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| New York, NY. September 16, 1999. Dr. John B.
�Jack� Corgel has joined PKF Consulting as Managing Director of Applied
Research for the firm�s newest division, The Hospitality Research Group
(HRG). Dr. Corgel joins the firm from the Cornell University School
of Hotel Administration, where he was a member of the faculty for nine
years. During his tenure at Cornell, he served as the university�s
first Director of the Center for Hospitality Research.
�We�re delighted to have Jack Corgel as part of our hospitality research team. He brings a level of expertise in the application of theoretical models to questions of real estate value and hotel profitability that is unmatched in the industry,� said Patrick Quek, President and CEO of PKF Consulting and HAA International. Corgel will be in the firm�s Atlanta office, where The Hospitality Research Group is headquartered. The HRG was formed earlier this year when PKF Consulting�s research department, responsible for the Trends hotel statistics database, was expanded into a separate, stand-alone entity for pursuing broader areas of hospitality industry research. �The Hospitality Research Group is a natural development for us, � Quek said. �PKF Consulting and our brokerage affiliate, Hospitality Asset Advisors Incorporated, have grown steadily to serve their specific markets � consulting and transactions. We realized the need for a free-ranging research entity to support them, as well as to provide our clients with highly customized research products. Dr. Corgel�s expertise furthers our strength in these areas.� PKF Consulting, The HRG, and hotel brokerage affiliate Hospitality Asset Advisors Incorporated are all wholly owned subsidiaries of Hospitality Asset Advisors International, a U.S. corporation. Dr. Corgel is a recognized authority on complex real estate matters. He has advised corporations, pension funds, and investment banks on real estate, investment, and valuation issues. As a researcher, he has developed real estate price indexes and helped create the first rate of return index for lodging property investment, Lodging Property Index. His other research projects have included management contract valuation, REIT valuation, and real estate price dispersion. After receiving undergraduate and Ph.D. degrees from the University
of Georgia in real estate and corporate finance, Dr. Corgel taught at three
other universities before joining
Dr. Corgel has been published in key academic and professional journals on the subject of real estate finance, investment, valuation, and hospitality real estate. Among the journals in which his work has appeared are the Journal of Urban Economics, Real Estate Economics, and the International Journal of Hospitality Management. �The addition of Jack Corgel to the Hospitality Research Group enables us to further expand the proprietary research services that we provide both to our clients and the industry at large. Bringing Jack into the fold represents the latest example of the significant investment we have made in our research capabilities,� noted Mark Woodworth, Executive Vice President for PKF Consulting in Atlanta and Executive Managing Director of the new Hospitality Research Group. �Some research units provide support services within their firms, others perform contract research, while others function in a research and development capacity,� said Dr. Corgel. �As an R&D-oriented research unit, The Hospitality Research Group will develop innovative products that rely on the strengths of this firm as a trusted caretaker of hotel performance data and my capabilities to objectively analyze data using advanced statistical models.� Robert Mandelbaum, PKF Consulting�s Director of Research, becomes The Hospitality Research Group�s Director of Research Information Services. He continues his involvement with the firm�s Trends in the Hotel Industry publications and will work with Woodworth and Dr. Corgel on developing research products for the hotel and real estate industries. The Hospitality Research Group is housed in the PKF Consulting office in Atlanta. Other PKF Consulting offices are in New York, Los Angeles, Houston, Philadelphia, Washington, DC, and its headquarters in San Francisco. The firm�s Asia affiliate, Hospitality Asset Advisors, Pte Ltd, is based in Singapore. Offices of brokerage affiliate, HAA Incorporated, are in Boston, New York, Dallas, Houston, Los Angeles, San Francisco, and Atlanta. |
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