REFERENCES

Rob Koger or Andy Kern
President/Senior Vice President
Molinaro Koger
National Hotel Brokerage Firm
703-760-9600
Munson Associates has been closing loans for this company since 1998.

Mr. Jim Rudeau
Franchise Administrator
Choice Hotels International
P: 301-592-6112
jim_rudeau@choicehotels.com
Mr. Redeau has always expressed comfort and confidence with my company's involvement, particularly in conversions.

Mr. J. D. Desai
Operations Manager/Owner
Comfort Inn & Suites
Beaverton, OR
P: 503-643-9100
www.choicehotels.com/hotel/or132
J.D. used our services to obtain 80% conventional and SBA financing for his conversion from a Ramada to the current Comfort Inn & Suites in 2003. We closed on time, on budget, at the rate and terms that he approved and with no significant problems.

Mr. Anil Patel
NorthStar Hotel Group, Inc.
341 South Black Horse Pike
BellMawr, NJ 08031
856-931-0200
Munson Associates has secured a number of loans for NorthStar and their affiliates including SBA and conventional loans since 1999.

Urvil & Jitendra Patel
Kumar Management (multi-property owners)
6139 Oakbrook Parkway
Norcross, GA 30093
P770-798-9100 x 101 for Jitendra
We have closed a tough foreclosure deal with the Patel’s. Also, we have completed a cash-out refinance on an existing property to secure financing for their next purchase.