Our advisory board includes world class leaders in the global hospitality industry. They have provided us with valuable support, and will continue to advise and help us stay at the cutting edge of the global travel distribution business.

Leland C.Pillsbury
Co-Chairman and Chief Executive Officer
Thayer Lodging Group

Mr. Pillsbury oversees all aspects of Thayer's activities, including its strategy and investment policy, and will be a member of Thayer Lodging's Investment Committee responsible for over US$ 3 billion in lodging investments. Prior to forming Thayer, Mr. Pillsbury founded Grand Heritage Hotels, a manager of historic and unique independent hotels.

Mr. Pillsbury joined Marriott Corporation in 1969. During his 20-year tenure at Marriott, he served in a variety of roles including hotel general manager, director of sales and marketing and strategic planning and development. In 1986, he was named a corporate officer and Executive Vice President of Marriott Corporation. From 1986 to 1989, he revamped Marriott's pricing strategies and developed the first generation of revenue management and yield management systems. During this time period he also developed Marriott's frequent traveler program. He launched venture teams that led Marriott's entry into the time-sharing business, Fairfield Inns economy lodging business and acquired the Residence Inn Company. As Vice President and General Manager of Fairfield Inns and Residence Inn, he supervised 18,000 people and in excess of $1 billion in capital investment in lodging products.

Mr. Pillsbury received a B.S. from Cornell School of Hotel Administration and an Executive M.B.A. from Northwestern University J.L. Kellogg Graduate School of Management. Mr. Pillsbury serves on the University Council at Cornell University, the Dean's Advisory Board of J.L. Kellogg School of Management, and is a director and investor in several privately held companies.

Frederic V. Malek
Chairman, Thayer Capital Partners; Former partner of the Texas Rangers with
President George W. Bush.

Fred Malek is Chairman of Thayer Capital Partners, a Washington D.C. based merchant bank. Mr. Malek formed Thayer Capital Partners in 1993 to acquire operating companies of divisions of larger companies. Thayer Capital has formed Thayer Equity Investors III, a private equity partnership dedicated to corporate buyouts with over $350 million of equity, and Thayer Equity Investors IV with over $800 million of equity.

Thayer Capital and Mr. Malek led the 1995 acquisition of the Ritz-Carlton Hotel Company, with Marriott International as a major equity partner. He was one of three leaders in the acquisition of Northwest Airlines and is a director and major investor in Northwest Airlines, where he served as President and vice Chairman from late 1989 through 1991. Earlier, Mr. Malek led with management the acquisition of CB Richard Ellis (formerly Coldwell Banker), the largest real estate services company in the United States, where he served as Co-Chairman until 1996. Mr. Malek also is Chairman and CEO of Thayer Hotel Investors, a large equity partnership that purchases, owns, and operates hotels valued at $2 billion in the United States. He serves on the boards of several other large corporations including Automatic Data Processing, Inc., and FPL Group (Florida Power and Light).

Mr. Malek was President of Marriott Hotels from 1981 through mid-1988, responsible for more than $3 billion in annual sales and approximately 70,000 workers. During his eight-year tenure, profits of Marriott Hotels grew fourfold and Marriott Hotels rose from fourth to first in consumer preference.

In addition to his business career, Mr. Malek has served as an advisor to four U.S. Presidents over the past two decades. In the early seventies, he entered government as Deputy Undersecretary of the Department of Health, Education and Welfare. He later became Special Assistant to the President of the United States and the Deputy Director of the U.S. Office of Management and Budget under President Nixon and Ford.

Mr. Malek advised President Reagan as a member of the executive committee of the President's Council on Cost Control, as a member of the President's Commission on Private Sector Initiatives, and as a member of the President's Council on Physical Fitness and Sports. More recently, he served President Bush as Director of the 1988 Republican Convention, and as Director of the 1990 Economic Summit of Industrialized Nations, with the lifetime rank of Ambassador. He had the privilege of serving as Campaign Manager for President Bush during 1992, and was Chairman of the 1996 Republican Presidential Trust.

Earlier in his career, Mr. Malik was a management consultant with McKinsey and Company and in 1967, co-founded and became co-chairman of Triangle Corp. He currently serves on the boards of several universities and other non-profit institutions.

Born in Berwyn, IL, Mr. Malek is a 1959 graduate of West Point and served in Vietnam. He received an MBA from Harvard Business School in 1964. He and his wife of 41 years live in McLean, VA and have two children.

Ted Teng
Executive in Residence
School of Hotel Administration Cornell University

Ted Teng is serving as Executive in Residence for the Spring 2006 semester. In this role, he guest lectures in various courses such as Asset Management, Managerial Accounting, Organizational Development, Multinational Finance, Strategies in Hospitality Industry, Cross Cultural Communications, Distribution in Hospitality, Strategic Management, and Development. He also works with faculty members on research and projects. Mr. Teng holds forums and roundtable discussions with students on industry topics and career development. He also coaches students individually. Mr. Teng brings his insights and knowledge from 25 years of global hospitality industry experience to the Hotel School that integrates academic theories with practical business applications.

From May 2000 to December 2004, Mr. Teng was president and chief operating officer of Wyndham International. He was responsible for operations and profitability of the company's Wyndham branded and non-proprietary branded assets. This includes development of overall revenue and profitability strategies, brand standards, and service. With $2.5 billion in annual revenue, Wyndham's portfolio includes more than 200 owned, leased, managed, and franchised properties with more than 55,000 guest rooms. Additionally, he led a variety of corporate functions including sales & marketing, human resources, information technology (IT), procurement, and asset management.

Mr. Teng has more than 25 years of global hospitality experience in hotel operations, finance and development in North America and Asia Pacific. Prior to joining Wyndham, he served as president, Asia-Pacific, for Starwood Hotels & Resorts Worldwide, Inc., where he led the post-merger integration of that company, growth of the Westin, Sheraton, St. Regis, W, and Four Points brands, and the operating and financial performance of over 70 hotels and resorts in 17 countries. Mr. Teng was also the former president of Asia-Pacific for Westin Hotels, where he managed the growth of the brand from 14 to 24 properties and was credited with substantially improving the operating performance of the hotels. During his 14 years with ITT Sheraton, he served in a variety of senior and strategic capacities in North America, Hawaii, and Asia.

Some of the projects developed under his leadership includes: St Regis Beijing (the first equity investment in China for then ITT Sheraton), Westin Sydney, W Sydney (first international W Hotel), Westin Kuala Lumpur, Westin Guam, Westin Taipei, Westin Melbourne, Sheraton Yokohama, Sheraton Suzhou, Sheraton Wuxi, Sheraton Shenyang, Four Points Sydney, and St. Regis Shanghai. Mr. Teng also executed many extensions of existing management contracts and franchise agreements by developing excellent relationships with third party owners. Mr. Teng has established and managed several US-local (Chinese, Japanese, Indonesian, Malaysian, Australian) joint venture companies. In his career, he has participated in several corporate merger and acquisition transactions.

Born in Shanghai, China, he grew up in Hong Kong and emigrated to the U.S. at age the age of 13. Mr. Teng grew up in Los Angeles and New York City and became a U.S. citizen while he was 18 years old. Mr. Teng graduated from the Cornell University School of Hotel Administration and holds an M.B.A. from the University of Hawaii.