Scott Stephens was formerly a managing director of Insignia/ESG Hotel Partners where he specialized in hotel, resort and golf single asset investment sales. Mr. Stephens has extensive experience in the lodging and recreational real estate industries, having successfully completed over 500 transactional and advisory engagements in Florida, the Caribbean and Latin America throughout his career. Prior to joining Hotel Partners, he was a principal in International Hospitality Advisors, a highly respected real estate consulting firm. He was also an associate at
PKF Consulting, where he advised major institutional hotel owners and completed hospitality real estate valuation, feasibility and market studies throughout North America and Europe. Scott is a graduate of Florida State University. He maintains the MAI designation from the Appraisal Institute and is a licensed Florida Real Estate Broker. He is also a member of The Society of Golf Appraisers (SGA).

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, as well as placing mezzanine debt and equity on both existing and proposed hotel projects. In 2003, HREC Investment Advisors has already completed in excess of $200 million in hotel property transactions, including asset sales along with debt and equity placements, and anticipates over $300 million in completed
transactions this year.

“I am really looking forward to continuing my professional partnership with Rick George (partners at Insignia/ESG Hotel Partners for the last four years) and to join forces with such industry vets such as Geoff Davis and Mike Cahill. The professionalism and creativity of the HREC Investment Advisors group is what really attracted me. Also, the ability to be involved in many different facets of the hospitality industry such as asset sales, debt/equity placement, consulting and the ability to grow a golf course brokerage and advisory practice was very instrumental in my joining this company,” stated Scott Stephens, Principal of HREC Investment
Advisors.

Geoff Davis, President of HREC Investment Advisors said, “We are excited to have a seasoned pro such as Scott join our firm as a Principal. Now with offices in Denver, Chicago and Tampa we can continue to grow our national practice and better serve our clients.”

Michael Cahill, President and Founder of HREC – Hospitality Real Estate Counselors, commented, “Scott Stephens is a great addition to the HREC team. In addition to being an outstanding hotel broker, he brings a tremendous, highly specialized depth of knowledge in the golf and timeshare industries to the firm.”

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.