Executive Team Biographies

BRADFORD KORZEN  Chief Executive Officer and Principal, The Kor Group JEFFREY SMITH  Chief Investment Officer and Partner, The Kor Group FRANK IAFFALDANO  President, Chief Operating Officer and Partner, The Kor Group STACY SHAW  General Counsel, The Kor Group BRENDA TSCHARNER  Senior Vice President, Human Resources, The Kor Group NICHOLAS CLAYTON  President, Kor Hotel Group LUIS FERNANDES  Senior Vice President, Operations, Kor Hotel Group TOM SANTORA  Executive Vice President, Sales and Marketing, Kor Hotel Group PETER WILLIS  Senior Vice President, Hotel Acquisitions, Kor Hotel Group MICHAEL PANERI  Senior Vice President, Hotel Development RANDY PRINTZ  Vice President, Design and Construction

BRADFORD KORZEN Chief Executive Officer and Principal, The Kor Group
Kor Realty Group founder Brad Korzen has developed a dynamic portfolio of resorts, hotels, multiple-family properties and commercial investments while guiding the diverse corporation behind its growth and operations. In just over a decade, Korzen has mined his unique understanding of contemporary financial and cultural climates to build, market and manage real estate assets that are both traditionally profitable and creatively progressive. Under his direction, the Kor Group has become a multi-faceted corporation with fully integrated acquisitions, development, construction, sales, marketing and management capabilities.

Recognized as a leading force on the contemporary hotel scene, Korzen is perhaps best known for his burgeoning collection of Southern California hospitality destinations, including award-winning hotels Viceroy Palm Springs and Viceroy Santa Monica, and Beverly Hills' famed Avalon and Maison 140. In 2005, he introduced the company's first international properties, Viceroy Anguilla and the Riviera Maya Resort.

Korzen has also acquired and developed a collection of multi-family properties throughout Southern California. Numbering 3,000 units, the portfolio includes Pegasus, an award-winning residential conversion of the landmark Standard Oil headquarters in downtown Los Angeles.

Most recently, Korzen has led the Kor Group's foray into loft condominium development in notable Los Angeles locations. Molino Street Lofts, a live-work compound in the emerging Arts District, sold out in just three months of pre-sales. Construction and pre-sales are now underway at the art deco treasure Eastern Columbia in downtown Los Angeles, the former Broadway department store at Hollywood and Vine, and an award-winning ground-up development in the popular Silver Lake district.

A Chicago native and graduate of the University of Illinois, Korzen holds a Juris Doctorate from University of Miami School of Law.

JEFFREY SMITH Chief Investment Officer and Partner, The Kor Group
Jeffrey Smith has used his financial expertise and real estate experience to guide the Kor Group to mounting profitability and recognition in the contemporary real estate development arena. Since joining forces with founder Brad Korzen in 1998, Smith has successfully grown the company's asset value to over $2 billion and maintained vigorous investment performance for its shareholders.

At the helm of Kor's financial activities, Smith directs analysis and execution of potential acquisitions and dispositions, refinance and debt evaluation, deal sourcing, and other asset management functions. In leading Kor's hotel and multi-family acquisition opportunities, Smith has successfully completed over $500 million of strategic acquisitions-including the financing and purchase of six hotels, Kor's international resorts, and thousands of multi-family units.

In addition to growing Kor's domestic hotel and residential portfolio, Smith has been particularly active in the strategic expansion of Kor's presence internationally-leading all current acquisition and resort development initiatives in Latin America and the Caribbean. Current asset locations include Anguilla (British West Indies), the Riviera Maya area and Zihuatanejo in Mexico; Buenos Aires; and Punta del Este (Uruguay); with projects totaling in excess of $1.5 billion in development costs.

Smith is also leading Kor's exploration of new markets overseas, namely Europe, the Middle East, and South Asia, in both urban and resort locations. He plays a key role in developing relationships with top-tier capital and development partners in these regions, and advancing the Viceroy and Tides brand platforms.

Prior to joining Kor, Smith worked as a Senior Analyst for eight years with the real estate consulting firm of Flavell, Tennenbaum & Edwards, where he focused on single-asset and portfolio real estate bankruptcy workouts and real estate litigation assignments.

Smith holds a B.S. in Finance from California State University, Northridge.

FRANK IAFFALDANO President, Chief Operating Officer and Partner, The Kor Group
Frank Iaffaldano oversees all operating divisions of the Kor Group and each of its subsidiaries. Iaffaldano focuses on the management and coordination of the Acquisitions, Construction, Development, Sales, Marketing and Property Management groups on all projects; he is also responsible for the creation and implementation of long-term strategic planning for Kor and managing its growth through strategic financial planning and controls. While maintaining effective accounting, information technology, reporting and risk management functions, Iaffaldano oversees and is directly responsible for cash management, information technology, tax matters, risk management, development reporting and investor, banking and lender relations for all Kor projects. Iaffaldano is currently acting as Chief Financial Officer for the company.

Under Iaffaldano's leadership, The Kor Group has grown to over 2,000 total employees with offices located in Los Angeles, Pasadena, Dallas, Miami, Playa del Carmen, Anguilla, and Vancouver. He plays a central role in assuring that Kor has the necessary infrastructure and human resources in place to foster and enable continued growth into new markets around the world.

Iaffaldano began his career at Sheppard, Mullin, Richter & Hampton in 1989, becoming a partner in 1998. In 2001 he joined the Los Angeles office of Paul, Hastings, Janofsky & Walker, as a partner in the Real Estate Department and a member of the Recreation and Resort practice group. Iaffaldano has extensive experience in acquisitions, sales, construction and development, leasing and real estate financings for hotel, resort, office, retail, industrial, multi-family, condominium and mixed-use real estate projects.

Iaffaldano received a B.A. degree in Political Science, as well as his J.D., from Northwestern University.

STACY SHAW General Counsel, The Kor Group
As General Counsel, Stacy Gamble Shaw oversees and manages outside legal counsel and has responsibility for the legal affairs of the Kor Group.

Stacy started her legal career at the Los Angeles office of Sheppard Mullin Richter & Hampton in 1998 and joined the real estate department of Paul Hastings Janofsky & Walker in 2001. Stacy's practice concentrated on a broad range of real estate transactions, including acquisitions and dispositions, real estate-related lending, commercial leasing, joint venture formations and development matters. Prior to joining Kor, Stacy acted as outside legal counsel to the Kor Group for over seven years.

In addition to Kor, her past clients have included a broad range of institutional and private clients, including Cornerstone Real Estate Advisers, Massachusetts Mutual Life Insurance Company, Lubert-Adler, TIAA-CREF, Pulte Homes, Alliance Commercial Partners, Broadreach Capital Partners, AEW, Interstate Hotels, Angelo Gordon Funds, General Investment & Development, Haverford Capital and Amgen. She has worked with many types of real estate, including hotel, resort, office, retail, industrial, multi-family, condominium and mixed-use projects.

Stacy received her B.A. degree from the University of California, Los Angeles and attended Oxford University in England to study Psychology at the graduate level. She received her J.D. from Stanford University. Stacy is a member of the California State Bar and the American Bar Association.

BRENDA TSCHARNER Senior Vice President Human Resources, The Kor Group
Brenda began her tenure with Kor in early 2001 after spending 14 years in various human resources management positions with Four Seasons Hotels and Resorts.

Brenda was most recently the Director of Human Resources at the Four Seasons Hotel in Austin, Texas before returning to California and then joining the Kor Group. She previously worked at the Four Seasons Hotel, Houston; the Four Seasons Resort and Club in Dallas; and the Four Seasons Biltmore Hotel in Santa Barbara. In addition, Brenda was a Corporate Trainer for Four Seasons Hotels from 1994-2000.

Brenda holds a Bachelor's Degree in Political Science with an emphasis in International Relations from the University of California, Santa Barbara.

NICHOLAS CLAYTON President, Kor Hotel Group
As President of Kor Hotel Group, Nicholas Clayton ensures that Kor's existing and under-development hotels and resorts remain dedicated to the highest standards of excellence. He oversees expansion efforts for the company's growing portfolio while maximizing value in current operations.

Clayton brings to Kor extensive senior management experience at key international properties, as well as demonstrated success in impacting revenue growth and strong customer service cultures. A 20-year veteran of the luxury hospitality industry, he has worked with leading hospitality groups, including Four Seasons and The Ritz-Carlton hotels and resorts. Most recently, he served as Senior Vice President of Operations for Hong Kong-based Mandarin Oriental Hotel Group, where he was responsible for the group's Asian and European properties, as well as the entire portfolio's Food & Beverage and Spa divisions. In this role, Clayton proved instrumental in developing innovative processes to further build and differentiate the brand.

Clayton's career has been distinguished by a series of significant accomplishments. For more than ten years, Clayton served as General Manager for several high-profile Ritz-Carlton hotels and resorts, where he developed and implemented sales and marketing strategies that substantially increased revenue, as well as developing focused management teams that improved both finance and quality measurements. Building on his success, he was appointed Director of Operations for Ritz-Carlton's Australia properties and assigned to restore profitability to their two five-star hotels in Sydney.

In 1998 he became Managing Director for the Ritz-Carlton Millenia in Singapore. In this post, he led a team of 750 associates in the successful implementation of total quality management that improved market share for the property and elevated guest satisfaction ratings. As a result, the hotel was frequently recognized both regionally and internationally for outstanding customer service and overall quality.

Clayton holds a Bachelor's of Business Administration, Finance degree from the University of Texas, Arlington.

LUIS FERNANDES Senior Vice President, Hotel Operations
Luis Fernandes joined Kor Hotel Group in 2006 in the newly created position of Senior Vice President of Hotel Operations. With a base of operations in Playa del Carmen, Mexico, Fernandes oversees Kor properties in Mexico, the Caribbean, Florida and the East Coast.

Fernandes brings to Kor an extensive knowledge of the operation and management of international properties. Most recently, he was Chief Operating Officer of Santa Barbara-based Ty Warner Hotels and Resorts, where he oversaw all operational aspects of the company's portfolio of highly rated international resort hotels. His experience also includes posts at a number of Orient Express Hotels and Rosewood Hotels and Resorts properties around the world.

For nearly a decade, Fernandes held a series of management positions at Rosewood destinations, beginning at the renowned Hotel Al Khozama in Riyadh, Saudi Arabia. The multi-faceted and multi-cultural nature of the position prepared him for his next role as a member of the opening team for Rosewood's Dharmawangsa in Jakarta. In 2003, Rosewood appointed Fernandes Managing Director of Las Ventanas al Paraiso in Los Cabos, Mexico. Under his watch, the resort became known for pioneering amenities that are now industry standards, such as wireless access and digital music players, personal butler services and luxury auto partnerships.

Prior to joining Rosewood, Fernandes worked in a series of ascending positions at distinguished properties from South Africa to South America-including Orient Express Hotels' famous Mount Nelson Hotel in Cape Town, the stunning colonial hotel Polana in Mozambique, and at Rio de Janeiro's grande dame, the Copacabana Palace.

Fernandes leads with a philosophy based on the importance of relationships and developing staff to become self-acting managers. A dedicated professional and perfectionist by nature, he is a believer in persistently pushing service standards to the next level through a combination of unconventional strategies, creative thinking and technological innovation. He is fluent in English, Portuguese, Spanish and Dutch.

THOMAS SANTORA Executive Vice President, Sales and Marketing, Kor Hotel Group
Tom joined the Kor Group in 2002 to oversee all hospitality sales and marketing activities for the company's hotel portfolio, its wholly owned flagged properties, and Kor's contract managed hotels.

Since that time, Tom has strategically developed Kor's sales and marketing team to include e-commerce, public relations, and segment and national sales. He also supervises media planning and the development and integration of the company's central reservations office. His focus on driving top-line revenue has contributed to the company's revPAR growth, consistently outpacing the market and the competitive set.

Under Tom's leadership, the sales and marketing team has gained industry recognition for their energy, dedication, and creativity. In the five years Tom has been with Kor, the sales structure has evolved to match and surpass its competitors in direct sales, revenue management, and reservation and distribution services. Tom's ability to shun momentary trends in favor of long-term planning has enabled the group to focus its e-commerce and public relations efforts in the most consistent, innovative manner.

Before joining Kor, Tom was a 16-year veteran of Marriott International, where he held a number of sales and marketing positions in the corporation's western U.S. region. In addition to directing pre-opening planning, sales, and marketing for the Renaissance Hollywood Hotel, he also managed cooperative planning, sales and marketing for six other regional Renaissance properties. A group sales, convention and events specialist, Tom has served as Trainer for Marriott's national sales schools throughout the U.S.

PETER WILLIS Senior Vice President, Hotel Acquisitions
Peter Willis draws on two decades of experience in global business and project development, real estate investment and asset management to source and secure opportunities for Kor Hotel Group's new business and financing initiatives. Based in Miami, he steers hotel acquisition and management contract growth across the U.S. and internationally.

In mid-2006, he joined Kor as Vice President, focusing on U.S. and Caribbean acquisitions and third-party management contracts; his efforts have been key to Kor's ongoing growth initiatives. While evaluating, negotiating and underwriting specific hotel investments and obtaining and negotiating management contract prospects, he also supported strategic acquisition and corporate planning efforts.

Before joining Kor, he served as Vice President, Acquisitions/Business Development for Innkeepers USA Trust/Innkeepers Hospitality, where he sourced, assessed, negotiated and underwrote investment opportunities and developed incremental management contracts for assets under the Marriott, Hilton and Starwood banners, among others. He also oversaw dispositions and assisted with corporate development and restructuring. His tenure resulted in a $500 million transaction volume over 18 hotel acquisitions.

Peter also held positions with an industry-leading firm supporting the opening of luxury hotels. Establishing the organization's first international operation in the Asia/Pacific region in 1994, he directed the repositioning and opening of properties throughout the region and in the U.S.; by 2001, he led overall strategic planning, business development and investor relations as well as integrating acquisitions among the firm's operating entities. Peter began as an analyst and asset manager of hotel, residential and commercial properties for Japanese investment firm JDC America in Tokyo and domestically.

Peter has a Bachelor of Science in Business Administration from the University of Florida and has completed professional programs at Cornell University's Hotel School and Obirin University in Tokyo.

MICHAEL R. PANERI Senior Vice President, Hotel Development
With almost 25 years of experience in premiere resort, hotel, hospitality and leisure project development worldwide, Michael Paneri brings an invaluable skill set to the Kor team. A licensed architect and seasoned corporate executive, Michael's vast expertise includes initial site assessment/project feasibility, design and construction, business development and operational management. At Kor, his work will primarily target properties in Anguilla, Mexico, San Francisco and South Beach/Miami.

Most recently, he headed his own firm, Michael Paneri Consulting, with projects including the major renovation of New York's venerable Plaza Hotel. Previously, Paneri was Vice President, Design & Construction for Rosewood Hotels & Resorts. During his six-year tenure, he was a key member of the company's corporate leadership through a period of significant worldwide growth, and he developed and administered Rosewood's luxury quality standards. Among the many new resorts and hotels Paneri focused on were the Grand Cayman Resort/Grand Cayman Island, Copley Square/Boston, Deer Crest Resort/Deer Valley, UT and the Al Corniche/Jeddah and Al Faisaliah/Riyadh in Saudi Arabia. Prior to Rosewood, Paneri was Director of the Board, Vice President and Senior Principal at Wimberly, Allison, Tong & Goo. During 14 years there, he managed some of WATG's largest resort, hotel, casino, retail and entertainment projects including The Venetian and Caesars Palace in Las Vegas.

Paneri holds a BS in Architecture from California Polytechnic State University, San Luis Obispo and studied Land Development & Management at University of California, Irvine. He is a licensed architect in California, Nevada and New Jersey, and is NCARB certified.

RANDY PRINTZ Senior Vice President, Hotel Development
Randy came to the Kor Group in 2004 with over 25 years of experience in major resort and leisure development projects. During his career, he has managed projects ranging in value up to $1.8 billion, including several renowned leisure projects for Disney and Universal Studios.

For Disney, Randy was the Project Executive for such developments as Disney-MGM Studios, Mickey's ToonTown and the Indiana Jones attraction at Disneyland. He also was responsible for a number of projects across the United States and in Europe. Randy was also the Project Executive for the Universal Orlando Resort development. This project included the Islands of Adventure theme park, CityWalk Orlando, 21,000 spaces of structured parking and 400 acres of infrastructure development.

He received both his Bachelors and Masters degrees from the University of Southern California.