After key property acquisitions last year, Tishman Realty looking to expand select service offerings
NEW YORK, June 5, 2019 /PRNewswire/ -- As it prepares to expand its select service platform, Tishman today welcomed Mike Wilbert as a Senior Vice President for Acquisitions. Wilbert has more than a decade of experience managing hotel acquisitions and dispositions specifically focusing on select service assets. He will oversee Tishman's continued growth in the select service space – which recently includes the acquisition of the Homewood Suites Lake Buena Vista, Homewood Suites Orlando Theme Parks, and Hilton Garden Inn Lake Buena Vista, and the development of the acclaimed Aloft Magnificent Mile in Chicago.
"Building on the acquisitions we made last year and recent ground up development for our Tishman Select Partners affiliate, we want to continue to grow this asset class within our portfolio," said Obaid Khan, Chief Financial Officer of Tishman. "We see value in various markets and a tremendous amount of potential growth in this sector, and we think that the best way to sharpen our focus is by bringing someone with Mike's expertise and experience on board."
Wilbert joins Tishman with an extensive background in this space, most recently serving as Vice President of Acquisitions and Dispositions at Apple Hospitality REIT, where he managed the acquisition of 74 properties across 22 U.S. states totaling over $1.5 billion in equity deployment over the last eight years. From 2008-2010 he also led debt restructuring and financing efforts at HEI Hotels & Resorts in Norwalk, CT.
"Tishman's recognition of the growth opportunities in select service and their commitment to growing their portfolio make this the right fit for me and provide me with a tremendous opportunity," said Mike Wilbert. "Their name, reputation and understanding of hospitality is second to none, and I look forward to being part of the team."
Select service, encompassing properties with limited amenities or rooms-only service, is the fastest growing sector of the hotel industry based on consumer demand for affordable service. In addition to last year's acquisitions, Tishman has developed the Aloft Magnificent Mile in Chicago and previously bought the Sheraton Old San Juan. Over the next three years, Tishman plans to significantly increase its investment in select service properties across the United States.
Tishman is a vertically integrated real estate owner, developer, operator and advisor. With roots dating back to 1898, Tishman is comprised of a diversified staff of experienced real estate, financial and hotel management specialists, and is complemented by a technical staff of architects, engineers and construction management professionals.
Over the last 30 years, Tishman has owned and developed roughly 10 million sq. ft. for its own account and has sourced and structured over $8.0 billion of debt and equity for its projects. Further, Tishman has developed, managed and advised on more than 35 million sq. ft. of all types of real estate – including hospitality, retail, residential and office.