• HOTEL BROKERAGE ▪ Single Asset & Portfolio Sales ▪ Full Service ▪ Select Service ▪ Extended Stay ▪ Resort
  • MORTGAGE BROKERAGE ▪ Acquisition Financing ▪ Refinancing Current Debt ▪ Construction Financing
  • EQUITY PLACEMENT ▪ Institutional and Private Equity ▪ Joint Ventures ▪ Alternative Capital
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Property Brokerage

Investment Bankers for the Lodging Industry

HREC Investment Advisors® is a real estate brokerage and investment banking firm exclusively focused on the hospitality industry.  Mike Cahill, CEO and Founder, Scott Stephens, Senior Principal and COO, and Mike Armstrong, Principal, of HREC Investment Advisors, have over 65 years of combined hospitality industry experience.  They are regarded as some of the most distinguished hotel brokers and investment advisors in the hospitality industry, having arranged over 600 hotel industry sale and finance transactions with value in excess of $9 billion.

Michael Cahill
Denver, CO

Scott Stephens
Tampa, FL

Mike Armstrong
San Diego, CA


Patrick Culligan
Memphis, TN


Jim O'Connell
Boston, MA


Herb Warmbrodt
Kansas City, KS


Monty Levy
Atlanta, GA

Bill Murney
Phoenix, AZ

Jeff Brown
Atlanta, GA 


Scott Kaniewski
Chicago, IL



Michael Blahosky
Detroit, MI


Mark Rousseau
Atlanta, GA


Barry Swanson
Atlanta, GA


Ketan Patel
Washington D.C.


Mark Mitroka
Austin, TX



Kevin Hanley
Washington D.C.


Mark von Dwingelo
Bethel, CT


Tom Huegel
Atlanta, GA


Ted Anka
Miami, FL


Jeff Preston
Chicago, IL



Tom Sommer
Chicago, IL

Paul Sexton
Chicago, IL 

Jaimin Patel
Tampa, FL 


Hank Wolpert
Dallas, TX


Jeffrey Duni
Denver, CO


Mike Dube
Denver, CO

John Siska
Boston, MA

Peter Dolan
Boston, MA

Jo Ann Lonergan
Boston, MA

Zane Varvel
Chicago, IL


 HREC Investment Advisors® maintains offices in key markets around the country, including:

  • Atlanta, GA
  • Austin, TX
  • Bethel, CT
  • Brooklyn, NY
  • Boston, MA
  • Chicago, IL
  • Dallas, TX
  • Denver, CO
  • Detroit, MI
  • Kansas City, KS
  • Memphis, TN
  • Orlando, FL
  • Phoenix, AZ
  • San Diego, CA
  • Tampa, FL
  • Washington, D.C.

HREC Investment Advisors® provides the following services:

  • Single asset sales and portfolio transactions
  • Debt placement, mortgage counseling
  • Equity placement; joint venture structuring
  • Portfolio recapitalizations

Creativity, experience and innovation are the hallmarks of HREC Investment Advisors® ("HREC IA").  HREC IA has won the prestigious Deal of the Year in 2003, 2004, 2005 and 2006 in both Single Asset Sales, Financing, and other categories, as awarded by Hotel Business.  HREC IA was nominated for Deal of the Year at the ALIS hotel investment conference in 2004, and is frequently quoted in industry publications on key trends in hotel investment and finance.

Every time we evaluate a property, our analysis includes in-depth market analysis, strategic planning, a current view of capital markets and a clear understanding of how industry trends affect a specific asset.  Our experience in resolving complex issues related to hotel sales, debt and equity placements and ownership issues have allowed us to develop a reputation as a skilled advisor and closer.  Additionally, Principals and team members at HREC IA have diverse backgrounds within the hospitality industry, including experience as a hotel investor, developer, founder of a preeminent hotel management company, extensive hotel consulting experience, founder of a national hotel brand, and many other endeavors within the hotel industry.  We have a unique perspective on hospitality real estate and a skill set that transcends traditional brokerage. 

  • Expertise in identifying value-added and repositioning strategies that allow an investor to maximize return, and hence increase the value for our clients
  • Understand how hotels operate as both a real estate investment and as an operating business, and how to maximize the income potential of each asset
  • Experience in all facets of the hospitality industry promotes credibility with investors and lenders.



Atlanta  Bethel, CT  Boston  Brooklyn (NYC)  Chicago  Dallas • Denver  Detroit  Kansas City  Memphis  Miami  Orlando  Phoenix  San Diego  Tampa  Washington D.C.