CWI will be advised by Carey Lodging Advisors, LLC, a subsidiary of W. P. Carey & Co. LLC (NYSE: WPC). CWA, LLC, a subsidiary of Watermark Capital Partners, will serve as subadvisor. The advisor and subadvisor will manage CWI's overall portfolio, including providing oversight and strategic guidance to the independent property operators that manage our properties. In its offering, CWI will issue up to 100,000,000 shares of its common stock for sale at $10.00 per share and up to an additional 25,000,000 shares of its common stock for issuance under its distribution reinvestment plan at $9.50 per share. CWI is a publicly registered, non-traded corporation that intends to qualify as real estate investment trust (REIT). Carey Financial, LLC, a wholly owned subsidiary of W. P. Carey & Co. LLC, will manage the best efforts offering through select broker/dealer firms and registered investment advisors.