Circa 39

MIAMI BEACH, FL

A Diversified Hotel Portfolio

Black Salmon, in joint venture with AMS Hospitality, is strategically acquiring hospitality assets which, despite being currently non- performing or sub-performing, are expected to recover within the next few years based on property and market fundamentals. Black Salmon will only invest in assets in the United States.

Property Overview

Circa 39 Hotel is a beachside boutique hotel located on famous Collins Avenue and at just a street across the Miami Beach Boardwalk. Circa 39 offers an art deco historic setting through its colorful and chic décor. The Fund has engaged one of the world’s pre-eminent managers of independent hotels, Highgate, whose deep experience in Miami Beach will help to ensure the best possible execution of the Fund’s business plan.

About Miami Beach

The hotel market in Miami emerged as particularly resilient during the pandemic, showing steadily rising occupancy rate and average daily rates. According to STR, in June 2021, Miami hotels showed an occupancy rate of 72.2%, far higher than the national average of 66.1%, while visitors were charged an average of $225.03 per night, up 49% from the pre-pandemic rate of $150.92 in June 2019.