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Board of Directors

Thomas J. Baltimore, Jr.

Chairman of the Board, President and Chief Executive Officer

Thomas J. Baltimore, Jr. serves as Chairman of the Board, President and Chief Executive Officer of Park Hotels & Resorts Inc. Mr. Baltimore served most recently as the President and Chief Executive Officer of RLJ Lodging Trust (NYSE: RLJ) and as a member of its board of trustees from RLJ’s formation in 2011 until May 11, 2016 (when he joined Park Hotels & Resorts Inc.). Prior to that, Mr. Baltimore co-founded RLJ Development, RLJ’s predecessor entity, and served as its President from 2000 until 2011. Previously, Mr. Baltimore held senior positions with Hilton Hotels Corporation, Marriott Corporation and also Host Marriott Services Corporation. Mr. Baltimore currently serves on the board of directors of Prudential Financial, Inc. (NYSE: PRU) where he serves as Lead Independent Director. He is also a member of the National Association of Real Estate Investment Trusts (NAREIT) Executive Board where he currently serves as First Vice Chair. Mr. Baltimore received his Bachelor of Science degree from the McIntire School of Commerce, University of Virginia and his Master of Business Administration degree from the Colgate Darden School of Business, University of Virginia.

Thomas J. Baltimore, Jr. serves as Chairman of the Board, President and Chief Executive Officer of Park Hotels & Resorts Inc. Mr. Baltimore served most recently as the President and Chief Executive Officer of RLJ Lodging Trust (NYSE: RLJ) and as a member of its board of trustees from RLJ’s formation in 2011 until May 11, 2016 (when he joined Park Hotels & Resorts Inc.). Prior to that, Mr. Baltimore co-founded RLJ Development, RLJ’s predecessor entity, and served as its President from 2000 until 2011. Previously, Mr. Baltimore held senior positions with Hilton Hotels Corporation, Marriott Corporation and also Host Marriott Services Corporation. Mr. Baltimore currently serves on the board of directors of Prudential Financial, Inc. (NYSE: PRU) where he serves as Lead Independent Director. He is also a member of the National Association of Real Estate Investment Trusts (NAREIT) Executive Board where he currently serves as First Vice Chair. Mr. Baltimore received his Bachelor of Science degree from the McIntire School of Commerce, University of Virginia and his Master of Business Administration degree from the Colgate Darden School of Business, University of Virginia.

Patricia M. Bedient

Director

Patricia M. Bedient has most recently served as Executive Vice President for Weyerhaeuser Company (NYSE: WY), one of the world’s largest integrated forest products companies, from 2007 until her retirement in July 2016. Ms. Bedient also served Weyerhaeuser as Chief Financial Officer from 2007 until February 2016. Prior to that, Ms. Bedient held various senior positions with Weyerhaeuser since 2003. A certified public accountant since 1978, Ms. Bedient served as managing partner of the Seattle office of Arthur Andersen LLP prior to joining Weyerhaeuser. Ms. Bedient currently serves on the board of directors of Alaska Air Group, Inc. (NYSE: ALK), where she serves as the Lead Independent Director, and Suncor Energy Inc. (NYSE: SU). Ms. Bedient received her Bachelor of Science degree in Business Administration, with concentrations in Finance and Accounting from Oregon State University. She is a CPA and member of the American Institute of CPAs.

Patricia M. Bedient has most recently served as Executive Vice President for Weyerhaeuser Company (NYSE: WY), one of the world’s largest integrated forest products companies, from 2007 until her retirement in July 2016. Ms. Bedient also served Weyerhaeuser as Chief Financial Officer from 2007 until February 2016. Prior to that, Ms. Bedient held various senior positions with Weyerhaeuser since 2003. A certified public accountant since 1978, Ms. Bedient served as managing partner of the Seattle office of Arthur Andersen LLP prior to joining Weyerhaeuser. Ms. Bedient currently serves on the board of directors of Alaska Air Group, Inc. (NYSE: ALK), where she serves as the Lead Independent Director, and Suncor Energy Inc. (NYSE: SU). Ms. Bedient received her Bachelor of Science degree in Business Administration, with concentrations in Finance and Accounting from Oregon State University. She is a CPA and member of the American Institute of CPAs.

Gordon M. Bethune

Lead Independent Director

Gordon M. Bethune worked for Continental Airlines, Inc. from 1994 until 2004, serving as Chairman and Chief Executive Officer from 1996 until his retirement in 2004. Prior to his tenure at Continental, Mr. Bethune held senior management positions with The Boeing Company (NYSE: BA), Piedmont Airlines, Inc., Western Airlines, Inc. and Braniff Airlines. Mr. Bethune currently serves on the board of directors of Sprint Corporation (NYSE: S) and served on the board of directors of Prudential Financial, Inc. (NYSE: PRU) from 2005 until May 2016, Honeywell International Inc. (NYSE: HON) from 1999 until April 2016, Willis Towers Watson PLC (NASDAQ: WLTW) from 2004 until 2008, Continental from 2000 until 2004 and Sysco Corporation (NYSE: SYY) from 1999 until 2000. Mr. Bethune received his Bachelor of Science degree from Abilene Christian University in Dallas, Texas.

Gordon M. Bethune worked for Continental Airlines, Inc. from 1994 until 2004, serving as Chairman and Chief Executive Officer from 1996 until his retirement in 2004. Prior to his tenure at Continental, Mr. Bethune held senior management positions with The Boeing Company (NYSE: BA), Piedmont Airlines, Inc., Western Airlines, Inc. and Braniff Airlines. Mr. Bethune currently serves on the board of directors of Sprint Corporation (NYSE: S) and served on the board of directors of Prudential Financial, Inc. (NYSE: PRU) from 2005 until May 2016, Honeywell International Inc. (NYSE: HON) from 1999 until April 2016, Willis Towers Watson PLC (NASDAQ: WLTW) from 2004 until 2008, Continental from 2000 until 2004 and Sysco Corporation (NYSE: SYY) from 1999 until 2000. Mr. Bethune received his Bachelor of Science degree from Abilene Christian University in Dallas, Texas.

Geoffrey Garrett

Director

Geoffrey Garrett currently serves as dean of the Wharton School of Business (“Wharton”) at the University of Pennsylvania. Prior to his appointment as dean of Wharton in 2014, Mr. Garrett served as the dean of the business school at University of New South Wales in Australia from January 2013 until June 2014 and the dean of the business school at the University of Sydney, Australia from January 2013 until December 2013. From 2008 until 2012, Mr. Garrett served as the Founding Chief Executive Officer and a Professor of Political Science at the United States Studies Centre in Sydney, Australia. Prior to that, Mr. Garrett served as President of the Pacific Council of International Policy in Los Angeles from 2005 until 2009 and the dean of the UCLA International Institute from 2001 until 2005. Mr. Garrett previously served as a professor at Oxford University, Stanford University, Yale University and as a member of the faculty in the Management Department at Wharton. Mr. Garrett received a Bachelor of Arts degree with Honors from the Australian National University and a Master of Arts and Doctor of Philosophy degrees from Duke University where he was a Fulbright Scholar.

Geoffrey Garrett currently serves as dean of the Wharton School of Business (“Wharton”) at the University of Pennsylvania. Prior to his appointment as dean of Wharton in 2014, Mr. Garrett served as the dean of the business school at University of New South Wales in Australia from January 2013 until June 2014 and the dean of the business school at the University of Sydney, Australia from January 2013 until December 2013. From 2008 until 2012, Mr. Garrett served as the Founding Chief Executive Officer and a Professor of Political Science at the United States Studies Centre in Sydney, Australia. Prior to that, Mr. Garrett served as President of the Pacific Council of International Policy in Los Angeles from 2005 until 2009 and the dean of the UCLA International Institute from 2001 until 2005. Mr. Garrett previously served as a professor at Oxford University, Stanford University, Yale University and as a member of the faculty in the Management Department at Wharton. Mr. Garrett received a Bachelor of Arts degree with Honors from the Australian National University and a Master of Arts and Doctor of Philosophy degrees from Duke University where he was a Fulbright Scholar.

Robert G. Harper

Director

Robert G. Harper currently serves as Head of U.S. Asset Management for the Blackstone real estate group. Since joining Blackstone in 2002, Mr. Harper has been involved in analyzing Blackstone’s real estate equity and debt investments in all property types. Mr. Harper has previously worked for Blackstone in Los Angeles and London, where he served as Head of Europe for the Blackstone Real Estate Debt Strategies business. Mr. Harper currently serves as a director of Invitation Homes Inc. (NYSE:INVH) and served as director of ESH Hospitality, Inc. (NYSE:STAY) until May 2017. Prior to joining Blackstone in 2002, Mr. Harper worked for Morgan Stanley’s real estate private equity group in Los Angeles and San Francisco. Mr. Harper received a Bachelor of Science degree from the McIntire School of Commerce, University of Virginia.

Robert G. Harper currently serves as Head of U.S. Asset Management for the Blackstone real estate group. Since joining Blackstone in 2002, Mr. Harper has been involved in analyzing Blackstone’s real estate equity and debt investments in all property types. Mr. Harper has previously worked for Blackstone in Los Angeles and London, where he served as Head of Europe for the Blackstone Real Estate Debt Strategies business. Mr. Harper currently serves as a director of Invitation Homes Inc. (NYSE:INVH) and served as director of ESH Hospitality, Inc. (NYSE:STAY) until May 2017. Prior to joining Blackstone in 2002, Mr. Harper worked for Morgan Stanley’s real estate private equity group in Los Angeles and San Francisco. Mr. Harper received a Bachelor of Science degree from the McIntire School of Commerce, University of Virginia.

Tyler S. Henritze

Director

Tyler S. Henritze has served as Senior Managing Director in the real estate group for The Blackstone Group L.P. since January 2013 and is currently the Head of U.S. Acquisitions for Blackstone. Prior to being named as Senior Managing Director at Blackstone, Mr. Henritze served as Managing Director from 2011 until 2012 and as Principal from 2009 until 2010. Since joining Blackstone in 2004, Mr. Henritze has been involved in over $75 billion of real estate investments across all property types. Before joining Blackstone in 2004, Mr. Henritze worked at Merrill Lynch in the real estate investment banking group. He currently serves on the board of directors of The Cosmopolitan of Las Vegas, Motel 6 and BRE Select Hotel Corp, and previously served on the board of directors of Hilton Worldwide Holdings Inc. (NYSE: HLT) and La Quinta Holdings Inc. (NYSE:LQ). Mr. Henritze received his Bachelor of Science degree in Commerce from the McIntire School of Commerce, University of Virginia.

Tyler S. Henritze has served as Senior Managing Director in the real estate group for The Blackstone Group L.P. since January 2013 and is currently the Head of U.S. Acquisitions for Blackstone. Prior to being named as Senior Managing Director at Blackstone, Mr. Henritze served as Managing Director from 2011 until 2012 and as Principal from 2009 until 2010. Since joining Blackstone in 2004, Mr. Henritze has been involved in over $75 billion of real estate investments across all property types. Before joining Blackstone in 2004, Mr. Henritze worked at Merrill Lynch in the real estate investment banking group. He currently serves on the board of directors of The Cosmopolitan of Las Vegas, Motel 6 and BRE Select Hotel Corp, and previously served on the board of directors of Hilton Worldwide Holdings Inc. (NYSE: HLT) and La Quinta Holdings Inc. (NYSE:LQ). Mr. Henritze received his Bachelor of Science degree in Commerce from the McIntire School of Commerce, University of Virginia.

Christie B. Kelly

Director

Christie B. Kelly has served as Executive Vice President and Chief Financial Officer of Jones Lang LaSalle Incorporated (NYSE: JLL), a publicly traded financial and professional services firm specializing in real estate, since 2013. Prior to her tenure at JLL, Ms. Kelly served as Executive Vice President and Chief Financial Officer of Duke Realty Corporation (NYSE: DRE) from 2009 until 2013. From 2007 until she joined Duke in 2009, Ms. Kelly served as Senior Vice President, Global Real Estate at Lehman Brothers. Prior to that, Ms. Kelly served General Electric Company (NYSE: GE) from 1983 to 2007 in numerous finance and operational financial management positions worldwide. Ms. Kelly currently serves on the board of directors of Kite Realty Group Trust (NYSE: KRG). Ms. Kelly received her Bachelor of Arts degree in Economics from Bucknell University. She has been recognized as one of the Women of Influence by the Indianapolis Business Journal.

Christie B. Kelly has served as Executive Vice President and Chief Financial Officer of Jones Lang LaSalle Incorporated (NYSE: JLL), a publicly traded financial and professional services firm specializing in real estate, since 2013. Prior to her tenure at JLL, Ms. Kelly served as Executive Vice President and Chief Financial Officer of Duke Realty Corporation (NYSE: DRE) from 2009 until 2013. From 2007 until she joined Duke in 2009, Ms. Kelly served as Senior Vice President, Global Real Estate at Lehman Brothers. Prior to that, Ms. Kelly served General Electric Company (NYSE: GE) from 1983 to 2007 in numerous finance and operational financial management positions worldwide. Ms. Kelly currently serves on the board of directors of Kite Realty Group Trust (NYSE: KRG). Ms. Kelly received her Bachelor of Arts degree in Economics from Bucknell University. She has been recognized as one of the Women of Influence by the Indianapolis Business Journal.

Sen. Joseph I. Lieberman

Director

Sen. Joseph I. Lieberman has served as Senior Counsel at Kasowitz, Benson & Torres LLP since 2013. Prior to joining Kasowitz, Senator Lieberman, the Democratic Vice Presidential nominee in 2000, served 24 years in the U.S. Senate, retiring in January 2013 following the end of his fourth term. During his tenure with the U.S. Senate, Senator Lieberman served as the Chairman of the Committee on Homeland Security and Government Affairs and helped shape legislation for homeland security, foreign policy, fiscal policy, environmental protection, human rights, health care, trade, energy, cyber security and taxes. Prior to being elected to the U.S. Senate, Senator Lieberman served as the Attorney General of the State of Connecticut from 1983 until 1988. From 1970 until 1980, Senator Lieberman also served in the Connecticut State Senate, including three terms as majority leader. Senator Lieberman received his Bachelor of Arts degree in Political Science and Economics and his Juris Doctorate degree from Yale University.

Sen. Joseph I. Lieberman has served as Senior Counsel at Kasowitz, Benson & Torres LLP since 2013. Prior to joining Kasowitz, Senator Lieberman, the Democratic Vice Presidential nominee in 2000, served 24 years in the U.S. Senate, retiring in January 2013 following the end of his fourth term. During his tenure with the U.S. Senate, Senator Lieberman served as the Chairman of the Committee on Homeland Security and Government Affairs and helped shape legislation for homeland security, foreign policy, fiscal policy, environmental protection, human rights, health care, trade, energy, cyber security and taxes. Prior to being elected to the U.S. Senate, Senator Lieberman served as the Attorney General of the State of Connecticut from 1983 until 1988. From 1970 until 1980, Senator Lieberman also served in the Connecticut State Senate, including three terms as majority leader. Senator Lieberman received his Bachelor of Arts degree in Political Science and Economics and his Juris Doctorate degree from Yale University.

Xianyi Mu

Director

Xianyi Mu has served as the Chief Investment Officer of HNA Holding Group Co., Ltd. since December 2016 and served as its Financial Director from March 2016 until December 2016. Prior to that, Mr. Mu served as the President of HNA Investment Group Co., Ltd from 2015 until 2016 and as the Vice President and Chief Financial Officer of HNA Hotel Group Co., Ltd from 2011 until 2014. From 2009 until 2014, Mr. Mu served as the secretary of the board of directors of HNA Group and deputy manager of the research and development department of HNA Capital. Mr. Mu served as a board member of NH Hotel Group SA from 2013 until 2016. Mr. Mu received his law degree from University of Tsinghua in Beijing and a Master’s Degree in Tourist and Hotel Management from Polytechnic University of Hong Kong.

Xianyi Mu has served as the Chief Investment Officer of HNA Holding Group Co., Ltd. since December 2016 and served as its Financial Director from March 2016 until December 2016. Prior to that, Mr. Mu served as the President of HNA Investment Group Co., Ltd from 2015 until 2016 and as the Vice President and Chief Financial Officer of HNA Hotel Group Co., Ltd from 2011 until 2014. From 2009 until 2014, Mr. Mu served as the secretary of the board of directors of HNA Group and deputy manager of the research and development department of HNA Capital. Mr. Mu served as a board member of NH Hotel Group SA from 2013 until 2016. Mr. Mu received his law degree from University of Tsinghua in Beijing and a Master’s Degree in Tourist and Hotel Management from Polytechnic University of Hong Kong.

Timothy J. Naughton

Director

Timothy J. Naughton currently serves as the Chairman, Chief Executive Officer and President of AvalonBay Communities, Inc. (NYSE: AVB). Mr. Naughton has served as Chairman of the Board of AvalonBay since 2013, as Chief Executive Officer since 2012, and as President since 2005. Mr. Naughton joined AvalonBay’s predecessor entity in 1989 and has held various senior positions throughout his tenure with the company. Mr. Naughton currently serves on the board of directors of Welltower Inc. (NYSE: HCN), serves as the Chair of the National Association of Real Estate Investment Trusts, is a member and past chairman of the Multifamily Council of the Urban Land Institute and is a member of both The Real Estate Round Table and the Real Estate Forum. Mr. Naughton received his Master of Business Administration from Harvard Business School and received his Bachelor of Arts degree in Economics with High Distinction from the University of Virginia, where he was elected to Phi Beta Kappa.

Timothy J. Naughton currently serves as the Chairman, Chief Executive Officer and President of AvalonBay Communities, Inc. (NYSE: AVB). Mr. Naughton has served as Chairman of the Board of AvalonBay since 2013, as Chief Executive Officer since 2012, and as President since 2005. Mr. Naughton joined AvalonBay’s predecessor entity in 1989 and has held various senior positions throughout his tenure with the company. Mr. Naughton currently serves on the board of directors of Welltower Inc. (NYSE: HCN), serves as the Chair of the National Association of Real Estate Investment Trusts, is a member and past chairman of the Multifamily Council of the Urban Land Institute and is a member of both The Real Estate Round Table and the Real Estate Forum. Mr. Naughton received his Master of Business Administration from Harvard Business School and received his Bachelor of Arts degree in Economics with High Distinction from the University of Virginia, where he was elected to Phi Beta Kappa.

Stephen I. Sadove

Director

Stephen I. Sadove has served as a founding partner of JW Levin Management Partners LLC since 2015 and as principal of Stephen Sadove and Associates since 2014. Mr. Sadove served as Chairman and Chief Executive Officer of Saks Incorporated from 2007 to 2013 and held key executive positions with the company since 2002. Prior to his tenure with Saks, Mr. Sadove served Bristol-Myers Squibb Company (NYSE: BMY) from 1991 until 2001, as President, Clairol (1991 until 1996), as President, Worldwide Beauty Care (1996 until 1997), as President, Worldwide Beauty Care and Nutritionals (1997 until 1998) and as Senior Vice President of Bristol-Myers Squibb and President, Worldwide Beauty Care (1997 until 2001). Mr. Sadove currently serves on the board of directors of Colgate-Palmolive Company (NYSE: CL), where he serves as the Lead Director; Ruby Tuesday, Inc. (NYSE: RT), where he serves as the Non-Executive Chairman and Lead Director of the Board; and Aramark (NYSE: ARMK). Mr. Sadove also served on the board of directors of J.C. Penney Company, Inc. (NYSE: JCP) until May 2016. Mr. Sadove received his Master of Business Administration degree with Distinction from Harvard Business School and received his Bachelor’s degree in Government from Hamilton College. He currently serves as the Chairman of the Board of Trustees of Hamilton College.

Stephen I. Sadove has served as a founding partner of JW Levin Management Partners LLC since 2015 and as principal of Stephen Sadove and Associates since 2014. Mr. Sadove served as Chairman and Chief Executive Officer of Saks Incorporated from 2007 to 2013 and held key executive positions with the company since 2002. Prior to his tenure with Saks, Mr. Sadove served Bristol-Myers Squibb Company (NYSE: BMY) from 1991 until 2001, as President, Clairol (1991 until 1996), as President, Worldwide Beauty Care (1996 until 1997), as President, Worldwide Beauty Care and Nutritionals (1997 until 1998) and as Senior Vice President of Bristol-Myers Squibb and President, Worldwide Beauty Care (1997 until 2001). Mr. Sadove currently serves on the board of directors of Colgate-Palmolive Company (NYSE: CL), where he serves as the Lead Director; Ruby Tuesday, Inc. (NYSE: RT), where he serves as the Non-Executive Chairman and Lead Director of the Board; and Aramark (NYSE: ARMK). Mr. Sadove also served on the board of directors of J.C. Penney Company, Inc. (NYSE: JCP) until May 2016. Mr. Sadove received his Master of Business Administration degree with Distinction from Harvard Business School and received his Bachelor’s degree in Government from Hamilton College. He currently serves as the Chairman of the Board of Trustees of Hamilton College.