Industry Veteran Rick George Joins HREC Investment Advisors / July 2003

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Industry Veteran Rick George Joins
HREC Investment Advisors

Denver, CO; Chicago, IL: July 15, 2003 - Lodging industry deal veteran, Rick George, has joined Denver-based HREC Investment Advisors, a national hotel industry brokerage and investment banking firm. Mr. George will be the Principal in charge of the new Chicago, IL office.

Rick has closed in excess of $270 million in transactions during his career. He was formerly a managing director of Insignia/ESG Hotel Partners where he was a hotel specialist focusing on single asset and portfolio investment sales for properties located throughout North America. He has been actively engaged in the hospitality industry on a full time basis since 1991 when he joined Holiday Inn Worldwide as the Director of Franchise Sales and Development in the Midwest. In that position he was directly responsible for the brand growth of Holiday Inn Select, Holiday Inn, Holiday Inn Express and

Rick George

Crowne Plaza hotels. Following that, he joined Cendant Corporation as the Regional Vice President of Franchise Sales where he and his team were responsible for growing the Days Inn, Ramada, Howard Johnson, and Villager Lodge brands, also in the Midwest. Mr. George is a graduate of Cornell University. HREC Investment Advisors will continue to focus on the traditional sale of hotel and resort assets, but is also currently active in refinancing debt on a number of existing hotels, placing debt and equity on hotel development projects, and in the equity recapitalization of a number of hotel portfolios, including arranging equity joint ventures, and placing mezzanine debt and equity on both existing and proposed hotel projects. In 2003, HREC Investment Advisors has already completed $200 million in hotel property transactions including asset sales along with debt and equity placements.

Rick George comments, �Our team approach to the brokerage business will clearly differentiate us from the competition and allow us to maximize value for our clients. HREC Investment Advisors is highly focused as a group on successfully closing every engagement and putting the full resources of the firm behind each and every assignment.� Geoff Davis, President of HREC Investment Advisors said, �It was important to us to bring in a quality and experienced professional such as Rick as a partner in the brokerage and investment banking practice. Our approach is to have every senior level person in the firm involved in every transaction, thus providing a high degree of service and expertise to our clients.� Michael Cahill, president and founder of Hospitality Real Estate Counselors (�HREC�), states, �I have personally known Rick for over 20 years and am excited to see him become a partner in HREC Investment Advisors. He is one of the nation�s top hotel brokers and will be a valuable asset in expansion of our national investment banking practice�.

HREC Investment Advisors is the real estate brokerage and investment banking arm of Hospitality Real Estate Counselors ("HREC"), one of the nation�s leading advisors to the lodging industry. Headquartered in Denver, Colorado, HREC maintains an international practice specializing in hotel brokerage, debt financing, equity placements, consulting and asset management.

For additional information, visit HREC�s website at www.hrec.com.

Contact:

Mike Cahill, President
Hospitality Real Estate Counselors (�HREC�)
6444 South Quebec Street, Suite 212
Englewood, CO 80111
(303) 267-0057
Fax: (303) 267-0105
[email protected]

Geoffrey Davis, President
HREC Investment Advisors
[email protected]
6444 South Quebec Street, Suite 212
Englewood, CO 80111
(303) 267-0057
Fax: (303) 267-0105

Rick George, Principal
HREC Investment Advisors
440 North Wells Street, Suite 450
Chicago, IL 60610
(312) 645-9010
[email protected]

www.hrec.com

Also See	$50.5 Million In Permanent Hotel Financing Arranged By HREC Investment Advisors / February 2003
	Industry Vets Geoff Davis and Mike Cahill form New Hotel Brokerage and Investment Banking Firm, HREC Investment Advisors sm / November 2002
	Mark Tobin and Mike Cahill form HREC Asset Managementsm In Association with Hospitality Real Estate Counselors, Inc.® / Aug 2002
	Hospitality Real Estate Counselors and Conventions, Sports & Leisure Form Strategic Alliance / Mar 2001

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