Wed. Aug 10th, 2022

Newmark Director Greg Morgan and Canyon Partners' Nick Pappas (Getty, LinkedIn via Morgan, Pappas)
Newmark Director Greg Morgan and Canyon Partners’ Nick Pappas (Getty, LinkedIn via Morgan, Pappas)

Newmark Group Inc. plants a flag in Los Angeles for its Lodging Capital Markets Group with a new hiring and a senior move.

Canyon Partners’ Nick Pappas is on his way to Newmark to be senior executive of the LA office, according to LA Biz. Newmark director Greg Morgan will join him from his Washington, DC office.

Pappas and Morgan will focus on California, the Pacific Northwest and the Mountain Region, which mainly covers the western United States.

Newmarks Lodging Capital Markets Group arranges transactions for hospitality assets, including the sale of investments, joint ventures and financing agreements.

The move to LA is part of a broader expansion that also makes the group go to South Florida and Texas. The plan covers four out of five markets with the highest revPAR this year – Miami, Tampa, San Diego and LA

Lodging Capital Markets Group Vice President Adam Etra said group travel and business travel will fuel the recovery of the hospitality sector and were strong relative to LA, South Florida and Texas.

“We have always been active in the Southeast and Texas and on the West Coast, and we believe these three regions will be among the most active markets in our business over the next several years,” he said in a statement.

The decline following the pandemic in business-related bookings has been central to the hotel industry’s struggles over the past year and a half. There are some recent signs of recovery — including a 5.7 percent increase in groups’ demand in the last two weeks of September — but the industry has yet to experience business levels before the pandemic. It has shattered hopes of a full recovery this year.

Nationwide, the hospitality sector, which includes restaurants and bars, added just 31,000 jobs last month and achieved a net gain of zero jobs in August.

[LA Biz] – Dennis Lynch

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