Newmark directors Greg Morgan and Nick Pappas of Canyon Partners (Getty, LinkedIn via Morgan, Pappas)
Newmark Group Inc. flies the flag for its Lodging Capital Markets Group in Los Angeles with a new employee and a change in management.
Canyon Partners’ Nick Pappas will travel to Newmark as senior managing director for the LA office, according to LA Biz. Newmark director Greg Morgan will join him from the Washington, DC office.
Pappas and Morgan will focus on California, the Pacific Northwest, and the mountainous region, and will cover essentially the western United States
Newmark’s Lodging Capital Markets Group arranges hospitality facility transactions, including investment sales, joint ventures and financing deals.
The move to LA is part of a wider expansion that sees the group also moving to South Florida and Texas. The plan covers a total of four out of five markets with the highest RevPAR this year – Miami, Tampa, San Diego, and LA
Lodging Capital Markets Group vice chairman Adam Etra said group and business travel will fuel the hospitality recovery and was optimistic in LA, South Florida and Texas.
“We have always been active in the Southeast and Texas and the West Coast and believe these three regions will be some of the most active markets in our business over the next few years,” he said in a statement.
The decline in post-pandemic business-related bookings has been central to the hotel industry’s struggles for the past year and a half. There have been some signs of recovery recently – including a 5.7 percent increase in group demand in the last two weeks of September – but the industry has seen no pre-pandemic business. That has dashed hopes for a full recovery this year.
Nationally, the hospitality industry, which includes restaurants and bars, created just 31,000 jobs last month and posted a net increase of zero jobs in August.
[LA Biz] – Dennis Lynch
Contact Dennis Lynch