Newmark | October 07, 2021
Newmark Group, Inc. announced the expansion of its Lodging Capital Markets Group with two new hires and the relocation of two Newmark professionals. With these moves, the Group has established three new locations in California, South Florida and Texas. The new hires include Nick Pappas, a Senior Managing Director based in Los Angeles and Parker Sherrill, a Director based in Dallas. Lawrence Wolfe, one of four co-heads of Newmark's Lodging Capital Markets Group, is relocating to Miami from New York City and Director Greg Morgan is relocating to Los Angeles from Washington, D.C.
With approximately $4.5 billion of hotel transactions currently under contract or in the market, this geographic expansion will further cement Newmark's Lodging Capital Markets Group as one of the leading platforms nationally. The company's recent transactions include arranging the sale of the Potomac Yards hotels in Washington, D.C.; the financing of the Edition West Hollywood and the recapitalization of the Graduate Hotel platform. The impressive collective career resume of Newmark's hospitality professionals includes more than $250 billion of transactions, including some of the most high-profile lodging deals ever completed, such as the sales of the Waldorf Astoria and Baccarat Hotel in New York, Miami Beach's Setai Hotel and Four Seasons Washington, D.C.; as well as the recapitalization of Kiawah Island Resort and the financing of the London West Hollywood. The Group focuses on all lodging and leisure capital markets transactions, including sales, joint ventures and financings.
"As 'drive-to' leisure destinations throughout the U.S. are already seeing increasingly strong demand, the hospitality industry's recovery is expected to be fueled by the return of group and corporate travel as well as international tourism in 2022. We are thrilled to announce the continued expansion of Newmark's lodging capital markets platform. We have always been active in the southeast and Texas and on the West Coast, and we believe those three regions will be among the most active markets in our business over the next several years."
said Adam Etra, Vice Chairman, Co-Founder and Co-Head of Newmark's Lodging Capital Markets Group.
Pappas joins Newmark from Canyon Partners and will team with Director Greg Morgan in the Los Angeles office. The two will focus on California, the Pacific Northwest and the Mountain Region. Sherrill, who joins Newmark from JLL (and previously HFF), will focus on Texas and the Southwest Region. Wolfe, who helped originally establish Newmark's lodging business with Etra, Mark Schoenholtz and Miles Spencer in 2018, will focus on Florida and the Southeast, while continuing to work on the platform's high-profile transactions throughout the country.
With new locations in California, South Florida and Texas, the Lodging Capital Markets Group will further entrench themselves in some of the highest-performing and most pandemic-resilient markets. Newmark's expansion covers four of the five markets with the highest year-to-date revenue per available room (RevPAR) – Miami, Tampa, San Diego and Los Angeles, according to STR. Additionally, the Pacific Region has had the highest RevPAR in the country over the past two years, according to STR. Economic fundamentals and demographics also continue to outpace those of other regions – eight of the top ten metropolitan regions with the largest increase in construction employment were in the Western U.S. or Florida, according to the Bureau of Labor Statistics and numerous cities throughout the West and Florida have some of the fastest growing populations.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.2 billion for the trailing twelve months ending June 30, 2021. Newmark's company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world.
TravelPulse | December 14, 2020
The year 2020 will be known for ended travel and major interruptions in the hospitality industry. One positive takeaway has been the diverse sort of disturbance the area has confronted – digital disruption. In an industry traditionally more slow to receive the most recent technologies, COVID-19 intensified the need to increase measures, upgrade tasks and move to smart technologies that address the new health and safety necessities for hotels.
With news on vaccines and numerous locales emerging from lockdowns, there is light toward the finish of this dark tunnel. It's the ideal opportunity for hotels to invest in new technology to help support travelers' confidence and get ready for recovery. The following are a couple of tech patterns to look for in 2021 that will have a major effect on staff and guests in the new year.
Enterprise Holdings | June 04, 2021
Car rental giant Enterprise Holdings purchased Deem in early 2019. But before it could make good on grand plans for the travel technology company, the pandemic struck.
The idea for Enterprise was to keep San Francisco-based Deem at arm’s length — it builds agnostic platforms for corporate agencies that book all forms of travel, not just car rentals. But as Enterprise finally un-pauses, will Deem still be relevant in the new travel landscape where demand for new ways to took trips is skyrocketing?
Deem’s president, who has been working in corporate travel since 1994 and joined from Enterprise, said he has a strategy in place to make good on the promise of the acquisition.
“The pause was good for us,” said David Grace. “Trying to triple your staff in a short period of time can be a challenge. It could strain culture.”
It’s all part of the long game for Enterprise, as it’s a relationship that goes back to 2011, when it offered Deem’s platform to its corporate customers that didn’t have a managed travel program. As well as hiring its own cars, what about booking flights and hotels? Grace believes that ultimately this drives a lot of value to Enterprise. It then became a minority investor in 2016, and in January 2019 decided to buy it outright.