DEEP DISCOUNT TO REPLACEMENT COST $55,556 per key sits well below new construction cost for a comparable exterior corridor asset. PETROCHEMICAL-ANCHORED DEMAND BASE Dow Chemical, BASF, and the Freeport/Brazosport industrial complex drive contractor and turnaround-crew demand largely independent of leisure cycles. MARGIN RECOVERY OPPORTUNITY EBITDA margin ranged from 9.0% to 22.1% across FY2021–2025 — the pro forma underwrites a return toward historical 25%–30% GOP margins. WYNDHAM REWARDS DISTRIBUTION National reservation system and loyalty base support baseline occupancy without costly independent marketing. COASTAL & CULTURAL LEISURE DRAW Surfside Beach, Quintana Beach, the Brazos port Museum of Natural Science, and the Center for the Arts and Sciences are all within approximately five miles.