C. Patrick Scholes is managing director of Lodging and Leisure Equity Research at Truist Securities, the full-service corporate and investment banking arm of Truist Financial Corporation. As managing director, Mr. Scholes oversees equity research for the lodging, vacation ownership, and cruise industries. His insights are regularly cited in The Wall Street Journal, among other industry publications, and often featured on CNBC. Mr. Scholes has over 30 years of experience in the hotel industry and on Wall Street. He has been a guest lecturer at the Cornell School of Hotel Administration on numerous occasions and serves on the advisory board for its Center for Real Estate and Finance (CREF). Mr. Scholes holds a B.S, from the Cornell School of Hotel Administration and an MBA from The William E. Simon Graduate School of Business Administration at the University of Rochester.
The View for 2022
Event Overview
In this webcast, a panel of leading hospitality experts will discuss their expectations for next year from four important industry perspectives: hotel owner, hotel asset manager, benchmarking and data expert, and Wall Street lodging analyst. Steve Carvell, Arthur Adler '78 and Karen Newman Adler '78 Director of the Cornell University Center for Real Estate and Finance, and Professor of Finance in the Peter and Stephanie Nolan School of Hotel Administration, will moderate this session and explore with panelists how the pandemic has reshaped the industry’s investment landscape.
What You'll Learn
- What leaders across multiple sectors of the hotel industry predict will happen in the coming year
- How the upheaval caused by the COVID-19 pandemic has shaped decision making around hotel industry investments
Speakers
Jan D. Freitag is national director of hospitality market analytics for the CoStar Group (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics, and online marketplaces. In his role, Mr. Freitag oversees a variety of projects based on the accumulation and interpretation of U.S. lodging data. Starting in 2020, he oversaw the lodging content creation for the CoStar platform. Prior to his role at CoStar, Mr. Freitag spent nearly two decades with STR, serving most recently as senior vice president of lodging insights. He also is a sought-after public speaker and expert source, and has frequently been quoted in trade publications and publications such as The Wall Street Journal, The New York Times, Associated Press, Bloomberg, and Forbes. Mr. Freitag holds a Bachelor’s degree from the Cornell School of Hotel Administration and an Executive MBA from Vanderbilt University.
Michael G. Medzigian is chairman and chief executive officer of Watermark Lodging Trust Inc. (WLT), a publicly registered real estate investment trust (REIT). Mr. Medzigian has led some of the world’s largest real estate private equity funds and overseen over $17 billion of investments. Prior to joining WLT, he held various leadership positions in real estate investment, including as president and CEO of Lazard Freres Real Estate Investors, founding partner of Olympus Real Estate Corporation, and president of Cohen Realty Services. Mr. Medzigian is a director of the American Hotel & Lodging Association, serving on its Hospitality Investment Roundtable and Industry Real Estate Financing Advisory Council. He also serves on the Marriott Owner Advisory Council. Mr. Medzigian holds a Bachelor of Science degree from Cornell University.
Michelle Russo is founder and chief executive officer of Hotel Asset Value Enhancement, a leading independent hospitality real estate investment manager providing asset management and advisory services to owners, investors, and lenders of hospitality assets. At hotelAVE, Ms. Russo not only manages the practice but is very active in managing its portfolio to maximize results, strategic asset positioning, contract negotiations, and interacting with senior-level brand and management executives. She was named one of the 30 Influential Women in Hospitality by Hotel Management Magazine and has provided expert commentary in the news media and at industry conferences. A regular guest lecturer at Cornell University, Ms. Russo also is a Certified New York State Part 36 Judiciary Receiver and serves on the Dean’s Advisory Board for Cornell University’s School of Hotel Administration and the SC Johnson College of Business Leadership Council. She holds a B.S. in Hotel Administration from Cornell 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.
C. Patrick Scholes is managing director of Lodging and Leisure Equity Research at Truist Securities, the full-service corporate and investment banking arm of Truist Financial Corporation. As managing director, Mr. Scholes oversees equity research for the lodging, vacation ownership, and cruise industries. His insights are regularly cited in The Wall Street Journal, among other industry publications, and often featured on CNBC. Mr. Scholes has over 30 years of experience in the hotel industry and on Wall Street. He has been a guest lecturer at the Cornell School of Hotel Administration on numerous occasions and serves on the advisory board for its Center for Real Estate and Finance (CREF). Mr. Scholes holds a B.S, from the Cornell School of Hotel Administration and an MBA from The William E. Simon Graduate School of Business Administration at the University of Rochester.
Jan D. Freitag is national director of hospitality market analytics for the CoStar Group (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics, and online marketplaces. In his role, Mr. Freitag oversees a variety of projects based on the accumulation and interpretation of U.S. lodging data. Starting in 2020, he oversaw the lodging content creation for the CoStar platform. Prior to his role at CoStar, Mr. Freitag spent nearly two decades with STR, serving most recently as senior vice president of lodging insights. He also is a sought-after public speaker and expert source, and has frequently been quoted in trade publications and publications such as The Wall Street Journal, The New York Times, Associated Press, Bloomberg, and Forbes. Mr. Freitag holds a Bachelor’s degree from the Cornell School of Hotel Administration and an Executive MBA from Vanderbilt University.
Michael G. Medzigian is chairman and chief executive officer of Watermark Lodging Trust Inc. (WLT), a publicly registered real estate investment trust (REIT). Mr. Medzigian has led some of the world’s largest real estate private equity funds and overseen over $17 billion of investments. Prior to joining WLT, he held various leadership positions in real estate investment, including as president and CEO of Lazard Freres Real Estate Investors, founding partner of Olympus Real Estate Corporation, and president of Cohen Realty Services. Mr. Medzigian is a director of the American Hotel & Lodging Association, serving on its Hospitality Investment Roundtable and Industry Real Estate Financing Advisory Council. He also serves on the Marriott Owner Advisory Council. Mr. Medzigian holds a Bachelor of Science degree from Cornell University.
Michelle Russo is founder and chief executive officer of Hotel Asset Value Enhancement, a leading independent hospitality real estate investment manager providing asset management and advisory services to owners, investors, and lenders of hospitality assets. At hotelAVE, Ms. Russo not only manages the practice but is very active in managing its portfolio to maximize results, strategic asset positioning, contract negotiations, and interacting with senior-level brand and management executives. She was named one of the 30 Influential Women in Hospitality by Hotel Management Magazine and has provided expert commentary in the news media and at industry conferences. A regular guest lecturer at Cornell University, Ms. Russo also is a Certified New York State Part 36 Judiciary Receiver and serves on the Dean’s Advisory Board for Cornell University’s School of Hotel Administration and the SC Johnson College of Business Leadership Council. She holds a B.S. in Hotel Administration from Cornell 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.
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