News for the Hospitality Executive
Prior CNL Executives Form Legacy Hotel Advisors
Strategic Focus on Hotel Repositioning
and Complex Transactions
To Drive Value during Turbulent Economy
ORLANDO, Fla., November 29, 2008 – Three seasoned executives announced the recent formation of Legacy Hotel Advisors (Legacy), a firm specializing in strategic hotel positioning, debt and equity capital sourcing, complex transactions, condo and mixed-use conversions, site selection, opportunistic development and asset management. The company is headquartered in Orlando, Fla., with offices downtown in The Plaza South.
“Collectively, our firm brings more than 100 years of experience in the hospitality, development and real estate industries, and together have completed more than $4 billion in hotel and real estate transactions, ranging from limited-service assets and independent boutique hotels to iconic luxury resorts,” said Thomas J. Hutchison III, founding member and chairman of Legacy. Hutchison was previously the CEO of CNL Hotels & Resorts, Inc., responsible for building the hotel REIT from $250 million to $7.2 billion during a seven-year period before selling the company to Morgan Stanley in April 2007.
Reflecting on the firm’s depth of transaction experience, Hutchison noted that Legacy offers several defining advantages. “Our team has invested our entire careers in capitalizing on down cycles, with a credible track record of creating tremendous value for our clients. From capital sourcing to strategic repositioning, we bring first-hand experience, innovative solutions and collaborative transactional expertise, with an ability to achieve win-win relationships in every facet of the business.”
The firm is undertaking a multiple hotel project in Orlando, located along the Western Beltway at the new entrance of Walt Disney World. Development details are forthcoming, with additional major projects expected to be announced in the coming months. Particularly in the wake of the current market crisis, Legacy’s pipeline of assignments is expanding rapidly to meet a growing industry demand to find value-enhancing solutions for existing properties and well positioned new properties.
Notable Leadership Team
The firm’s senior leadership team includes:
Thomas J. Hutchison III, chairman and founder, brings more than 35 years of experience focused in the lodging, hospitality, real estate development and financial services industries. Hutchison previously held key executive positions for CNL Financial Group, Inc., including serving as CEO of several companies: CNL Hotels & Resorts, Inc., CNL Retirement Properties, Inc., CNL Income Properties, Inc. and CNL Realty & Development, Inc. Under his leadership, CNL Hotels & Resorts transformed from a start-up hotel REIT into one of the largest and most distinctive lodging companies in the country, acquiring such assets as the Grand Wailea Resort Hotel & Spa in Maui, the Arizona Biltmore Resort & Spa in Phoenix and the Ritz-Carlton and JW Marriott at Grande Lakes in Orlando. Hutchison also led more than $3.8 billion in acquisitions through his tenure at CNL Retirement Properties, as well as holding prior roles as chairman and CEO of Atlantic Realty Service, Inc. and TJH Development Corporation. Additional experience includes serving as the court-appointed president and CEO of General Development Corporation through the reorganization process, as well as president and CEO of Murdock Development Corporation and Murdock Investment Corporation, where he managed an average of $350 million of new development per year for nine years.
Jay H. Berlinsky, president and CEO, offers more than 25 years of experience in finance and real estate development. He has executed $1 billion in purchase, sale, lease and trade transactions; developed or advised on 3,000,000 square feet of corporate and special-use facilities; developed 3,500 acres in master-planned mixed-use development; and secured $100 million in capitalization and debt financing. Prior leadership roles include serving as executive vice president of CNL Realty & Development Corp. and as an independent real estate developer. In 2005, Berlinsky founded SC Advisors, a firm that oversees large-scale development projects, with more than $570 million in projects currently under management.
David F. Urban, senior vice president of planning, is responsible for the management of hotel development activities with 20 years of expertise in architectural and engineering design, commercial real estate development and construction. Most recently, Urban served as vice president of capital planning for Pyramid Advisors, where he led the master planning efforts for the resort division with a budget exceeding $1 billion. Prior to that, Urban led luxury hotel, resort and condominium development efforts at such companies as CNL Hotels & Resorts, Inc., Beach Colony Resorts, and Wyndham International.
About Legacy Hotel Advisors
Thomas J. Hutchison III
Jay H. Berlinsky