Principal tools up to tackle hotel investment market.Principal Real Estate Investors, the real estate investment arm of Principal Global Investors, is launching a new hotel investment capability, further enhancing its already strong investment platform in the traditional sectors of retail, office, multifamily and industrial. "This is a significant development for us," said Pat Halter, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Principal Real Estate Investors. "With demand for quality real estate far exceeding supply in the traditional sectors, we're seeing the need to find new investment alternatives for our clients. The hotel sector has been offering investors good current yields and strong long term internal rates of return, and we're excited about the ability to offer our clients a whole new array of attractive investments." To spearhead its entry into the hotel investment sector, Principal Real Estate Investors has hired hotel investment veteran James E. Fitzgerald James E. FitzGerald, S.J. was the 4th President of Fairfield University. During his tenure, the Graduate Department of Education became the Graduate School of Education in 1963. , who joins as managing director, hotel investments. Fitzgerald will develop and oversee all of the company's equity investment and debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay activities in the hotel sector. "James has a wealth of experience in hotel investing and we're confident that with his leadership and his contacts, we will be well positioned to meet our clients' objectives." added Halter. Fitzgerald comes to Principal Real Estate Investors from REH REH Relevé Épidémiologique Hebdomadaire (Weekly Epidemiological Record) Capital Partners, a national investment and advisory services firm that specializes in the real estate and hospitality sectors, which he co-founded and where he served as executive vice president and chief investment officer. Fitzgerald has over 20 years experience in the hotel investment sector, including roles in hospitality consulting, corporate finance, and business development with KPMG KPMG Klynveld Peat Marwick Goerdeler (accounting firm) KPMG Kaiser Permanente Medical Group KPMG Keiner Prüft Mehr Genau (German) KPMG Kommen Prüfen Meckern Gehen , AIG AIG addressee indicator group (US DoD) AIG American International Group, Inc AiG Answers in Genesis (religious group in defense of Scripture) AIG Artificial Intelligence Group AIG Australian Industry Group , Omni Hotels and Marriott Corporation. Fitzgerald earned a BS in hotel administration from Cornell University. Last month, the Paramount Group and Principal Real Estate Investors, an affiliate of the Principal Insurance Company, sold the mixed-use tower at 1540 Broadway. The 1.2 million-squarefoot office space portion of the building was sold to Equity Office Properties Trust Equity Office Properties Trust, headquartered in Chicago, Illinois, is the largest owner of office buildings in the United States. It was formed in 1976 by Samuel Zell [1] and in February 2007, was acquired by the Blackstone Group for $23 billion plus the assumption of , and the retail, signage, and parking garage component went to Vornado Realty Trust Vornado Realty Trust (NYSE: VNO) is a New York based real estate investment trust. It is the inheritor of real estate formerly controlled by companies including Two Guys and Alexander's. . In June, Principal Real Estate Investors and the Dermot Co. announced a joint venture to acquire more than $300 million in multifamily rental apartments in the five boroughs. In June, the joint venture purchased a two-building, 121-unit residential portfolio in Astoria, Queens. |
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