BOCA RATON, Florida and CHARLESTON, South Carolina, January 24, 2023 – Cushman & Wakefield announced today that the commercial real estate services firm will expand its presence in the hospitality sector within the Southeast region. Spearheading efforts will be a group of industry-leading hospitality professionals who have been hired to form the firm’s newly created Southeast-focused Hospitality Investment Sales team.
David Greenberg leads the team as Vice Chair and will be joined by other key members including Managing Director Gabriel Shamay, Senior Director Christopher Passeggiata, Senior Associate Ely Silverstein, Associate Jesse Lastofsky, and Senior Analyst Ryan Glasser who will all be based in Boca Raton, Florida. Director Rick Redmond will also join the team and be based in Charleston, South Carolina. Together, the team will focus their efforts on servicing private and institutional clients in the hospitality sector throughout the eastern portion of the United States with a primary concentration in the Southeast.
According to Cushman & Wakefield research, the Southeast hospitality and tourism industry is one of the nation’s top performing, with the region seeing over 388 million visitors and generating more than $180 billion in revenue (represents tourism dollars spent overall) post-pandemic. The industry’s strong performance indicators complement Cushman & Wakefield’s expanded focus in the hospitality sector and its newly appointed Southeast team, allowing the firm to have a diverse mix of Capital Markets expertise across the region in office, industrial, retail, student housing, self-storage, multifamily, and now hospitality.
“We’re excited to lean more heavily into the hospitality space and see many growth opportunities within this sector. With the strong hospitality and tourism industry both in Florida and our Southeast neighboring states, our increased investment into the hotel sales market is a natural fit for us and supports our long-term strategy. Our efforts are also further solidified by bringing on a hospitality team with extensive experience that has delivered results in this niche, yet growing sector of commercial real estate,” said Wanda Riley, Managing Principal for Cushman & Wakefield’s Florida markets.
“David and his team will be a tremendous asset for the Southeast and for growing the firm’s hospitality business on the ground in the Carolinas. They’re an all-star team with experience in closing deals across several different states and have a vision for continuing to grow and expand their local market presence that will be extremely beneficial to Cushman & Wakefield and the level of service we provide to our clients,” added Brett Gray, Managing Principal of Cushman & Wakefield’s Charlotte, Triad, and South Carolina operations.
The majority of the team comes from Marcus & Millichap’s national hospitality division where they were responsible for investment sales and advisory services (with the exception of Rick Redmond who come from Hertz Realty Group). During their tenure at Marcus & Millichap, the team generated $1.2 billion in sales volume and closed deals in 23 states. Since the onset of the COVID-19 pandemic, the team has sold 53 hotels and generated more than $511 million in sales.
With over 25 years experience in the hotel real estate space, Greenberg started his career in 1997 and shortly after was promoted to Senior Director of Acquisitions and Development with Sunburst Hospitality Corporation. He joined Marcus & Millichap as an agent in 2005, starting and growing the firm’s South Florida Hospitality Division and rose up the ranks within the company. He most recently served as Senior Managing Director of Investments and Executive Director of Marcus & Millichap’s National Hospitality Division. He also received numerous award designations multiple times at Marcus & Millichap, including Top Companywide Hospitality Agent, Top 20 Companywide Agent (across all property types), Chairman’s Circle of Excellence, Chairman’s Club, the National Achievement Award and the Sales Recognition Award.
Throughout his career, Greenberg has successfully mentored agents who have gone on to have very accomplished careers in the hospitality space. This includes Shamay who previously served as First Vice President of Investments and Director of Marcus & Millichap’s National Hospitality Group and Passeggiata was Senior Associate. During their tenures at Marcus & Millichap, both Shamay and Passeggiata received multiple accolades including the company’s National Achievement Award and the Sales Recognition Award, while serving as important leaders on the Greenberg team contributing to the group’s growth and future.
"Hospitality is a dynamic product type with investment capital constantly crossing state lines, as well as off-shore capital finding its way into gateway and secondary U.S. markets. Cushman & Wakefield's global reach, industry-leading resources, client-centric focus, and collaboration amongst agents throughout the organization will undoubtedly afford our team the ability to provide our clients an elevated level of service,” noted Greenberg.
“Our team has spent years building a unique value proposition grounded in leveraging local relationships and industry knowledge with extensive experience in capturing out-of-area buyer interest. We’re excited to launch a long, prosperous partnership with Cushman & Wakefield, where we can leverage the firm’s high level of professional resources and global reach to better serve our clients on each deal,” added Shamay and Passeggiata.