Thayer Lodging, Brookfield Hotel Properties

Thayer Lodging, based in Annapolis, Maryland, is a privately held hotel investment company that was formed in 1991 by Frederic V. Malek and Leland Pillsbury. Thayer has a lengthy and successful track record that spans multiple investment cycles. Since forming its first private equity fund in 1991, Thayer has completed 41 hotel investments with a total acquisition cost of approximately $2.4 billion. Thayer’s funds currently own a portfolio of 14 hotels and 3,637 guest rooms and, through its investment in Interstate, have ownership interests in 64 hotels with 11,655 guest rooms. Thayer employs a disciplined approach to asset selection and targets investments with significant value-add opportunities. Thayer seeks to invest in hotels where the Company's expertise can add value through its time-tested strategies which include extensive renovation, market repositioning, expense reduction and rebranding as methods of improving net operating incomes.