Investment Characteristics

Objectives1

Income and Growth

Property Focus

Lodging

Geographic Focus

Primarily U.S.

Holding Period2

6+ years

Estimated Net Asset Value3

Class A: $10.74

Class T: $10.74

Distribution Reinvestment Plan4

Class A: $10.74

Class T: $10.74

1 There is no guarantee we will meet these objectives.

CWI 2's Board of Directors intends to consider a liquidity event six years after the closing of this offering.

3 Estimated Net Asset Value is as of 12/31/2016.

4 The purchase price for shares in our distribution reinvestment plan (“DRIP”) will be the most recently reported NAV for each share class. Currently the DRIP price is $10.74 for both Class A and Class T shares.


Redemption Plan

Holding Period

Redemption Price

< 1 year

no redemption

1+ years

95% of Net Asset Value (NAV)


CWI 2 is designed to be a long-term investment. However, after holding shares for 1 year, investors may be able to submit their shares to CWI 2 for redemption. Redemption price is 95% of Net Asset Value (NAV), as determined by an independent appraisal. CWI 2's ability to effect redemptions is subject to limitations, including cash available for redemption will be limited to proceeds from our distribution reinvestment plan and cash flow and redemption of shares will not exceed 5% of the total number of shares for which redemption is requested in any quarter, together with the number of shares redeemed in the preceding three fiscal quarters, as determined in the section of the prospectus entitled, "Description of Shares – Redemption of Shares." Please consult the prospectus for additional details. The Redemption Plan may be suspended or terminated at any time.