Patrick E. Culligan
Principal (HREC - Memphis)
- HREC-Hospitality Real Estate Counselors - 2008 to present - Principal. Provides consulting and brokerage support to the entire HREC family.
- The Hospitality Consulting Group, Inc. – 1990 to 2008 - President & Founder. The Hospitality Consulting Group, Inc. is a highly respected boutique consulting firm that specialized in providing market feasibility studies and high-level technical services, asset management, research and analysis for a broad mix of institutional, public, private, university, government and other clients. The nature of the assignments included:
- Market & Other Studies – conducted market, competitive position, hold-sell, appraisal, impact and other studies reflecting over a billion dollars in hospitality investment.
- Asset Management – conducted several long-term asset management assignments including a Caribbean resort that had timeshare, condo, marina, beachfront, restaurant, undeveloped acreage, renovation, redevelopment and personnel challenges and opportunities.
- REIT Assistance – participated in the development, initial public offer and ongoing project-related support of a major lodging real estate investment trust.
- New Brand Development – participated in the initial feasibility and conceptual development of new brands and new brand prototypes; and, worked with corporate brand managers in the continued evolution and innovation of existing brand standards.
- Major Brand Acquisition – acted as lead negotiator for a private investment group in the proposed purchase from a publicly-held Australian firm a major shareholding and Board seat in a privately held hotel European hotel company.
- Special Resort Analysis – conducted an extensive comparative resort analysis that identified and projected the economic impact of numerous market-wide development strategies intended to increase off-peak and off-season occupancies and average rates in a major winter resort destination.
- Brand & Product Diversity – worked with over 50 hotel brands, numerous independent hotels and all major product types.
- Geographic Diversity – conducted site and property specific studies throughout the U.S., Canada and the Caribbean.
- Intellectual Contributions – authored several articles including: a cover feature of the Cornell Quarterly that was the first publication to correctly predict a fundamental shift in the US Lodging Industry and the resulting long-term improvement in industry fundamentals; and, initiated while with Holiday Corporation and later expanded: the first accuracy assessment of market feasibility studies; and the development of absolute and relative standards and considerations of analysis for impact studies.
- Hospitality Education Involvement – conducted joint research and been a visiting speaker on multiple occasions at Cornell University and the University of Memphis; and, was on the founding Dean’s Board of Advisors for the new Kemmons Wilson School of Hospitality & Resort Management within the Fogelman College of Business & Economics at the University of Memphis.
- Cooper Hotels – 1989 to 1990 – Director of Development – Initiated hotel development activities for a funded joint-venture to construct Garden Plaza hotels regionally and multiple Homewood Suites hotels in several major markets. Secured multiple sites and after the initial funding eroded, sourced and secured additional joint-venture funding from individual who later went on to become a major Homewood Suites franchisee.
- Holiday Corporation; Holiday Inns Worldwide - 1981 to 1989 – Started as a regional Supervisor of Market Analysis and was promoted numerous times to the final position of Corporate Director of Development Planning and Market Analysis. The scope of responsibilities included the full review of all market, financial, capital and impact analyses of Holiday Inn, Embassy Suites, Crowne Plaza, Hampton Inn, and Residence Inn development activity. Up to four hundred market studies, impact studies and appraisals were conducted annually. Significant assignments included: initiated and directed the first broad-based accuracy analysis of market feasibility and impact studies; and, participation in several task forces including the ones that resulted in the development of the Hampton Inn and Homewood Suites brands.
- Laventhol & Horwath – 1979 to 1981 - conducted a variety of hospitality development and operational consulting assignments at the Philadelphia and Houston offices.
- BS - School of Hotel Administration, Cornell University
- Purdue University - Hotel, Restaurant & Institutional Management - major prior to transfer to Cornell University
- The Wharton School at the University of Pennsylvania – various non-credit real estate courses post graduation from Cornell University.
- Tennessee Real Estate Commission – Various accredited real estate and related courses as part of a continuing education program.
- Industry Seminars, Conferences, Tradeshows, Brand Conferences – attended and participated in an ongoing series of industry events.
Representative Affiliations, Articles, Quotes
- Licensed Tennesse Real Estate Principal Broker – Principal Broker
- Cornell Hotel Society - Member
- Lodging Industry Investment Council – Founding Member
- Cornell Quarterly Articles on: Industry Outlook (cover feature); Impact; and, Applied vs Theoretical research.
- Quotes: USA Today, Lodging Hospitality, Hotel & Motel Management Magazine