Marshall Hotels & Resorts Inc. named Michael E. Getzey COO.
Most recently Getzey served as the president of the company’s construction and renovation division. He has been with Marshall since 1981; during his tenure he has been involved in the operation of more than 100 hotels and overseen more than $75 million in construction and renovation projects.
In his new role, Getzey will oversee all operations, sales and marketing for the company’s 50-plus hotel and resort management portfolio. He will play an integral role in the acquisition and management takeover process, providing guidance on brand selection and PIP costs. He also is active in new hotel development, ranging from site selection to construction oversight.
NREI talked to Getzey about the most exciting trend right now in the hotel sector and what investors are looking for. An edited version of that interview follows.
NREI: What overall trend excites you in the hotel/resort sector?
Michael Getzey: The way that hoteliers are incorporating technology into the guest experience fascinates me. Not long ago, high-speed Internet access was looked at as a novelty, not a guest necessity. Currently, various technologies are being explored to not only make the guest experience more enjoyable, but also to impact profits. As profit margins continue to be squeezed, we will look at more and more ways to control costs without impacting the overall guest experience. If technology can affect those things “behind the scenes” to maintain profits, it will continue to be a viable investment vehicle.
NREI: What geographic region do you think is ripe for movement or development in the sector?
Michael Getzey: Rarely is hospitality the pioneer for development for a given area. Before the “big bust,” you could follow population movements to determine where to build and how big to build. Now that population movement has slowed, you need to be more aware of the revenue generators that will affect your development. At one time, the establishment of a large industrial or commercial development would have spurred significant hotel growth. Now investors would like to see some assurance that these will in fact be long-term players in that market. Going forward, a project will have to have solid economic underpinnings, regardless of location.
NREI: How are investors feeling about that sector right now?
Michael Getzey: Investors want the same thing that they have always wanted: A good, solid investment that is well maintained; has strong qualified management; is positioned properly in the market; and has a long-term horizon. Yes, there were days when the ego deal was in vogue. But today, it is just as important to maintain capital while you are trying to grow it. Today, potential investors ask many more questions regarding every aspect of a potential project. It's more important to be able to answer to the economics of that project than just promote what may look as a hot area.
Hines Names New President and CEO
Hines named Sherri W. Schugart the firm’s president and CEO, responsible for several investment funds sponsored by the company.
Schugart takes over from Charles N. Hazen, a tenured senior managing director and divisional CEO in the firm’s investment management group, who will retire from certain president and CEO positions March 15. Hazen will remain with Hines for a year.
Since joining Hines in 1989, Hazen has managed investment vehicles representing about $12 billion of real estate in eight countries and has been involved in raising more than $6 billion from institutional and retail investors globally.
Schugart, previously a senior managing director, has served in numerous capacities with Hines during her 17-year tenure. She has been responsible for arranging more than $10 billion of equity and debt capital for several of Hines’ public and private investment funds in the United States and internationally. She has also had leadership and management responsibilities for product structuring, capital raising, portfolio strategy, asset management, investor relations, finance and accounting relating to certain funds.
Simone Healthcare Names New President
Simone Healthcare Development Group appointed Joseph Kelleher as president of the company.
The firm is a division of Simone Development Cos., focused on building turnkey outpatient medical facilities with health care providers in the New York metropolitan area.
Grosvenor Welcomes New COO
Grosvenor Fund Management named Bruce M. Ambler, Jr. the COO for the company’s Philadelphia-based U.S. operation.
Ambler is returning to the U.S. from the United Arab Emirates, where he has worked with the Abu Dhabi Investment Authority since 2009, most recently as senior portfolio manager, real estate and infrastructure department.
Before joining ADIA, he served in London as a director for Deutsche Bank AG. Previous employers include Lehman Brothers International Europe (London), Munich-based HVB (New York City), Banc of America Securities LLC (Charlotte, N.C.) and NationsBank (Baltimore, Md.).
Hertz Hires CIO
Hertz Investment Group named James M. Ingram as executive vice president and CIO.
Ingram will be based in Jackson, Miss. and will be responsible for managing all acquisition and disposition activity. He will also oversee the leasing operations of Hertz properties in Mississippi, Tennessee, Louisiana and Virginia.
Ingram previously worked at Parkway Properties for 23 years, helping that company acquire and sell more than 120 office properties representing 26 million sq. ft. and $3.7 billion.
Walker & Dunlop Welcomes New EVP
Walker & Dunlop Inc. hired Stephen P. Theobald as executive vice president, CFO and treasurer.
Theobald joins Walker & Dunlop from Hampton Roads Bankshares, where he most recently was executive vice president and CFO. Prior to Hampton Roads, Theobald held several senior finance positions at Capital One, including CFO of local banking from 2005 to 2010.
Case Takes on Co-President Role
Realty Income Corp. named John P. Case co-president of the firm.
Case will also continue as CIO and will oversee all of the company’s investment activities, capital markets, finance and accounting, corporate communications and investor relations functions. He will also work on the company’s long-term corporate strategy and operational structure.
Since joining Realty Income three years ago as executive vice president and CIO, Case has been responsible for implementing the company’s expanded acquisitions strategy focused on increasing the size, quality and diversity of its real estate portfolio. Prior to joining Realty Income, Case was co-head of real estate investment banking for RBC Capital Markets, where he also served on the firm’s global investment banking management committee.
Realty Income also named Sumit Roy executive vice president, acquisitions. Roy was most recently was senior vice president, acquisitions. Prior to joining the company in 2011, he served as executive director in the global real estate, lodging and leisure group for UBS Investment Bank, where he covered real estate companies in the U.S. and executed transactions in Argentina, Australia, Brazil and Mexico.
In addition, Realty Income promoted Janeen S. Bedard to associate vice president, assistant to the CEO for strategic planning. Bedard joined Realty Income in 2006 and has served in a variety of capacities.
Kilroy Sr. Retires
The son has taken over for the father at Kilroy Realty Corp., with John B. Kilroy Sr. retiring and John Kilroy Jr. replacing him as chairman.
Kilroy Sr. founded the businesses in 1947 and has served as the publicly-traded REIT’s chairman since its initial public offering in 1997. He had turned over the day-to-day leadership to Kilroy Jr. in 1981. The company has owned, developed, acquired and managed real estate assets primarily in the coastal regions of Los Angeles, Orange County, San Diego, the San Francisco Bay Area and greater Seattle, and now has 13.2 million rentable sq. ft. of commercial office space.
Kilroy Sr. founded the businesses in 1947 and has served as the publicly-traded REIT’s chairman since its initial public offering in 1997. He had turned over the day-to-day leadership to Kilroy Jr. in 1981. The company has owned, developed, acquired and managed real estate assets primarily in the coastal regions of Los Angeles, Orange County, San Diego, the San Francisco Bay Area and greater Seattle, and now has 13.2 million rentable sq. ft. of commercial office space.
Arbor Names New Board of Directors Member
Arbor Realty Trust Inc. appointed Stanley Kreitman to the company’s board of directors as an independent member.
Kreitman is the chairman of the board of Manhattan Associates LLC and was deeply involved in the founding of Signature Bank, where he currently serves on the advisory board. In addition, he was president of United States Banknote Corp. until he retired in 1994.
Arbor is a REIT focused on investing in a diversified portfolio of multifamily and commercial real estate related bridge and mezzanine loans, preferred equity investments, mortgage related securities and other real estate related assets.
Sittema Joins Crescent Resources Board
Thomas K. Sittema, CEO of CNL Financial Group, joined the board of managers of Crescent Resources, a real estate investment company based in Charlotte, N.C., focused on multifamily, residential and commercial developments.
Sittema, who joined CNL in 2009, leads a team that advises four real estate funds and a business development company. Since its inception in 1973, CNL Financial and its affiliates have formed or acquired companies with more than $26 billion in assets.
Eastern Union Funding Opens New N.Y. Office
Eastern Union Funding opened a new office in Rockland County, N.Y.
The new office—joining company locations in Brooklyn, N.Y.; Howell, N.J.; and Maryland—is led by David Betesh, a senior vice president. Betesh has been with Eastern Union for more than 10 years; during his tenure his team has financed transactions with a total value of nearly $500 million.
NGKF Welcomes EVP in Retail; Managing Director in Capital Group
Newmark Grubb Knight Frank welcomed Jay Luchs as an executive vice president in the retail division.
Luchs spent 12 years at CBRE Group Inc., most recently as an executive vice president and has represented many major names in fashion including LVMH brands Céline, Louis Vuitton, Christian Dior, Lanvin, Missoni, Isabel Marant and Bottega Veneta. Just prior to joining NGKF, he negotiated the $85 million sale of 319-323 North Rodeo Drive in Beverly Hills to LVMH Moët Hennessy Louis Vuitton SA, representing both buyer and seller.
Jared A. Zimmel also joined Newmark Grubb Knight Frank as managing director in the firm’s capital group.
He will be involved in all aspects of investment sales in the suburban New York metro area, including the sourcing, underwriting, and marketing of for-sale corporate and investment property. He comes to NGKF from Cushman & Wakefield’s metropolitan area capital markets group, where he worked for five years as a director. His team organized the underwriting, marketing and sale of more than $5 billion of worth of investment-grade real estate, totaling 40 million sq. ft.
Stonegate Welcomes Meachum as EVP
Stonegate Mortgage Corp. hired Robert Meachum as executive vice president of servicing.
Before joining Stonegate, Meachum worked at Homeward Residential, where he served as senior vice president, subservicing and special servicing. Before that, he worked at Saxon Mortgage as executive director. There, he managed the operational credit risk of Saxon's $37 billion servicing portfolio and developed the business strategy and provided key leadership for the turnaround of Saxon's servicing platform.
Related Names EVP
Related Cos. named John R. S. Jacobsson as executive vice president. In this newly created position, he will pursue new investment and business opportunities and sustain and build upon the firm’s relationships with the global institutional investor community.
Prior to joining Related, Jacobsson was a partner at AREA Property Partners (formerly known as Apollo Real Estate Advisors). Jacobsson originally joined AREA at the time of its founding in 1993 and was, until the end of 2011, a partner and the leader of AREA’s North America opportunity funds business, overseeing AREA’s opportunistic investments in the U.S. and Mexico.
SRS Hires First VP in Phoenix
SRS Real Estate Partners welcomed Sean Thomas as first vice president in the Phoenix office.
He will focus on disposition and investment services and has 17 years of experience representing buyers and sellers of multi-tenant and single-tenant properties.
Prior to SRS, his real estate experience included work at a boutique firm specializing exclusively in shopping center sales. He also was an acquisitions director for an Arizona-based development and construction company focused on retail projects.
CoreLogic Welcomes Storm as SVP
CoreLogic appointed Pam Storm as senior vice president of specialty credit.
Storm will oversee strategy and execution for the company's multifamily housing solutions and alternative credit businesses.
Storm joined CoreLogic from Yardi Systems and, previously, LexisNexis Risk Solutions. She brings with her more than 15 years of risk management experience. Earlier in her career, Storm held a variety of leadership positions with Deloitte & Touche.
Studley Promotes SVP in Los Angeles
Studley promoted Joshua Gorin to co-branch manager of the firm’s downtown Los Angeles office.
Gorin, a senior vice president, has been with Studley since 1997. He advises companies on national and international projects and has executed transactions valued in excess of $2.5 billion and totaling more than 20 million sq. ft. He has represented NBCUniversal, EMI Music North America, Beats by Dr. Dre, Nielsen, The State Bar of California, Panavision and Citi.
FFN Hires SVP
First Financial Network added Tim Buss as a senior vice president, business development.
Buss will be responsible for business development and creating client focused solutions, as well as assisting in the marketing of specific loans secured by commercial real estate around the country. He comes to FFN from NAI Global and NAI Hiffman, where he was a senior vice president, responsible for working with commercial lenders and special servicers to resolve their distressed loan issues.
CBRE|Richmond Promotes Anderson
CBRE|Richmond promoted Matt Anderson to assistant vice president.
Anderson joined CBRE in 2006 with a primary focus on representing users of office and industrial properties and has since negotiated more than 350 transactions valued at more than $75 million involving government agencies, national corporations, REITs, medical practices and local businesses.
JLL Welcomes Pros Across the Country
Jones Lang LaSalle welcomed John Scott as executive vice president. He will work with the structured finance team, focusing on equity raising, joint ventures and other private real estate fund opportunities for institutional clients in New York and across the U.S.
Scott comes to JLL’s New York City office from the firm’s London office, where he worked closely with teams in Europe, Asia Pacific and the Gulf region to service a global client base of institutional property fund investors and fund managers.
Jones Lang LaSalle Capital Markets also added Andrea Howard, a 15-year industry veteran, as senior vice president in the Carolinas. Working with the multifamily team, she will strengthen and grow the firm’s apartment expertise in Charlotte and Raleigh, N.C. and the entire Southeast region.
Howard comes to Jones Lang LaSalle from Grubb Properties, where she served as senior vice president, responsible for leading the overall multifamily acquisition and disposition strategy.
JLL also brought on Will Loftis in the firm’s San Francisco office as a vice president. There, he will lead the firm’s Northern California healthcare practice in project and development services. Loftis joins JLL from the San Francisco office of SmithGroup JJR, where he served as design principal and project manager in the firm’s healthcare studio.
In addition, JLL hired Joe Nydahl as a vice president in the company’s Portland, Ore. office. He will specialize in the multifamily sector. Nydahl comes from Gerding Edlen Development, where he worked in multiple phases of real estate development, including repositioning, due diligence, design development, construction management and project closeout for the past eight years.
CBRE Names HR Pro
CBRE Group Inc. named Jennifer Ashley senior vice president, human resources in the Americas. Ashley was previously head of marketing, Americas and directed all marketing strategy and operations in the United States, Latin America and Canada, leading a group that includes 100 marketing and communications professionals across all lines of business in the CBRE services platform. She will also serve as a member of CBRE’s Americas operations management board, which helps to set the strategic direction for the company’s Americas region.
USAA Real Estate Co. Welcomes New Managing Director
USAA Real Estate Co. hired Bahram Motamedian as managing director of portfolio management. Motamedian will join the team leading the USAA Eagle Real Estate Fund, a diversified open-end fund investing in all major property types throughout the U.S. He will also direct separately managed accounts and will work closely with executive leadership to advance the company's international investment strategy.
Motamedian joins USAA Real Estate Co. after 17 years with Hines Interests of Houston, including 10 years in London as managing director for Hines Europe. His time in Europe included senior roles with a European value-added fund as well as their European development fund. He also brings experience in emerging markets, including Asia, Latin America and Eastern Europe. Motamedian serves as a trustee for the Urban Land Institute.
Winick Launches New Long Island Division
Winick Realty created a new Long Island division, hiring Noel Caban to head the effort. Caban will focus on property investment and retail leasing on behalf of both landlords and tenants in Nassau and Suffolk counties, as well as areas in Queens. He will also work with Winick to help solidify the company’s position in all of the outer boroughs.
Caban has more than a decade of retail brokerage experience, most recently serving as vice president of CBRE, where he serviced the retail business requirements of clients including Bank of America, 7-Eleven, McDonalds, Ford Motor Co. and Time Warner Cable.
MMCC Names Associate Director
Marcus & Millichap Capital Corp. named Andrew Dansker an associate director in the firm’s Manhattan office.
Dansker will be responsible for sourcing, underwriting and obtaining financing for all asset classes of commercial real estate nationwide with particular emphasis on multifamily. Prior to joining MMCC, Dansker worked with Cooper-Horowitz Inc. in New York City. He was also a managing director with Matrix Realty Group in Smithtown, N.Y.
Three Associates Join Massey Knakal
Massey Knakal Retail Leasing Services welcomed three new associates to its New York City office.
Conrad Martin will focus on Brooklyn’s Greenpoint and Williamsburg neighborhoods. He comes from Tutorspree Inc. in New York City, where he was a sales consultant.
Denise Prevete will work in Queens, including Bay Terrace, Bayside, College Point, Flushing and Whitestone. Prior to Massey Knakal, Denise was a pastry cook at Maialino Restaurant located in the Gramercy Park Hotel.
Hunter L. Moss will specialize in Manhattan’s Flatiron, Gramercy Park, Murray Hill and Union Square areas. Moss comes from internships at Ruckus Marketing and the online marketing department of The College Board in New York City.
Four Attorneys Join Porzio
Porzio, Bromberg & Newman P.C. hired four new lawyers to the law firm.
Steven Wagner joins Porzio as a principal, John Wagner and Bonnie Reid Berkow as of counsel and Karen Schwimmer as an associate. All will be based in Porzio’s New York City office and are former members of Wagner Davis P.C., which was founded by Steven Wagner in 1984.
Steven Wagner concentrates his practice in co-op and condominium law, real estate litigation, land use, and overall real estate in the New York City area. John Wagner concentrates his practice in corporate law, real estate, leasing, trusts and estates and elder law.
Berkow has experience litigating many types of matters including construction, co-op and condominium, corporate, land use, leasing, commercial real estate, human rights and negligence law. Schwimmer represents clients in commercial real estate transactions.
Counsel Joins Romer Debbas
Romer Debbas LLP welcomed Marianna Moliver to the firm as counsel. She will manage the firm’s trusts and estates practices and support the firm’s growing real estate practice.