HEI has been one of the most active investors of institutional hotel assets in North America over the past three decades. Our investments as an owner/operator, a leading private equity fund manager and as a third-party operator have been made through acquisitions, construction take-outs, and ground-up developments, and we have always focused on value-add, deep turnaround, and operational upside opportunities. To date, we have come full circle on approximately $15 billion in hotel properties and continue to invest in institutional-grade hotel projects with our diverse stable of capital partners throughout the US. As a firm, HEI has sponsored the acquisition of 83 hotels for approximately $3.5B in transactional value with realized investments generating a 21% IRR with approximately 57% aggregate leverage. Our last fully integrated private equity fund (approximately $1.5B in assets) ranked in the top 5% of all similar vintage funds on a fully realized basis.