Sunstone Hotel Investors Announces Changes To The Board Of Directors
Apr 29, 2016, 06:50 ET
ALISO VIEJO, Calif., April 29, 2016 /PRNewswire/ -- Sunstone Hotel Investors, Inc. (the "Company" or "Sunstone") (NYSE: SHO) today announced that W. Blake Baird and Murray J. McCabe have been elected to the Company's Board of Directors. In addition, Lewis N. Wolff, a Director since 2004, did not stand for reelection and has retired from the Board. These changes are effective as of April 28, 2016 and have expanded the Board to nine members, including eight independent Directors.
Mr. Baird is the co-founder of Terreno Realty Corporation (NYSE: TRNO), a real estate investment trust that acquires, owns and operates industrial real estate in six major coastal U.S. markets, and has served as chairman of its board of directors and its Chief Executive Officer since February 2010. Prior to co-founding Terreno Realty Corporation, Mr. Baird was President and a Director of AMB Property Corporation and Chairman of its Investment Committee. AMB, (now Prologis,NYSE:PLD), was a leading global developer, owner and operator of industrial real estate with more than 1,100 buildings containing over 125 million square feet and an equity market capitalization of over $5 billion. Prior to joining AMB, Mr. Baird was a managing director of Morgan Stanley & Co., most recently as head of Real Estate Investment Banking for the Western United States. Mr. Baird also serves as a director of Matson, Inc. (NYSE:MATX), a Honolulu-headquartered ocean transportation and logistics company.
Mr. McCabe is currently a Managing Partner at Blum Capital Partners, L.P. where he serves as a member of the Management Committee. His responsibilities include overseeing and managing Blum Capital's, and its affiliate Montgomery Street Partners', global real estate-related investment initiatives, focusing on distressed debt, opportunistic equity investments and structured investments in public securities. Prior to joining Blum Capital in September 2012, Mr. McCabe worked at JPMorgan Chase & Co. from 1992 through August 2012. During his 20-year tenure at JPMorgan, Mr. McCabe held several positions in the Investment Banking Division, including Managing Director and Global Head of Real Estate and Lodging Investment Banking. Mr. McCabe is a member of the advisory board for the Fisher Center for Real Estate and Urban Economics at the University of California at Berkeley, and is also an executive council member of the Real Estate Finance and Investment Center and serves on the REIT Investment Funds advisory board for the McCombs School of Business at the University of Texas, Austin. He has served as a director of RREEF Property Trust, Inc. since November 2012, and as a director of Columbia Property Trust, Inc. (NYSE: CXP) since September 2013.
Douglas M. Pasquale, Chairman, stated, "I am excited and pleased to welcome Blake and Murray to the Sunstone Board. Both have extensive experience relating to real estate, capital markets, corporate governance, mergers & acquisitions and corporate finance and will bring new dimensions of leadership to the Board. On behalf of all the Directors and the entire Sunstone team, I would also like to thank Lew for his many years of leadership and service. As Sunstone's first Chairman, Lew has helped influence the direction and evolution of the organization since its IPO and we are grateful for his countless contributions."
About Sunstone Hotel Investors:
Sunstone Hotel Investors, Inc. is a lodging real estate investment trust ("REIT") that, as of the date hereof, has interests in 29 hotels comprised of 13,850 rooms. Sunstone's hotels are primarily in the upper upscale segment and are generally operated under nationally recognized brands, such as Marriott, Hilton, Fairmont, Hyatt and Sheraton. For further information, please visit Sunstone's website at www.sunstonehotels.com.
For Additional Information:
Bryan Giglia
Chief Financial Officer
Sunstone Hotel Investors, Inc.
(949) 382-3036
SOURCE Sunstone Hotel Investors, Inc.