Cushman & Wakefield has expanded its hospitality services group in the Southeast by luring a brokerage team away from Marcus & Millichap with hotel property demand expected to pick up.
David Greenberg and several other brokers joined Cushman & Wakefield from the rival firm this month, Cushman & Wakefield said in a release. Most members of the newly created, Southeast-focused Hospitality Investment Sales team are based in Boca Raton, Florida, and they focus on providing capital markets services on the East Coast with an emphasis on their home region.
The other Florida-based team members who moved to Cushman & Wakefield with Greenberg are managing director Gabriel Shamay, senior director Christopher Passeggiata, associates Ely Silverstein and Jesse Lastofsky, and analyst Ryan Glasser.
Cushman & Wakefield's move comes as domestic and international investors seek opportunities in hotels, resorts and other hospitality properties across the United States. Hotel sales started off 2022 at a quick clip but slowed when capital markets tightened. Hotel investors and brokerages recently told Hotel News Now they expect the sales pace to speed up this year.
“Hospitality is a dynamic property type with investment capital constantly crossing state lines, as well as offshore capital finding its way into … U.S. markets,” Greenberg said in a statement.
Greenberg joined Marcus & Millichap in 2005 and most recently was senior managing director of investments and executive director of the firm’s national hospitality division. Since the beginning of the pandemic in March 2020, Greenberg and his team represented clients on the sale of 53 hotels totaling $511 million.
Included in Greenberg’s portfolio of recent deals was the $22.5 million sale of the Holiday Inn Oceanfront in Surfside Beach, South Carolina, in November 2021, according to CoStar data. Greenberg and his team represented the seller, Hostmark Hospitality Group of Schaumburg, Illinois.
“Our increased investment into the hotel sales market is a natural fit for us,” Wanda Riley, managing principal for Cushman’s markets in Florida, said in a statement, referring to the hiring of Greenberg and his team.
Rick Redmond also joined Greenberg's group as a director. Redmond, based in Charleston, South Carolina, previously worked at Hertz Realty Group.
The Boca Raton team will report to Riley. In South Carolina, Redmond will report to Brett Gray, managing principal for the Carolinas.