Newmark Group Inc. plants a flag in Los Angeles for its Lodging Capital Markets group with a new hire and transfer of management.
Nick Pappas of Canyon Partners is moving to Newmark to be the senior general manager of the LA office, according to LA Biz. Newmark Director Greg Morgan will join him from the Washington, DC office.
Pappas and Morgan will focus on California, the Pacific Northwest, and the Mountain region, primarily covering the western United States.
Newmark’s Lodging Capital Markets Group arranges transactions for hospitality assets, including investment sales, joint ventures and financing arrangements.
The move to Los Angeles is part of a larger expansion that also saw the group travel to South Florida and Texas. The plan globally covers four of the five markets with the highest revPAR this year – Miami, Tampa, San Diego and LA
Lodging Capital Markets Group vice president Adam Etra said group and corporate travel will fuel the recovery of the hospitality industry and was bullish for LA, South Florida and Texas.
âWe have always been active in the Southeast, Texas and the West Coast, and we believe these three regions will be among the most active markets for our business over the next several years,â he said in a statement.
The post-pandemic decline in business-related bookings has been at the heart of the hospitality industry‘s struggles over the past year and a half. There are some recent signs of recovery – including a 5.7% increase in demand from the group in the last two weeks of September – but the industry has yet to experience pre-pandemic activity levels , which dashed hopes for a full recovery this year.
Nationally, the hospitality sector, which includes restaurants and bars, added just 31,000 jobs last month and posted a net gain of zero jobs in August.
[LA Biz] – Denis lynch