Hospitality Capital Markets

Mark Owens is an Executive Vice President and the Head of Hospitality Capital Markets for CBRE Hotels. He is responsible for the development of the CBRE Hotels Debt & Structured Finance practice and oversees the origination and placement of hospitality-related transactions, including debt, equity, joint venture equity, and transaction sales. Since joining CBRE, Mark has been an integral part of building the team’s production, which exceeded $1.6 billion in 2018. His recent iconic transactions include the $100+ million W Washington DC, the $250+ million recapitalization of the Marriott Aruba, and the nearly $300 million refinancing of a 16-asset Canadian portfolio.

Matthew Kirsch is a Managing Director in the Real Estate Structured Finance (RESF) Group at Bank of America. He joined the bank in 2012 and currently heads the floating rate balance sheet business for RESF, is a member of the CMBS Investment Committee, and originates CMBS and balance sheet/transitional loans. A 20-year industry veteran, Matthew has vast experience in structured debt products, including CMBS, bridge lending, mezzanine loans, and equity deals, having closed over $25 billion in debt/equity transactions. Matthew began his career at Credit Suisse First Boston in the Principal Transactions Group. In 2000, he became one of the original members of the CMBS group at UBS. Matthew received a BA in Economics from Yale University.

Steven Carvell joined the Cornell University School of Hotel Administration’s finance faculty in 1986 and is currently a Professor of Finance in the SC Johnson College of Business. Over the past 33 years, he has taught undergraduate and graduate courses such as Advanced Corporate Finance, Capital Budgeting, Financial Strategy, and Investments. Dr. Carvell has also been an active teacher in executive education since 1990, working with almost every major domestic and international hotel company to create custom courses for hotel executives with companies like Hilton, Marriott, InterContinental Hotel Group, Taj Hotels, Jumeirah, Accor, Sol Melia, Le Meridien, Shangri La, and Peninsula. Dr. Carvell has also authored eight distance-learning courses through eCornell that are among the most widely demanded courses offered. He has held academic leadership positions at the School of Hotel Administration since 1999, serving as the Associate Dean for Academic Affairs from 2007 to 2016 and the Academic Director of the Pillsbury Institute for Entrepreneurship from 2013 to 2016.

Dr. Carvell has published numerous articles in academic and professional journals, including the Financial Analysts Journal, Journal of Portfolio Management, the Harvard Business Review, and the Cornell Quarterly, and he is the co-author of “In the Shadows of Wall Street.” His work has been featured in the Wall Street Journal, The New York Times, Forbes, Fortune, Institutional Investor, Financial World, and Leaders. Dr. Carvell has recently finished a major project designed to identify the determinants of hotel demand for U.S. hotels and another on economic and capital market antecedents of venture capital commitments. He is currently working on a project to disaggregate hotel room rates within urban markets and another to determine the risk-return characteristics of hotel room rates in major U.S. markets. Dr. Carvell is also involved with evaluating the effectiveness of hotel company business strategies using strategic benchmarking and economic value-added analysis.

Dr. Carvell has worked for professional money managers in the area of applied strategy in the equity market and served as a consultant to the Presidential Commission on the 1987 stock market crash. His consulting interests include valuation and risk analysis in feasibility studies, hotel debt capacity, strategic benchmarking, and corporate and financial strategy.

Warren de Haan is a founder and one of the four Managing Partners of ACORE. He is the Head of Asset Originations. Warren has over 20 years of experience in the commercial real estate finance industry and capital markets. Prior to ACORE, he was the Chief Originations Officer of Starwood Property Trust, Inc. (NYSE: STWD), a public mortgage REIT, from October 2010 to September 2014. Warren received a B.S. degree from the Cornell School of Hotel Administration. He also graduated from Hotel Institute Montreux, Switzerland, where he obtained his Swiss Hotel Diploma and American Hotel and Motel Association Diplomas.