The Opportunity

Extended-stay hotels have followed a demand and performance pattern distinct from the broader U.S. hotel industry in recent reporting periods. The project is among the early properties developed under Hyatt Studios, a brand Hyatt Hotels Corporation introduced in 2023 that had reached more than 50 executed development deals across more than 20 new markets as of May 2025. Participation is available to eligible participants through a single-asset structure, with terms set out below.

Asset Overview

PROPERTY SPECIFICATIONS 114-key hotel at 1801 Lincoln Ave., Steamboat Springs, Colorado. New construction on ±2.71 acres, comprising a single four-story building of approximately 57,971 square feet. DESIGN & INTERIORS Apartment-style suites with kitchens in every guestroom – a design standard across Hyatt Studios properties, confirmed for this project at groundbreaking. AMENITIES & F&B Guest amenities include interior ski and bike storage, a self-service marketplace with complimentary grab-and-go breakfast, and 24-hour fitness and laundry facilities. Outdoor patio space features two in-ground hot tubs, fire pits, grills, and seating, with pedestrian access to ski slopes along the community bus route. Additional brand-standard features include free high-speed fiber internet and pet-friendly accommodations. SUSTAINABILITY FEATURES The design incorporates energy- and water-efficient elements, including LED lighting packages, low-flow fixtures, smart thermostats, and EV charging infrastructure.

Roadmap

Investment Terms*

• Structure Type: Single Asset. • Targeted hold period: 5–7 years. • Class B Preferred Return: 8% annualized, non-compounding (not guaranteed). • Management Fee: 1.5%. • Targeted Total Raise: $10,250,000 (maximum raise not guaranteed; may be reduced by mezzanine financing from Hyatt – see Financing). • Initial Price Per Unit: $1,000. Minimum Participation: $100,000. • No public market exists for the units; the participation is illiquid.

Revenue Model

ROOM REVENUE Generated through 114 apartment-style, extended-stay suites operated under Hyatt's lean, brand-standard operating model. FOOD & BEVERAGE The self-service marketplace and grab-and-go breakfast offering contribute food and beverage revenue alongside room income. ANCILLARY GUEST SERVICES Additional revenue streams include guest use of the fitness facilities, outdoor patio and hot tub areas, and other on-site amenities integrated into the extended-stay format.

Financing**

The capital stack combines equity and construction debt, with the construction loan closed at an interest rate in the mid-7% range, and mezzanine financing from Hyatt in the approximate amount of $2,000,000–$3,000,000 available to reduce the equity requirement.

Why This Market

NATIONAL EXTENDED-STAY PERFORMANCE Extended-stay hotels began 2026 with most performance metrics outperforming comparable hotel classes, according to industry sector data. Segment occupancy remained roughly 15 percentage points above the average for comparable hotel classes, even as it declined year-over-year for a thirteenth consecutive month. LOCAL MARKET – STEAMBOAT SPRINGS Steamboat Springs is served by Steamboat Resort, which completed a base area and on-mountain expansion for the 2023/24 season, including the Wild Blue Gondola – at 3.16 miles, the longest 10-person gondola in North America – and 650 acres of added terrain in the Pioneer Ridge area. The expansion brought total skiable terrain to roughly 3,600+ acres, making it the second-largest ski resort in Colorado by skiable acreage. Within a five-mile radius of the property, the estimated 2024 population is 17,641, with 2.3 people per household, a median age of 41.9, an unemployment rate of 2.9%, and a projected population growth of 0.7% through 2029. Past performance is not indicative of future results. Forecasts, including third-party projections cited above, are estimates only and are not guaranteed.

Legal Structure

• Legal Entity: HS Steamboat FundCo, LLC. • Securities offered through Tobin & Company Securities (Member FINRA/SIPC). • Open to Accredited participants only, as defined by the SEC. • Self-Directed IRAs permitted. Not eligible for 1031 exchange or Opportunity Zone treatment. Caliber closed acquisition and construction financing for the Steamboat Springs project in April 2026. In May 2026, the company stated it is actively working to tokenize the Steamboat Springs Hyatt Studios offering, one of the first projects across its portfolio targeted for tokenization, alongside its PURE Pickleball & Padel project in Scottsdale, Arizona. CHAINLINK INFRASTRUCTURE The tokenization initiative runs on Chainlink's compliance-enabled oracle infrastructure. In July 2026, Caliber confirmed it is implementing Chainlink's Automated Compliance Engine (ACE) across its tokenized fund platform – a system that connects identity verification, policy enforcement, compliance, and reporting across digital asset workflows, linking asset issuers, identity providers, risk-scoring platforms, wallets, and distribution channels into one framework. Caliber has also built out a master staking agreement for its Chainlink (LINK) treasury, which supports the company's broader digital asset strategy.

Risk Factors

• Participation carries a high degree of risk, limited liquidity, and no public market; suitable only for sophisticated eligible participants. • The strategy is speculative; returns are not guaranteed and there is no assurance objectives will be achieved. • Distributions and redemptions may be paid from borrowings, offering proceeds, or asset sales, without limits on amounts drawn from these sources. • The offering is not contingent on reaching a minimum capital raise. • Access to debt financing may be limited and subject to rate increases, restrictive covenants, or repayment obligations. • Risks specific to real estate development include competition for tenants, interest rate risk, occupancy risk, insurance risk, and inflation risk. • Multiple conflicts of interest may exist, including compensation arrangements, incentive fee structures, and affiliated-entity relationships.

Development Partners & Pipeline

Caliber (Nasdaq: CWD) holds preferred-developer status for Hyatt Studios under its Master Development Agreement with Hyatt, covering target markets across five U.S. states. Steamboat Springs is one of 15 Hyatt Studios properties in Caliber's development pipeline, and is the first of three projects in the platform to begin construction – the other two are advancing in Riverwalk/Scottsdale, Arizona, and Georgetown, Texas. Ground was broken on July 16, 2026, at a ceremony attended by Caliber executives, development partners, and Steamboat Springs community representatives.

Asset Management

Caliber's hospitality team oversees development, construction, and asset management across the platform, including this project.

*Target only. Not a guaranteed or promised return **All figures, percentages, and returns shown in the infographics are targets only and are not guaranteed.