New Asset-Management Firm Formed

DENVER— Mark Tobin, has joined forces with Denver-based Hospitality Real Estate Counselors to form HREC Asset Management, a lodging investment advisory firm. Tobin and Michael Cahill (president/founder of HREC) are both principals in the new venture. HREC Asset Management is headquartered in Denver, Colorado and Tobin will serve in the role of managing principal and company president. Hotel asset management is a highly specialized field in which HREC Asset Management provides hotel owners and investors with investment management and development-related services and oversight in order to facilitate achieving financial objectives. Tobin is an active member of the Hotel Asset Managers Association (HAMA), the leading organization in this field. HREC Asset Management’s current assignments include engagements with the City and County of Denver, for its 1,100-room convention headquarters hotel currently in pre-development, and with the owners of the Ritz-Carlton Hotel, Spa and Casino in San Juan, Puerto Rico. GE Capital has also retained HREC Asset Management to assist in the “turnaround” and disposition of a distressed hotel property. HREC Asset Management develops its client relationships around three of its core service competencies: development management services, asset advisory services and asset management services. It focuses on situations that require quantifiable results, proven expertise as well as a highly pro-active approach.