WASHINGTON, D.C., June 28, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced that Andrew Kern and David Altobello, two senior-level commercial real estate investment professionals specializing in the acquisition and disposition of hospitality assets nationwide have joined the firm in Washington, D.C. Previously with Newmark Knight Frank (NKF), Kern will be a senior managing director and Altobello a first vice president investments.
“The addition of Andy and David deepens our national roster of hospitality investment professionals and strengthens our market presence inside the Beltway, throughout the Eastern Seaboard and beyond,” said Bryn Merrey, senior vice president and division manager. “The deep industry knowledge and proven transaction and financing expertise that Andy and David bring make them great resources for investors and for our team.”
“I am very pleased to welcome Andy and David to Marcus & Millichap’s National Hospitality Group (NHG),” added Skyler Cooper, national director of the NHG. “The merger of their skills and experience with our unique marketing and transaction platform creates even greater possibilities for our clients and the wide array of new investors drawn to the hospitality investment marketplace by the elevated yields offered by hotel assets.”
“The NHG’s platform will allow me to better serve my clients by tapping into the vast network of hospitality professionals across the entire United States who can source potential buyers for my listings,” said Kern.
Kern is a 35-year hospitality industry veteran who, prior to joining Marcus & Millichap, served as an executive managing director with NKF. Before working with NKF, he was managing director and hospitality team leader at Rockwood Real Estate Advisors. Kern has also held executive positions with Marriott Corp., Manor Care Hotels/Sunburst Hospitality, DoubleTree Hotels Corp. and Promus Hotels Corp. He graduated from Michigan State University’s School of Hotel, Restaurant and Institutional Management and serves on its real estate investment management advisory council.
Over the course of his more than 20-year career in hospitality, Altobello has structured more than $1 billion in real estate transactions. Before signing on with Marcus & Millichap, he was a managing director with NKF. Prior to NKF, Altobello served as a senior vice president, acquisitions and development with Interstate Hotels & Resorts. He has also worked with Rockwood Real Estate Advisors, been a director for Marriott International and held positions at Reznick Group PC, The Carlyle Group and Coopers & Lybrand. Altobello earned an MBA from George Mason University and a bachelor’s degree from Georgetown University.
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With more than 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,726 transactions in 2019 with a value of $49.7 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.