I have Ubuntu 16.04 host machine with WMWare Player and Windows 8 guest. The problem is that the guest Windows machine doesn't have access to the internet.
Host Ubuntu 16.04 configuration:
>>> grep VERSION= /etc/*-release
/etc/os-release:VERSION="16.04.3 LTS (Xenial Xerus)"

>>> sudo iptables --list
Chain INPUT (policy ACCEPT)
target prot opt source destination
Chain FORWARD (policy ACCEPT)
target prot opt source destination
Chain OUTPUT (policy ACCEPT)
target prot opt source destination
>>> sudo ufw status
Status: inactive
VMWare configuration:
> vmware --version
VMware Workstation 12.1.0 build-3272444

Windows guest machine:

Testing:

Notes:
ping is ok and nslookup hangs. Looks like host machine is stopping the traffic.ssh into host - ok.ssh into other machine within the Local lo network of the host - ok172.16.223.2. I tried to change that to the IP of the host (172.16.223.1) - same results.My case was really simple. For some reason VMWare hasn't picked up proper DNS's of the host and 8.8.8.8 and 8.8.4.4 are blocked within the internal network. Setting DNS servers manually within Windows to the IPs that are allowed within internal network fixed the issue.
I am marking the question as resolved, but if smb posts a solution to fix the VMWare to pick-up the DNS's of the host, I will switch to his answer.