HOSPITALITY ADVISORY AND ASSET MANAGEMENT

Richard Pastorino, ISHC, HAMA

r.pastorino@revparintl.com
Main: 703-838-9707
Direct: 703-650-9640

AREAS OF EXPERTISE

Advisory and asset management for hotels; economic, market, financial, and operational analyses of hospitality assets; due diligence; valuation/appraisal; acquisition strategy; and workouts for hospitality real estate worldwide.

Over the past 30 years, he has directed, managed, and/or prepared market feasibility studies, appraisals, and acquisition analyses on over 4,500 proposed and/or existing hospitality/tourism-related projects located throughout the United States, the Caribbean, Europe, the Middle East, and Latin America.  The aggregate value of these projects represents well in excess of $15 billion in investment activity.

Asset managed a variety of hotels — branded and independent — throughout the United States and the Caribbean on behalf of private equity and institutional owners.

Acted as principal or Owner’s Representative in the acquisition and/or development of new and existing hotel real estate, as well as hotel debt purchase.  Areas of responsibility included: site selection; negotiation of purchase price; sourcing and securing debt financing; selection (via RFP process) and negotiation of operator and franchise agreements, architecture/design, general contractor; and franchise, execution of permitting process, and project and construction management.

Acted as advisor to numerous clients on transactions involving the purchase or sale of hotel assets across the globe.

Directed and managed numerous public-sector projects to determine the economic feasibility of developing recreational amenities (i.e., golf course, hotel, lodge, marina, amphitheater, and picnic areas) on government-owned land for direct use by authorized government market, or in the interest of enticing private-sector development through a joint-venture relationship, leasehold improvement, and/or concession arrangement.

Provided expert witness services on a variety of aspects related to various issues of the hotel industry, including feasibility, valuation, CapEx, operations, etc.

PROFESSIONAL HISTORY               

Managing Director, American Express TBS Hospitality Consulting Group – Alexandria, VA

Senior Manager, PKF Consulting – Washington, DC/Alexandria, VA

Assistant Manager, Westin Hotels & Resorts ― The Bellevue Stratford Hotel – Philadelphia, PA

Food and Beverage Controller, Boca Raton Hotel and Club – Boca Raton, FL

EDUCATION

Masters of Business Administration (Finance), Virginia Tech University

B.S. Business Administra­tion, School of Hotel & Restaurant Mgmt., University of Denver

PROFESSIONAL MEMBERSHIPS

International Society of Hospitality Consultants

Hotel Asset Managers Association

University of Denver, Daniels College of Business, Advisory Board

Hotel Association of Washington, D.C.

Urban Land Institute

Chris Cylke, ISHC

c.cylke@revparintl.com
Main: 954-376-4754
Direct: 954-607-2904

AREAS OF EXPERTISE

Has 20+ years of extensive public- and private-sector experience in the hospitality, recreational, and tourism industries regarding new development and acquisition of all hotel types; market and financial analysis; valuation; strategic planning; operations analysis; impact analysis; litigation support; RFP process for operator/brand selection; management contract/franchise negotiations; and financial analysis, including market repositioning and other value enhancement strategies, financing, and asset management.

Managed a broad range of hospitality-related investments, including hotels, conference centers, resorts (including all-inclusive resorts), casinos, golf courses, and marinas, and has directed and managed over 600 hospitality-related projects during his advisory career on individual hotel assets, as well as multiple hotel assets and portfolios.  The aggregate value of these projects represents well in excess of $2 billion in investment activity.  Chris has been with REVPAR International for 18 years.

Provided on-going asset management to luxury resorts, full- and select-service hotels throughout the United States and the Caribbean.

Provided project management services to include preparing conceptual plans of proposed hotels to meet the standards of the potential hotel operators, including minimum room counts/size and the necessary services and facilities required as part of their prototypical design envelope; soliciting various hotel operators/brands through a formal RFP process in becoming development partners for the proposed projects; evaluating alternative deal structures for 3^rd-party hotel operator/owner; identifying potential sources of equity; and analyzing potential lease structures.

Provided related asset acquisition, financing, transition management, and on-going ownership responsibilities to due diligence services for numerous projects.  Many of these assignments included evaluating the overall market, historically and prospectively, to verify what opportunities existed to improve the penetration of the asset from a market share and yield standpoint and the possibility of converting the asset into another brand or property type (i.e., condominium hotel); assisting the client in identifying and selecting a new management company for the asset, and assisting in negotiating the agreement and contracts via a formal RFP process.

PROFESSIONAL HISTORY           

Various Management Positions,Hyatt Hotels Corporation – Washington DC Metropolitan Area

Assistant Manager, Club Seabourne – Culebra, Puerto Rico

EDUCATION

B.A., Government, Clark University

PROFESSIONAL MEMBERSHIPS

International Society of Hospitality Consultants

Paul Landry

p.landry@revparintl.com
Main: 720-210-9111

AREAS OF EXPERTISE

Possesses extensive experience in operations (including regional operations and management experience for an upscale hotel chain’s F&B operations), economic feasibility, asset management, development- and acquisition-related financial and market analysis, operational reviews, strategic planning, RFP process, and appraisals/valuations for all types of hospitality-related real estate for the public and private sector, including hotels, conference centers, resorts, and golf courses and clubhouses. Paul has been with REVPAR International for 14 years.

Provided on-going asset management to full- and select-service properties throughout the United States.

Provided asset acquisition, financing, transition management, and on-going ownership responsibilities related to due diligence services for numerous projects.  Many of these assignments included evaluating the overall market, historically and prospectively, to verify what opportunities existed to improve the penetration of the asset from a market share and yield standpoint and the possibility of converting the asset into another brand or property type (i.e., condominium hotel); assisting the client in identifying and selecting a new management company for the asset; and assisting in negotiating the agreement and contracts via a formal RFP process.

Evaluated numerous hotel and resort F&B and restaurant operations, sharing best practices from 25+ years of operational experience, and creating/implementing new tools to streamline and improve operating efficiencies.  Paul has developed ground-up training programs, redesigned various hospitality systems to improve revenue generation and manage controllable costs, and assisted with the innovation/creation of new hotel products/concepts in major metropolitan markets.  The cumulative value of the assets that Paul has evaluated during his tenure is in excess of $1 billion.

Prepared market and financial feasibility studies for various hospitality facilities.

PROFESSIONAL HISTORY           

Director, The Shelter Group, Washington, DC

Area General Manager, The Kimpton Hotel and Restaurant Group – Washington, DC

General Manager, ClubCorp, Inc., Jacksonville, FL

EDUCATION

B.S., Business Administration with a Major in Hospitality Administration, Florida State University

Robert Vitale

r.vitale@revparintl.com
Main: 703-838-9707
Direct: 703-650-9644

AREAS OF EXPERTISE

Prepared market demand and feasibility studies for all types of hotel products, touching nearly every single brand, throughout the United States and markets abroad.  Projects included: determining the level of demand that currently and prospectively exists in the market and concluding if it is sufficient to support the development of the proposed project; determining franchise affiliation and other support services and amenities; estimating the future operating potential; estimating development costs; determining a fair lease structure and/or amount; and identifying appropriate hotel developers/operators.  Robert has been with REVPAR International for 13 years.

Provided project management services to include preparing conceptual plans of proposed hotels to meet the standards of the potential hotel operators, including minimum room counts/size and the necessary services and facilities required as part of their prototypical design envelope. Studies include a variety of commercial- and hospitality-related real estate, including limited- and full-service hotels, extended-stay properties, and resorts (with timeshare, condo-hotel, conference center, casino, golf course, and/or marina), as well as evaluation of potential conversion of existing buildings into lodging facilities.

Asset management services have included providing operational review services, with best practice recommendations, which included monitoring on-site operations from the perspective of loan security and collateral protection.  Also, assessing hotel operating performance, participating in regular sales and operational calls with management, and researching variances to enhance revenue or reduce expenses. Establishing performance benchmarks and measuring results, performing brand assessment and void analysis, and representing the client in dealings with hotel operators, franchisors, management companies, governmental agencies, media sources, community groups, and suppliers.  Preparing, evaluating, and making recommendations relative to borrower’s proposed repositioning of hotel asset or portfolio through rebranding, renovation, disposition, and/or expansion are all also some of the actions completed as an asset manager.

Spearheaded the RFP process for brands, operators, architects, and interior designers for hospitality-related projects.  Process included evaluating responses, hosting follow-up interviews and presentations, selecting the top candidates, and assisting in negotiations.

PROFESSIONAL HISTORY           

Various Management Positions

The Goodwin Hotel – Hartford, CT

Radisson Hotel – Bristol, CT

Holiday Inn – Waterbury, CT

EDUCATION

B.S., Hospitality and Tourism Management, Connecticut State University

PROFESSIONAL MEMBERSHIPS

Hotel Association of Washington, DC

Kris Lloyd

k.lloyd@revparintl.com
Main: 703-838-9707

AREAS OF EXPERTISE

25+ years of extensive experience in the hospitality, recreational, and tourism industries regarding new development and acquisition of all hotel types; market and financial analysis, valuation, strategic planning, operations analysis, impact analysis, litigation support, and asset management. The aggregate value of these projects represents in excess of $1 billion in investment activity.

MAJOR PROJECTS

Prepared market demand and feasibility studies as well as full narrative appraisals, for all types of hospitality products, including limited and full-service hotels, extended-stay properties, resorts (with conference centers, golf courses, and spas) and mixed-used projects throughout the United States. Projects included analysis of site selection criteria; determining the level of hotel/facility demand that currently and prospectively exists in the market and whether or not it is sufficient to support the development of the proposed project; verifying the size and type of facility that should be developed as well as support services and amenities; determining franchise affiliation; estimating future operating potential and development costs, and identifying appropriate hotel developers/operators.

Provided due diligence for asset acquisition, financing, and on-going related ownership responsibilities for all types of hotels. These assignments included evaluating the overall market, historically and prospectively, to verify what opportunities existed to improve the penetration of the asset from a market share and yield standpoint and the possibility of converting the asset into another brand or property type (i.e., condominium hotel).

Conducted operational reviews, market research, and Project Validation Assessment studies for the United States Army, Navy, Marine Corps, and Air Force for lodging, clubs, food and beverage, and golf course facilities located on military installations.

Conducted numerous impact analyses for major hotel chains to identify the potential base and incremental impact on a specific hotel’s revenue performance and pricing assuming the development of a new or converted facility of the same kind in the defined market area.

Provided on-going asset management for limited and select-services properties including assessment of hotel operating performance and researching variances to enhance revenue; identifying and exploiting new revenue opportunities to the benefit of ownership; establishing performance benchmarks, measuring results and reporting to ownership; representing the client in dealings with hotel operators and franchisors; preparing, evaluating and making recommendations relative to ownership’s proposed repositioning of hotel asset through rebranding, renovation, disposition, and/or expansion.

PROFESSIONAL HISTORY

Associate, PKF Consulting, Inc., Atlanta, Georgia

Research Associate, Legg Mason Realty Group, Baltimore, Maryland

EDUCATION

B.A. in History, University of Virginia, Charlottesville, Virginia

University of Copenhagen, Copenhagen, Denmark

John O’Neill, MAI, ISHC, CHE, PH.D.

AREAS OF EXPERTISE

REVPAR International and Dr. John O’Neill, MAI, ISHC, Ph.D. have had a strategic partnership for over 20 years. For over 20 years, Dr. John O’Neill has specialized in hotel appraisals, market studies and feasibility studies, and he has developed and taught the course, “Issues in Appraising Lodging Properties” for the Appraisal Institute. He holds the MAI designation from the Appraisal Institute and currently serves as Director of the Center for Hospitality Real Estate Strategy at The Pennsylvania State University, where he specializes in teaching and research related to hotel real estate. Previously, he was Senior Associate in the National Hospitality Industry Consulting Group at Coopers & Lybrand in New York where he conducted hotel feasibility studies and appraisals across the country, and prior to that, was Director of Hotel Market Planning for Holiday Inn’s Eastern Region. Previously, he was Senior Manager of Hotel Development Planning at the Marriott Corporation headquarters in suburban Washington, D.C., and he also worked for Marriott in Chicago. He is the author of numerous award-winning articles regarding hotel real estate and the definitive text about hotel market analysis and valuation published by the Appraisal Institute. Dr. O’Neill holds various memberships, including the International Society of Hospitality Consultants.

EMPLOYMENT

Hospitality Advisory Services, LLC, State College, PA
Managing Director

The Pennsylvania State University, University Park, PA
School of Hospitality Management
Professor, Director

Johnson & Wales University, Providence, RI
International Hotel School
Assistant Professor, Associate Professor, Professor

Coopers & Lybrand, New York, NY
Senior Associate, Hospitality Industry Consulting Services Group

Holiday Inn Worldwide, Boston, MA
Director, Hotel Market Planning

Marriott Corporation, Chicago, IL and Washington, DC
Manager, Senior Manager; Hotel Development Planning

Laventhol & Horwath, Kansas City, MO
Consultant, Senior Consultant; Leisure Time Industry Services

Hyatt Regency, Kansas City, MO
Front Office Manager, Housekeeping Manager

EDUCATION

University of Rhode Island, Kingston, RI
Ph.D. in Business Administration, 1999
Concentration in Strategic Management
Academic Achievement Award

New York University, New York, NY
M.S. in Real Estate, 1994
Concentration in Valuation and Analysis
Graduate with Distinction

Cornell University, Ithaca, NY
B.S. in Hotel Administration, 1984
Dean’s List, Dean’s Merit Award

AFFILIATIONS

Appraisal Institute (MAI designation), American Hotel & Lodging Association (CHE designation), International Society of Hospitality Consultants (ISHC designation), Hospitality Asset Managers Association, Cornell Hotel Society, Mensa International, International Council on Hotel, Restaurant and Institutional Education, American Real Estate Society, Academy of Management, Strategic Management Society, North American Case Research Association

Angelos Loizou, ISHC

a.loizou@revparintl.com

AREAS OF EXPERTISE

REVPAR International and Angelos Loizou FCA, ISHC, have a strategic partnership for M&A projects in Greece, Cyprus and the EMEA region.

Angelos has wide experience in the Hospitality and Leisure industry on various financial, tax and business consultancy matters. His portfolio of projects range from single boutique projects to multi use resorts that include Golfs, theme parks and other activities.

He has lectured extensively both in Cyprus and abroad. His articles on Tourism and business matters have been published in Cyprus and Internationally. He has served on numerous committees for the development of the Cyprus Hospitality business community. Has also conducted a number of studies for the Cyprus Government and local authorities. For many years he assisted the Cyprus Hotel Association and other affiliated bodies on industry related matters. He has been a member of the Board of Pafos Chamber of Commerce for six years (1999-2005) and a member of the Board of Nicosia Tourist Development Company (2007 – 2011).

He has assisted the District of Pafos as the Project Manager, in their successful bidding endeavors as the European Capital of Culture for 2017.

He has served as the Chairman of the Board of the Cyprus Tourism Organization (2014-2018) during which period tourism has increased by 63% reaching 4 million annual visitors

He has retired from PWC in Cyprus from the position of COO and member of the Management Board. During his 30-year career with PwC he has served in several positions and was in charge for the development of various services of the firm including Corporate Legal Structuring and Compliance as well as the Hospitality and Leisure Services for the firm. His role in Operations included interalia IT and Property management.

Angelos is a UK Chartered Accountant Fellow member of the Institute of Chartered Accountants in England and Wales (ICAEW).

PROFESSIONAL HISTORY           

Way Advisory Ltd

• Founder and CEO (2019 onwards)

Calmco Corporate Services Ltd

• Founder and Director (2014 onwards)

PwC (1985-2014)

• COO and Member of the Management Board (2011-2014)
• In Charge of Legal and Local Compliance Services (2004-2011)
• Partner responsible/CIO for IT and Technology (2006-2014)
• Member of the Executive Board (2002-2006)
• Leader of the PWC Hospitality and Leisure Services (2002 – 2014)
• Partner responsible for a diversified local portfolio of clients comprising of companies with foreign activities as well as private HNWIs (1994-2014)
• General Audit, Tax and business consulting (1985-2004)

United Kingdom firms of Chartered Accountants (1976-1984)

• Temple Gothard (Now Deloitte), London – Auditor (1976-1979)
• Peat Marwick Mitchell (Now KPMG), Liverpool and Isle of Man – Auditor (1979 – 1984)

Other positions

• Chairman of the Board – Cyprus Tourist Organisation (2014-2018)
• Vice Chairman of the Economic Crime and Forensic Accounting Committee of the Institute of Certified Public Accountants of Cyprus (2009-2010)
• President and Chairman of the International Society of Hospitality Consultants (2008-2010)
• Member of the European panel of instructors of PWC for the training of Managers on management skills (1995-2001)
• Member of the boards of the Nicosia (2007- 2011) and Pafos (1996-2000) Chamber of Commerce Industry and Tourism

PROFESSIONAL MEMBERSHIPS

• Chartered Accountant (FCA), fellow member of the Institute of Chartered Accountants in England and Wales (ICAEW)
• Member of the Institute of Certified Public Accountants of Cyprus (ICPAC)
• Member of ISHC

SOCIAL ACTIVITIES

• Served from the position of Board member and Chairman on a number of charitable organizations in Cyprus such as The Rotary Club, Round Table, Anticancer Society

Dr. Aris Ikkos, ISHC

a.ikkos@revparintl.com

AREAS OF EXPERTISE

REVPAR International and Dr. Aris Ikkos, ISHC, Ph.D., have a strategic partnership for M&A projects in Greece, Cyprus and the EMEA region. Aris has been consulting the Greek Tourism Industry since the late ’80s and has been involved in numerous projects ranging from strategic planning and destination development to market research, financial analysis and investment appraisal for all forms of private and public tourism infrastructure (e.g. hotels, marinas, casinos, spas, managed attractions and conference centres). He has also advised on the selection of hotel management company and monitored its performance.

His international project experience includes work in Cyprus, Italy, Spain, UK, Holland, Belgium, Czech Republic, Serbia, UAE, Oman, Qatar, Libya, Jordan, Aruba.

PROFESSIONAL HISTORY           

Research Director, Institute of the Confederation of Greek Tourism

Managing Partner, GBR Consulting Ltd

Director – Hotels and Leisure, CBRE Atria

Managing Director, Metrotech SA Development Consultants

Director, Consulting Division, Alexander Young Horwath group, member of Horwath International

EDUCATION

Queen Mary College, London University

Ph.D. in Economics (1987)

Full Scholarship from London University

London Business School

Ph.D. Studies in Finance (1983)

Queen Mary College

M.Sc.(Econ) (1982)

With Distinction

University College, London

B.Sc.(Econ) (1981)

Received the Hume-Lloyd Scholarship

UK Institute of Training & Development

Certified Trainer (1990)

PROFESSIONAL MEMBERSHIPS

International Society of Hospitality Consultants

Academy of Experts (formerly)

Economic Chamber of Greece