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HREC's Newly Created New York City Office Closes
More than $150 million in Less than Five Months, 
Appoints Vice President

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Manhattan Location and Appointment of Andrew Broad Further Enhance
the Firm’s Client Service and Transactional Capabilities

NEW YORK, June 1, 2005 – HREC Investment Advisors, a leading international hotel brokerage and investment banking group specializing in the lodging industry, with offices in Denver, Chicago, and Tampa, announced that its newly-established flagship New York City office, open less than five months, has closed approximately $150 million in transactions in the northeast, indicating its potential to provide immediate and personalized access to major capital market players and further enhance the firm’s already successful property brokerage, mortgage brokerage, structured finance and equity placement businesses. 

The firm also announced the appointment of lodging industry deal veteran, Andrew Broad, as Vice President. Broad will work out of the New York office with Geoff Davis, President and co-Founder of the firm, who is leading the activities of the new office.

Davis said, “We are happy with the immediate, positive results generated by our New York office, and by the appointment of Andy Broad as Vice President.” He continued, “While we have long had a positive track record of success in the northeast, the market and our clients told us there is a need for an enhanced presence in the financial capital of the world, and we have responded.” He concluded, “We look forward to continuing to leverage our new location for the benefit of our current clients, future clients and the growth of our firm. Having Andy on board to help steer the ship and chart its growth is a double benefit.”

The HREC New York office is located in the Helmsley Building at 230 Park Avenue, across the street from the Grand Central Terminal, in the heart of the city’s mid-town Manhattan financial center. The office is also short cab ride from Wall Street and is easily accessible by commutation from Connecticut, Long Island and New Jersey.

Closed transactions in the office’s first five months include the refinace of the Hyatt Regency Philadelphia for $53 million, and the sale of five properties in the Gulph Creek portfolio, in Greater Philadelphia, for $92 million.

Michael Cahill, a Principal in HREC’s Denver office said, “The New York office and the appointment of Andrew Broad have already begun to strategically benefit to our entire national client base.” He concluded,  “With an active, physical presence in the hub of the world’s capital markets, and a professional of the caliber of Andy to support it, we are optimistic about the future.”

About Andrew Broad 

Andrew Broad was formerly an associate broker of Timm & Associates, Inc., where he specialized in hotel real estate transactions in the Upper Midwestern United States.  Mr. Broad has extensive experience in the lodging and real estate industries, having served as the primary broker on over 40 hotel transactions in the Upper Midwest.  He was responsible for all phases of the sales process including; sourcing listings, providing opinions of market value, creating marketing brochures, identifying qualified buyers, assisting buyers in their due diligence, and ultimately responsible for closing hotel real estate transactions.  

While at Timm & Associates, Inc., he also assisted in the development of “Hotel-Broker.com,” an Internet site designed to assist hotel owners and brokers to market their hotel listings to active buyers.  Prior to joining Timm & Associates, Inc., he was a director of franchise development for Roof Inns, where he was responsible for the development of the Red Roof Inn Brand.  He also was a director of franchise development for the Cendant Corporation, where he was responsible for the development of the Days Inn, Ramada, Howard Johnson, and Villager Lodge brands in the Midwestern US.  Andrew is a graduate of Cornell University.

Broad said, “I am happy to join forces with the Principals of HREC Investment Advisors. The professionalism and creativity of the HREC Investment Advisors group is compelling.” He concluded, “The ability to be involved in many different facets of the hospitality industry such as asset sales, debt and equity placement, consulting and advisory practice makes HREC an exciting place to be, now and for the future.” 

Rick George, Principal HREC’s Chicago office, commented, “When we add an individual to our group, we want to make sure that that person will have the ability to enhance our firm's perception in the eyes of our clients. Andrew is very bright, creative, and hard working. And we are thrilled to have him with us.”

About HREC Investment Advisors

HREC IA is a leading international hotel brokerage and investment banking firm that specializes in the lodging industry, with offices in Denver, CO; Chicago, IL; Tampa, FL and New York, NY. The company has arranged hospitality transactions ranging in size from $1 million to $200 million, including limited service hotels, mixed-use resorts, development projects and full service hotel properties. HREC IA has several decades of experience in the lodging sector, and a reputation for implementing a coordinated sales process that maximizes value and expedites the timeline for transactions - utilizing unique resources such as cutting-edge direct marketing, databased e-marketing and deal tracking to benefit HREC clients. Areas of activity for HREC Investment Advisors include hotel finance, structured finance, equity placements and hotel sales. 

Contact information for the firm’s new Manhattan office: 230 Park Avenue, 10th Floor, New York, NY 10169, 212-551-1775-office, 212-551-1779-fax, gdavis@hrec.com, e-mail.

Contact:

 Michael Frenkel
MFC PR
(212) 808-6556
michael@mfcpr.com

Also See: HREC Advises on Sale of The Gulph Creek Hotels Portfolio, Greater Philadelphia, in $92,000,000 Transaction / May 2005


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