Company Overview

Michael Cahill, CRE, MAI, FRICS, CHA

CEO and Founder
Denver, Colorado

Email: [email protected]
Phone: 303-267-0057

 


Employment

  • HREC® - Hospitality Real Estate Counselors® - 1994 to present - CEO/Founder - Provides specialized consulting services exclusively to the lodging and gaming industries including real estate and business valuations, market, impact and feasibility studies, litigation/expert testimony support, asset management, development assistance and investment analyses.
  • HREC Investment Advisors® - 2002 to present - Principal/Co-founder in a lodging investment banking firm specializing in real property transactions, mortgage brokerage and third-party equity investment.
  • HREC Development Resources® - 2002 to present - Principal/Co-founder in a third-party hotel advisory services firm providing development counseling to hotel investors and tax-exempt bond financing to municipalities.
  • Microtel Franchise & Development Corporation/Hudson Hotels Corporation - 1987 to 1999 - Founder/Member of the Board of Directors - Hudson Hotels is a national, publicly (NASD-OTC) held, full-service hotel ownership, management and development company. Hudson Hotels Corporation is a joint venture partner with US Franchise Systems in the worldwide franchising of Microtel Inns. Michael Cahill is one of the original co-founders of the Microtel hotel brand and concept.
  • HVS Executive Search - 1992 to 1994 - Co-founder - Established the lodging and gaming executive search division of this international consulting organization
  • HVS International (Hospitality Valuation Services) Mineola, New York - 1984 to 1994 - Senior Vice President - Senior level executive in the New York office of this international lodging consulting and valuation organization
  • Hyatt Hotels Hawaii - 1983 - Hotel Management Trainee, Hyatt Waikiki

Professional Designations

  • The Counselors of Real Estate - CRE Designation (#10881)
  • Appraisal Institute - MAI Designation - (#9658)
  • Fellow, The Royal Institute of Chartered Surveyors - FRICS Designation (#1250847)
  • Educational Institute of the American Hotel and Lodging Association: Certified Hotel Administrator - CHA Designation
  • State Certified General Real Estate Appraiser (#CG40001600) - Colorado
  • State Certified General Real Estate Appraiser (#46-10963) - New York
  • Real Estate Broker Associate (#FA40043842) - Colorado Real Estate Broker

Professional Memberships

LIIC - Lodging Industry Investment Council (co-chairman 2000 to present)
ILFC - International Lodging Finance Council (co-chairman 2005 to present)
Cornell Hotel Society
Cornell University Real Estate Council 
Cornell Football Association
Colorado Hotel and Lodging Association
Metropolitan Denver Hotel Association 
American Hotel & Lodging Association
National Association of Realtors

Education
 

BS - School of Hotel Administration, Cornell University

Academic All-America Football Player, Offensive Tackle - 1983

Appraisal Institute - Completed all coursework for MAI designation

Course 1A1 - Real Estate Appraisal Principles
Course 1A2 - Basic Valuation Procedures
Course 1BA - Capitalization Theory and Techniques, Part A
Course 1BB - Capitalization Theory and Techniques, Part B
Course 2-1- Case Studies in Real Estate Valuation
Course 2-2 - Report Writing and Valuation Analysis
Course 2-3 - Standards of Professional Practice
Understanding Limited Appraisals & Appraisal Reporting Options: General
Litigation Skills for the Appraiser - An Overview
Reviewing Residential Appraisal Reports - 2006
Uniform Appraisal Standards for Federal Land Acquisitions - 2006
Appraising Historic Preservation Easements - 2008
Condemnation Appraising:  Principles and Applications - 2010
New York University, The Real Estate Institude
Annual attendance at lodging and gaming industry related conferences, seminars, lectures and trade shows.

Appearance as a Lodging/Gaming Expert Witness

  • Board of Property Tax Appeals, City of Madison, Wisconsin
  • United States Bankruptcy Court, Eastern District of Louisiana (deposition)
  • United States District Court, District of Massachusetts (deposition)
  • United States District Court, Western District of New York (jury trial)
  • Fifth Judicial Circuit Court, State of South Dakota (deposition, jury trial)
  • District Court, County of Arapahoe, State of Colorado (deposition)
  • Heyde vs Oh, Minneapolis, Minnesota (arbitration testimony)
  • District Court, Water Division No. 1, State of Colorado (testimony)
  • The Soffer Group vs Noble House Limited, et al, Miami, Florida (arbitration testimony)
  • DIJO, Inc. vs. Hilton Hotels, Inc. et al; U.S. District Court for Northern District of Mississippi (deposition)
  • Superior Court of the State of California, County of San Mateo (deposition)
  • 116th District Court, Dallas County, Texas (deposition, trial testimony)
  • United States Bankruptcy Court, Northern District of Texas (testimony)

Published Quotes as a Lodging/Gaming Expert - List of Periodicals

  • AAHOA Lodging Business
  • ABA Banking Journal
  • AH&MA Reports - Industry Update
  • The Arizona Republic
  • Baltimore Business Journal
  • Barron's
  • The Boulder County Business Report
  • Buffalo News
  • Business Travel News
  • CasinoGaming.com
  • Caterer & Hotelkeeper
  • Central New York Business Journal
  • Cincinnati Enquirer
  • Club Industry Magazine
  • Colorado Biz Magazine
  • Colorado Real Estate Journal
  • Commercial Property News
  • The Courier-Journal (Louisville, Kentucky)
  • The Cornell Hotel and Restaurant
    Administration Quarterly
  • Crain's Detroit Business
  • The Daily Camera - Boulder
  • The Denver Business Journal
  • Denver Daily News
  • The Denver Post
  • The Des Moines Register
  • Florida Hotel & Motel Journal
  • 4Hoteliers.com
  • GlobeStreet.com, Real Estate is our Domain
  • HospitalityNet360.com
  • HotelAssets.com
  • Hotel Business
  • Hotel Management magazine
  • Hotel & Motel Management
  • HotelExecutive.com
  • Hotel Journal, Innside Real Estate
  • Hotel Law Blog
  • Hotels International
  • Hotelinteractive.com
  • Hotels' Investment Outlook
  • HotelNewsNow.com
  • HotelMotel.com
  • Hotel Supply Resource
  • Hospitality World Network.com
  • Indianapolis Business Journal
  • The Indianapolis Star and News
  • Investor Business Daily
  • Las Vegas Review-Journal
  • Lodging Magazine
  • Lodging Hospitality magazine
  • Los Angeles Daily News
  • Loveland Daily Reporter Herald
  • Meeting News
  • Meetings East
  • Meetings South
  • 9news.com, Colorado's News Leader
  • NashvillePost.com
  • National Hotel Executive
  • Niagara Gazette
  • Palm Beach Post
  • Phoenix Business Journal
  • Real Estate Forum
  • Reis.com
  • Roanoke Times & World News
  • Rochester Business Journal
  • Rocky Mountain News
  • San Francisco Examiner
  • Talewinds, Your On-line Travel
    Newsletter
  • Travel Daily
  • TravelDailyNews.com (International)
  • The 2001 Casino and Gaming
    Market Research Handbook
  • WSJ.com, The Real Estate Journal

List of Teaching and Lecture Assignments

  • American Hotel and Motel Association, 79th Annual Convention
    - Feasibility Studies: Repositioning for Survival in the 1990's
  • American Hotel and Motel Association, 81st Annual Convention
    - The Value Impacts of Repositioning
  • American Society of Appraisers, Long Island Chapter, 1993
    - Hotel Real Estate Value Trends in the 1990's
  • AAHOA - Asian American Hotel Association - 2011 National Convention
     - Who is Buying and Selling?  Getting the Deal Done
  • Chicago Title of Colorado, 1996
    - Hotel Development Trends
  • Choice Hotels International - Regional Spring Conference, 1991
    - Hotel Real Estate Value Trends
  • Cornell University Hotel School, 2008
    -The Evolution of Private Equity
  • Country Hospitality Annual 1992 Convention
    - Hotel Valuation Seminar
  • Denver Hospitality Summit, 2010
    - Panel Moderator 
  • Denver Hospitality Summit, 2011
    - Lodging Real Estate Trends
    - Moderator:  Hotel Broker Panel
  • Distressed Hotel Summit, 2010
    - Distressed Asset Valuation
  • GE Capital Commercial Real Estate Finance - 2003
    - Hotel Appraisal and Valuation
  • GE Real Estate, 2009
    - Trends and Fundamentals of the Current Hospitality Market
  • GlobeSt.com, Webinar 2010
    - Hotel Sales Poised for Uptick
  • GMAC Commercial Mortgage - Hotel Conference 2002
    - Lodging Valuation Panel
  • Grubb & Ellis, Hospitality Properties Division
    - Opportunities in Economy Lodging
  • Hotel & Motel Brokers of America, 30th Annual Meeting, Instructor
    - Workshop in Hotel Valuation
  • Hotel World, 2008
    - Making your Hotel Nightspot the Hotspot
  • Institute for International Research, Profiting from Casino Development, 1995
    - Determining the Market Potential of Emerging Jurisdictions
  • International Hotel/Motel & Restaurant Show, 1995
    - Capital Investments: Do's and Don'ts for Property Owners & Operators
  • Latino Hotel Association International Conference 2011
    - Hospitality Real Estate - Recent Trends
  • Lehman Brothers - Hospitality Owner Meeting - 2006
    - Downtown Denver Lodging Market
  • The Lodging Conference, January 2002
    - Good Market - Bad Market (moderator)
    - The Management of Operating Expense (moderator)
  • The Lodging Conference, October 2002
    - Operations Roundtable
    - Ultimate Survivor: The Story of the Independent Hotel Operator
  • The Lodging Conference, October 2003
    - Operations Overview
    - Feasibility and Due Diligence
  • The Lodging Conference, October 2004
    - Top Industry Issues and Challenges for 2005
    - Feasibility and Due Diligence 101
  • The Lodging Conference, September 2005
    - Construction, Bridge and Mezzanine Debt
    - Acquiring a Hotel and Making it Valuable
  • The Lodging Conference, September 2006
    - How To Get The Most Out Of Your Broker
    - Hotel Real Estate Forecast
  • Long Island University - 1986
    - Performing a Competitive Analysis for Hotels/Motels
  • Madison Capital Managment corporate retreat 2011
    - The State of the Hotel Real Estate Industry
  • Meet the Money Conference- 2006, 2007, 2008, 2009 and 2010
    - Top Ten Hotel Investment Trends
    - 2009 - Moderator: What's Happening in Capital Markets?
  • Metropolitan Denver Hotel Association - 2003
    - Denver Convention Center Hotel Update
  • Midwest Lodging Investors Summit, 2008
    - Sourcing Debt and Equity
  • National Association of Industrial and Office Properties (NAIOP Colorado), 1996
    - National Lodging Investment Trends and the Outlook for Denver
  • New York University, The Real Estate Institute
    - The Appraisal of Hotels Using Simultaneous Valuation Capitalization
  • New York University, Center for Food and Hotel Management
    Hotel Project Development, 1989
    - Hotel Property Operations and Maintenance, 1989
    - Trends in Food and Hotel Management, 1992
    - Hotel and Food Service Project Management, 1993
  • Niagara Falls Coalition for Casino Gaming, 1995
    - Understanding the Potential Economic Impact of Casino Gaming in Niagara Falls
  • NATHIC - North American Hotel & Tourism Investment Conference 2011
    - Moderator:  Happy Hour with LIIC
  • Northwest Center for Professional Development
    - How to Determine Financial Feasibility
  • Providence Hospitality Partners
    - 2006 Annual Meeting: What determines the value of a hotel?
  • Puerto Rico Hotel and Tourism Association, 6th Annual Convention
    - The Value Impacts of Hotel Market Repositioning
  • Real Share Hotel Investment and Finance Summit - 2007, 2008, 2009 and 2011
    - The ILFC Top Ten List
    - The 2009 ILFC Lender Survey
    - The 2011 ILFC Lender Survey
     
  • Residence Inn by Marriott - 1991 Video
    - Converting to Success; Industry Analysis of Extended-Stay Hotels
  • Riverboat Gaming Congress & Expo - 1993
    - Riverboat Casino Feasibility and Site Selection
  • Riverboat Gaming Congress & Expo - 1995
    - Hotel Development in Conjunction with Casinos
  • The Second Annual Resort Management Conference, 2002
    - Moderator: Case Study - Bachelor Gulch Ritz-Carlton
  • University of Denver - MBA Program, 2002
    - Hospitality Asset Management
  • University of Denver - MBA Program, 2002, 2003, 2004
    - Hotel Franchising
  • University of Denver, Franklin Burns School of Real Estate & Construction Management, 2003
    - Hotel Industry Trends
  • University of Denver, MBA Program 2005
    - "Reading" Markets and Preparing Financial Projections
  • University of Denver, MBA Program 2004
    - Consultant's Role in Hotel Deals, Appraisal Techniques
  • University of Denver - MBA Program 2003
    - The Art of the Deal: Mergers, Acquisitions, Exchanges and Dispositions
  • University of Nevada, Las Vegas, College of Hotel Administration
    - Economy Lodging
  • Urban Land Institute - New Orleans District Council Meeting, Fall 1993
    - United States and New Orleans Hotel Industry Overview
  • Wertheim Schroder Lodging Industry Conference, Finance/Development Panel
    - Current Trends in Hotel Market Values

Published Articles

  • The Appraisal Journal
    • "Estimating Hotel Replacement Cost," July 1992
  • The Appraiser
    • "Distressed Hotels Require Careful Consideration in Valuation Process," January 1990
  • Best Western Trade Notes
    • "Playing the Marketing Game," July 17, 1987
  • The Bottomline - Journal of the International Association of Hospitality Accountants
    • "Appropriate Room Rate is Vital," December 1986
    • "Tax Burden Can Determine Whether or Not to Build," February 1987
    • "Both Economy and Luxury are Now Favored by Industry," February 1987
    • "Follow Logical Steps to Project Income and Expense," April 1987
    • "How to Commission a Real Estate Appraisal," October 1987
    • "Investing in the Hotel Real Estate Cycle," April/May 1988
  • Cahill on Hotel Feasibility
    • "How to Estimate Real Property Taxes for a Proposed Hotel," Summer 1986
    • "Forecasting Average Room Rates for Proposed Hotels," Winter 1986
    • "Forecasting Hotel Income and Expense," Summer 1987
    • "Profiting From the Hotel Real Estate Investment Cycle," Summer 1988
    • "The Valuation of Distressed Hotels," Fall 1989
  • Colorado Real Estate Journal
    • "Investors are Lodging in Denver," November 19 - December 2, 1997
    • "How Healthy is the Denver Hotel Market," September 16 - October 6, 1998
    • "Where are Lodging Investment Opportunities in Metro Denver?" September 15 - October 5, 1999
    • "Is it time to buy, build or sell in today's hotel market?" September 19 - October 2, 2001
    • "When Will the Hotel Market Rebound?" September 18 - October 1, 2002
    • "Should You Buy or Build Hotels in Denver Today?" November 17 - November 30, 2004
    • "Where are Denver Hotel Values Heading?" November 16 - December 6, 2005
    • "Is it a good time to invest in Denver hotels?" November 1 - November 19, 2006
    • "Colorado Lodging Recession:  2009 Filled with Challenge" June 17 - July 1, 2009
    • "Annual Lodging Survey Suggests a Bullish Perspective" June 1 - June 14, 2011 
  • Commercial Investment Real Estate
    • "Place Your Bets on Gaming," September/October 1999
  • The Cornell Hotel and Restaurant Administration Quarterly
    • "Seasonal Resorts: The Off-Season Challenge," August 1987
    • "Riverboat and Dockside Gaming," December 1993
  • Florida Hotel and Motel Journal
    • "Distressed Hotels: Sorting Diamonds Among the Lumps of Coal," October 1989
  • The Hospitality Financial Management Review
    • "Give Me Barriers to Entry," Winter 2002
  • Hospitalitas - The Hospitality Industry Newsletter from Baker Donelson
    • "10 Questions about Buying Distressed Hotels," 2010, Issue 1
  • Hotel and Motel Management
    • "Hoteliers Can Reap Rewards by Welcoming Appraisers," August 15, 1988
    • "Operators Dominate Buyer Profile," 1993
    • "Real Estate - Public/Private Partnerships Offer Benefits," June 4, 2001
  • HotelInteractive Radio
    • "Financial Frenzy Interview" - June 10, 2011
  • Hotels International
    • "Don't Laugh. Now's the Time to Buy a U.S. Hotel," May 1992
    • "U.S. Hotel Real Estate on the Rebound," June 1993
  • Hotel Journal - Inside Real Estate
    • "Buy, Sell, Refinance or Build?" October 2004
    • "Future Investor Winners Made Now," June 2008
  • The Hotel Times
    • "Valuation Trends Point to Active '08," March 2008
  • Hotel Valuation Journal
    • "The Future of Investing in Extended-Stay Hotels," Fall 1990
    • "Buying and Selling Hotels in Today's Marketplace," Winter 1991
    • "Major Hotel Transactions Increase 80%," Winter 1993
    • "Taking an Active Stance on Impact," Winter 1993
    • "The U.S. Riverboat and Dockside Gaming Industry," Summer 1993
    • "The Market for Major Hotel Transactions," Summer 1993
  • The HREC® Hospitality Journal
    • "Understanding Market Depth," Summer 1998
    • "Trends in Hotel Values," Summer 1998
    • "Extended Stay Industry Quiz," Summer 1998
    • "Thoughts on the Next Hotel Cycle," Summer 1998
    • "Give Me Barriers to Entry!" Summer 2001
    • "Monitoring New Supply Additions," Summer 2001
  • The HREC Newsletter
    • "The Science of Analytics, The Art of Creativity," Summer 2008
  • Land Use Digest (Urban Land Institute)
    • "Europeans Make Strong Entry Into U.S. Hotel Market," November 1991
  • Lodging (Journal of the American Hotel & Lodging Association)
    • "Renovation: When Does It Become Economically Feasible," September 1986
    • "How to Improve Your Market Position: Analyze the Competition," February 1987
    • "How to Keep Track of Your Hotel's Value," September 1988
    • "Controlling Costs by Managing as a Cluster," April 1989
    • "The Many Personalities of Whimpering Properties," January 1990
    • "Rally Around The Flag," October 1991
    • "Taking Stock in the Industry," March 1992
    • "How to Hire a Consultant," April 1992
    • "How Flagging Sales are Changing the Flags," October 1992
    • "The Collecting Bug," October 1992
    • "Managing the Impact of Franchise Encroachment," November 1992
    • "The Way They Were," March 1993
    • "The Long Wind Up: Hotel Financing for the Mid '90s," May 1993
    • "Looking for Something Different," June 1993
    • "Something for Everyone," October 1993
    • "A Changing Market: Buyers Search for Good Products," October 1993
    • "A Franchising Primer," January 1994
    • "A Room and a Bath for a Dollar and a Half," January 1994
    • "An Impact Primer," March 1994
    • "Rolling on the River," April 1994
    • "Humble Beginnings," March 1995
    • "Surviving Disaster: The Hotel St. Francis," December 1995
    • "Postcard Marketing 101," December 1996
    • "Las Vegas Artifacts," January 1997
    • "Lending a Hand," May 1997
    • "F&B Fables from the Fairmont," May 1997
    • "Mission Improbable," June 1997
    • "French Lick Springs Resort," July 1997
    • "The Host of the Coast," December 1997
    • "Making the Most of the Good Times," January 1998
    • "An Executive Summary of the 1997 Year-end Investment Performance Report," November 1998
    • "Give Me Barriers to Entry," December 2001
    • "Buy, Sell or Refinance," March 2003
  • Lodging News AH&LA
    • "Give Me Barriers to Entry," January 2002
  • Lodging Property Index, Investment Performance Report
    • "Economy Lodging Property Index," First Quarter 1997
    • "Upscale Lodging Property Index," Second Quarter 1997
    • "Lodging Property Investment During The Third Quarter of 1997"
  • The Mortgage and Real Estate Executives Report
    • "Opportunities in Extended-Stay Hotels," February 1, 1991
    • "Who Are Today's Hotel Buyers?" October 15, 1991
  • Motel/Hotel "Insider"
    • "Industry Plagued by Distressed Properties," December 20, 1989
    • "Valuation Often Redefines Distressed Properties," December 20, 1989
  • Real Estate Finance Journal
    • "Current Trends in Hotel Real Estate Transactions," Spring 1993
    • "Understanding Hotel Market Depth," Summer 1999
  • Real Estate Investment Planning
    • "Strategies for Profit in Hotel Real Estate Investments," October 1988
  • Real Estate Review
    • "Determining the Feasibility of Hotel Market Repositioning," Spring 1992
  • Real Estate Workouts & Asset Management
    • "Hotel Workout Checklist: What are the Real Problems?" October 1992

Lodging Magazine

Former (1992 to 2003) contributing editor for Lodging magazine, a leading industry trade journal published by the American Hotel and Lodging Association

Examples of Corporate and Institutional Clients Served

American General Hospitality
Amstar Group Ltd
Arthur Andersen LLP
Ashford Hospitality Trust
Bank of America
Bank of Nova Scotia
Bank of Scotland
Bank of Sun Prairie
Bank of Tokyo, Ltd
Bankers Trust Company
Bank One
Banque Indosuez
Bartelsville, Oklahoma Chamber of Commerce
Bass Hotels & Resorts
Beach Community Bank
Bear Stearns
Bickell & Brewer
Bilzin Sumberg Dunn Baena Price & Axelrod
Boykin Lodging Company
Bristol Hotels & Resorts
Bryan Cave LLP
BWAB
C. Itoh Realty Services
Cabazon Band of Mission Indians
Capital Holding Corporation
CapStar Hotel Company
Carlson Real Estate
CB Richard Ellis
Caesers Entertainment, Inc.
CDC Mortgage Capital, Inc.
Cendant Corporation
Centerline Servicing, LLC
Chase Manhattan Bank, N.A
Chemical Bank Realty Group
CIBC
Citibank, N.A.
Citicorp Real Estate
City of Blackhawk, CO
City and County of Denver, CO
City of Detroit, MI
City of Kenner, LA
City of Minneapolis, MN
City of North Andover, MA
City of Pensacola, FL
City of South San Francisco, CA
City of Westminster, CA
CNL Hospitality Corporation
Colony Investments
Commercial Capital, Inc.
Concorde Gaming
Conventions, Sports & Leisure (CS&L)
Conventry Development, Inc.
Cook Group Incorporated 
Coopers & Lybrand L.L.P.
Corporex Companies 
Criimi Mae Services, LP
Deutsche Bank Securities (DB Real Estate)
Denver Convention & Visitors Bureau
Denver Urban Renewal Authority (DURA)
Dewey Ballantine
Dismore & Shohl, LLP
DLA Piper Rudnick Gray Cary US LLP
Drexel Burnham Lambert
Doubletree Inns, Inc.
East West Partners
Escambia County, Florida
Faegre & Benson LLP
Federal Deposit Insurance Corporation
Felcor Lodging Trust
First Boston Real Estate and Development Corp.
First Hospitality Group
First National Bank of Chicago
First Savings of New Hampshire
First Tennessee Bank
First Western Bank
Focus Properties 
Fremont Investment & Loan
Gateway Development Group 
Geary, Porter & Donovan
GE Capital
GI Partners
GMAC Commercial Mortgage
Gray, Plant, Mooty, Mooty & Bennett, PA
Greystone Realty Corporation
Guaranty Bank & Trust
Hampton Inns, Inc.
Hardin Construction
Harrah's Casino Hotels
Hart Hotels
Hellmuth, Obata & Kassabaum, Inc. (HOK)
Highpointe Hotel Corporation
Hilton Gaming Corporation
Hodges Ward Elliott, Inc.
HOK Architects
Holiday Hospitality
Holiday Inns, Inc.
Home Savings of America
Hospitality Capital Group
The Hotel Group
Hotel Investors Trust

Hotels of Distinction, Inc.
Hudson Hotels Corporation
Iowa Community Betterment Foundation
ING Clarion Partners
ING Investment Management
Innisfree Resorts
Intercontinental Hotels Group
JER Companies
Joseph Freed & Associates
Kahler Realty Corporation
The Keating Group
KeyBank
Kuilima Resort Company
Lansing Entertainment and
     Public Facilities Authority (LEPFA)
Larimer Square Management, Inc.
LaSalle National Bank
Lehndorff Canada
Lennar Partners
Liberty Real Estate Corporation
Lichtenfels, Pansing & Miller, PC
Lodgian, Inc.
Macquarie Securities
Magnolia Hotels
Marriott Corporation
Matrix Capital Bank
Megabank (Compass Bank)
Meridien Hotels
Merrill Lynch Capital Markets
Metro International
Microtel Franchise and Development Corporation
Miller Global Properties, Inc.
Miller Schroder Financial Inc.
Minneapolis Airport Commission
Minneapolis Community Development Agency
MMA Realty
Molinaro Koger, Inc.
Morgan Stanley Realty
Nippon Credit
North Central Group
Northern CO Economic Development Corp.
ORIX USA Corporation
Perpetual American Bank
Pioneer Bank of Longmont
Plamondon Companies
PNC Bank
Pocono Mountain School District, PA
Polk County, Iowa
Polsinelli Shugart
PriceWaterhouseCoopers, LLP
Prime Hospitality Corporation
PriMerit Bank
Promus Hotels
Regions Bank
Residence Inn by Marriott
The Ritz-Carlton Hotel Company
Rockbridge Capital
Rotary Charities, Traverse City
Sage Hospitality Resources
St. Charles County, Missouri - Assessor
St. Louis County, Missouri - Assessor
Secured Capital Corp
Shimizu Land Corporation
Signature Hospitality Resources
Situs Asset Management
Smith, Gambrell & Russell, LLP
Societe Generale 
South San Francisco Conference Center
Starwood Asset Management
Starwood Capital Group
Starwood Hotels & Resorts
Starwood Lodging Corporation
Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A. 
Stonebridge Companies
Sumitomo Bank, Limited
Summerfield Hotel Corporation
Sun International
Texas Commerce Bancshares
TMH Hotels
Transamerica Small Business Capital
The Tuckerman Group (State Street Advisors)
Union Bank
United Inns, Inc.
University of New Orleans
US Bank
U.S. Trust Company
Vectra Bank
Visit Denver
VMS Realty, Inc.
Washington DC Convention Authority
Watkins Ludlam Winter & Stennis, P.A.
Weis Builders
Wells Fargo
Westbrook Partners, LLC
Williams S. Bergner Holdings, LLC
Winstead PC 
Zeckendorf Company, Inc.
Zenith Management Company
Zuckerman & Spaeder LLP
 

Current as of March 2012

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