Philip F. Maritz is the co-founder and President of Maritz, Wolff & Co., which manages the Hotel Equity Fund, a private equity investment fund that invests in luxury hotels and resorts. In 1990, he founded Maritz Properties, a commercial real estate development and investment firm where he serves as President. He is also the Managing Director of Broadreach Capital Partners, a private equity real estate investment fund and a member of the Council on Foreign Relations. Mr. Maritz has served as a member of our Board since 2002 and currently is a valuable member of the Capital Allocation & Risk Management Committee, the Governance & Nominating Committee, and the Executive Committee. During his tenure on the Board, Mr. Maritz served as Chair of the Audit Committee, Chair of the Risk Management Committee, and Chair of the Governance & Nominating Committee. Over the course of his almost 24 years as a Board member, he provided a rare blend of leadership, strategic insights and rigorous analytical inquiries. The Company thanks Mr. Maritz for his many years of service.