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Dear Alumni,
 The first Quarter of 2010 has shown clear signs of recovery, and the remainder of this year seems promising as well. The overall mood in major markets across the globe is buoyant. While Asian markets continue to perform well, the European and American economies are also beginning to share this positive sentiment.
As HVS grows with every passing year, we are happy to announce the launch of yet another service. HVS Property Tax Services is headquartered in Boston, Massachusetts, and unlike other property tax firms, is dedicated solely to hospitality assets. Understanding property taxes can be a daunting task when you consider several properties over multiple municipalities. This division aims to review and represent the tax needs of hotel owners, operators, and investors.
At the end of 2009, HVS Executive Search predicted cautious optimism for 2010. The first six months of this year have been a significant improvement over 2009, and the HVS Executive Search offices worldwide are seeing many of their clients wade back into the job market. Our clients are hiring again. We have seen a sound increase in both C-Suite searches and mid-management recruitment (serviced though our HVS Career network, HCN). Recent assignments in construction and development also signal a positive move for overall economies. The signs of a recovery are apparent, but over-leveraged hotels still abound.
In other news, HVS Eco Services is being redesigned to offer a holistic solution that would include not only the Ecotel certification, but also independent property assessments. A brand new reservation engine for member hotels will facilitate their visibility in the electronic media. There are plans to offer employee training modules to Ecotel properties as well. HVS looks forward to having the Ecotel designation accredited by internationally recognized “green” affiliations in the near future.
HVS recently hosted the sixth editions of the Hotel Investment Conference South Asia (HICSA) and the China Hotel Investment Conference (CHIC). HICSA 2010 was held on April 7-8 at the Grand Hyatt Mumbai. The conference played host to 16 global hospitality CEOs. Frits van Paasschen, President and CEO Starwood Hotels and Resorts; Mark Hoplamazian, CEO and President Hyatt Hotels Corporation; Eric Danziger, President and CEO Wyndham Worldwide; and Richard Solomons, CFO and Head of Commercial Development IHG, were among the prominent speakers. With the successful experience in organizing China Hotel Investment Summits from 2005 to 2009, HVS also launched the revised edition China Hotel Investment Conference (CHIC) 2010, hosted at the newly opened InterContinental Shanghai Puxi from May 12-14, 2010.
2010 has seen a strong beginning, and we certainly hope that the remainder of this year will continue to witness the revival of the global hospitality industry.
In closing, I wish all HVS Alumni and industry colleagues a bright and prosperous year ahead.
Sincerely,
Manav Thadani
Managing Director, HVS - India
mthadani@hvs.com
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HVS Alumnus Wins HICSA Award |
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Former HVS India Associate Director for Consulting and Valuations, Saurabh Gupta, was honored at the HICSA conference held in Mumbai April 7th and 8th.
Saurabh is the General Manager of the first Premier Inn in India in Bangalore. In his current role, he has been responsible for the pre-opening of the hotel and is actively involved with the strategic decisions of the group. Prior to joining HVS, Saurabh was with the Taj Group in various hotels and also tried his hand as an entrepreneur. He has written numerous articles on the hospitality industry in India, some of which have been widely quoted. Congratulations, Saurabh! |
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| Leora Halpern Lanz awarded sales & Marketing Executive of the Year- Tourism |
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HVS is pleased to announce that Leora Halpern Lanz has been named Sales and Marketing Executive of the Year- Tourism by the Greater New York chapter of HSMAI (Hospitality sales and Marketing Association International). Leora will receive the award at a black tie gala at the Marriott Marquis on Tuesday, June 8th, immediately following the NYU International Hospitality Industry Investment Conference. Congratulations, Leora! |
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| HVS Launches Property Tax Services |
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HVS Property Tax Services has been formally established to meet the increasing demand of hotel owners seeking to reduce their property tax expense during the current economic climate. This new HVS division will specifically assist hotel owners and operators in analyzing their overall tax burden and represent them in the appeal process.
“In the current economic environment, controlling expenses is a critical component of a hotel's profitability,” says Tom Dolan, who serves as Managing Director of HVS Property Tax Services and the HVS Boston office. Property taxes, when times are good, are often an overlooked expense. In the present economic environment, hotel valuations have declined in nearly every market, and there has never been a more appropriate time to review your taxes.
If you would like to speak with Tom Dolan regarding HVS Property Tax Services, please email him at tdolan@hvs.com. |
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| HVS Hotel management approved to manage hotel indigos |
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HVS Hotel Management is please to announce the recent approval from InterContinental Hotels Group to manage Indigo-branded hotels. Approval was based on interviews and an examination of HVS’ marketing, training, and operations plans for an existing hotel Indigo in Florida. In addition to Hotel Indigo, InterContintal has given approval for HVS Hotel Management to manage Holiday Inn - and Holiday Inn Express - branded properties. HVS Hotel Management's Co-President, Kirby Payne, is currently Receiver for two hotels which the company is managing in addition to a third hotel in foreclosure. |
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| HVS EXECUTIVE SEARCH LEADERSHIP AWARD |
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HVS Executive Search is delighted to welcome all alumni to the HVS Hospitality Leadership Awards presentation ceremony at the Marriott Marquis on Monday, June 7th. Each year, HVS Executive Search honors outstanding performance in the hotel sector with the CEO of the Year Award (since 1994) and the Board of the Year Award (since 1999). This year, for the first time, we have two winners in the CEO category. Join us at the Marriott Marquis to find out who won! |
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Frank Dougherty
Maureen and I are very blessed with three wonderful children. Harry is 10, Megan is 7 and Lila is 2 going on 10. We are staying very busy running the two restaurants – Dock’s Oyster House and the Knife and Fork. Dock’s was opened in 1897 by my great grandfather and I am now the fourth generation operator. Maureen and I purchased the Knife and Fork in early 2005, and after an extensive 6-month renovation reopened it in August ’05. The property was built in 1912 as a men’s club and was converted to a restaurant during prohibition by the Latz family. It is a great old building, four stories and a basement, with 150 seats and banquet room on the 3rd floor. Given the amount of change in Atlantic City over the last 25 years, it is great to operate two of the oldest institutions in the city.
Despite the economic turmoil, both restaurants have fared well in the last two years. As the competition for gambling dollars increases on the eastern seaboard, Atlantic City is slowly changing to more of a Las Vegas model, and rather than relying on day trippers within a 150-mile radius, the industry is trying to attract more overnight travelers. So even though the number of visitors to Atlantic City is down, the quality is generally up and that has benefited both restaurants.
 We are also working on developing a new restaurant in one of the casinos to be known as Harry’s Oyster Bar. Although my son thinks the new restaurant is named after him, Harry was my great grandfather, who opened Dock’s 113 years ago. The restaurant will have the feel of an old time oyster house and will cater to a lower price point than the other two. The location is right on the boardwalk and we have planned seating and a bar outside as well as inside. We have completed our design and development plans, but unfortunately, the project has stalled as we negotiate with Local 54, the union that represents all food service workers in the casino properties. |
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 Bogdan Vasilescu
The boys will be finishing pre-k this coming June and will start kindergarten in September. As seen in the photo, because we're not sure yet about their future academic abilities, Maura and I have decided to hedge our bets and look for alternate ways to get them into college and soccer scholarships would be one option. Although only 4 1/2, they are growing fast (Liam weighs a little over 50 lbs) and have also shown strong shovel-handling abilities, which is good to have in case the soccer option fails...
Sick and tired of this never-ending winter, Maura and I are looking forward to our annual family vacation in Ocean City, NJ, which is scheduled for August and where we'll be joined by my dad and sister (who's on her way to becoming a Swedish citizen). In early September, I'll be traveling to Romania for a week for my 30th high school reunion (no, it's not a typo, it really is THREE ZERO); I was told that the ABBA and Bee Gees tapes will be ready to roll...
On the professional side, Starwood has been kind enough to keep me on the payroll during these difficult times, and better yet, on March 1, I was promoted to Vice President, Feasibility and Investment Analysis, reporting to Karen Rubin; in addition, Starwood's stock price is about to cross the $40 mark, which will help a bit (if it stays there) in case the soccer scholarships don't materialize. |
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 Erik Warner and Rebecca Ruf
Erik and Rebecca here writing to touch base with everyone since we moved on from HVS in 2001 and 2000, respectively. As many of you know, Rebecca went off to Starwood and worked in their international development group under Karen Rubin, and I was hired by Art Adler of Jones Lang LaSalle to do national hotel brokerage. Fast forward to 2003, and I was hired by a Cargill-backed entity called RHF to oversee hotel investment underwriting, and then in 2004, Rebecca left Starwood to pursue her masters in International Development and Advanced International Economics at Johns Hopkins School of Advanced International Studies (SAIS) in Bologna, Italy.
By then, Bec and I had been dating for over three years, and our relationship was put to a test as bi-monthly travels to and from Europe became routine. As the saying goes, absence makes the heart grow fonder, and by 2007, we were married in a little town in California called Napa at a little property called Auberge du Soleil. Within a year, we had our first child, Jakob, and moved out of Tribeca to our current home in Brooklyn, near the Brooklyn Bridge.
Presently, I am still with RHF but now as a partner (our outstanding portfolio of hotel investments stands at about $200mm). Our business plan has evolved from being a lender to the industry to a buyer. Over the past four months, we have actively bid on over ten deals and $500mm of hotel assets; sadly, not converting any of those bids to purchases.
Rebecca switched gears a bit and is now in the capital markets group of Women’s World Banking (“WWB”). Her organization is the godmother of women’s micro-finance initiatives, supporting a network of 40 microfinance providers and banks in 28 countries that provide financial services to low-income women. What is extremely interesting about WWB is that through loans the size of less than $500, her group has been able to serve over 20 million women, helping them move out of poverty.
In general, we are both doing well and look forward to hearing from those of you we have not spoken to in awhile. Should you want to reach us our websites are: http://www.ramsfieldrealestate.com/ and http://www.swwb.org/ |
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| Do you recognize this former HVSer in the middle? If so, email Kelly at kfitzpatrick@hvs.com and give her your guess. If correct, you will be credited in the next Alumni Newsletter! |
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March Newsletter “Guess Who” Answer:
Answer from L to R- GOH Kng Suan, CHEW Yiwen, SU Weiying
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Do you have a funny story or experience from your days at HVS? Several anecdotes have been passed down through HVS generations but we would love to hear first-hand some of the funny stories people have from their days as consultants. For example: How many speeding tickets have you acquired? Have you ever been chased off a property? Please email Kelly at kfitzpatrick@hvs.com with your experiences. |
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We appreciate your help in keeping HVS alumni connected, and we welcome you to share new information from your personal and professional lives through the site. Please send your comments and updates to alumni@hvs.com. We value your feedback and look forward to your assistance in connecting with HVS colleagues around the globe.
We’d love to hear from you if there are any upcoming alumni events or gatherings in your city that you know of or are participating in. Please send us details, and we will post them on our website to reach our fellow HVS alumni from the world. |
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Disclaimer: Information provided above has been gathered
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