TO OUR VALUED GUEST SERVICES EMPLOYEES,

The continued resiliency we’ve seen across the Guest Services’ operations this year gives us great confidence as we look to 2023 and beyond. We remain optimistic about the strength and future of our industry and the many opportunities ahead as we evolve to meet guest demands and grow our business.

Many of the challenges that plagued the industry in 2020 and 2021 still exist but, in many instances, to a lesser extent. By year-end 2022, new challenges, such as the highest inflation rate in 40 years and the fear of a recession, have started to have an impact. But Guest Services remains flexible to the needs and desires of the guest and continues to pivot to meet the challenges of the future. While there is no doubt that the economic cycles impact the industry, fortunately, we have continued to see signs of high demand in many of the locations in which we operate. In fact, several of our operations experienced record results in 2022 and are already showing early signs of similar trends in 2023. We should all be proud of our many accomplishments this past year, further described below. It has been a very productive twelve months.

Our Employees And Our Culture

In light of the ongoing challenging labor market, we have broadened our programs and benefits to attract new, qualified, and diverse talent. The Company activated many new initiatives to drive our social responsibility and awareness focused on Diversity, Equity, and Inclusion Staff Advisory Council (DEISAC), notably with the introduction of four Employee Resource Groups, a Speaker Series Program, and the Diversity, Equity, and Inclusion Council, hosting events to recognize cultural and heritage months, and expanding on our training programs.

We conducted live company-wide town hall meetings to provide transparency, real-time updates on our business, and spotlight our unit team members. And finally, we revitalized and launched the new Company website, showcasing the special culture, values, people, initiatives, and assets of our 105-year-old company.

Strategic Growth And Business Development

Business development remained a high priority in 2022. We focused on Guest Services’ core capabilities of delivering the full suite of hospitality services, within national and state parks, hotels and lodging, recreation activities, condominiums and property management, and food & beverage/ business dining. The successes this past year were evident with new contract awards and renewing historical partnerships. We added several new state park operations in Florida and California, expanded our portfolio of managed condominium properties, and completed an acquisition of land in Everglades City, Florida, to operate an array of recreational activities on the water.

Further, there were several large-scale development projects undertaken throughout the year. The Phase I renovation at the DoubleTree Suites by Hilton in Naples, Florida, was completed and proved to elevate the guest experience. The expansion project at the Lodge at Breckenridge was successfully executed and added new guest rooms, employee housing, restaurant renovation, and a re-designed lobby. We are nearing the completion of the Everglades Flamingo capital project, which will deliver 24 new lodging units and a full-scale restaurant, both of which are poised to open in 2023.

Looking Ahead

The momentum from 2022 has the Company well-positioned for a very successful 2023. We will prioritize and focus on organic growth within our existing portfolio of partnerships. New opportunities are on the horizon, which we will strategically pursue to complement our core competencies and align ourselves with exemplary partners.

Continued efforts to attract and retain new talent, elevate social responsibility, and expand training programs will be a focus throughout the upcoming year. We are excited to see the successes of the many new employees that have joined our Company this past year, as well as those who have been promoted within the organization. It is an exciting time for all of us!

2023 also presents a large-scale project soon underway in which Guest Services will transition to a new enterprise resource planning (ERP) software solution, replacing our legacy accounting and HR systems. This will provide new innovative tools for our company to manage critical parts of operations, including finance, accounting, human resource management, and employee engagement.

Guest Services will also soon be delivering a new and exciting brand to many of our recreation and hospitality units, to be unveiled in the first quarter of 2023!

In closing, we must not forget the Company’s Mission and pledge to our guests, team members, clients, and community. This commitment is the foundation we are built on and influences how we make decisions. As a leader within our industry, we are dedicated to excellence in all our services and providing maximum value, peak efficiency, and outstanding customer satisfaction to our clients, guests, and team members.

Our future is very bright, and we are so incredibly grateful for your efforts, support, and collaboration as we embark on the year ahead.

Nico Foris Chief Executive Officer