Investment Summary

Civitas Hawaii Fund, LP, will provide a $150.0 million senior loan to finance a 210-room hotel, Hale Hokuala Kauai, a Curio Collection¹ by Hilton Hotels & Resorts, located in Kauai, Hawaii.

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Hale Hokuala Kauai will include a three-meal restaurant, a pool, 2,000 square feet of indoor meeting space, 25,000 square feet of outdoor event venues, a fitness center, and the pro shop for the 18-hole Jack Nicklaus Ocean Course at Hokuala.

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Upon opening, Hale Hokuala Kauai would only be the third Hilton-branded hotel on the island.

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_{1. The Curio Collection by Hilton is a global portfolio of remarkable, upscale hotels and resorts handpicked for their unique character and personality.}

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Target Key Terms and Capital Structure

Asset Type

Hotel

Total Capitalization

$202.9MM

Senior Loan

$150.0MM with $100MM in EB-5²

Number of Investors

125²

Estimated Job Creation

2,170³

Visa Category

Rural

Senior Loan Term

June 30, 2028

(with two 12-month extension options)

Exit Strategies

Sale or post-construction recapitalization

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2. General Partner has discretion to increase the total EB-5 funding to $150MM. 3. Job creation estimates are calculated by an independent, third-party econometric consultant using RIMS II, Regional Input-Output Modeling System. RIMS II is a tool provided by the Bureau of Economic Analysis (BEA) to help economists and researchers analyze the potential impacts of economic activities on regional economies. There is no guarantee job creation projections will be achieved.

Opportunity Highlights

Top Hotel Brand and Sponsor

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Hale Malana joins The Curio Collection by Hilton, offering access to its 173 million global members through the Hilton Honors program. Sponsored by a subsidiary of Silverwest Hotels, which is owned by two of the largest real estate asset managers in the world, each with over $1 trillion ingross assets under management.

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Fully Financed

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All financing for the project is currently in place, with the EB-5 loan as a part of the senior loan. Construction started in Q3 2024.

Measures to Reduce Risk

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A completion guaranty was provided by SilverwestHawaii Holdings, LLC. Guarantee to return investment amount in the circumstance of an I-526 denial.⁴

4. Subject to certain exceptions and conditions, including the investor’s exhaustion of all administrative appeals with respect to the I-526E denial. Please see fund offering documents for a full description of applicable terms and conditions.

project location

Kauai, Hawaii

Hawaii

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46.6% of a visitor's personal daily spending comprised lodging in 2023, increased by 29.3% in dollar amount since 2019⁵
9,644,519 visitors in 2023, +4.4% from 2022, −7.1% from 2019⁶
$20.78B in visitor expenditures in 2023, +5.5% from 2022, +17.3% from 2019⁶

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_{5. Hawaii Tourism Authority December 2023 Total Visitor Personal Daily Spending by Category report. Figures provided are preliminary and subject to change. 6. News Release, Department of Business, Economic Development and Tourism, Research and Economic Analysis Division, as of 1/30/2024. Other markets include Australia, New Zealand, China, Taiwan, Korea, Guam, Philippines, Samoa, Rarotonga, Kiribati, Marshall Islands, Fiji, American Samoa, and French Polynesia.}

Kauai^7-11

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“The Garden Island,” where emerald valleys meet sapphire seas, Kauai whispers legends of adventure amid cascading waterfalls and ancient canyons.

No. 1 Most unforgettable natural landmark in the U.S.
$2.76B in Kauai visitor spending in 2023, up from $1.91B in 2019
1,416,856 visitors to Kauai in 2023, up from 1,370,029 in 2019
Named the best Hawaiian island in 2023 by Travel + Leisure
4^thlargest island in Hawaii
90% of land cannot be reached by road

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_{7. Travel+Leisure, 2024, referring to the Na Pali Coast. 8. Hawaii Department of Business, Economic Development and Tourism, 2024. 9. Travel + Leisure, 2023. 10. GoHawaii.com, 2024. 11. Kauai County, HI, DataUSA, 2021.}

Hale Malana¹²

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The property is a 210-key Curio Collection by Hilton resort located in Kauai, Hawaii.

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It includes a three-meal restaurant, a pool, 2,000 square feet of indoor meeting space, 25,000 square feet of outdoor event venues, a fitness center, and the pro shop for the 18-hole Jack Nicklaus Ocean Course at Hokuala.

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Upon opening, Hale Malana would only be the third Hilton-branded hotel on the island.

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_{12. Jones Lang LaSalle, Inc., as of 1/2024.}

Project Renderings

No items found.

13. Project renderings are subject to change.

Job Creation

2170

Name: Hale Hokuala Kauai
Brand: Civitas Capital
Availability: false

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expected jobs

to be created^14,15

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1250

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total jobs required¹⁵

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174%

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of job requirement expected

to be satisfied¹⁵

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14. Job creation estimates are calculated by an independent, third-party econometric consultant using RIMS II, Regional Input-Output Modeling System. RIMS II is a tool provided by the Bureau of Economic Analysis (BEA) to help economists and researchers analyze the potential impacts of economic activities on regional economies. Job creation estimates may change and there is no guarantee job creation projections will be achieved. 15. Calculated based on 125 investors, or $100M in EB-5 investments. The General Partner has discretion to raise an additional $50MM and anticipates considering pursuit of such additional fundraising after the project has been completed. If additional investors are closed into the fund, the job creation and cushion metrics will change. This document is provided on a confidential basis and does not constitute an offer or recommendation to sell, or solicitation of an offer to buy, any securities, investment products, or investment advisory services. Such an offer may only be made to qualified investors via delivery of a formal confidential private placement memorandum or equivalent materials that describe the material terms. This information is intended exclusively for the use of the recipient and is not to be reproduced or redistributed to any other person without the prior consent of Civitas Capital Group.

A Trusted EB-5 Investment Firm

EB-5 is our business. More than 1,700 EB-5 investors from 50 countries have trusted Civitas with their EB-5 journey since 2009. Our investors have deployed nearly $950 million in EB-5 capital with Civitas in projects valued at over $3.3 billion. To date, we have returned more than $480 million to eligible investors.

Our team guides investors through the EB-5 process with an emphasis on meeting program requirements, disciplined underwriting, and capital preservation.

$480MM+

Returned to eligible EB-5 investors

1,700+

EB-5 investors served globally

50+

EB-5 funds successfully raised

50+

Relationships with investors in 50+ countries

1,200+

I-526 / I-526E approvals

100%

I-829 approval rate on adjudicated petitions

Past performance does not guarantee future results.

Data as of December 31, 2025. The 100% USCIS approval rate for Civitas-affiliated I-829 petitions referenced herein refers to petitions which USCIS has fully adjudicated as of the date hereof, and accordingly does not include petitions which: (i) have not yet been adjudicated; (ii) were voluntarily withdrawn or abandoned by the petitioner; or (iii) are in any stage of appeal from an initial adjudication. The success of Civitas-affiliated petitions adjudicated to date does not guarantee success in future cases. Founder and Chief Executive Officer Dan Healy serves on the IIUSA Board of Directors, but is not a judge. Co-Founder and Managing Director Rafael Anchia and Managing Director, Legal & Head of Investor Experience Mine Ekim both serve on the IIUSA Public Policy Committee.

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Hale Hokuala Kauai

A rural EB-5 investment opportunity

Investment Summary

Target Key Terms and Capital Structure