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 Founder of Pinnacle Advisory Group. She is based in the firm’s Boston office. Ms. Roginsky has more than 40 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 an appointed board member of The Cornell Center for Real Estate and Finance (CREF), and is the current Chair for Boston University School of Hospitality Administration’s Real Estate Advisory Council (REAC). She also serves as a board member to numerous hospitality-related organizations and societies, and is a regular guest lecturer at prestigious institutes of higher educations. Additionally, Ms. Roginsky is an adjunct professor at Boston University School of Hotel Administration. 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 Emeritus, Board Member

    Certified Mediator and Arbitrator

    New England Real Estate Journal
    Hotel Industry Advisory Board

    Roundtable Group
    Adjunct Faculty Member

    The Cornell Center for Real Estate and Finance (CREF)
    Board Member

    Boston University
    School of Hospitality Administration
    Adjunct Professor

    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 local, regional and national events including ALIS, REFA, NEWIRE, AHMA, AAHOA, 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
Gary Avigne

Gary Avigne

Senior Advisor (Boston, MA)

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Oversight of hotel acquisitions and dispositions | Property assessments | Management of budgets and financial plans | New development, renovation planning, and execution | Market re-positioning | Maintenance of statistical and financial records | Setting and achieving sales and profit targets | Analysis of sales and marketing statistics | Devising marketing and revenue management strategies for superior market penetration | Recruitment, training and management of leadership teams | Labor union negotiations | Negotiation of third party partnerships and vendor contracts | Assure compliance with licensing laws, health and safety and other statutory regulations | Expert testimony and litigation support | Strategic Planning

  • Experience
  • Industry Activities
  • 2008 – Present
    PINNACLE ADVISORY GROUP
    Senior Advisor

    1998 – Present
    Marriott Hotel, Republic of Armenia
    Asset Manager

    Present
    CM Communications, Boston, MA
    Senior Advisor

    2014-2020
    Waterford Hotel Group, Waterford, CT
    Vice-President, Acquisitions and Development

    2009-2014
    Finard Coventry Hotel Management, Boston, MA
    Founding Partner

    2006-2010
    Woodstock Resort Corporation, Woodstock, VT
    Chief Operating Officer

    1990-2009
    Coventry Hotel Associates, Inc., Barrington, RI
    Management Company and Independent Hotel Consultant

    1986-1990
    DCM Hospitality Inc., Boston, MA
    President

    1975-1986
    Omni (Dunfey) Hotel Corporation, Hampton, New Hampshire
    Corporate Director of Management Services
    Surpassed revenue and profit target goals for Sundance Resort through expert asset management and advisory services. Re-positioned this iconic resort for sustainability for the next ownership generation.

    • Re-positioned the Woodstock Resort Corporation and the venerable Woodstock Inn and Resort for the benefit of the estate of Laurence Rockefeller.

    • Created a new business plan and renovation plan for the Lord Jeffery Inn at Amherst College, creating a new future for this iconic New England inn.

    • Operating partner with local developer for the historic restoration and opening of The Hotel Providence in Providence RI.

    • Negotiated the purchase of and financing for the Providence Biltmore Hotel in Providence RI.

    • Successfully helped deliver a Tax Stabilization Agreement for the Providence Biltmore, negotiated a new and reasonable Collective Bargaining Agreement, and created and implemented a major renovation plan.

    • Secured the land and created all of the underlying plans for the development of a new Residence Inn by Marriott on Route 128 in Burlington, MA.

    • Created a platform for the sale of the Marriott Hotel in Peabody, MA for its private owner.

    • Opened the Candlewood Suites at Bradley International Airport.

    • Opened the Hampton Inn in Chicopee, MA.

    • Created the renovation plan and re-opening business plan for the Mountain View Grand Hotel in Whitefield, MA.

    • Acted as managing director for the transition of the Sheraton Hotel in NYC to the Omni International Hotel.
Kate Mashburn

Kate Mashburn

Vice President

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Kate Mashburn is a Vice President of Pinnacle Advisory Group and has over thirty years of experience in the hotel and affordable housing real estate industries, with extensive experience in asset management, feasibility, market research, and financial analysis, capital transactions, and operations. Kate can identify business challenges and opportunities from multiple perspectives; owner, manager, investor / lender, third party consultant, and has experience in public and private firms as well as government agencies.

  • Experience
  • Education
  • Affiliations & Designations
  • 2023 to present
    PINNACLE ADVISORY GROUP
    Vice President

    2021 to 2023
    Phoenix Property Management, Inc.
    Asset Manager, For-Profit Affordable Housing Property Manager

    2015-2021 RHODE ISLAND HOUSING
    Senior Financial Officer, Multifamily Asset Management & Compliance

    2006-2007, 2011-2014
    HOTEL ASSET VALUE ENHANCEMENT, LLC
    VP Asset Management

    2007-2011
    PRIVATE EQUITY HOTEL OWNER
    VP Asset Management

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

    1997-2005
    FELCOR LODGING TRUST
    VP Capital Transactions

    1992-1997
    PROMUS HOTELS
    Regional Finance Manager | Manager of Planning & Analysis

    Other Experience
    HYATT HOTELS – Assistant Controller
    F&B Director – franchised Sheraton Property
    Catering Chef

    UNIVERSITY OF TEXAS - AUSTIN
    Master of Business Administration

    CORNELL UNIVERSITY
    SCHOOL OF HOTEL ADMINISTRATION
    Bachelor of Science
    Cornell Hotel Society - New England Chapter
    Asset Management Specialist – the Consortium for Housing and Asset Management
    Tax Credit Specialist – National Center for Housing Management
Laura C Napier

Laura C Napier

Vice President (Boston, MA)

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Laura C. Napier is a Vice President with Pinnacle Advisory Group based in the Boston office.  During the course of her hospitality career, Ms. Napier has worked both in hotel operations, and as a hotel consultant and appraiser.  She has performed market studies and valuations of investment grade real estate for over 125 hotel projects.  Market demand studies with financial analysis have included proposed and existing hotels of all types including luxury, full-service, limited-service, conference center and convention hotel facilities.  Appraisals have included proposed and existing hotels of all property types located throughout the country.  Additional hospitality consulting has included golf courses, timeshare facilities, condominium hotel facilities, hotel impact studies, economic impact studies, facilities analysis, and acquisition-related due diligence.  Clients have included financial institutions, city managers, insurance companies, individual hotel developers, hotel owners, and major hotel corporations.

Prior to joining Pinnacle Advisory Group, Ms. Napier was employed for four years by the Houston office of PKF Consulting.  As an Associate, her responsibilities included practice development, marketing, project supervision, work budgets, training, and staff evaluations.  Prior to joining PKF Consulting, Ms. Napier was employed by the Four Seasons Hotel in Houston, Texas for three years.  She worked in varying capacities within the Food and Beverage Department, and her last position held was as an assistant food and beverage manager, focusing on the fine dining restaurant.  Ms. Napier began her career at the Austin Chamber of Commerce during her undergraduate years in Austin, Texas.

Ms. Napier holds a Masters of Hospitality Management from the Conrad N. Hilton College of Hotel and Restaurant Management at the University of Houston and a Bachelor of Arts from the University of Texas at Austin.

  • Experience
  • Education
  • Affiliations & Designations
  • 2021 to present
    Pinnacle Advisory Group
    Vice President

    2002 to 2008
    Pinnacle Advisory Group
    Associate

    1998 to 2002
    PKF Consulting
    Associate

    1995 to 1998
    Four Seasons Hotel, Houston
    Assistant Food and Beverage Manager, Fine Dining

    University of Houston
    Conrad N. Hilton College of Hotel and Restaurant Management
    Masters of Hospitality Management

    University of Texas at Austin
    Bachelor of Arts
    Hilton College Keepers of the Lamp

    State of Texas Certified General Real Estate Appraiser, 2002-2012
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)
Roselynne Hodges

Roselynne Hodges

Marketing Specialist

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  • Experience
  • Education
  • Affiliations & Designations
  • Group One Partners INC.
    Summer 2021, 2022 & 2023, Boston, MA
    Worked with the interior design department and interior architects, assisting with technical drawings, material & furniture selections, renderings, writing specs & schedules, writing backup books, working with reps and ordering samples. I put together physical and digital mood boards, and I designed presentations and design concepts for clients. Hotel projects include Boston, Needham, Atlanta, Boca Raton, Hamptons, St. Petersburg, Florida, Cape Cod

    B.F.A in Environmental and Interior Design Syracuse University
    Expected Graduation 2023
    Minor: Architecture
    Renè Crown Honors College

    University of Roehampton
    London, England Spring Semester 2020 Study Abroad Program
    Lender Center for Social Justice Student Fellow 2021-2023
    Collaboratively worked with graduate students evaluating and recommending ways to improve healthcare for the Northside community located in Syracuse. I led support groups for refugee women and published an academic paper on our findings.

    Dean's List Honors for Fall 2020
    For achieving a 4.0 in my Fall 2020 semester at Syracuse University

    Proficient in:
    Adobe Programs Revit
    Rhino AutoCAD Enscape
    Excel Bluebeam

Sarah Villeneuve, ISHC

Sarah Villeneuve, ISHC

Director (Washington DC)

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Sarah Villeneuve, ISHC is an Executive Vice President and the Director of Pinnacle Advisory Group’s Washington DC office. Ms. Villeneuve has more than 36 years of experience of hospitality and lodging industry consulting experience with a variety of hospitality operations and properties, including hotels, resorts, conference centers and hotels, food and beverage operations, and city and country clubs. Advisory experience includes feasibility, operations reviews, financial analysis, impact analysis, repositioning, site selection, litigation support and expert testimony, and other industry-related services.

After gaining foodservice operations experience and graduating from Michigan State University and the Culinary Institute of America, Ms. Villeneuve continued her career in hospitality operations in New Orleans, and then joined the national accounting firm Pannell Kerr Forster’s hospitality consulting group. In 1991, Ms. Villeneuve joined Gloodt Associates, an appraisal firm with focus on the hospitality industry, and in 1994 founded Impact Hospitality Consulting, LLC. She also has hands-on experience in hotel food and beverage operations and independent restaurants.

Ms. Villeneuve is a member of the International Society of Hospitality Consultants, an invitation-only association of widely-respected hospitality professionals from around the world.

  • Experience
  • Education
  • Affiliations & Designations
  • Industry Activities
  • 2019 to present
    PINNACLE ADVISORY GROUP
    Executive Vice President and Director Washington DC Office

    1994 to 2019
    IMPACT HOSPITALITY CONSULTING, LLC
    Director Hospitality Advisory Services

    1991 to 1994
    GLOODT ASSOCIATES
    Sr. Associate

    1983 to 1991
    PANNELL KERR FORSTER
    Manager

    1982 to 1983
    ROYAL ORLEANS HOTEL, New Orleans, LA
    Various kitchen positions

    1981
    BOCA RATON HOTEL AND CLUB, Boca Raton, FL
    Various kitchen positions

    1977
    DOCKSIDE RESTAURANT, Mackinac Island, MI
    Nighttime supervisor

    1976
    THE ISLAND HOUSE HOTEL, Mackinac Island MI
    Various kitchen positions

    MICHIGAN STATE UNIVERSITY
    School of Hospitality Business
    Bachelor of Science

    CULINARY INSTITUTE OF AMERICA
    A.O.S. Culinary Arts
    International Society of Hospitality Consultants (ISHC)

    Roundtable Group
    Adjunct Faculty Member
    Authored numerous articles for foodservice industry publications

    Guest Lecturer:
    • Kendall College, Chicago, IL
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 with decades of experience in 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. Ramos is a graduate of the School of Hotel Administration at Cornell University.

  • Experience
  • Education
  • Affiliations & Designations
  • Industry Activities
  • 2023
    PINNACLE ADVISORY GROUP
    Vice President

    2008 to 2020
    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 2015
    PINNACLE ADVISORY GROUP
    Senior Consultant

    2005 to 2011
    BAYVIEW CONSULTING LLC
    President

    2003 to 2005
    HOTEL ASSET VALUE ENHANCEMENT, LLC
    Vice President

    2001 to 2003
    ROCKBRIDGE CAPITAL LLC
    Vice President

    2000-2001
    WYNDHAM INTERNATIONAL
    Development Manager

    1997 - 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