Senior Asset Manager January 2011 to January 2014Betawest, Ltd － Denver, Colorado
Betawest is an affiliate of DLJ Real Estate Capital Partners, a $4.3 billion commercial Real Estate equity fund.
Betawest is the principal advisor and exclusive asset manager for DLJ, providing services for fifty-three globally located assets in multiple asset classes.
Responsible for investment oversight and reporting including but not limited to; quarterly investment reports, monthly significant event memos, market valuations, third-party management oversight, hiring/overseeing consultants, negotiating operating agreements, annual budget review and approval, property improvement plans, leading value enhancement initiatives, scheduled communication with property level staff, visiting investments as ownership representative, and fund raising.
Directly asset managed a 300-room Kimpton in New York City, an independent boutique hotel in New York City, 4 Noble House Resorts located in Seattle, LA, Palm Springs, and Key West, Embassy Suites/Courtyard Portfolio in Atlanta, Courtyard Portfolio in Charlotte, NC/Princeton, NJ/Lynchburg, VA.
Created models for optimal market mix, ground lease extension negotiation, owner incentive program for general managers, all inclusive food and beverage (banquet & catering, restaurant, and in-room dining) model to maximize profitability, and a monthly dashboard providing a one-page snap shot of the both operation and investment performance.
Major accomplishments include sourcing a meeting with a major investor for $200 million, $2 million in property improvement projects at two hotel properties, negotiating a hotel restaurant management agreement with a celebrity chef, converting a negative income space within a hotel to a highest and best use space valued at $2.5 million, rewriting the asset management reports, expanded the investment reporting list to improve oversight and decision making.
Principal January 2009 to January 2011Sierra Real Estate LLC － Denver, Colorado
Director of Development January 2007 to January 2009Starwood Worldwide － Denver, Colorado
Responsible for generating management fees for W Hotels valued at $20.7M.
Targeted key markets to increase market presence and generated three new development opportunities.
DRAKE PAGE 2 Career Summary Cont'd.) Sourced new leads for owners; negotiated legal contracts, including operator agreements, marketing license agreements, technical service agreements, and analyzed and attended site tours.
Obtained brand approval for opportunities; coordinated property improvement plans for existing hotels; generated and reviewed new construction programs; worked with feasibility; presented the brands to potential owners; prepared and presented prior approval recommendations to the executive committee; networked extensively through conferences and shared contacts.
Director of Investments January 2005 to January 2007Lowe's Hospitality Group/Destination Hotels － Denver, Colorado
Acquired over $660M in new development projects.
Wrote preliminary and final investment recommendations, sourced acquisitions, and worked with asset management to prepare performance reports.
Conducted feasibility for potential acquisitions from initial bid to take over including sensitivity analysis, comparable sales research, IRR analysis, cap rate research, and refinance.
Coordinated due diligence efforts as it relates to site visits, property taxes, insurance, capital expenditures, sales and marketing, operating performance, takeover checklists, and debt.
Consultant January 2002 to January 2005Warnick& Company, LLC － Scottsdale, Arizona
Performed financial modeling and analysis for new development, acquisitions, renovations, repositioning projects, and asset management.
Conducted feasibility studies for potential acquisitions from initial bid to take over, which included sensitivity analysis, comparable sales research, IRR analysis, cap rate research, and refinancing.
Responsible for developing rebranding plans for several large developments.
Development Analyst January 2000 to January 2002Interstate Hotels Corporation － Scottsdale, Arizona
Wrote business plans, requests for qualifications, management contracts, and investment overviews for potential new developments and submitted to the Board of Directors for approval.
Responsible for letters of intent, franchise applications, and closing operating agreements.
Developed trend analysis reports, proforma forecasts over a ten-year holding period, investment analysis, deal structure, and expense ratios reports.
Regional Support Manager/
Franchise Sales Manager January 1997 to January 2000Alpha Inn Management － Scottsdale, Arizona
Managed the pre-opening of two locations, which included hiring key management personnel, acquiring all required licenses, secured health insurance, and coordinated all sales and marketing efforts.
Managed key accounts with companies such as Dial, SimCom, and Photocomm.
Certificate Program, Cornell University, Hotel Real Estate Investments and Asset Management 2013
MBA : 2001Arizona State University, College of Business － Tempe, Arizona
B.S : Asset Management and Property Design, 1997Cornell University － Ithaca, New YorkAsset Management and Property Design
Study Abroad Program : 1996University of Wisconsin, American Institute － Seville, Spain
Bilingual: English / Spanish
Real Estate, Arizona School of Real Estate &Business, Scottsdale, Arizona (Inactive) ADAM C. DRAKE PAGE 3 Career Summary Cont'd.) Membership Hospitality Asset Managers Association (HAMA)
License Real Estate, Arizona School of Real Estate &Business, Scottsdale, Arizona (Inactive) ADAM C. DRAKE PAGE 3 Career Summary Cont'd.) Membership Hospitality Asset Managers Association (HAMA)