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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. Prior to joining Park Hotels, Mr. Baltimore served 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 IPO in 2011 until May 11, 2016 (when he joined Park Hotels). 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 American Express Company (NYSE: AXP) and Comcast Corporation (Nasdaq: CMCSA). Mr. Baltimore is currently Co-Chair of the National Association of Real Estate Investment Trusts (Nareit) Dividends Through Diversity, Equity & Inclusion CEO Council and also serves on the boards of the University of Virginia Investment Management Company (UVIMCO), UVA McIntire School of Commerce Foundation, and The Real Estate Roundtable. He was recently selected for the American Hotel & Lodging Association (AHLA) Executive Committee. 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. Prior to joining Park Hotels, Mr. Baltimore served 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 IPO in 2011 until May 11, 2016 (when he joined Park Hotels). 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 American Express Company (NYSE: AXP) and Comcast Corporation (Nasdaq: CMCSA). Mr. Baltimore is currently Co-Chair of the National Association of Real Estate Investment Trusts (Nareit) Dividends Through Diversity, Equity & Inclusion CEO Council and also serves on the boards of the University of Virginia Investment Management Company (UVIMCO), UVA McIntire School of Commerce Foundation, and The Real Estate Roundtable. He was recently selected for the American Hotel & Lodging Association (AHLA) Executive Committee. 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 chair of the Board of Directors, 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 chair of the Board of Directors, 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.

Thomas D. Eckert

Director

Thomas D. Eckert previously served at Capital Automotive Real Estate Services, Inc., a privately owned real estate company that owns and manages net-leased real estate for automotive retailers, as President and Chief Executive Officer from 2005 until 2011 and as Chairman of the board of directors from 2011 until 2014. Prior to that, Mr. Eckert served as President, Chief Executive Officer and a trustee of Capital Automotive REIT (Nasdaq: CARS) from its founding in 1997 until it was taken private in 2005. Prior to his tenure at Capital Automotive, Mr. Eckert served at Pulte Home Corporation, a U.S. homebuilder company, from 1983 until 1997. Prior to working at Pulte, Mr. Eckert spent over seven years with the public accounting firm of Arthur Andersen LLP. Mr. Eckert currently serves on the board of directors of NVR, Inc. (NYSE: NVR), where he serves as the Lead Director and chairman of the compensation committee. In addition, Mr. Eckert formerly served on the board of trustees of Chesapeake Lodging Trust (NYSE: CHSP) from 2010 until its sale in 2019; on the board of directors of Dupont-Fabros Technologies, Inc. (NYSE: DFT) from 2007 until 2017; as the Chairman on the board of directors of The Munder Funds, a $10 billion mutual fund group, from 2006 until 2014; on the board of trustees of The Victory Funds, a $20 billion mutual fund group, from 2014 until 2015; and on the board of trustees of Gramercy Property Trust from 2015 until 2018. Additionally, Mr. Eckert is currently an Emeritus Trustee of The College Foundation at the University of Virginia. Mr. Eckert received a Bachelor degree in Business Administration from the University of Michigan in 1970.

Thomas D. Eckert previously served at Capital Automotive Real Estate Services, Inc., a privately owned real estate company that owns and manages net-leased real estate for automotive retailers, as President and Chief Executive Officer from 2005 until 2011 and as Chairman of the board of directors from 2011 until 2014. Prior to that, Mr. Eckert served as President, Chief Executive Officer and a trustee of Capital Automotive REIT (Nasdaq: CARS) from its founding in 1997 until it was taken private in 2005. Prior to his tenure at Capital Automotive, Mr. Eckert served at Pulte Home Corporation, a U.S. homebuilder company, from 1983 until 1997. Prior to working at Pulte, Mr. Eckert spent over seven years with the public accounting firm of Arthur Andersen LLP. Mr. Eckert currently serves on the board of directors of NVR, Inc. (NYSE: NVR), where he serves as the Lead Director and chairman of the compensation committee. In addition, Mr. Eckert formerly served on the board of trustees of Chesapeake Lodging Trust (NYSE: CHSP) from 2010 until its sale in 2019; on the board of directors of Dupont-Fabros Technologies, Inc. (NYSE: DFT) from 2007 until 2017; as the Chairman on the board of directors of The Munder Funds, a $10 billion mutual fund group, from 2006 until 2014; on the board of trustees of The Victory Funds, a $20 billion mutual fund group, from 2014 until 2015; and on the board of trustees of Gramercy Property Trust from 2015 until 2018. Additionally, Mr. Eckert is currently an Emeritus Trustee of The College Foundation at the University of Virginia. Mr. Eckert received a Bachelor degree in Business Administration from the University of Michigan in 1970.

Geoffrey Garrett

Director

Geoffrey Garrett currently serves as dean of the University of Southern California’s Marshall School of Business (“Marshall”). Prior to his appointment as dean of Marshall in July 2020, Mr. Garrett served as the 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 University of Southern California’s Marshall School of Business (“Marshall”). Prior to his appointment as dean of Marshall in July 2020, Mr. Garrett served as the 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.

Christie B. Kelly

Director

Christie B. Kelly most recently served as the Executive Vice President, Chief Financial Officer and Treasurer of Realty Income Corporation (NYSE: O), a REIT focused on investing in free-standing, single-tenant commercial properties that are subject to triple-net leases, from January 2021 until December 2023. Prior to her appointment as Chief Financial Officer of Realty Income, Ms. Kelly 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, from July 2013 until September 2018. 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 most recently served as the Executive Vice President, Chief Financial Officer and Treasurer of Realty Income Corporation (NYSE: O), a REIT focused on investing in free-standing, single-tenant commercial properties that are subject to triple-net leases, from January 2021 until December 2023. Prior to her appointment as Chief Financial Officer of Realty Income, Ms. Kelly 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, from July 2013 until September 2018. 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.

Terri D. McClements

Director

Terri D. McClements previously served in various roles at PricewaterhouseCoopers (“PwC”), a global professional services firm providing audit and assurance, consulting and tax services, from 1987 until her retirement in June 2023. She was a partner at PwC from 1997 to 2023. Most recently, Ms. McClements served as a Senior Consulting Partner from 2020 until her retirement where she led a portfolio of special projects involving business model transformation and oversaw PwC’s response to the Ukraine and COVID-19 crises. In her role, Ms. McClements also led PwC’s diversity, equity and inclusion initiatives. Prior to serving as a Senior Consulting Partner, Ms. McClements served as PwC’s Market Managing Partner for the Washington, D.C. Metro region (2014-2017) and the Mid-Atlantic region (2017-2020). Ms. McClements is a licensed certified public accountant and received her Bachelor of Science, Accounting, from California University of Pennsylvania.

Terri D. McClements previously served in various roles at PricewaterhouseCoopers (“PwC”), a global professional services firm providing audit and assurance, consulting and tax services, from 1987 until her retirement in June 2023. She was a partner at PwC from 1997 to 2023. Most recently, Ms. McClements served as a Senior Consulting Partner from 2020 until her retirement where she led a portfolio of special projects involving business model transformation and oversaw PwC’s response to the Ukraine and COVID-19 crises. In her role, Ms. McClements also led PwC’s diversity, equity and inclusion initiatives. Prior to serving as a Senior Consulting Partner, Ms. McClements served as PwC’s Market Managing Partner for the Washington, D.C. Metro region (2014-2017) and the Mid-Atlantic region (2017-2020). Ms. McClements is a licensed certified public accountant and received her Bachelor of Science, Accounting, from California University of Pennsylvania.

Thomas A. Natelli

Director

Thomas A. Natelli has served as President and Chief Executive Officer of Natelli Communities, a privately held real estate investment and development company, since 1987. Additionally, Mr. Natelli has served as Principal of MargRock Entertainment since 2007. Mr. Natelli is the immediate past chairman and has served on the board of the School of Engineering at Duke University since 2006. He has served on the President's Council of Catholic Charities of Washington DC since 2014. Previously, Mr. Natelli served on the board of directors of Chesapeake Lodging Trust (NYSE: CHSP) from 2010 until its sale in 2019; on the board of directors of Highland Hospitality Corporation (NYSE: HIH) from 2003 until 2007; on the board of trustees of Suburban Hospital Healthcare System from 1993 until 2006; and on the board of directors of FBR National Bank and Trust, a wholly-owned affiliate of Friedman, Billings, Ramsey Group, Inc. (NYSE: FBR) from 2001 until 2005. Mr. Natelli served as President of the Board of the Montgomery County Chamber of Commerce in 1993, and played a central role in creating the Montgomery Housing Partnership in 1989, a non-profit organization created to preserve and expand the supply of affordable housing in Montgomery County, Maryland. Mr. Natelli received his Bachelor of Science degree in Mechanical Engineering from Duke University in 1982.

Thomas A. Natelli has served as President and Chief Executive Officer of Natelli Communities, a privately held real estate investment and development company, since 1987. Additionally, Mr. Natelli has served as Principal of MargRock Entertainment since 2007. Mr. Natelli is the immediate past chairman and has served on the board of the School of Engineering at Duke University since 2006. He has served on the President's Council of Catholic Charities of Washington DC since 2014. Previously, Mr. Natelli served on the board of directors of Chesapeake Lodging Trust (NYSE: CHSP) from 2010 until its sale in 2019; on the board of directors of Highland Hospitality Corporation (NYSE: HIH) from 2003 until 2007; on the board of trustees of Suburban Hospital Healthcare System from 1993 until 2006; and on the board of directors of FBR National Bank and Trust, a wholly-owned affiliate of Friedman, Billings, Ramsey Group, Inc. (NYSE: FBR) from 2001 until 2005. Mr. Natelli served as President of the Board of the Montgomery County Chamber of Commerce in 1993, and played a central role in creating the Montgomery Housing Partnership in 1989, a non-profit organization created to preserve and expand the supply of affordable housing in Montgomery County, Maryland. Mr. Natelli received his Bachelor of Science degree in Mechanical Engineering from Duke University in 1982.

Timothy J. Naughton

Director

Timothy J. Naughton currently serves as the Non-Executive Chairman of the Board of AvalonBay Communities, Inc. (NYSE: AVB) since 2022. Mr. Naughton previously served as Chairman of the Board of AvalonBay from 2013 to 2021, as Chief Executive Officer from 2012 to 2021, and as President from 2005 to January 2021. 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 as a director of Boston Properties, Inc. (NYSE: BXP), since May 2024, and as a senior advisor to Navitas Capital, a property technology early-stage venture capital firm, and Energy Impact Partners, a climate technology venture capital firm. Mr. Naughton previously served on the board of directors of Welltower Inc., (NYSE: WELL) from 2013 until 2019. Mr. Naughton is a member of the Real Estate Roundtable, Multifamily Council of the Urban Land Institute (former Chairman), Board of Directors of the Jefferson Scholars Foundation at the University of Virginia, Executive Committee and Advisory Board of the White Ruffin Byron Center for Real Estate, Board of Trustees of the Virginia Athletics Foundation, Board of Directors of First Tee, Virginia Blue Ridge, and The Economic Club of Washington, D.C. He also previously served as Chairman of National Association of Real Estate Investment Trusts (Nareit). 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 Non-Executive Chairman of the Board of AvalonBay Communities, Inc. (NYSE: AVB) since 2022. Mr. Naughton previously served as Chairman of the Board of AvalonBay from 2013 to 2021, as Chief Executive Officer from 2012 to 2021, and as President from 2005 to January 2021. 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 as a director of Boston Properties, Inc. (NYSE: BXP), since May 2024, and as a senior advisor to Navitas Capital, a property technology early-stage venture capital firm, and Energy Impact Partners, a climate technology venture capital firm. Mr. Naughton previously served on the board of directors of Welltower Inc., (NYSE: WELL) from 2013 until 2019. Mr. Naughton is a member of the Real Estate Roundtable, Multifamily Council of the Urban Land Institute (former Chairman), Board of Directors of the Jefferson Scholars Foundation at the University of Virginia, Executive Committee and Advisory Board of the White Ruffin Byron Center for Real Estate, Board of Trustees of the Virginia Athletics Foundation, Board of Directors of First Tee, Virginia Blue Ridge, and The Economic Club of Washington, D.C. He also previously served as Chairman of National Association of Real Estate Investment Trusts (Nareit). 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

Lead Independent 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 Aramark (NYSE: ARMK), where he serves as non-executive Chairman of the Board; Colgate-Palmolive Company (NYSE: CL), where he serves as the Lead Director; and Movado Group, Inc. (NYSE: MOV). Mr. Sadove also served on the board of directors of J.C. Penney Company, Inc. (NYSE: JCP) until May 2016 and Ruby Tuesday, Inc. (NYSE: RT) until December 2017. 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 Aramark (NYSE: ARMK), where he serves as non-executive Chairman of the Board; Colgate-Palmolive Company (NYSE: CL), where he serves as the Lead Director; and Movado Group, Inc. (NYSE: MOV). Mr. Sadove also served on the board of directors of J.C. Penney Company, Inc. (NYSE: JCP) until May 2016 and Ruby Tuesday, Inc. (NYSE: RT) until December 2017. 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.

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