CBRE Expands Mid-Atlantic Hotels Division
CBRE (CBRE) has added Randall Carroll and Ben Klein as executive vice president and senior director, respectively, in its mid-Atlantic hotels division, based out of the Washington, D.C., office.
Both have an extensive background in international hotel investments and, together, the two will specialize in hotel investment sales and look to grow CBRE’s international investor client base.
Carroll joins CBRE after 11 years in hotel acquisitions and asset management at Abu Dhabi Investment Authority. During his time there, he was responsible for the acquisition, disposition and financing of hospitality real estate valued at more than $2.5 billion. He’s also held senior level positions at MeriStar Hospitality, Hilton Hotels and Rosewood Hotels.
A 10-year veteran in the hotel space, Klein comes to CBRE from The Wardman Group, where he was responsible for acquisitions, asset management and fundraising for the investment platform. He and Carroll spent five years working together at the same fund.
Additionally, the firm welcomed Rachael Rothman as its new head of hotels research and data in its Richmond, Va.-based office. Rothman spent three years as chief financial officer for Apple Hospitality REIT, and worked as head of corporate strategy and investor relations at Playa Hotels & Resorts.
The trio arrive at a challenging time for the hospitality industry. According to Tourism Economics, hotel occupancy declined 48 percent over the last year in the D.C. region due to the pandemic. Additionally, rates dropped by 29 percent to an average of $112.78.
“After a very challenging 2020, we expect the hotels sector will benefit from a relatively quick economic recovery,” Kyle Schoppmann, CBRE’s mid-Atlantic president, said in a release. “We are excited to welcome Randy, Ben and Rachael at a time when our hospitality clients are relying on CBRE’s insight and expertise more than ever to inform their business decisions.”