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. |