[sheet: Cover]

Field	Detail
Transaction	Acquisition of The Marisol Hotel — 455 South Ocean Boulevard, Delray Beach, FL 33483
Buyer	PCG Delray Hotel LLC (a wholly owned subsidiary of Pellegrino Capital Group LLC)
Seller	Saltaire Hospitality Holdings LLC
Purchase Price	$35,000,000.00
Parcel ID	12-43-46-27-01-005-0010 (Palm Beach County)
C&H Matter No.	40225.00001
PSA Execution Date (Target)	July 7, 2025
Due-Diligence Period	July 7, 2025 – August 21, 2025 (45 days)
Title Objection Deadline	August 7, 2025 (30 days post-PSA)
Seller Cure Period	15 days after title objection (expires August 22, 2025)
Additional Deposit Due	August 25, 2025 (2 business days post-DD expiration)
Loan Commitment Deadline	August 28, 2025
Closing Date	September 15, 2025
Post-Closing Transition	September 15 – November 14, 2025 (60 days)
Buyer's Counsel	Calderwood & Harkness LLP — Angela Fontaine (Partner), Douglas Fairchild (Partner), Rafael Dominguez (Lead Associate), Cynthia Ho (Associate)
Seller's Counsel	Hargrove, Kessler & Blaine LLP — Patricia "Trish" Blaine (Lead Partner)
Lender	Meridian Coast Bank, N.A. — Loan Ref. No. MCB-CRE-2025-07184
Lender's Counsel	Braddock Reeves LLP — Jonathan Ng (Lead Partner)
Client Contact	Veronica Suárez-Pellegrino, General Counsel, Pellegrino Capital Group LLC
Prepared By	Cynthia Ho and Rafael Dominguez, Calderwood & Harkness LLP

[sheet: DD Checklist]

Item No.	Category	Sub-Category	Item Description	Responsible Party	Request Date	Due Date	Date Received	Review Status	Reviewed By	Notes / Comments
1	Title & Survey	Title Commitment	Title commitment issued by Palmetto Title & Escrow Company (Title Officer: Denise Lafleur); Underwriter: Commonwealth Southern Title Insurance Company	C&H / Palmetto Title	2025-07-07	2025-07-21	2025-07-18	Reviewed — Issue Flagged	R. Dominguez / C. Ho	Commitment received; Schedule B exceptions reviewed — see Title Commitment Review Memo. Objections to be sent by August 7, 2025 deadline.
2	Title & Survey	Title Commitment	Schedule B-I Requirements — list of requirements to be satisfied prior to policy issuance	C&H	2025-07-07	2025-07-21	2025-07-18	Under Review	C. Ho	Review requirements for closing deliverables; coordinate with Palmetto Title.
3	Title & Survey	Title Commitment	Schedule B-II Exceptions — Seaview National Lending Corp. first-mortgage lien (original principal $16,800,000; approximate payoff $14,350,000)	C&H / Seller's Counsel (HKB)	2025-07-07	2025-08-07	Requested	R. Dominguez	Objectionable exception — require payoff and satisfaction/release at closing from Seller's proceeds. Payoff letter to be obtained.
4	Title & Survey	Title Commitment	Schedule B-II Exceptions — Beach access easement in favor of City of Delray Beach (OR Book 31245, Page 1822, Palm Beach County)	C&H	2025-07-07	2025-08-07	2025-07-18	Reviewed — Approved	R. Dominguez	Permitted exception — does not materially interfere with hotel operations. To remain as permitted encumbrance.
5	Title & Survey	Title Commitment	Schedule B-II Exceptions — Utility easement in favor of FPL, 10 ft. along western boundary (OR Book 22017, Page 934, Palm Beach County)	C&H	2025-07-07	2025-08-07	2025-07-18	Reviewed — Approved	R. Dominguez	Permitted exception — standard utility easement along western boundary.
6	Title & Survey	Title Commitment	Schedule B-II Exceptions — Declaration of CC&Rs recorded by original developer (OR Book 18904, Page 455, Palm Beach County) restricting use to hotel/resort purposes	C&H	2025-07-07	2025-08-07	2025-07-18	Reviewed — Approved	C. Ho	Permitted exception — use restriction consistent with Buyer's intended use as boutique hotel.
7	Title & Survey	Title Insurance	ALTA Owner's Policy — $35,000,000 coverage; Commonwealth Southern Title Insurance Company (estimated premium: $72,100)	C&H / Palmetto Title	2025-07-07	2025-09-15	Not Started	R. Dominguez	To be issued at closing. Confirm endorsements needed (survey, zoning, access, etc.).
8	Title & Survey	Title Insurance	ALTA Loan Policy — $24,500,000 coverage; simultaneous issue (estimated premium: $28,000)	C&H / Braddock Reeves LLP (J. Ng)	2025-07-07	2025-09-15	Not Started	R. Dominguez	To be issued at closing for Meridian Coast Bank, N.A. Coordinate endorsement requirements with lender's counsel.
9	Title & Survey	Survey	ALTA/NSPS Land Title Survey prepared by Crestline Surveying & Mapping, Inc. (George Tavares, PSM) — 1.87-acre parcel (approx. 81,457 sq. ft.)	C&H / Crestline	2025-07-07	2025-07-28	Requested	C. Ho	Survey cost: $18,500. Must meet ALTA/NSPS minimum standards. Confirm Table A items with lender's counsel.
10	Title & Survey	Survey	Review survey for encroachments, boundary discrepancies, easement locations, and setback compliance (coastal construction control line)	C&H	2025-07-28	2025-08-07	Not Started	R. Dominguez	Review upon receipt; any encroachments to be included in title objection letter.
11	Title & Survey	Existing Liens	Obtain payoff letter from Seaview National Lending Corp. for existing first-mortgage lien (approx. payoff $14,350,000)	Seller's Counsel (HKB) / Seller	2025-07-07	2025-09-05	Requested	R. Dominguez	Payoff and recorded satisfaction of mortgage required as condition to closing. Funds to be disbursed from Seller's closing proceeds.
12	Environmental	Phase I ESA	Phase I Environmental Site Assessment prepared by Verdana Environmental Group LLC (Project Manager: Dr. Anita Robles, P.E.)	C&H / Verdana	2025-07-07	2025-08-04	Requested	C. Ho	Phase I ESA cost: $6,200. Property located in FEMA Flood Zone AE. Report should address recognized environmental conditions (RECs), if any.
13	Environmental	Phase I ESA	Review Phase I ESA findings and recommendations; determine if Phase II required	C&H	2025-08-04	2025-08-14	Not Started	R. Dominguez	If RECs identified, may need Phase II within DD period (expiring August 21, 2025).
14	Environmental	Flood Zone	Confirm FEMA flood zone designation — Zone AE (Special Flood Hazard Area), FIRM Panel 12099C0826J (effective December 4, 2020)	C&H / Verdana	2025-07-07	2025-07-21	Requested	C. Ho	Flood insurance required by lender. Coordinate with Harborview Risk Advisors LLC for flood coverage placement.
15	Environmental	Environmental Compliance	Review any existing environmental permits, storage tank registrations, hazardous materials disclosures	C&H / Seller	2025-07-07	2025-07-28	Requested	C. Ho	Request from Seller's counsel. Hotel includes rooftop restaurant/bar and spa — confirm compliance with waste discharge requirements.
16	Zoning & Land Use	Zoning Confirmation	Confirm CBD (Central Business District) zoning designation under City of Delray Beach Land Development Regulations — hotel/resort use permitted	C&H / Client (PCG)	2025-07-07	2025-07-28	Requested	C. Ho	Obtain zoning verification letter from City of Delray Beach. Confirm no pending zoning changes or variance requirements.
17	Zoning & Land Use	Coastal Construction	Confirm compliance with coastal construction control line (CCCL) setback requirements — FDEP	C&H	2025-07-07	2025-07-28	Requested	C. Ho	Oceanfront property — verify existing improvements do not encroach seaward of CCCL. Coordinate with survey review.
18	Zoning & Land Use	Certificate of Occupancy	Obtain copy of current certificate of occupancy for hotel (42-key, four-story building, approx. 38,600 gross sq. ft.)	Seller / Seller's Counsel (HKB)	2025-07-07	2025-07-21	Requested	C. Ho	Originally built 1972; substantially renovated 2018–2019 ($8,600,000 renovation by Saltaire). Confirm CO issued post-renovation.
19	Zoning & Land Use	Building Code Compliance	Copies of all building permits issued for 2018–2019 renovation; confirm all permits closed and no open violations	Seller / Seller's Counsel (HKB)	2025-07-07	2025-07-28	Requested	C. Ho	Any open or expired permits to be raised in title objection letter.
20	Zoning & Land Use	Parking	Confirm 60-space surface parking lot compliance with CBD zoning parking requirements for 42-key hotel	C&H	2025-07-07	2025-07-28	Not Started	C. Ho	Verify minimum parking ratio under Delray Beach LDRs.
21	Permits & Licenses	Liquor License	Florida DBPR Liquor License No. BEV-5812947 — confirm current status, transferability, and DBPR transfer approval requirements	C&H / Seller / Client (PCG)	2025-07-07	2025-08-07	Requested	R. Dominguez	License currently held by Saltaire or affiliate. Transfer or re-issuance to PCG Delray Hotel LLC required — DBPR application to be filed. Address in Assignment and Assumption of Contracts.
22	Permits & Licenses	Elevator Permit	Palm Beach County Elevator Permit No. EL-2019-003417 — confirm current inspection status and compliance	C&H / Seller	2025-07-07	2025-07-28	Requested	C. Ho	Verify annual inspection is current; obtain most recent inspection certificate.
23	Permits & Licenses	Hotel Operating Permits	City of Delray Beach hotel/resort operating license; Palm Beach County business tax receipt	Seller / Seller's Counsel (HKB)	2025-07-07	2025-07-28	Requested	C. Ho	Confirm all operating permits current and in good standing. Determine re-application requirements for new owner entity.
24	Permits & Licenses	Health & Safety	Department of Health food service permits for rooftop restaurant/bar ("Terrazza") and spa	Seller / Seller's Counsel (HKB)	2025-07-07	2025-07-28	Requested	C. Ho	Spa (3,200 sq. ft.) and Terrazza rooftop restaurant/bar — both require separate health/food service permits.

25	Permits & Licenses	Fictitious Name	Seller's Florida Fictitious Name Registration: "The Marisol — A Saltaire Hotel" (Reg. No. G19000042817) — confirm status and wind-down	C&H / Seller's Counsel (HKB)	2025-07-07	2025-07-28	Requested	R. Dominguez	Seller to cancel registration post-closing; Buyer to determine whether to file new fictitious name registration. Address in Post-Closing Transition Agreement.
26	Insurance	Property & Casualty	Current property and casualty insurance policy — review coverage limits, deductibles, named insured, and claims history	Client (PCG) / Seller / Harborview Risk Advisors LLC	2025-07-07	2025-07-28	Requested	C. Ho	Current carrier: Atlantic Keystone Insurance Company. Placement through Harborview Risk Advisors LLC. Buyer to obtain new policy effective at closing.
27	Insurance	Flood Insurance	Flood insurance coverage — required for Zone AE (Special Flood Hazard Area); confirm NFIP or private flood policy	Client (PCG) / Harborview Risk Advisors LLC	2025-07-07	2025-08-14	Requested	C. Ho	Lender (Meridian Coast Bank) will require evidence of flood coverage as condition to closing. FEMA FIRM Panel 12099C0826J, eff. December 4, 2020.
28	Insurance	Windstorm / Named Storm	Windstorm / named storm coverage — review availability, deductibles, and lender requirements for oceanfront FL property	Client (PCG) / Harborview Risk Advisors LLC	2025-07-07	2025-08-14	Requested	C. Ho	Oceanfront Delray Beach location — windstorm coverage critical. Coordinate with lender requirements.
29	Insurance	Liability / Umbrella	General liability and umbrella/excess liability coverage — review limits and adequacy for hotel operations (42 keys, 64 FTEs, restaurant, spa, beach access)	Client (PCG) / Harborview Risk Advisors LLC	2025-07-07	2025-08-14	Not Started	C. Ho	Buyer to bind new policies effective closing date.
30	Insurance	Builder's Risk / Prior Claims	Review 5-year loss/claims history from Seller; confirm no pending or unresolved insurance claims	Seller / Seller's Counsel (HKB)	2025-07-07	2025-07-28	Requested	C. Ho
31	Contracts & Agreements	Management Agreement	Existing management agreement with Saltaire Management Co. LLC — confirm termination at closing	C&H / Seller's Counsel (HKB)	2025-07-07	2025-07-21	Requested	R. Dominguez	Management agreement to be terminated at closing per PSA. Confirm no early termination fees or surviving obligations. Saltaire Mgmt is affiliate of Seller.
32	Contracts & Agreements	Vendor / Service Contracts	Copies of all vendor and service contracts (housekeeping, landscaping, maintenance, laundry, security, IT/telecom, etc.)	Seller / Seller's Counsel (HKB)	2025-07-07	2025-07-28	Requested	C. Ho	Review for assignability, termination provisions, remaining terms, and auto-renewal clauses. Contracts to be assigned per Assignment and Assumption of Contracts at closing.
33	Contracts & Agreements	Booking Platform Agreements	Agreements with online travel agencies (OTAs) and booking platforms; reservation system contracts	Seller / Seller's Counsel (HKB)	2025-07-07	2025-07-28	Requested	C. Ho	Confirm assignability and any change-of-control provisions. Address transition of reservation systems in Post-Closing Transition Agreement.
34	Contracts & Agreements	Restaurant / F&B Contracts	Contracts related to Terrazza rooftop restaurant/bar — food suppliers, beverage distributors, POS systems	Seller / Seller's Counsel (HKB)	2025-07-07	2025-07-28	Requested	C. Ho
35	Contracts & Agreements	Spa Agreements	Spa vendor/product/service agreements; spa equipment leases (spa: 3,200 sq. ft.)	Seller / Seller's Counsel (HKB)	2025-07-07	2025-07-28	Requested	C. Ho
36	Contracts & Agreements	Equipment Leases	Copies of any FF&E or equipment leases (elevators, HVAC, kitchen equipment, laundry, etc.)	Seller / Seller's Counsel (HKB)	2025-07-07	2025-07-28	Requested	C. Ho	Distinguish leased vs. owned equipment for Bill of Sale and UCC-1 filing purposes.
37	Contracts & Agreements	Utility Agreements	Copies of utility service agreements (electric, water/sewer, gas, cable, internet)	Seller / Seller's Counsel (HKB)	2025-07-07	2025-07-28	Requested	C. Ho	Transfer or re-establishment of utility accounts in Buyer's name at closing.
38	Contracts & Agreements	Ground Lease / Sublease	Confirm no ground lease or sublease encumbrances — property is fee simple	C&H / Seller's Counsel (HKB)	2025-07-07	2025-07-14	Requested	R. Dominguez	PSA confirms fee simple acquisition of land and improvements.
39	Financial & Tax	TTM Operating Statements	Trailing-twelve-month (TTM) operating statements through May 31, 2025 (Revenue: $9,800,000; NOI: $3,120,000; NOI margin: 31.8%)	Seller / Seller's Counsel (HKB)	2025-07-07	2025-07-21	Requested	R. Dominguez	Key operating metrics: ADR $485, Occupancy 74%, RevPAR $359. Cap rate on purchase price: 8.91% ($3,120,000 ÷ $35,000,000).
40	Financial & Tax	Historical Financials	3-year historical financial statements (2022, 2023, 2024) — P&L, balance sheet, cash flow	Seller / Seller's Counsel (HKB)	2025-07-07	2025-07-21	Requested	R. Dominguez	Review revenue trends, expense composition, CapEx history. Hotel opened 2019; Saltaire acquired property in 2018 for $22,400,000 and spent $8,600,000 on renovation.
41	Financial & Tax	Monthly STR Reports	Monthly STR (Penmark Enterprises) reports for competitive set — 12-month rolling	Seller / Client (PCG)	2025-07-07	2025-07-28	Requested	C. Ho	Compare ADR, occupancy, and RevPAR to competitive set.
42	Financial & Tax	Property Tax Records	Palm Beach County property tax records and tax bills (2022, 2023, 2024); 2024 assessed value: Land $14,200,000 + Improvements $9,800,000 = Total $24,000,000; 2024 annual tax approx. $432,000 (millage rate ~18.0 mills)	C&H / Seller / Client (PCG)	2025-07-07	2025-07-21	Requested	C. Ho	Closing prorations based on estimated 2025 taxes of $440,000 as of September 15, 2025. Confirm no delinquent taxes.
43	Financial & Tax	Tax Proration Estimate	Estimate 2025 real-estate tax proration for closing (estimated 2025 taxes: $440,000; proration date: September 15, 2025)	C&H / Whitman Aldridge & Co. LLP (Helen Tsao, CPA)	2025-08-01	2025-09-05	Not Started	R. Dominguez	Property reassessment likely after sale — Buyer to budget for higher future taxes. Coordinate with Whitman Aldridge.
44	Financial & Tax	Accounts Receivable / Payable	Aged AR and AP schedules as of most recent month-end; advance guest deposits and reservations	Seller / Seller's Counsel (HKB)	2025-07-07	2025-07-28	Requested	C. Ho	Advance deposits and bookings to be addressed in closing prorations and Post-Closing Transition Agreement.
45	Financial & Tax	Capital Expenditure Schedule	Schedule of capital expenditures and FF&E replacements since 2019 renovation	Seller / Seller's Counsel (HKB)	2025-07-07	2025-07-28	Requested	C. Ho	Review deferred maintenance items and remaining useful life of major systems.
46	Financial & Tax	Appraisal	Appraisal report by Saylor & Beckett Valuation Services LLC (Martin Saylor, MAI)	C&H / Saylor & Beckett	2025-07-07	2025-08-07	Requested	R. Dominguez	Appraisal cost: $12,000. Required by Meridian Coast Bank for loan underwriting. Must support $35,000,000 value (LTV 70% = $24,500,000 loan).
47	Personnel & Employment	Employee Census	Complete employee roster — 64 FTE employees; positions, compensation, benefits, tenure	Seller / Seller's Counsel (HKB)	2025-07-07	2025-07-28	Requested	C. Ho	Buyer or Buyer's new manager to offer employment post-closing per PSA and Post-Closing Transition Agreement.
48	Personnel & Employment	Employment Agreements	Copies of any employment agreements, independent contractor agreements, non-compete/non-solicitation agreements	Seller / Seller's Counsel (HKB)	2025-07-07	2025-07-28	Requested	C. Ho	Identify any key-employee agreements or change-of-control provisions.
49	Personnel & Employment	Benefit Plans	Summary of employee benefit plans (health, dental, vision, 401(k), PTO, etc.) and any COBRA obligations	Seller / Seller's Counsel (HKB)	2025-07-07	2025-07-28	Requested	C. Ho	Asset acquisition — no automatic assumption of benefit plans. Buyer to establish new plans or transition.

50	Personnel & Employment	Transition Plan	Employment transition plan for 64 FTEs — timeline, communications, offer letters	Client (PCG) / C&H	2025-08-01	2025-09-05	Not Started	R. Dominguez	Coordinate with Post-Closing Transition Agreement (60-day transition: Sept. 15 – Nov. 14, 2025).
51	Personnel & Employment	Litigation / Claims	Pending or threatened employment litigation, EEOC charges, workers' compensation claims, OSHA citations	Seller / Seller's Counsel (HKB)	2025-07-07	2025-07-28	Requested	C. Ho
52	Entity & Authority	Buyer Entity Formation	Formation of PCG Delray Hotel LLC — Florida single-member LLC; sole member: Pellegrino Capital Group LLC; EIN to be obtained	C&H	2025-07-07	2025-07-21	Under Review	R. Dominguez	File Articles of Organization with FL Secretary of State. Prepare Operating Agreement. Obtain EIN from IRS. PCG EIN: 83-2749016.
53	Entity & Authority	Buyer Authority	Authorizing resolutions of Pellegrino Capital Group LLC as sole member of PCG Delray Hotel LLC — authorize acquisition and execution of closing documents	C&H / Client (PCG)	2025-08-01	2025-09-05	Not Started	R. Dominguez	Marco A. Pellegrino (Managing Principal, 78% membership interest) and Pellegrino Family Irrevocable Trust (2014) (22% membership interest) — confirm required approvals under PCG operating agreement.
54	Entity & Authority	Seller Entity Good Standing	Saltaire Hospitality Holdings LLC — certificate of good standing from Delaware Secretary of State and Florida Department of State (foreign qualification)	C&H / Seller's Counsel (HKB)	2025-07-07	2025-09-05	Requested	C. Ho	Saltaire: Delaware LLC, registered agent at 1209 Orange Street, Wilmington, DE 19801; principal office 777 South Flagler Drive, Suite 600, West Palm Beach, FL 33401. EIN: 82-4613278.
55	Entity & Authority	Seller Authority	Saltaire authorizing resolutions — Nathaniel Whitford (Managing Member, 60%) and Elaine Chastain-Park (Member, 40%) to authorize sale	C&H / Seller's Counsel (HKB)	2025-07-07	2025-09-05	Requested	R. Dominguez	Confirm operating agreement provisions regarding member approval for property dispositions. Saltaire Opportunity Fund I LLC is parent — may need fund-level consent.
56	Entity & Authority	FIRPTA	Seller's FIRPTA affidavit / certificate of non-foreign status	Seller's Counsel (HKB)	2025-08-15	2025-09-10	Not Started	C. Ho	Required at closing. Confirm Saltaire's U.S. tax status.
57	Loan / Financing	Term Sheet Review	Review Meridian Coast Bank, N.A. term sheet — $24,500,000 first-mortgage acquisition loan (70% LTV); 5-year term; 25-year amortization; 6.35% fixed (Yrs 1–3), SOFR + 2.75% (Yrs 4–5)	C&H / Client (PCG)	2025-07-07	2025-07-14	Under Review	R. Dominguez	See Loan Term-Sheet Review Memo. Monthly P&I approx. $163,814; annual debt service approx. $1,965,768. DSCR: 1.59x (NOI $3,120,000 ÷ $1,965,768). Min. DSCR covenant: 1.25x. Origination fee: 1.0% ($245,000).
58	Loan / Financing	Loan Commitment	Obtain formal loan commitment from Meridian Coast Bank by August 28, 2025	C&H / Client (PCG) / Meridian Coast Bank	2025-07-14	2025-08-28	Not Started	R. Dominguez	Commitment deadline: August 28, 2025. Coordinate with lender's counsel Braddock Reeves LLP (Jonathan Ng).
59	Loan / Financing	Loan Documents	Review and negotiate loan documents — mortgage, promissory note, assignment of rents and leases, assignment of hotel management agreements, UCC-1 financing statement, environmental indemnity, guaranty (if any)	C&H / Braddock Reeves LLP (J. Ng)	2025-08-15	2025-09-10	Not Started	R. Dominguez	Prepayment terms: yield maintenance Yrs 1–3, 1% premium Yr 4, open Yr 5. Maturity: September 15, 2030.
60	Loan / Financing	Lender Insurance Requirements	Confirm lender's insurance requirements — property, flood, windstorm, liability, and title insurance (ALTA Loan Policy)	C&H / Braddock Reeves LLP / Harborview Risk Advisors LLC	2025-07-14	2025-08-28	Requested	C. Ho	Loan policy: $24,500,000 coverage from Commonwealth Southern Title Insurance Company (simultaneous issue, est. premium $28,000).
61	Loan / Financing	Replacement Reserve	Confirm lender's replacement reserve / FF&E reserve requirements	C&H / Braddock Reeves LLP	2025-07-14	2025-08-28	Not Started	R. Dominguez	Typical hotel loan requirement — 4% of gross revenue for FF&E reserve.
62	Loan / Financing	Operating Account Control	Confirm lender's requirements for operating account lockbox / cash management	C&H / Braddock Reeves LLP	2025-07-14	2025-08-28	Not Started	R. Dominguez	Key negotiation point per Loan Term-Sheet Review Memo.
SUMMARY	Total Items	62
Not Started	15
Requested	39
Received	0
Under Review	3
Reviewed — Approved	3
Reviewed — Issue Flagged	1
N/A	0
% Complete (Reviewed items / Total)	6%

[sheet: Status Summary]

Category	Total Items	Not Started	Requested	Received	Under Review	Reviewed — Approved	Reviewed — Issue Flagged	N/A	% Complete
Title & Survey	11	2	3	0	1	3	1	0	36%
Environmental	4	1	3	0	0	0	0	0	0%
Zoning & Land Use	5	1	4	0	0	0	0	0	0%
Permits & Licenses	5	0	5	0	0	0	0	0	0%
Insurance	5	1	4	0	0	0	0	0	0%
Contracts & Agreements	8	0	8	0	0	0	0	0	0%
Financial & Tax	8	2	6	0	0	0	0	0	0%
Personnel & Employment	5	2	3	0	0	0	0	0	0%
Entity & Authority	5	2	2	0	1	0	0	0	0%
Loan / Financing	6	4	1	0	1	0	0	0	0%
TOTAL	62	15	39	0	3	3	1	0	6%

[sheet: Key Dates]

Date	Event / Deadline	Days from PSA	Responsible Party	Status	Notes
2025-06-12	Letter of Intent executed	-25	PCG / Saltaire	Complete	LOI between Pellegrino Capital Group LLC and Saltaire Hospitality Holdings LLC
2025-06-20	Matter opened; engagement letter signed	-17	Calderwood & Harkness LLP	Complete	C&H Matter No. 40225.00001
2025-07-07	PSA execution (target)	0	C&H / HKB / PCG / Saltaire	Pending	Purchase and Sale Agreement between Saltaire and PCG Delray Hotel LLC
2025-07-10	Earnest Money Deposit due ($1,750,000)	3	PCG / Palmetto Title	Pending	5% of $35,000,000; deposited with Palmetto Title & Escrow Company (Denise Lafleur); 3 business days post-PSA
2025-08-07	Title objection deadline	30	C&H (Angela Fontaine)	Pending	30 days post-PSA; title objection letter to Hargrove, Kessler & Blaine LLP (Patricia Blaine)
2025-08-21	Due-diligence period expires	45	C&H / PCG	Pending	45-day DD period; deposits go hard (non-refundable) after expiration
2025-08-22	Seller title cure period ends	46	Seller / HKB	Pending	15 days after August 7 title objection deadline
2025-08-25	Additional Deposit due ($875,000)	49	PCG / Palmetto Title	Pending	2.5% of $35,000,000; 2 business days after DD expiration
2025-08-28	Loan commitment deadline	52	Meridian Coast Bank / C&H	Pending	Formal commitment from Meridian Coast Bank, N.A.
2025-09-15	Closing date	70	All parties	Pending	Balance due at closing: $32,375,000 ($24,500,000 loan + $7,875,000 buyer equity)
2025-09-15	Post-closing transition begins	70	PCG Delray / Saltaire	Pending	60-day transition period through November 14, 2025
2025-11-14	Post-closing transition ends	130	PCG Delray / Saltaire	Pending	End of 60-day post-closing transition period
2030-09-15	Loan maturity date	—	PCG Delray / Meridian Coast Bank	Future	5-year loan term

[sheet: Contacts]

Role	Organization	Contact Name	Title	Address	Phone	Email
Client — General Counsel	Pellegrino Capital Group LLC	Veronica Suárez-Pellegrino	General Counsel	2400 Ponce de Leon Boulevard, Suite 1100, Coral Gables, FL 33134	(305) 555-0101	vsp@pellegrinocapital.com
Client — Managing Principal	Pellegrino Capital Group LLC	Marco A. Pellegrino	Founder & Managing Principal	2400 Ponce de Leon Boulevard, Suite 1100, Coral Gables, FL 33134	(305) 555-0100	map@pellegrinocapital.com
Buyer's Counsel — Responsible Partner	Calderwood & Harkness LLP	Angela Fontaine	Partner, Real Estate	1450 Brickell Avenue, Suite 3100, Miami, FL 33131	(305) 555-0200	afontaine@calderwoodharkness.com
Buyer's Counsel — Billing Partner	Calderwood & Harkness LLP	Douglas Fairchild	Partner, Real Estate	1450 Brickell Avenue, Suite 3100, Miami, FL 33131	(305) 555-0201	dfairchild@calderwoodharkness.com
Buyer's Counsel — Lead Associate	Calderwood & Harkness LLP	Rafael Dominguez	Associate, Real Estate	1450 Brickell Avenue, Suite 3100, Miami, FL 33131	(305) 555-0202	rdominguez@calderwoodharkness.com
Buyer's Counsel — Associate	Calderwood & Harkness LLP	Cynthia Ho	Associate, Real Estate	1450 Brickell Avenue, Suite 3100, Miami, FL 33131	(305) 555-0203	cho@calderwoodharkness.com
Seller — Managing Member	Saltaire Hospitality Holdings LLC	Nathaniel "Nate" Whitford	Managing Member (60%)	777 South Flagler Drive, Suite 600, West Palm Beach, FL 33401	(561) 555-0300	nwhitford@saltairehospitality.com
Seller — Member	Saltaire Hospitality Holdings LLC	Elaine Chastain-Park	Member (40%)	777 South Flagler Drive, Suite 600, West Palm Beach, FL 33401	(561) 555-0301	echastainpark@saltairehospitality.com
Seller's Counsel	Hargrove, Kessler & Blaine LLP	Patricia "Trish" Blaine	Lead Partner	515 North Flagler Drive, Suite 800, West Palm Beach, FL 33401	(561) 555-0400	pblaine@hkblaw.com
Lender	Meridian Coast Bank, N.A.	Commercial Real Estate Lending	100 West Bay Street, Suite 1500, Jacksonville, FL 32202	(904) 555-0500
Lender's Counsel	Braddock Reeves LLP	Jonathan Ng	Lead Partner	801 Brickell Avenue, Suite 2200, Miami, FL 33131	(305) 555-0600	jng@braddockreeves.com
Title & Escrow Agent	Palmetto Title & Escrow Company	Denise Lafleur	Title Officer	200 Clematis Street, Suite 400, West Palm Beach, FL 33401	(561) 555-0700	dlafleur@palmettotitle.com
Title Insurance Underwriter	Commonwealth Southern Title Insurance Company
Surveyor	Crestline Surveying & Mapping, Inc.	George Tavares, PSM	Principal Surveyor	3350 SW 34th Avenue, Fort Lauderdale, FL 33312	(954) 555-0800	gtavares@crestlinesurveying.com
Environmental Consultant	Verdana Environmental Group LLC	Dr. Anita Robles, P.E.	Project Manager	8920 Western Way, Suite 210, Jacksonville, FL 32256	(904) 555-0900	arobles@verdanaenv.com
Insurance Broker	Harborview Risk Advisors LLC	110 SE 6th Street, Suite 700, Fort Lauderdale, FL 33301	(954) 555-1000
Insurance Carrier	Atlantic Keystone Insurance Company
Appraiser	Saylor & Beckett Valuation Services LLC	Martin Saylor, MAI	Appraiser of Record	600 Brickell Avenue, Suite 1400, Miami, FL 33131	(305) 555-1100	msaylor@saylorbeckett.com
Tax / Accounting Advisor	Whitman Aldridge & Co. LLP	Helen Tsao, CPA	Engagement Partner	2525 Ponce de Leon Boulevard, Suite 300, Coral Gables, FL 33134	(305) 555-1200	htsao@whitmanaldridge.com
Existing Lender (Payoff)	Seaview National Lending Corp.	Payoff approx. $14,350,000

[sheet: Cover]
Field | Detail
Transaction | Acquisition of The Marisol Hotel — 455 South Ocean Boulevard, Delray Beach, FL 33483
Buyer | PCG Delray Hotel LLC (a wholly owned subsidiary of Pellegrino Capital Group LLC)
Seller | Saltaire Hospitality Holdings LLC
Purchase Price | $35,000,000.00
Parcel ID | 12-43-46-27-01-005-0010 (Palm Beach County)
C&H Matter No. | 40225.00001
PSA Execution Date (Target) | July 7, 2025
Due-Diligence Period | July 7, 2025 – August 21, 2025 (45 days)
Title Objection Deadline | August 7, 2025 (30 days post-PSA)
Seller Cure Period | 15 days after title objection (expires August 22, 2025)
Additional Deposit Due | August 25, 2025 (2 business days post-DD expiration)
Loan Commitment Deadline | August 28, 2025
Closing Date | September 15, 2025
Post-Closing Transition | September 15 – November 14, 2025 (60 days)
Buyer's Counsel | Calderwood & Harkness LLP — Angela Fontaine (Partner), Douglas Fairchild (Partner), Rafael Dominguez (Lead Associate), Cynthia Ho (Associate)
Seller's Counsel | Hargrove, Kessler & Blaine LLP — Patricia "Trish" Blaine (Lead Partner)
Lender | Meridian Coast Bank, N.A. — Loan Ref. No. MCB-CRE-2025-07184
Lender's Counsel | Braddock Reeves LLP — Jonathan Ng (Lead Partner)
Client Contact | Veronica Suárez-Pellegrino, General Counsel, Pellegrino Capital Group LLC
Prepared By | Cynthia Ho and Rafael Dominguez, Calderwood & Harkness LLP
[sheet: DD Checklist]
Item No. | Category | Sub-Category | Item Description | Responsible Party | Request Date | Due Date | Date Received | Review Status | Reviewed By | Notes / Comments
1 | Title & Survey | Title Commitment | Title commitment issued by Palmetto Title & Escrow Company (Title Officer: Denise Lafleur); Underwriter: Commonwealth Southern Title Insurance Company | C&H / Palmetto Title | 2025-07-07 | 2025-07-21 | 2025-07-18 | Reviewed — Issue Flagged | R. Dominguez / C. Ho | Commitment received; Schedule B exceptions reviewed — see Title Commitment Review Memo. Objections to be sent by August 7, 2025 deadline.
2 | Title & Survey | Title Commitment | Schedule B-I Requirements — list of requirements to be satisfied prior to policy issuance | C&H | 2025-07-07 | 2025-07-21 | 2025-07-18 | Under Review | C. Ho | Review requirements for closing deliverables; coordinate with Palmetto Title.
3 | Title & Survey | Title Commitment | Schedule B-II Exceptions — Seaview National Lending Corp. first-mortgage lien (original principal $16,800,000; approximate payoff $14,350,000) | C&H / Seller's Counsel (HKB) | 2025-07-07 | 2025-08-07 | Requested | R. Dominguez | Objectionable exception — require payoff and satisfaction/release at closing from Seller's proceeds. Payoff letter to be obtained.
4 | Title & Survey | Title Commitment | Schedule B-II Exceptions — Beach access easement in favor of City of Delray Beach (OR Book 31245, Page 1822, Palm Beach County) | C&H | 2025-07-07 | 2025-08-07 | 2025-07-18 | Reviewed — Approved | R. Dominguez | Permitted exception — does not materially interfere with hotel operations. To remain as permitted encumbrance.
5 | Title & Survey | Title Commitment | Schedule B-II Exceptions — Utility easement in favor of FPL, 10 ft. along western boundary (OR Book 22017, Page 934, Palm Beach County) | C&H | 2025-07-07 | 2025-08-07 | 2025-07-18 | Reviewed — Approved | R. Dominguez | Permitted exception — standard utility easement along western boundary.
6 | Title & Survey | Title Commitment | Schedule B-II Exceptions — Declaration of CC&Rs recorded by original developer (OR Book 18904, Page 455, Palm Beach County) restricting use to hotel/resort purposes | C&H | 2025-07-07 | 2025-08-07 | 2025-07-18 | Reviewed — Approved | C. Ho | Permitted exception — use restriction consistent with Buyer's intended use as boutique hotel.
7 | Title & Survey | Title Insurance | ALTA Owner's Policy — $35,000,000 coverage; Commonwealth Southern Title Insurance Company (estimated premium: $72,100) | C&H / Palmetto Title | 2025-07-07 | 2025-09-15 | Not Started | R. Dominguez | To be issued at closing. Confirm endorsements needed (survey, zoning, access, etc.).
8 | Title & Survey | Title Insurance | ALTA Loan Policy — $24,500,000 coverage; simultaneous issue (estimated premium: $28,000) | C&H / Braddock Reeves LLP (J. Ng) | 2025-07-07 | 2025-09-15 | Not Started | R. Dominguez | To be issued at closing for Meridian Coast Bank, N.A. Coordinate endorsement requirements with lender's counsel.
9 | Title & Survey | Survey | ALTA/NSPS Land Title Survey prepared by Crestline Surveying & Mapping, Inc. (George Tavares, PSM) — 1.87-acre parcel (approx. 81,457 sq. ft.) | C&H / Crestline | 2025-07-07 | 2025-07-28 | Requested | C. Ho | Survey cost: $18,500. Must meet ALTA/NSPS minimum standards. Confirm Table A items with lender's counsel.
10 | Title & Survey | Survey | Review survey for encroachments, boundary discrepancies, easement locations, and setback compliance (coastal construction control line) | C&H | 2025-07-28 | 2025-08-07 | Not Started | R. Dominguez | Review upon receipt; any encroachments to be included in title objection letter.
11 | Title & Survey | Existing Liens | Obtain payoff letter from Seaview National Lending Corp. for existing first-mortgage lien (approx. payoff $14,350,000) | Seller's Counsel (HKB) / Seller | 2025-07-07 | 2025-09-05 | Requested | R. Dominguez | Payoff and recorded satisfaction of mortgage required as condition to closing. Funds to be disbursed from Seller's closing proceeds.
12 | Environmental | Phase I ESA | Phase I Environmental Site Assessment prepared by Verdana Environmental Group LLC (Project Manager: Dr. Anita Robles, P.E.) | C&H / Verdana | 2025-07-07 | 2025-08-04 | Requested | C. Ho | Phase I ESA cost: $6,200. Property located in FEMA Flood Zone AE. Report should address recognized environmental conditions (RECs), if any.
13 | Environmental | Phase I ESA | Review Phase I ESA findings and recommendations; determine if Phase II required | C&H | 2025-08-04 | 2025-08-14 | Not Started | R. Dominguez | If RECs identified, may need Phase II within DD period (expiring August 21, 2025).
14 | Environmental | Flood Zone | Confirm FEMA flood zone designation — Zone AE (Special Flood Hazard Area), FIRM Panel 12099C0826J (effective December 4, 2020) | C&H / Verdana | 2025-07-07 | 2025-07-21 | Requested | C. Ho | Flood insurance required by lender. Coordinate with Harborview Risk Advisors LLC for flood coverage placement.
15 | Environmental | Environmental Compliance | Review any existing environmental permits, storage tank registrations, hazardous materials disclosures | C&H / Seller | 2025-07-07 | 2025-07-28 | Requested | C. Ho | Request from Seller's counsel. Hotel includes rooftop restaurant/bar and spa — confirm compliance with waste discharge requirements.
16 | Zoning & Land Use | Zoning Confirmation | Confirm CBD (Central Business District) zoning designation under City of Delray Beach Land Development Regulations — hotel/resort use permitted | C&H / Client (PCG) | 2025-07-07 | 2025-07-28 | Requested | C. Ho | Obtain zoning verification letter from City of Delray Beach. Confirm no pending zoning changes or variance requirements.
17 | Zoning & Land Use | Coastal Construction | Confirm compliance with coastal construction control line (CCCL) setback requirements — FDEP | C&H | 2025-07-07 | 2025-07-28 | Requested | C. Ho | Oceanfront property — verify existing improvements do not encroach seaward of CCCL. Coordinate with survey review.
18 | Zoning & Land Use | Certificate of Occupancy | Obtain copy of current certificate of occupancy for hotel (42-key, four-story building, approx. 38,600 gross sq. ft.) | Seller / Seller's Counsel (HKB) | 2025-07-07 | 2025-07-21 | Requested | C. Ho | Originally built 1972; substantially renovated 2018–2019 ($8,600,000 renovation by Saltaire). Confirm CO issued post-renovation.
19 | Zoning & Land Use | Building Code Compliance | Copies of all building permits issued for 2018–2019 renovation; confirm all permits closed and no open violations | Seller / Seller's Counsel (HKB) | 2025-07-07 | 2025-07-28 | Requested | C. Ho | Any open or expired permits to be raised in title objection letter.
20 | Zoning & Land Use | Parking | Confirm 60-space surface parking lot compliance with CBD zoning parking requirements for 42-key hotel | C&H | 2025-07-07 | 2025-07-28 | Not Started | C. Ho | Verify minimum parking ratio under Delray Beach LDRs.
21 | Permits & Licenses | Liquor License | Florida DBPR Liquor License No. BEV-5812947 — confirm current status, transferability, and DBPR transfer approval requirements | C&H / Seller / Client (PCG) | 2025-07-07 | 2025-08-07 | Requested | R. Dominguez | License currently held by Saltaire or affiliate. Transfer or re-issuance to PCG Delray Hotel LLC required — DBPR application to be filed. Address in Assignment and Assumption of Contracts.
22 | Permits & Licenses | Elevator Permit | Palm Beach County Elevator Permit No. EL-2019-003417 — confirm current inspection status and compliance | C&H / Seller | 2025-07-07 | 2025-07-28 | Requested | C. Ho | Verify annual inspection is current; obtain most recent inspection certificate.
23 | Permits & Licenses | Hotel Operating Permits | City of Delray Beach hotel/resort operating license; Palm Beach County business tax receipt | Seller / Seller's Counsel (HKB) | 2025-07-07 | 2025-07-28 | Requested | C. Ho | Confirm all operating permits current and in good standing. Determine re-application requirements for new owner entity.
24 | Permits & Licenses | Health & Safety | Department of Health food service permits for rooftop restaurant/bar ("Terrazza") and spa | Seller / Seller's Counsel (HKB) | 2025-07-07 | 2025-07-28 | Requested | C. Ho | Spa (3,200 sq. ft.) and Terrazza rooftop restaurant/bar — both require separate health/food service permits.
25 | Permits & Licenses | Fictitious Name | Seller's Florida Fictitious Name Registration: "The Marisol — A Saltaire Hotel" (Reg. No. G19000042817) — confirm status and wind-down | C&H / Seller's Counsel (HKB) | 2025-07-07 | 2025-07-28 | Requested | R. Dominguez | Seller to cancel registration post-closing; Buyer to determine whether to file new fictitious name registration. Address in Post-Closing Transition Agreement.
26 | Insurance | Property & Casualty | Current property and casualty insurance policy — review coverage limits, deductibles, named insured, and claims history | Client (PCG) / Seller / Harborview Risk Advisors LLC | 2025-07-07 | 2025-07-28 | Requested | C. Ho | Current carrier: Atlantic Keystone Insurance Company. Placement through Harborview Risk Advisors LLC. Buyer to obtain new policy effective at closing.
27 | Insurance | Flood Insurance | Flood insurance coverage — required for Zone AE (Special Flood Hazard Area); confirm NFIP or private flood policy | Client (PCG) / Harborview Risk Advisors LLC | 2025-07-07 | 2025-08-14 | Requested | C. Ho | Lender (Meridian Coast Bank) will require evidence of flood coverage as condition to closing. FEMA FIRM Panel 12099C0826J, eff. December 4, 2020.
28 | Insurance | Windstorm / Named Storm | Windstorm / named storm coverage — review availability, deductibles, and lender requirements for oceanfront FL property | Client (PCG) / Harborview Risk Advisors LLC | 2025-07-07 | 2025-08-14 | Requested | C. Ho | Oceanfront Delray Beach location — windstorm coverage critical. Coordinate with lender requirements.
29 | Insurance | Liability / Umbrella | General liability and umbrella/excess liability coverage — review limits and adequacy for hotel operations (42 keys, 64 FTEs, restaurant, spa, beach access) | Client (PCG) / Harborview Risk Advisors LLC | 2025-07-07 | 2025-08-14 | Not Started | C. Ho | Buyer to bind new policies effective closing date.
30 | Insurance | Builder's Risk / Prior Claims | Review 5-year loss/claims history from Seller; confirm no pending or unresolved insurance claims | Seller / Seller's Counsel (HKB) | 2025-07-07 | 2025-07-28 | Requested | C. Ho
31 | Contracts & Agreements | Management Agreement | Existing management agreement with Saltaire Management Co. LLC — confirm termination at closing | C&H / Seller's Counsel (HKB) | 2025-07-07 | 2025-07-21 | Requested | R. Dominguez | Management agreement to be terminated at closing per PSA. Confirm no early termination fees or surviving obligations. Saltaire Mgmt is affiliate of Seller.
32 | Contracts & Agreements | Vendor / Service Contracts | Copies of all vendor and service contracts (housekeeping, landscaping, maintenance, laundry, security, IT/telecom, etc.) | Seller / Seller's Counsel (HKB) | 2025-07-07 | 2025-07-28 | Requested | C. Ho | Review for assignability, termination provisions, remaining terms, and auto-renewal clauses. Contracts to be assigned per Assignment and Assumption of Contracts at closing.
33 | Contracts & Agreements | Booking Platform Agreements | Agreements with online travel agencies (OTAs) and booking platforms; reservation system contracts | Seller / Seller's Counsel (HKB) | 2025-07-07 | 2025-07-28 | Requested | C. Ho | Confirm assignability and any change-of-control provisions. Address transition of reservation systems in Post-Closing Transition Agreement.
34 | Contracts & Agreements | Restaurant / F&B Contracts | Contracts related to Terrazza rooftop restaurant/bar — food suppliers, beverage distributors, POS systems | Seller / Seller's Counsel (HKB) | 2025-07-07 | 2025-07-28 | Requested | C. Ho
35 | Contracts & Agreements | Spa Agreements | Spa vendor/product/service agreements; spa equipment leases (spa: 3,200 sq. ft.) | Seller / Seller's Counsel (HKB) | 2025-07-07 | 2025-07-28 | Requested | C. Ho
36 | Contracts & Agreements | Equipment Leases | Copies of any FF&E or equipment leases (elevators, HVAC, kitchen equipment, laundry, etc.) | Seller / Seller's Counsel (HKB) | 2025-07-07 | 2025-07-28 | Requested | C. Ho | Distinguish leased vs. owned equipment for Bill of Sale and UCC-1 filing purposes.
37 | Contracts & Agreements | Utility Agreements | Copies of utility service agreements (electric, water/sewer, gas, cable, internet) | Seller / Seller's Counsel (HKB) | 2025-07-07 | 2025-07-28 | Requested | C. Ho | Transfer or re-establishment of utility accounts in Buyer's name at closing.
38 | Contracts & Agreements | Ground Lease / Sublease | Confirm no ground lease or sublease encumbrances — property is fee simple | C&H / Seller's Counsel (HKB) | 2025-07-07 | 2025-07-14 | Requested | R. Dominguez | PSA confirms fee simple acquisition of land and improvements.
39 | Financial & Tax | TTM Operating Statements | Trailing-twelve-month (TTM) operating statements through May 31, 2025 (Revenue: $9,800,000; NOI: $3,120,000; NOI margin: 31.8%) | Seller / Seller's Counsel (HKB) | 2025-07-07 | 2025-07-21 | Requested | R. Dominguez | Key operating metrics: ADR $485, Occupancy 74%, RevPAR $359. Cap rate on purchase price: 8.91% ($3,120,000 ÷ $35,000,000).
40 | Financial & Tax | Historical Financials | 3-year historical financial statements (2022, 2023, 2024) — P&L, balance sheet, cash flow | Seller / Seller's Counsel (HKB) | 2025-07-07 | 2025-07-21 | Requested | R. Dominguez | Review revenue trends, expense composition, CapEx history. Hotel opened 2019; Saltaire acquired property in 2018 for $22,400,000 and spent $8,600,000 on renovation.
41 | Financial & Tax | Monthly STR Reports | Monthly STR (Penmark Enterprises) reports for competitive set — 12-month rolling | Seller / Client (PCG) | 2025-07-07 | 2025-07-28 | Requested | C. Ho | Compare ADR, occupancy, and RevPAR to competitive set.
42 | Financial & Tax | Property Tax Records | Palm Beach County property tax records and tax bills (2022, 2023, 2024); 2024 assessed value: Land $14,200,000 + Improvements $9,800,000 = Total $24,000,000; 2024 annual tax approx. $432,000 (millage rate ~18.0 mills) | C&H / Seller / Client (PCG) | 2025-07-07 | 2025-07-21 | Requested | C. Ho | Closing prorations based on estimated 2025 taxes of $440,000 as of September 15, 2025. Confirm no delinquent taxes.
43 | Financial & Tax | Tax Proration Estimate | Estimate 2025 real-estate tax proration for closing (estimated 2025 taxes: $440,000; proration date: September 15, 2025) | C&H / Whitman Aldridge & Co. LLP (Helen Tsao, CPA) | 2025-08-01 | 2025-09-05 | Not Started | R. Dominguez | Property reassessment likely after sale — Buyer to budget for higher future taxes. Coordinate with Whitman Aldridge.
44 | Financial & Tax | Accounts Receivable / Payable | Aged AR and AP schedules as of most recent month-end; advance guest deposits and reservations | Seller / Seller's Counsel (HKB) | 2025-07-07 | 2025-07-28 | Requested | C. Ho | Advance deposits and bookings to be addressed in closing prorations and Post-Closing Transition Agreement.
45 | Financial & Tax | Capital Expenditure Schedule | Schedule of capital expenditures and FF&E replacements since 2019 renovation | Seller / Seller's Counsel (HKB) | 2025-07-07 | 2025-07-28 | Requested | C. Ho | Review deferred maintenance items and remaining useful life of major systems.
46 | Financial & Tax | Appraisal | Appraisal report by Saylor & Beckett Valuation Services LLC (Martin Saylor, MAI) | C&H / Saylor & Beckett | 2025-07-07 | 2025-08-07 | Requested | R. Dominguez | Appraisal cost: $12,000. Required by Meridian Coast Bank for loan underwriting. Must support $35,000,000 value (LTV 70% = $24,500,000 loan).
47 | Personnel & Employment | Employee Census | Complete employee roster — 64 FTE employees; positions, compensation, benefits, tenure | Seller / Seller's Counsel (HKB) | 2025-07-07 | 2025-07-28 | Requested | C. Ho | Buyer or Buyer's new manager to offer employment post-closing per PSA and Post-Closing Transition Agreement.
48 | Personnel & Employment | Employment Agreements | Copies of any employment agreements, independent contractor agreements, non-compete/non-solicitation agreements | Seller / Seller's Counsel (HKB) | 2025-07-07 | 2025-07-28 | Requested | C. Ho | Identify any key-employee agreements or change-of-control provisions.
49 | Personnel & Employment | Benefit Plans | Summary of employee benefit plans (health, dental, vision, 401(k), PTO, etc.) and any COBRA obligations | Seller / Seller's Counsel (HKB) | 2025-07-07 | 2025-07-28 | Requested | C. Ho | Asset acquisition — no automatic assumption of benefit plans. Buyer to establish new plans or transition.
50 | Personnel & Employment | Transition Plan | Employment transition plan for 64 FTEs — timeline, communications, offer letters | Client (PCG) / C&H | 2025-08-01 | 2025-09-05 | Not Started | R. Dominguez | Coordinate with Post-Closing Transition Agreement (60-day transition: Sept. 15 – Nov. 14, 2025).
51 | Personnel & Employment | Litigation / Claims | Pending or threatened employment litigation, EEOC charges, workers' compensation claims, OSHA citations | Seller / Seller's Counsel (HKB) | 2025-07-07 | 2025-07-28 | Requested | C. Ho
52 | Entity & Authority | Buyer Entity Formation | Formation of PCG Delray Hotel LLC — Florida single-member LLC; sole member: Pellegrino Capital Group LLC; EIN to be obtained | C&H | 2025-07-07 | 2025-07-21 | Under Review | R. Dominguez | File Articles of Organization with FL Secretary of State. Prepare Operating Agreement. Obtain EIN from IRS. PCG EIN: 83-2749016.
53 | Entity & Authority | Buyer Authority | Authorizing resolutions of Pellegrino Capital Group LLC as sole member of PCG Delray Hotel LLC — authorize acquisition and execution of closing documents | C&H / Client (PCG) | 2025-08-01 | 2025-09-05 | Not Started | R. Dominguez | Marco A. Pellegrino (Managing Principal, 78% membership interest) and Pellegrino Family Irrevocable Trust (2014) (22% membership interest) — confirm required approvals under PCG operating agreement.
54 | Entity & Authority | Seller Entity Good Standing | Saltaire Hospitality Holdings LLC — certificate of good standing from Delaware Secretary of State and Florida Department of State (foreign qualification) | C&H / Seller's Counsel (HKB) | 2025-07-07 | 2025-09-05 | Requested | C. Ho | Saltaire: Delaware LLC, registered agent at 1209 Orange Street, Wilmington, DE 19801; principal office 777 South Flagler Drive, Suite 600, West Palm Beach, FL 33401. EIN: 82-4613278.
55 | Entity & Authority | Seller Authority | Saltaire authorizing resolutions — Nathaniel Whitford (Managing Member, 60%) and Elaine Chastain-Park (Member, 40%) to authorize sale | C&H / Seller's Counsel (HKB) | 2025-07-07 | 2025-09-05 | Requested | R. Dominguez | Confirm operating agreement provisions regarding member approval for property dispositions. Saltaire Opportunity Fund I LLC is parent — may need fund-level consent.
56 | Entity & Authority | FIRPTA | Seller's FIRPTA affidavit / certificate of non-foreign status | Seller's Counsel (HKB) | 2025-08-15 | 2025-09-10 | Not Started | C. Ho | Required at closing. Confirm Saltaire's U.S. tax status.
57 | Loan / Financing | Term Sheet Review | Review Meridian Coast Bank, N.A. term sheet — $24,500,000 first-mortgage acquisition loan (70% LTV); 5-year term; 25-year amortization; 6.35% fixed (Yrs 1–3), SOFR + 2.75% (Yrs 4–5) | C&H / Client (PCG) | 2025-07-07 | 2025-07-14 | Under Review | R. Dominguez | See Loan Term-Sheet Review Memo. Monthly P&I approx. $163,814; annual debt service approx. $1,965,768. DSCR: 1.59x (NOI $3,120,000 ÷ $1,965,768). Min. DSCR covenant: 1.25x. Origination fee: 1.0% ($245,000).
58 | Loan / Financing | Loan Commitment | Obtain formal loan commitment from Meridian Coast Bank by August 28, 2025 | C&H / Client (PCG) / Meridian Coast Bank | 2025-07-14 | 2025-08-28 | Not Started | R. Dominguez | Commitment deadline: August 28, 2025. Coordinate with lender's counsel Braddock Reeves LLP (Jonathan Ng).
59 | Loan / Financing | Loan Documents | Review and negotiate loan documents — mortgage, promissory note, assignment of rents and leases, assignment of hotel management agreements, UCC-1 financing statement, environmental indemnity, guaranty (if any) | C&H / Braddock Reeves LLP (J. Ng) | 2025-08-15 | 2025-09-10 | Not Started | R. Dominguez | Prepayment terms: yield maintenance Yrs 1–3, 1% premium Yr 4, open Yr 5. Maturity: September 15, 2030.
60 | Loan / Financing | Lender Insurance Requirements | Confirm lender's insurance requirements — property, flood, windstorm, liability, and title insurance (ALTA Loan Policy) | C&H / Braddock Reeves LLP / Harborview Risk Advisors LLC | 2025-07-14 | 2025-08-28 | Requested | C. Ho | Loan policy: $24,500,000 coverage from Commonwealth Southern Title Insurance Company (simultaneous issue, est. premium $28,000).
61 | Loan / Financing | Replacement Reserve | Confirm lender's replacement reserve / FF&E reserve requirements | C&H / Braddock Reeves LLP | 2025-07-14 | 2025-08-28 | Not Started | R. Dominguez | Typical hotel loan requirement — 4% of gross revenue for FF&E reserve.
62 | Loan / Financing | Operating Account Control | Confirm lender's requirements for operating account lockbox / cash management | C&H / Braddock Reeves LLP | 2025-07-14 | 2025-08-28 | Not Started | R. Dominguez | Key negotiation point per Loan Term-Sheet Review Memo.
SUMMARY | Total Items | 62
Not Started | 15
Requested | 39
Received | 0
Under Review | 3
Reviewed — Approved | 3
Reviewed — Issue Flagged | 1
N/A | 0
% Complete (Reviewed items / Total) | 6%
[sheet: Status Summary]
Category | Total Items | Not Started | Requested | Received | Under Review | Reviewed — Approved | Reviewed — Issue Flagged | N/A | % Complete
Title & Survey | 11 | 2 | 3 | 0 | 1 | 3 | 1 | 0 | 36%
Environmental | 4 | 1 | 3 | 0 | 0 | 0 | 0 | 0 | 0%
Zoning & Land Use | 5 | 1 | 4 | 0 | 0 | 0 | 0 | 0 | 0%
Permits & Licenses | 5 | 0 | 5 | 0 | 0 | 0 | 0 | 0 | 0%
Insurance | 5 | 1 | 4 | 0 | 0 | 0 | 0 | 0 | 0%
Contracts & Agreements | 8 | 0 | 8 | 0 | 0 | 0 | 0 | 0 | 0%
Financial & Tax | 8 | 2 | 6 | 0 | 0 | 0 | 0 | 0 | 0%
Personnel & Employment | 5 | 2 | 3 | 0 | 0 | 0 | 0 | 0 | 0%
Entity & Authority | 5 | 2 | 2 | 0 | 1 | 0 | 0 | 0 | 0%
Loan / Financing | 6 | 4 | 1 | 0 | 1 | 0 | 0 | 0 | 0%
TOTAL | 62 | 15 | 39 | 0 | 3 | 3 | 1 | 0 | 6%
[sheet: Key Dates]
Date | Event / Deadline | Days from PSA | Responsible Party | Status | Notes
2025-06-12 | Letter of Intent executed | -25 | PCG / Saltaire | Complete | LOI between Pellegrino Capital Group LLC and Saltaire Hospitality Holdings LLC
2025-06-20 | Matter opened; engagement letter signed | -17 | Calderwood & Harkness LLP | Complete | C&H Matter No. 40225.00001
2025-07-07 | PSA execution (target) | 0 | C&H / HKB / PCG / Saltaire | Pending | Purchase and Sale Agreement between Saltaire and PCG Delray Hotel LLC
2025-07-10 | Earnest Money Deposit due ($1,750,000) | 3 | PCG / Palmetto Title | Pending | 5% of $35,000,000; deposited with Palmetto Title & Escrow Company (Denise Lafleur); 3 business days post-PSA
2025-08-07 | Title objection deadline | 30 | C&H (Angela Fontaine) | Pending | 30 days post-PSA; title objection letter to Hargrove, Kessler & Blaine LLP (Patricia Blaine)
2025-08-21 | Due-diligence period expires | 45 | C&H / PCG | Pending | 45-day DD period; deposits go hard (non-refundable) after expiration
2025-08-22 | Seller title cure period ends | 46 | Seller / HKB | Pending | 15 days after August 7 title objection deadline
2025-08-25 | Additional Deposit due ($875,000) | 49 | PCG / Palmetto Title | Pending | 2.5% of $35,000,000; 2 business days after DD expiration
2025-08-28 | Loan commitment deadline | 52 | Meridian Coast Bank / C&H | Pending | Formal commitment from Meridian Coast Bank, N.A.
2025-09-15 | Closing date | 70 | All parties | Pending | Balance due at closing: $32,375,000 ($24,500,000 loan + $7,875,000 buyer equity)
2025-09-15 | Post-closing transition begins | 70 | PCG Delray / Saltaire | Pending | 60-day transition period through November 14, 2025
2025-11-14 | Post-closing transition ends | 130 | PCG Delray / Saltaire | Pending | End of 60-day post-closing transition period
2030-09-15 | Loan maturity date | — | PCG Delray / Meridian Coast Bank | Future | 5-year loan term
[sheet: Contacts]
Role | Organization | Contact Name | Title | Address | Phone | Email
Client — General Counsel | Pellegrino Capital Group LLC | Veronica Suárez-Pellegrino | General Counsel | 2400 Ponce de Leon Boulevard, Suite 1100, Coral Gables, FL 33134 | (305) 555-0101 | vsp@pellegrinocapital.com
Client — Managing Principal | Pellegrino Capital Group LLC | Marco A. Pellegrino | Founder & Managing Principal | 2400 Ponce de Leon Boulevard, Suite 1100, Coral Gables, FL 33134 | (305) 555-0100 | map@pellegrinocapital.com
Buyer's Counsel — Responsible Partner | Calderwood & Harkness LLP | Angela Fontaine | Partner, Real Estate | 1450 Brickell Avenue, Suite 3100, Miami, FL 33131 | (305) 555-0200 | afontaine@calderwoodharkness.com
Buyer's Counsel — Billing Partner | Calderwood & Harkness LLP | Douglas Fairchild | Partner, Real Estate | 1450 Brickell Avenue, Suite 3100, Miami, FL 33131 | (305) 555-0201 | dfairchild@calderwoodharkness.com
Buyer's Counsel — Lead Associate | Calderwood & Harkness LLP | Rafael Dominguez | Associate, Real Estate | 1450 Brickell Avenue, Suite 3100, Miami, FL 33131 | (305) 555-0202 | rdominguez@calderwoodharkness.com
Buyer's Counsel — Associate | Calderwood & Harkness LLP | Cynthia Ho | Associate, Real Estate | 1450 Brickell Avenue, Suite 3100, Miami, FL 33131 | (305) 555-0203 | cho@calderwoodharkness.com
Seller — Managing Member | Saltaire Hospitality Holdings LLC | Nathaniel "Nate" Whitford | Managing Member (60%) | 777 South Flagler Drive, Suite 600, West Palm Beach, FL 33401 | (561) 555-0300 | nwhitford@saltairehospitality.com
Seller — Member | Saltaire Hospitality Holdings LLC | Elaine Chastain-Park | Member (40%) | 777 South Flagler Drive, Suite 600, West Palm Beach, FL 33401 | (561) 555-0301 | echastainpark@saltairehospitality.com
Seller's Counsel | Hargrove, Kessler & Blaine LLP | Patricia "Trish" Blaine | Lead Partner | 515 North Flagler Drive, Suite 800, West Palm Beach, FL 33401 | (561) 555-0400 | pblaine@hkblaw.com
Lender | Meridian Coast Bank, N.A. | Commercial Real Estate Lending | 100 West Bay Street, Suite 1500, Jacksonville, FL 32202 | (904) 555-0500
Lender's Counsel | Braddock Reeves LLP | Jonathan Ng | Lead Partner | 801 Brickell Avenue, Suite 2200, Miami, FL 33131 | (305) 555-0600 | jng@braddockreeves.com
Title & Escrow Agent | Palmetto Title & Escrow Company | Denise Lafleur | Title Officer | 200 Clematis Street, Suite 400, West Palm Beach, FL 33401 | (561) 555-0700 | dlafleur@palmettotitle.com
Title Insurance Underwriter | Commonwealth Southern Title Insurance Company
Surveyor | Crestline Surveying & Mapping, Inc. | George Tavares, PSM | Principal Surveyor | 3350 SW 34th Avenue, Fort Lauderdale, FL 33312 | (954) 555-0800 | gtavares@crestlinesurveying.com
Environmental Consultant | Verdana Environmental Group LLC | Dr. Anita Robles, P.E. | Project Manager | 8920 Western Way, Suite 210, Jacksonville, FL 32256 | (904) 555-0900 | arobles@verdanaenv.com
Insurance Broker | Harborview Risk Advisors LLC | 110 SE 6th Street, Suite 700, Fort Lauderdale, FL 33301 | (954) 555-1000
Insurance Carrier | Atlantic Keystone Insurance Company
Appraiser | Saylor & Beckett Valuation Services LLC | Martin Saylor, MAI | Appraiser of Record | 600 Brickell Avenue, Suite 1400, Miami, FL 33131 | (305) 555-1100 | msaylor@saylorbeckett.com
Tax / Accounting Advisor | Whitman Aldridge & Co. LLP | Helen Tsao, CPA | Engagement Partner | 2525 Ponce de Leon Boulevard, Suite 300, Coral Gables, FL 33134 | (305) 555-1200 | htsao@whitmanaldridge.com
Existing Lender (Payoff) | Seaview National Lending Corp. | Payoff approx. $14,350,000

[sheet: Cover]

Record

Parties

Dates

Amounts