News for the Hospitality Executive
Former Goldman Sachs Exec Launches Hospitality Industry Asset
New York, NY - May 12, 2011 – Steven M. Angel, a former Managing Director within Goldman Sachs’ Merchant Banking Division, announced the formation of Fulcrum Hospitality LLC (“Fulcrum”), an asset management and advisory services firm focused on the lodging and gaming industries.
Leveraging Mr. Angel’s 20-plus year background in the hospitality industry spanning principal investing, investment oversight, consulting, operations and equity research, Fulcrum will focus on assisting both institutional and individual investors in identifying and analyzing prospective hotel and casino investment opportunities, as well as maximizing the value of existing equity and debt portfolios.
“As performance metrics improve across key markets globally and capital markets continue to ease, a clear opportunity exists for Fulcrum Hospitality to assist its clients in executing operational and investment strategies designed to enhance the performance and value of lodging and gaming assets,” Mr. Angel stated. “These same tactics can be leveraged during the diligence of potential transactions to recognize and exploit value opportunities amid highly competitive asset bidding processes.”
Mr. Angel’s unique background positions him well to lead this venture, having played an integral leadership role in the acquisition and subsequent oversight of several billion dollars of hotel and casino investments both in his role at Goldman Sachs as well as his most recent post as a Principal at Highgate Hotels, a preeminent investment and management firm with which Fulcrum will maintain a strategic relationship. Mr. Angel also formerly served as a licensed gaming principal and Chairman of the Board of American Casino & Entertainment Properties, whose assets include the 2,400-room Stratosphere Las Vegas.
These accomplishments combined with Mr. Angel’s previous work in equity research at Lehman Brothers, as a Managing Consultant at PricewaterhouseCoopers and in hotel operations with dominant brands such as The Ritz-Carlton Hotel Company, suggest that Fulcrum is primed to become an industry leading advisor.
Steven M. Angel
Fulcrum Hospitality LLC