Magazine will focus on the Mid-Atlantic region and join Cushman & Wakefield’s multi-market-based Hospitality Group servicing private capital and institutional clients. The team was created in January to spearhead the firm’s expansion in the hospitality sector, which was initially focused on the Southeast region, but has since expanded into the Mid-Atlantic and has broader plans to grow to other markets nationwide. Several industry-leading professionals were tapped to form Cushman & Wakefield’s multi-market-based Hospitality Group. This includes team leader David Greenberg along with brokers Gabriel Shamay, Christopher Passeggiata, Ely Silverstein, Jesse Lastofsky, senior financial analyst Ryan Glasser, and marketing specialist Katherine Gerdung, all based in Boca Raton, Florida, as well as broker Rick Redmond based in Charleston, South Carolina. The addition of Magazine brings the team to nine members total and expands their on-the-ground presence to three key geographic locations throughout the country including Florida, South Carolina, and the Mid-Atlantic.
The multi-market hospitality group has generated over $57.4 million in sales volume since joining Cushman & Wakefield earlier this year, with another $110 million currently under agreement and scheduled to close prior to year-end. This strong performance is further underscored by the resilience of the hospitality sector, which has fared well despite tough economic conditions. Cushman & Wakefield research found that hospitality investment sales totaled $58.8 billion nationally in 2022.
“David and his team have made significant headway in the hotel sales market since our initial investment in expanding our firm’s existing presence in the hospitality sector. We’re eager to continue growing this team as part of our long-term strategy and to further bolster our hospitality practice beyond the Southeast by bringing on Marc,” said Wanda Riley, Managing Principal for Cushman & Wakefield’s Florida markets.
“Marc is a close friend and former colleague who will make a perfect addition to our growing hospitality investment sales platform at Cushman & Wakefield. His experience will also deliver great value in building important relationships with our clients,” added Roberta Liss, President of the Southeast Region at Cushman & Wakefield.
Magazine has completed more than $5 billion in hotel transactions over the course of 15 years and has been in the hospitality business in Washington D.C. for 40 years. He comes from Savills where he led the firm’s entire U.S. Hotel Group with the late Tom Baker and regularly interacted with institutional and private capital clientele, including clients in the U.S. and Caribbean.
“I’m excited to be partnering with Marc, both a good friend and Washington, D.C. area native who I met 25 years ago. I quickly developed a high-level of admiration and respect for Marc’s hospitality industry expertise. He brings to our team an impressive network of clients, with a track record of structuring complex upscale hotel deals,” added David Greenberg, Vice Chair of Cushman & Wakefield’s Hospitality Group.
Magazine began his career as a General Manager at The Hay Adams Hotel which was owned by his family and named a leading hotel of the world. Magazine also was Senior Vice President for CBRE where he led the hotel partners division in the Washington, D.C. metro and provided hospitality real estate advisory services to owners, developers, lenders, hotel chains, operators, and governments. Following that, he founded a full-service hospitality advisory company named Humboldt Hospitality Advisors with Tom Baker, Dave Durbin, and Justin Magazine, serving as Principal.
Before formally specializing in hospitality brokerage, Magazine was involved in several notable commercial and residential real estate deals in the Washington, D.C. metro area, some of which were recognized by the Washington Business Journal’s annual Best in Real Estate awards. Magazine is also a past President of Big Brothers of the National Capital Area, former Adjunct Professor at Georgetown University for one of its master programs, and currently serves on the Advisory Board for National Jewish Health.
“Cushman & Wakefield is extremely committed to the hospitality capital markets space. The growth that David Greenberg and his hospitality team envision was a good match for me and I can’t wait to be part of it while also contributing to the firm’s overall growth,” said Magazine.