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Real Estate Finance Roundtable by pengxiang


									Real Estate / Finance Roundtable
        November 10, 2008
          New York, NY
Our Partners and Friends
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Expedia, Inc.
Four Seasons Hotels and Resorts
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InterContinental Hotels Group
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LRP Publications
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Marsh’s Hospitality Practice
Mobil Travel Guide, Inc.
Proskauer Rose LLP
Smith Travel Research
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Thayer Lodging Group
Thompson Hotels
WhiteSand Consulting

American Tescor, LLP
                                                        The Cornell School of Hotel Administration’s
Argyle Executive Forum
Caribbean Hotel Restaurant Buyer’s Guide                world-class faculty explores new ways
                                                        to refine the practice of hospitality
Cody Kramer Imports
Cruise Industry News
DK Shifflet & Associates
EyeforTravel                                            management.
Fireman’s Fund
Gerencia de Hoteles & Restaurantes
Global Hospitality Resources
Hospitality Financial and Technological Professionals   Our research drives better results.
Hospitality Technology Magazine
                                                        Better strategy.
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Hotel Asia Pacific
Hotel China
Hotel Interactive
Hotel Resource                                          Better operations.
International CHRIE
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International Hotel Conference
Lodging Hospitality                                     See our work at:
Lodging Magazine
Milestone Internet Marketing
PhoCusWright, Inc.
PKF Hospitality Research
RealShare Hotel Investment & Finance Summit
Resort+Recreation Magazine
The Resort Trades
Shibata Publishing Co.
The Lodging Conference
WageWatch, Inc.
2008 Real Estate/Finance Roundtable                                                               AGENDA

	      	                    Proskauer Rose LLP
                            1585 Broadway
                            Room 2600
                            New York, NY 10036

Monday, November 10, 2008

n 8:00 - 8:45 a.m.          Continental Breakfast

n 8:45 – 9:00 a.m.          Welcome & Introduction

n 9:00 – 10:20 a.m.         The Economy: How Lodging Demand and Supply Respond
                            Facilitators: Jack Corgel, Mark Lomanno, Gary Mendell, Mark Woodworth

n 10:30 – 11:50 a.m.        Lodging Capital Markets Update
                            Facilitator: Dan Quan, Art Adler, George Dabney, Michael Medzigan, William Sipple

n 12:00 – 12:50 p.m.        Contemporary Lodging Management Contracts:
                            Where is the Pendulum?
                            Facilitator: Jan deRoos, Mark Carrier, Joel Eisemann

n 1:00 – 2:00 p.m.          Lunch

Optional Reception

n 6:00 - 9:30 p.m.          CHS Reception - Mandarin Oriental
                                            80 Columbus Circle
                                            New York, NY 10023

Art Adler                             Mark Carrier
Managing Director & CEO               Senior Vice President
Jones Lang LaSalle Hotels             B.F. Saul Company Hotel Division
153 E. 53rd Street                    7501 Wisconsin Avenue
New York, NY 10022                    Bethesda, MD 20814

Bruce Blum                            Raj Chandnani
Partner                               Vice President, Director of Strategy
The Chartres Lodging Group, LLC       WATG
90 Park Avenue, 28th Floor            8001 Irvine Center Drive, Suite 500
New York, NY 10016                    Irvine, CA 92618

Peter Caputo                          Jack Corgel
Principal, Tangible Asset Valuation   Robert C. Baker Professor of Real Estate
Deloitte                              Cornell University
Financial Advisory Services LLP       School of Hotel Administration
Two World Financial Center            450 Statler Hall
New York, NY 10281                    Ithaca, NY 14853-6902

George Dabney                          Susan Furbay
Vice President-Finance                 Director
Thayer Lodging Group                   GE Real Estate
1997 Annapolis Exchange Parkway        280 Park Avenue
Suite 550                              8th Floor
Annapolis, MD 21401                    New York, NY 10017

Jan deRoos                             Robert Karin
HVS International Professor of Hotel   Partner
Finance and Real Estate                Davis & Gilbert LLP
Cornell University                     1740 Broadway
School of Hotel Administration         New York, NY 10019
435 Statler Hall
Ithaca, NY 14853-6902

Joel Eisemann                          Keith Kefgen
Executive Vice President,              President
Owner & Franchise Services             HVS Executive Search
Marriott International, Inc.           372 Willis Avenue
One Marriott Drive                     Mineola, NY 11501
Dept. 51/944.56
Washington, DC 20058

Daniel Lebret                        Mark Lomanno
Visiting Assistant Professor         President
Cornell University                   Smith Travel Research
School of Hotel Administration       735 East Main Street
446 Statler Hall                     Hendersonville, TN 37075
Ithaca, NY 14853-6902

Steve Lichtenfeld                    Qing Ma
Partner                              Assistant Professor of Finance
Proskauer Rose LLP                   Cornell University
1585 Broadway                        School of Hotel Administration
New York, NY 10036-8299              435B Statler Hall
                                     Ithaca, NY 14853-6902

Peter Liu                            Michael Medzigian
Assistant Professor of Real Estate   Chairman & Managing Partner
Cornell University                   Watermark Capital Partners, LLC
School of Hotel Administration       207 E. Westminster, Suite 200
465 Statler Hall                     Lake Forest, IL 60045
Ithaca, NY 14853-6902

Gary Mendell                       Saverio Scheri III
Chairman & CEO                     Managing Director
HEI Hotels & Resorts               WhiteSand Consulting
101 Merritt 7 Corporate Park       131 N. Iowa Avenue
1st Floor                          Atlantic City, NJ 08401
Norwalk, CT 06851

Daniel Quan                        Jay Shah
Professor of Real Estate Finance   CEO
Cornell University                 Hersha Hospitality Trust
School of Hotel Administration     Penn Mutual Towers
442 Statler Hall                   510 Walnut Street, 9th Floor
Ithaca, NY 14853-6902              Philadelphia, PA 19106

 Carolyn Richmond                  David Sherwyn
 Partner                           Associate Professor of Law
 Fox Rothschild, LLP               Academic Director,
 100 Park Avenue                   Cornell University
 New York, NY 10017                School of Hotel Administration
                                   536 Statler Hall
                                   Ithaca, NY 14853-6902

Seth Singerman                 Mark Woodworth
Principal                      President
Gem Realty Capital             PKF Hospitality Research
900 N. Michiagn Avenue         3475 Lenox Road NE Suite 720
Suite 1450                     Atlanta, GA 30326
Chicago, IL 60611

William Sipple
Corporate Vice President,
Development - The Americas
Carlson Hotels Worldwide
701 Carlson Parkway, MS 8254
Minnetonka, MN 55305-8254
Jeffery Alpaugh
Managing Director, Global Real Estate Practice Leader
Marsh Inc.
                                                                                   Jeffery Alpaugh
                                                                                           Marsh Inc.
                                                                                      99 High Street
Jeff is the Global Real Estate Practice Leader for Marsh. In this                Boston , MA 02110
capacity Jeff is responsible for growth, retention, innovation,
client service and market delivery for Marsh’s Real Estate clients
globally. Marsh has dedicated Real Estate teams in each major
office in the United States, Asia, Europe, the Middle East and

Prior to this role, Jeff was the Client Executive Practice Leader for            Northwestern University, Kellogg Advanced Executive
Marsh in the Northeast, where he was responsible for overseeing                   Program
the delivery of services to its clients. He founded the Boston Real              B.A., Political Science, Kenyon College
Estate practice in April of 1998. In June 2001, Jeff assumed the                 MIT Center for Real Estate Advisory Council
additional responsibility of Practice Leader for Industry Groups.
Jeff has over 18 years of insurance broking and risk management            Licensed broker in the State of Massachusetts as well
consulting experience with Marsh. He began his career as an             as a licensed non resident broker in numerous other states
Account Executive in the Casualty Department in New York
working on large multi-national Casualty and Professional
Liability risks. He then moved to our Bermuda office as an
Account Executive broking Excess Liability, Directors and Officers
Liability and Professional Liability coverages into the Bermuda

In 1995, Jeff transferred to the Los Angeles office to become
a Senior Client Executive and Unit Manager focusing on large
multi-national products liability and professional liability risks.
He later moved to Boston as a Senior Client Executive and a
member of the Private Equity and M&A (PEMA) Practice.

          M.B.A. Northwestern University, Kellogg Graduate
           School of Management
Art Adler
Managing Director & CEO
Jones Lang LaSalle Hotels
                                                                                       Art Adler
                                                                        Jones Lang LaSalle Hotels
                                                                               153 E. 53rd Street
Arthur Adler, Managing Director and CEO-Americas, heads the                New York, NY 10022
Americas division of Jones Lang LaSalle Hotels, which is part of
the Jones Lang LaSalle Hotels’ international group. Mr. Adler
specializes in arranging hotel market transactions, financings,
investment advisory services, asset management and consulting
for domestic and offshore owners and investors.

Mr. Adler’s diverse industry background includes arranging debt     the Hospitality Consulting Group, a Senior Principal at Laventhol
and equity transactions, consulting and asset management,           & Horwath and an Operations Analyst for Hilton Hotels.
litigation support and strategic planning for owners, investors
and lenders. Mr. Adler’s clients include InterContinental Hotels    Mr. Adler holds a Bachelor of Science degree from Cornell Uni-
and Resorts, The Blackstone Group, Morgan Stanley Real Estate,      versity, is a member of the Cornell Society of Hotelmen and has
Starwood Hotels and Resorts, Global Hyatt Corporation, Host         received their “Distinguished Alumni Award.” Mr. Adler was
Hotels and Resorts, Strategic Hotels and Resorts, Fairmont Ho-      named the 2007 Hospitality Financial Advisor of the Year by the
tels and Resorts, Cornerstone Real Estate, Goldman Sachs, Oak       American Lodging Investment Summit. Previously, Crain’s New
Tree Capital, Walton Street Capital, Istithmar and ADIA, among      York Business Journal named him one of the top “40 under 40”
others.                                                             business executives in New York City. Mr. Adler is a member
                                                                    of the Urban Land Institute and is on ULI’s Hotel Development
Selected assignments that Mr. Adler has overseen include the        Counsel and is a frequent presenter at global and domestic hotel
$450 million sale of the Acapulco Princess Fairmont and Pierre      industry conferences. He is regularly quoted in leading trade
Marquis and the Fairmont Hamilton Bermuda, the $220 million         journals and has been featured as a hotel industry expert on
sale of the Sawgrass Marriott, $220 million financing of the Mar-   CNBC and CNNFN and in the Financial Times, The New York
riott Chicago, $215 million sale of The Westin Michigan Avenue,     Times and the Wall Street Journal.
$70 million sale of the Park Hyatt Stanhope in New York, the
sale of Caneel Bay Resort on St. John, the sale of the 50 percent
partnership interest in The Peabody Orlando and the operator
selection process for The Diplomat Resort Country Club & Spa,
the 1,060-room luxury convention hotel in Hollywood, FL.

Previously, Mr. Adler was Managing Director of the Lodging &
Leisure Group at Sonnenblick-Goldman Company. During his
diverse career, he has been a Partner at Coopers & Lybrand in
Bruce Blum
The Chartres Lodging Group, LLC
                                                                                   Bruce Blum
                                                               The Chartres Lodging Group, LLC
                                                                    90 Park Avenue, 28th Floor
Bruce Blum, Partner, The Chartres Lodging Group, LLC (formerly
                                                                          New York, NY 10016
known as Oxford Lodging Advisory & Investment Group, LLC)
has 25 years of primarily principal-oriented hotel investment,
acquisition, development, asset management and operational
experience.   Prior to Oxford Lodging’s formation, Mr. Blum
served as CEO of Doral Hotels & Resorts, five years as a private
company and three years as a division of MeriStar, formerly one
of the nation’s largest publicly traded hotel companies prior to   firm is currently responsible for a portfolio of 39 properties with
its acquisition by Blackstone. During his career, Mr. Blum has     19,000 rooms at luxury and upscale hotels, conference centers
been instrumental in the acquisition, development, sale and/       and resorts located throughout the United States and Japan.
or refinance of $2+ billion of institutional quality hotel and     Chartres Lodging’s principals and employees are direct investors
resort projects. On behalf of the Dubai Investment Group, Mr.      in 65% of this portfolio.
Blum led the acquisition of the Essex House Hotel, which was
awarded the 2005 Americas Lodging Investment Summit Single
Asset Transaction Award.    Mr. Blum graduated with honors
from Florida International University, School of Hospitality and
Tourism Management, is a frequent speaker at domestic and
international hotel industry conferences and supports several
charities including the Center for Mind Body Medicine’s Healing
the Wounds of War: Trauma Recovery Program for Veterans
returning from Iraq and Afghanistan and Hockey in Harlem.

The Chartres Lodging Group is a hotel investment and advisory
firm focused on investments, asset management, property
management, renovation and development of lodging assets.
Chartres Lodging is founded on the understanding that lodging
investments can provide above market, risk adjusted returns
under the aggressive implementation of a carefully researched
investment strategy and asset management plan. Chartres
Lodging’s principals have been responsible for over US $8.0
billion of lodging investments and have asset managed over 100
upscale and luxury hotels, resorts and conference centers. The
Peter Caputo
Principal, Tangible Asset Valuation
Deloitte Financial Advisory Services LLP
                                                                                      Peter Caputo
                                                                      Financial Advisory Services LLP
Mr. Caputo is a principal in the Valuation Services practice of          Two World Financial Center
Deloitte Financial Advisory Services LLP (“Deloitte FAS”). His                  New York, NY 10281
unique background and experience combines engineering and
accounting and provides exceptional expertise in the appraisal
of a company’s assets, liabilities and overall value.

Mr. Caputo has over 13 years of experience providing a wide
range of valuation and related financial services across various
industries, including retail, telecommunications, processing
& manufacturing, food service, chemical & pharmaceutical,
financial services, high technology, defense, insurance and real

Mr. Caputo performs tax and accounting analyses in connection
with purchase price allocations, sale-leaseback transactions,
capital improvement projects, and Federal and State tax
treatment and evaluation.         He performs machinery and
equipment appraisals, building and land improvement valuations
and depreciation studies for financial management planning,
facilities reviews, and tax planning/reporting applications. He
also works closely with the audit practice, as well as the internal
audit groups, to track new construction and purchased assets in
an effort to identify new and innovative opportunities including
green construction and other credit and incentives.

St. John’s University: MBA, Accounting
Villanova University: Bachelor of Civil Engineering

Professional Affiliations
American Society of Appraisers
Mark Carrier
Senior Vice President
B. F. Saul Company Hotel Division
                                                                                   Mark Carrier
                                                                B.F. Saul Company Hotel Division
                                                                          7501 Wisconsin Avenue
Mark G. Carrier is the senior officer of the B. F. Saul Company             Bethesda, MD 20814
Hotel Division. The B. F. Saul Company is a large, privately
held diversified real estate and banking concern based in the
Washington DC area. The Hotel Division owns and operates a
portfolio of 18 business class hotels, which are affiliated with
Marriott, Hilton and the Intercontinental Hotels Group and
The Hay-Adams one of the nation’s finest historic hotels. The
Hotel Division generates $150 million in revenue and employs         success that spans over 110 years. The company successfully
1,200 in the operation and management effort.            Carrier’s   owns and operates broad portfolio of commercial real estate
leadership responsibilities for the B. F. Saul Company include       investments and is affiliated with Chevy Chase Bank, the largest
strategic planning, overall operational direction, acquisition       bank headquartered in the region.
and development of properties, long term financial and capital
planning along with the development and implementation of
corporate policies, procedures and management systems.

Carrier joined the B. F. Saul Company following graduation in 1980
from the Cornell University School of Hotel Administration. He
attained the Certified Hotel Administrator designation in 1985.
He represents the company as a member of the AH&LA and is
a member of the Cornell Society of Hotelmen. Carrier serves on
the Executive Committee and the Board of Directors of the IAHI,
the franchise Owners Association for Intercontinental Hotels
Group. He currently serves as Chairman of the Distribution and
Reservations Committee. Carrier also serves on the Executive
Committee and Board of FXVA, the Fairfax County, Virginia
Convention and Visitors Corporation.

Founded in 1892, the B. F. Saul Company has a proud tradition
of consistent growth and financial strength. Utilizing time
proven investment principles, quality operations, focused
management and a true commitment to our team members,
the organization has built a prosperous and positive history of
Raj Chandnani
Vice President, Director of Strategy
                                                                             Raj Chandnani
                                                                     8001 Irvine Center Drive
Raj Chandnani oversees strategic planning and consulting for                        Suite 500
WATG. He has a wide range of hospitality industry expertise                Irvine, CA 92618
focusing on diverse segments, including consumer trends, travel
and tourism, gaming, timeshare, residential, and spas.

Chandnani is actively involved in the business development
efforts in terms of identifying new project opportunities and
forging strategic relationships. He also works closely with the
firm’s clients, and provides a wide array of strategic consulting
for proposed development, including visioning and concepting,
competitive positioning, supply and demand analysis, financial
modeling, and operator selection. Chandnani has specialized in
commercial real estate and hotel advisory services since 1994.
Prior to joining WATG in 2001, Chandnani was as associate
director with Insignia/ESG Hotel Partners, where he spent six
years in a variety of capacities including asset management,
investment sales, financing, and portfolio due diligence. He was
previously with PKF Consulting in Los Angeles, and has also taught
classes on strategic planning, financial management, real estate
finance, hotel development, and tourism at UCLA, USC, and
Cornell University. Mr. Chandnani was instrumental in WATG’s
collaboration with Mobil Travel Guide in the recent launch of
their spa ratings. Chandnani is a regional vice president for the
Cornell Hotel Society and a member of the planning committee
for the Americas Lodging Investment Summit (ALIS). He is a
graduate of Cornell University’s School of Hotel Administration.
Jack Corgel
Robert C. Baker Professor of Real Estate
Cornell University School of Hotel Administration
                                                                                      Jack Corgel
                                                                                 Cornell University
                                                                    School of Hotel Administration
Dr. Jack Corgel holds the Robert C. Baker Chaired Professorship                    450 Statler Hall
of Real Estate at the Cornell School of Hotel Administration.             Ithaca, NY 14853-6902
He served as the first Director of the Hotel School’s Center
for Hospitality Research. After receiving undergraduate and
Ph.D degrees from the University of Georgia in real estate
and corporate finance, he taught at the University of Florida,
Georgia State University, and the University of Connecticut. He
was a visiting scholar at the Federal Home Loan Bank Board in
Washington, DC and is a Fellow of the Homer Hoyt Institute.
Dr. Corgel currently serves as Senior Advisor to PKF Hospitality
Research (PKF-HR) where he helps the firm to develop products
for the hotel industry based on property-level financial
performance information, including Hotel Horizons econometric
forecast of U.S. hotel market performance.

Dr. Corgel has published over 65 articles in academic and
professional journals, mainly on the subjects of real estate
finance, investment, valuation, and hospitality real estate. He
has published in the most prestigious journals in real estate
(Real Estate Economics), urban economics (Journal of Urban
Economics), insurance (Journal of Risk and Insurance), business
law (Journal of the American Business Law Association), and
Hospitality Management (Cornell Hospitality Quarterly and
International Journal of Hospitality Management). In addition, he
has written for nearly every national journal read by real estate
professionals. His textbook, Real Estate Perspectives (with Smith
and Ling) was used throughout the nation for introductory real
estate courses. Dr. Corgel’s current research interests include
hotel markets and the macro-economy, real estate price
forecasting, and the effects of brands on hotel property prices.
George Dabney
Vice President - Finance
Thayer Lodging Group
                                                                                George Dabney
                                                                          Thayer Lodging Group
                                                                 1997 Annapolis Exchange Parkway
George Dabney is responsible for finance matters as well
                                                                                       Suite 550
as capital fund raising activities. He also responsible for debt          Annapolis, MD 21401
placement, arranging loans totaling approximately $700 million.
Mr. Dabney has more than 15 years of experience in real estate
finance and accounting. Prior to joining Thayer in 2001, Mr.
Dabney maintained accounting leadership positions at Town
& Country Trust, a publicly traded multi-family apartment REIT,
and a regional commercial office ownership group. Additionally,
he served as an audit manager at Ernst & Young for five years,
focusing on REIT and SEC registrant clients.

He received a B.A. in Accounting from Pennsylvania State
University and a M.S. in Financial Management from the University
of Maryland. Mr. Dabney is a Certified Public Accountant.
Jan deRoos
HVS International Professor of Hotel Finance and Real Estate
Cornell University School of Hotel Administration
                                                                                          Jan deRoos
                                                                                     Cornell University
                                                                        School of Hotel Administration
Jan A. deRoos is an associate professor at the School of Hotel                          435 Statler Hall
Administration, where he has taught since 1988. He has devoted                 Ithaca, NY 14853-6902
his career to hospitality real estate; with a focus on the valuation,
financing, development, and operation of lodging, timeshare,
and restaurant assets. He holds BS, MS, and PhD degrees from
Cornell University, all with majors in Hotel Administration. His
areas of teaching expertise span a range of hospitality real
estate topics; property valuation, hospitality asset management,        and renovation of existing hotels. During this period, deRoos
feasibility studies, hotel/resort planning and design, hotel/           was responsible for the construction of Marriott Hotels, Hilton
resort development and construction, and timeshare/vacation             Hotels and Hampton Inns.

A frequent speaker on these topics, deRoos has contributed
to lodging industry conferences in London, Los Angeles, New
York, Singapore, and Stockholm. His current research is focused
on three themes; the design and implementation of hotel
management contracts and hotel leases, investment returns
to lodging properties and supply/demand dynamics of lodging
markets. He has developed two software tools to support
the feasibility analysis of hospitality property; one entitled
the Hospitality Valuation Software, which was co-developed
with Stephen Rushmore of HVS International, and a second
proprietary tool called the Timeshare Valuation Models.

Prior to his teaching career at Cornell, deRoos worked extensively
in the hospitality industry including with the Sheraton Corporation
in New York City, as an engineering professional; the Remington
Hotel Corporation as director of engineering, responsible for the
engineering operations and renovation planning of the firm’s
owned and managed hotel portfolio; and as senior project
manager, responsible for the construction of new properties
Joel Eisemann
Executive Vice President, Owner and Franchise Services
Marriott International, Inc.
                                                                                   Joel Eisemann
                                                                        Marriott International, Inc.
                                                                               One Marriott Drive
Joel Eisemann is Executive Vice President, Owner and Franchise                    Dept. 51/944.56
Services. He assumed this role in October 2004. The mission of           Washington, DC 20058
Owner and Franchise Services is to lead the Marriott organization
to attract, secure and grow with high-value, multi-unit owners
and franchisees who will help the company to continue to grow
its brands’ distribution and preference. Owner and Franchise
Services supports both the owners and franchisees of Marriott’s
more than 2,600 hotels in North America.                             Inn; Vice President, Development, Marriott Hotels & Resorts;
                                                                     and Vice President, Development Planning and Feasibility.
From April 2001 through September 2004, Mr. Eisemann was
Executive Vice President, Global Asset Management. In this           Prior to joining Marriott, Mr. Eisemann was with Laventhol &
role, he focused on aligning and leading Marriott’s efforts to       Horwath in Tampa, Florida, for three years.
maintain and enhance the stability and value of the Company’s
long-term operating agreements on a worldwide basis. These           Mr. Eisemann is a graduate of the Master of Professional Studies
agreements are among Marriott’s primary assets as they govern        program at Cornell University’s School of Hotel Administration,
the use of each of the company’s brands and management of            and he received his A. B. degree in Economics from Stanford
hotel properties owned by third parties.                             University.

Mr. Eisemann was also responsible for the Company’s Lodging
Finance function which analyzes, structures and evaluates a
wide range of potential transactions and business issues.

Previously, Mr. Eisemann was Senior Vice President of
Lodging Development for Asia/Pacific and was responsible for
development, conversion, and acquisition activities for Marriott’s
lodging brands in Asia/Pacific. He relocated to Hong Kong in
mid-1990 and set up Marriott’s lodging development office for
the region. He returned to Marriott’s Headquarters in Bethesda,
MD in September 1999.

Mr. Eisemann joined Marriott in 1983. His previous positions
with Marriott include Vice President, Development, Residence
Susan Furbay
GE Real Estate
                                                                                  Susan Furbay
                                                                                  GE Real Estate
                                                                               280 Park Avenue
Since July 2004, Susan Furbay has been working as a Director of                        8th Floor
North America Lending – Hospitality Group for GE Real Estate                New York, NY 10017
based in New York City. Her responsibilities include leading
the origination, structuring and closing of debt investments
collateralized by all hotel types.    She is constantly building
new and cultivating existing relationships with hotel investors,
operators and intermediaries to contribute to the growth of the
GE’s Real Estate debt platform. And over the last three years       Prior to Molinaro Koger, Susan was with Eastdil Realty (now
Susan has originated and closed $400 million in loan proceeds       known as Eastdil Secured) working as an Associate. Her primary
generating $15.7 million of net income for GE Real Estate.          responsibilities included performing property valuation and
Ultimately, her goal is to creatively structure loans for either    underwriting for offering memorandums including detailed
on-book/balance sheet and/or syndication execution to meet          descriptions of the property, market and financial pro forma
clients’ financing needs and requests while helping to grow GE      including the coordination of investor due diligence and property
Real Estate’s hospitality debt investments.                         tours. She was able to develop relationships and credibility with
                                                                    investors at local, regional, national and international levels while
Prior to joining GE Real Estate, Susan worked as a Vice President   gaining valuable knowledge of real estate capital markets.
for a hotel real estate advisory firm, Molinaro Koger based in
Washington, DC. She was responsible for securing new property
listings and marketing luxury, full-service and mid-market hotel
properties to institutional and high-net-worth individual owners.
Susan helped on expanding firm’s client base and transaction
activity from mid-market and limited service to high-end and full
service hotels by introducing the firm to institutional investors
based on her existing relationships. One of the key transactions
she has worked on while at Molinaro Koger was the sale of a 300-
room resort located in St. Thomas. Branded as a Renaissance,
the resort had been losing approximately $6.5 million during the
last couple of years but the property was successfully transacted
and was acquired by an all inclusive resort operator based in
Robert Karin
Davis & GIlbert LLP
                                                                           Robert Karin
                                                                      Davis & Gilbert LLP
                                                                         1740 Broadway
Robert A. Karin is a partner in the Real Estate practice group of   New York, NY 10019
Davis & Gilbert. He has over 25 years of experience representing
a broad array of businesses in the buying, selling, developing,
leasing and financing of real property throughout the United
States. Mr. Karin’s representation includes several major banks
and asset-based lenders, national retailers, regional developers,
and landlords of office, commercial, loft, mixed-use and hotel

A substantial portion of Mr. Karin’s practice is devoted to
negotiating and structuring acquisitions of retail and commercial
properties and retail and office leases. His practice includes
representation of some of the leading retailers and financial
institutions in the United States as well as prominent owners
and developers. Mr. Karin’s tenant work includes representation
of McDonald’s Corporation, Chipotle, Mexican Grill, Boston
Market, the Gap, Banana Republic, Old Navy, Ann Taylor, and
many other prominent retailers as well as UBS Financial Services
and its affiliates and Bank of America. Among owners and
developers, his representation includes the Feil Organization
and KIMCO.

New York

Cornell University, J.D., 1978
Dartmouth College, B.A., magna cum laude, 1975
Keith Kefgen
HVS Executive Search
                                                                       Keith Kefgen
                                                                 HVS Executive Search
                                                                   372 Willis Avenue
Keith Kefgen is president of HVS Executive Search, the human      Mineola, NY 11501
resource consulting practice of HVS. HVS Executive Search is
the leading executive search firm specializing in the gaming,
lodging and restaurant industries. Mr. Kefgen has completed
client engagements for some of the industry’s most prominent
names including Starwood Hotels & Resorts, MGM Mirage,
Mandarin Oriental Hotel Group and Foxwoods. Mr. Kefgen is
a frequent lecturer on industry related issues and has written
more than 100 articles on the topics of executive selection,
pay-for-performance, corporate governance and executive
leadership. He served on the board of the International
Association of Corporate & Professional Recruitment (IACPR)
and the Association of Executive Search Consultants (AESC).
Mr. Kefgen is also the founder of two e-commerce initiatives,, a web-based recruiting site and, an online assessment profile.
Daniel Lebret
Visiting Assistant Professor
Cornell University School of Hotel Administration
                                                                                      Daniel Lebret
                                                                                   Cornell University
                                                                      School of Hotel Administration
Dr. Daniel Lebret, Visiting Assistant Professor of Real Estate,                      446 Statler Hall
joined Cornell’s faculty in 2008 after obtaining a Ph.D. in finance         Ithaca, NY 14853-6902
and real estate from the School of Hotel Administration of
Cornell University. While obtaining his doctoral degree, Daniel
Lebret taught courses in real estate securitization. His primary
research focuses on credit risk and real options in the real estate
market, with specific interests in commercial mortgage pricing
and default as well as the implementation of real options as a
hedging mechanism. He teaches courses in advanced real estate
finance & investments, and structured products.
Steven Lichtenfeld
Proskauer Rose LLP
                                                                         Steven Lichtenfeld
                                                                           Proskauer Rose LLP
                                                                              1585 Broadway
Steven Lichtenfeld, Partner in Proskauer Rose‘s New York office,    New York, NY 10036-8299
is co-chair of the Real Estate Finance Group and Real Estate
Capital Markets Group.     He has been selected for inclusion
in Chambers USA 2007 and 2008, which describes him as “a
strong advocate who will leave no stone unturned.” Steven’s
practice encompasses many aspects of real estate finance and
capital markets. He represents real estate funds in their private
equity investments, and handles mergers and acquisitions
and leveraged buyouts of real estate companies.           Steven
represented American General Hospitality Corporation in its
merger with CapStar Hotel Company, forming the first “paper-
clipped” lodging REIT; the management group of Sunstone
Hotel Investors in connection with their management buyout;
Cerberus’ acquisition of an interest in Hampshire Hotels; The
Lighthouse Group’s acquisition of Extended Stay Hotels, and
dozens of lodging financings and capital market transactions
for clients such as Accor, Capmark, Highgate and Thor. Steve
received his B.S.B.A. with honors from Washington University in
1978, his J.D. from American University’s Washington College of
Law in 1981 and was admitted to the New York bar in 1982.
Peter Liu
Assistant Professor of Real Estate
Cornell University School of Hotel Administration
                                                                                           Peter Liu
                                                                                   Cornell University
                                                                      School of Hotel Administration
Dr. Peng Liu, Assistant Professor of Real Estate, joined Cornell’s                   465 Statler Hall
faculty in 2007 after obtaining a Ph.D. in finance and real                 Ithaca, NY 14853-6902
estate from the Haas Business School at University of California
Berkeley. While obtaining his doctoral degree, Liu taught courses
in stochastic calculus, credit risk and mortgage-backed securities.
His primary research focuses on asset pricing and hedging in the
real estate market, with specific interests in mortgage pricing,
mortgage-backed securities and commodity futures research.
Prior to his career in academics, Liu worked in various industries,
including engineering, advertising, consulting and hedge funds.
Mark Lomanno
Smith Travel Research
                                                                               Mark Lomanno
                                                                           Smith Travel Research
                                                                            735 East Main Street
Mr. Lomanno is president of Smith Travel Research (STR), the           Hendersonville, TN 37075
leading authority on current trends in occupancy, room rate, and
supply/demand data for the U.S. and global lodging industry.
With STR Global offices in London and Singapore, STR tracks
hotel performance for virtually every major global chain and
most major management companies. Each month, STR obtains
revenue data from more than 30,000 hotel properties accounting
for over 5 million rooms. STR delivers monthly, weekly, and         in-depth understanding of current industry issues Mr. Lomanno is
daily STAR reports to their global client base. Clients rely on     asked to give numerous speeches at industry seminars and hotel
STR’s data quality and absolute confidentiality to make strategic   company meetings throughout the year. He is also a frequent
and operational decisions in the areas of sales and marketing,      guest lecturer at the School of Hotel Administration at Cornell
development, revenue management, reservation forecasting,           University. Prior to joining STR, Mr. Lomanno was National
internal audit, and virtually all other departments.                Director of Research for Laventhol & Horwath with over twenty
                                                                    years of experience in lodging industry research.
STR also publishes Lodging Review, a weekly newsletter
endorsed by the American Hotel & Lodging Association that           Mr. Lomanno holds an MS degree in Marketing from LaSalle
tracks occupancy and room rates for the U.S., all fifty states,     University and an MBA in Marketing Research from Temple
and the top 25 metropolitan markets. Data from Lodging Review       University. He lives in Nashville, TN, with his wife and two
is frequently published in Hotel & Motel Management, Hotels,        daughters.
Lodging Hospitality, Lodging Magazine, the Cornell Hospitality
Quarterly, the Wall Street Journal and the New York Times. It is
also used extensively by Investment bankers and Lodging Equity
Analysts and hospitality consultants across the globe. STR data
is used as the official source of lodging statistics for the U.S.
Travel Data Center’s Travel Printout and by over 300 convention
and visitors bureaus, state tourism departments and government

Mr. Lomanno serves on the advisory boards of the HSMAI
Foundation, Travel Industry of America, and The Center for
Hospitality Research at Cornell University. He writes a monthly
column for Hotel Motel Management magazine. Because of his
Qing Ma
Assistant Professor of Finance
Cornell University School of Hotel Administration
                                                                                        Qing Ma
                                                                                Cornell University
                                                                   School of Hotel Administration
Qingzhong (Qing) Ma is an assistant professor of finance in                      435B Statler Hall
the School of Hotel Administration. He teaches the sophomore             Ithaca, NY 14853-6902
core finance course for hotel students and advanced corporate
finance, a senior elective course. He does research in corporate
finance, especially mergers and acquisitions, divestitures,
corporate restructuring, investment banking, institutional
investors, corporate governance, capital market efficiency, and
real options in hotel management, among others. Qing holds
a PhD in finance and business economics from the Marshall
School of Business at the University of Southern California, an
MBA from University of Oklahoma and a Bachelor’s degree
in electrical engineering from Tsinghua University in Beijing,
Michael Medzigian
Chairman and Managing Partner
Watermark Capital Partners, LLC
                                                                    Michael Medzigan
                                                         Watermark Capital Partners, LLC
                                                          207 E. Westminster, Suite 200
Michael G. Medzigian is Chairman and Managing Partner of          Lake Forest, IL 60045
Watermark Capital Partners, a private equity firm he founded
following his leadership of some of the world’s largest real
estate equity funds.    Watermark’s activities are focused on
hotels and resorts, golf and recreation, resort residential,
fractional and club programs, and new-urbanism and mixed-
use projects. He has overseen over $13 billion of real estate
investments and has delivered superior risk adjusted returns to       He has served as Chairman and a Director of Atria, Inc.,
his investors. He was previously President and CEO of Lazard          Chairman and a Director of Kapson Senior Quarters, President,
Freres Real Estate Investors, overseeing the repositioning of an      CEO and a Director of Park Plaza International, President, CEO
opportunity fund operation with five equity funds, $3 billion         and a Director of RockResorts, and as a Director of American
of committed capital and a $7 billion portfolio of holdings in        Apartment Communities, the American Seniors Housing
12 operating companies in the office, industrial, retail, lodging,    Association, Arnold Palmer Golf Management, the Assisted
senior living, homebuilding, multifamily, condominium, land,          Living Federation of America, Dermody Properties, iStar Financial
mezzanine lending and net lease sectors. He was previously            (NYSE: SFI), Kemayan Hotels and Leisure (Australian ASX),
a Founding Partner of Olympus Real Estate Corporation, the            and the Rubenstein Company. He is or has been a member
real estate fund management affiliate of Hicks, Muse, Tate &          of the Cornell Hotel Society, the Cornell Real Estate Council,
Furst, which during his tenure invested over $3 billion in a broad    Pension Real Estate Association, the Urban Land Institute
range of real estate holdings. In addition to serving on the          (Chairman, Hotel Development Council), and Young President’s
Investment Committee and being involved with all aspects of           Organization. He is a graduate of the Cornell University School
multiple funds, he invested in and oversaw a portfolio of lodging     of Hotel Administration.
assets that included the Boca Raton Resort & Club, the Cheeca
Lodge, the Inn at Laguna Beach, La Posada de Santa Fe, the
Ritz Carlton Rancho Mirage, the Algonquin, The Equinox, and
the Fairmont Copley Plaza, as well as operating companies that
included RockResorts, Park Plaza International and Chalet Susse.
Earlier in his career he was President of Cohen Realty Services, he
founded and was National Director of the Hospitality Consulting
Practice at Deloitte & Touche, and he held various management
positions with Marriott Corporation.
Gary Mendell
Chairman & CEO
HEI Hotels & Resorts
                                                                                     Gary Mendell
                                                                              HEI Hotels & Resorts
                                                                       101 Merritt 7 Corporate Park
Gary Mendell serves as Chairman and Chief Executive Officer of                            1st Floor
HEI Hotels & Resorts (“HEI”) and is responsible for overseeing all            Norwalk, CT 06851
aspects of HEI including capital formation, corporate strategy,
investor relations and the firm’s overall management.

In 1985, Gary co-founded HEI’s predecessor which became
one of the fastest growing hotel investment firms. In 1997,
the majority of the company was sold to Starwood Lodging               (IREFAC), Urban Land Institute (ULI), the Owner’s Advisory
Trust where he was named president and elected to the board            Board for Starwood Hotels and Resorts, the Cornell Society
of trustees. During his tenure Starwood acquired the Westin            of Hotelmen, the Real Estate Roundtable, and the New York
hotel chain for approximately $1.8 billion and ITT corporation for     Hospitality Council. He is a regular speaker at several industry
approximately $14 billion. He resigned from his position in 1998       conferences.
to pursue entrepreneurial activities.

In 2002, HEI was re-established to continue the successful
hotel investment/management activities of Gary Mendell,
Stephen Mendell and Stephen Rushmore.              After acquiring
seventeen hotels in 2002 and 2003 in joint ventures with various
institutional real estate investors, in 2004 HEI sponsored its own
$275 million discretionary private equity fund. In January, 2006,
HEI closed its second discretionary private equity fund of $425
million. In July, 2008 HEI closed on its third discretionary private
equity fund of $515 million. HEI’s current portfolio consists of
30 hotels with total capitalization of approximately $1.3 billion
with annual revenues of approximately $400 million. All of these
hotels are managed by Merritt. In addition to the 30 hotels in
our portfolio, HEI has 2 hotels under construction.

Gary graduated from Cornell University’s School of Hotel
Administration and holds a MBA with distinction from the
Wharton School at the University of Pennsylvania. He is a
member of the Industry Real Estate Finance Advisory Council
Daniel Quan
Professor of Real Estate Finance
Cornell University School of Hotel Administration
                                                                                        Daniel Quan
                                                                                    Cornell University
                                                                       School of Hotel Administration
Daniel Quan joined the School of Hotel Administration as an                           442 Statler Hall
associate professor of Financial Management in the fall of 1999              Ithaca, NY 14853-6902
and in January 2007 became a full professor. His teaching and
research interests include real estate and real estate finance, with
a special emphasis on securitization and structured finance.

Prior to his Cornell appointment, Quan was the chief mortgage
economist at the Board of Governors of the Federal Reserve
in Washington, D.C. He was responsible for monitoring and
reporting on all matters relating to both the primary and the
secondary mortgage markets for both the residential and the
commercial sector.

 Before joining the Federal Reserve Board, he held academic
appointments at the University of Texas, Austin’s McComb
School of Business, UCLA’s Anderson School of Business,
University of British Columbia and Uppsala University.

Quan attended the University of British Columbia, the London
School of Economics and the University of California at Berkeley
where he received his PhD in business administration in finance
and real estate. He serves on the editorial boards of several
academic journals and is a board of director member for the
Asian Real Estate Society. His publications include papers on
auction theory, international performance of commercial real
estate, role of information in real estate markets, and the pricing
and hedging of risk in the hospitality industry.
Carolyn Richmond
Fox Rothschild LLP
                                                                       Carolyn Richmond
                                                                        Fox Rothschild LLP
                                                                         100 Park Avenue
Carolyn D. Richmond is a partner and co-chair of Fox Rothschild       New York, NY 10017
LLP’s Hospitality Practice Group.          Her practice consists of
representing and counseling clients in the hospitality industry, as
well as the financial services, retail, and manufacturing sectors
on a variety of labor and employment matters. In particular,
Richmond has extensive experience in matters including:
wage and hour audits and defense; restrictive covenants,
including non-compete litigation; EEO discrimination litigation;
preventative counseling, including employee handbooks and
diversity awareness training, union avoidance, and e-workplace
(e.g., privacy, blogging, surveillance).

Richmond brings business experience and practical knowledge
to her practice having previously served as General Counsel
Corporate & Legal Affairs for BR Guest Restaurants and James
Hotels. She is also a prolific writer and often is a guest speaker
to the hospitality industry on various labor and employment-
related topics. She is an appointed member of the Board of
Editorial Advisors for the Hospitality Law publication. Richmond
also serves as a Board Member and counsel to the New York
City Chapter of the New York State Restaurant Association,
is a member of the Alumni Board of Directors for Cornell
University, School of Industrial and Labor Relations, and is on the
Advisory Board for the Cornell University, Center for Hospitality

Richmond is a graduate of the New York Law School (J.D. 1994)
and Cornell University (B.S. 1991). She is admitted to practice in
New York and New Jersey.
Saverio Scheri III
Managing Director
WhiteSand Consulting
                                                                                    Saverio Scheri III
                                                                               WhiteSand Consulting
                                                                                 131 N. Iowa Avenue
Mr. Scheri is Managing Director of WhiteSand Gaming with                      Atlantic City, NJ 08401
over twenty years of gaming and hospitality experience. In this
role, he is responsible for directing consulting services for the
world’s premier gaming companies in such areas as feasibility
studies, market demand studies, casino management, financial
projections, technology solutions, marketing strategy, operations
improvement and acquisitions. Most recently, he served as the
General Manager of Morongo Casino Resort & Spa, responsible             Colony Capital, Caesars World, Inc., Agua Caliente, Paris Casino,
for the day-to-day operation of the entire facility. In this role, he   Bellagio, Harrah’s Entertainment, Boyd Gaming, Isle of Capri
was responsible for overseeing the operations with over 2700            Casinos, Hyatt Gaming, Six Continents, Foxwoods Resort and
slot machines, 110 table games, 2500 employees, 14 Food &               Casino, Starwood and Casinos Austria.
Beverage outlets and 315 hotel rooms.
                                                                        Mr. Scheri is the author of “The Casino’s Most Valuable Chip:
Prior to joining WhiteSand, he was Director of the gaming               How Technology Transformed the Gaming Industry” used by
consulting practice for PricewaterhouseCoopers, LLP. Prior to           Universities in the US and Internationally. He is also the creator
joining PwC, Mr. Scheri was the National Director of the Gaming         of the Gaming Technology Summit held in Las Vegas each year.
Practice with KPMG Consulting, LLC. Mr. Scheri helped create            He is also a columnist for Casino Journal, Casino Enterprise
and lead the National Practice, providing technology, strategy          Management and Gaming and Leisure Technology. Mr. Scheri
and operations consulting services to the world’s largest gaming        has authored numerous industry articles and is frequently
companies.                                                              interviewed and quoted by industry periodicals, Discovery
                                                                        Channel, Fortune Magazine, Bloomberg, Business News Network
In addition, Mr. Scheri has held executive positions at Aztar           and the Wall Street Journal. Mr. Scheri has presented seminars
Resorts, Trump Taj Mahal, Deloitte & Touche, Showboat Atlantic          at G2E, World Gaming Congress, Gaming Technology Summit,
City and Golden Nugget Atlantic City.         In his various roles,     IGBE, Internet Gaming Symposium, Canadian Gaming Summit,
he has led efforts to manage operations, design technology              UNLV and many other conferences. Mr. Scheri has completed
solutions, lead merger and acquisition efforts, develop financial,      MBA studies at Seton Hall University and has earned a B.S. of
marketing and operating plans and author customer interaction           information systems from Richard Stockton College
vision documents.

Mr. Scheri has provided consulting services for many gaming and
hospitality clients around the world including Mohegan Sun,
Wynn Las Vegas, Borgata, MGM MIRAGE, Ritzio Entertainment,
Jay Shah
Hersha Hospitality Trust
                                                                                          Jay Shah
                                                                           Hersha Hospitality Trust
                                                                               Penn Mutual Towers
Jay H. Shah is Hersha Hospitality Trust’s Chief Executive Officer.     510 Walnut Street, 9th Floor
Previously, Mr. Shah served the Company as President and Chief             Philadelphia, PA 19106
Operating Officer. Mr. Shah is involved in all areas of the business
with a particular emphasis on strategic relationships, capital
transactions, asset management and acquisitions. Prior to his
appointment, Mr. Shah was principal in the law firm of Shah &
Byler, LLP, which he founded in 1997, and managing director of
the Hersha Group. Mr. Shah previously was a consultant with
Coopers & Lybrand LLP, served the late Senator John Heinz
on Capitol Hill, and was employed by the Philadelphia District
Attorney’s office and two Philadelphia-based law firms. Mr.
Shah received a Bachelor of Science degree from the Cornell
University School of Hotel Administration, an M.B.A. from the
Temple University School of Business Management and a Law
degree from Temple University School of Law. He currently
serves on the Board of Trustees of the Please Touch Museum,
the Philadelphia Children’s Museum.        Mr. Shah lives in the
Mainline suburbs of Philadelphia with his wife Susie, a practicing
physician, and his twin, 10-year-old daughter and son, Aryana
and Avikar.
David Sherwyn
Associate Professor of Law
Cornell University School of Hotel Administration
Academic Director
                                                                                    David Sherwyn
Center for Hospitality Research                                                    Cornell University
                                                                      School of Hotel Administration
                                                                                     536 Statler Hall
                                                                            Ithaca, NY 14853-6902
David Sherwyn (B.S., J.D., Cornell University) is an Associate
Professor of Law at Cornell University’s School of Hotel
Administration. He is the Academic Director of The Center
for Hospitality Research at Cornell, a Research Fellow at the
Center for Labor and Employment Law at NYU’s School of
Law, and Of Counsel to the law firm of Shea Stokes Roberts &          employers; (2) private practice lawyers from prestigious law firms;
Wagner. Prior to joining the Hotel School faculty, Dave practiced     and (3) Professors from Cornell Law School, Cornell’s ILR School,
management side labor and employment law for six years.               NYU Law School, Columbia Law School, George Washington
                                                                      Law School, and Roger Williams Law School. Because of the
Dave has published articles in the Stanford Law Review,               success of the Labor and Employment Law Roundtable, the
Berkeley Journal of Labor & Employment Law, Fordham Law               CHR has expanded the Roundtable series to include lodging,
Review, University of Pennsylvania’s Labor and Employment             restaurants, marketing, human resources, real estate & finance,
Law Journal, and the Cornell Hospitality Quarterly. His research      and design.
interests include sexual harassment, arbitration of discrimination
lawsuits, and union organizing. In 2002 Dave was one of
three professors to win the Hotel School’s research award.

Each semester Dave teaches HA 387: Business and Hospitality
Law, a required class with over 100 students. In addition, each
spring, Dave teaches, HA 485: Employment Discrimination Law
for Managers / Union-Management Relations. Dave received
a Hotel School Teaching Award in 1998, 1999, 2000, 2001,
2002, 2005, 2007 and 2008. Dave has been nominated for the
fraternity and sorority teaching award twelve times and has won
the award twice.

In 2002 Dave conceived of, organized, and hosted the Center for
Hospitality Research’s (CHR) first Hospitality Industry Roundtable.
The Labor and Employment Law Roundtable, now an annual
event, has included (1) in-house counsel from major industry
Seth Singerman
Gem Realty Capital
                                                                                 Seth Singerman
                                                                               Gem Realty Capital
                                                                          900 N. Michiagn Avenue
Seth Singerman is a Managing Director at GEM Realty Capital.                           Suite 1450
GEM is a real estate investment company that has established                   Chicago, IL 60611
itself as a leader in both public and private real estate markets.
GEM utilizes it expertise to invest in publicly traded real estate
securities and private-market real estate assets through two
lines of business, GEM Realty Securities and GEM Realty
Properties. Launched in 2000, GEM Realty Securities manages a
series of long-short hedge funds that invest in real estate related   Mr. Singerman received his MBA with a concentration in Real
securities including REIT’s, real estate operating companies and      Estate and Finance from Northwestern University, Kellogg
other real estate related securities. Founded in 1994, GEM Realty     School of Management and his B.S. with a concentration in Real
Properties sponsors a series of private equity funds that invests     Estate and Finance from Cornell University.
directly in property and loans.

Mr. Singerman joined GEM in 1999 and has been active in
both of GEM’s business lines. For GEM Realty Securities, he
has been a leading member in the creation and on-going
development of the investment platform. For GEM Realty
Properties, Mr. Singerman led the sourcing of over $1 billion of
direct investments in properties and loans across multiple asset
classes. Mr. Singerman is responsible for the development of
GEM’s international operating platform which currently consists
of investments in global real estate securities and partnerships in
direct real estate with international real estate companies.

Mr. Singerman advises the Accommodation Committee and
serves on the Next Generation Leadership Advisory Council for
the Chicago 2016 Olympic Organization. He serves on the Board
of Advisors to the University of Wisconsin, Business School’s
Applied Real Estate Security Analysis Program and has served
on the Broadening Investor Base Committee of the European
Public Real Estate Association. He is a founding member of the
Chicago chapter of Hedge Fund Cares Committee of Hope.
William Sipple
Corporate Vice President, Development – The Americas
Carlson Hotels Worldwide
                                                                                      William Sipple
                                                                           Carlson Hotels Worldwide
                                                                       701 Carlson Parkway, MS 8254
William (Bill) Sipple is Corporate Vice President of Development
                                                                       Minnetonka, MN 55305-8254
in the Americas for all brands of Carlson Hotels Worldwide. In
this role, Sipple leads the team that is responsible for seeking,
structuring, and executing owned, managed, or joint ventured
opportunities for the Regent International Hotels; Radisson
Hotels & Resorts; and Park Plaza® Hotels & Resorts, Country
Inns and Suites and Park Inn brands throughout North and South
America, and the Caribbean. During his tenure at Carlson, over         Sipple is a Certified Hotel Administrator with the American Hotel
220 agreements/acquisitions have been executed in the upscale          & Lodging Association. He was previously a Certified General
and luxury segments.                                                   Appraiser in Colorado and has held the same designation in
                                                                       Massachusetts and Florida. He holds a Bachelor of Science
Sipple has 30 years experience in hotel development, finance,          degree in Hotel Administration from Cornell University’s School
valuation and operations. His experience includes HVS Capital          of Hotel Administration, and is a member of the Cornell Society
Corporation (HVSCC) where he was responsible for originating           of Hotelmen and the Lodging Industry Investment Council. He
debt, equity and consulting assignments, including a leading           is a member of the steering committees for, and is a frequent
role in the development of HVSCC’s Special Hospitality Assets          speaker at, the Americas Lodging Investment Summit, Meet
Group.                                                                 the Money, The Lodging Development Conference, Caribbean
                                                                       Hotel Investment, and Midwest Lodging Investment Summit
He also worked as regional director of development for                 conferences. He is also a speaker at The Lodging Conference
Starwood Hotels & Resorts Worldwide where his duties included          and the NYU Hotel Investment Conference. Sipple is a Charter
product positioning for Westin, Sheraton, Four Points and              Member of the Professional Advisory Committee for the Arts
Luxury Collection brands for the western United States. During         Institute International Hospitality Program.
his tenure at Starwood, Sipple was responsible for developing
over $1 billion of assets including portfolio transactions, ski
resorts, golf resorts, mixed-use developments, urban high-rise
and luxury destination resorts.

Sipple also held vice president of development roles for Ramada
Inns and Brookshire Hotels. Additionally, he led the Management
Advisory Services practice for Pannell Kerr Forster’s Dallas office,
and headed his own firms, Index Consulting Group, Inc., and
Key Lending, LLC.
Mark Woodworth
PKF Hospitality Research
                                                                            Mark Woodworth
Mr. Woodworth is President of PKF Hospitality Research, the             PKF Hospitality Research
                                                                  3475 Lenox Road NE Suite 720
research affiliate of PKF Consulting (“PKF/C”), as well as the              Atlanta, GA 30326
Executive Vice President of PKF Consulting. He is a member of
the Executive Committee and Board of Directors of the Firm’s
parent, PKF Consulting, Inc. Mr. Woodworth has over 25 years
of hospitality industry experience in both a consulting and
hands-on operational capacity. Mr. Woodworth is based in the
Atlanta office of PKF/C. Mr. Woodworth is also responsible for
all of PKF/C’s activities in the Southeast and Caribbean.         on the Cornell University Council, an advisory group appointed
                                                                  by the University Board of Trustees. He also recently completed
Before joining PKF/C, Mr. Woodworth was a Partner and             a three-year term on the Board of Advisors for the Center for
Industry Chairman of the Hospitality Industry Consulting          Hospitality Research at Cornell University.
practice for Coopers & Lybrand L.L.P., and specialized in the
lodging industry. Prior to that, Mr. Woodworth was a partner      Mr. Woodworth holds both a B.S. and Master’s Degree from
with the firm Laventhol & Horwath, where he specialized in the    Cornell University’s School of Hotel Administration. He also
lodging, conference and tourism industries. Mr. Woodworth         served on the faculty of the Center for Professional Development
has managed and conducted consulting assignments, involving       at Cornell for 12 years, where he continues to guest lecture.
both the public and private sectors, throughout the U.S. He has   Mark and his wife Mary Kay, along their children Harry, Will,
worked for the industry’s leading lenders, developers, chains     Sam and Savannah reside in Atlanta.
and management companies and has dealt with all aspects of
operations, development and financing.

Mr. Woodworth has been quoted on hospitality issues in such
noted publications as The Wall Street Journal, The New York
Times, The Los Angeles Times, The Washington Post, Barron’s,
USA Today, and various industry publications. Furthermore,
Mr. Woodworth is a frequent speaker at industry conferences
and a lecturer at Cornell University and Georgia State
University, among others. He serves on the Board of Directors
of the Atlanta Convention & Visitors Bureau and the Georgia
Hospitality & Lodging Association, the Finance Committee of
the United Way of Metropolitan Atlanta, the Georgia Chapter
of the Cornell Hotel Society and recently completed two terms

Cornell University's School of Hotel Administration
Launches Program in Hospitality Real Estate Studies
       Ithaca, NY, October 24, 2008 –Cornell University's School of Hotel Administration has introduced
a new program designed to prepare students for careers in hospitality real estate and finance.

Available to students in all Cornell schools and colleges, the Program in Hospitality Real Estate Studies provides
world-class instruction in real estate investment, finance, consulting and transaction support, as well as in
structured finance. Among the program's distintive features are its singular focus on real estate investments
and finance and its emphasis on the hospitality industry.

“This program formalizes our longstanding commitment to be the leading source of knowledge about hospitality
real estate and finance,” says Michael Johnson, Dean of the School. “Capital markets are undergoing fundamental
changes, as is the nature of real estate ownership. Our School works to remain at the forefront of this knowledge,
especially as it applies to the global hospitality industry. We look forward to giving students the knowledge and
skills they need to pursue rewarding careers in this field.”

A core component of the Program is the new Center for Real Estate Finance. The Center will sponsor rigorous
academic research, disseminate that knowledge to practitioners and provide a forum for the exchange of ideas
between professionals, the academic community and students.

The Program also includes a new undergraduate Minor in Real Estate designed to help students build the
knowledge, skills and contacts to pursue a career in the field. The minor is fulfilled with a minimum of six
courses. In all, students are encouraged to choose from over 40 courses across the university that relate to a
career in real estate.

At the Hotel School, courses are taught by faculty members known for their expertise in the field. They are John
Corgel, the Robert C. Baker Professor of Real Estate; Jan deRoos, HVS International Professor of Hotel Finance
and Real Estate; Peter Liu, Assistant Professor of Real Estate; Daniel Quan, Professor of Real Estate; Richard
Penner, Professor, Facilities Management, Planning and Design; Stephani Robson, Senior Lecturer, Facilities
Management, Planning and Design; and Dina Marie Zemke, Assistant Professor of Facilities Management,
Planning and Design.

Students who choose the Minor may tap into a powerful network to help launch their careers. The Cornell Career
Services offices, the School's faculty, and the Real Estate Minor Advisory Board will help students network, find
jobs and stay current on real estate markets and transactions. Noteworthy networking opportunities include the
Cornell Real Estate Conference held each fall, and the annual Real Estate Career Day, which introduces students
to real estate companies and creates forums for companies to provide information about their firms. Many firms
also come to campus to interview for summer internships and permanent jobs.
Students will gain further exposure to the field at hospitality finance and real estate roundtables, to be sponsored
each year by the Center for Real Estate Finance and the School's Center for Hospitality Research. In addition,
program leaders will hold at least two real estate forums each term, enabling students to meet with alumni and
explore career options.

“We are building a program that will not only educate students, but give them the resources and relationships
they need to launch and propel their careers,” Johnson says.

Graduates of the Program will be prepared for a wide range of professional opportunities. They include asset
manager with a REIT or real estate fund; financial analyst with a Wall Street firm or real estate broker; associate
with a real estate advisory/consulting firm; loan origination and underwriting manager with an investment bank
or pension fund advisor; and real estate developer and owner.

For more information, please contact Ms. Courtney Griffin at or 607-255-8383.
                                              Advancing business
                                              and personal success.

Hotel Real Estate &
Asset Management Education
The current state of the US and global
economies increases the complexity of hotel
investment decisions. To address your need
to understand issues in this changing
environment, Cornell’s School of Hotel
Administration o ers a series of classroom
and online courses for hospitality                 PDP 2009 Dates
professionals interested in the dynamics of
Hotel Real Estate.

Hotel Real Estate, Development &
Investment Courses

                                                   Online Available

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