Board of Directors
NON-INDEPENDENT, NON-EXECUTIVE CHAIRMAN
Mr Howard Wu is the Non-Independent Non-Executive Chairman of the Managers, as well as the co-founder and Principal of the Sponsor. Together with Taylor Woods, the Non-Independent Non-Executive Director and Deputy Chairman of the Managers, he co-founded the Sponsor in 2008. He has over 10 years of real estate acquisition and development experience, with an emphasis on the densely populated California market. Mr Wu’s expertise and niche is in acquiring undervalued and mismanaged hospitality assets and increasing the value of these properties through repositioning, asset enhancement and professional management.
Mr Wu has completed numerous ground up real estate acquisitions and developments, including securing and enhancing the entitlement of raw land; developing residential subdivisions, apartment complexes, and condominium towers; building commercial, retail, entertainment, restaurant, hotels and destination complexes; designing and planning commercial properties and commerce centres from the ground up; overseeing all contractors, consultants, architects, engineers, planners and designers; and working closely with cities and municipalities to enhance communities. He emphasises a ‘value-add’ approach across real estate investments, including repurposing spaces to capture additional revenue opportunities, renovating and rebranding properties where a better fit with the local market and demographic exists, securing key group contracts and implementing other revenue management initiatives, and pursuing cost mitigation opportunities through the renegotiation or buyout of significant leases. As co-founder and Principal of the Sponsor, Mr Wu has demonstrated capability to grow the Sponsor by significantly expanding its portfolio when markets are slowing or declining, as well as to develop and acquire targeted assets in strategic markets when markets are expanding or recovering.
Mr Wu holds a Bachelor of Science in Electrical Engineering from the University of California, Los Angeles.
NON-INDEPENDENT, NON-EXECUTIVE DEPUTY CHAIRMAN
Mr Taylor Woods is the Non-Independent Non-Executive Deputy Chairman of the Managers. He is also the co-founder and Principal of the Sponsor, and has over 22 years of real estate experience in the U.S.. Together with Howard Wu, the Non-Independent Non-Executive Chairman of the Managers, he co-founded the Sponsor in 2008. In that capacity, Mr Woods’ primary focus has been to build and to foster relationships with financial institutions, lenders and bankers, franchisors and affiliated companies, analysts, consultants and advisors, and in overseeing the corporate identity and strategic direction of the company. He also has been primarily responsible for the execution of growth strategies, maintaining and developing strategic partnerships, oversight of corporate agenda and responsibilities, and ensuring consistency in core values, business responsibilities, and enterprise objectives. From 2006 to 2011, he was president of Genpact Mortgage Services, LLC, a subsidiary of Genpact Limited (formerly GE Capital International Services). Genpact Mortgage Services, LLC is a mortgage technology and origination outsourcing company in the U.S., which provided end-to-end outsourced mortgage services, offering a comprehensive origination and secondary marketing solution on a private-label basis to more than 50 banks across the U.S.. From 1996 to 2006, he was co-founder and principal of Moneyline Lending Services, LLC, a real estate-focused banking, technology, and outsourcing firm, and was responsible for developing leading edge technology designed to support the outsourcing and fulfilment needs for a range of banking and financial institution clients, and for their customers, across the U.S., and which he ultimately sold.
Mr Woods holds a Bachelor of Arts from Brigham Young University.
LEAD INDEPENDENT DIRECTOR AND INDEPENDENT NON-EXECUTIVE DIRECTOR
Mr Davy Lau is the Lead Independent Director and Independent Non-Executive Director of the Managers. He is also an independent non-executive director, the lead independent director and the chairman of the nominating and remuneration committee of Manulife U.S. Real Estate Management Pte. Ltd. (the manager of Manulife U.S. REIT) which is listed on the Main Board of the SGX-ST and is the first pure-play U.S. office REIT listed in Asia; as well as a non-executive director and member of the audit committee, nomination committee and remuneration committee of International Housewares Retail Company Limited, a company listed on the Main Board of the Stock Exchange of Hong Kong. Previously, Mr Lau was an independent non-executive director and non-executive chairman of AL Group Limited, a company listed on the Growth Enterprise Market of the Stock Exchange of Hong Kong and a non-executive director and chairman of the compensation committee of HiSoft Technology International Ltd, which was listed on the Nasdaq Stock Market.
Mr Lau is currently the Founder and Chairman of DGL Group Inc., which was founded in 2006 and focuses on investing directly in businesses that help individuals, organizations and communities achieve a sustainable, delicious and gracious life. He is a board member of Make-A-Wish Foundation Singapore, Hong Kong - ASEAN Economic Cooperation Foundation and Japan Home (Retail) Pte Ltd; a member of the Board of Governors of United World College South East Asia and a resource panel member of private equity firm, Credence Partners Pte Ltd. Mr Lau started his career at Computervision Corporation in the early 1980s, where he sold and implemented numerous CAD/CAM systems in the Asia-Pacific region, including some of the first CAD/CAM systems ever installed in China. Between 1988 and 1990, he was the vice president of Citigroup's Information Business in Japan, where he marketed real-time online financial information services to major corporations as well as financial institutions in Japan. Mr Lau served as GTECH's General Manager in Asia, where he marketed and managed the ongoing operations of various large-scale public gaming outsourcing projects in Asia between 1991 and 1994. From 1994 to 2011, Mr Lau was with Egon Zehnder International and was elected as global partner in 2000, where he recruited CEOs and their top management teams on behalf of global multinational and Asian clients. He was the firm’s Singapore Managing Partner for 10 years and later focused on serving Japanese clients in Asia as well as board consulting.
Mr Lau is trilingual in Japanese, English and Mandarin. He received a Bachelor of Arts from Tokyo University of Foreign Studies in 1979 and a Master of Economics from Hitotsubashi University in Tokyo in 1981.
INDEPENDENT NON-EXECUTIVE DIRECTOR
Mr Tarun Kataria is an Independent Non-Executive Director of the Managers. He is also an Independent Non-Executive Director of HSBC Bank (Singapore) Limited where he is also the Chairman of its Audit Committee. In addition, Mr Kataria is an Independent Non-Executive Director of Mapletree Logistics Trust Management Pte. Ltd. (the manager of Mapletree Logistics Trust) and Jubilant Pharma Ltd. He is also on the boards of three Indian-listed companies, Westlife Development Ltd, Poddar Housing and Development Ltd and Sterlite Investment Managers Limited (the manager for India Grid Trust).
Between 2010 and 2013, Mr Kataria was the Chief Executive Officer, India of Religare Capital Markets Ltd. Prior to joining Religare Capital Markets, Mr Kataria held various senior positions within HSBC Group from 1998 to 2010, which included the roles of Chief Executive Officer, Global Banking and Markets, at The Hongkong and Shanghai Banking Corporation Limited (India), Vice-Chairman of HSBC Securities and Capital Markets (India) Private Limited, Non-Executive Director of HSBC InvestDirect (India) Limited, and Managing Director, Asia Head of Institutional Sales, HSBC Global Markets based in Hong Kong.
Mr Kataria holds a Master of Business Administration (Finance) from The Wharton School, University of Pennsylvania. He is also a Chartered Accountant registered with the Institute of Chartered Accountants of India. His charitable giving is directed at environmental protection, as well as girls’ education and health.
TAN Wee Peng Kelvin
INDEPENDENT NON-EXECUTIVE DIRECTOR
Mr Kelvin Tan is an Independent Non-Executive Director of the Managers, as well as Chairman of the Audit and Risk Committee of the REIT Manager.
Since 2016, Mr Tan has been an Adjunct Associate Professor at NUS Business School. Prior to that, he was the Managing Director of a private investment vehicle, GBE Holdings Pte Ltd, a position which he held since 2008. Prior to this, Mr Tan held senior management positions, including the position of President of AETOS Security Management Pte Ltd from 2004 to 2008 and Global Head of Business Development and Chief Executive Officer, India of PSA International Ltd from 2003 to 2004. From 1996 to 2003, Mr Tan was with Temasek Holdings, where his last held position was as Managing Director of its Private Equity Funds Investment Unit.
Mr Tan is a member of the Singapore Institute of Directors and the Institute of Management Consultants (Singapore). He is also a Fellow and the Secretary of the Institute of Singapore Chartered Accountants. Mr Tan is an independent Director and Chairman of the Audit Committees for IREIT Global Group Pte. Ltd. (the manager of IREIT Global), Sabana Real Estate Investment Management Pte. Ltd. (the manager of Sabana Shari’ah Compliant REIT), Viking Offshore and Marine Ltd and UnUsUaL Limited. Mr Tan is also a non-executive Director of Global Investments Limited.
Mr Tan holds a Bachelor of Accountancy (First Class Honours) and a Master of Business Administration, both from the National University of Singapore.
Carl Gabriel Florian STUBBE
INDEPENDENT NON-EXECUTIVE DIRECTOR
Mr Carl Stubbe is an Independent Non-Executive Director of the Managers. He is also Chairman of the Nominating and Remuneration Committee of the REIT Manager.
Mr Stubbe is currently the Senior Vice President, Investment Sales, Asia Hotels & Hospitality Group of Jones Lang LaSalle Property Consultants Pte Ltd.
From 2017 to 2018, Mr Stubbe served as Chief Corporate Development Officer of OUE Limited. Concurrently, Mr Stubbe has been Chief Executive Officer of Peredigm Private Limited, a company involved in packaging and marketing excess capacity for asset-heavy businesses since 2013. He founded the company and has been responsible for its overall strategic direction. Prior to founding Peredigm Private Limited, Mr Stubbe was with Bank Julius Baer Singapore, where his last held position was Director, Private Banking. From 2009 to 2010, he was Chief Executive Officer of The Gaia Hotels, and from 2006 to 2008 he was with Grove International Partners LLP, a global real estate private equity firm, where his last held position was Vice President. In 2006, Mr Stubbe was with Colony Capital Asia, Ltd., a private international investment firm focusing primarily on real estate-related assets and operating companies, and from 2003 to 2005 he was with Global Hyatt Corporation in Chicago, U.S., where his last held position was Manager of Acquisitions and Development.
He has served as the non-executive chairman of Bowsprit Capital Corporation Limited, the manager of First Real Estate Investment Trust, and was previously also an independent director of OUE Commercial REIT Management Pte. Ltd., the manager of OUE Commercial Real Estate Investment Trust.
Mr Stubbe graduated from the University of Massachusetts, U.S. with a Bachelor of Arts in English, and holds a Master of Business Administration from Johnson and Wales University, U.S.
Salvatore G. TAKOUSHIAN
EXECUTIVE DIRECTOR AND CHIEF EXECUTIVE OFFICER
Mr Salvatore Takoushian is the Executive Director and Chief Executive Officer and President of the Managers.
Together with Howard Wu and Taylor Woods, Mr Takoushian was integral to the founding and establishment of the Managers and Eagle Hospitality Trust (“Eagle HT”). As the key person spearheading the listing and strategic direction of Eagle HT, Mr Takoushian was responsible for assembling the management team and was actively involved in the establishment of the debt syndicate and the equity syndicate for the IPO of Eagle HT. Mr Takoushian has over 16 years of experience in investment banking with extensive experience advising lodging and real estate companies in strategic and financial matters. During his career, he has managed the execution of public and private capital raises in excess of US$25 billion, including significant U.S. REIT IPO experience, and more than US$20 billion of merger and acquisition transactions. His experience encompasses mergers and acquisitions, joint ventures, asset/portfolio divestitures and he has led many financing transactions including debt and equity. Prior to joining the Managers, he was Managing Director at Jefferies, LLC from 2015 to 2018 and headed the company’s global lodging investment banking business with a focus on public REITs, global private equity sponsors and private real estate and lodging companies. While at Jefferies, Mr Takoushian also played a role in advising the Founders in relation to part of the Initial Portfolio. From 2004 to 2015, he was with Citigroup Global Markets Inc. where his last held position was Director, Investment Banking and where he maintained similar responsibilities.
Mr Takoushian holds a Bachelor of Science in Business Administration with concentrations in Finance and Accounting from Boston University where he graduated Magna Cum Laude.