The head of the world's biggest lodging REIT, Bethesda-based Host Hotels, will step down at the end of the year.

President/CEO Ed Walter has been with the company since 1996 and has held the top position since 2007. Jan. 1, EVP James Risoleo will step into the top job. It is unclear what Ed, shown speaking at BLIS in September, has planned after leaving Host.

"It has been an enormous privilege to lead Host Hotels for the past decade, and I am proud of everything the team has accomplished together," Ed said in a release. "I have worked closely with Jim throughout my career at Host, and I believe that he is the ideal individual to drive the future success of the company."

James also joined the company in 1996, and as senior vice president for acquisitions, he has managed the REIT's West Coast and European investment activities.

"The company has a superior and diversified portfolio of iconic properties, a solid balance sheet and a strong executive team with which to execute our plans for future success," James said. "I look forward to working with the dedicated associates across our organization as we implement our plans to drive growth, profitability and stockholder value creation."