{PAGE}

July 14, 2003



Maureen Mastroieni, MAI, CRE

MASTROIENI & ASSOCIATES, INC.

1000 Germantown Pike, Unit C-6

Plymouth Meeting, PA  19462



SUBJECT:       Market Value Appraisal - Hotel Property

               Holiday Inn Express Oceanside

               13950 U.S. Highway 1

               Juno Beach, Palm Beach County, Florida 33408

               Integra Realty Resources - Orlando File No. 03-154-052



Dear Ms. Mastroieni:



Integra Realty Resources - Orlando is pleased to transmit the self-contained

report of a complete appraisal that was prepared on the referenced property. The

purpose of this appraisal is to derive an opinion of the market value of the Fee

Simple Estate of the property as of June 25, 2003, the effective date of the

appraisal. The attached report sets forth the data, research, analyses, and

conclusions for this appraisal.



The report has been prepared in conformity with the Uniform Standards of

Professional Appraisal Practice (USPAP) and the Standards of Professional

Practice of the Appraisal Institute. Our opinion of market value is premised

upon the Assumptions and Limiting Conditions beginning on Page 3.



The site has an area of approximately 3.61 acres; it is improved with a 2 to

3-story, limited-service Holiday Inn Express Hotel containing 108 rooms. The

room mix is as follows:



{TABLE}

{CAPTION}

ROOM TYPE                TOTAL NUMBER

---------                ------------

{S}                      {C}

STANDARD DOUBLE                47

DELUXE DOUBLE                  23

STANDARD KING                   9

DELUXE KING                    12

SUITES                         12

HANDICAP DOUBLE                 1

HANDICAP KING                   4

                              ===

TOTALS                        108



{/TABLE}

{PAGE}

July 14, 2003

Page 2





The common area includes a lobby with breakfast area, an outdoor pool, vending

areas, laundry room, 20 person capacity meeting room, and back office areas. The

improvements were constructed in phased between 1961 and 1998; the gross

building area is approximately 55,325 square feet.



Based on the analyses and conclusions in the accompanying report, and subject to

the definitions, assumptions, and limiting conditions expressed in this report,

it is our opinion that the market value of the Fee Simple Estate of the subject

as a going concern, as of June 25, 2003, is:



                   SEVEN MILLION ONE HUNDRED THOUSAND DOLLARS

                                  ($7,100,000)



The subject's going concern value may be allocated as follows:



{TABLE}

{S}                                          {C}                           {C}

Land & Buildings                             $4,955,000                    69.8%

Furniture, Fixtures & Equipment              $  810,000                    11.4%

Business & Other Intangibles                 $1,335,000                    18.8%

TOTAL GOING CONCERN VALUE                    $7,100,000                     100%

{/TABLE}



If you have any questions or comments, please contact the undersigned. Thank you

for the opportunity to be of service.



Respectfully submitted,



INTEGRA REALTY RESOURCES - ORLANDO



{TABLE}

{S}                                       {C}

Michael S. Sorich, MAI, CRE               Sean M. McCartney

Certified General Real Estate Appraiser   State Registered Real Estate Appraiser

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