Senior Vice President
HREC Investment Advisors - 2011 to present - Senior Vice President - Investment banking and brokerage firm that specializing in providing advisory services to the hospitality and gaming industry. Range of services includes brokerage, note sales, debt and equity financing and advising stakeholders in complex situations including restructuring and bankruptcy proceedings.
Cortona Partners/Laurus Strategies - 2008 to 2011 - Founding Partner - Middle market firm specializing in providing real estate and corporate advisory services. Responsibilities include new business development, engagement staffing and execution of all assignments. Assignments included:
- Advised a private equity firm regarding its investment in two hotels located in New York, New York and Chicago, Illinois.
- Brokered a $130 million real estate transaction resulting in a sale to a publicly traded REIT.
- Advised regional banks on loan portfolio issues and liquidation of real estate and loans.
- Named as the Chief Restructuring Officer to a NASDAQ Global Markets traded financial services company in their Chapter 11 proceedings.
Empire Resorts, Inc. - 2001 to 2004 - Chief Financial Officer/Board of Director - A NASDAQ Global Markets traded gaming company:
- Managed and oversaw all financial aspects of the company including equity and debt raises of $110 million in an 18 month period. Company's market capitalization grew from $10 million to $300 million during tenure. Represented the Company in its relationships with the investment community and Wall Street.
- Completed a restructuring of the company which included debt negotiations, recapitalization and successfully navigated the company from being delisted to full NASDAQ Global Market compliance.
- Successfully lobbied New York State to pass legislation legalizing the installation of slot machines in certain tracks including Monticello Raceway. Oversaw subsequent business plan development. Successfully completed financing, construction, reopening organizational development and a $50 million renovation including the installation of 1,800 machines within 180 days. Managed over 400 employees.
- Advised Native American Tribe on $750 million casino project.
- Held New York Gaming License and approved by the National Indian Gaming Commission.
Watermark Investments, LLC - 1995 to 2002 - Managing Director/CO Founder - A boutique private equity fund formed to invest in small high growth companies:
- Responsible for initial formation of partnership and raising capital contributions. Served as Co Investment Officer and oversaw all fund investments in the portfolio companies.
- Responsible for organization, staffing and management of all deal sourcing, underwriting, due diligence, deal structuring and financing.
- Instrumental in the development of the portfolio companies' strategic planning, organizational development, additional equity and debt financing and recruitment of senior management and members of the Board of Directors. Served as a Board of Director of multiple private and publicly traded companies.
- Successful investment strategy delivered over 40% annualized return over a seven-year period.
- Fund investments included real estate and real estate related service companies. Portfolio included Hospitality Worldwide Services, BDS Logistics and Executone Information System.
- Financed initial gaming operations for the Coeur D'Alene Tribe in Idaho.
Hospitality Worldwide Services - 1995 - 2000 - President/Board of Director - An American Stock Exchange traded public company that rolled up large service providers to the hospitality industry. Portfolio companies included the largest third party purchasing company, BDS Logistics and a large construction company.
- Founded, organized and managed a sophisticated hotel investment platform for institutional investors Area Property Partners and ING Real Estate Fund. Completed the acquisition of $200 million of hospitality related real estate, which required significant repositioning in their markets. Managed a $100 million capital investment program.
- Responsible for the business plan development, deal sourcing, underwriting, due diligence, deal structuring, acquisitions, debt placement, asset management, operational analysis and the monetization of investments.
VMS Realty Partners - 1988 to 1995 - Vice President Asset Management Hotel Investments- An $8 billion real estate investment, development and management firm with $3 billion of hospitality investments.
- Successfully worked out single purpose partnerships during significant industry downturn. Negotiated sales contracts, deed in lieu of foreclosures, asset sales and both hostile and prepackaged bankruptcy filings for investment partnerships. Restructured corporate debt.
- Complex restructure and prepackaged bankruptcy filing on an investment partnership with twenty-seven lenders in the syndicate. Restructuring included the sale of certain asset and the reorganization of the balance of the portfolio.
- Assisting in the origination of an investment allocation from Illinois Teacher's Pension Fund.
- Responsible for strategic planning including reposition of assets with changes in management company, franchise, sales and marketing tactics and concise use of capital improvement dollars.
- Developed and implemented multi-year capital expenditure programs.
Indiana University Kelley School of Business, Bachelors of Science
Certified Public Accountant
Member of the Turnaround Management Association
- Raised $35 million of public market equity for a hotel services company.
- Raised $125 million of public market equity and debt for a gaming company.
- Arranged debt facility for a Native American gaming expansion.
- Advised private hotel company on the purchase of a hospitality brand and the development of a business plan for expansion.
- Sold large hospitality assets in California, Hawaii, and the U.S. Virgin Islands.
- Negotiated a $150 million debt facility.
- Completed extensive sales of hospitality assets in secondary and tertiary markets.
- Acquired a racetrack and developed a 1,800 machine slot parlor in a $110 million transaction.
- Completed a large land assemblage of 500 acres for regional mixed real estate development.
- Sold a $130 million portfolio of senior housing assets.
- Arranged a $150 million joint venture with a pension fund for the investment in hospitality assets.
- Negotiated joint venture agreements with AREA Real Estate Partners, ING Real Estate Fund, and hotel company for upwards of $200 million in hospitality investments.
- Negotiated a $200 million joint venture for the development of limited service hotels.
- Advised Hospitality Investment Company in an out of court liquidation resulting from a significant real estate correction.
- Negotiated the purchase of distressed debt and equity hospitality interests by the partners and external funding sources.
- Provided Chapter 11 advisory and liquidation services for hospitality assets in Washington D.C. and the U.S. Virgin Islands.
- Completed a hostile debt restructuring of a $280 million debt syndicate with 30 lenders encumbering a portfolio of hospitality assets.
- Completed a prepackaged bankruptcy reorganization on a portfolio of 20 hotels.
- Advised a Native American tribe on the development of a Class III gaming facility.
- Advised private equity fund on valuation of interests in hospitality assets located in US getaway cities.