Increase to Current Increase to Current
Rate (Years 1 â- 5) Rate (Year 6)
Certiï¬cate A1 [ 1.00% 3.00%
Certiï¬cate A2 1 2.00% 4.00%
Certiï¬cate A3 J 300% 5.00%
Payable in kind at rates described below
Increase to Current i Increase to Current
Rate (Years 1 â 5) Rate (Year 6)
Certiï¬cate A1 0.00% l 0.00%
Certiï¬cate A2 0.00% l 0.00%
Certiï¬cate A3 1.00% 1.00%
10
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EXHIBIT B
TERMS OF NEW SECOND LIEN NOTES
Certiï¬cates: Certiï¬cate Class A4
Initial Term: 5 years
Extension Options: Two l~yr options, subject only to no event of default
Call Protection: 105%, 104%, 103%, 102%, 101% in Years 1, 2, 3, 4 and 5,
respectively
Interest: Payable in kind at rates described below
Increase to Increase to Increase to
Current Rate Current Rate Current Rate
(Years 1 ââ 5) (Year 6) (Year 7)
Certiï¬cate A4 I 7.776% 8.776% 10.776%
ll
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Junior Certiï¬cates:
Initial Term:
Extension Options:
Call Protection:
EXHIBIT C
TERMS OF NEW PREFERRED STOCK
5 years
Certiï¬cate Classes B through G
Three 1~yr options, subject only to no event of default
105%, 104%, 103%, 102%, 101% in Years 1, 2, 3, 4 and 5,
respectively
Interest: Payable in kind at rates described below
Rate (Years 1 â 5) Rate (Year 6) I Rate (Year 7) Rate (Year 8)
Classes BâG 14.00% 15.00% I 16.00% 17.00%
12
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EXHIBIT D
DISTRIBUTION OF NEW SECURITIES*
Certiï¬cate Class Distribution
Classes B through F: Pro rate portion of 89.7% of New Preferred Stock
Pro rata portion of 89.7% of New Common Stock
Class G: 10.3% of New Preferred Stock
10.3% of New Common Stock
Classes H through M: I Call Options
Distributions set forth herein are as of the Effective Date and do not give effect to the New Unsecured Debt
election or the exercise ofthe Call Options.
13
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EXHIBIT E
TERMS OF NEW COMMON EQUITY WARRANTS
Recipients: Existing Preferred A~l, Aâ2 and Aâ3 Units
Term: 5 years
May be exercisable for New Common Stock in NewCo under the following
Warrants: terms:
Fully Diluted Equity Interest Equity Strike Price
(implied Initial Enterprise Value)
2.5% , $1.445 Bn ($4.5 Bn)
2.5% $1.945 Bn ($5.0 B11)
5.0% $2.445 Bn ($5.5 Bn)
Other Terms: Shall include, but not be limited to, antidilution, cashless exercise, and
other provisions similar for securities of this type. Shares received upon
exercise of warrants shall have no less favorable terms than those
applicable to any other shareholder in the transaction, including, to the
extent applicable, reporting, tag along, preemptive, registration, and other
rights. Warrants shall dilute all holders ratably.
14
7319044
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Schedule 1
Pursuant to Local Bankruptcy Rule 1007-2(a)(3), the following is a list of
the names and addresses of the attorneys for the Ad Hoc Mortgage Lender Group, and the
Ad Hoc Mezzanine Lender Group, organized prior to the order for relief in these chapter
11 cases, and a brief description of the circumstances surrounding the formation of those
committees and the dates of their formation.
Committee L Attorneys Attomexsâ Address, _ Description _
Ad Hoc Fried Frank One New York Plaza Organized on or about December 2008, to
Mortgage Harris Shriver New York, NY 10004â facilitate discussions with certain holders of
Lender & Jacobson 1980 the mortgage debt regarding a potential
Groupl LLP Attn: Brad Scheler, Esq. restructuring transaction.
& Jennifer Rodburg, Esq.
Schulte Roth 919 Third Avenue
& Zabel LLP New York, NY 10022
Attn: Adam Harris, Esq.
Ad Hoc Kaye Scholer 425 Park Avenue Organized on or about January 2009, to
Mezzanine LLP New York, NY 10022 facilitate discussions with certain holders of
Lender Attn: Jeannie Bionda, the mezzanine debt regarding a potential
Group2 Esq. and Louis Hait, Esq. restructuring transaction.
Cleary, One Liberty Plaza
Gottlieb, Steen 37th Floor
& Hamilton New York, NY 10006
Attn: Michael
1 Weinberger, Esq. l
' As of the Commencement Date, the Supporting Certificate Holders consisted of certain holders
of the $4.1 billion debt under that certain agreement (the âMortgage Loan Agreementâ), dated as
of June 11, 2007, between the Mortgage Borrowers, the Maryland Owner, the Signatory Trustee,
the Canadian Trust, the Operating Lessee (as defined in the Mortgage Loan Agreement) and
Wachovia Bank, NA, Bear Steams Commercial Mortgage, Inc., and Bank of America, NA, as
lenders.
2 As of the Commencement Date, the Ad Hoc Mezzanine Lender Group consisted of Bank of
America, N.A., Merrill Lynch Mortgage Lending, Inc., Blackrock Financial Management, Inc.
and US. Bank National Association (as trustee for the certificate holders of the Maiden Lane
Commercial Mortgage~Backed Securities Trust 2008-1), each in its capacity as a mezzanine
lender. Wachovia Bank National Association, one of the Mezzanine Lenders, is separately
represented by Morrison & Foerster LLP. Fortress, another Mezzanine Lender, is separately
represented by Sidley Austin L.L.P.
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Schedule 2
5 Largest Unsecured Claims (Excluding Insiders) 1
Pursuant to Local Bankruptcy Rule 1007~2(a)(4), the following lists the
Debtorsâ five largest unsecured claims, on a consolidated basis, excluding claims of
insiders as defined in 11 U.S.C. § 101.
(1) (2) (3) ( 4) (5)
Name of creditor and Name, telephone Nature of l Indicate if Estimated
complete mailing number and complete claim (trade claim is amount of claim
address, including zip mailing address, debt, bank contingent, as of June 11,
code including zip code, of loan, unliquidated, 2009 (if secured
employee, agent or government disputed, or also state value
department of creditor contract, etc.) subject to of security)
familiar with claim setoff
L_ who may be contacted
Manufacturers and Manufacturers and 9 7/8% Senior $8,542,538.09
Traders Trust Traders Trust Company Subordinated
Company One M&T Plaza Notes due
One M&T Plaza, Buffalo, NY 14203 June 15, 201 1
Buffalo, New York Attn.: Russell T.
14203 Whitley
Tel.: (716) 842-5602
Fax: (716) 8424474 I_â
Thomson Property Tax Thomson Property Professional $208,418.00
Services Tax Services Fees
33317 Treasury Center 33317 Treasury Center
Chicago, IL 60694â Chicago, IL 60694â
3300 3300
Ann: Chris Boyer
Tel.: (404) 942â6349
Fax: (404) 631-9051
Zurich North America Zurich North America Insurance $46,734.43
8745 Paysphere Circle 8745 Paysphere Circle
Chicago, IL 60674 Chicago, IL 60674
gm; Joe Linkous
Tel.: (312) 496-9328
Fax: (312) 4969030
._l
l The information herein shall not constitute an admission of liability by, nor is it binding on, the
Debtors. All claims are subject to any customary offsets, discounts, reconciliations, credits, and
adjustments, which are not reflected on this schedule.
As further detailed in the First Day Declaration, non-Debtor HVM L.L.C. manages the Extended
Stay hotels and pays all property levels expenses, including payments to all employees and all
service providers to the hotels. HVM L.L.C. is not listed on this schedule because, for purposes
hereof, it is treated as an insider of the Debtors.
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(I)
Name of creditor and
complete mailing
address, including zip
code
(2)
Name, telephone
number and complete
mailing address,
including zip code, of
employee, agent or
department of creditor
familiar with claim
who max be contacted
(3)
Nature of
claim (trade
debt, bank
loan,
government
contract, etc.)
( 4) (5)
Estimated
amount of claim
as of June 11,
2009 (if secured
also state value
of security)
Indicate if
claim is
contingent,
unliquidated,
disputed, or
subject to
setoff
Zurich Global
Corporate Business
1818 Market Street,
21 st Floor
Philadelphia, PA
19103
Attn.: Victor F ioravante
Tel: (215) 979-6645
Fax: (215) 979-6753
Siver
9400 Fourth Street N
Suite 119
St. Petersburg, FL
33702
Siver
9400 Fourth Street N
Suite 119
St. Petersburg, FL
33702
Arm: George Erickson
Tel: (727) 577-2780
Fax: (727) 579â8692 1
K C M
16905 Simpson Circle
Paeonian Springs, VA
20129
K C M
16905 Simpson Circle
Paeonian Springs, VA
20129
Attn: Legal Dept.
Tel: (540) 882-3100
Professional
Fees
$ 19,690.42
Professional
Fees
+$3,932.95
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W
DL-DW Holdings LLC Consolidated Balance Sheet1
Audited as of December 31, 2008 and December 31, 2007
(dollars in thousands)
Assets
Current Assets
Cash and cash equivalents
Accounts receivable, net of allowance for doubtful accounts of
$779 and $1,133 at December 31, 2008 and 2007,
respectively
Restricted cash
Other current assets
Investment in derivative instruments, at fair value
Total current assets
Property and equipment, net of accumulated depreciation of
$574,415 and $209,108 at December 31, 2008 and 2007,
respectively
Capital lease asset, net of accumulated amortization of $7,594
and $2,712 at December 31, 2008 and 2007, respectively
Land available for sale
Deferred ï¬nancing costs, net of accumulated amortization of
$58,145 and $20,756 at December 31, 2008 and 2007,
respectively
Trademarks
Intangible assets, net of accumulated amortization of $13,062 and
$17,434 at December 31, 2008 and 2007, respectively
Goodwill
Investment in derivative instruments, at fair value
Other assets
Total Assets
December 31,
2008 2007
( In Thousands)
8 32,282 8 56,578
20,055 24,539
96,874 127,415
27,536 24,421
7,600 -
184,347 232,953
6,706,414 7,050,159
107,406 1 12,288
2,000 2,000
35,817 72,729
49,291 58,000
18,708 152,766
â 346,312
â 37,679
29,478 30,921
8 7,133,461 8 8,095,807
I This consolidated balance sheet is for DL-DW Holdings LLC, Extended Stay Inc., Homestead
Village L.L.C. and their respective debtor and non-debtor subsidiaries. Certain of the nonâdebtor
subsidiaries, including ESA International, Inc., ESA West, Inc, ESA Spartanburg, LLC and BSA
Holdings 2005 L.L.C., do not have any assets or liabilities, or have an insignificant amount of
assets and liabilities.
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Liabilities and membersâ (deficient) equity
Current Liabilities
Accounts payable and other accrued expenses
Accrued real estate taxes
Accrued payroll and payroll related expenses
Accrued interest payable
Construction and retainage payables
Mortgages payable
Mezzanine loans
Note payable to afï¬liate
Premium on mortgage payable and mezzanine loans, net of
amortization of $6,188 at December 31, 2008
Capital lease obligation
Subordinated notes, net of discount of $881 and $347 at
December 31, 2008 and 2007, respectively
Total current liabilities
Mortgage payable
Mezzanine loans
Premium on mortgage payable and mezzanine loans, net of
amortization of $833 at December 31, 2007
Subordinated notes, net of discount of $1,158 at December 31,
2007
Capital lease obligation, net of current portion
Other liabilities
Total liabilities
Commitments and contingencies
Minority interest in BHAC Capital IV L.L.C.
Minority interest in HVM L.L.C.
Minority interest in Extended Stay Inc.
Total minority interests
Membersâ (deï¬cient) equity
Total liabilities and membersâ (deï¬cient) equity
US_ACIâIVE:\20946310\15\209463 10_15.DOC\44287.0003 2
December 31,
2008 2007
(In Thousands)
$ 48,541 8 54,395
23,717 19,898
20,198 29,776
18,382 26,474
618 4,528
4,108,349 -
3,295,456 ~
18,667 â
18,742 -
860 750
7,268 30,553
7,560,798 166,374
- 4,100,000
â 3,295,456
- 24,097
.- 6,991
112,749 1 13,609
793 2,571
7,674,340 7,709,098
_ 277,175
.. 1,280
109 1 17
109 _ 278,572
$ 7,133,461 $ 8,095,807
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Schedule 5
Debtorsâ Property Not in the Debtorsâ Possession
Pursuant to Local Bankruptcy Rule 1007â2(a)(8), the following lists the
Debtorsâ property that is in the possession or custody of any custodian, public ofï¬cer,
mortgagee, pledgee, assignee of rents, secured creditor, or agent for any such entity.
Wachovia Cash Wachovia Bank, NA. Mike Benner
Management Account Vice President
Wachovia Securities
201 South College Street
NC1075
Charlotte, NC 28288
(Tel) 704-715-4524
(Fax) 704-715â0036
List of Vendors Holding Property of Debtors
Echota Fabrics, Inc
Deposit for 28% of Total 1394 US 41 N, Calhoun, GA 30701
Value of Product Attn: Joel Ostuw
(Welcome Packa e) Echota Fabrics Tel: 800â763-9750
Deposit for Closet Covers, Echota Fabrics, Inc
J âbars, pillows from Arcs 1394 US 41 N, Calhoun, GA 30701
& Angles (Welcome Attn: Joel Ostuw
Packae) Echota Fabrics Tel: 800â763â9750
Artistic Framing, Inc.
860 Chaddick Drive, Unit F,
Wheeling, IL 60090
Deposit for 75% artwork Attn: Laura N ankin
(Welcome Packa e) Artistic Framin; Tel: 414-961â8751
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Furniture Depos1t AC
Furniture Distributor
(Heather Brooke)
(Welcome Package ~
console & endâtable)
50% Prepay for Carpet &
Rugs for Welcome
Packae
Lobby Lamps & Wall
Sconce Deposit Trinity
Distributor (Shine Home)
for Welcome Packa e
Welcome Package Deposit
(clocks, ï¬oral
arranements, etc)
Deposit AC Furniture
(Welcome Package bench,
lounechair, etc)
Deposit for Black Ergo
Chairs
De - o sit for Comer Guards
Deposit for Case Goods
(Welcome Package
dressers, TV stands, chest)
AC Furniture
Com an , Inc
Signature Hospitality
Carpets
Huber Decor
AC Furniture
Hockenberg
Foodservice
Gross Sales &
Marketing Co. Inc
Thomasville
Furniture Industries,
Inc
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AC Furniture Company, Inc.
PO Box 200, Axton, VA 24054
Attn: Ronnie Hopkins
Tel: 276-650-3356
Signature Hospitality Carpets
2222 South Hamilton Street, Dalton,
GA 30722
Attn: Brenda Gravitt
Tel: 800â809-7086
Trinity Lighting, Inc
2902 Quality Way, PO Box 148,
Jonesboro, AR 72403
Attn: Robyn Smith
Tel: 870-972-1 177
Huber Decor
2216 Plantside Drive, Louisville,
KY 40299
Attn: Nancy Rankin
Tel: 502â491-1062
AC Furniture Company, Inc.
PO Box 200, Axton, VA 24054
Attn: Ronnie Hopkins
Tel: 276-650-3356
Hockenberg Foodservice
14603 W 112th, Lenexa, KS 66215
Attn: Tom Nemmers
Tel: 913-378â0812
Gross Sales & Marketing Co. Inc
PO Box 41595,
Centerville, OH 45441
Attn: Jerry Gross
Tel: 937-885-2344
Thomasville Furniture Industries,
Inc.
PO Box 339,
Thomasville, NC 27361-0339
Attn: Dave Grubbs
Tel: 336472â4000
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Deposit for Fabric
(Welcome Packa e)
Advanced Funding â HSD
Artwork (Deposit for
Inventory)
Deposit (HSD â assorted
brown birds, etc)
Deposits for goods (HSD
headboards, tables etc)
Deposit for goods
Deposit for goods
Deposit for carpet (HSD,
RIO and Deluxe)
Lane Furniture
Industries, Inc
Carolina Gallery Art
and Frame
Huber Décor
Jasper Seating Co.,
Inc
Jasper Seating Co.,
Inc
Jasper Seating Co.,
Inc
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Lane Furniture Industrles, Inc.
5380 Highway 145, Box 1627,
Tupelo, MS 38802
Attn: Butch Cockrell
Tel: 662-566â7211
Carolina Gallery Art and Frame
145 West Main Street,
Spartanburg, SC 29306
Attn: Edward Emory
Tel: 864-585â3335
Huber Décor
2216 Plantside Drive,
Louisville, KY 40299
Attn: Nancy Rankin
Tel: 502â491-1062
Jasper Seating Co., Inc.
932 Mill Street,
Jasper, IN 47547
Attn: Eric Klem
Tel: 404-389-0900
Jasper Seating Co., Inc.
932 Mill Street,
Jasper, IN 47547
Attn: Eric Klem
Tel: 404â389-0900
Jasper Seating Co., Inc.
932 Mill Street,
Jasper, IN 47547
Attn: Eric Klem
Tel: 404-389â0900
Signature Hospitality Carpets
2222 South Hamilton Street,
Dalton, GA 30722
Attn: Brenda Gravitt
Tel: 800-809â7086
N/A
N/A
N/A
N/A
N/A
N/A
N/A
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Deposit (fabric / frame
inventory)
Deposit (fabric / frame
inventory)
Deposit (Deluxe artwork
and mirrors)
Deposit (ESD Fabric)
Deposit (Flexstell green
fabric for BSD recliners)
Deposit (ESD Lamp &
Lighting)
Deposit (Qualserve/bar
stool inventory)
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AC Furniture
Company, Inc.
AC Furniture
Coman , Inc.
Artistic
Framing/framed
mirrors/artwork
Echota Fabric
Lane Furniture
Industries, Inc.
Paciï¬c Coast
Contract Li htin
Hockenberg
Foodservice
AC Furniture Company, Inc.
PO Box 200,
Axton, VA 24054
Attn: Ronnie Hopkins
Tel: 276â650-3356
AC Furniture Company, Inc.
PO Box 200,
Axton, VA 24054
Attn: Ronnie Hopkins
Tel: 276650-3356
Artistic Framing, Inc.
860 Chaddick Drive, Unit F,
Wheeling, IL 60090
Attn: Laura Nankin
Tel: 414â961â8751
Echota Fabrics, Inc
1394 US 41 N,
Calhoun, GA 30701
Attn: Joel Ostuw
Tel: 800â763-9750
Lane Furniture Industries, Inc.
5380 Highway 145, Box 1627,
T upelo, MS 38802
Attn: Butch Cockrell
Tel: 662-566-7211
Pacific Coast Contract Lighting
20238 Plummer St.,
Chatsworth, CA 9131 l
Attn: Christopher Bryan
Tel: 800â905-7225
Hockenberg Foodservice
14603 W 112th,
Lenexa, KS 66215
Attn: Tom Nemmers
Tel: 913â378-0812
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DePOS't (carpet) Signature Hospitality
Carpets
Deposit (fumishingsâ ESD
tables, headboards, TV
stands, etc.)
Thomasville
Furniture Industries,
Inc.
Deposit (ESD Lamps)
Trinity Lighting, Inc
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Signature Hospitality Carpets
2222 South Hamilton Street,
Dalton, GA 30722
Attn: Brenda Gravitt
Tel: 800â8097086
Thomasville Furniture Industries,
Inc.
PO Box 339,
Thomasville, NC 27361-0339
Attn: Dave Grubbs
Tel: 336â472-4000
Trinity Lighting, Inc
2902 Quality Way, PO Box 148,
Jonesboro, AR 72403
Attn: Robyn Smith
Tel: 870â972-1 177
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Schedule 6
Debtorsâ Property
Pursuant to Local Bankruptcy Rule 1007~2(a)(9), the following lists the
property or premises owned, leased or held under other arrangement from which the
Debtors operate their businesses.
Owned Property
1 Debtor Address _ â \
ESA 2005 Portfolio L.L.C. 4555 Chabot Drive Pleasanton CA 94588 USA
ESA 2005 Portfolio L.L.C. 8100 Palm Pkwy. Orlando FL 32836 USA
ESA 2005 Portfolio L.L.C. 8750 Universal Blvd. Orlando FL 32819 USA
ESA 2005 Portfolio L.L.C. 2010 Powers Ferry Road I Atlanta GA 30339 USA
ESA 2005 Portfolio L.L.C. $3967 Peachtree Road Atlanta GA 30319 USA
ESA 2005 Portfolio L.L.C. 6330 Peachtree Dunwoody Atlanta GA 30328 USA
Rd. NE
ESA 2005 Portfolio L.L.C. 1800 Computer Drive Westborough MA 01581 USA
ESA 2005 Portfolio L.L.C. 831 Main Street Woburn MA 01801 USA
ESA 2005 Portfolio L.L.C. 410 S. Randolphsville Road Piscatawa NJ 08854 USA
ESA 2005 Portfolio L.L.C. 3997 Fair Ride Drive Fairfax VA 22033 USA
ESA 2005 Portfolio L.L.C. 4506 Brookfield Co . Drive Chantill 20151 USA
ESA 2005 Portfolio L.L.C. 22122 17th Ave. SE. Bothell WA 98021 USA
ESA 2005-San J ose L.L.C. 55 E. Brokaw Road San Jose CA 95112 USA
ESA 2005*Waltham L.L.C. 32 Fourth Ave. Waltham MA 02451 USA
ESA Acquisition Properties 1775 Francisco Blvd San Rafael CA 94901 USA
L.L.C.
ESA Acquisition Properties 3600 Chester Lane Bakersfield CA 93309 USA
L.L.C.
ESA Acquisition Properties 4615 Ora-Locka Lane Destin FL 32541 USA
L.L.C.
ESA Acquisition Properties 572 East Beasley Road Jackson MS 39206 USA
L.L.C.
ESA Acquisition Properties 3214 Churchland Blvd. Chesapeake 23321 USA
L.L.C.
ESA Acquisition Properties 809 Greenbrier Circle Chesapeake VA 23320 USA
L.L.C.
ESA Alaska L.L.C. 108 East 8th Avenue Anchora e 99501
ESA Alaska L.L.C. 1800 Shell Simmons Drive Juneau AK 99801 USA
ESA Alaska L.L.C. 4580 Old Airport Way Fairbanks AK 99709 USA
ESA Alaska L.L.C. 700 East 34th Avenue Anchora e 99503 USA
ESA Canada Trustee Inc. 222 LeMerchant Road St. John's NF A1C~ Canada
2H9
ESA Canada Trustee Inc. 141 Cooper Street Ottawa ON
0E8
ESA Canada Trustee Inc. 3600 Steeles Avenue West Vaughan ON L4L Canada
8P5
ESA FL Proerties L.L.C. 3031 West Commercial Blvd. 33309
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Debtor Address City Country
Lauderdale
ESA FL Properties L.L.C. 4312 W. Spruce Street Tampa 33607 USA
ESA FL Properties L.L.C. 481 1 Memorial Highway Tampa 33634 USA
ESA FL Properties L.L.C. 5610 Vineland Road Orlando 32819 USA
ESA FL Properties L.L.C. 5620 Major Blvd. Orlando 32819 I USA
BSA FL Properties L.L.C. 5851 N. Andrews Ave Ext. Fort 33309 USA
*Lauderdale
ESA FL Properties L.L.C. 6001 NW 6th Way Fort 33309
Lauderdale
ESA FL Properties L.L.C. 6443 Westwood Blvd. Orlando FL 32821
ESA FL Properties L.L.C. 700 Northpoint Parkway West Palm FL 33407 USA
} L Beach I
ESA MD Properties 12450 Milestone Center Dr Germantown MD 20876 USA
[Business Trust _
ESA MD Properties 1500 Aero Drive Linthicum MD 21090 USA
Business Trust
ESA MD Properties 201 Professional Drive Gaithersburg MD 20879 USA
Business Trust
ESA MD Properties I 46565 Expedition Park Drive Lexington Park MD 20653 USA
Business Trust ._
ESA MD Properties 5240 Westview Dr Frederick MD 21703 USA
Business Trust
1 BSA MD Properties 6620 Eli Whitney Drive Columbia MD USA
Business Trust
} ESA MD Properties 8870 Columbia 100 Parkway Columbia MD USA
Business Trust
ESA MN Properties L.L.C. 3384 Norwest Court Ea an MN USA
ESA MN Properties L.L.C. 7956 Lyndale Ave. South Bloomin_gton
ESA MN Properties L.L.C. Vacant Lot Bloomington _
ESA P Portfolio L.L.C. 101 Cahaba Park Cir. Birmingham AL
35242
ESA P Portfolio L.L.C. 2491 Eastern Blvd
ESA P Portfolio L.L.C.
40 State Farm Pkw .
ESA P Portfolio L.L.C.
4751 Govemorâs House Dr.
ESA P Portfolio L.L.C.
508 Spring Hill Plaza Ct.
ESA P Portfolio L.L.C.
5000 Luvene Avenue
ESA P Portfolio L.L.C.
10660 N. 69th St.
11211 N. Black Canyon Hwy
ESA P Portfolio L.L.C.
ESA P Portfolio L.L.C.
14245 S. 50th St.
ESA P Portfolio L.L.C.
ESA P Portfolio L.L.C.
15501 N. Scottsdale Rd.
217 W. Osborn Rd
ESA P Portfolio L.L.C.
3421 E. Elwood St.
ESA P Portfolio L.L.C.
ESA P Portfolio L.L.C.
4357 East Oak St
4800 S. Butterfield Dr.
ESA P Portfolio L.L.C.
ESA P Portfolio L.L.C.
4861 W. McDowell Rd.
5035 E. Chandler Blvd
1 BSA P Portfolio L.L.C.
5235 N. 16th St.
1 BSA P Portfolio L.L.C.
L7345 W. Bell Rd.
Mobile
Srindale
Scottsdale
Phoenix
Phoenix AZ 85044 USA
Scottsdale AZ 85254 USA
Phoenix AZ 85013 USA
Phoenix
Phoenix USA
USA
AZ USA
AZ USA
Phoenix
Peoria AZ
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Debtor Address Cit
ESA P Portfolio L.L.C. 100 Fountain Grove Pkwy Santa Rosa
BSA P Portfolio L.L.C. 1000 Lead Hill Blvd Roseville
BSA P Portfolio L.L.C. 1019 Oliver Rd Fairfield
ESA P Portfolio L.L.C. 1031 N. Pacificenter Drive Anaheim
ESA P Portfolio L.L.C. 120 Sem Lane Belmont
ESA P Portfolio L.L.C. 1260 South Loop Rd Alameda
ESA P Portfolio L.L.C. 1400 E. Tahquitz Canyon Palm Springs
Way
ESA P Portfolio L.L.C. 19200 Harbor Gateway Torrance
BSA P Portfolio L.L.C. 19325 Londelius St. Northridge
BSA P Portfolio L.L.C. 20205 Ventura Blvd. Woodland
Hills
ESA P Portfolio L.L.C. I 20251 Lake Forest Dr I Lake Forest
ESA P Portfolio L.L.C. I 2087 Hotel Circle South San Diego CA
I ESA P Portfolio L.L.C. I 2131 Gold Street San Jose CA 95002 USA
I BSA P Portfolio L.L.C. 2201 Long_Port Court Elk Grove CA _95758 USA
I BSA P Portfolio L.L.C. 2271 1 Oakcrest Circle Yorba Linda I CA 92887 USA
ESA P Portfolio L.L.C. 24940 W. Pico Canyon Road Stevenson CA 91381 USA
Ranch
BSA P Portfolio L.L.C. 2498 Steams St. I Simi Valle 93063 USA
BSA P Portfolio L.L.C. 2844 W. March Lane Stockton CA 95219 USA
BSA P Portfolio L.L.C. I 3170 Garrit Wa CA 94806 USA
BSA P Portfolio L.L.C. I 31950 Dyer St. . CA 94587 USA
BSA P Portfolio L.L.C. I 3220 Buskirk Ave. Pleasant Hill CA 94523 USA
BSA P Portfolio L.L.C. I 3318 California Ave. Bakersfield CA 93304 USA
ESA P Portfolio L.L.C. 3525 Torrance Blvd Torrance CA 90503 USA
BSA P Portfolio L.L.C. 3650 Mandela Pkw Bmeryville CA 94608 USA
BSA P Portfolio L.L.C. 3825 Rosin Court Sacramento CA 95834
BSA P Portfolio L.L.C. 3990 East Inland Empire CA 91764
Blvd.
BSA P Portfolio L.L.C. 401 B. Albertoni St. Carson
BSA P Portfolio L.L.C. 4105 B. Willow St. Lon ; Beach CA 90815
BSA P Portfolio L.L.C. 4325 Corporate Center Ave Chino
BSA P Portfolio L.L.C. 4500 Dublin Blvd Dublin
BSA P Portfolio L.L.C. 4870 Calle Real Santa Barbara CA
BSA P Portfolio L.L.C. 5050 Skylab West Circle Huntington CA
Beach
BSA P Portfolio L.L.C. 5355 Farwell Place Fremont I CA
BSA P Portfolio L.L.C. 6189 San Ignacio Avenue I San Jose CA
BSA P Portfolio L.L.C. 6199 San Ignacio Avenue San Jose
ESA P Portfolio L.L.C.
I 6531 S. Segulveda Blvd
ESA P Portfolio L.L.C.
I 7135 N. Fresno St.
ESA P Portfolio L.L.C.
ESA P Portfolio L.L.C.
795 Stillwater Rd
1291 W. 120th Ave
BSA P Portfolio L.L.C.
14095 E. Evans Ave
ESA P Portfolio L.L.C.
3490 Afternoon Circle
L08 Aneles a
Fresno CA 93720
W. CA 95605
Sacramento
Westminster 80234
Aurora CO 80014
Colorado CO 80910
Springs
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USA
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Debtor
FESA P Portfolio L.L.C.
Address
5200 8. Quebec St
Greenwood
Village
CO
USA
ESA P Portfolio L.L.C. 715 Kipling St Lakewood USA
ESA P Portfolio L.L.C. 7393 W Jefferson Ave Lakewood USA
ESA P Portfolio L.L.C. 8752 S Yosemite St Lone Tree USA
ESA P Portfolio L.L.C. 1 Batterson Park Rd . t Farmington USA
ESA P Portfolio L.L.C. 1036 Greenwood Blvd. Lake Mary FL
ESA P Portfolio L.L.C. 1200 FAU Research Park Deerfield FL 33441 USA
Blvd Beach
ESA P Portfolio L.L.C. 12242 Morris Bridge Rd. Temple FL T336337 USA
Terrace
LESA P Portfolio L.L.C. L 12358 E. Colonial Drive Orlando FL _ {USA
ESA P Portfolio L.L.C. 1401 SW. 15th St Pompano FL 33069 USA
Beach 1
BSA P Portfolio L.L.C. 1413 Prudential Dr. Jacksonville FL 32207 USA
ESA P Portfolio L.L.C. 1450 SE 17th Street Fort FL 33316 USA
N__C_auseway Lauderdale
ESA P Portfolio L.L.C. 1701 Evans Road Melbourne m FL 32904 USA
ESA P Portfolio L.L.C. 1760 Pembrook Drive Orlando FL 32810 USA
ESA P Portfolio L.L.C. 1776 Pembrook Drive Orlando FL 32810 USA
ESA P Portfolio L.L.C. 1805 N. Westshore Blvd Tampa FL 33607 USA
ESA P Portfolio L.L.C. 1950 Raymond Diehl Rd RTallahassee FL 32308 USA
ESA P Portfolio L.L.C. 1951 Summit Tower Blvd Orlando FL
ESA P Portfolio L.L.C. 255 Bill France Blvd Daytona Beach FL
ESA P Portfolio L.L.C. 298 SW 15th Road Miami FL
ESA P Portfolio L.L.C. 3089 Executive Drive Clearwater FL
ESA P Portfolio L.L.C. 3600 SW 42nd St Gainesville FL
ESA P Portfolio L.L.C. 3640 SW 22nd Street Miami FL
ESA P Portfolio L.L.C. 4699 Lenoir Ave S. Jacksonville FL
ESA P Portfolio L.L.C. 6451 Westwood Blvd. Orlando FL 32821 USA
ESA P Portfolio L.L.C. 6961 Lenoir Ave Jacksonville FL 32216 USA M
ESA P Portfolio L.L.C. 7750 NW 25th Street Miami FL 33122 USA
ESA P Portfolio L.L.C. 7755 SW 6th Street Fort FL 33324 USA
_ Lauderdale l
ESA P Portfolio L.L.C. 809 Bloodworth Lane Pensacola FL 32504 USA
ESA P Portfolio L.L.C. 8655 NW 21 Terrace Miami FL 33122 USA
ESA P Portfolio L.L.C. 8687 Commoditx Circle Orlando FL 32819 USA
ESA P Portfolio L.L.C. 8801 Perimeter Park Blvd Jacksonville FL 32216 USA
ESA P Portfolio L.L.C. 1721 Rollins Way Columbus
ESA P Portfolio L.L.C. 1950 Rock Mill Rd. Al haretta
ESA P Portfolio L.L.C. 1967 Leland Dr. Marietta GA USA
ESA P Portfolio L.L.C. 2225 Interstate N. Parkway, Atlanta GA USA
SE
ESA P Portfolio L.L.C. 2265 Mt. Zion Pkwy Morrow GA
ESA P Portfolio L.L.C. 2474 Cumberland Pkw SE Atlanta GA 30339 USA
ESA P Portfolio L.L.C. 3000 Geore Busbee Pkw Kennesaw GA 30144 USA
ESA P Portfolio L.L.C. Kennesaw GA 30144 USA
ESA P Portfolio L.L.C. 3329 Old Milton Parkwa
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- Debtor Address City State ZIP Country
BSA P Portfolio L.L.C. 3331 Old Milton Pkwy Alpharetta GA 30005 USA
BSA P Portfolio L.L.C. 3980 Riverside Dr. Macon GA 1 31210 1 USA
BSA P Portfolio L.L.C. 5020 Armour Rd I Columbus GA 31904 1 USA 1
BSA P Portfolio L.L.C. 905 Crestline Pkwy 1 Atlanta GA 30328 USA
BSA P Portfolio L.L.C. 3940 1 14th Street 1 Urbandale IA 50322 USA
ESA P Portfolio L.L.C. 2701 Westown Pkwy West Des IA 50266f USA
Moines
ESA P Portfolio L.L.C. 2500 S Vista Ave. Boise ID 83705
BSA P Portfolio L.L.C. l 177 S Northpoint Blvd Waukean IL 60085
'âESâA P Portfolio L.L.C. 1 181 Rohlwing Rd Itasca IL 60143 USA
ESA P Portfolio L.L.C. 1200 American Lane Schaumburg IL 60173 USA
BSA P Portfolio L.L.C. 1201 B. Touhy Ave. Des Plaines IL 60018 USA
BSA P Portfolio L.L.C. 1207 B. Touhy Ave. Des Plaines 11. 60018
BSA P Portfolio L.L.C. 1 1225 Lakeview Dr. J Romeoville IL 60446
BSA P Portfolio L.L.C. M 15 w. 122nd S. Frontage Rd Burr Ride
BSA P Portfolio L.L.C. 1525 Bosch Parkway Buffalo Grove USA
BSA P Portfolio L.L.C. 154 Regency Park O'Fallon IL 62269 USA
BSA P Portfolio L.L.C. 215 N Milwaukee Ave Vernon Hills
BSA P Portfolio L.L.C. 2345 Sokol Ct. Darien IL 60561 USA
I'BSA P Portfolio L.L.C. 2400 Golf Road âI Rolling IL 60008 USA
L Meadows
BSA P Portfolio L.L.C. 2520 l73rd St. Lansing II, 60438
BSA P Portfolio L.L.C. 3150 Finley Rd. Downers IL 60515
Grove
BSA P Portfolio L.L.C. 4575 Frontage Rd. Hillside IL
BSA P Portfolio L.L.C. 5724 Northridge Dr Gumee IL 60031 USA
BSA P Portfolio L.L.C. 653 Clark Drive Rockford IL
BSA P Portfolio L.L.C. 747 N Bell School Road Rockford IL
BSA P Portfolio L.L.C. 7524 State Road 1 Bedford Park
BSA P Portfolio L.L.C. 4715 N. Main Street ] Mishawaka IN
BSA P Portfolio L.L.C. [ 5305 N. Main Street Mishawaka IN
BSA P Portfolio L.L.C. l 5350 w. Southern Ave Indianaolis IN
BSA P Portfolio L.L.C. 5810 Challenger Pkwy Fort Wa ne IN 46818 USA
BSA P Portfolio L.L.C. 7940 N. Shadeland Ave Indianaolis
Indianapolis IN
BSA P Portfolio L.L.C. 10750 Quivira Road Overland Park KS
BSA P Portfolio L.L.C. 7201 W. 106th St 1 Overland Park
8015 Lenexa Drive Lenexa
BSA P Portfolio L.L.C. 9450 B. Corporate Hills Dr Wichita
BSA P Portfolio L.L.C. 1401 Browns Lane 40207 USA
BSA P Portfolio L.L.C. 7350 Turfway Road KY 41042 USA
BSA P Portfolio L.L.C. 104 Mallard Rd.
1 1140 Boardwalk Dr. Baton Roue LA
ESA P Portfolio L.L.C. 3300 S. IâlO Service Rd. W. Metairie LA 70001 USA
ESA P Portfolio L.L.C. 6250 Corporate Blvd. 1 Baton Roue LA 70809 USA
ESA P Portfolio L.L.C. 102 Newbu St. Danvers MA 01923 USA
BSA P Portfolio L.L.C. 20 Rockdale St. Braintree
ESA P Portfolio L.L.C. I 2 Ashley Dr. Scarborouh ME 04074 USA
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Debtor l AddreSs ] City Piste ' ZIP [ Countri â
ESA P Portfolio L.L.C. 1 180 Doris Rd. Auburn Hills MI 48326 USA
ESA P Portfolio L.L.C. 1501 Briarwood Circle Dr. Ann Arbor MI 48108 USA
ESA P Portfolio L.L.C. 2100 Featherstone Rd lAuburn Hills MI 48326 USA
ESA P Portfolio L.L.C. A 260 Town Center Dr. Dearbom MI 48126 USA
ESA P Portfolio L.L.C. 26250 American Dr. Southfield MI 48034 I USA I
LESA P Portfolio L.L.C. 27775 Stansbury Blvd Farmington [MI 48334 USA
Hills
ESA P Portfolio L.L.C. ' 30125 N. Civic Center Blvd. Warren MI 48093 USA
ESA P Portfolio L.L.C. 3747 29th St. SE. Kentwood ] MI 49512 USA
ESA P Portfolio L.L.C. 10020 Hudson Rd fWoodbigy MN 55125 USA
ESA P Portfolio L.L.C. l 12970 63rd Ave. North MaRIEGrove âEVIN 55369 USA
ESA P Portfolio L.L.C. 2701 Freeway Blvd Brooklyn MN 55430 USA
Center ____4_
BSA P Portfolio L.L.C. 2814 43rd St. NW Rochester MN 55901 USA
[ESA P Portfolio L.L.C. f 55 Wood Lake Drive SE Rochester MN _1_ 55904 USA
ESA P Portfolio L.L.C. 7550 Office Ridge Court Eden Prairie MN 55344 USA
ESA P Portfolio L.L.C. 1 1827 Lackland Rd Waryland MO 63146 USA
Heights _J
ESA P Portfolio L.L.C. 155 ChapglRidge Rd Hazelwood MO 63042 USA
ESA P Portfolio L.L.C. EGO W. Business Loop 70 Columbia MO 65203 USA
ESA P Portfolio L.L.C. 2030 Craig_Rd St. Louis MO
ESA P Portfolio L.L.C. 1:31 25 Rider Trail South Earth City MO
ESA P Portfolio L.L.C. 5555 Veterans Memorial I St. Peters MO
Pkw
ESA P Portfolio L.L.C. 4950 Southgate Drive Billings 59101 USA
ESA P Portfolio L.L.C.
9006 Burt St. NW
Wmaha
ESA P Portfolio L.L.C.
NE
68114 USA
ESA P Portfolio L.L.C.
1 Fieldcrest Ave.
1 Meadowlands Pk
Edison NJ 08837 USA
Secaucus NJ 07094 USA
Ramse 07446 USA
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ESA P Portfolio L.L.C. 112 State Hwy 17
ESA P Portfolio L.L.C. 1653 East State Highway No. Cherry Hill NJ 08034 USA
70
ESA P Portfolio L.L.C. 2868 Route 73 North I MaEle Shade NJ 08052 USA
ESA P Portfolio L.L.C. _3_() Worldâs Fair Drive Franklin NJ 08873 USA
ESA P Portfolio L.L.C. 500 Diemer Drive Mount Laurel NJ 080548 USA
ESA P Portfolio L.L.C. T750 Edwin L. Ward Sr. Rutherford NJ 07070 USA
Memorial Hwy
ESA P Portfolio L.L.C. 2221 Rio Rancho Blvd (Hwy Rio Rancho NM 87124 USA
528)
ESA P Portfolio L.L.C. _* 2608 The American Rd. NW Rio Rancho NM 87124 USA
I_ESA P Portfolio L.L.C. 1550 E. Flamingo Rd Las_Vegas NV 891 19 I USA
ESA P Portfolio L.L.C. 4240 Boulder HighwaL 1 Las Vegas NV 89121 USA
ESA P Portfolio L.L.C. 4270 S. Valley View Blvd. LangwS NV 89103 USA
[ESA P Portfolio L.L.C. __9795 Gateway Drive @o TâNV â[ 78521 I USA l
ESA P Portfolio L.L.C. _+_1 18 Tamown Rd. Elmsford NY 10523 USA
ESA P Portfolio L.L.C. 125 Inn Keeners Lane Amherst
ESA P Portfolio L.L.C. 1395 Washiï¬gm Ave. ' Am
[EA P Portfolio L.L.C. I 18-30 Whitestone Exgy. Whitestone
ESA P Portfolio L.L.C. 55 W. Merritt Blvd Fishkill
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NY
ESA P Portfolio L.L.C. 600 Center Place Drive Rochester 14615
I ESA P Portfolio L.L.C. 6630 Old Collamer Rd East Syracuse NY 13057
I ESA P Portfolio L.L.C. 700 Commons Way Rochester NY 14623 USA
Blue Ash OH 45242 USA
ESA P Portfolio L.L.C. 11457 Chester Road
ESA P Portfolio L.L.C. l l 145 Kenwood Road
ESA P Portfolio L.L.C. T 170 Montrose W. Ave.
l Sharonville
OH
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ESA P Portfolio L.L.C. 185 Montrose W. Ave. Co le OH
ESA P Portfolio L.L.C. 3131 Presidential Drive Fairborn OH 45324
ESA P Portfolio L.L.C. r«3820 Orange P1. Orange OH 44122 USA
ESA P Portfolio L.L.C. [-4260 Hunt Road Blue Ash OH 45242 âLUSA
l ESA P Portfolio L.L.C. 542 West Dussel Drive Maumee _ OH 43537 USA
ESA P Portfolio L.L.C. 5530 Tuttle Crossing Blvd Dublin OH 43016 USA 4
BSA P Portfolio L.L.C. 6155 Trust Drive Holland OH 43528 USA
[BSA P Portfolio L.L.C. 6601 Reflections Drive Dublin USA
BSA P Portfolio L.L.C. 6688 Miller Lane Dayton OH 45414 USA
ESA P Portfolio L.L.C. 7465 High Cross Boulevard Columbus OH 43235 USA
ESA P Portfolio L.L.C. $8555 Lyra Drive Wmhus on 43240 USA
ESA P Portfolio L.L.C. ~L9651 Seward Road Fairfield OH 45014 USA
ESA P Portfolio L.L.C. 2720 Northwest ExEressway Oklahoma Ci_tv_ OK 731 12 USA
BSA P Portfolio L.L.C. 3141 South 79th East Ave. Tulsa OK 74145 USA
ESA P Portfolio L.L.C. I 4811 Northwest Expresswa Oklahoma Cit OK 73132 USA
BSA P Portfolio L.L.C. 7901 E. 31st Court South Tulsa OK 74145 USA
ESA P Portfolio L.L.C. 18665 NW Eider Ct Beaverton OR 97006 USA
BSA P Portfolio L.L.C. 1931 1 NW Cornell Rd [5â USA
ESA P Portfolio L.L.C. 1000 Warren Ave East RI 02914 USA
Providence
BSA P Portfolio L.L.C. 245 w. Natick Rd 1 Warwick RI USA
ESAPPortfolioLLc. 29063 USA
ESAPPortfolio L.L.C.
ESAPPortfolioLLc. USA
BSA P Portfolio L.L.C. 3715 Pelham Rd. Greenville SC 29615 USA
BSA P Portfolio L.L.C. Greenville SC 29607 USA
BSA P Portfolio L.L.C. 5430 Forest Dr. Columbia
BSA P Portfolio L.L.C. 1210 Murfreesboro Road Nashville USA
ESA P Portfolio L.L.C. 2520 Horizon Lake Dr Memghis TN 38133 USA
ESA P Portfolio L.L.C. 331 1 West End Avenue Nashville TN 37203 USA
BSA P Portfolio L.L.C. Chattanoo a TN 37421 USA
BSA P Portfolio L.L.C. 9020 Church Street East USA
ESA P Portfolio L.L.C. 9025 Church Street East Brentwood TN 37027 USA
BSA P Portfolio L.L.C. 10715 Auto Mall Drive Sand UT 84070 USA
BSA P Portfolio L.L.C. 2310 W. City Center Court UT 841 19 USA
Cit
BSA P Portfolio L.L.C. 7555 S. Union Park Ave Midvale UT 84047 USA
BSA P Portfolio L.L.C. 1021 Elden Street Hemdon VA 20171 USA
ESAPPortfolioLLC. VA 23606
ESA P Portfolio L.L.C. 12055 Lee Jackson Memorial Fairfax VA 22033 USA
H
12359 Homsb Lane New ort News 23602 USA
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Debtor
ESA P Portfolio L.L.C.
14420 Chantilly Crossing
Lane
Chantilly
ESA P Portfolio L.L.C. 1910 UniversityBlvd _I:ynchburg VA 24502
BSA P Portfolio L.L.C. 1915 Commerce Dr ï¬agpton h VA 23666
ESA P Portfolio L.L.C. 205 North Breckinridge Place Alexandria VA 22312 USA
ESA P Portfolio L.L.C. _ 2705 Frontage Rd. NW Roanoke VA 24017 USA
ESA P Portfolio L.L.C. 46001 Waterview Plaza Sterling VA 20166 USA
ESA P Portfolio L.L.C. 5920 Fort Drive I Centreville VA 20121 USA W
BSA P Portfolio L.L.C. 6800 Metropolitan Center Dr Sgï¬gï¬eld VA 22150 USA
WESA P Portfolio L.L.C. 6807 Paragon P1. . Richmond VA 23230 USA
ESA P Portfolio L.L.C. 681 l Paragon P1. Richmond VA 23230 USA
BSA P Portfolio L.L.C. 13300 Stone Avenue North Seattle WA 98133
ESA P Portfolio L.L.C. 1400 South 320th Street Federal Way
i ESA P Portfolio L.L.C. 15451 53rd Avenue South Tukwila
ESA P Portfolio L.L.C. 1675 Mottman Road SW iâmwater
ESA P Portfolio L.L.C.
I 2101 N. Meridian
Puyallug
ESA P Portfolio L.L.C. 2120 S. 48th St. Tacoma
i BSA P Portfolio L.L.C. 25104 Pacific Hwy South 1 Kent
ESA P Portfolio L.L.C. Vancouver
ESA P Portfolio L.L.C.
1 300 NE 1 15th Avenue
3021 196th Street SW
ESA P Portfolio L.L.C.
ESA P Portfolio L.L.C.
ESA P Portfolio L.L.C.
3917 Harbour Pointe Blvd
SW
8410 Broadwa
2520 Plaza Court
ESA P Portfolio L.L.C.
4141 Boardwalk Ct
Lynnwood
Mukilteo
Appleton
Pro rties L.L.C.
ESA P Portfolio PA
Progexties L.L.C.
Properties L.L.C.
ESA P Portfolio PA 520 North Bell Avenue
_l
Meeting
877 N . Pottstown Pike (Rt
100)
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Carnegie
IPA
ESA P Portfolio L.L.C. 45 Junction Court Madison
BSA P Portfolio MD Trust 1 Womack Drive Anna olis 21401 USA
ESA P Portfolio MD Trust 104 Chesapeake Centre Ct USA
ESA P Portfolio MD Trust 1361 James Wa Bel Air MD 21015 USA
ESA P Portfolio MD Trust 205 Professional Drive Gaithersbur MD 20879 USA
ESA P Portfolio MD Trust 8550 Washin ton Blvd Jessu 20794 USA
Columbia MD 21045 USA
BSA P Portfolio MD Trust 9401 Laro Drive West Landover MD 20774
ESA P Portfolio MD Trust 9704 Beaver Dam Road Timonium MD 21093 USA
ESA P Portfolio PA 114 Welsh Road [3] Horsham PA 19044 USA
Pro erties L.L.C.
ESA P Portfolio PA 1303 Lebanon Church Road West Mifflin PA 15122 i USA
Properties L.L.C. __
ESA P Portfolio PA 3216 Tillman Drive Bensalem PA 19020 ' USA
Pro erties L.L.C.
ESA P Portfolio PA I 3851 Northern Pike Monroeville
Properties L.L.C.
ESA P Portfolio PA 437 Irwins Lane Plymouth
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Debtor Address
ESA P Portfolio PA 9000 Tinicum Blvd Philadelphia
Properties L.L.C. W
ESA P Portfolio TXNC 10930 Park Road Charlotte
Properties L.P.
ESA P Portfolio TXNC
Properties L.P.
l 123 East McCullough Dr.
Charlotte NC
I 28262
USA
Pro rties L.P.
Pro - rties L.P.
ESA P Portfolio TXNC
Properties LP.
1410 Nasa Rd 1
ESA P Portfolio TXNC
[16950 N 1-35
Properties L.P.
ESA P Portfolio TXNC 1900 Lake Pointe Dr Lewisville TX 75057 USA
Properties LP.
ESA P Portfolio TXNC 2100 Cinema Dr. Amarillo TX 79124 USA
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Houston
ESA P Portfolio TXNC 5830 Westpark Dr. Charlotte
Properties L.P.
ESA P Portfolio TXNC 600 Weston Pkwy. Cary NC
Pro erties L.P.
BSA P Portfolio TXNC Charlotte
Pro rties L.P.
ESA P Portfolio TXNC Charlotte
Pro rties L.P. Road
BSA P Portfolio TXNC Raleigh NC
Pro erties LP.
ESA P Portfolio TXNC 12424 Research Blvd Austin TX
Properties L.P.
ESA P Portfolio TXNC 12621 Hymeadow Rd. Austin TX
Pro erties L.P.
ESA P Portfolio TXNC 1301 S. Braeswood Blvd Houston TX
Pro r rties L.P.
ESA P Portfolio TXNC 13858 N US Hwy. 183 Austin TX
TX
Austin TX I 78728 USA
ESA P Portfolio TXNC 1500 Regency Parkway Cary USA
Properties L.P.
BSA P Portfolio TXNC 1705 Stanley Rd. Greensboro 27407 USA
Properties L.P.
ESA P Portfolio TXNC 1995 Hampton Inn Ct. Winstonâ NC 27103 USA
Properties LP. â Salem
ESA P Portfolio TXN C 20 McDaniel Drive Jacksonville NC 28546 USA
1 Properties L.P. Lâ
ESA P Portfolio TXNC 2700 Slater Rd Morrisville NC 27560 USA
Properties LP.
ESA P Portfolio TXNC 3100 Regency Parkway Cary NC 2751 1 USA
Properties LP.
ESA P Portfolio TXNC 4317 Big Tree Way Greensboro NC 27409 USA
Properties L.P.
ESA P Portfolio TXNC 4919 S. Miami Blvd Durham NC 27703 USA
Properties LP. 1
BSA P Portfolio TXNC 5008 NC 55 Durham NC 27713 USA
28217 "USâA"â
27513 USA
USA
USA
27609 USA
78579 USA
78729 USA
78750 USA
77058 USA
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âW? â
Pro rties LP.
â-
Pro rties L.P.
Pro I rties LP.
Pro - - rties L.P. South
Pro - rties LP.
Pro rties L.P.
ESA P Portfolio TXNC 2979 N. Stemmons Frwy T
Pro I Ities LP.
Pro I rties L.P.
Pro I rties L.P.
Pro 0 - rties L.P.
X
X
USA
T
Pro - rties L.P. Branch
Pro I - rties L.P.
Pro rties L.P.
Pro - rties L.P.
Pro rties L.P.
BSA P Portfolio TXNC 5100 US Hwy. 290 W Austin TX 78735 USA
Pro - rties L.P.
ESA P Portfolio TXNC 5454 Hollister Street Houston TX 77040 USA
Pro o rties L.P.
ESA P Portfolio TXNC 555 S 135 â City Centre Round Rock 78664 USA
Pro rties L.P. Business Park
ESA P Portfolio TXNC 5903 Woodway Dr. USA
Pro - - rties LP.
ESA P Portfolio TXNC 5959 Guhn Rd Houston 77040 USA
Pro - - tries L.P.
Pro - rties L.P.
Pro - - rties L.P.
ESA P Portfolio TXNC 720 W. Bay Area Blvd Webster TX 77598 USA
Pro - rties L.P.
TX
TX
X
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Debtor Address * City State ZIP
ESA P Portfolio TXNC 8221 North 11-1-35 Austin TX 78753 USA
Promrties L.P.
ESA P Portfolio TXNC 9019 Vantage Point Rd Dallas TX 75243 USA
[Properties LP. 1 1
BSA PA ngerties L.L.C. 200 Chauvet Drive Pittsburgh PA I 15275 USA
BSA PA Prgperties L.L.C. 300 Morehall Rd, Rt 29 Malvem PA 1 19355
ESA PA Properties L.L.C. 3050 Schoonersville Rd Bethlehem 18017
ESA PA Properties L.L.C. 8880 Bartram Ave Philadelphia
ESA Properties L.L.C. 51 15 Carmichael Rd. Montgomery
ESA Properties L.L.C. 10800 Kanis Road Little Rock
ESA Prgoerties L.L.C. 600 Hardin Road Little Rock
ESA Properties L.L.C. 20827 N. 27th Ave Phoenix
BSA Prppenics L.L.C. | 455 W. Baseline Rd.
ESA Properties L.L.C. 5050 E. Grant Rd.
ESA Properties L.L.C. 1000 Hillview Court Milpitas
ESA Properties L.L.C. 1050 Grand Avenue Carlsbad
ESA Properties L.L.C. 10721 White Rock Rd Rancho CA 95670 USA
Cordova
ESA Properties L.L.C. 1 1299 Point East Dr Rancho CA 95742 USA
lordova
ESA Properties L.L.C. 1350 Marina Village Pkwy Alameda CA 94501 USA
ESA Pro rties L.L.C. 14775 Firestone Blvd La Mirada CA 90638 USA
BSA Properties L.L.C. 1635 w. Katella Ave. Orane CA
ESA Pro rties L.L.C. 1742 S. Clementine Street Anaheim CA 92802 USA
ESA Pippeities L.L.C. 18602 S Vermont Ave Gardena CA 90248 USA
ESA Properties L.L.C. 2100 Camino Ramon San Ramon CA 94583 USA
ESA Progrrres L.L.C. l 2100 Harvard Street Sacramento
BSA Pro erties L.L.C. 2200 Empire Avenue CA 91504 USA
BSA Properties L.L.C. 2380 Nisser Drive Livermore
BSA Pro erties L.L.C. 2526 Pavilion Pkwy Trac
ESA Pro erties L.L.C. 2600 CorbLAvenue Santa Rosa CA 95407 USA
ESA Pro erties L.L.C. 27622 Jefferson Ave. Temecula CA 92590
3190 Vista Way Oceanside CA 92056 1 USA
3460 West Shaw Avenue CA 93711 1 USA
- 3860 Mu h Can on Road CA 92123
ESA Pro erties L.L.C. 46312 Mission Blvd Fremont CA
BSA Properties L.L.C. 4881 Birch St.
Beach
BSA Prorties L.L.C. 5375 Farwell Place
BSA Pro rties L.L.C. 601 W. Bonita Ave
. . . 799 Orange Drive Vacaville CA 95687 USA
3705 N Chambers Rd. Aurora CO
â . . . 4850 Leetsdale Dr Glendale CO 80246 USA
ESA Properties L.L.C. 5855 Corporate Dr 80919 USA
BSA Properties L.L.C. 8750 Grant St 80229
8001 1 USA
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Debtor Address Ci State ZIP ' Count
ESA Properties L.L.C. 9604 E. Easter Ave Englewood CO 801 12 USA
ESA Properties L.L.C. 340 Tolland Tpke. Manchester CT 06040 USA
ESA Properties L.L.C. I 366 Bee St. Meriden CT 06450 USA
ESA Properties L.L.C. I 1051 Canton Rd. Marietta GA USA
ESA Properties L.L.C. I 200 Lawrenceville St. Noreross GA 30071 USA
ESA Properties L.L.C. 31 15 Clairmont Rd. I Atlanta GA I 30329
ESA Properties L.L.C. 3430 Venture Pkw Duluth GA 30096 USA
ESA Properties L.L.C. 474 W. Pike St. Lawrenceville GA 30045 USA
ESA Properties L.L.C. 5511 Abereom St Savannah GA 31405 USA
ESA Properties L.L.C. 6231 Hwy 85 Riverdale GA USA
ESA Properties L.L.C. 6295 Jimmy Carter Blvd. Norcross GA 30071 USA
ESA Properties L.L.C. 7065 J 1mm Carter Blvd. Norcross GA 30092 USA
ESA Properties L.L.C. 1075 Lake St. Hanover Park IL 1 60103 | USA
ESA Prgperties L.L.C. 1575 Bond St. I Naperville IL 60563 USA
ESA Properties L.L.C. i! 1805 S. Veterans Pkwy Bloomington IL 61701 USA
ESA Properties L.L.C. 2000 N Roselle Rd SchaumbuL IL 60195 USA
ESA Properties L.L.C. 260 E. 22nd St. Lombard IL 60148 USA
ESA Properties L.L.C. 4306 North Brandywine Dr Peoria IL 61614 USA %
ESA Pro rties L.L.C. 445 Warrenville Rd. I Lisle IL 60532 USA
ESA Pro erties L.L.C. 5211 Old Orchard Road Skokie IL 60077 USA
ESA Properties L.L.C. 550 West Grand Ave. Elmhurst IL 60126 USA
ESA Properties L.L.C. 610 W. Marketview Dr Champaign IL 61822 USA
ESA Properties L.L.C. 1355 E. 83rd Avenue I Merrillville IN 46410 USA
ESA Properties L.L.C. 2730 Fortune Circle West I Indianapolis IN _ 46241 USA
ESA Properties L.L.C. 301 Eagle Crest Drive I Evansville IN 47715 I USA
ESA Properties L.L.C. 8309 W. Jefferson Blvd Fort Wa ne IN 46804 USA
ESA Properties L.L.C. 9030 Wesleyan Road IN 46268 USA
ESA Properties L.L.C. 9750 Lake Shore Drive Indiana olis IN 46280 USA
ESA Pro erties L.L.C. 9775 Lenexa Drive Lenexa
ESA Properties L.L.C. 200 Meijer Drive Florence
ESA Pro erties L.L.C. 2650 Wilhite Drive Lexington USA
ESA Pro erties L.L.C. I 2750 Gribbin Drive KY USA
ESA Properties L.L.C. I 3575 Tates Creek Road KY USA
I ESA Properties L.L.C. 6101 Dutchmans Lane Louisville
I ESA Ptgpetttes L.L.C. 650 West 3rd Street Covin ton
ESA Properties L.L.C.
9801 Bunsen Wa
ESA Properties L.L.C.
2300 Veterans Blvd
3070 E. Texas St.
KY
40299 USA
â
LA 70062
LA
Bossier City
USA
ESA Properties L.L.C.
ESA Prope_rties L.L.C. 807 S. Hugh Wallis Rd I Lafayette LA USA
ESA Properties L.L.C. 180 E. Main St. Westborough MA USA
I ESA Properties L.L.C. l9 Connector Rd. Westborouh MA USA
ESA Pro . rties L.L.C. 1910 Andover St.
A
ESA Properties L.L.C.
ESA Properties L.L.C.
ESA Pro erties L.L.C.
ESA Properties L.L.C.
280 S. Washington Rd.
1 1808 Middlebelt Rd.
2000 Ha ert Rd.
20200 Thirteen Mile Rd.
I ESA Properties L.L.C.
21555 Hagggt Rd.
ESA Pro erties L.L.C.
30325 Fl nn Dr.
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Norton
Livonia
Canton
Roseville
12
M 02766
MI 48150
M 48187
1 USA
USA
USA
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I Debtor Address City State-
I ESA Properties L.L.C. 3265 Boardwalk Dr. Ann Arbor MI 48108
{ ESA Properties L.L.C. 32690 Stephenson H Madison MI 48071
Heights
ESA Properties L.L.C. 33400 Van Dyke Rd. Sterling MI
I Heights
I BSA Properties L.L.C. I 39640 Orchard Hill P1. Novi
I ESA Prop_e_rties L.L.C. I l 1712 NW. Plaza Circle
ESA Pro erties L.L.C. 1333 E. Kinsle St
ESA Properties L.L.C. 14800 East 42nd Street
ESA Properties L.L.C. 4301 N. Corrington Avenue Kansas City
ESA ngperties L.L.C. 550 East 105th Street Kansas City 64131 USA
ESA Properties L.L.C. 6065 N. Lindbergh Blvd Hazelwood MO 63042 USA
ESA Pro - rties L.L.C. 5354 I~55 N Jackson
ESA Properties L.L.C. 800 Ridgewood Rd. Ridgeland
I ESA Propgties L.L.C. 800 River Drive South Great Falls
I ESA Properties L.L.C. 2000 Southwood Dr. Nashua NH 03063 USA
ESA Properties L.L.C. 101 Diemer Drive Mount Laurel
ESA Propegties L.L.C. 329 Newman ï¬pringsRoad USA
ESA Properties L.L.C. 3450 Brunswick Pike Princeton USA
ESA Properties L.L.C. 4230 US Route 1 South NJ 08852 USA
Brunswick _
ESA Progegies L.L.C. 71 International Dr. South Budd Lake NJ 07828 USA
ESA Properties L.L.C. L 2321 International Ave. SE NM 87106 USA
ESA Properties L.L.C. 5020 Ellison NE Albuuerue NM 87109 USA
ESA Properties L.L.C. 100 Spagnoli Rd Melville NY 1 1747 USA
ESA Pro u rties L.L.C. 905 S. Ojster Bay Rd. Bethpage NY 1 1714 USA
ESA Pro o rties L.L.C. 10300 Cascade Crossin Brookl n OH 44144 USA
ESA Propegies L.L.C. 11645 Chesterdale Road S rin dale
ESA Properties L.L.C. 17552 Rosbough Drive Middleburg 44130 USA
Heihts
ESA Proerties L.L.C. 2200 Lake Club Drive USA
BSA Properties L.L.C. 25801 Country Club Blvd. North Olmsted OH USA
ESA Progefties L.L.C. 30360 Clemens Rd.
BSA Properties L.L.C. 320 Glensprings Drive
ESA Pro e 4200 Stelzer Road
Westlake
450 Metro Place North
6255 Zurnstein Drive
ESA Pro erties L.L.C. 7851 Lois Circle
ESA Properties L.L.C. 4820 West Reno Ave.
ESA Properties L.L.C. 17777 NE Sacramento St
ESA Pro - - rties L.L.C. 3535 Fisher Rd NE
ESA Pro - rties L.L.C. 520 Harlow Road
OH
H
44145
USA
â
m-
E_
ESA Pro rties L.L.C.
ESA Properties L.L.C.
1200 Division Rd.
ESA Properties L.L.C.
450 Gracem Rd.
ESA Properties L.L.C.
5059 N. Arco Lane
ESA Pro erties L.L.C.
USgACTlVEAZ
7641 Northwoods Blvd.
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North
Charleston
North
E.
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Address F Ci 1
Charleston
ESA Properties L.L.C. 1700 Winston Rd. I Knoxville
ESA Properties L.L.C. â 214 Langlex Place Knoxville
BSA Properties L.L.C. 251 1 B1m Hill Pike Nashv111e
ESA Properties L.L.C. 2525 Elm Hill Pike Nashville
1 BSA Progenies L.L.C. 5885 Shelby Oaks Drive Memphis
[ BSA Properties L.L.C. 6085 App1e Tree Drive Memphis
ESA Properties L.L.C. 6325 Quail Hollow Memphis TN 38120 USA
BSA Properties L.L.C. 6520 Mt. Moriah Road Memhis TN 381 15
ESA Properties L.L.C. 81 10 Cordova Centre Drive Memphis TN
BSA Properties L.L.C. 10060 W. Broad St. Glen A11en VA 23060
ESA Properties L.L.C. 1540 Crossways Blvd Chesaeake VA 23320
ESA Properties L.L.C. 4548 Bonney Rd. Vir inia Beach 1 VA 23462
ESA ProEerties L.L.C. 1 1400 Main Street Bellevue WA 98004 USA
ESA Properties L.L.C. 1 150 Oakesdale Ave SW Renton WA 98055 USA
ESA PrerrtieS L.L.C. 12803 E. S raue S okane WA 99216 USA
BSA Properties L.L.C. 1431 1 12th Street SE Everett WA 98208 USA
ESA Properties L.L.C. 22520 83rd Avenue South Kent WA 98032 USA
BSA Properties L.L.C. 2820 Pacific Hwy Bast Fife WA 98424 USA
BSA Properties L.L.C. 8801 South Hosmer St. Tacoma WA 98444
BSA Properties L.L.C. [ 923 228th Street SE Bothell WA 98021
BSA Properties L.L.C. [ 1 1 121 W North Ave Wauwatosa WI 53226
BSA Proerties L.L.C. 1 55 Junction Court 1 Madison WI
BSA Proerties L.L.C. 3390 Venture Parkwa [1] Duluth GA 30096
BSA TX Properties LP. 3105 Tower Blvd. Durham NC 27707
BSA TX Pro rties LP. 408 Owen Dr. Fa etteville NC 28304
BSA TX Proerties LP. Fa etteville NC 28303
BSA TX Pro rties LP. Durham NC 27703
BSA TX Proerties LP. Wi1minton NC 28403
BSA TX Prop_erties LP. 6 Kenilworth Knoll
BSA TX Properties LP. 7617 Thorndike Road L'SA
BSA TX Properties LP. 7910 N. Point Blvd. Winston- NC 27106 USA
Salem
BSA TX Properties LP. 8211 University Executive USA
Park Drive
BSA TX Properties LP. _911 Wake Towne Drive USA
ESA TX Pro erties L.P. 10100 N. Caital of Texas H Austin TX 78759 USA
ESA TX Pro rties LP. 106 W. Village Blvd Laredo TX 78040 USA
BSA TX Pro rties LP. 11175 Kat Frw Houston TX 77079 USA
ESA TX Pro rties L.P. 12270 Greenville Ave. Dallas TX 75243 USA
ESA TX Pro o â rties LP. 1303 LaConcha Houston TX 77054 USA
BSA TX Pro . rties LP. 13505 North Frw Houston TX 77060 USA
BSA TX Pro rties LP. 150 Valle Wood Rd S rin; TX 77380 USA
BSA TX Pro . rties LP. 16939 Tomhau Pkw Houston TX 77064 USA
ESA TX Pro rties LP. 1908 Forest Ride Dr Bedford TX 76021 USA
BSA TX Pro rties LP. 2130 South Hi hwa 6 Houston TX USA
BSA TX Pro rties LP. 2544 US Hw 67 Mesuite TX USA
3440 W. Walnut Hill Lane Irvin TX USA
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Debtor Address-
ESA TX Properties LP. 4701 City Lake Blvd. W Fort Worth
ESA TX Properties LP. 4701 Westheimer Road Houston 1 TX 77027
ESA TX Properties L.P. L 5831 Overton Ridge Blvd. Fort Worth TX 76132 *LUSA
ESA TX Properties LP. 6218 S. Staples St. Corpus Christi TX 78413
BSA TX Properties LP. lâ 6580 Montana Ave. El Paso '
ESA TX Properties LP. 1 990 Sunland Park Dr. El Paso
ESH/Homestead Portfolio 2165 West 15th Street Tempe
FL.L.C. J
ESE/Homestead Portfolio 101 Fairway Drive Miami Springs
L.L.C. f
ESH/Homestead Portfolio 1040 Greenwood Blvd Lake Mary
L.L.C.
ESE/Homestead Portfolio 4693 Salisbury Road Jacksonville
L.L.C.
ESH/Homestead Portfolio 8520 Northwest Blvd Indianapolis IN 46278 USA
L.L.C.
ESHlHomestead Portfolio 1650 Alliant Avenue Louisville KY 40299 USA
L.L.C.
ESH/Homestead Portfolio 200 Jubilee Dr Peabody MA ' 01960 USA
L.L.C.
ESH/Homestead Portfolio 120 Admiral Cochrane Drive Annapolis MD 21401 USA
L.L.C.
ESH/Homestead Portfolio 9701 N. Shannon Avenue Kansas City MO 64153 USA
L.L.C.
ESH/Homestead Portfolio 2601 Appliance Court Raleigh NC 27604 USA
L.L.C.
ESH/Homestead Portfolio 25 Merritt Blvd Fishkill 12524 USA
L.L.C.
ESH/Homestead Portfolio â 4630 Creek Road Blue Ash OH USA
L.L.C.
ESILUIâlomestead Portfolio 268 Metro Center Blvd Warwick RI 02886 USA
L.L.C.
ESE/Homestead Portfolio 5045 N. Arco Lane North SC 29418 USA
L.L.C. Charleston
ESH/HV Pro erties L.L.C. 12 Perimeter Park South Birmin ham 1 AL 35243 USA
ESH/HV Properties L.L.C. 1920 W. Isabella Mesa AZ 85202 USA
ESH/HV Properties L.L.C. 2102 West DunlaRAvenue I Phoenix AZ 85021 USA
ESH/HV Pro erties L.L.C. 3560 North Marshall Wa Scottsdale AZ 85251 â 1 USA
ESH/HV Properties L.L.C. 1255 Orleans Drive Sunnyvale CA 94089 1 USA
ESH/HV Pro erties L.L.C. 1377 W Glenoaks Blvd Glendale CA 91201 USA
ESH/HV Pro . rties L.L.C. 1560 North First Street 951 12 USA
ESHIHV Properties L.L.C. 18000 San Ramon Valley San Ramon CA 94583 USA
Blvd.
ESH/HV Pro rties L.L.C. 1830 Gatewa Drive San Mateo CA 94404 USA
ESH/HV Properties L.L.C. 190 East El Camino Real Mountain CA 94040 USA
View
ESH/HV Properties L.L.C. 1910 E Mari osa Ave El Seundo CA 90245 USA
ESH/HV Properties L.L.C. 2810 Gateway Oaks Drive - USA
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Debtor Address
ESH/HV Properties L.L.C. 3 Circle Star Way San Carlos
ESH/HV Properties L.L.C. 30 Technology Dr Irvine
ESH/HV Properties L.L.C. 3050 E. Imperial Highway Brea
ESH/HV Properties L.L.C. 330 Cypress Drivel 850 Milpitas
Bellew Drive
ESH/HV Properties L.L.C. 3995 Carson St Torrance
ESH/HV Properties L.L.C. 46080 Fremont Blvd. Fremont
ESH/HV Properties L.L.C. â 5990 Corporate Avenue Cypress CA 90630
ESH/HV Properties L.L.C. L 7444 Mission Valle Road San Diego CA
L ESH/HV Properties L.L.C. 930 S Fifth Ave Monrovia CA 91016
ESHfHV Properties L.L.C. 9880 Pacific Heights San Diego CA USA
Boulevard
ESH/HV Properties L.L.C. 13941 East Harvard Avenue Aurora CO 80014 USA
ESH/HV Properties L.L.C. 4444 Leetsdale Drive Glendale CO 80246 USA
ESH/HV Properties L.L.C. * 4885 South Quebec Street [Denver CO 80237 USA
ESH/HV Properties L.L.C. 9253 E. Costilla Avenue Greenwood CO USA
Village
ESH/HV Properties L.L.C. 9650 East Geddes Avenue En lewood CO 801 12 USA
ESH/HV Properties L.L.C. 400 Main Ave Norwalk
ESH/HV Pro erties L.L.C. 945 Bridgeport Ave â1'Shelton CT 06484 USA
ESH/HV Properties L.L.C. 333 Continental Drive Newark DE 19713 USA
ESH/HV Pro rties L.L.C. 10020 Skinner Lake Drive Jacksonville FL 32246 USA
ESH/HV Properties L.L.C. 302 Northlake Blvd. Altamonte FL 32701 USA
ESH/HV Pr_operties L.L.C. 4101 Euity Row Orlando FL 32819 USA
ESH/HV Properties L.L.C. 501 NW 77th Street Boca Raton FL 33487 USA
ESH/HV Pro erties L.L.C. 6605 NW 7th Street Miami FL 33126 USA
ESH/HV Pro erties L.L.C. 8300 Western Way Jacksonville FL 32256 USA
ESH/HV Pro - rties L.L.C. 1050 Hammond Dr. Atlanta GA 30328 USA
ESH/HV Proerties L.L.C. 3103 Sorts Ave. Sm ma GA USA
ESH/HV Pro erties L.L.C. 1827 Centre Point Circle Naperville
ESH/HV Proerties L.L.C. 2701 Technolo; Drive Lombard
ESH/HV Proerties L.L.C.
ESH/HV Properties L.L.C. 675 Woodlands Parkway Vernon Hills IL 60061 USA
ESH/HV Properties L.L.C. 855 Pasquinelli Drive Westmont IL 60559 USA
LESH/HV Properties L.L.C. 5401 West 110th Street Overland Park KS 66211 USA
ESH/HV Pro erties L.L.C. 6451 East Frontage Road Merriam KS I 66202 USA
ESHfHV Pro erties L.L.C. 19 Northborough Road East Marlborouh MA 01752 USA
ESH/HV Properties L.L.C. 40 South Ave. Burlington MA USA
ESH/HV Properties LiL.C. 52 Fourth Ave. Waltham MA USA
ESH/HV Properties L.L.C. 2621 Research Blvd Rockville MD
ESH/HV Pro rties L.L.C. 28500 Northwestern Uwy. Southfield MI USA
ESH/HV Properties L.L.C. 3315 University Dr. Auburn Hills USA
ESH/HV Properties L.L.C. 11905 Technolo; Drive Eden Prairie MN LSA
ESH/HV Properties L.L.C. 3015 Demark Ave
ESH/HV Proerties L.L.C. 1 1252 Lone Bale Dr
USA
ESH/HV Properties L.L.C. 4535 Main Street USA
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Debtor Address 1 cal
ESH/HV Properties L.L.C. 1920 Ivy Creek Boulevard Durham
ESH/HV Properties L.L.C. 3531 Wake Forest Rd Raleigh
ESHIHV Properties L.L.C. 710 Yorkmont Road Charlotte
LESH/HV Properties L.L.C. I Hoover Way Woodbridge
ESH/HV Properties L.L.C. 125 Rt 10 East Whippany
ESH/HV Properties L.L.C. 300 State Hwy Rt 3 East East
Rutherford
ESH/HV Properties L.L.C. 24851 Country Club Blvd. North Olmsted
ESH/HV Properties L.L.C. 3625 Orange PI. ï¬-Orapge Village
ESH/HV Properties L.L.C. 13009 SW 68th Parkway 1 Tigard
ESH/HV Properties L.L.C. 875 SW 158th Ave Beaverton
ESH/HV Properties L.L.C. 400 American Avenue King of
Prussia
[ESH/HV Progerties L.L.C. 537 Dresher Road Horsham
ESH/HV Properties L.L.C. 1220 East 2100 South ySalt Lake City
ESH/HV Properties L.L.C. 5683 South Redwood Road Salt Lake City I UT
ESH/HV Properties L.L.C. 200 Blue Stone Road Alexandria I VA
rkESH/HV Properties L.L.C. 241 Arboretum Place Richmond VA
ESH/HV Properties L.L.C. 8201 Old Courthouse Road Vienna VA
ESH/HV Prope_rties L.L.C. 15635 West ValleY Hw . Tukwila WA
ESH/HV Properties L.L.Cl 15805 NE 28th Street Bellevue WA
ESHfHV Properties L.L.C. 3700 132nd Ave SE Bellevue WA
ESH/HV Proppgtjes L.L.C. 325 N Brookfield Rd Brookfield
ESH/MSTX Property LP 4709 W. Plano Pkwy Plano TX
ESH/TN Properties L.L.C. 2541 C0 rate Avenue East Memphis
ESH/TN Properties L.L.C. 6500 Poplar Avenue âMemphis
ESH/TN Properties L.L.C. 680 Bakers Bridge Ave. Franklin
ESH/TN Properties L.L.C. 727 McGavock Pike Nashville
ESH/TX Properties LP. 1015 Central Parkway South San Antono
ESH/TX Properties L.P. 12121 Coit Rd Dallas
ESH/TX Properties LP. 1221 N Watson Dr Arlington
ESH/TX Properties L.P. 13223 Champions Ctr Dr Houston
ESH/TX Properties LP. 1601 River Run Fort Worth
ESH/TX Properties LP. 17425 Dallas Pkwy Dallas
ESH/TX Properties L.P. 18470 N. Dallas Pkwy Dallas
ESH/TX Pro erties LP. 2300 West Loop South Houston
ESH/TX Properties LP. 507 South First Street Austin
ESH/TX Properties LP. 5315 Carnab St. Irving_
ESH/TX Properties LP. 7825 Heathrow Dr Irving
ESH/TX Pro rties LP. 7979 Fannin Street Houston TX 77054
ESH/TX Pro rties LP. 901 E. Campbell Road
ESH/TX Properties LP. 9100 Waterford Centre Blvd.
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Leased Propertyl
lam
MESH/Homestead Portfolio
L.L.C.
ESH/Homestead Portfolio One Plaza Drive in Secaucus, Secaucus NJ 07094 USA
L.L.C. New Jersey
USA
ESH/HV Properties L.L.C. 3045 South Maryland Parkway in Las Vegas NV 89109
Las Vegas, Nevada
8 East Swedesford Road in
Malvern, Pennsylvania
SC 29306 USA
ESA P Portfolio L.L.C. 100 Dunbar Street in Spartanburg,
South Carolina
Spartanburg
Elizabeth
Durham 27713 USA
NJ 07201 USA
ESA P Portfolio L.L.C. 45 Glimcher Realty Way in
Elizabeth, New Jersey
2504 North Carolina Highway 54
in Durham, North Carolina
ESA TX Properties L.P.
' The classiï¬cation of the contractual agreements listed herein as real property leases or property
held by other arrangements is not binding upon the Debtors.
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Schedule 7
Location of Debtorsâ Assets, Books and Records
Pursuant to Local Bankruptcy Rule lOO7â2(a)(10), the following lists the
locations of the Debtorsâ substantial assets, the location of their books and records, and
the nature, location, and value of any assets held by the Debtors outside the territorial
limits of the United States.
Location of Debtorsâ Substantial Assets
The Debtorsâ substantial assets consist of real estate and leaseholds, and
the location of these assets are provided in Schedule 6. The Debtors own and/or lease
properties across 44 states in the United States and 2 provinces in Canada. In addition,
Homestead Village L.L.C. owns the trademark for Homestead Studio Suites.
Books and Records
The Debtorsâ books and records are kept at the following locations:
Extended Stay Katels Headquarters _ V 100 Dunbar Street,
artanbur, SC 29306
_ S
The Lightstone Group . ~ _ _ . _ 1985 Cedarbridge Ave,
â - H L L- â , â â- âLakewood,NJ08701
Debtorsâ Assets Outside the United States
The Debtors have assets in locations outside the United States, comprising
of three properties in Canada and bank accounts related thereto. The aggregate value of
all assets located outside the United States as of June 10, 2009 is approximately $73 to
$74 million.
EsA CanadaTrustee Inc. 222 LeMerchant Road
Newfoundland Hotel St. Johnâs NF AlCâ2H9
ESA Canada Trustee Inc. 141 Cooper Street
Ontario Hotel (Ottawa) Ottawa ON K2P 0E8
ESA Canada Trustee Inc. 3600 Steeles Avenue West
Ontario Hotel (Vauhan) Vauhan ON L4L 8P5
TD Canada Trust
Bank Accounts CanadianPaciï¬c Tower
100 Wellington St., West, 27th Floor
Toronto, Ontario MSK 1A2
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Bank of America Canada
Bank Accounts 540 West Madison Avenue
Chica 0, IL 60604
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Schedule 8
Litigation
Pursuant to Local Bankruptcy Rule 1007-2(a)(l 1), the following is a list of
the nature and present status of each action or proceeding, pending or threatened, against
the Debtors or their properties Where a judgment against the Debtors or a seizure of their
property may be imminent.l
_ Aetinn ï¬r Prï¬céedlâ 7â Piatnre ofï¬kcï¬czz " I; L stating: 7 â
, ,, ewes??? ,,
Aecon Construction Group Inc Alleged breach of contract Answer has been ï¬led; discovery in
claim progress.
. . . Answered filed; negotiations in
Armstrong, Tyrone Alleged personal injury claim
Pending; received notice of potential
condemnation, but no court filing at
this time.
City of Chesapeak Notice of potential Received notice of decrswn to
condemnation. inspect.
. . . Pending; received initial offer, no
Notice of potential
condemnation
California Department of
Transportation
. Seekin tem rary Pendin ' received no i of tential
Connecticut Department of g . p0 gâ . t CC
. construction and access condemnation, but no court filing at
Transportation . .
easements this time.
Disabled Patrons of America SCEkmg remedâaâm 0f vmous Discovery in process.
alleged barriers «
Pending; received notice of potential
condemnation, but no court filing at
this time.
' . . . d . ; . . . . â
Georgla Department of Transportanon Seeking right of way for roa Pending~ received initial offer no
improvement court ï¬ling at this time.
Pending; received notice of potential
condemnation, but no court filing at
this time.
Georgia Department of Transportation Seeking easement
Indiana Department of Transportation
Johnson, Mark
Seeking right of way
l The information herein shall not constitute an admission of liability by, nor is it binding on, the
Debtors. In addition, there are numerous actions and proceedings against HVM, L.L.C., which
manages Extended Stayâs hotels. However, to the best of the Debtorsâ knowledge, those actions
and proceedings have been initiated against HVM, L.L.C., a nonâDebtor, and accordingly, are not
included in this schedule.
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Action or Proceeding Nature of Action (Claim - Status of Action
' I Amount)
Kwaku, Emmanuel 4 Alleged personal injury claim I Discovery in process.
ï¬fgggfgwgggmm 0â 5552;123:3330?âng from mu set for Saptember 2009.
Maloney, Kevin beged injury claim Discovery in process.
McCall, Madalyne J. Alleged personal injury claim Discovery in process.
Moyer, Candance Alleged criminal claim Discovery in process.
New Jersey Department of
Transportation Real estate litigation. Trail set for September 2009.
I
Ohio Department of Transportation Seeking right of way Pending; recewed mma] Offer; no
court filing at this time. âI
Schroader, Sharon Alleged personal injury claim Discovery in process.
L
Shaw, Alexander Alleged personal injury claim Discovery in process.
Sosbe, Evelyn Alleged personal injury claim Discovery in process.
__l
Pending; received notice of potential
condemnation, but no court filing at
this time.
Notice of potential
Texas Department of Transportation .
condemnation
Pending; received notice of potential
Notice of otential . . .
p condemnation, but no court filing at
Texas Department of Transportation
condemnation this time.
I
Virginia Department of Seeking additional right of way Pendin
Transportation and temporary easement gâ
Zeller, Penelope Alleged personal injury Acme; m process Of preparing
answer.
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W
Senior Management
Pursuant to Local Bankruptcy Rule 1007-2(a)(12), the following provides
the names of the individuals who comprise the Debtorsâ existing senior management, a
description of their tenure with the Debtors, and a brief summary of their relevant
responsibilities and experience.1
Dav1d Lichtenstein .
Chief Executive Officer and Chief Executive Officer and President of Extended Stay Inc.
President/Chairman and Homestead Village L.L.C, as well as the President of the
Debtors. Mr. Lichtenstein founded both American Shelter
Corporation and The Lightstone Group and directs all aspects
of the acquisition, ï¬nancing, and management of a diverse
portfolio of multi-family, lodging, retail and industrial
properties located in 46 states, the District of Columbia,
Canada and Puerto Rico. Mr. Lichtenstein is a member of the
International Council of Shopping Centers and NAREIT. Mr.
Lichtenstein also serves as the Chairman of the board of
trustees of Prime Group Realty Trust, a publicly registered
REIT trading on the NYSE. Mr. Lichtenstein is also the
Chairman of the Board of Directors and Chief Executive
Officer of Lightstone Value Plus Real Estate Investment Trust,
Inc. and Lightstone Value Plus Real Estate Investment Trust
II, Inc, both M land co n rations.
Joseph Teichman Mr. Teichman is the Secretary and General Counsel, and a
Secretary and General Counsel director, of Extended Stay Inc. and Homestead Village L.L.C.,
as well as the Secretary of all of the Debtors. Mr. Teichman is
also the Executive Vice President and General Counsel of The
Lightstone Group, LLC, a private company, and also serves as
General Counsel of Lightstone Value Plus Real Estate
Investment Trust Company, and Lightstone Value Plus Real
Estate Investment Trust II, Inc, both Maryland corporations.
Prior to joining The Lightstone Group in January 2007, Mr.
Teichman practiced law at the law firm of Paul, Weiss,
Rifkind, Wharton & Garrison LLP in New York, NY from
September 2001 to January 2007. Mr. Teichman earned a J .D.
from the University of Pennsylvania Law School and a BA.
from Beth Medrash Govoha, Lakewood, NJ.
â Extended Stayâs hotels are managed by non-Debtor HVM L.L.C. The senior management of
HVM L.L.C. are as follows: Gary DeLapp (President and CEO), Bob Micklash (Chief Operations
Officer), F. Joseph Rogers (Executive Vice President, Accounting & Finance), David Kim
(Executive Vice President of Finance and [Chief Investment Officer), and Kevin McDougall
(Executive Vice President, General Counsel).
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"
F. Joseph Rogers .
Assistant Secretary and Homestead Village L.L.C. He has also been an Exective
Vice President, Accounting & Finance of HVM L.L.C. since
May 2004. Prior to that, he had served as Vice President and
Controller of Homestead Village Inc., a company he joined in
August 1996. Prior to that, Mr. Rogers was Vice President of
Securit Caital Grou Inco orated from 1992 throu h 1996.
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Schedule 10
Payroll
Pursuant to Local Bankruptcy Rule 1007â2(b)(1)-(2)(A) and (C), the
following provides the estimated amount of weekly payroll to the Debtorsâ employees
(not including ofï¬cers, directors and stockholders) and the estimated amount to be paid to
ofï¬cers, stockholders, directors and ï¬nancial and business consultants retained by the
Debtors, for the thirty (30) day period following the ï¬ling of the chapter 11 petitions.l
$7,300,000 biweekly
$165,000 biweekly
$200,000
1 As further described in the First Day Declaration, the manager of the Debtorsâ business employs
approximately 10,000 employees on behalf of the Debtors. NonâDebtor HVM L.L.C. pays all of
the employees, as well as the ofï¬cers and directors. Accordingly, while there are no payments
made directly by any of the Debtor entities to employees, officers, and directors, subject to Court
approval, the Debtors intend to pay HVM L.L.C. for the amounts set forth herein as
reimbursement for employee-related expenses during the next 30 days.
3 HVM L.L.C makes payments for employees and officers and directors on a biweekly basis.
Accordingly, the numbers herein are the estimated biweekly gross payroll for employees of HVM
L.L.C., not including ofï¬cers, directors, and stockholders. No payments are made to the directors
and officers of the Debtor entities.
3 HVM L.L.C is responsible for payments to the ofï¬cers and owners of HVM L.L.C. and makes
payments to the officers and owners on a biweekly basis. Accordingly, this numbers herein are
the estimated biweekly payroll for the ofï¬cers and owners of HVM L.L.C.
4 This does not include any payments to attorneys.
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Schedule 11
Cash Receipts and Disbursements,
Net Cash Gain or Loss, Unpaid Obligations and Receivables
Pursuant to Local Bankruptcy Rule 1007-2(b)(3), the following provides, for the
thirty (30) day period following the ï¬ling of the chapter 11 petitions, the estimated cash receipts
and disbursements, net cash gain or loss, and obligations and receivables expected to accrue that
remain unpaid, other than professional fees.
$73 million
$67 million
$6 million
$30 million
$5 million
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