Disclaimer

Last Updated: 07/01/26

PLEASE READ THIS DISCLAIMER CAREFULLY BEFORE ACCESSING OR USING THIS SITE. BY ACCESSING OR USING THIS SITE IN ANY MANNER, YOU ACKNOWLEDGE THAT YOU HAVE READ, UNDERSTOOD, AND AGREE TO BE BOUND BY THIS DISCLAIMER IN ITS ENTIRETY. IF YOU DO NOT AGREE, YOUR SOLE AND EXCLUSIVE REMEDY IS TO IMMEDIATELY DISCONTINUE ALL ACCESS TO AND USE OF THIS SITE.

1. General Informational Purpose; Nature of Content

This website (the "Site") is operated by AARO Real Estate LLC, doing business as AARO Hospitality, together with its affiliated and subsidiary entities including without limitation AARO Hospitality Management, AARO Construction Management, and AARO Holdings (collectively, "AARO," "we," "us," or "our"). All content, materials, information, data, text, graphics, images, and other materials appearing on or accessible through the Site (collectively, "Content") are provided solely for general informational purposes. The Content does not constitute, and must not be construed as constituting, professional, investment, financial, legal, tax, accounting, architectural, engineering, construction, or other advice or counsel of any kind. Nothing on the Site is intended to be relied upon as a basis for any decision — investment, business, legal, financial, or otherwise — and you acknowledge and agree that no such reliance is reasonable or appropriate.

2. No Offer; No Solicitation; No Sale of Securities

Nothing on this Site constitutes, or is intended to constitute, an offer to sell, an offer to purchase, or a solicitation of an offer to buy or sell any security, investment product, interest in any fund, partnership, limited liability company, joint venture, entity, or real property interest of any kind. Any offering of securities or investment interests by AARO or its affiliates, if any, is and will be made exclusively through definitive, written offering documents — including, as applicable, a private placement memorandum, subscription agreement, and operating agreement — furnished directly to identified, qualified prospective investors in compliance with all applicable federal and state securities laws, and only in transactions and jurisdictions where such offering is lawful. No statement on this Site supersedes, modifies, or supplements the terms of any such definitive offering document, and in the event of any conflict, the definitive offering documents shall govern in all respects.

3. Accredited Investors Only

Any investment or co-investment opportunity that may be referenced on this Site is intended solely for persons who qualify as "accredited investors" as that term is defined under Rule 501(a) of Regulation D promulgated under the Securities Act of 1933, as amended (the "Securities Act"), or as otherwise defined under applicable law. Nothing on this Site constitutes a solicitation of, or an offer to, any person who does not so qualify, and no person who does not qualify as an accredited investor should construe anything on this Site as directed toward them. Eligibility to participate in any offering is determined solely through a separate, offline verification process conducted outside of this Site, and no submission through this Site, including through the Apply to Invest form, constitutes an acceptance of any investor or a commitment by AARO to accept any investment.

4. Securities Not Registered; Regulation D; Blue Sky Laws

The securities offered, if any, by AARO or its affiliates have not been and will not be registered under the Securities Act, the Securities Exchange Act of 1934, as amended (the "Exchange Act"), the Investment Company Act of 1940, as amended, or the securities, blue sky, or other applicable laws of any state or other jurisdiction. Such securities are offered pursuant to claimed exemptions from registration, including without limitation exemptions under Rule 506 of Regulation D under the Securities Act. Neither the U.S. Securities and Exchange Commission (the "SEC") nor any state securities authority, blue sky regulator, or other regulatory body has reviewed, approved, endorsed, recommended, or passed upon the accuracy or adequacy of the Content of this Site, the merits of any investment in AARO, or the accuracy of any information, representation, or claim made herein. Any representation to the contrary is a criminal offense. The availability of an exemption from registration does not indicate that the SEC or any state authority has found such offering to be in the public interest or appropriate for any particular person.

5. No SEC or Regulatory Endorsement

Nothing on this Site has been reviewed, cleared, approved, or endorsed by the SEC, FINRA, any state securities commission, any blue sky regulator, the Texas State Securities Board, or any other regulatory authority. No regulatory body has passed upon the accuracy or completeness of any Content or determined that any investment opportunity is suitable for any investor. Any representation to the contrary is unlawful. This Site is not an official regulatory filing, disclosure document, or communication on behalf of any regulated entity, and its Content does not constitute or form part of any Form D, registration statement, offering circular, or other regulatory submission.

6. Forward-Looking Statements; Bespeaks Caution

Certain statements on this Site that are not statements of historical fact are forward-looking statements. Forward-looking statements are typically identified by the use of words and expressions such as "believe," "expect," "anticipate," "intend," "target," "estimate," "project," "forecast," "plan," "potential," "may," "should," "could," "would," "will," "aim," "seek," "outlook," "pipeline," and similar expressions, or by discussions of strategy, plans, or intentions. Forward-looking statements are not guarantees of future performance. They are based on current expectations, assumptions, estimates, and projections about markets, the economy, real estate, the hospitality industry, and AARO's business, all of which are inherently uncertain and subject to change. Actual results, performance, or achievements could differ materially from those expressed or implied by any forward-looking statement as a result of a wide variety of factors, many of which are beyond AARO's control. By making forward-looking statements on this Site, AARO does not undertake, and expressly disclaims, any obligation or duty to update, revise, or supplement any forward-looking statement for any reason, whether as a result of new information, future events, changed circumstances, or otherwise, except as required by applicable law.

7. Specific Risk Factors

Without limiting the generality of Section 6, the following specific factors, among others, could cause actual results, performance, or achievements to differ materially from those expressed in or implied by any forward-looking statement on this Site:

(a) Interest rate and financing risk. Changes in prevailing interest rates, credit market conditions, lender requirements, or the availability of financing could adversely affect the ability to acquire, refinance, or operate properties, and could reduce the value or returns of any investment.

(b) Real estate market and valuation risk. Real estate values are subject to significant fluctuation based on supply and demand, economic conditions, demographic trends, and market-specific factors. There is no assurance that any property will appreciate in value or maintain its current value.

(c) Hospitality and hotel industry risk. Hotel operating performance is subject to cyclical factors including occupancy rates, average daily rate, RevPAR, labor costs, supply of new competitive rooms, travel patterns, consumer preferences, and events outside AARO's control including natural disasters, pandemics, geopolitical events, and changes in business travel.

(d) Franchise and brand agreement risk. AARO's managed and owned properties operate under franchise agreements with major hotel brands. Changes to franchise terms, property improvement plan requirements (PIPs), brand standards, or the termination of a franchise agreement could materially affect a property's value and performance.

(e) Construction, renovation, and cost overrun risk. Properties undergoing renovation, repositioning, or construction are subject to cost overruns, delays, permitting and regulatory issues, contractor performance failures, and supply chain disruptions, any of which could adversely affect projected timelines and returns.

(f) Illiquidity and exit risk. Real estate and hospitality investments are illiquid. There is no guarantee that any property can be sold at a particular time or price, or that any targeted holding period or exit strategy will be achievable.

(g) Regulatory and legal risk. Changes in federal, state, or local laws, zoning regulations, environmental requirements, tax laws, or other regulations could adversely affect AARO's business, properties, or investment returns.

(h) Competition. AARO faces competition from other hotel owners, operators, and investors, including those with significantly greater financial and operational resources.

(i) General economic and macroeconomic risk. Inflation, recession, changes in employment levels, consumer confidence, interest rate cycles, and broader economic conditions could adversely affect real estate values, hotel performance, and investment returns.

(j) Management and key personnel risk. AARO's business depends on the continued involvement of its principals and key personnel. The loss of key individuals could adversely affect operations.

This list is not exhaustive. AARO undertakes no obligation to update its risk factors or to identify changes to previously disclosed factors.

8. Past Performance; Portfolio References

References on this Site to properties previously or currently owned, managed, or otherwise associated with AARO — including any portfolio page or property listing — are provided for illustrative and informational purposes only. Past or current performance of any property, portfolio, investment, or strategy is not indicative of, and provides no assurance regarding, future results. Current and previous portfolio properties listed on the Site should not be construed as a recommendation of any particular investment or security. The portfolio properties listed should not be assumed to have been profitable. The properties listed do not represent a complete list of all properties acquired, managed, or otherwise affiliated with AARO historically, and any omission should not be inferred to indicate any particular outcome. Any target returns or projected performance figures referenced on the Site are hypothetical estimates only, based on assumptions that may not materialize, and are not a promise, guarantee, or prediction of actual results.

9. No Advisory, Fiduciary, or Professional Relationship

Your access to or use of this Site, or any communication with AARO or any of its personnel through or in connection with this Site, does not and shall not create any advisory, fiduciary, investment advisory, broker-dealer, agency, brokerage, partnership, joint venture, management, legal, accounting, or other professional or business relationship between you and AARO or any of its affiliates, officers, directors, members, managers, employees, or representatives. No such relationship is formed unless and until it is expressly established in a separate, written agreement signed by an authorized representative of AARO. Nothing on this Site should be construed as establishing any duty of care, obligation, or liability owed by AARO to any visitor or third party. AARO does not provide personalized investment advice or recommendations through this Site, and nothing on this Site constitutes a recommendation that any particular investment, transaction, or strategy is suitable for any particular person.

10. Covered Persons and Entities

This Disclaimer, and all protections, limitations, waivers, and releases set forth herein, apply in full to AARO Real Estate LLC, AARO Hospitality Management LLC, AARO Construction Management LLC, AARO Holdings LLC, and any other affiliated, related, parent, subsidiary, or successor entity (collectively, the "AARO Entities"), and to all past, present, and future officers, directors, members, managers, principals, employees, contractors, agents, advisors, legal counsel, representatives, successors, and assigns of each of the foregoing (collectively with the AARO Entities, the "Covered Persons"). Any reference to "AARO" in this Disclaimer includes all Covered Persons unless the context clearly requires otherwise. The protections afforded to Covered Persons hereunder are intended to be, and shall be construed as, independent and cumulative.

11. No Warranty; Accuracy and Completeness

ALL CONTENT ON THIS SITE IS PROVIDED "AS IS" AND "AS AVAILABLE" WITHOUT ANY WARRANTY OF ANY KIND, WHETHER EXPRESS, IMPLIED, OR STATUTORY, INCLUDING WITHOUT LIMITATION ANY WARRANTY OF ACCURACY, COMPLETENESS, CURRENCY, TIMELINESS, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR NON-INFRINGEMENT. AARO makes no representation that the Content of the Site is accurate, complete, current, or free of errors or omissions. Information on the Site may be outdated, incomplete, or subject to change without notice, and AARO has no obligation to update any Content. Any financial projections, property descriptions, market statistics, or other data contained on the Site are provided without warranty and should not be relied upon without independent verification.

12. Third-Party Information

Certain Content on the Site may be derived from or reference information obtained from third-party sources, including industry publications, government agencies, franchise brands, market data providers, and publicly available data. Such information is believed to be from reliable sources but has not been independently verified by AARO. AARO makes no representation or warranty as to the accuracy, completeness, or reliability of any third-party information and assumes no responsibility or liability for any error, omission, or inaccuracy in such information. The inclusion of any third-party information does not constitute an endorsement of the source or any view expressed therein.

13. Independent Due Diligence and Professional Advice

Any person considering an investment in, or business relationship with, AARO or any AARO affiliate is strongly urged and expected to conduct their own thorough, independent due diligence and to consult with their own qualified legal, tax, financial, accounting, and other professional advisors before making any decision. The Content of this Site is not a substitute for such independent investigation and professional advice. AARO makes no representation that the information on the Site is sufficient for any investment or business decision, and you assume sole and exclusive responsibility for any decision you make based in whole or in part on anything contained on this Site. AARO shall have no liability of any kind for any loss or damage alleged to arise from any reliance on the Content of this Site.

14. Social Media; Blog Posts; Personnel Communications

Content published on any social media platform, blog, podcast, video, or other external channel by or attributed to AARO or any individual AARO personnel represents the views of the individual at the time of publication and does not necessarily represent the official position, policy, or views of AARO or any AARO Entity. Such content is subject to change without notice, may not be current or accurate, and should not be relied upon as investment advice, a representation of AARO's views, or a statement of material fact. AARO assumes no responsibility for content on third-party platforms even where AARO personnel are identified as contributors. References or hyperlinks from this Site to any third-party platform do not constitute an endorsement of that platform or its content.

15. Geographical Restrictions; Jurisdictional Limitation

This Site is not directed to, and is not intended for use by, any person or entity in any jurisdiction or country where the distribution or use of the Site, or any Content contained therein, would be contrary to applicable law, rule, or regulation, or would subject AARO or any Covered Person to any registration, licensing, or other requirement not already satisfied. It is the sole and exclusive responsibility of each visitor to ensure that their access to and use of this Site complies with all laws and regulations applicable to them in their jurisdiction. Nothing on this Site constitutes an offer or solicitation in any jurisdiction where such offer or solicitation is unlawful. Access to and use of this Site from any jurisdiction where doing so is unlawful is strictly prohibited.

16. Intellectual Property; Prohibition on Unauthorized Use

All Content on this Site — including but not limited to text, graphics, images, page layouts, design elements, data, trademarks, service marks, trade names, logos, and the overall "look and feel" of the Site — is the proprietary property of AARO or its licensors and is protected by applicable United States and international copyright, trademark, and other intellectual property laws. The "AARO," "AARO Real Estate," "AARO Hospitality," and related marks are trademarks and service marks of AARO and may not be used without AARO's prior express written consent. No license, right, or interest in any trademark, copyright, or other intellectual property right of AARO is granted by this Disclaimer or by any access to or use of the Site. Unauthorized copying, reproduction, modification, distribution, display, republication, or transmission of any Content, or any use of AARO's trademarks or brand elements, is strictly prohibited and will be pursued to the fullest extent available under applicable law, including through injunctive relief and claims for damages.

17. Limitation of Liability

TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN NO EVENT SHALL ANY COVERED PERSON BE LIABLE TO YOU OR ANY THIRD PARTY FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, EXEMPLARY, PUNITIVE, OR OTHER DAMAGES OF ANY KIND — INCLUDING WITHOUT LIMITATION LOSS OF PROFITS, REVENUE, BUSINESS, DATA, GOODWILL, ANTICIPATED SAVINGS, OR OTHER ECONOMIC LOSS — ARISING OUT OF OR IN CONNECTION WITH THIS SITE, ANY CONTENT, OR YOUR USE OF OR RELIANCE ON ANY CONTENT, WHETHER BASED IN CONTRACT, TORT (INCLUDING NEGLIGENCE), STRICT LIABILITY, SECURITIES LAW, OR ANY OTHER LEGAL OR EQUITABLE THEORY, AND WHETHER OR NOT ANY COVERED PERSON HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. To the fullest extent permitted by law, the aggregate liability of all Covered Persons arising out of or in connection with this Site or this Disclaimer shall not exceed one hundred U.S. dollars ($100.00). Nothing in this Disclaimer limits any liability that cannot be limited or excluded under applicable law, including applicable federal or state securities laws.

18. Release and Indemnification

(a) Release. To the fullest extent permitted by applicable law, by accessing or using this Site you hereby release, remise, acquit, and forever discharge each and all of the Covered Persons from any and all claims, demands, causes of action, suits, damages, losses, liabilities, costs, and expenses of every kind and nature, whether known or unknown, foreseen or unforeseen, arising out of or in any way connected with your access to or use of the Site or your reliance on any Content. This release is intended to be as broad and inclusive as applicable law permits, and if any portion is found to be unenforceable, the remaining portions shall continue in full effect.

(b) Indemnification. To the fullest extent permitted by applicable law, you agree to indemnify, defend, and hold harmless each and all of the Covered Persons from and against any and all claims, liabilities, damages, losses, costs, and expenses (including reasonable attorneys' fees and court costs) arising out of or relating to (i) your access to or use of the Site; (ii) your violation of this Disclaimer, the Terms and Conditions, or the Privacy Policy; (iii) your violation of any applicable law or regulation; or (iv) any claim by a third party arising from or related to the foregoing.

19. Reservation of Securities Law Rights

Nothing in this Disclaimer is intended to, and shall not, waive, limit, disclaim, or abrogate any right or remedy of any person that cannot be waived, limited, disclaimed, or abrogated under applicable federal or state securities laws, including without limitation the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Advisers Act of 1940, or any applicable state blue sky law. No provision of this Disclaimer that limits liability, releases claims, requires arbitration, waives jury trial, or shortens any limitations period shall apply to the extent that application of such provision is prohibited by applicable securities laws or deemed unconscionable or unenforceable by a court or arbitrator of competent jurisdiction. The inclusion of this Section is not an admission that any other provision of this Disclaimer is in conflict with applicable securities laws.

20. Incorporation by Reference

This Disclaimer is incorporated into and made a part of the Terms and Conditions and Privacy Policy of this Site, each of which is incorporated herein by reference. In the event of any conflict between this Disclaimer and the Terms and Conditions on a specific matter, the Terms and Conditions shall govern to the extent of such conflict, except that this Disclaimer shall govern on all matters of securities-law related disclaimers and the scope of Covered Persons. All three documents constitute a unified, integrated legal framework governing your access to and use of this Site.

21. Governing Law; Dispute Resolution; Class Waiver

This Disclaimer is governed by the laws of the State of Texas, without regard to its conflict-of-law principles. Any dispute, claim, or controversy arising out of or relating to this Disclaimer or the Content of this Site shall be resolved exclusively in accordance with the governing law, dispute resolution, individual-arbitration, class-action-waiver, and limitations-period provisions set forth in Section 16 of the Terms and Conditions, which provisions are incorporated herein by reference in their entirety. You and AARO each agree that any claim or proceeding may be brought only on an individual basis and not as a plaintiff or class member in any class, collective, consolidated, mass, or representative action. Each party waives any right to a jury trial to the fullest extent permitted by applicable law.

22. Severability; Blue Pencil; Enforceability in Favor of AARO

(a) Severability. If any provision of this Disclaimer — or the application of any provision to any person or circumstance — is held invalid, void, unenforceable, or unconscionable by a court or arbitrator of competent jurisdiction, that provision shall be: (i) modified to the minimum extent necessary to render it valid and enforceable while preserving, to the maximum extent possible, the intent and economic effect of the original provision; or (ii) if modification is not possible, severed from this Disclaimer. In either case, all remaining provisions of this Disclaimer shall continue in full force and effect and shall not be affected or impaired in any way.

(b) Blue Pencil Reformation. Where a court or arbitrator determines that any provision of this Disclaimer is overbroad, it is the express intent of the parties that such court or arbitrator shall apply the "blue pencil" doctrine — that is, shall modify the offending provision to the narrowest scope that renders it enforceable — rather than voiding the provision in its entirety. The parties expressly authorize and request such reformation as the preferred remedy.

(c) Enforceability in Favor of AARO. This Disclaimer shall be construed to give the maximum protection to AARO and all Covered Persons to the fullest extent permitted by applicable law. In any proceeding in which the enforceability of this Disclaimer or any provision hereof is at issue, it is the express intent of the parties that this Disclaimer and each of its provisions be enforced to the fullest extent permitted, and that no provision be struck in its entirety where a narrowing construction is legally available.

(d) Non-Waiver. No failure by AARO to enforce any provision of this Disclaimer shall constitute a waiver of that or any other provision. No waiver by AARO of any breach shall be deemed a waiver of any subsequent breach of the same or any other provision.

(e) Class Action Waiver Severability. If the class-and-representative-action waiver in Section 21 is found to be unenforceable as to any particular claim, that specific claim (and only that claim) shall proceed in a court of competent jurisdiction. All other claims shall remain subject to individual arbitration in accordance with Section 16 of the Terms and Conditions.

23. Entire Agreement; Integration

This Disclaimer, together with the Terms and Conditions and Privacy Policy, constitutes the entire agreement and understanding between you and AARO with respect to the subject matter hereof and supersedes all prior and contemporaneous understandings, agreements, representations, and warranties — whether written or oral — relating to that subject matter. In the event of any conflict between this Disclaimer and any other document or communication regarding the Site, this Disclaimer, together with the Terms and Conditions, shall govern, except where any definitive offering or subscription document has been separately executed, in which case such document shall govern with respect to the specific investment covered thereby.

24. Amendment

AARO reserves the right to modify, update, or replace this Disclaimer at any time and for any reason, in its sole and absolute discretion, without prior notice. The "Last Updated" date above reflects the most recent revision. Your continued access to or use of the Site following any modification constitutes your irrevocable acceptance of the revised Disclaimer. If you do not agree to any revision, your sole and exclusive remedy is to immediately discontinue all access to and use of the Site.

25. Contact

Questions or concerns regarding this Disclaimer may be directed to:
info@aarorealestate.com
AARO Real Estate LLC, 10050 Northwest Freeway, Suite 105, Houston, TX 77092