interior-header-team

Pinnacle
Advisory
Group

The Nation's Leading Full Service Hospitality Consulting Firm.

Our Team

From its beginnings in 1991, Pinnacle Advisory Group has evolved over time to become the nation’s finest boutique hospitality consulting firm – a true leader in the hospitality industry. Established on the principle of providing only the highest level of service via the hands-on direction and highest possible ethical positioning of a senior level executive team, Pinnacle has developed a reputation for providing the best advice for all services including, market and financial feasibility, valuation, litigation support, asset management, and other due diligence services. Pinnacle’s successful track record can be attributed primarily to two things – comprehensive work and an experienced and dedicated team of professionals.

Rachel Roginsky, ISHC

Rachel Roginsky, ISHC

Owner and Principal (Boston, MA)

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Rachel Roginsky, ISHC is the Owner and Principal of Pinnacle Advisory Group. She is based in the firm’s Boston office. Ms. Roginsky has more than 30 years of experience in hospitality consulting. After graduating from Cornell School of Hotel Administration, she started her career in hospitality operations, and then worked with the national accounting firm Pannell Kerr Forster, eventually becoming a Principal, overseeing their Management Advisory Services practice in New England. In 1991, Ms. Roginsky founded Pinnacle Advisory Group.

Ms. Roginsky provides hospitality operational, investment counseling and advisory services to corporate, institutional, and individual clients on all facets of hospitality real estate. Additionally, Ms. Roginsky has participated in numerous litigation assignments providing extensive experience for litigation support and expert testimony.

Ms. Roginsky is a Board Member of numerous hospitality-related organizations and societies, and is a regular guest lecturer at prestigious institutes of higher educations. She is widely published and quoted, and is the co-editor and author for Hotel Investments: Issues and Perspectives, a well regarded book (5 editions) published by the Educational Institute of the American Hotel and Lodging Institute. Ms. Roginsky is also certified as an arbitrator and mediator for Hospitality Alternative Dispute Resolution.

  • Experience
  • Education
  • Affiliations & Designations
  • Industry Activities
  • 1991 to present
    PINNACLE ADVISORY GROUP
    Principal

    1986 to 1991
    PANNELL KERR FORSTER
    Director Hospitality Advisory Services

    1984 to 1986
    PANNELL KERR FORSTER
    Senior Consultant

    1980 to 1984
    VICTORIA STATION RESTAURANTS
    Manager

    1979 to 1980
    WALT DISNEY WORLD
    Manager
    CORNELL UNIVERSITY
    School of Hotel Administration
    Bachelor of Science
    Massachusetts Lodging Association
    Board Member

    International Society of Hospitality Consultants (ISHC)
    Chair, Past President, Board Member

    Certified Mediator and Arbitrator

    New England Real Estate Journal
    Hotel Industry Advisory Board

    Roundtable Group
    Adjunct Faculty Member

    Cornell Hotel Society

    Boston University
    School of Hospitality Administration
    Adjunct Professor

    Urban Land Institute
    Advisory Board - ULI Boston
    Co-Editor and Author:
    Hotel Investments - Issues and Perspectives
    American Hotel and Lodging Educational Institute
    Editions 1995, 1999, 2003, 2006, 2011, 2014

    Guest Lecturer:
    • Hotel Market and Feasibility Analysis - Cornell University (15th Year)
    • Distinguished Hospitality Management Lecturer Series - Boston University Hotel School
    • International Hotel & Motel Restaurant Show
    • Hotel Market trends - Massachusetts Institute of Technology

    Panelist:
    Numerous events including ALIS, REFA, NEWIRE, AHMA, and ULI

Allison Fogarty

Allison Fogarty

Managing Director, Pinnacle Advisory Group Tampa (Tampa, FL)

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Allison R. Fogarty is Managing Director of the Florida office of Pinnacle Advisory Group. She has over 25 years of experience in hotel and resort development. As a consultant, she has directed and completed market and financial analysis engagements for hotels, resorts and gaming companies in the eastern United States and the Caribbean. Her corporate activities have included site selection, property inspection, contract negotiation and review and due diligence.

In addition, Ms. Fogarty has extensive experience with respect to strategic planning, financial analysis and operational oversight in the hotel and cruise industries. Ms. Fogarty has also conducted financial and market analyses for numerous master- planned resort residential development projects in the United States and Caribbean. An acknowledged expert in hospitality real estate, Ms. Fogarty has participated in numerous litigation assignments.

Ms. Fogarty’s industry activities have included speaking engagements, writing articles and teaching a graduate seminar in Hotel Feasibility Analysis at a leading hotel school. Ms. Fogarty’s previous employers have included the Hospitality Industry Services Consulting Group of Ernst & Young LLP, Cunard Hotels & Resorts and Pannell Kerr Forster. She is a graduate of the University of Rochester and holds a Master’s degree in Hotel Administration from Cornell University’s School of Hotel Administration.

  • Experience
  • Education
  • Affiliations & Designations
  • Industry Activities
  • 2006 to present
    PINNACLE ADVISORY GROUP
    Director

    2003 to 2006
    RE/MAX SUNSET REALTY
    Sales Associate

    2002 to 2003
    WEICHERT, REALTORS
    Sales Associate

    2000 to 2002
    VIGILINX, INC
    Director, Strategic Planning and Business Development

    1996 to 1999
    ERNST & YOUNG, LLP
    Senior Manager, Real Estate & Hospitality Consulting

    1994 to 1996
    AMERICAN CLASSIC VOYAGES
    Director, Financial Analysis

    1987 to 1994
    CUNARD LINE LIMITED
    Assistant Vice President, Strategic Planning & Development

    1983 to 1987
    PANNELL KERR FORSTER
    Senior Consultant
    CORNELL UNIVERSITY
    School of Hotel Administration
    Master of Professional Studies

    UNIVERSITY OF ROCHESTER
    Bachelor of Arts

    Gold Coast School of Real Estate
    Florida Pre-license Course I

    Bob Hogue School of Real Estate
    Florida Post License Course I
    Florida Pre-License Course II

    Cooke Real Estate School
    Basic Appraisal Principles
    Residential Site Valuation and Cost Approach

    Florida Department of Business & Professional Regulation
    Licensed Real Estate Broker

    Cornell Hotel Society
    Pasco County, Florida
    Planning Commission 2003-2015

    Lodging Industry Investment Council
    Member 1997 - 2000

    American Hotel & Motel Association
    Market, Financial and Investment Analysis Committee 1988 - 1997

    Caribbean Hotel Association
    Finance and Investment Committee 1996- 2000

    Cornell University, School of Hotel Administration
    Committee on Executive Education 1993
    Guest Lecturer/Adjunct Professor
    Hospitality Feasibility Studies - Florida International University 1998 – 2000

    Speaker
    • Hospitality Finance and Technology Professionals
    • American Resort Development Association
    • Caribbean Hotel Association
    • Multicultural Tourism Economic Summit

    Author:
    • “Airport Hotels: Laying the Foundation for a Synergistic Relationship”, Boston Hospitality Review, Summer 2015
    • "Second Home or Investment: Dissecting Condominium Hotels", with Mark Lunt, Lodging, February 2000
    • "Upscale Lodging Index", Lodging Property Index, Fall 1999
    • "Timeshare Takes Off", Lodging, July 1998
    • "Economy Lodging Index" Lodging Property Index, October 1997
    • "This Time Around," with Francis Nardozza, Lodging, January 1997
    • "Mid-price Lodging Index" Lodging Property Index, December 1996
    • "The New Rules of Hospitality Financing," with Katherine Kilian, Lodging, September 1990
Anne Purcell

Anne Purcell

Vice President, Pinnacle Advisory Group Washington, DC (Washington, DC)

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Anne Purcell is a Vice President with Pinnacle Advisory Group based in the Washington, DC office. Anne has over 20 years experience in the lodging industry in a variety of areas including, feasibility, development planning, acquisitions investment analysis, sales strategy and deployment, as well as corporate and association meeting planning.

Prior to joining Pinnacle Advisory Group, Ms. Purcell was Director of Feasibility at Host Hotels & Resorts. At Host, she supported the company’s investment decision-making process through the underwriting of acquisitions and major capital projects. She also completed the underwriting for the disposition of numerous Host assets. Before joining Host, Ms. Purcell spent 14 years with Marriott International, primarily in a feasibility role. While in Marriott feasibility, she was responsible for evaluating lodging markets throughout the U.S. and Canada to determine the potential for new hotel development, franchise, and conversion opportunities for all Marriott brands in the full and select service segments.

Ms. Purcell has a Masters Degree from the School of Hotel Administration at Cornell University and a Bachelors degree from the University of Virginia.

 

  • Experience
  • Education
  • Affiliations & Designations
  • Industry Activities
  • 2014 to Present
    PINNACLE ADVISORY GROUP
    Vice President

    2013 to 2014
    HOST HOTELS & RESORTS
    Director of Feasibility, North America

    1998 to 2012
    MARRIOTT INTERNATIONAL
    Director, Development Planning & Feasibility Senior Manager Development Planning & Feasibility Manager, Global Sales Organization

    1997 to 1998
    CHOICE HOTELS INTERNATIONAL
    Director, Corporate Meetings & Events

    1993 to 1995
    NEWSPAPER ASSOCIATION OF AMERICA
    Meetings Manager

    1990 to 1993
    SHERATON PREMIERE HOTEL, TYSONS CORNER
    Director of Convention Services Catering Manager
    CORNELL UNIVERSITY
    School of Hotel Administration
    Masters of Management in Hospitality

    UNIVERSITY OF VIRGINIA
    Bachelor of Arts - American Government
    Cornell Hotel Society
    Washington DC Chapter

    Women’s Hospitality Investment Network, Washington, DC

    NEWH – Network of the Hospitality Industry, Washington, DC
    Guest Lecturer:
    Georgetown University, Masters of Real Estate Program
Jenny Lee

Jenny Lee

Vice President, Pinnacle Advisory Group West (Newport Beach, CA)

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Jenny Lee is a Vice President with Pinnacle Advisory Group West based in Southern California with a primary focus on buy-side due diligence and appraisal assignments. Prior to joining Pinnacle in early 2013, Ms. Lee was the founder of Hospitality Research Solutions, a company that provides research services to hospitality advisory firms, hotel asset-managers, and hotel owners. Before and after receiving her MBA from Chicago’s Booth School, Ms. Lee was in the hotel group at Jones Lang LaSalle Hotels (JLLH) where she was responsible for driving and implementing regional and global hotel research publications.

Prior to obtaining her MBA, Ms. Lee was employed in JLLH’s transaction and strategic advisory team where she participated in underwriting hotel properties ranging from $10 million to $80 million. Her first job after earning a Bachelor’s degree was as management consultant at Economics Research Associates, an international consulting firm specializing in real estate, entertainment, and leisure, where she was involved in market and financial feasibility studies for clients such as Universal Studios, San Diego Zoo, and NASA.

Ms. Lee also worked for Grubb & Ellis in a research and management capacity. She has operations experience from the Westin Bonaventure Hotels & Suites in Los Angeles, the Anaheim Marriott Suites, and the Hilton Anaheim. Ms. Lee holds a Bachelor of Science degree from the School of Hotel Administration at Cornell University and a MBA from The University of Chicago Booth School of Business with coursework concentration in marketing and finance

  • Experience
  • Education
  • Affiliations & Designations
  • July 2012 to present
    PINNACLE ADVISORY GROUP - WEST
    Vice President

    2009 to 2012
    HOSPITALITY RESEARCH SOLUTIONS
    Principal/Consultant

    2008
    JONES LANG LASALLE HOTELS
    Associate

    2002-2005
    JONES LANG LASALLE HOTELS
    Analyst

    2000-2002
    ECONOMICS RESEARCH ASSOCIATES
    Associate
    UNIVERSITY OF CHICAGO
    Booth School of Business
    Master of Business Administration

    CORNELL UNIVERSITY
    School of Hotel Administration
    Bachelor of Science
    Cornell Hotel Society
    Los Angeles Chapter

    Real Estate Alumni Group (REAG)
    The University of Chicago Booth School of Business, Alumni Club
Karen L Johnson, MAI, CRE, ISHC

Karen L Johnson, MAI, CRE, ISHC

President, Pinnacle Advisory Group West (Newport Beach, CA)

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Karen Johnson, MAI, CRE, ISHC, is the President of Pinnacle Advisory Group West based in Newport Beach, California and supervises all of the consulting activities for that office. Ms. Johnson has been active as a hospitality consultant since 1981 and has extensive experience across all hospitality property types, providing solutions for a wide range of consulting questions. Prior to opening the West Coast office of Pinnacle in 2011, Ms. Johnson was employed by Warnick + Co as a hotel asset manager and consultant.

Ms Johnson spent almost nine years at Jones Lang LaSalle Hotels where she directed their Hotel Advisory Services Group for the Americas. In the late 1990’s she headed up Horwath Landauer Associates’ West Coast hospitality consulting practice. Earlier experience includes PKF Consulting in Los Angeles, Marriott’s Market Feasibility Department and Pannell Kerr Forster.

Ms. Johnson has been the asset manager for four hotels in the Western United states as well as negotiating numerous hotel management contracts and running the process for brand/operator selections. Ms. Johnson has prepared valuations and analyses for urban and suburban hotels, resort hotels, casino hotels, conference centers, economy lodging, convention hotels, branded residences, condo-hotels, fractional residences and entire resort communities. She has testified or provided expert witness reports for the US District Court, San Diego; US Bankruptcy Court, Northern District of Illinois, Eastern Division; the 14th Judicial District Court of Dallas, Texas; and arbitration proceedings in London.

She has authored articles for the Cornell Quarterly, Hotel On-Line and Hotel News Now, as well as the chapter on hotel management contracts for the Urban Land Institute’s publication “Hotel Development Handbook.” Ms. Johnson is an MAI and a member of the Urban Land Institute, sitting on the Entertainment Council. She was also admitted to the International Society of Hospitality Consultants (ISHC.)

  • Experience
  • Education
  • Affiliations & Designations
  • Industry Activities
  • 2011 to present
    PINNACLE ADVISORY GROUP - WEST
    Principal

    2008 to 2011
    WARNICK + COMPANY
    Consultant

    1999 to 2008
    JONES LANG LASALLE HOTELS
    Senior Vice President and Executive Vice President

    1996 to 1999
    LANDAUER/HORWATH LANDAUER
    Managing Director

    1994 to 1996
    PKF CONSULTING
    Senior Vice President

    1991 to 1994
    GLOODT ASSOCIATES
    Director

    1988 to 1991
    MARRIOTT HOTELS & RESORTS
    Manager and Regional Director

    1981 to 1988
    PKF CONSULTING
    Associate, Senior Associate, Manager and Senior Manager

    1978 to 1981
    HYATT HOTELS
    Assistant Department Head and Department Head
    MICHIGAN STATE UNIVERSITY
    School of Restaurant, Hotel and Institutional Management
    Bachelor of Science
    Urban Land Institute
    Entertainment Council Member

    International Society of Hospitality Consultants (ISHC)
    Member

    Appraisal Institute
    MAI

    California Licensed General Appraiser

    Nevada Licensed General Appraiser
    Recent Articles:

    "All Eyes on the Luxury Sector"
    Hotel On-Line
    June 2, 2011

    "Bumping Along the Bottom:
    Hotel News Now
    April 4, 2010

    "More Storm than Tsunami"
    Hotel On-Line
    September 2, 2009

    "Tough Sledding Ahead for the Hotel Industry"
    Hotel News Now,
    September 8, 2008

    "The Condo-Hotel Debate - Real Estate Assets vs Securities"
    Jones Lang LaSalle Hotels' Focus On series
    April, 2006

    "Global Hotel Management Agreement Terms"
    Jones Lang LaSalle Hotels' Focus On series
    June, 2005

    "Condo-Hotels - Expanding the Options for Lodging Development"
    Jones Lang LaSalle Hotels' Focus On series
    October, 2003

    "Management Agreement Trends Worldwide
    Jones Lang LaSalle Hotels' Hotel Topics series
    June, 2001

    "Hotel Management Contract Terms"
    Cornell Hotel & Restaurant Administration Quarterly
    April, 1999
Lana Yoshii

Lana Yoshii

Vice President, Pinnacle Advisory Group West (Newport Beach, CA)

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Lana Yoshii, is a Vice President for the Pinnacle Advisory Group West office.  Ms. Yoshii started her career in the hospitality industry in 1987.  Ms. Yoshii was previously employed by Hilton Worldwide, which acquired Promus Hotels Corporation, for 21 years, working in Finance, Market Analysis, Feasibility, Performance Metrics and headed the global Market Research department during her tenure. For three years, she headed the Research, Product Development, Content Management and HOST (Hotel Operating Statistics) departments at STR, Inc. (Smith Travel Research).

Ms. Yoshii has eight years of experience preparing impact analysis, feasibility studies, pro forma, capital analysis, and target market lists for Hilton, Doubletree, Embassy Suites, Homewood Suites, Hilton Garden Inn, and Hampton Inn/Suites hotel brands in urban, suburban, and small town U.S. markets.  While managing the Hilton Worldwide Market Research department, she was responsible for overseeing customer research, consumer insights, internal customer satisfaction survey system, STR data, competitive brand intelligence and syndicated research function for ten global brands.  At STR, she managed the development and release of the U.S. market forecast product and the worldwide census and pipeline databases.  She has authored articles for Hotel News Now, and has been a frequent public speaker at national, local, state and brand conferences/meetings regarding the lodging industry.

  • Experience
  • Education
  • Industry Activities
  • April 2015 - Present
    PINNACLE ADVISORY GROUP - WEST
    Vice President

    July 2011 to April 2015
    Independent Hospitality Consultant

    August 2010 to June 2011
    SMITH TRAVEL RESEARCH (STR)
    Vice President, Content Management

    June 2008 to August 2010
    SMITH TRAVEL RESEARCH (STR)
    Vice President, Research / New Product Development

    HILTON WORLDWIDE (formerly Promus Hotels Corporation and Holiday Corporation)

    September 2004 to May 2008
    Senior Director, Worldwide Market Research

    October 2002 to September 2004
    Director, Performance Metrics & Competitive Analysis

    1994 to 2002
    Director, Market Planning & Impact Analysis (promoted from Manager)

    1992 to 1994
    Senior Financial Analyst

    1987 to 1992
    Senior Internal Auditor (promoted from Staff Internal Auditor)
    CHRISTIAN BROTHERS UNIVERSITY
    Bachelor of Science - Accounting
    Authored articles at Hotel News Now, guest speaker at various hotel brand and convention and visitors bureaus conventions/meetings.
Matthew Arrants, ISHC

Matthew Arrants, ISHC

Executive Vice President (Boston, MA)

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Matthew Arrants, ISHC, is the Executive Vice President of Pinnacle Advisory Group, working in both the Boston and Portland offices. As Pinnacle’s Director of Asset Management Services, Mr. Arrants specializes in asset management, development services, and operational reviews. His clients include universities, hospitals, real estate investment funds, and hotel owners and lenders. Mr. Arrants is a former Chairman of the International Society of Hospitality Consultants, a group of the hospitality industry’s most respected professionals from across six continents.

Prior to joining Pinnacle, Mr. Arrants worked in operations in various managerial capacities with Four Seasons Hotels and Resorts, and Rock Resorts. He lectures regularly at prestigious institutes of higher education. Mr. Arrants holds a Masters Degree in Hotel Administration from Cornell University and a BA in Political Science from Hartwick College.

  • Experience
  • Education
  • Affiliations & Designations
  • Industry Activities
  • 1996 to present
    PINNACLE ADVISORY GROUP
    Executive Vice President

    2001 to present
    PINNACLE REALTY INVESTMENTS
    Co-Owner

    1994 to 1996
    FOUR SEASONS HOTELS AND RESORTS
    Various Operations Positions

    1990 to 1992
    THE LODGE AT KOELE
    Various Operations Positions

    1989 to 1990
    GRAND TETON LODGE COMPANY
    Food & Beverage Manager
    CORNELL UNIVERSITY
    School of Hotel Administration
    Masters of Professional Studies

    HARVARD UNIVERSITY
    Continuing Education

    HARTWICK COLLEGE
    Bachelor of Arts, Political Science
    International Society of Hospitality Consultants (ISHC)
    Chairman Emeritus

    Cornell School of Hotel Administration
    Tenure Review Committee

    Boston University School of Hotel Administration
    Adjunct Professor – Hotel Asset Management

    Massachusetts Lodging Association
    Government Affairs Committee Member

    Cornell Hotel Society
    Author:
    Hotel Investments Issues and Perspectives 5th Edition January 2009 “Competitive Advantage through Differentiation at the Ocean House”

    Hotel Asset Management: Principles and Practices 2nd Edition January 2009 "Asset Management for the Non-Traditional Owner"

    Course Instructor
    • Hotel Asset Management - Boston University
    • Hotel Asset Management- Cornell University
    • Hospitality Marketing - Boston University Hotel School
    • Hotel Market Trends - Massachusetts Institute of Technology
    • Hotel Asset Management – Pennsylvania State University

    Panelist:
    Numerous events including ALIS, NYU, AH&LA, IHIF, Hunter Conference
Natalie Francoeur

Natalie Francoeur

Executive Vice President (Boston, MA)

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Natalie Francoeur is an Executive Vice President specializing in asset management, providing long-term strategic planning for clients in transition periods, including asset repositioning, restructuring of management, development of operational policies and practices and budget planning and development. Her work with Pinnacle also encompasses market and financial analyses for proposed hotels of all types, strategic planning for corporate guidance related to acquisition, disposition and renovation of hotel assets and hotel impact studies.

Ms. Francoeur has provided expert guidance in development and planning for a variety of hotel-related projects and complementary facilities as stand-alone assets, and within larger mixed-use developments. In addition, she is a key member of the asset management team at Pinnacle as well as the team that specializes in valuation counseling and appraisal services for both existing and proposed hotels throughout the United States. Ms. Francoeur has a Bachelor of Science Degree from Cornell University’s School of Hotel Administration and a Masters of Business Administration Degree from Babson College’s F.W. Olin Graduate School of Business and is a member of the Hotel Asset Managers’ Association.  Ms. Francoeur joined Pinnacle in 2005.

 

  • Experience
  • Education
  • Affiliations & Designations
  • Industry Activities
  • 2005 to present
    PINNACLE ADVISORY GROUP
    Senior Vice President

    2004 - 2005
    NINE ZERO HOTEL
    Marketing

    2000 - 2003
    GALLUCCIO ESTATE VINEYARDS
    General Manager

    1999-2000
    BREEZES BEACH CLUB
    Assistant General Manager

    1998 to 1999
    PEGASUS SYSTEMS
    Marketing Services Coordinator
    BABSON COLLEGE (MBA)
    F.W. Olin Graduate School of Business
    Masters of Business Administration

    CORNELL UNIVERSITY
    School of Hotel Administration
    Bachelor of Science and Business Administration
    Cornell Hotel Society
    Hotel Asset Managers Association
    Author
    'Long term economic cycles and the current situation in the New England lodging market'
    New England Real Estate Journal
    January 1-22, 2009

    Guest Speaker
    Real Estate Finance Association - Boston Chapter
    Urban Land Institute's Young Leaders Group
Pamela S. McKinney, MAI, CRE

Pamela S. McKinney, MAI, CRE

Director, Valuation Services (Boston, MA)

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Pamela S. McKinney, MAI, CRE is the Director of Pinnacle’s Valuation Services group. Based in Boston, Ms. McKinney oversees the firm’s highly respected hospitality appraisal practice, which includes the preparation of valuations for a wide range of client needs including investment portfolio reporting, loan collateral evaluations, foreclosure and bankruptcy actions, development and renovation funding analyses, tax abatements and assessments, eminent domain proceedings and acquisition/disposition due diligence.

Ms. McKinney holds the MAI designation of the Appraisal Institute, the CRE designation of the Society of Real Estate Counselors, and is a former member of the Board of Directors of the Greater Boston Chapter of the Appraisal Institute. With over 35 years of experience in the field of real estate valuation and development counseling, she is a State Certified General Real Estate Appraiser, holding active licenses in over 20 states and has qualified as an expert witness in the Middlesex, Norfolk and Suffolk County courts in Massachusetts as well as the Massachusetts Land Court, the Court of Chancery of the State of Delaware and the federal bankruptcy and tax courts. She also lectures widely on the topics of real estate finance, valuation and development for graduate level courses – most recently at Harvard University, the Massachusetts Institute of Technology and Boston University.

In addition to her role at the Pinnacle Advisory Group, Ms. McKinney is the president and principal of Byrne McKinney & Associates, Inc., a nationally recognized real estate counseling and general practice commercial valuation firm with offices in Boston.

  • Experience
  • Education
  • Affiliations & Designations
  • Industry Activities
  • 2009 to present
    PINNACLE ADVISORY GROUP
    Director of Valuation Services

    1989 to present
    BYRNE MCKINNEY & ASSOCIATES, INC.
    President and Principal

    1985 to 1989
    LEGGAT MCCALL ADVISORS, INC.
    Senior Vice President & Director

    1980 to 1985
    MINOT DEBLOIS & MADDISON, INC.
    Senior Vice President & Director

    1978 to 1980
    METROPOLITAN AREA PLANNING COUNCIL
    Economic Development Planner
    NORTHEASTERN UNIVERSITY

    HARVARD COLLEGE


    MAI - Member of the Appraisal Institute (1989)

    CRE - Society of Real Estate Counselors (1993)

    Certified General Real Estate Appraiser (MA# 745 – since 1990)

    LAI (Lambda Alpha International)
    Land Economics Society

    NEWIRE/CREW (New England Women in Real Estate)
    Founding Director and former Officer of the Board

    APPRAISAL INSTITUTE
    Former Board member of the local chapter (Greater Boston Chapter)

    YWCA BOSTON
    Former Chairman of the Board of Trustees

    THE ADVENT SCHOOL
    Former Chairman and Treasurer of the Board of Trustees

    BOSTON LATIN SCHOOL ASSOCIATION
    Board of Trustees

    Teaching:
    HARVARD UNIVERSITY - Graduate School of Design (1985-2002)
    BOSTON UNIVERSITY - Metropolitan College (1985-1995)
    TUFTS UNIVERSITY - Lincoln Filene Center (1985-1995)
    BOSTON UNIVERSITY - School of Management (2001-2015)
    MIT - Center for Real Estate (2006-2015)
Rosemary Rowen

Rosemary Rowen

Vice President, (Boston, MA)

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Rosemary Rowen is a Vice President with Pinnacle Advisory Group. Drawing from her experience in hospitality operations, sales, and public relations, her work with Pinnacle is comprised of a variety of consulting assignments including market feasibility studies, hotel valuations, and other consulting projects.  She has worked with a broad range of hospitality types including independent inns, University hotels, nationally branded urban hotels, and mixed-use developments.

Prior to joining Pinnacle, Mrs. Rowen worked for Four Seasons Hotels and Resorts in San Francisco (Food and Beverage, Sales and Conference Services management positions) and Beverly Hills (Conference Services management position). Outside of on-property experience, Rosemary served for two years on the analyst team for PKF Capital’s hotel brokerage division in San Francisco where she performed market due diligence, created marketing materials and completed hotel valuations.

Rosemary is a graduate of the School of Hotel Administration at Cornell University and currently serves on the board of the New England Chapter of the Cornell Hotel Society.

  • Experience
  • Education
  • Affiliations & Designations
  • Industry Activities
  • March 2013 to present
    PINNACLE ADVISORY GROUP
    Consultant

    2012 to 2013
    FOUR SEASONS HOTEL
    Catering Coordinator

    2010 to 2012
    FOUR SEASONS HOTEL
    Conference Services Assistant Manager

    2009 to 2010
    WAGSTAFF WORLDWIDE
    Account Coordinator

    2007 to 2009
    PKF CAPITAL
    Analyst

    2007
    CAMPTON PLACE, A TAJ HOTEL
    Sales Manager

    2004 to 2006
    FOUR SEASONS HOTEL
    Sales Assistant
    CORNELL UNIVERSITY
    School of Hotel Administration
    Bachelor of Science, Hotel Administration
    CORNELL HOTEL SOCIETY
    New England Chapter
    Board Member, Cornell Hotel Society New England
Sandra Lien

Sandra Lien

Vice President, Pinnacle Advisory Group West (Newport Beach, CA)

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Sandy Lien is a Vice President with Pinnacle Advisory Group West based in Southern California. Ms. Lien has 10 years of hospitality real estate consulting experience. She has performed valuations and advisory assignments for a wide variety of hospitality product types in various locations throughout the United States and Mexico, including golf courses and resorts, casino hotels, convention centers/conference hotels, airport hotels, mixed-use developments, condo-hotels, fractional/timeshare projects, luxury destination resorts, and boutique properties.

Prior to joining Pinnacle Advisory Group West, Ms. Lien worked for Jones Lang LaSalle Hotels (JLLH) in the Strategic Advisory and Asset Management division in both the San Francisco and Los Angeles offices, where her duties included assisting in preparing estimates of value for appraisals and sales transactions; conducting market demand, market position, and highest and best use studies; and providing investment counseling and strategic planning. Prior to JLLH, Ms. Lien worked for HVS International in San Francisco, where she performed various appraisals covering full-, select-, and limited-service hotels; proposed and existing luxury resorts; land valuations; and condo-hotel properties. Ms. Lien was also employed by Four Seasons Hotels and Resorts (accounting operations) in Newport Beach, California, and Renaissance Hotels and Resorts (food and beverage operations) in Los Angeles, California.

Ms. Lien graduated with Distinction and Honors from Cornell University’s School of Hotel Administration with a concentration in General Financial Management.

  • Experience
  • Education
  • Affiliations & Designations
  • February 2012 to present
    PINNACLE ADVISORY GROUP - WEST
    Vice President

    2006 to 2010
    JONES LANG LASALLE HOTELS
    Associate

    2004 to 2006
    HVS INTERNATIONAL
    Senior Associate
    CORNELL UNIVERSITY
    School of Hotel Administration
    Bachelor of Science
    Cornell Hotel Society
    Orange County Chapter

    Appraisal Institute
    Trainee, Southern California Chapter
Sebastian J. Colella

Sebastian J. Colella

Vice President (Boston, MA)

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Sebastian J. Colella is a Vice President with Pinnacle Advisory Group based in the Boston office. With over 15 years in the hospitality industry, Mr. Colella leverages his operational knowledge and expertise from experiences in the field. In the last three years Mr. Colella has completed over 75 hotel consulting and valuation assignments for existing and proposed hotels throughout the country with a primary focus on Boston and its suburbs.

Prior to joining Pinnacle Advisory Group, Mr. Colella held a variety of management roles in hotels, resorts and private clubs. With capacities focusing on both sales and operations, he has worked for ClubCorp, the world leader in private clubs, Rosewood Hotels’ flagship property in New York City, The Carlyle, and lead efforts to open Zanzibar, Tanzania’s first luxury resort, Baraza Resort & Spa. Work with Pinnacle Advisory Group has included market and feasibility analysis, acquisition due diligence, departmental revenue and expense performance evaluations, facility recommendations, brand assessments and impact studies, as well as appraisals of both branded and independent hotels and resorts.

  • Experience
  • Education
  • Affiliations & Designations
  • 2011 to present
    PINNACLE ADVISORY GROUP
    Consultant

    2009 to 2011
    BARAZA RESORT & SPA
    Operations Manager

    2008 to 2009
    THE CARLYLE, A ROSEWOOD HOTEL
    Food & Beverage Manager

    2005 to 2008
    THE CITY CLUB OF WASHINGTON
    Private Events Director
    CORNELL UNIVERSITY
    School of Hotel Administration
    Bachelor of Science
    Cornell Hotel Society
    New England Chapter

    American Hotel & Lodging Association
    Under 30 Gateway - Massachusetts Chapter
Shari K. Spector

Shari K. Spector

Vice President, Pinnacle Advisory Group Miami (Miami, FL)

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Shari K. Spector is a Vice President in the South Florida Office of Pinnacle Advisory Group, based in Miami. She has over 30 years of experience in all aspects of hospitality consulting. Her career began as a Certified Public Accountant in the Miami Office of Deloitte Haskins & Sells.  After working on numerous hospitality related audits Ms. Spector went to work for Pannell Kerr Forster, a national Accounting and Consulting Firm in their Miami practice office. Ms. Spector then became the Senior Manager in the Hospitality Consulting Practice of Kenneth Leventhal and Company, a national accounting and consulting firm.

Ms. Spector went on to become a Principal for Resort Developments Consultants, a hospitality consulting firm specializing in the Caribbean and Latin America, prior to joining Pinnacle Advisory Group. Ms. Spector provides market and financial consulting expertise with an emphasis on mixed-use resort developments located throughout the United States, the Caribbean and Latin America. She also has extensive experience in the review of operations of private clubs, hotels and resorts, as well as valuation and appraisal experience for proposed and existing hotels and resorts.

 

  • Experience
  • Education
  • Affiliations & Designations
  • Industry Activities
  • 2005 to present
    PINNACLE ADVISORY GROUP
    Vice President

    1998 to 2005
    HOSPITALITY CONSULTING SERVICES
    Principal

    1994 to 1998
    RESORT DEVELOPMENT CONSULTANTS
    Principal

    1989 to 1994
    KENNETH LEVENTHAL & COMPANY
    Sr. Manager

    1985 to 1989
    PANNELL KERR FORSTER
    Manager

    1983 to 1985
    DELOITTE HASKINS & SELLS
    Auditor
    UNIVERSITY OF TEXAS AT AUSTIN
    School of Business
    B.B.A.
    CERTIFIED PUBLIC ACCOUNTANT
    State of Florida
    Guest Lecturer
    • Florida International University School of Hospitality Management
    • Caribbean Hotel conference
    • UNIVERSITY OF MIAMI BUSINESS SCHOOL
    • Dade County Public Schools
Tracy Cooper Ramos

Tracy Cooper Ramos

Vice President (Boston, MA)

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Tracy Cooper Ramos is a Vice President of Pinnacle Advisory Group and an 18-year veteran of the hotel and real estate industries, with extensive experience in asset management, market and financial analysis and projections for underwriting for financing. She specializes in litigation support and asset management and has a keen understanding of the intricacies of hotel ownership, financing and development and uses this knowledge to assist clients with special projects serving their unique needs.

Ms. Cooper Ramos lectures frequently at the School of Hotel Administration at Cornell University and currently teaches Cornell’s on-line classes in hotel Asset Management, revenue management and strategy. She is a graduate of the School of Hotel Administration at Cornell University.

 

  • Experience
  • Education
  • Affiliations & Designations
  • Industry Activities
  • 2005 to present
    PINNACLE ADVISORY GROUP
    Senior Consultant

    2008 to present
    eCORNELL
    Course Instructor: Hotel Asset Management, Strategy, Food Service Management, and Revenue Management

    2008
    SCHOOL OF HOTEL ADMINISTRATION CORNELL UNIVERSITY
    Lecturer - Hotel Asset Management Graduate Level Course

    2005 to present
    BAYVIEW CONSULTING LLC
    President

    2003 to 2005
    HOTEL ASSET VALUE ENHANCEMENT, LLC
    Vice President

    2001 to 2003
    ROCKBRIDGE CAPITAL LLC
    Vice President

    2000 to 2001
    WYNDHAM INTERNATIONAL
    Development Manager

    1997 to 2000
    PINNACLE ADVISORY GROUP
    Senior Consultant
    CORNELL UNIVERSITY
    School of Hotel Administration
    Bachelor of Science
    CORNELL HOTEL SOCIETY
    New England Chapter
    Co-Author:
    Hotel Asset Management, Principle and Practices American Hotel and Lodging Education Institute
    2004 Edition
Gregory T. Bohan, ISHC

Gregory T. Bohan, ISHC

Director Emeritus

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Gregory T. Bohan, ISHC serves Pinnacle Advisory Group in an advisory capacity as Director Emeritus, having more than 35 years’ experience in the hospitality consulting arena. Mr. Bohan launched the Firm’s South Florida/Caribbean Practice office in early 2004. After being invited to teach at Florida International University and, more recently joining the full-time faculty at Florida Atlantic University’s College of Business, his role with Pinnacle has evolved to one where he provides guidance and advice upon request to active members of the Pinnacle Advisory Group team.

Mr. Bohan has more than 35 years’ experience in hospitality consulting. After graduating from the Cornell University School of Hotel Administration in 1976, he was associated for 15 years with two international firms that specialized in hospitality advisory services – Laventhol & Horwath and Pannell Kerr Forster. He was the Principal in charge of hospitality consulting for Pannell Kerr Forster’s New York office from 1985 through 1991, prior to joining Pinnacle Advisory Group in the Boston home office of the firm. He opened the Florida practice office in early 2004.

Mr. Bohan, in his role as Director Emeritus for Pinnacle Advisory Group provides support and guidance to the active members of our staff. He specializes in market feasibility analysis and valuation counseling, with an emphasis on resort, resort residential and conference destinations. Mr. Bohan has published articles in leading industry trade journals. He is a member of the full-time faculty at Florida Atlantic University’s College of Business Hospitality Program.  He resides in Lauderdale by-the-Sea, Florida.

  • Experience
  • Education
  • Affiliations & Designations
  • Industry Activities
  • 2010 to PRESENT
    PINNACLE ADVISORY GROUP
    DIRECTOR EMERITUS

    2004 to 2010
    PINNACLE ADVISORY GROUP
    Principal

    1992 to 2003
    PINNACLE ADVISORY GROUP
    Director

    1991 to 2003
    INN AT HIGHVIEW
    DEVELOPER/Owner/Operator

    1981 to 1991
    PANNELL KERR FORSTER
    Senior Principal, Management Advisory Services

    1976 to 1981
    LAVENTHOL & HORWATH
    Associate

    CORNELL UNIVERSITY
    School of Hotel Administration
    Bachelor of Science
    CORNELL HOTEL SOCIETY
    New York & Philadelphia Chapters
    Past-President

    LODGING ASSOCIATION OF SOUTHERN VERMONT
    Past President

    LES AMIS D’ESCOFFIER FOUNDATION, INC.
    Past-President

    FLORIDA ATLANTIC UNIVERSITY
    Instructor/Special Programs
    Hospitality Management Program
    Florida Atlantic University

    FLORIDA INTERNATIONAL UNIVERSITY
    Adjunct Faculty
    Feasibility Studies in the Hospitality Industry – Masters Level

    NEW YORK UNIVERSITY
    Center for Food and Hotel Management

    NEW YORK UNIVERSITY HOSPITALITY INVESTMENT CONFERENCE
    Frequent Speaker and Panel Moderator
    AUTHOR OF CHAPTER REGARDING FRACTIONAL AND TIMESHARE DEVELOPMENT
    Hotel Investments - Issues and Perspectives, American Hotel and Motel Educational Institute,
    Lodging Hospitality – September 2004
    Article - Condo Hotels – New Again

    Author of articles in numerous industry trade journals including:
    • Real Estate Review (Real Estate Institute of New York University)
    • Lodging Magazine
    • Hotel and Resort Industry Magazine
    • Hospital Management International
    • Perspective (National Club Association)
Meri Keller

Meri Keller

Vice President (Boston, MA)

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Meri Keller is a Vice President for Pinnacle Advisory Group’s Boston office.   Ms. Keller has over 10 years of hospitality experience specializing in financial and market feasibility, acquisition and development underwriting, value-add opportunity analysis, and single asset and portfolio advisory sales. She has evaluated and advised on numerous assignments throughout the United States and Caribbean including luxury destination resorts, hotel conversion opportunities, university hotels, golf resorts, mixed-use developments, airport hotels, luxury destination resorts, and boutique properties.

Prior to joining Pinnacle Advisory Group, Ms. Keller spent over three years working for Jones Lang LaSalle’s Hotels and Hospitality Group (JLL) in the Full-Service Advisory Sales division, where her duties included underwriting and providing opinion of values for nearly $1 billion in full-service hotel, portfolio and financing transactions and assisting in the marketing of those opportunities by preparing offering materials and conducting property and market tours to potential investors. Prior to JLL, Ms. Keller spent five years working for Noble Investment Group, where she actively participated in the acquisition and development of over $170 million of hotel investments through underwriting, market research, due diligence, and closing and operations transition. Ms. Keller was also employed by PKF Consulting, where she performed various appraisals and market feasibility studies covering full-, select-, and limited-service hotels, proposed and existing luxury resorts, and land valuation. Ms. Keller began her career in hospitality managing upscale restaurants for Bravo Development in Atlanta, Georgia.

Ms. Keller has a Bachelor of Science Degree from Cornell University’s School of Hotel Administration and is an active member of the Cornell Hotel Society.  Ms. Keller joined Pinnacle in 2015.

  • Experience
  • Education
  • Affiliations & Designations
  • 2015 to present
    PINNACLE ADVISORY GROUP
    Vice President

    2014 to 2015
    MK HOSPITALITY CONSULTING
    President

    2011 to 2014
    JONES LANG LASALLE HOTELS & HOSPITALITY GROUP
    Vice President

    2006 - 2011
    NOBLE INVESTMENT GROUP
    Manager of Strategic Investments

    2005 - 2006
    PKF CONSULTING
    Consultant

    2004-2005
    BRAVO DEVELOPMENT INCORPORATION
    Manager
    CORNELL UNIVERSITY
    SCHOOL OF HOTEL ADMINISTRATION
    Bachelor of Science and Business Administration
    Cornell Hotel Society (Member, Board Member & Chapter President)

    Cornell Alumni Admissions Ambassador Network
Kathy Cortez

Kathy Cortez

Vice President

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Kathy Cortez is a Vice President with Pinnacle Advisory Group based in the Newport Beach, CA office. Kathy has over 20 years experience in the lodging industry in a variety of areas including, feasibility, development planning, and real estate appraisal, as well as catering sales and human resources.

EXTENDED BIO: Prior to joining Pinnacle Advisory Group, Ms. Cortez was Director of Development Planning & Feasibility at Marriott International. At Marriott, she was responsible for evaluating lodging markets throughout the U.S. to determine the potential for new hotel development, franchise, and conversion opportunities for all Marriott brands in the full and select service segments. She also supported Marriott’s asset management team by completing analyses relating to renovations and/or expansions of existing Marriott hotels.  Prior to joining Marriott, Ms. Cortez was an Associate at PKF Consulting and was responsible for market analysis, feasibility, and appraisals of potential and existing hotels throughout the Western United States.

  • Experience
  • Education
  • Affiliations & Designations
  • 2016 – Present
    PINNACLE ADVISORY GROUP
    Vice President

    2001-2011
    MARRIOTT INTERNATIONAL
    Director, Development Planning & Feasibility

    1999-2000
    PKF Consulting
    Associate

    1997-1999
    SHUTTERS ON THE BEACH HOTEL
    Assistant Director of Catering

    1994-1997
    LONG BEACH HILTON & TOWERS
    Assistant Director of Catering, Catering Manager

    1988-1994
    ANAHEIM HILTON & TOWERS
    Training Manager, Employment Manager
    CORNELL UNIVERSITY
    SCHOOL OF HOTEL ADMINISTRATION
    B.S., Hotel Administration
    Cornell Hotel Society
    Southern California Chapter
Arthur Boland

Arthur Boland

Vice President

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Art Boland is a Vice President for Pinnacle Advisory Group’s Boston office.   Mr. Boland has over twenty-three years of hospitality and finance experience specializing in business development, acquisition underwriting, market feasibility analysis, asset management, and operational financial analysis.

Prior to joining Pinnacle Advisory Group, Mr. Boland spent ten years working for Waterford Hotel Group where his duties included business development, operational financial analysis and reporting, asset management, strategic planning, and capital projects.

Prior to Waterford, Mr. Boland spent five years working at Foxwoods Resort and Casino, where he was responsible for food & beverage accounting and reporting, marketing and operational financial analysis, and strategic planning.

Mr. Boland has his Master of Business Administration from Babson College, and his Bachelor of Science from Cornell University’s School of Hotel Administration.  Mr. Boland joined Pinnacle in 2017.

  • Experience
  • Education
  • Affiliations & Designations
  • 2017 to present
    PINNACLE ADVISORY GROUP
    Vice President

    2015 to 2016
    WATERFORD HOTEL GROUP, INC
    Director of Business Development

    2006 to 2015
    WATERFORD HOTEL GROUP, INC
    Financial Analyst

    2003 – 2006
    FOXWOODS RESORT CASINO
    Financial Analyst II

    2001 – 2003
    FOXWOODS RESORT CASINO
    Food and Beverage Accounting Supervisor

    1999-2000
    SEARCH WRIGHT, INC
    Marketing Analyst

    1993-1996
    FIDELITY INVESTMENTS
    Brokerage Representative
    BABSON COLLEGE
    FW OLIN GRADUATE SCHOOL OF BUSINESS
    Master of Business Administration

    CORNELL UNIVERSITY
    SCHOOL OF HOTEL ADMINISTRATION
    Bachelor of Science

    AMERICAN HOTEL & LODGING EDUCATIONAL INSTITUTE
    Certification in Hotel Industry Analytics
    Cornell Hotel Society Member