PRINCIPAL 2001 to present
Alliance Hospitality
Dallas, TX
As Principal of Alliance Hospitality, provides investment and development services to owners, investors and operators in the hospitality industry for both private and public sector projects. Also provides transaction and consulting services including asset management, due diligence, deal structuring, recapitalization, and strategic planning.
- Investment advisory services for preparation of a detailed concept plan and economic feasibility analysis on an off-shore destination resort with a preliminary construction budget of $880 million. Project scope consists of 2,100 guestrooms, casino, golf, and multiple distinguishing recreational amenities.
- Evaluation of a proposed 250-room luxury resort as part of a 900-acre master planned resort community.
- Investment analysis for the development of a $40 million, 230-unit, all-suite, downtown hotel.
- Restructured $40 million of loans together with discounted debt payoff plans on full-service hotels.
- Operational consulting for owners of full-service hotels to improve sales and marketing performance and increase operating efficiency while maintaining appropriate quality standards.
SENIOR VICE PRESIDENT, DEVELOPMENT – LUXURY RESORTS 1997 to 2001
Wyndham International (formerly Patriot American Hospitality) Dallas, TX
Through a series of mergers and acquisitions, Wyndham International (AMEX:WBR) was formed in January 1998 from the assets of Patriot American Hospitality (NYSE:PAH), Gencom Group, Carnival Hotels & Resorts, Carefree Resorts, and Wyndham Hotel Corporation (NYSE:WYN).
As Senior Vice President, Development – Luxury Resorts, was responsible for leading the development program for Grand Bay branded luxury properties; managing existing real estate ventures; and creating value from non-core assets at the resorts in the United States and Puerto Rico.
- Member of the Executive Committee to integrate the merger/acquisition of multiple hospitality companies and member of the Operating Committee to transform Wyndham from a real estate oriented company to a hotel operating company.
- Development manager with third-party owners and joint venture partners of Grand Bay luxury properties representing 1,900 guestrooms and $625 million in development costs. As a result of the recapitalization of the Company, these Grand Bay luxury projects opened in 2000-2001 as The Ritz-Carlton, Key Biscayne, FL; The Ritz-Carlton, Philadelphia, PA; The St. Regis Monarch Beach Resort & Spa, Dana Point, CA; Le Meridien, Chicago, IL; and Park Hyatt, Toronto, Canada.
- Designed and implemented the pre-construction master plan program for the remaining undeveloped land at the El Conquistador Resort & Golden Door Spa in Puerto Rico. This 300-acre master plan included a second 18-hole golf course, a private golf and spa club membership program, and a $37 million, 67-unit addition to the AAA Five-Diamond Las Casitas Village condominium rental pool program.
- Feasibility evaluation of several major projects on which substantial due diligence time and cost had already been expended by the Company. This fresh assessment and related investment recommendations resulted in the discontinuance of any further efforts for a planned resort on a 500-acre site, Napa, Ca; expansion of Ventana Canyon Resort, Tucson, AZ; and a time share project proximate to the Casa Marina Resort and Reach Resort, Key West, FL.
- Partnership manager for several real estate joint ventures including the Meadows Del Mar, a 380-acre master planned community in north San Diego, Ca., with a Tom Fazio designed championship golf course, a 24-acre resort site, and a 150-pad residential lot sales program.
- Restructured The Boulders Club membership program to substantially raise all the cash needed to finance the $12 million construction cost for a 32,000 Golden Door Spa at The Boulders Resort, Carefree, AZ.
PRESIDENT – REGISTRY JOINT VENTURE AND LUXURY GROUP 1994 to 1997
Carnival Hotels & Resorts; Dallas, TX and Miami, FL
President of the Joint Venture between Registry and Carnival and then named President – Luxury Group for Carnival Hotels & Resorts to manage both the Four-Star Registry brand and the Five-Star Grand Bay brand, which Carnival owned. Was associated with the Gencom Group, one of Carnival’s partners, which eventually led to their co-sponsorship, in late 1995, of the initial public offering of Patriot American Hospitality, the largest public offering of a hospitality real estate investment trust at that time.
- Direct responsibility for The Registry Resort, Naples, FL and Grand Bay Hotel, Coconut Grove/Miami, FL to optimize their operating performance and market position as preeminent lodging properties in North America. Both properties were the benchmark for their respective brand standards and continued to be recognized by Conde Nast Traveler, Travel & Leisure, and Zagat in the very top tier of their ratings.
- Key member of the development team, together with the executive officers of Carnival and Gencom, for Grand Bay Hotels in Toronto, Canada and Philadelphia, PA. This also included the structuring and planning for the Grand Bay Resort & Residences, Key Biscayne, FL., which consisted of a 302-room beachfront resort and 188-residential condominiums with a voluntary rental program.
- Converted a 500-room resort to The Registry Resort & Spa, Ft. Lauderdale, FL and acquired a 600-room hotel in Montreal, Canada for conversion to a Registry Hotel.
- In late 1997 and early 1998, the Grand Bay brand and substantially all of Carnival’s and Gencom’s hotels and management contracts were sold to Patriot American Hospitality. In Patriot’s subsequent merger with Wyndham Hotels & Resorts, was asked to join the new organization as Senior Vice President, Development – Luxury Resorts.
PRESIDENT & EXECUTIVE VICE PRESIDENT - DEVELOPMENT & FINANCE 1975 to 1994
Registry Hotels & Resorts and Hospitality Management Corporation (HMC); Dallas, TX
These companies initially represented a hospitality venture of Trammell Crow Company and Lincoln Property Company to capitalize on the ownership benefits of a branded hotel company under the Registry trade name and, at the same time, through HMC, provide management services to third-party owners of franchised and independent hospitality properties. Was recruited to be the initial Chief Financial Officer for the venture.
PRESIDENT 1993 to 1994
Following the death of the Founder, succeeded him as President and restructured both companies to maximize shareholder value. The HMC management contracts were subcontracted to another independent management company, which enabled the management team to focus on the real estate investments and management contracts of Registry. To provide capital for growth and create certain operating efficiencies, formed a Joint Venture with Carnival Hotels & Resorts to develop and manage the upscale Four-Star Registry brand.
EXECUTIVE VICE PRESIDENT-FINANCE & DEVELOPMENT 1981 to 1993
CHIEF FINANCIAL OFFICER 1975 to 1981
- Responsible for all financial management and development activities of the companies including: controllership; financial reporting; tax planning; arranging debt and equity for corporate and project financing; creating deal flow; deal structuring for acquisitions, new development, third-party management contracts, and dispositions; contract compliance; and maintaining relations with lenders, investors, asset managers, and third-party owners.
- Management experience with over 250 hospitality-related properties including independent and franchised hotels, resorts, conference centers, condominium rental pools, marinas, and golf courses. Ten luxury Registry properties were developed turnkey or through license agreements; HMC’s management contract base grew to 35 properties on an annual basis.
- Instrumental in the construction or renovation of over 75 properties ranging in scope from the 529-room, $80 million former Registry Hotel in Addison/Dallas, TX to full-scale renovations for repositioning such as the Don CeSar Resort, St. Petersburg Beach, FL.
- Financed over $1.5 billion in hospitality real estate including the $90 million Registry Resort in Naples, Florida, the largest public securities financing of a condominium resort in the United States. After opening in 1987, The Registry Resort was consistently recognized by Conde Nast Traveler as one of the top 50 mainland resorts in the United States.
- Directed capital restructuring and turnaround programs for distressed properties during several economic cycles; experienced with all aspects of bankruptcy reorganizations and forced or consensual conveyances; and served as expert witness or advisor for receivers, governmental agencies, lenders, and asset managers.
- Prior ownership experience as shareholder or partner in 30 hospitality ventures.
AUDIT MANAGER 1968 to 1975
Arthur Andersen & Co.; Dallas, TX
Provided both auditing and consulting services to clients primarily in the real estate business such as Trammell Crow Company and Lincoln Property Company.
EDUCATION & MILITARY
Certified Public Accountant, Texas (1969)
Masters of Business Administration
University of North Texas, MBA (1966)
Bachelor of Science – Business Administration
Midwestern State University, BBA (1965)
U.S. Army, Officer, Finance Corp (1966 to 1968)
AFFILIATIONS
Past Member, Board of Advisors,
School of Hotel & Restaurant Administration, Oklahoma State University
Urban Land Institute
Program Steering Committee Member:
- Americas Lodging Investment Summit (ALIS) 2002 - 2004
- UCLA Hotel Investment Conference (UCLA) 1985 - 2001
Speaker Topics at Recent Industry Conferences (ALIS, UCLA, The Lodging Conference)
- How To Deal With Troubled Hotel Loans
- How Are Resort Deals Getting Done
- Financing For New Development
- Assembling The Development Team
- Raising Capital With Club Membership Programs |
