Executive Officers

Francis Lively, 39
Chief Executive Officer and Director Nominee

Mr. Lively has over 13 years of experience in the commercial real estate and hospitality industries. He joined LCP in 2015 and currently serves as its Chief Executive Officer and President, where he is responsible for the execution of LCP’s investment strategies and oversees all aspects of business development, operations, and management of the firm’s diverse portfolio of real estate investments throughout the United States, including key sectors such as hospitality, multi-family, residential, single tenant net leased properties, value-add office properties, and land investments. Mr. Lively also oversees LCP’s institutional capital relationships and its EB-5 program that raises capital from foreign investors to finance job creating development projects in the United States. Prior to LCP, Mr. Lively served as Vice President and Counsel at LBBW from 2011 to 2013, where he was responsible for leading the restructuring and partial disposition of a commercial real estate loan portfolio and structuring commercial real estate loan originations. Before LBBW, from 2007 to 2011, Mr. Lively practiced law at Shearman & Sterling LLP where he advised on complex commercial real estate transactions. Mr. Lively has a J.D. degree from Fordham University School of Law, an M.B.A. degree from Yale School of Management, and a Bachelor of Arts degree from Georgetown University.

George Ruff, 72
President and Director Nominee

Mr. Ruff is a Senior Managing Member of Trinity Hotel Investors L.L.C., a hotel real estate investment company (“Trinity”), since October 2002. Before the formation of Trinity, Mr. Ruff was a co-founder and the Chief Executive Officer of Trinity Investment Trust L.L.C. from 1996 to 2003, Trinity’s predecessor company, where he oversaw real estate and hotel investments across North America, Asia and Europe. Mr. Ruff founded Fall Creek Partners, Inc. in 1991, during which time he supervised and structured the acquisition and privatization of NextHealth, Inc., the owner of Miraval Resort and Spa, and pursued a variety of independent investment opportunities, including the acquisition and reorganization of an international trade financing bank. From 1989 to 1991, Mr. Ruff was a Partner and Executive Vice President for the Ritz Carlton Hotel Company, during which time he engineered the global growth of the Ritz Carlton Hotel Company from 14 to 25 hotels. During the period from 1986 to 1989, Mr. Ruff co-founded Ruff, Callaghan & Hemmeter Company, a Hawaii-based real estate investment firm that developed three of Hawaii’s more prominent resorts. From 1979 to 1986, he advised the founding partners of VMS Realty Partners (“VMS”), and later as a Partner, co-founded the autonomous hotel division of VMS, where he directed all of the division’s disciplines. Mr. Ruff managed the business and operational affairs of Chicago based Seymour N. Logan Associates, Inc. as Chief Operating Officer, and oversaw its portfolio of commercial and hotel real estate from 1973 to 1979. Mr. Ruff graduated from De Paul University with a Bachelor of Science degree in Commerce (Cum Laude) and is a Certified Public Accountant.

Peter Sullivan, 31
Chief Financial Officer and Secretary

Mr. Sullivan currently serves as Executive Vice President, Investments & Finance of LCP. Mr. Sullivan is responsible for managing all aspects of LCP’s investment portfolio across real estate asset classes, including selecting and underwriting investments, managing finance and accounting, developing LCP’s investment strategies, and monitoring the allocation of capital and portfolio risks. Previously, Mr. Sullivan was Executive Vice President, Acquisitions & Development for LCP’s hospitality transactions, including acquisitions for the accounts of the firm and the firm’s domestic and global institutional partners. In addition, he helped establish LCP’s EB-5 investment program and oversaw the origination of its portfolio of loans, preferred equity, and equity investments, as well as the creation of its industry-leading regional center platform. Mr. Sullivan has a Bachelor of Science in Economics from The Wharton School, University of Pennsylvania.

Alfred Frazzini, 55
Chief Operating Officer

Mr. Frazzini has been the Chief Investment Officer and Chief Operating Officer of Trinity Hotel Investors, L.L.C (“Trinity”) since June 2005, where he is responsible for raising capital, sourcing and structuring acquisition opportunities, supervising portfolio asset management, and overseeing the operation of various affiliated and subsidiary companies and holdings. From October 1998 to April 2003, Mr. Frazzini was a Vice President with Wafra Investment Advisory Group, Inc., a U.S. based pension fund advisor to the Social Security Trust Fund of the State of Kuwait, where he was involved in all aspects of the firm’s commercial real estate and lodging portfolio including acquisitions, asset management, fund raising and management of five equity/mezzanine debt funds. Mr. Frazzini holds a B.A. from St. Thomas University, an M.S. in International Real Estate Investment from New York University’s Real Estate Institute and a Certificate in Hospitality Investment and Asset Management from Cornell University.

Board of Directors

Steven Goldman, 59
Independent Chairman of the Board

Mr. Goldman has over 37 years of experience in the lodging industry with a unique combination of public company and private equity real estate, investment, brand and management skills. Mr. Goldman has the ability to effectively invest capital, establish relationships with investment partners and property owners, recruit and lead employees at all levels. Mr. Goldman has been Chief Executive Officer of FelCor Lodging Trust and Sunstone Hotel Investors, two NYSE listed hotel real estate investment trusts. Mr. Goldman was Chief Executive Officer of Société du Louvre (“SDL”), a private French hotel platform based in Paris and owned by Starwood Capital Group (“SCG”). At SDL, Mr. Goldman was responsible for management of all aspects of operations, capital investment, brand, and the ultimate disposition of a luxury/upscale hotel company with 25 owned and managed hotels in nine countries and a select service/economy hotel company with 1,100 owned, managed and franchised hotels through four brands across 39 countries. Mr. Goldman was President of SH Group, another SCG entity, where he had operational responsibility of the firm’s hotel Brand and Management Company for 1 Hotels and Baccarat Hotels and Resorts. Mr. Goldman has directed worldwide growth and development for Starwood Hotels and Resorts, Hyatt HotelsCorporation and Hilton Worldwide. He was also a development director for the Walt Disney Company. Mr. Goldman currently serves on the board of directors of Radisson Holdings Inc. and is a Planning Commissioner for the City of Laguna Beach, California. Mr. Goldman has a Bachelor of Science from Cornell University School of Hotel Administration and an M.B.A. degree concentrating in finance from the University of Chicago.

E. Robert Roskind, 75
Vice Chairman of the Board

Mr. Roskind has more than 45-years of experience investing in real estate and hospitality through both public and private vehicles. Mr. Roskind is also the Chairman of LCP which he founded in 1974. Originally set up as Lepercq Capital Partners, Mr. Roskind has been at the helm of LCP’s growth over the decades as it evolved from acquiring and syndicating single tenant properties to a full-service private real estate investment management firm. LCP specializes in both private and public debt and equity transactions, and services both institutional and high net worth investors. Mr. Roskind provides strategic direction across LCP’s investment management and advisory work which sponsors single asset and portfolio investment opportunities across key sectors including hospitality, multi-family residential, single tenant net leased properties, value-add office properties, and land investments. Mr. Roskind founded Lexington Realty Trust (NYSE: LXP) in 1993, a publicly traded REIT, and served as its Chairman from 1993 until January 2018. During Mr. Roskind’s tenure, this publicly traded office and industrial REIT has grown to a $4.8 billion value with 174 properties across 48.6 million square feet in 37 U.S. states. In addition, Mr. Roskind has been serving as Chairman of Crescent Hotels & Resorts, which is 25% owned by LCP, since 2006. Crescent is one of the largest third-party hotel management companies operating in the United States and Canada with more than 100 hotels under management. Mr. Roskind holds a J.D. degree from Columbia University and a Bachelor of Science degree from the Wharton School, University of Pennsylvania.

Janet James, 67
Director Nominee

Ms. James was the General Partner and Chief Financial Officer, later Chief Operating Officer, of RockPort Capital Partners, a venture capital firm investing in alternative and traditional energy, mobility and sustainability, from 2001 to 2013. From 1986 to 1989, she was the Chief Financial Officer of Citizens Corporation, a Boston-based group of diversified, independent energy companies with operations in crude oil, refined petroleum products, natural gas, electricity and energy conservation, and later assumed the role of Chief Executive Officer of one of Citizens Corporation’s subsidiaries, Citizens Gas Supply Corporation, a natural gas marketer, from 1989 to 1994. Prior to that, Ms. James was the Group Vice President of Banque Paribas in New York from 1982 to 1986. Ms. James received a Bachelor of Arts degree in Government from Dartmouth College and an MBA in Finance from Columbia School of Business.

Roger Cozzi, 50
Director Nominee

Most recently, Mr. Cozzi was the Senior Vice President at Alliance Bernstein L.P., a global asset management firm (“AB”), from November 2012 to March 2020. At AB, Mr. Cozzi founded a new commercial real estate lending team — Commercial Real Estate Debt Group — and spearheaded the creation of all investment and asset management procedures while serving as its Chief Investment Officer and a member of the Real Estate Equity Investment Committee. Prior to that, Mr. Cozzi was the Chief Executive Officer and Board Member of Gramercy Property Trust Inc. (NYSE: GPT), an investor and asset manager of commercial real estate (“Gramercy”), from October 2008 to June 2012. From March 2007 to February 2008, Mr. Cozzi was the Managing Director of Drawbridge Special Opportunities Fund at Fortress Investment Group, a global investment manager, where he was responsible for sourcing, pricing and structuring commercial mortgage investments. From March 1995 to February 2007, Mr. Cozzi served as Co-head of Investment Committee and, ultimately, the Chief Investment Officer at iStar Financial Inc. (NYSE: STAR), a real estate investment trust. From August 1992 to March 1995, Mr. Cozzi was an Analyst in the Investment Banking Division — Real Estate Department at Goldman Sachs & Co., where he valuated performing and sub-performing loans for investment which consisted of underwriting assets and pricing loans for purchase and assisted in analyzing commercial real estate data and publishing findings on a quarterly basis in Goldman Sachs Real Estate Research Report. Mr. Cozzi holds a Bachelor of Science degree from the Wharton School, University of Pennsylvania.

Arthur Adler, 64
Director Nominee

Mr. Adler has been the President and Founder of Adler Hotel Advisors, LLC since its inception in January 2020. In his current capacity, Mr. Adler provides hotel investment and strategic advice to C-suite executives regarding acquisitions, dispositions and expansion of both hotel real estate portfolios and brand/management companies. Mr. Adler was previously Chairman and Chief Executive Officer the Hotels & Hospitality Group — Americas of Jones Lang LaSalle (NYSE: JLL) (“JLL”) from April 2000 to December 2019. Mr. Adler oversaw a business that is the leading hotel transactions and real estate advisor in the Americas and grew that business from 10 people and two offices to 120 people located in 15 offices in five countries. The business had the most prolific hotel owners and operators in the industry as its clients, including InterContinental Hotels and Resorts, The Blackstone Group, Colony Capital, Starwood Capital, Marriott International, Hyatt Hotels Corporation, Apollo Real Estate, Host Hotels and Resorts, Noble Investments, Pebblebrook Lodging Trust, Kingdom Holdings, Barings, Goldman Sachs, Oaktree Capital, Walton Street Capital, Brookfield and ADIA, among others. Previously, Mr. Adler was Managing Director of the Lodging & Leisure Group at Sonnenblick-Goldman Company from 1998 to 2000. He was a Partner at Coopers & Lybrand’s Hospitality Consulting Group from January 1991 to March 1998, a Senior Principal at Laventhol & Horwath from April 1980 to November 1990 and an Operations Analyst for Hilton Hotels from July 1978 to April 1980. Mr. Adler holds a Bachelor of Science degree from Cornell University and is currently the Chairman of Cornell University’s Center for Real Estate & Finance. In addition, Mr. Adler sits on the Dean’s Advisory Boards of Cornell University’s School of Hotel Administration and New York University’s Jonathan M. Tisch Center of Hospitality and is a former Chairman of Urban Land Institute’s Hotel Development Council.