Newmark Grubb Knight Frank continued the speedy expansion of the NGKF Hotels group with the announcement today of three prominent new hires.
The global real estate advisory firm named Joe Weinberger a managing director, Jonathan Kule a vice president and Rachel Cohen an associate at NGKF Hotels, an arm of NGKF Capital Group that advises the hospitality industry on matters ranging from site selection and appraisal to due diligence and mortgage financing.
NGKF Capital has welcomed 35 executives in the past six months. Mr. Weinberger said that the hotels group is divided between employees who focus on investment sales and capital markets in addition to retail, food and beverage, and gaming specialists. NGKF currently has 28 hotels listed throughout the country and expects to list another 10 or 12 during the first quarter of 2013.
“Clients have switched to NGKF from other firms because of its integrated platform, robust access to the lowest cost capital and most active investors globally,” said Jonathan Falik, head of hospitality capital markets and hotel investments sales, in a prepared statement.
Mr. Weinberger, whose focus spans hotel markets across the country, said that new supply continues to lag, making up less than 1 percent of the national market. Development is stronger in New York, “its own animal,” Mr. Weinberger said. He added that while the industry is “not back at its 2006 peak, it has improved since 2008 and 2009” and that despite a divide between supply and demand, “the imbalance favors demand.”
Mr. Weinberger was most recently the chief executive officer of Two By Two LLC, a hospitality investment and advisory business he founded. He previously served as principal and chief operating officer of JF Capital Advisors, where he helped acquire or develop 25 hotels.
Mr. Kule, who will identify potential real estate assets pertaining to hospitality, student housing retail and multifamily homes, comes to NGKF from Ducat Investment Group, where he was responsible for property valuation strategies.
Ms. Cohen previously worked with the acquisitions team at Hersha Hospitality and, prior to that, was the director of a SL Green Realty Corp. subsidiary.