January 2015 DEAL SUMMARY Chartwell is pleased to announce the successful sale of TPI Hospitality ("TPI") to the TPI Hospitality Employee Stock Ownership Trust ("ESOP"). The selling shareholders elected to sell to an ESOP to reward the Company's employee-associates for their past, current, and future service, as well as to preserve the legacy and culture, and to position TPI for continued success over many years to come. TPI Hospitality engaged Chartwell to design, structure, and execute an ESOP transaction consistent with the shareholders' goals and objectives. Chartwell presented multiple scenarios to determine the optimal outcome for all stakeholders to ensure: i) the shareholders would receive fair market value for their equity; ii) market-based returns on reinvested capital; iii) the Company would remain well positioned financially to enhance future growth; and, iv) the ESOP would provide a meaningful and sustainable benefit to TPI's employee-associates for many years to come. Further, the TPI ESOP structure allows the Company to accelerate new property development plans, more aggressively repay debt, and create superior wealth for employees through equity value growth. "Throughout the ESOP transaction process, Chartwell served as a trusted advisor to me and my team, as we evaluated numerous ESOP and capital structures to ensure the best outcome for our employee-associates, the Company, and the shareholders. At each step, it was clear that Chartwell was primarily concerned with finding the best outcome for each of these stakeholders, which gives me great confidence in the ESOP and TPI going forward." Tom TorgersonCEO and ChairmanTorgerson Properties, Inc. ABOUT TPI HOSPITALITY TPI Hospitality develops, builds, and manages hotels and restaurants throughout Minnesota and Florida. With over 40 properties, TPI is a leading hospitality owner/operator, aligned with nationally recognized hotel and restaurant franchisors, in addition to successfully operating its own concepts. As a result of this success, the Company is widely regarded as a leading industry innovator and preferred partner for hospitality franchisors looking to expand in Minnesota and Florida. For more information about TPI Hospitality, please visit www.tpihospitality.com For additional information on this transaction, please contact Greg Fresh at 612-230-3125 or firstname.lastname@example.org.