SAN MANUEL BAND OF MISSION INDIANS ANNOUNCES ACQUISITION OF AN OWNERSHIP INTEREST IN WALDORF ASTORIA MONARCH BEACH RESORT & CLUB

Tribe teams up with Ohana Real Estate Investors as co-owners of the iconic award-winning AAA Five-Diamond coastal resort in Orange County

SAN MANUEL INDIAN RESERVATION NEAR HIGHLAND, Calif., June 5, 2023 /PRNewswire/ -- The San Manuel Band of Mission Indians ("SMBMI" or "San Manuel" or "Tribe") today announced that the San Manuel Investment Authority ("SMIA") through its affiliated entities acquired an ownership interest in the newly renovated Waldorf Astoria Monarch Beach Resort & Club ("Waldorf Astoria Monarch Beach" or "Waldorf Astoria") in Dana Point, Calif. One of Southern California's iconic luxury resort destinations, Waldorf Astoria Monarch Beach will be the Tribe's latest addition to its expanding resort portfolio.

"Investing in a luxury destination resort such as Waldorf Astoria Monarch Beach represents another milestone for our Tribe, enabling us to continue executing our long-term diversification strategy," said SMBMI Chairwoman Lynn Valbuena. "The stunning coastal setting, along with its exceptional guest service and amenities, are features that our Yaamava' and Palms guests will enjoy. We are excited to partner with Ohana Real Estate Investors and impressed with Hilton and Waldorf Astoria's strategic repositioning of the property over recent years."

"We are proud to join forces with San Manuel to advance the growth of this wonderful asset," said G. Christopher Smith, Founder and CEO of Ohana Real Estate Investors ("Ohana"). "San Manuel and Ohana share a common vision for Waldorf Astoria Monarch Beach's future, one where we will continue to elevate its world-class offerings while providing an unparalleled experience to our discerning guests."

SMIA's investment in Waldorf Astoria Monarch Beach consists of an approximately 40% interest in the property with the option to increase its ownership through one or more future transactions.

The blufftop resort overlooking the Pacific Ocean is one of California's most sought-after destinations, renowned for an array of luxurious amenities for resort guests and members. Waldorf Astoria Monarch Beach boasts 400 newly refreshed guest rooms and suites, a private beach club, seven dining destinations including Michael Mina's Bourbon Steak, Waldorf Astoria Spa & Salon, three pools, expansive indoor and outdoor meeting and event spaces, and an 18-hole championship golf course.

SMBMI owns and operates Yaamava' Resort & Casino at San Manuel on the Tribe's Reservation in Highland, Calif. A governmental instrumentality of the Tribe, the San Manuel Gaming & Hospitality Authority ("SMGHA"), became the first Native American owners and operators of a casino resort in Las Vegas with the purchase of Palms Casino Resort which reopened under the SMGHA's ownership in April 2022.

Jefferies LLC and Berkadia Real Estate Advisors LLC acted as financial advisors, and Goodwin Procter LLP acted as legal counsel for San Manuel in relation to this investment.

About San Manuel Band of Mission Indians

The San Manuel Band of Mission Indians is a federally recognized Indian tribe located on the San Manuel Indian Reservation near Highland, California. San Manuel exercises its inherent sovereign right of self-governance and provides essential services for its citizens by building infrastructure, maintaining civil services, and promoting social, economic, and cultural development. As the Indigenous people of the San Bernardino highlands, passes, valleys, mountains and high deserts, the Serrano people of San Manuel have called this area home since time immemorial and are committed to serving as active community partners in the San Bernardino region and beyond. For more information, visit http://www.sanmanuel-nsn.gov

About Ohana Real Estate Investors

Ohana Real Estate Investors is a vertically integrated investment firm with expertise across hotel, residential, and development projects. Founded in 2009, Ohana invests across the capital structure through dedicated equity and credit fund vehicles and currently manages $2.7 billion on behalf of a global investor base, including university endowments, foundations, and family offices. Ohana invests in desirable urban and resort markets throughout North America. For more information, please visit www.ohanare.com

About Waldorf Astoria Monarch Beach Resort & Club

Waldorf Astoria Monarch Beach Resort & Club is nestled hillside along the coast and offers panoramic views of the Pacific Ocean. Perched on 175 acres with 400 guest rooms and suites, seven culinary experiences, three sparkling pools, a Waldorf Astoria Spa, and the private Monarch Bay Beach Club, this elegant AAA Five-Diamond retreat offers both indulgence and inspiration. From oceanfront culinary experiences, unique coastal activities and the Robert Trent Jones-designed Monarch Beach Golf Links, resort guests and club members will experience an elevated slice of California's beach culture. Equal parts sophisticated, approachable and intimate, Waldorf Astoria Monarch Beach Resort & Club has a personality that fits perfectly with the playful coastal lifestyle of the area. Seamlessly bringing to life, Waldorf Astoria's brand ethos, the resort offers unforgettable experiences and unparalleled standards of luxury service and hospitality. For more information about Waldorf Astoria Monarch Beach Resort & Club, please visit waldorfastoriamonarchbeach.com.

SOURCE San Manuel Band of Mission Indians