¹Generally, conflicts of interests are managed by disclosing them in the offering documents of a particular real estate investment vehicle or avoiding the conflict altogether. These offering documents are delivered to investors prior to their investment, and investors are given the opportunity to discuss the investment and ask questions about the investment prior to making a capital commitment or contribution to the particular investment vehicle.
²The Company has engaged an unaffiliated law Company to study and identify relevant arm’s length terms for this purpose.
³For example, based on investment mandate and current needs, the Company determines that two real estate investment vehicles may invest in luxury hotels. One client has a general real estate mandate; the other invests exclusively in luxury hotels. Based on these and other factors, the Company may determine to allocate 25% of a luxury hotel investment opportunity to the client with the general investment mandate and 75% of the opportunity to the client with the luxury