ITEM 1. ELECTION OF DIRECTORS
Nominees for Directors
The board of directors is presently comprised of nine members. Nine directors will be elected at the Annual Meeting and will serve a term
expiring at the next annual meeting or until a successor is selected. Each of the nominees is currently a director and has served continuously since joining the board. The Articles provide that the board of directors can set the number of directors,
but also provide that the board of directors must have no less than three nor more than eleven directors. Pursuant to agreements with RES and StepStone, the board of directors has set the number of directors at nine.
The board of directors has no reason to doubt the availability of the nominees, and all have consented to serve as a director of the Company
if elected and all have consented to being named as nominee in this proxy statement. If any nominee becomes unavailable or unwilling to serve as a director for any reason, the person named as proxy on the Proxy Card is expected to consult with the
Nominating Committee in voting the shares represented by the proxies, and as required pursuant to agreements with RES and/or StepStone, including voting for a substitute nominee.
Pursuant to the designation of RES, Messrs. Elsztain, Friend, and Sabin have been nominated for election as members of the board. At least one
of the directors designated by RES will be appointed to each committee of the board of directors.
Pursuant to the designation of SREP,
Messrs. Calahan, MacDonald, and Wall have been nominated for election as members of the board. At least one of the directors designated by SREP will be appointed to each committee of the board of directors.
The names of the nine director nominees submitted for election by the holders of the common stock and certain information about the nominees,
are set forth below.
J. William Blackham
,
Director, President and Chief Executive Officer.
Mr. Blackham,
age 64, was appointed President and Chief Executive Officer and a member of the board of directors on March 2, 2015. Mr. Blackham, since 2008 to present, is a
co-owner
and the managing member of
Trinity Investment Partners, LLC. Also since early 2011, he has served as the owner and managing member of Proximo Investments & Advisors, LLC, an investment and advisory company, and in various roles, including consultant, trustee and
manager of affiliates, for Assured Administration, LLC. He was president and CEO of Eagle Hospitality, a hotel REIT which traded on the NYSE until its sale in 2007 and has been active for several decades in entities involved in real estate and
hospitality development, acquisition and advisory services.
Mr. Blackhams extensive experience as a leader of real estate
ventures, his public hospitality REIT experience, and his proven capital raising experience provides the board with strong leadership and expertise in the hospitality REIT industry.
Thomas Calahan
,
Director.
Mr. Calahan, age 36, is the Vice President - Portfolio Management of StepStone Group Real
Estate LP since March 1, 2018. Mr. Calahan was appointed to the board of directors on March 14, 2018. Mr. Calahan served as a Vice President of Green Street Investors, the investment management affiliate of Green Street Advisors,
known for its equity research coverage of publicly traded REITs in the United States and Europe from May 2016 to February 2018. He was Vice President - Global Indirect Real Estate at Aviva Investors, a global asset manager from June 2012 to
April 2016. Mr. Calahan has a Masters of Business Administration degree from Columbia Business School, a Masters of Science, Real Estate Finance & Investment degree from New York University and a Bachelor of Science degree from Cornell
University.
Mr. Calahans extensive experience in REITs, real estate and asset management provides the board with considerable
expertise with respect to the Companys business.
Committee: Investment Committee
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