Hospitality Asset Managers & Consultants

Christine Baekey

Accounting Manager

“Always stay humble and kind” – Tim McGraw

Bio

Christine Baekey is a senior member of CHMWarnick’s accounting team, specializing in ownership-level accounting and cash flow reporting. She brings over 25 years of real estate accounting experience and a degree in finance to her role as accounting manager. She undertakes special research and analytical projects in support of client services coordinated both through the accounting and asset management team. Christine offers expertise in loan compliance reporting, property tax management, audit support oversight and complex financial reporting.

Expertise

Financial reporting
Bank reconciliation
Cash flow forecasting
Loan servicing
Waterfall
Audit & support
QuickBooks

Experience

CHMWarnick, Accounting Manager
Tremont Realty Capital/RMR Group, Accounting Manager/Loan Servicing Analyst
Beacon Properties/Equity Office, Senior Property Accountant
Beacon Properties/Equity Office, Staff Accountant
Beacon Properties/ Equity Office, Cash Manager/Accountant

Lindsay Brown

Executive Assistant/Office Manager

“Be the change you wish to see in the world” – Gandhi

Bio

As an Executive Assistant/Office Manager at CHMW, Lindsay Brown provides a full range of administrative support to the CHMW team. She is responsible for travel planning, coordination of the company calendar, organization of company social events and volunteer projects, vendor relations as well as assisting with special projects related to marketing, business development and client communications. She is an appointed Notary Public for the Commonwealth of Massachusetts, and holds a B.A. in English from Suffolk University.

Expertise

Administrative support to senior executives
Office management
Meeting and event coordination
Human resources
Database management

Experience

Citylight Homes, Executive Assistant/Office Manager
B.A English, Suffolk University

Art Burger

Senior Vice President

“You miss 100% of the shots you don’t take” – Wayne Gretzky

Bio

Art Burger, CHAE, is Senior Vice President of CHMWarnick specializing in asset management and hotel advisory services. Art brings over 45 years hospitality industry experience, including all lodging segments from luxury, convention, resort, independent to select service, across most major brands. During his tenure, he has held positions throughout all areas of operations and finance, with 20 different companies bringing a broad range of exposure and experience. Art has extensive experience with acquisitions, driving successful results related to the turnaround and improvement of underperforming assets, and engagement on transitions of strategic new programs at the hotel and management company level.

Expertise

Asset Management and value creation
Hotel, rental pool and MV accounting
Strategic planning and operations assessment
Operational contracts evaluation
Procurement advisory
Balance sheet assessment
Capital planning and budgeting
Internal control and systems assessment and evaluation
Labor and productivity assessment
Food and beverage
Acquisition and due diligence

Experience

CHMWarnick, Senior Vice President
Marriott Hotels/Starwood Hotels – Complex Director of Finance Sheraton Grand Phoenix and Westin Phoenix Downtown
Marriott, General Manager
US Airways, Manager
The World, CFO
The Arizona Biltmore Resort, Director of Finance and CFO
Omni Hotels, Regional Director Finance
Doubletree Hotel Corp, Regional Director Finance
Registry Hotel Corporation, Regional Director Finance and Director Finance, General Manager
McLean Hotels, Director of Internal Audit
Brock Hotel Corporation, VP Operations Controller, SR Internal Audit Manager, Assistant GM, Front Office Manager, Assistant Food and Beverage Manager

Professional Affiliations & Activities

Certified Hospitality Accountant Executive (CHAE)
Hospitality and Financial Technology Professionals (HFTP) Prior Regional Director, Co-Chair: Membership, Gaming, Hotel CHPT, CHAE, Chapter Relations and Appeals Committees
Valley of the Sun HFTP former Chapter President, VP and Board Director.
DECA Arizona Chapter Judge and Advisor

Marcela Chrastecka

Accounting Manager

“Appreciation is a wonderful thing: It makes what is excellent in others belong to us as well.” – Voltaire

Bio

Marcela Chrastecka is an Accounting Manager at CHMW, specializing in ownership-level accounting and cash flow reporting. She brings 10 years of experience to her role as accounting manager and is responsible for providing services to both public and private-sector hotel owners. Marcela also oversees special research and analytical projects in support of CHMW’s asset management team and company as a whole. She is fluent in Czech and German.

Expertise

Accounting for privately held, owner-managed businesses
Real estate specialization
Fluent in German and Czech

Experience

CHMWarnick, Accounting Manager
CHMWarnick, Senior Accountant
Capital Hotel Management, Senior Accountant
Abiomed, Project Accountant
Curbside Hospitality, Staff Accountant
Le Calorie, FC Bookkeeper
CeWe Group AG, Financial Analyst
VSB-TU Ostrava Czech Republic, BS in Finance

Chad Crandell

Philip Curcuru

Accountant

“They will proclaim you a fool, and it reminds you to do anything and everything to prove them a liar” – Set it Off

Bio

Philip is responsible for supporting CHMWarnick’s Accounting Department, actively assisting with multiple aspects of corporate and client accounting, including account payables, receivables and ownership-entity reporting. In addition, Philip undertakes special research and analytical projects in support of the accounting and asset management teams. He holds a Bachelor of Science degree in Accounting from the University of Alabama.

Expertise

General Ledger
Account payables/receivables
Contract administrator
Tax processing

Experience

CHMWarnick, Accountant
Fusion LLC, Junior Accountant

Joe DeFrank

Senior Vice President

Bio

Joe DeFrank is Senior Vice President at CHMW and holds the distinction of being a Certified Hotel Asset Manager (CHAM). Joe brings over 30 years in the hospitality industry, and 20 years dedicated to hotel asset management, including a wide range of property types, brands and markets. As a senior member of the asset management team, Joe is responsible for overseeing and optimizing the value of a portfolio of hotels, including a mix of properties types, from convention center headquarter hotels to urban landmark assets. Prior to joining CHMWarnick, he served as Senior Vice President, Asset Management at Host Hotels and Resorts, responsible for a 40-hotel portfolio located within the southeast and central regions of the United States, as well as Mexico and Latin America. Prior to his 20-year tenure with Host Hotels and Resorts, he held numerous positions with Marriott International. He is a member of the Hospitality Asset Manager Association (HAMA) and serves on the Certification Designation Committee. He holds a Bachelor of Science degree in Accounting with a minor in Finance from Pennsylvania State University.

Expertise

Asset Management and Monitoring
Revenue Enhancement Strategies
Accounting & Hospitality Finance
Negotiation of management and franchise contracts
Hotel and Resort Operations
Operations Assessment
Capital planning oversight and execution/PIP Negotiation
Market and Product Positioning and Repositioning
Process Improvement Implementation and Strategic Planning and Value Creation

Experience

CHMWarnick, Senior Vice President
Host Hotels, Senior Vice President
Marriott International, Director of Finance/Controller

Professional Affiliations & Activities

Hospitality Asset Managers Association (HAMA); Member
Certified Hotel Asset Manager (CHAM); Certification Designation Committee
AHLA Food & Beverage Committee and Sustainability Committee
Penn State University Alumni Association; Member

Kristie Dickinson

Michael Doyle

Managing Director/EVP

“Better to be an optimist who gets disappointed than a pessimist who has no hope.” – Robin Sharma

Bio

Michael Doyle is Managing Director/Executive Vice President with over 30 years of experience in hotel operations, development and asset management. He leads a team of senior asset managers in the oversight of client hotel investments valued at $10 billion and possesses expertise in all aspects of hotel operations, with a focus on organizational efficiency, labor productivity and relations, sales strategies and capital planning. Prior to joining CHMW, Michael served as General Manager at some of the world’s finest hotels and conference facilities. Additionally, he has extensive experience in new hotel openings and operational ramp-up strategies.

Expertise

Hotel, golf, and resort operations in the luxury market
Project management and new construction
Revenue enhancement
Operational reviews and analysis
Union-managed hotels
Market and product positioning and repositioning
Managing independently-owned properties
Building asset value
Hotel and golf course openings

Experience

CHMWarnick, Managing Director/Executive Vice President
Capital Hotel Management, Executive Vice President
Willowbend Golf Management, President
The Charles Hotel, General Manager
The Seaport Hotel and World Trade Center, General Manager
The Millennium Hotel, General Manager, New York, NY
The UN Plaza, Park Hyatt, Manager, New York, NY
Ritz Carlton, New York, NY
Four Seasons Hotels, Toronto, Canada
Cornell University School, BS in Hotel Administration with a major in Hotel Management
Recognized CHA (Certified Hotel Administrator) since 1992

Professional Affiliations & Activities

Hospitality Asset Manager Association, Member and Past Board Member and President
Cornell Hotel Society, Member and Past President New England Chapter
Massachusetts Lodging Association, Member
Massachusetts Golf Association, Member
Cornell University School of Hotel Administration, Guest Lecturer
Boston University School of Hotel Administration, Guest Lecturer
Puerto Rico Golf Association, Member
Chaine des Rotisseurs, Member
President Whiteface Lodge HOA since 2011
Crittenden Golf Industry Conferences, Speaker

Contributing Author

Robert Hayward

Senior Vice President

Bio

Robert Hayward is a senior member of the CHMW team and a Certified Hotel Asset Manager (CHAM), specializing in asset management, feasibility, investment analysis, brokerage and litigation support across a wide variety of projects within the hospitality, gaming, recreational and leisure real estate industries. Bob’s 30-plus years of professional experience also includes an extensive operational management background within the food & beverage and hospitality industries.

Expertise

Asset management and Owner representation
Deal structuring
Repositioning strategy
Brand selection and negotiation
Franchising
Concept development and facilities programming
Feasibility and investment strategy
Development/redevelopment strategic advisory
Strategic operations assessment
Acquisition and due diligence
Litigation support

Experience

CHMWarnick, Senior Vice President
Warnick + Company, Consultant
Young Warnick Cunningham & Co., Vice President
Willis Company, Senior Associate
Pannell Kerr Forster, Manager
University of Denver, BS in Business Administration

Professional Affiliations & Activities

Certified Hotel Asset Manager (CHAM)
Hospitality Asset Managers Association (HAMA), Member
Valley Hotel & Resort Association (Metropolitan Phoenix), Past Board Chairman
Valley Hotel & Resort Association (Metropolitan Phoenix), Board Member
Arizona Hotel & Lodging Association, Board Member, Executive Committee
Arizona Tourism Alliance, Board Member
Licensed Real Estate Broker, State of Arizona
Certified General Real Estate Appraiser, State of Arizona

Sabir Jaffer

Senior Vice President

Bio

Sabir Jaffer is a Senior Vice President with CHMW and has over 20 years of experience in the lodging industry, specializing in asset management and investment for hotel real estate. He has a broad range of hotel experience, including general hospitality consulting, asset management, acquisition and disposition, market repositioning and hotel operations.

Expertise

Asset and property management
Operations assessment
Acquisition due diligence

Experience

CHMWarnick, Senior Vice President
Warnick + Company, Contract Partner
Pepperdine University, Master’s Degree

Professional Affiliations & Activities

Co-Founder, KEYPR – Hospitality Technology Solution
California Business Education Association, Business Member
Project Cloud Key, Inc., Board member

Fern Kanter

Managing Director/EVP

“There cannot be a crisis next week. My schedule is already full.” – Henry Kissinger

Bio

Fern Kanter is Managing Director/Executive Vice President at CHMWarnick. She possesses over 30 years of diversified hospitality industry experience, having consulted on thousands of existing and planned hotel, resort and hospitality mixed-use projects in the U.S., Caribbean and Central and South America. She brings expertise in acquisition underwriting, investment strategies, redevelopment, mixed-use planning and highest-and-best-use analyses. Fern has guided the strategic planning and repositioning efforts to achieve investment objectives on behalf of owners of some of the world’s most iconic hotels and portfolios.

Expertise

Strategic planning
Market and product positioning
Hotel brand and management company selection
Land use planning and development programming
Acquisition and disposition advisory services
Investment and valuation analyses
Development and redevelopment consulting
Revenue enhancement, operational reviews, and analysis
Owner exit strategies and hold/sell analysis

Experience

CHMWarnick, Managing Director/Executive Vice President
Capital Hotel Management, Executive Vice President
PwC, Senior Manager
Horwath Landauer, Managing Director
Arthur Andersen, Manager
University of Miami, Masters in Business Administration and Planning
University at Albany (SUNY), BA in Psychology

Professional Affiliations & Activities

Urban Land Institute (ULI), Recreational Development Council, Member; Women’s Leadership Initiative (WLI), Founding Member; Boston District Council WLI, Co-chair; Boston Market Council, Member
UCLA and NYU Investment Conferences, Speaker
ULI, ALIS, CHA, Speaker
UCLA-Latin America, Resort Lodging Conference, Speaker
US and Brazil Department of Commerce, Speaker
Florida International University, Hotel Administration and Florida CPA Continuing Education Programs, Guest Lecturer

Contributing Author

“Chapter 6: Negotiating the Hotel Management Contract,” Hotel Asset Management published by the University of Denver and the Educational Institute of the AHLA

Sean Kreiman

Manager

“You can observe a lot by just watching” – Yogi Berra

Bio

Sean Kreiman is a Manager at CHMW with six years of lodging industry experience. As part of CHMW’s asset management team, Sean is actively engaged with several properties under the company’s asset managed portfolio. He is responsible for assisting the asset management team with financial analysis and market research aimed at identifying opportunities to enhance hotel operating performance and asset value. Prior to joining CHMW, he was employed by one of the largest third-party management companies, where he was responsible for the underwriting of single asset and portfolio acquisition opportunities. Sean has a background in hotel development and acquisitions, business development and hotel & restaurant operations.

Expertise

Hotel acquisition and development
Financial modeling
Asset valuation and proforma underwriting
Data management
Operational and financial analysis
Owner reporting
Market research and trends

Experience

CHMWarnick, Manager
CHMWarnick, Senior Associate
Pyramid Hotel Group, Business Development & Acquisitions Analyst
Wylie Inn & Conference Center, Group Sales Manager
Atlanta Marriott Buckhead Hotel & Conference Center, Restaurant Supervisor

Professional Affiliations & Activities

American Hotel & Lodging Association, Member
Boutique & Lifestyle Lodging Association, Member

Contributing Author

“Why Hotels Should Consider Outsourcing” Hotel Business Review
“How Marriott plans to save Starwood owners real money” Hotel Management

Celeste Cloutier Ledoux

Managing Director/CFO

“Step with care and great tact, and remember that Life’s a Great Balancing Act.” -Dr. Seuss

Bio

Celeste Ledoux is a Certified Public Accountant (CPA) who brings over 20 years of accounting experience to her current position as Chief Financial Officer for CHMW. She has experience with a multitude of ownership structures, including pension funds, REITs, joint ventures, LLCs, partnerships and corporations and is familiar with the accounting systems and reports generated by nearly every major brand. Celeste offers expertise in the areas of balance sheet review, audit oversight, contract and loan compliance, working capital and creative cost savings/risk mitigation strategies. She actively has participated in hotel refinancing efforts for multiple portfolios and is experienced in property transactions, including accounting related due diligence, financial statement reconciliation and review of pro-rations.

Expertise

Accounting for privately held, owner-managed businesses, specializing in hotel, radio broadcasting and other real estate holdings
Waterfall and ownership distribution structures, including bond funded deals.
Contract and loan compliance
Generating savings through renegotiation of insurance premiums, real estate tax abatements, and sales and use tax audits
Balance sheet and working capital review
Hotel due diligence (acquisition, disposition, and finance)
Audit process management and review

Experience

CHMWarnick, Managing Director/CFO
Capital Hotel Management, Controller
Knight Quality Station, Vice President
Arthur Andersen, LLP, Senior Staff Accountant
College of the Holy Cross, BA in Economics & Accounting
State of Maine and New Hampshire, Professional Certification

Professional Affiliations & Activities

AICPA, Member
CREW Boston, Member

Contributing Author

Daniel Lomartra

Associate

“True nobility is being superior to your former self” – Ernest Hemingway

Bio

Daniel brings expertise in financial modeling and hospitality real estate analysis to CHMWarnick. As an Associate, Daniel is responsible for the development and maintenance of CHMWarnick’s business intelligence and analytics platform, as well as other modeling, analysis and market research aimed at identifying opportunities for optimizing operating performance and value across CHMWarnick’s asset management portfolio. Daniel holds a Certification in Hotel Industry Analytics (CHIA) and a Bachelor of Science Degree in Hospitality Management, with a concentration in Finance, Accounting & Real Estate from Cornell University.

Expertise

Financial modeling and reporting
Complex financial analysis
Data management
Market research and trends
Edit, Transform, Load (ETL) Development
Business Intelligence Development

Experience

CHMWarnick, Associate, Boston, MA
HotelAVE, Contractor
CarMax, Analyst

Professional Affiliations & Activities

American Hotel & Lodging Association, member
Cornell Hotel Society

Sandra Luke

Managing Director

“Don’t raise your voice, improve your argument.” – Desmond Tutu

Bio

Sandra Luke is Managing Director of CHMW with 30 years of hospitality industry experience, including business advisory services and corporate operations across a wide range of hotel brand companies. She manages business operations of CHMW’s Western Regional Headquarters based in Phoenix and has a 23-year background in corporate hotel operations and specialization in the planning and integration of electronic central reservation systems and corporate marketing programs.

Expertise

Hotel real estate advisory services
Corporate hotel brand sales & marketing programs
Electronic central reservation systems
Corporate team management

Experience

CHMWarnick, Managing Director/EVP
Warnick + Company, Partner
Doubletree Hotels Corporation, Vice President, Call Center Operations
Ramada Inc., Director of Reservations Services
Princess Hotels International, Director of Reservations
University of Hartford, BA
New School for Social Research, MA – Psychology

Professional Affiliations & Activities

Arizona Small Business Association, Board Member

Liya Ma

Manager

“To see a world in a grain of sand
And a heaven in a wild flower.” – William Blake

Bio

Liya Ma serves as Manager and is an active member of CHMW’s asset management team, focused on financial analysis and market and project research, as well as identifying opportunities for enhancing hotel operating performance and asset value. She is engaged with several of the properties under CHMW’s asset managed portfolio, including a $2 billion repositioning and redevelopment project. Prior to joining CHMW, she worked in real estate and lodging investment banking, advising a number of lodging C-Corps, REITs and other real estate clients on mergers, acquisitions and financing. Liya is fluent in Mandarin Chinese.

Expertise

Hotel acquisitions and development
Financial modeling
Portfolio analysis
Fluent in Mandarin Chinese
Disposition and refinancing support
Market research and trends

Experience

CHMWarnick, Manager
Club Quarters, Manager
Magna Hospitality Group, Associate
Credit Suisse, Analyst
Yale University, Master of Business Administration
Tsinghua University, MBA Exchange Program
Cornell University, BS in Hotel Administration

Professional Affiliations & Activities

Cornell Hotel Society, Member
Cornell University Hospitality Students International, Past President

Contributing Author

Understanding the Momentum and Motivations of Foreign Investors in U.S. Hospitality, Boston Hospitality Review, Spring 2016
“Operational Hedging and Exchange Rate Risk” in Cornell Hospitality Report, Co-Author

Craig A. Mason

Executive Vice President

“People don’t care how much you know until they know how much you care” – Theodore Roosevelt

“How many legs does a dog have if you call his tail a leg? Four. Saying that a tail is a leg doesn’t make it a leg.” – Abraham Lincoln

Bio

Craig Mason (CHAM) is an EVP of CHMWarnick and leads the company’s Washington, D.C. office. Craig is an accomplished hospitality real estate executive with more than 20 years industry experience and is a designated CHAM (Certified Hospitality Asset Manager), the highest recognition of an asset manager within in the industry. He has asset managed more than 100 hotels over his career, spanning a wide range of property types and geographic locations, including some of the most complex luxury resorts and big box hotels across the country. Craig specializes in value creation, hospitality finance, portfolio management, development, business analytics, feasibility and capital investing. He is actively involved in industry organizations, committees and boards including HAMA, AHLA’s Financial Management Committee, Georgetown University’s Global Hospitality Leadership advisory board, among others.

Expertise

Asset Management
Revenue Enhancement Strategies
Market and Product Positioning and Reposition
Capital Planning/PIP Negotiation
Hospitality Finance
Brand Management Contract Negotiation
Operations Assessment

Experience

CHMWarnick, Executive Vice President
Host Hotels & Resorts, Senior Vice President, Asset Management
Carey Winston Company, Senior Vice President
The Balcor Company, Vice President, Asset Management
Laventhol & Horwath, Senior Consultant, Management Advisory Services
Master of Science, Real Estate John Hopkins University, Baltimore, MD, Carey School of Business
Master of Management, Finance & International Business Northwestern University, Kellogg Graduate School of Management
Bachelor of Science, with Distinction Cornell University, Ithaca, NY, School of Hotel Administration
Innovation and Entrepreneurship Certificate Stanford University, Stanford, CA

Professional Affiliations & Activities

Hotel Asset Management Association (HAMA), Member, Past Member of the Board of Directors and Treasurer
Certified Hotel Asset Manager (CHAM)
American Hotel & Lodging Association (AH&LA), Finance Committee Member
Certified Hotel Administrator (CHA)
Certified Property Manager (CPM)
Certified Commercial Investment Manager (CCIM)
Certified Real Property Administrator (RPA)
Marriott International Owner and Franchisee Rooms Advisory Board and Integration Board, Member
Cornell School of Hotel Administration Advisory Board for the Center of Hospitality Research, Member
Georgetown University Advisory Board – MPS Global Hospitality Research, Member

Contributing Author

Contributing author for the Hotel Asset Management Principles & Practices, Published by AH&LA

OUR TEAM

“They are the most comprehensively knowledgeable, both as a group and individually, of any hotel experts with which I have ever worked.”

Christine Baekey

Lindsay Brown

Art Burger

Marcela Chrastecka

Chad Crandell

Philip Curcuru

Joe DeFrank

Kristie Dickinson

Michael Doyle

Robert Hayward

Sabir Jaffer

Fern Kanter

Sean Kreiman

Celeste Cloutier Ledoux

Daniel Lomartra

Sandra Luke

Liya Ma

Craig A. Mason