Fast-growing CBRE Hotels Canada recently announced a quartet of personnel moves.
The Toronto-based real estate brokerage, which currently has nearly 60% market share in the hospitality industry, has brought in new talent in the form of Luke Scheer, who joins CBRE as a consultant to the hotel brokerage and advisory teams. Most recently he was with Delta Hotels & Resorts where he was Director of Development.
Also, Nathan Marks, who has worked at CBRE since 2010 in both research and office leasing, has been appointed Sales Representative.
Bill Stone, Executive Vice-President of CBRE Hotels, who joined the brokerage from Colliers just over a year and a half ago, also announced promotions of two former Colliers colleagues now at CBRE.
Mark Sparrow will be moving to Vancouver in the new year to expand CBRE`s national practice.
As well, Deborah Borotsik has been appointed Vice-President and continues to lead the team's underwriting and due diligence efforts.
Stone said the appointments have been made to cope with a spate of growth since he moved to CBRE. “We are addressing the need for an international platform and a Canadian hotel practice. Since joining CB our business has ramped up for a multitude of reasons and we just feel we need the depth to really service our clients,” he said.
Stone attributes the growth that has put CBRE into the preeminent place in the hospitality area to the international muscle that comes from CB’s 170-person strong operation and a heating up of sales since the start of 2010. In other words, he and his former Colliers colleagues picked the right time to join CBRE.
“There has just been a lot more transaction activity today than there would have been a year and a half or two years ago and so there have been a number of large transactions that we have been able to get involved with.”
Since 2010, CBRE has gone from “a presence, but it wasn’t quite what (CB) wanted it to be” to a number one position, said Stone. The 10-person CBRE Hotels brokerage and advisory unit has done about $500 million worth of sales over the past 12 months.
“We were just able to get involved in a number of different properties with a number of different sellers,” he said. That list includes the Sutton Place in Vancouver and in Edmonton, Elora Mill Inn in Elora, Ont., Ramada London and the Radisson Halifax.
CBRE Hotels currently has about $400 million worth of hotels either listed for sale or under contract.
Stone said from an overall market standpoint, industry sales volume has been typical of years without blockbuster transactions, running at between $750 million and $1 billion annually.
“But we do anticipate and I see in the business that we are in the process of listing right now an exceptional amount of product coming to market,” he said.
“It is coming for different reasons, everything from estate planning to REITs just culling their portfolio, others being strategic and others being forced to sell by their lender.”