Modus Hotels Bolsters Hotel Development and Acquisitions Team
With nearly 20 years of hospitality investment and real estate experience, Mark brings hands-on experience in virtually every meaningful U.S. hotel market.
March 27, 2012 - Modus Hotels, an owner/operator of a collection of independent and branded hotels and a division of Cafritz Interests, a diversified real estate company, today announced they have hired hotel real estate veteran Mark Morris as executive vice-president of acquisitions.
With two Washington, D.C. acquisitions, the Washington Suites Downtown hotel last year, and more recently the Chase Suites, Modus seeks to increase its investment activity. “With the industry outlook remaining strong and financing availability continuing to improve, we believe now is an ideal time to further ramp-up our acquisition program, especially in this early phase of the hotel real estate cycle,” said Aaron Katz, president & CEO of Modus Hotels. “With nearly 20 years of hospitality investment and real estate experience, Mark brings hands-on experience in virtually every meaningful U.S. hotel market, as well as an incredible database and the knowledge and skillset to creatively get deals done.”
Morris's career spans a wide range of real estate investment and development activities, predominantly in the hotel industry. Prior to joining Modus, he was executive vice president of Molinaro Koger, a hotel real estate brokerage firm. While there, he was involved in transactions totaling more than $3 billion, with a focus on business class and extended stay hotels, as well as unique independent hotels. Notable transactions include the sale of the Mayflower Inn & Spa, the Fairview Park Marriott, Embassy Suites City Center Philadelphia, Hyatt Hotel Charlotte, the Hotel George in Washington, D.C., and a number of portfolio sales on behalf of institutional clients. Prior to MK, Morris held senior positions at Suntrust Bank and Riggs Bank in Washington, DC.
“Our acquisition growth plan is pretty straightforward,” Morris said. “We seek branded and independent hotels in urban and select suburban markets that have a distinct 'value-add' proposition. We are interested in select- and full-service assets, either individual or portfolio, in the top 20 MSAs.
“We hold a competitive advantage as a hotel acquirer because we are well capitalized and have an existing management arm in place that allows us to move very quickly on the right deals,” Morris added. “We also are more willing to explore alternative brand options, compared to most institutional investors. Our focus is on the three- to four-star segments, with room counts ranging from 100 to 250 keys.”
For 30 years, the company has been doing adaptive re-use projects, converting apartment buildings, student housing, office and other uses into hotels. Principal Conrad Cafritz has been successful in every cycle and recognizes the current opportunities which lay ahead.
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