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HOTEL INDIGO LOS ANGELES DOWNTOWN Page 1 of 15 TUESDAY, JULY 11, 2017 LOS ANGELES, CA James E. Burba BHN Jim Burba is the Co-Founder of Burba Hotel Network LLC (BHN), the worldwide leader in developing and producing conferences for the hotel and tourism investment community. BHN hosts ten events each year around the world including: ALIS, ALIS Law, ALIS Summer Update, AOCAP, HICAP, HICAP UPDATE, HIFI, CHRIS, HOLA, and Hot.E. In addition to these annual events, BHN and Google teamed up in 2008 to host Digital Discovery Day (D3), in 2011, Burba was retained by the ITC, a joint agency of the UN and WTO to help organize WEDF which focused on tourism development in the least developed countries of the world, and in 2015 BHN was retained by the World Bank Group to help organize its first global tourism investment event. Actively involved in the hotel investment arena for over 35 years, Burba was formerly: a principal at Pannell Kerr Forster, Senior Managing Director with Insignia/Hotel Partners, VP/Worldwide Director of Advisory Services at WATG, and President at Horwath HTL (US). A member of the International Society of Hospitality Consultants (ISHC) and the Industry Real Estate Finance Advisory Council (IREFAC), Burba has received numerous honors including the Educational Institute Lamp of Knowledge Award, IREFAC’s first Crystal Ball Award, and the ISHC Pioneer Award. In 2007, California Governor, Arnold Schwarzenegger, re-appointed Burba to the California Travel & Tourism Commission and he recently served on its Executive Committee. In 2013, Burba and BHN co-founder Bob Hayes formed Burba Hayes, and entertainment industry production company. The two also co-authored the book Smart Partners, where they discuss their principles for building, sustaining, and growing successful partnerships in business and life. The book is available on amazon.com. Mike A. Depatie KHP Capital Partners Michael Depatie is Managing Partner of KHP Capital Partners overseeing the investment of over $750 million of investor equity in boutique and independent hotel projects with a gross value of over $1.5 billion. Previously Mike served as President and Chief Executive Officer of Kimpton Hotels and Restaurants, LLC and was also a member of Kimpton’s board from 2003 to January 2015. Under Mike’s leadership Kimpton was named to FORTUNE magazine’s list of 100 Best Companies to Work For six times ranking 11th in 2015. Kimpton was also been named by JD Power as the #1 hotel brand in Customer Satisfaction for North American Upper Upscale Hotels in both 2013 and 2014. Mike is a member of the Hotel Development Council of the Urban Land Institute and the Real Estate Roundtable. Mike is a board member of Nasdaq traded Jamba Juice where he is chairman of the audit committee. Mike is also on the advisory boards of Rocket Space, the Millennium School San Francisco, DocuSign and AutoCamp. Additionally, Mike is a Trustee for the Boys and Girls Club of San Francisco. He lives with his wife and eighteen year old son in San Francisco. Michael Fuerstman Pendry Hotels Michael is the Co-Founder & Creative Director of Pendry Hotels, the new luxury brand from Montage Hotels & Resorts. In his role Michael oversees the development of the brand and its execution in design, guest experience, programming, and new development. Prior to his current role, Michael was the Corporate Director, Acquisitions and Development, for Montage Hotels & Resorts, responsible for new business development and acquisition opportunities for the company. Mr. Fuerstman joined Montage Hotels & Resorts in 2009 as the Residential Sales Operations Manager at Montage Beverly Hills, where he led a team of sales associates in the strategic planning, marketing, and sales for Montage Residences Beverly Hills. Prior to joining Montage Hotels & Resorts, Mr. Fuerstman was an Assistant Project Manager with The Athens Group, a luxury resort developer, and was the co- founder of www.socialmonkey.com, one of the web’s first location-based, mobile social networking websites. Mr. Fuerstman is a graduate of Tufts University, with a B.A. in Political Science. Suzanne R. Mellen HVS Suzanne R. Mellen (MAI, CRE, FRICS, ISHC) is Senior Managing Director – Practice Leader of HVS, a full- service consulting and valuation firm specializing in hotel, gaming, and mixed-use properties worldwide. Over the course of her 40-year career, she has appraised and consulted on thousands of hotels, gaming assets, and related real estate throughout the world; has authored numerous articles; and is a frequent lecturer and expert witness. Ms. Mellen has a BS degree in hotel administration from Cornell University and holds the following designations: MAI (Appraisal Institute), CRE (Counselor of Real Estate), FRICS (Fellow of the Royal Institution of Chartered Surveyors), and ISHC (International Society of Hospitality Consultants).

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HOTEL INDIGO LOS ANGELES DOWNTOWN

Page 1 of 15

TUESDAY, JULY 11, 2017LOS ANGELES, CA

James E. Burba BHN Jim Burba is the Co-Founder of Burba Hotel Network LLC (BHN), the worldwide leader in developing and producing conferences for the hotel and tourism investment community. BHN hosts ten events each year around the world including: ALIS, ALIS Law, ALIS Summer Update, AOCAP, HICAP, HICAP UPDATE, HIFI, CHRIS, HOLA, and Hot.E. In addition to these annual events, BHN and Google teamed up in 2008 to host Digital Discovery Day (D3), in 2011, Burba was retained by the ITC, a joint agency of the UN and WTO to help organize WEDF which focused on tourism development in the least developed countries of the world, and in 2015 BHN was retained by the World Bank Group to help organize its first global tourism investment event. Actively involved in the hotel investment arena for over 35 years, Burba was formerly: a principal at Pannell Kerr Forster, Senior Managing Director with Insignia/Hotel Partners, VP/Worldwide Director of Advisory Services at WATG, and President at Horwath HTL (US). A member of the International Society of Hospitality Consultants (ISHC) and the Industry Real Estate Finance Advisory Council (IREFAC), Burba has received numerous honors including the Educational Institute Lamp of Knowledge Award, IREFAC’s first Crystal Ball Award, and the ISHC Pioneer Award. In 2007, California Governor, Arnold Schwarzenegger, re-appointed Burba to the California Travel & Tourism Commission and he recently served on its Executive Committee. In 2013, Burba and BHN co-founder Bob Hayes formed Burba Hayes, and entertainment industry production company. The two also co-authored the book Smart Partners, where they discuss their principles for building, sustaining, and growing successful partnerships in business and life. The book is available on amazon.com.

Mike A. Depatie KHP Capital Partners Michael Depatie is Managing Partner of KHP Capital Partners overseeing the investment of over $750 million of investor equity in boutique and independent hotel projects with a gross value of over $1.5 billion. Previously Mike served as President and Chief Executive Officer of Kimpton Hotels and Restaurants, LLC and was also a member of Kimpton’s board from 2003 to January 2015. Under Mike’s leadership Kimpton was named to FORTUNE magazine’s list of 100 Best Companies to Work For six times ranking 11th in 2015. Kimpton was also been named by JD Power as the #1 hotel brand in Customer Satisfaction for North American Upper Upscale Hotels in both 2013 and 2014. Mike is a member of the Hotel Development Council of the Urban Land Institute and the Real Estate Roundtable. Mike is a board member of Nasdaq traded Jamba Juice where he is chairman of the audit committee. Mike is also on the advisory boards of Rocket Space, the Millennium School San Francisco, DocuSign and AutoCamp. Additionally, Mike is a Trustee for the Boys and Girls Club of San Francisco. He lives with his wife and eighteen year old son in San Francisco.

Michael Fuerstman Pendry Hotels Michael is the Co-Founder & Creative Director of Pendry Hotels, the new luxury brand from Montage Hotels & Resorts. In his role Michael oversees the development of the brand and its execution in design, guest experience, programming, and new development. Prior to his current role, Michael was the Corporate Director, Acquisitions and Development, for Montage Hotels & Resorts, responsible for new business development and acquisition opportunities for the company. Mr. Fuerstman joined Montage Hotels & Resorts in 2009 as the Residential Sales Operations Manager at Montage Beverly Hills, where he led a team of sales associates in the strategic planning, marketing, and sales for Montage Residences Beverly Hills. Prior to joining Montage Hotels & Resorts, Mr. Fuerstman was an Assistant Project Manager with The Athens Group, a luxury resort developer, and was the co-founder of www.socialmonkey.com, one of the web’s first location-based, mobile social networking websites. Mr. Fuerstman is a graduate of Tufts University, with a B.A. in Political Science.

Suzanne R. Mellen HVS Suzanne R. Mellen (MAI, CRE, FRICS, ISHC) is Senior Managing Director – Practice Leader of HVS, a full-service consulting and valuation firm specializing in hotel, gaming, and mixed-use properties worldwide. Over the course of her 40-year career, she has appraised and consulted on thousands of hotels, gaming assets, and related real estate throughout the world; has authored numerous articles; and is a frequent lecturer and expert witness. Ms. Mellen has a BS degree in hotel administration from Cornell University and holds the following designations: MAI (Appraisal Institute), CRE (Counselor of Real Estate), FRICS (Fellow of the Royal Institution of Chartered Surveyors), and ISHC (International Society of Hospitality Consultants).

HOTEL INDIGO LOS ANGELES DOWNTOWN

Page 2 of 15

TUESDAY, JULY 11, 2017LOS ANGELES, CA

Dino Michael Hilton Dino Michael leads global brand development for Hilton’s luxury portfolio ensuring that strong relationships are built between owners, brand and operations. Prior to this, Dino spearheaded global Food & Beverage development where he was instrumental in leading new initiatives and responsible for the development of Hilton Worldwide’s full service and luxury brands’ restaurants and bars. In addition, he and his team also developed third party relationships with world-renowned chefs and restaurateurs growing our portfolio of successful partners. Dino is a British national with more than 20 years’ experience in the hospitality industry having held senior positions across a number of high profile venues in the UK ranging from branded operations, hotel groups and fine dining venues.

LONDONHOUSE CHICAGO

Page 3 of 15

THURSDAY JULY 13, 2017

CHICAGO, IL

Scott D. Berman PwC Scott D. Berman is a Principal and the US Industry Leader for the Hospitality & Leisure subsector at PwC, leading the firm’s industry program focused on client service, industry perspective and research. Mr. Berman has over 30 years of diversified experience in the areas of commercial and financial diligence, market and business strategy and subject matter expert advisory within the hospitality, tourism and leisure sectors. In his 24 years at PwC, he has provided consulting services in over 40 countries across the Firm’s network and in all 50 States. Prior to joining PwC, Scott was the Director of Development for Hilton International where he was responsible for brand development and acquisition of existing properties in the United States, Canada, Mexico, Latin America and the Caribbean. Scott is an active member of the Urban Land Institute Hotel Development Council (HDC) and its former Chair; a member of the Advisory Board of the Cornell University Center for Hospitality Research; a member of the Executive Board of the Greater Miami and the Beaches Hotel Association; Trustee of the American Resort Development Association; and, a member of the International Society of Hospitality Consultants. He sits on the planning and steering committees of both the NYU Hospitality Investment Conference and the Americas Lodging Investment Summit (ALIS). He has appeared on CNN and CNBC as an industry expert and is frequently quoted on hospitality issues in The Wall Street Journal, USA Today, The New York Times, Forbes and a variety of industry publications. He has recently written several academic journal articles for both the Cornell Quarterly and the Center for Hospitality Research. Scott holds a degree in Hotel Administration from Cornell University.

James E. Burba President BHN Jim Burba is the Co-Founder of Burba Hotel Network LLC (BHN), the worldwide leader in developing and producing conferences for the hotel and tourism investment community. BHN hosts ten events each year around the world including: ALIS, ALIS Law, ALIS Summer Update, AOCAP, HICAP, HICAP UPDATE, HIFI, CHRIS, HOLA, and Hot.E. In addition to these annual events, BHN and Google teamed up in 2008 to host Digital Discovery Day (D3), in 2011, Burba was retained by the ITC, a joint agency of the UN and WTO to help organize WEDF which focused on tourism development in the least developed countries of the world, and in 2015 BHN was retained by the World Bank Group to help organize its first global tourism investment event. Actively involved in the hotel investment arena for over 35 years, Burba was formerly: a principal at Pannell Kerr Forster, Senior Managing Director with Insignia/Hotel Partners, VP/Worldwide Director of Advisory Services at WATG, and President at Horwath HTL (US). A member of the International Society of Hospitality Consultants (ISHC) and the Industry Real Estate Finance Advisory Council (IREFAC), Burba has received numerous honors including the Educational Institute Lamp of Knowledge Award, IREFAC’s first Crystal Ball Award, and the ISHC Pioneer Award. In 2007, California Governor, Arnold Schwarzenegger, re-appointed Burba to the California Travel & Tourism Commission and he recently served on its Executive Committee. In 2013, Burba and BHN co-founder Bob Hayes formed Burba Hayes, and entertainment industry production company. The two also co-authored the book Smart Partners, where they discuss their principles for building, sustaining, and growing successful partnerships in business and life. The book is available on amazon.com.

Stephen G. Haggerty Hyatt Hotels Corporation Steve Haggerty was selected Global Head of Capital Strategy, Franchising and Select Service in August 2014. Mr. Haggerty is responsible for implementing our overall capital and franchising strategy and overseeing our select service business. Prior to assuming his current role, Mr. Haggerty was the Executive Vice President, Global Head of Real Estate and Capital Strategy from October 2012. In that role, Mr. Haggerty was responsible for implementing our capital strategy, managing our hotel asset base and providing support to our development professionals around the world. Mr. Haggerty has been with Hyatt since 2007 when he joined the company as Global Head of Real Estate and Development, overseeing the global development, feasibility and development finance and asset management teams. Before joining us, Mr. Haggerty spent 13 years serving in several positions of increasing responsibility with Marriott International, Inc., including finance, asset management and development roles in various locations around the world.

LONDONHOUSE CHICAGO

Page 4 of 15

THURSDAY JULY 13, 2017

CHICAGO, IL

David Kong Best Western Hotels & Resorts David Kong is an industry leader with four decades of experience. Since being named President & CEO of Best Western® Hotels & Resorts in 2004, Kong has led the company to significant financial achievements including an average RevPAR index of 110 over the past five years as well as unprecedented performance in guest loyalty and hotel satisfaction. Best Western has a global network of 4,200 hotels in more than 100 countries and territories worldwide, with annual hotel revenue of almost $8 billion. Kong is known in the industry as a strategic thinker and innovator. Under Kong’s leadership and vision, Best Western recently launched a completely reimagined brand identity that modernizes the brand’s image and clarifies its offerings. The company now offers seven hotel brands including two new concepts - GLō℠ and Vīb®. Additionally, in 2016, Kong introduced a revolutionary new white label franchise model in the hotel industry – SureStay℠ Hotel Group. Best Western has won more awards than any other brand including winning 50 HSMAI Adrian Awards in 2016 and being recognized as AAA’s "Partner of the Year" every year since 2008. Kong has received numerous industry recognition including HSMAI Life Time Achievement Award and Stephen Brener Silver Plate award.

John W. Rutledge Oxford Capital Group, LLC John W. Rutledge is the Founder, President, and CEO of Oxford Capital Group, LLC and its subsidiary Oxford Hotels & Resorts, LLC. Oxford’s primary areas of focus include hotels, resorts, senior housing, residential, urban mixed-use and other operationally intensive forms of real estate. Notable Oxford-led projects include Langham Chicago, LondonHouse, Godfrey Hotel- Boston and Chicago, Hotel Felix, Essex on the Park, Hotel Essex, Hyatt Chicago-Magnificent Mile, Metropolitan Hotel and Lexington Hotel-New York City, and the National Conference Center-Lansdowne, VA. Oxford and its principals have been involved in approximately $2.5 billion of transactions, including approximately 13,000 hotel rooms. Specializing in large scale projects around the country, John and/or Oxford have been nominated and/or won numerous awards including, Crain’s' 40 under 40, Ernst and Young Entrepreneur of the Year, Development of the Year, Redevelopment of the Year, Developer of the Year, National Hotel Development of the Year and the Top Hotel in the Continental US. He is past Chairman of the Global YPO/WPO Hospitality Network. John earned a BA from the University of Michigan, an MBA from The University of Chicago’s Booth School of Business. He also studied at Northwestern University, Harvard Business School (YPO’s Presidents’ Program) and Oxford University (Christ Church).

W ATLANTA BUCKHEAD

Page 5 of 15

TUESDAY, JULY 18, 2017ATLANTA, GA

Jim Amorosia G6 Hospitality LLC Jim Amorosia is the President, Chief Executive Officer of G6 Hospitality LLC, the parent company of the iconic brands Motel 6, Studio 6, Hotel 6, and Estudio 6. He assumed this role in 2011 and is responsible for overseeing all strategic direction of these brands. With more than 30 years of experience in hospitality, Amorosia is recognized as a leader in the Economy and Limited Service lodging segments. He joined Motel 6 in 1985 and has held various management positions. Amorosia was appointed President and Chief Operations Officer for Motel 6 and Studio 6 in 2007, which he held until his promotion in 2011 to President, Chief Executive Officer. Under his leadership, the enterprise has achieved significant milestones, including the growth of its portfolio to more than 1,350 properties across the U.S. and Canada. Additionally, Amorosia led its international expansion, with the introduction of two new brands, Hotel 6 and Estudio 6, in Latin America. Amorosia joined the AH&LA Board of Directors in 2015. He is a two-term commissioner with the California Board of Travel and Tourism, and a past director of the Bay Area Urban League. Amorosia holds a Bachelor’s degree from the Crane School of Music and a Master of Business Administration degree from Arizona State University in Tempe, Arizona.

Dustin Bomar Google Dustin Bomar is Google Head of Industry, Travel based in Atlanta helping clients such as IHG & Carnival Cruise activate Google's network and products to drive business and engage users. Prior to Google Dustin was Hilton Worldwide’s Vice President of Online Demand Generation. He is the company’s global leader for demand generation activities including search engine marketing (SEM), search engine optimization (SEO), display advertising, and online media relationships for the Hilton Worldwide portfolio of brands.

James E. Burba BHN Jim Burba is the Co-Founder of Burba Hotel Network LLC (BHN), the worldwide leader in developing and producing conferences for the hotel and tourism investment community. BHN hosts ten events each year around the world including: ALIS, ALIS Law, ALIS Summer Update, AOCAP, HICAP, HICAP UPDATE, HIFI, CHRIS, HOLA, and Hot.E. In addition to these annual events, BHN and Google teamed up in 2008 to host Digital Discovery Day (D3), in 2011, Burba was retained by the ITC, a joint agency of the UN and WTO to help organize WEDF which focused on tourism development in the least developed countries of the world, and in 2015 BHN was retained by the World Bank Group to help organize its first global tourism investment event. Actively involved in the hotel investment arena for over 35 years, Burba was formerly: a principal at Pannell Kerr Forster, Senior Managing Director with Insignia/Hotel Partners, VP/Worldwide Director of Advisory Services at WATG, and President at Horwath HTL (US). A member of the International Society of Hospitality Consultants (ISHC) and the Industry Real Estate Finance Advisory Council (IREFAC), Burba has received numerous honors including the Educational Institute Lamp of Knowledge Award, IREFAC’s first Crystal Ball Award, and the ISHC Pioneer Award. In 2007, California Governor, Arnold Schwarzenegger, re-appointed Burba to the California Travel & Tourism Commission and he recently served on its Executive Committee. In 2013, Burba and BHN co-founder Bob Hayes formed Burba Hayes, and entertainment industry production company. The two also co-authored the book Smart Partners, where they discuss their principles for building, sustaining, and growing successful partnerships in business and life. The book is available on amazon.com.

W ATLANTA BUCKHEAD

Page 6 of 15

TUESDAY, JULY 18, 2017ATLANTA, GA

Bhavik S. Dani Equityroots.com Hotel Crowdfunding Bhavik Dani was born and raised in Chicago, IL. He holds a bachelor’s degree in Political Science and Economics from DePaul University and a Juris Doctorate Degree from the Charlotte School of Law. While Bhavik has a formal education in law, he is a business-man at heart with a keen eye for economic development. Since 2014, Mr. Dani has been serving as the Dealflow Organizer for Equityroots.com, a Delaware Corporation that owns and operates the largest private placement and crowdfunding platform exclusively for branded hotels. Mr. Dani is an instrumental figure in the American crowdfunding movement and supporting recent federal and state legislation as a finance mechanism for hoteliers and developers across the United States and abroad. Additionally, Mr. Dani spearheaded a hotel development arm at equityroots.com in which staff organized projects are also made available for public investment for as little as $15,000 per share. On his time off, Bhavik is an avid vegetable farmer and a fervent believer in alternative energy sources. He likes spending time with his family and his favorite hotel products are Holiday Inn Express and Home2 by Hilton.

Jan D. Freitag STR

Mr. Jan D. Freitag is a Senior Vice President for STR (STR, Inc.). STR provides clients from multiple market sectors with premium, global data benchmarking, analytics and marketplace insights. Founded in 1985, STR maintains a presence in 10 countries around the world with a corporate North American headquarters in Hendersonville, Tennessee, and an international headquarters in London, England. In his role, Mr. Freitag oversees a variety of projects, all charged with the accumulation and interpretation of global lodging data. He is a sought-after public speaker and is frequently quoted in trade publications and the general news media such as The Wall Street Journal, New York Times, Associated Press, Reuters, Forbes, etc. Prior to joining STR, Mr. Freitag was the Director of Content Integrity at hotelreports.com in upstate New York and a hospitality consultant with Ernst & Young in Phoenix. He holds a bachelor’s degree, with distinction, from the School of Hotel Administration, Cornell University, and received his Executive MBA, with honors, from Vanderbilt University. Mr. Freitag resides in Nashville, TN.

Teague Hunter Hunter Hotel Advisors As president of Hunter Hotel Advisors, Teague is responsible for the company’s direction and focus. Under Teague's leadership, Hunter has expanded into one of the country's premier providers of hotel investment advisory services with seven national offices. In 2012, Teague played a key role in launching Hunter’s Capital Markets Group, a real estate investment banking group offering a full spectrum of advisory services to the hospitality industry. During his nearly 20-year career in hotel advisory, Teague has closed more than $5 billion dollars in hotel transactions and financing, and has listed properties for the industry's most influential financial institutions including the nation’s top REITs, investment banks and private equity companies.

Evan Hurd RobertDouglas Mr. Hurd is a Managing Director at RobertDouglas, and brings over ten years of experience in hotel equity acquisitions and consulting. Prior to joining RobertDouglas in 2013, Mr. Hurd’s experience includes three years at Cornerstone Real Estate Advisers, where he was involved in over $750 million of hotel acquisitions on behalf of Cornerstone Hotel Income and Equity Fund II and a number of other institutional clients, as well as four years as Director of Acquisitions at HEI Hotels & Resorts.

W ATLANTA BUCKHEAD

Page 7 of 15

TUESDAY, JULY 18, 2017ATLANTA, GA

Katherine Lugar American Hotel & Lodging Association Katherine Lugar is president and chief executive officer of AH&LA. As the head executive of the largest trade association representing the U.S. lodging industry, Lugar implements and directs AH&LA's services and works directly with the volunteer officers and board of directors in determining the direction of the industry. She also sees AH&LA’s two affiliate organizations, the American Hotel & Lodging Educational Foundation (AH&LEF) and the Educational Institute (EI). Lugar comes to AH&LA with 20 years’ experience in private sector public affairs and on Capitol Hill. She previously served as executive vice president, public affairs, with the Retail Industry Leaders Association (RILA). While there, she was principal contact for the federal government affairs team and political outreach program and positioned RILA as the premier organization on the retail industry’s core priorities, including workforce, healthcare, tax, trade, supply chain issues, asset protection, and credit and finance issues. She was also principal contact for the association’s government affairs committee, and was instrumental in doubling the size of the Retail Leaders PAC. Before joining RILA, Lugar was vice president of federal government relations for Travelers Insurance, serving as the company’s chief representative before Congress and the administration. She has also served as vice president of legislative and political affairs at the National Retail Federation, where she led efforts to update decades-old overtime regulations, championed bankruptcy reform legislation into law and supervised the association’s political and grassroots outreach programs. Lugar’s career in Washington began on the staff of Indiana Congressman Tim Roemer. Lugar is a graduate of The University of Colorado - Boulder.

Elie W. Maalouf InterContinental Hotels Group Elie Maalouf is CEO of The Americas at InterContinental Hotels Group (IHG). He is based at IHG’s regional headquarters in Atlanta, Georgia. Elie leads the management, growth and profitability of the company’s largest operating region. IHG has a broad portfolio of hotel brands including InterContinental Hotels & Resorts, Kimpton Hotels & Restaurants, HUALUXE Hotels and Resorts, Crowne Plaza Hotels & Resorts, Hotel Indigo, EVEN Hotels, Holiday Inn Hotels & Resorts, Holiday Inn Express, Staybridge Suites and Candlewood Suites. Elie is responsible for overseeing more than 3,900 hotels and resorts, spanning the United States, Canada, Mexico, Central and South America and the Caribbean. Prior to joining IHG, Elie was Senior Advisor with McKinsey & Company from 2012 to 2014. Previously, Elie was with HMSHost Corporation for nearly 15 years, most recently as President and CEO. Before HMSHost, Elie spent eight years at Weyerhaeuser Real Estate Company. Elie is a member of the Global Advisory Council at the University of Virginia Darden School of Business and a member of the Atlanta Committee for Progress. He is active in organizations that support and promote the travel and hospitality industries as a member of the American Hotel & Lodging Association Board Executive Committee and the U.S. Travel Association CEO Roundtable. He was also appointed to the Investment Advisory Council of the U.S. Department of Commerce. Elie holds an MBA from the University of Virginia Darden School of Business and a Bachelor's degree in engineering from Virginia Tech.

Mike McGinley Live Oak Bank Mike McGinley is the General Manager of the hotel lending team at Live Oak Bank. Since 2008, Live Oak Bank has been achieving its primary goal: financing small business growth nationwide. Today, Live Oak Bank is one of the top originators of small business loans, with one of the strongest loan portfolios in the country. Prior to joining the hotel lending team, Mike was a Senior Loan Officer on the Investment Advisory lending team, and was also a commercial lender with PNC Bank. He has an undergraduate degree from Penn State University and a MBA from Drexel University.

W ATLANTA BUCKHEAD

Page 8 of 15

TUESDAY, JULY 18, 2017ATLANTA, GA

Bharat (Bruce) Patel Dabu Hotels Bharat “Bruce” Patel grew up in Dallas, Texas as the son of first generation hoteliers. During his high school and college years he worked in the family business, learning all aspects of hotel operations. Bruce earned a Bachelor of Science degree in Hotel and Restaurant Management from the Hilton School of Hospitality at the University of Houston. He also earned a Master of Business Administration degree from the University of Texas at Dallas. Bruce is Chief Executive Officer of Dabu Hotels. Under the leadership of Bruce and his brother, Danny Patel, Dabu Hotels owns and operates more than a dozen Texas hotels. The company’s development pipeline currently includes $120 Million of hotel projects with Marriott, Hilton, and IHG. Bruce served as the 2016 AAHOA Chairman, leading the association to record levels of achievement. During his term AAHOA established new highs for membership, lifetime membership, event attendance, and PAC donations while also introducing numerous professional development programs and education platforms for members. Bruce has a lifelong commitment to serving others and has been recognized with multiple community-service awards.

Mitch Patel Vision Hospitality Group, Inc. Mitch Patel founded Vision Hospitality Group, Inc. in 1997 with the goal of creating a company dedicated to excellence with a focus on community and family. Today, Vision holds a portfolio of 32 hotels and a pipeline of 16 properties affiliated with premier brands such as Marriott International and Hilton Worldwide. Vision’s properties extend from the Chicago metro area to coastal North Carolina and as far west as Denver, Colorado. Mitch has led Vision to be the recipient of many awards and recognition in the fields of development, community service, design and achievement. Most recently, Vision received the Marriott International Developer of the Year Award, the Marriott International Spirit to Serve Award, the Developer of the Year Award for the Hampton Brand by Hilton Worldwide, and the Multi-Brand Developer of the Year Award by Hilton Worldwide. In 2015, Vision’s growth was spotlighted in an article in Entrepreneur Magazine. Mitch serves on the Marriott International Franchise Advisory Council and the Hilton Worldwide Owner’s Advisory Council. Maintaining his presence on boards of local organizations in Vision’s hometown of Chattanooga, Mitch currently serves on the boards of the Benwood Foundation, St. Nicholas School, ArtsBuild of Greater Chattanooga, Chattanooga Design Studio, River City Company and the University of Chattanooga Foundation. Mitch is also an advocate for ending human trafficking in the hospitality industry. Mitch holds a Bachelor’s degree and a Master’s degree in Civil Engineering from the University of Tennessee.

Parag Patel SREE Hotels As Chief Financial Officer and Chief Development Officer for SREE Hotels, Parag’s primary focus is managing the growth and maintaining the financial stability of the company. Parag manages relationships with all stakeholders and works closely with lenders, partners, investors, and franchisees. Prior to joining SREE Hotels, Parag worked at First Union Capital Markets for two years. He graduated from University of North Carolina at Chapel Hill with a Bachelor’s Degree in Business Administration, and received his MBA, with a concentration in Finance, from the University of South Carolina.

Dilip Petigara Access Point Financial Petigara has over 23 years of experience in both the hospitality and finance industries. Petigara joined Access Point Financial from a real estate and capital advisory service firm which focused on hospitality. Prior to his advisory role, he served as Senior Vice President of Specialty Finance Group. His responsibilities included management of loan operations, internal credit approval, closing/funding and asset management with specific focus on support to participations, syndications and reporting to warehouse lenders. Prior to SFG, Petigara served as Assistant Vice President and Senior Underwriter at GMAC Commercial Mortgage. Access Point Financial, Inc. (APF) is a direct full-service lending and advisory platform based in Atlanta, Georgia serving branded and independent hotels in the United States and Canada. Access Point Financial is a venture of Stone Point Capital (Trident Funds), a private equity firm based in Greenwich, Connecticut and the APF Management team. For additional information, please visit www.accesspointfinancial.com.

W ATLANTA BUCKHEAD

Page 9 of 15

TUESDAY, JULY 18, 2017ATLANTA, GA

Dinesh S. Rama NewGen Worldwide Dinesh (Dan) S. Rama is a partner of NewGen Worldwide and is the managing partner of Green Card Fund, an EB-5 Regional Center. He has had a career in the hospitality industry as a hotel operator and owner beginning in 1994 after pursuing his Bachelor’s Degree at the University of Arizona and graduated with a BA in History and Mathematics from Arizona State University. Mr. Rama is a franchisee of Marriott, Hilton, IHG, Choice, Wyndam, and Motel 6 and he maintains General Manager Certifications from Holiday Inns, Motel 6 and Days Inns. Between 2000 through 2007, Mr. Rama was under the guidance of Robert Fitzgerald, former Chief Operating Officer of Best Western International and Sam Apostle, former President of Ramada Hotels in advising clients on acquiring and divesting hospitality assets throughout the United States. Throughout Mr. Rama’s career, he has been involved with the disposition of over $600 Millions of hospitality assets. He has brokered and advised clients on acquiring, merging, and divesting of hospitality assets throughout the United States. Mr. Rama also is a licensed Arizona Real Estate Broker and a member of the Arizona Board of Realtors. Mr. Rama was the first National President of Omega Delta Phi, a multicultural service/social fraternity that aims to graduate its members while giving back to the community. He is also a former board member and Southwest Regional Director of the Asian American Hotel Owners Association (AAHOA), and currently serves as an ambassador. In 2017 Mr. Rama was also selected on the board of the Arizona Lodging and Tourism Association.

Chip Rogers AAHOA Chip Rogers serves as President and CEO of AAHOA, the nation’s largest hotel owners association, during which time AAHOA has established association records for membership, event attendance, PAC fundraising, and revenue. Chip also serves on the Forbes Nonprofit Council, California State University Hospitality & Tourism Management Education Alliance Advisory Panel, American Legislative Exchange Council Private Enterprise Advisory Board, and Community Leaders of America Board. Prior to joining AAHOA, Chip had a long career as a small business owner and public servant, serving six terms in the Georgia General Assembly. He was elected to serve as the Senate Majority Leader and was the first National Chairman of the Majority Leaders Conference. He served on the National Board for the American Legislative Exchange Council and the State Legislative Leaders Foundation. Chip earned his undergraduate degree from Georgia Tech and an MBA from Georgia State.

Mitesh Shah Noble Investment Group Mr. Shah founded the Noble organization in 1993 to specialize in making value-added and income investments in the lodging and hospitality sector. Through its private equity real estate funds, Noble has invested more than $3 billion in upscale select service and extended-stay hotels in communities throughout the United States. As a fiduciary to state pensions, university endowments and foundations, Noble’s endeavors are to help preserve and grow our limited partners’ capital which provides retirement benefits for our country’s teachers and firefighters as well as the financial resources for students to attend our best colleges and universities. Mr. Shah presently serves as Chairman of the Board of LaQuinta Holdings Inc. (NYSE:LQ), a leading owner, operator and franchisor of select-service hotels representing more than 85,000 rooms located in 47 states, as well as Canada and Mexico. In addition, Mr. Shah is President of Marriott International’s MIN! board, an owners' board member for Hyatt Hotels Corporation and a member of the Industry Real Estate and Finance Advisory Council (IREFAC) of the American Hotel and Lodging Association. Mr. Shah is an active supporter of educational objectives and is currently serving his third term as a member of the Board of Trustees for his alma mater, Wake Forest University, and is also an executive committee member of the Woodward Academy governing board.

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TUESDAY, JULY 18, 2017ATLANTA, GA

Nitin Shah Imperial Investment Group Nitin Shah is simultaneously a successful hotelier and a successful banker. He is president of Imperial Investments Group, a Georgia-based hospitality company he founded in 1984 whose assets include numerous hotels plus various commercial real estate properties. He is also chairman and CEO of Embassy National Bank, an Atlanta-based community bank he helped establish in 2007 which is a leading small business lender in the southeastern U. S. In 1999, he collaborated with a colleague to develop the URL “www.hotel.com” which was eventually sold to the Hotel Reservations Network (HRN). In 1989, Nitin was among the founders of AAHOA. As chairman in 1993, he traveled the country tirelessly to increase awareness, membership, and revenue for the then fledging group. Today, he continues to be actively involved on several AAHOA leadership committees. He is on advisory boards for the College of Business at Georgia College and for Asian Studies at Kennesaw State University. Other civic activities include the Rotary Club of Emory-Druid Hills and the Global Organization of People of Indian Origin (GOPIO). Born in Mumbai, Nitin earned a degree in mechanical engineering at the University of Bombay, then a master’s degree in business administration at Georgia College and State University.

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THURSDAY, JULY 20, 2017BOSTON, MA

Monty J. Bennett Ashford Inc. Monty J. Bennett is the founder and chairman of the Ashford Group of Companies. He is also the CEO of Ashford, Inc. Bennett is a member of the American Hotel & Lodging Association’s Industry Real Estate Finance Advisory Council (IREFAC); the Global Advisory Council of HOFTEL, a worldwide hotel ownership group; and the advisory editorial board for the Global Hotel Network. Bennett received the Top-Performing CEO Award from HVS in 2011. This award is presented each year to the CEO in the hospitality industry who offers the best value to shareholders based upon HVS’ pay-for-performance model. Bennett holds a Master of Business Administration from the S.C. Johnson Graduate School of Management at Cornell University and earned a Bachelor of Science with distinction from the School of Hotel Administration, also at Cornell University. He is a life member of the Cornell Hotel Society.

Ross Bierkan RLJ Lodging Trust

Ross H. Bierkan is President and Chief Executive Officer of RLJ Lodging Trust, and serves on the Board of Directors. He is responsible for providing strategic leadership through working with the Board and management. Prior to this position, Mr. Bierkan served as Executive Vice President and Chief Investment Officer at RLJ. Since the launch of RLJ as a private entity in December of 2000, Mr. Bierkan has overseen the acquisition of over 250 hotels, on the RLJ balance sheet, across three institutional fund platforms, and as a public company, at an aggregate value of over $5.0 billion. Prior to joining RLJ, Mr. Bierkan was an original member of The Plasencia Group (“TPG”). Preceding that, Mr. Bierkan spent five years in commercial real estate brokerage with Grubb & Ellis Real Estate. Previously to his real estate endeavors, Mr. Bierkan also spent six years with Guest Quarters Hotels.

Jon E. Bortz Pebblebrook Hotel Trust Mr. Bortz is founder, Chairman and Chief Executive Officer of Pebblebrook Hotel Trust, a leading multi-tenant, multi-operator real estate investment trust (“REIT”), which was formed and went public in late 2009. Prior to forming Pebblebrook Hotel Trust, Mr. Bortz was Chairman and CEO of LaSalle Hotel Properties, which he founded in 1998. Previously, Mr. Bortz was Chairman and CEO of LaSalle Hotel Advisors, Inc., a division of Jones Lang LaSalle and founded LaSalle’s Hotel Group in 1993, overseeing all of LaSalle’s hotel investment and development activities. From January 1995, as Managing Director of LaSalle’s Investment Advisory division, Mr. Bortz was responsible for certain East Coast development projects, including the redevelopment of the historic Grand Central Terminal in New York City. From January 1990 to January 1995, he had responsibility for LaSalle’s Investment division’s East Coast development projects and workouts. Mr. Bortz holds a B.S. in Economics from The Wharton School of the University of Pennsylvania. He is also co-author of The Dow Jones-Irwin Guide to Real Estate Investing, revised second edition, 1982. Mr. Bortz serves on the Board of Trustees of Federal Realty Investment Trust, NAREIT’s Board of Governors, AH&LA’s Board of Directors, and Industry Real Estate Financing Advisory Council.

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THURSDAY, JULY 20, 2017BOSTON, MA

Mark Brugger DiamondRock Hospitality Mark Brugger is the Co-Founder, President, Chief Executive Officer and a Director of DiamondRock Hospitality Company. DiamondRock controls 9,500 hotel rooms in the United State, and is a lodging focused REIT with an enterprise value of approximately $3 billion. Mr. Brugger co-founded the Company in 2004 and successfully led its initial public offering on the New York Stock Exchange. Mr. Brugger was named to Forbes list of America's Most Powerful CEOs 40 & Under and a finalist for the Entrepreneur of the Year Award. Mr. Brugger has background in real estate, capital markets and structured finance. As a former executive for Marriott International, he lead negotiations on transaction of several billion dollars and was appointed CEO of Marriott’s synthetic fuel business. Prior, Mr. Brugger worked as land developer with a multinational homebuilder, and as commercial broker specializing in investment sales with a leading brokerage house. Mr. Brugger received his J.D. degree with honors from The Washington College of Law and a B.A. in philosophy from the University of Maryland. He is a member of the Maryland Bar, Real Estate Round Table, Urban Land Institute, YPO International, AH&LA Board of Directors, and Marriott’s Owner Advisory Council.

James E. Burba BHN Jim Burba is the Co-Founder of Burba Hotel Network LLC (BHN), the worldwide leader in developing and producing conferences for the hotel and tourism investment community. BHN hosts ten events each year around the world including: ALIS, ALIS Law, ALIS Summer Update, AOCAP, HICAP, HICAP UPDATE, HIFI, CHRIS, HOLA, and Hot.E. In addition to these annual events, BHN and Google teamed up in 2008 to host Digital Discovery Day (D3), in 2011, Burba was retained by the ITC, a joint agency of the UN and WTO to help organize WEDF which focused on tourism development in the least developed countries of the world, and in 2015 BHN was retained by the World Bank Group to help organize its first global tourism investment event. Actively involved in the hotel investment arena for over 35 years, Burba was formerly: a principal at Pannell Kerr Forster, Senior Managing Director with Insignia/Hotel Partners, VP/Worldwide Director of Advisory Services at WATG, and President at Horwath HTL (US). A member of the International Society of Hospitality Consultants (ISHC) and the Industry Real Estate Finance Advisory Council (IREFAC), Burba has received numerous honors including the Educational Institute Lamp of Knowledge Award, IREFAC’s first Crystal Ball Award, and the ISHC Pioneer Award. In 2007, California Governor, Arnold Schwarzenegger, re-appointed Burba to the California Travel & Tourism Commission and he recently served on its Executive Committee. In 2013, Burba and BHN co-founder Bob Hayes formed Burba Hayes, and entertainment industry production company. The two also co-authored the book Smart Partners, where they discuss their principles for building, sustaining, and growing successful partnerships in business and life. The book is available on amazon.com.

Mathew T. Crosswy Stonehill Strategic Capital Mathew leads Stonehill Strategic Capital’s efforts in sourcing and underwriting new credit opportunities, while continuing to build and maintain existing relationships with investors and borrowers. Prior to heading Stonehill Strategic Capital, Mathew was responsible for sourcing, negotiating and financing hotel investment opportunities for Peachtree Hotel Group. He served as a liaison for debt relationships across all types of financial and equity market participants. Since joining Peachtree Hotel Group, he has sourced, arranged and placed over $600 million in deals. Mathew began his career with Greystone Financial in their CMBS Group consulting with B-Piece Investors to securitize their multi-billion dollar portfolios. He later went on to join Specialty Finance Group (“SFG”) where he enhanced his knowledge of the hospitality industry by underwriting complex hospitality construction and takeout loans ranging in size from $5 to $75 million. At the end of his tenure with SFG, Mathew asset managed a $1.8 billion portfolio. Mathew earned his business administration degree in real estate finance from the University of Georgia.

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THURSDAY, JULY 20, 2017BOSTON, MA

Cindy Estis Green Kalibri Labs, LLC Cindy Estis Green’s career began in corporate marketing and senior operations roles for Hilton International. After founding the data mining consultancy, Driving Revenue, and selling it to Pegasus Solutions, Ms. Green spent twelve years as managing partner of The Estis Group providing strategic marketing consulting to the hospitality industry. Co-author of the groundbreaking 2012 study Distribution Channel Analysis: A Guide for Hotels and the newly released 2017 Demystifying the Digital Marketplace: Spotlight on the Hospitality Industry, Estis Green has been honored as one of the 25 Extraordinary Minds in Sales and Marketing by HSMAI, the Hospitality Sales & Marketing Association International; was inducted into the prestigious Hospitality Technology Hall of Fame; and named as one of Cornell University’s 90 Influential Hotelies. She is currently leads the AH&LA Consumer Innovation Forum, the European Hotel Forum, and holds a board seat for The Knowland Group as well as the Hospitality Financial and Technology Professionals association (HFTP). Ms. Estis Green launched Kalibri Labs in 2012, a firm providing a next generation benchmarking platform to evaluate hotel revenue performance. Using innovative big data techniques, Kalibri Labs helps hotels manage the cost of customer acquisition and optimize profit contribution. Estis Green holds a BS degree from Cornell University and an MBA from The American University.

Warren Fields Pyramid Hotel Group Warren Fields is a senior executive with over three decades of experience in all facets of hospitality acquisitions, development, finance, and operations. As Chief Investment Officer and founding partner of PHG, Mr. Fields has overseen the growth of PHG’s portfolio to approximately 100 hotels since the company’s creation in 1999. He is responsible for all aspects pertaining to the company’s growth - via acquisitions, third-party management & asset management contracts, fundraising, development and new investment opportunities. He is the former Vice President of Development & Operations of Promus Hotel Corporation, which was sold to Hilton Hotel Corporation in 1999. At Promus he formulated and implemented a strategy for creating a new hotel brand for the company which eventually sized to 30 properties. Mr. Fields, a graduate of the Cornell University School of Hotel Administration, began his career with Beacon Hotel Corporation, a predecessor company to Promus, where he served as Vice President of Development for Guest Quarters Hotels, and later DoubleTree. He returned to Boston in 1999 to form Pyramid Hotel Group.

Jeff Frank Goldman Sachs Jeff M. Frank is a vice president at Goldman Sachs within its Real Estate Financing Group and is based in Texas. His responsibilities include the origination of mortgage and mezzanine debt secured by hospitality-related assets for Goldman’s balance sheet and CMBS platforms. Since 2007, he has been involved in the origination, asset management, and distribution of over $12 billion of hotel-related debt. Previously, Jeff originated balance sheet and securitized hotel loans for GE Real Estate. Prior to GE, he worked in business development and operations for Troon Golf in Scottsdale and Tokyo. He is a Montana native and graduate of Harvard.

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THURSDAY, JULY 20, 2017BOSTON, MA

Christopher J. Jordan Wells Fargo Bank Christopher J. Jordan is an executive vice president and group head of Wells Fargo Commercial Real Estate / Hospitality Finance Group, which provides debt products and financial services to leading hotel owners throughout the United States. The group’s clients include private owner/operators, institutional real estate funds dedicated to hospitality, public hotel REITs, and real estate operating companies. Based in Washington, D.C., Christopher oversees all lending and operations for the group, which has offices in Los Angeles; San Francisco; Washington, D.C.; Charlotte; Chicago; Boston; and New York. During his 29-year Wells Fargo career, Christopher has been involved with various commercial real estate business lines. He assumed his current role with the Hospitality Finance Group in July 2008. From 2001 to 2008, he was an executive vice president responsible for all general real estate banking in the Mid-Atlantic and New England regions. From 1998 until 2001, he was a senior vice president and regional manager for the Washington Metropolitan Region. From 1994 until 1998, he was a member of the Real Estate Capital Markets Group in San Francisco. He joined Wells Fargo Realty Advisors, a wholly-owned subsidiary of Wells Fargo & Company, in 1998 in the Washington, D.C. office. Christopher received his B.A., cum laude, from Duke University’s Trinity School of Arts and Sciences, and his M.B.A. from the university’s Fuqua School of Business. He is a member of the American Hotel & Lodging Association’s Industry Real Estate Financing Advisory Council (IREFAC), the Urban Land Institute’s Hotel Development Council, and the Duke University Annual Fund Advisory Board. Christopher lives with his wife and son in McLean, Virginia.

Justin G. Knight Apple Hospitality REIT, Inc. Justin Knight has served as President of Apple Hospitality REIT since its inception and was appointed Chief Executive Officer in May 2014. He also served as President of Apple REIT Ten from its inception until its merger with Apple Hospitality REIT in September 2016 and President of Apple REIT Seven and Apple REIT Eight until their mergers with Apple Hospitality REIT in March 2014. He served as President of Apple Hospitality Two until it was sold in May 2007, President of Apple Hospitality Five until it was sold in October 2007, and as President of Apple REIT Six until it was sold in May 2013. He joined the Apple REIT Companies in 2000. He currently serves on the Marriott Owners Advisory Council, the Residence Inn Association Board, the American Hotel and Lodging Association Board of Directors and Executive Committee of such board and is the Co-chair of the American Hotel and Lodging Association Owners Council. Mr. Knight holds a Master of Business Administration degree with an emphasis in Corporate Strategy and Finance from the Marriott School at Brigham Young University and a Bachelor of Arts degree, Cum Laude, in Political Science from Brigham Young University. Mr. Knight has been a member of Apple Hospitality REIT’s Board of Directors since January 2015.

Michael Murphy First Fidelity Companies Mr. Murphy serves as Head of Lodging and Leisure Capital Markets of the First Fidelity Mortgage Corporation. He is Chairman of the board of directors of American Hotel Income Properties REIT LP, listed on the Toronto Stock Exchange under the symbol HOT.UN. He was previously Lead Director of Ashford Hospitality Trust, listed on the NYSE under the symbol AHT and a director of Ashford Hospitality Prime, listed on the NYSE under the symbol AHP. From 1998 to 2002 Mr. Murphy served as the Senior Vice President and Chief Development Officer of ResortQuest International, Inc., a public, NYSE-listed company. Prior to joining ResortQuest, from 1995 to 1997, he was President of Footprints International, a company involved in the planning and development of environmentally friendly hotel properties. From 1994 to 1996, Mr. Murphy was a Senior Managing Director of Geller & Co., a Chicago-based hotel advisory and asset management firm. Prior to that Mr. Murphy was a partner in the real estate investment banking firm of Moeckel Murphy & Co and a partner in Metric Partners where he was responsible for all hospitality related real estate matters including acquisitions, sales and the company’s investment banking platform. Mr. Murphy served in various development roles at Holiday Inns, Inc. from 1973 to 1980. Mr. Murphy has been Co-Chairman of the Industry Real Estate Finance Advisory Council (IREFAC) four times and currently serves on the board of the Atlanta Hospitality Alliance and on the Advisory Board of Radical Innovation. He is the 2014 recipient of the IREFAC C. Everett Johnson Award.

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THURSDAY, JULY 20, 2017BOSTON, MA

James O’Connell HREC Investment Advisors Over the past 25 years, Jim has earned a reputation for succeeding on the toughest assignments by assembling all of the moving pieces within a transaction that has stretched to both coasts. He is charged with managing the Northeast Region for HREC after he merged O’Connell Hospitality Group with them in September 2016. He gained his national contact base while advising workout professionals and managing the ORE hotel portfolio of the Bank of New England/RECOLL Management Corp. Jim has represented public companies, private equity funds and high net worth individuals across the country and is known for having completed more hotel transactions in the region than any other broker. Jim is a 82’ graduate of Massachusetts Maritime Academy and holds a Master’s license for unlimited tonnage vessels.

Neil H. Shah Hersha Hospitality Trust Neil H. Shah is president and chief operating officer of Hersha Hospitality Trust. Across the last 15 years, Shah has been instrumental in the acquisition and development of over $3 billion of hotel real estate in gateway markets. Shah is also a partner and director at HHM, one of the leading independent hotel operators in the United States. He is a Trustee of the Educational Foundation and co-chairman of the Institutional Real Estate Finance Advisory Council (IREFAC) of the American Hotel & Lodging Association. In 2016, Shah was awarded the prestigious C. Everett Johnson IREFAC award. Mr. Shah also serves on the Board of Trustees and the investment committee for the National Constitution Center. Prior to Hersha, Shah served as a director and consultant with The Advisory Board Company and the Corporate Executive Board, strategy research firms based in Washington, DC. Shah earned a Bachelor of Arts in political science and a Bachelor of Science in management, both with honors, from the University of Pennsylvania and The Wharton School of Business. He earned his MBA from Harvard Business School.

J. Allen Smith Four Seasons Hotels and Resorts J. Allen Smith is President and Chief Executive Officer of Four Seasons Hotels and Resorts and oversees all aspects of the Company’s global portfolio of hotels, resorts and branded residences. Responsible for advancing Four Seasons position as the world’s leading luxury hospitality company, Smith guides the overall direction and strategic priorities of the organization, while growing Four Seasons presence and leadership in the world’s most important travel destinations. Since joining Four Seasons in 2013, Smith has led the development and execution of the Company’s strategy with a long-term view to creating shareholder and hotel owner value, while protecting and strengthening Four Seasons competitive advantages and extending the brand’s legendary culture of service to new markets. Prior to joining Four Seasons Smith served as CEO of Prudential Real Estate Investors (PREI), one of the world’s largest real estate investment managers. A graduate of Cornell University, Smith holds a bachelor’s degree in sociology and a Master of Professional Studies (MPS) degree from Cornell’s School of Hotel Administration.