40TH ANNUAL NYU

INTERNATIONAL HOSPITALITY INDUSTRY

INVESTMENT CONFERENCE
JUNE 3–5, 2018 New York Marriott Marquis • NYC

CONFERENCE AGENDA
Conference Chair
Jonathan M. Tisch
Chairman and CEO of Loews
Hotels & Co. and Co-Chairman of
the Board of Loews Corporation

Conference Vice Chair

Jeffrey Stewart
Founder, Walnut Hill Advisors

Conference Host
Dennis Di Lorenzo
Harvey J. Stedman Dean
NYU School of Professional Studies

Conference Co-Host
Nicolas Graf
Associate Dean
NYU School of Professional Studies
Jonathan M. Tisch Center for
Hospitality and Tourism

JONATHAN M. TISCH CENTER FOR HOSPITALITY AND TOURISM

@nyuhospitality #nyuhospitality sps.nyu.edu/hospitalityconference

40TH ANNUAL NYU
INTERNATIONAL HOSPITALITY INDUSTRY INVESTMENT CONFERENCE
AT-A-GLANCE
SUNDAY, JUNE 3
6:00 p.m. to 8:00 p.m.
WELCOME RECEPTION
Sixth Floor, Broadway Ballroom
MONDAY, JUNE 4
7:00 a.m. to 7:55 a.m.
NETWORK AND NOSH
Fifth Floor, Westside Ballroom
8:00 a.m. to 11:25 a.m.
GENERAL SESSIONS
8:00 a.m. to 8:20 a.m.
WELCOME FROM NYUSPS
Sixth Floor, Broadway Ballroom
8:25 a.m. to 8:45 a.m.
CONFERENCE CHAIR’S
OPENING REMARKS
Sixth Floor, Broadway Ballroom
8:50 a.m. to 9:15 a.m.
HOSPITALITY INITIATIVES:
A GOVERNMENT UPDATE
Sixth Floor, Broadway Ballroom
9:20 a.m. to 10:00 a.m.
THE CEOS CHECK IN:
A VIEW FROM THE TOP
Sixth Floor, Broadway Ballroom
10:05 a.m. to 10:45 a.m.
THE REIT’S IN 2018: WHAT –
OR WHO – IS ON THE MENU?
Sixth Floor, Broadway Ballroom
10:50 a.m. to 11:25 a.m.
STATISTICALLY SPEAKING
Sixth Floor, Broadway Ballroom
11:30 a.m. to 11:55 a.m.
COFFEE BREAK IN THE EXPO CAFÉ
Fifth Floor, Westside Ballroom
12 noon to 1:00 p.m.
CONCURRENT WORKSHOPS
WORKSHOP I – Finance
PRIVATE CAPITAL: THINGS ARE MORE
LIKE THEY ARE NOW THAN THEY
EVER WERE BEFORE
Fifth Floor, Westside Salon 1
WORKSHOP II – Design/Development
SOFT BRANDS – THE NEW
INDEPENDENT HOTEL
Fifth Floor, Westside Salon 2
WORKSHOP III – Industry
LUXURY UNLIMITED
Sixth Floor, Music Box/Majestic Room
WORKSHOP IV – Finance
THE C-SUITE FOCUS ON
THE FUTURE NOW
Fourth Floor, Wilder Room
WORKSHOP V – Industry Data
UNCOVER THE KEY DRIVERS OF
HOTEL PERFORMANCE
Fourth Floor, Odets Room
WORKSHOP VI – Finance
DEAL MAKERS AND DEAL BREAKERS:
THE INSIDERS DISCUSS BUYING
AND LENDING
Fifth Floor, Imperial/Julliard Room
WORKSHOP VII – Industry
ECONOMY HOTELS: IS THE FUTURE
STILL WHAT IT USED TO BE?
Fifth Floor, Belasco/Broadhurst Room
WORKSHOP VIII – Finance
MAPPING WALL STREET: IN WHAT
DIRECTION IS THE CAPITAL FLOWING?
Sixth Floor, Uris/Shubert Room
1:00 p.m. to 3:20 p.m.
GENERAL SESSIONS
1:00 p.m. to 2:00 p.m.
LUNCHEON
Sixth Floor, Broadway Ballroom
WELCOME
HOTEL NEWS NOW STEPHEN W.
BRENER SILVER PLATE AWARD
2:05 p.m. to 2:35 p.m.
ONE-ON-ONE WITH PREET BHARARA…
MODERATED BY JAN CRAWFORD
Sixth Floor, Broadway Ballroom
2:40 p.m. to 3:20 p.m.
TECHNOLOGY, DATA, AND TRAVEL
DISRUPTORS
Sixth Floor, Broadway Ballroom
3:25 p.m. to 3:50 p.m.
COFFEE BREAK IN THE EXPO CAFÉ
Fifth Floor, Westside Ballroom
4:00 p.m. to 5:00 p.m.
CONCURRENT WORKSHOPS
WORKSHOP IX – Industry
ADJACENT SPACES
Fourth Floor, Odets Room
WORKSHOP X – Operations
WHO NEEDS AN ASSET MANAGER
AND WHY?
Sixth Floor, Uris/Shubert Room
WORKSHOP XI – Operations
FRANCHISING: THE INDUSTRY’S
GROWTH VEHICLE
Fourth Floor, Wilder Room
WORKSHOP XII – Industry
UPSCALE AND THE UPPER HAND
Sixth Floor, Royale/Plymouth Room
WORKSHOP XIII – Industry
PUBLIC/PRIVATE PARTNERSHIPS:
COMPLEXITY THAT CAN WORK
Fifth Floor, Westside Salon 1
WORKSHOP XIV – Industry
SHARING PLATFORMS AND THE
LODGING INDUSTRY: WHY CAN’T
WE BE FRIENDS?
Fifth Floor, Westside Salon 2
WORKSHOP XV – Industry
HEALTHY HOSPITALITY: EMBRACING
THE HEALTH-CONSCIOUS TRAVELER
Fifth Floor, Belasco/Broadhurst Room
WORKSHOP XVI – Industry
THE CONTINUING RELEVANCE OF
BOUTIQUE HOTELS
Fifth Floor, Imperial/Julliard Room
5:00 p.m. to 6:30 p.m.
GRAND NETWORKING RECEPTION
Eighth Floor, Broadway Lounge
2
40TH ANNUAL NYU
INTERNATIONAL HOSPITALITY INDUSTRY INVESTMENT CONFERENCE
AT-A-GLANCE
TUESDAY, JUNE 5
7:15 a.m. to 8:15 a.m.
NETWORK AND NOSH
Fifth Floor, Westside Ballroom
8:30 a.m. to 11:15 a.m.
GENERAL SESSIONS
8:30 a.m. to 9:10 a.m.
THE LEADERS’ FORUM
Sixth Floor, Broadway Ballroom
9:15 a.m. to 9:55 a.m.
THE LEADERS CHECK IN – PART TWO
Sixth Floor, Broadway Ballroom
10:00 a.m. to 10:35 a.m.
TREADING WATER, LEAPING INTO
THE DEEP END OR STAYING OUT
OF THE SUN ALTOGETHER?
Sixth Floor, Broadway Ballroom
10:40 a.m. to 11:15 a.m.
ANATOMY OF A TRANSACTION
Sixth Floor, Broadway Ballroom
11:20 a.m. to 11:40 a.m.
COFFEE BREAK IN THE EXPO CAFÉ
Fifth Floor, Westside Ballroom
11:45 a.m. to 12:45 p.m.
CONCURRENT WORKSHOPS
WORKSHOP XVII – NYUSPS Alumni Panel
THE HEART OF THE DEAL:
ACQUISITION UNDERWRITING IN AN
EVER-EVOLVING GLOBAL MARKET
Sixth Floor, Music Box/Majestic Room
WORKSHOP XVIII – Operations
CUSTOMER EXPERIENCE
MANAGEMENT IN THE DIGITAL
AGE: CUTTING ACROSS SILOS IN
MARKETING, LOYALTY, DIGITAL,
SALES, IT, AND DATA
Fourth Floor, Odets Room
WORKSHOP XIX – Design/Development
DESIGN, OPERATIONS, AND THE
BRAND: WHO DRIVES THE “BUS”?
CREATIVE SOLUTIONS TO GUEST
EXPERIENCE CHALLENGES
Sixth Floor, Royale/Plymouth Room
WORKSHOP XX – Industry
MIDSCALE SEGMENT:
RIGHT, RIGHT NOW
Fifth Floor, Westside Salon 1
WORKSHOP XXI – Finance/Operations
LATEST FROM THE FRONT LINE:
HOT-BUTTON ISSUES ON FRANCHISE
AND MANAGEMENT AGREEMENTS
Sixth Floor, Uris/Shubert Room
WORKSHOP XXII – Finance
DEBT FINANCING TODAY: TERMS,
SOURCES, AND WHAT LENDERS WANT
Fifth Floor, Westside Salon 2
WORKSHOP XXIII – Industry
PLAYING IN THE RESORT SPACE:
SPECIAL CONSIDERATIONS
Fifth Floor, Belasco/Broadhurst Room
WORKSHOP XXIV – Finance
A NEW WORLD: THE IMPLICATIONS
AND BENEFITS OF TAX REFORM ON
THE HOSPITALITY INDUSTRY
Fifth Floor, Imperial/Julliard Room
1:00 p.m. to 3:30 p.m.
GENERAL SESSIONS
1:00 p.m. to 1:55 p.m.
LUNCHEON
Sixth Floor, Broadway Ballroom
CONFERENCE PATRON AND SPONSOR
NYU SCHOOL OF PROFESSIONAL
STUDIES JONATHAN M. TISCH CENTER
FOR HOSPITALITY AND TOURISM
SCHOLARSHIP AWARDS
2:00 p.m. to 2:25 p.m.
BEYOND THE BOARDROOM
Sixth Floor, Broadway Ballroom
2:30 p.m. to 2:35 p.m.
INDUSTRY ALERT - FINANCIAL
ACCOUNTING STANDARD BOARD
REVISES ACCOUNTING REQUIREMENTS
FOR LEASES WITH COMPLIANCE
Sixth Floor, Broadway Ballroom
2:40 p.m. to 3:15 p.m.
THE IREFAC C. EVERETT JOHNSON
AWARD
Sixth Floor, Broadway Ballroom
FINANCIALLY SPEAKING:
IREFAC INSIDERS
Sixth Floor, Broadway Ballroom
3:30 p.m. to 4:30 p.m.
CONCURRENT WORKSHOPS
WORKSHOP XXV – Finance
REAL ESTATE RISKS, REWARDS,
AND REALITY
Fifth Floor, Westside Salon 1
WORKSHOP XXVI – Industry
BRAND DIFFERENTIATION:
ANOTHER YEAR, ANOTHER BRAND
Fifth Floor, Belasco/Broadhurst Room
WORKSHOP XXVII – Operations
TECHNOLOGY MEETS CUSTOMER
EXPECTATIONS AND THE CUSTOMER
EXPERIENCE: REAL IMPACT IN
REAL TIME
Fourth Floor, Odets Room
WORKSHOP XXVIII – Finance
INTERNATIONAL CAPITAL FLOWS:
THE NEW NORMAL
Fifth Floor, Westside Salon 2
WORKSHOP XXIX – Design/Development
MODULAR CONSTRUCTION AND ITS
IMPACT ON INVESTMENT IN NEW
DEVELOPMENT
Sixth Floor, Uris/Shubert Room
WORKSHOP XXX – Industry
DESTINATION MANAGEMENT AND
HOTEL INVESTMENT
Sixth Floor, Music Box/Majestic Room
WORKSHOP XXXI – Industry
BIG DATA, BIGGER OPPORTUNITY —
IMPROVING ASSETS VALUE WITH DATA-
DRIVEN OPERATIONAL PRACTICES
Sixth Floor, Royale/Plymouth Room
NYUSPS Jonathan M. Tisch Center for Hospitality
and Tourism alumnae at the 2017 NYU International
Hospitality Industry Investment Conference.
Photo Credit: ©NYUSPS/Mark McQueen
3
40TH ANNUAL NYU
INTERNATIONAL HOSPITALITY INDUSTRY INVESTMENT CONFERENCE
CONFERENCE AGENDA
SUNDAY, JUNE 3
6:00 p.m. to 8:00 p.m.
WELCOME RECEPTION
Sixth Floor, Broadway Ballroom
Join us as we open the 2018 NYU International
Hospitality Industry Investment Conference.
Meet, mingle, and network with the
professionals who drive this stimulating,
evolving, and fascinating industry. (Dress is
business casual.)
MONDAY, JUNE 4
7:00 a.m. to 7:55 a.m.
NETWORK AND NOSH
Fifth Floor, Westside Ballroom
Enjoy a great breakfast with colleagues as
you prepare for an enlightening day that will
focus on changes and trends in the industry.
8:25 a.m. to 8:45 a.m.
CONFERENCE CHAIR’S
OPENING REMARKS
Sixth Floor, Broadway Ballroom
An introduction on what is happening in the
industry, why the Conference is important,
and how it is structured to provide the most
relevant and timely information.
Jonathan M. Tisch
Chairman and CEO of Loews
Hotels & Co. and Co-Chairman of
the Board of Loews Corporation
Conference Chair
@nyuhospitality #nyuhospitality
Welcome Reception at the 2017 NYU International Hospitality Industry Investment Conference.
Photo Credit: ©NYUSPS/Mark McQueen
8:00 a.m. to 11:25 a.m. 8:00 a.m. to 8:20 a.m.
GENERAL SESSIONS WELCOME FROM NYUSPS
Sixth Floor, Broadway Ballroom
A welcome to the Conference from the dean
of the NYU School of Professional Studies
(NYUSPS).
Dennis Di Lorenzo
Harvey J. Stedman Dean
NYU School of Professional Studies
Conference Host
8:50 a.m. to 9:15 a.m. PANELISTS:
HOSPITALITY INITIATIVES:
Katie B. Fallon
A GOVERNMENT UPDATE
Sixth Floor, Broadway Ballroom Executive Vice President, Global
Head of Corporate Affairs, Hilton
Policymaking decisions on workforce, the
environment, and transportation, among
other issues, will impact our industry by Katherine Lugar
affecting our day-to-day operations, as well President and Chief Executive
as our long-term outcomes. Stay ahead of Officer, American Hotel &
the curve by gaining the most current view Lodging Association
from industry leaders on what is happening—
in Washington, DC and globally—that will Don Welsh
influence our businesses in the months and President and Chief Executive
years to come. Officer, Destinations International
MODERATOR:
Jonathan M. Tisch
Chairman and CEO of Loews
Hotels & Co. and Co-Chairman of
the Board of Loews Corporation
Conference Chair
Sunday, June 3 – Monday, June 4 | 4
40TH ANNUAL NYU
INTERNATIONAL HOSPITALITY INDUSTRY INVESTMENT CONFERENCE
CONFERENCE AGENDA

MONDAY, JUNE 4
9:20 a.m. to 10:00 a.m.
THE CEOS CHECK IN:
A VIEW FROM THE TOP
Sixth Floor, Broadway Ballroom
Learn from top hospitality executives about
the evolving investment landscape and the
changing consumer base, as well as the ways
in which the competition is pressing these
CEOs to lead their brands and to differentiate
their companies.
MODERATOR:
Betty Liu
Anchor, Bloomberg Television;
and Founder and Chief Executive
Officer, Radiate
PANELISTS:
Sébastien M. Bazin
Chairman and Chief Executive
Officer, AccorHotels
Jim Murren
Chairman and Chief Executive
Officer, MGM Resorts
Christopher J. Nassetta
President and Chief Executive
Officer, Hilton
Arne Sorenson
President and Chief Executive
Officer, Marriott International
10:05 a.m. to 10:45 a.m.
THE REIT’S IN 2018: WHAT –
OR WHO – IS ON THE MENU?
Sixth Floor, Broadway Ballroom
What are the REIT’s buying? What are they
selling? And what’s the thinking? And…who is
buying and selling them?
MODERATOR:
Jeffrey A. Horwitz
Partner, Co-Chair of Private
Equity Real Estate and Head
of Lodging & Gaming Practice
Groups, Proskauer
PANELISTS:
Thomas J. Baltimore, Jr.
Chairman and Chief Executive
Officer, Park Hotels & Resorts
Michael D. Bluhm
Executive Vice President and
Chief Financial Officer, Host
Hotels & Resorts
Jeffrey Dauray
Senior Vice President,
Acquisitions, RLJ Lodging Trust
Douglas A. Kessler
Chief Executive Officer, Ashford
Hospitality Trust
Jonathan P. Mehlman
President and Chief Executive
Officer, Hospitality Investors Trust
10:50 a.m. to 11:25 a.m.
STATISTICALLY SPEAKING
Sixth Floor, Broadway Ballroom
Data is a critical factor in the hospitality
industry for planning, growth, expansion,
and taking advantage of new and emerging
opportunities. Learn from two of the top
industry research and consultation specialists
about current trends, and hear their forecasts.
MODERATOR:
Sam Chandan
Larry & Klara Silverstein Chair
in Real Estate Development and
Investment and Associate Dean
NYU School of Professional
Studies Schack Institute of
Real Estate
CO-PRESENTERS:
Amanda W. Hite
President and Chief Executive
Officer, STR
Stephen Rushmore, Jr.
President and Chief Executive
Officer, HVS

Amanda Hite, STR, co-presenting the 2017

Statistically Speaking general session.
Photo Credit: ©NYUSPS/Mark McQueen

@nyuhospitality #nyuhospitality Monday, June 4 | 5

40TH ANNUAL NYU
INTERNATIONAL HOSPITALITY INDUSTRY INVESTMENT CONFERENCE
CONFERENCE AGENDA
MONDAY, JUNE 4
11:30 a.m. to 11:55 a.m.
COFFEE BREAK IN THE EXPO CAFÉ
Fifth Floor, Westside Ballroom
Meet Conference patrons and sponsors, as
well as other industry leaders. Network as
you reenergize with refreshments in the
Patron and Sponsor Expo Café.
WORKSHOP I – Finance
PRIVATE CAPITAL: THINGS ARE MORE
LIKE THEY ARE NOW THAN THEY
EVER WERE BEFORE
Fifth Floor, Westside Salon 1
Where is private capital looking for returns
today? This panel will explore how smart
private investors are viewing the current
cycle—what deals they are making, what
they are passing on, and how they are struc-
turing in order to optimize ROI. Where are
the opportunities and the risks particular to
today’s environment?
MODERATOR:
Francis J. Nardozza
Chairman and Chief Executive
Officer, REH Capital Partners
PANELISTS:
• Ben Brunt, Principal and Executive Vice
President, Acquisitions and Development
Noble Investment Group
• Kevin Colket, Managing Director and Head
of Real Estate Acquisitions, Asia Pacific,
Starwood Capital Group
• Steven L. Lichtenfeld, Partner, Proskauer
• Joseph D. Long, Managing Partner, KHP
Capital Partners
• Bernard N. Siegel, Partner, KSL Capital
Partners
@nyuhospitality #nyuhospitality
12:00 noon to 1:00 p.m.
CONCURRENT WORKSHOPS
The Conference’s concurrent workshops
focus on specialized topics of interest, allow-
ing attendees to customize their experience
while gaining critical industry information
from interactive panel discussions.
WORKSHOP II – Design/Development
SOFT BRANDS – THE NEW
INDEPENDENT HOTEL
Fifth Floor, Westside Salon 2
The new independent hotel is here, and the
brands are lining up to greet you. Panelists
will explore the benefits of incorporating soft
brands into their portfolio and how they set
them apart from completely independent and
branded properties. What are they seeking
and what can they live without?
MODERATOR:
Scott P. Rosenberg
President, JN+A
PANELISTS:
• Jonathan Newbury, Senior Vice President,
Strategic Development, Preferred Hotels &
Resorts
• David Pepper, Chief Development Officer
Choice Hotels International
• Noah J. Silverman, Chief Development
Officer, North America Full Service Hotels
Marriott International
• Richard Warnick, Managing Director and
Co-Chairman, CHMWarnick
NYUSPS Jonathan M. Tisch Center for Hospitality and
Tourism students attend the Coffee Break at the Expo
Café during the 2017 NYU International Hospitality
Industry Investment Conference.
Photo Credit: ©NYUSPS/Mark McQueen
WORKSHOP III – Industry
LUXURY UNLIMITED
Sixth Floor, Music Box/Majestic Room
Investors continue to pay high prices to buy
and develop luxury hotels. Customers consis-
tently pay steep prices to stay at them. Is this
a love story that never ends? Do any upper
limits exist and, if so, how—or when—do they
manifest?
MODERATOR:
Stephanie Ricca
Editor in Chief, Hotel News Now
PANELISTS:
• Arash Azarbarzin, President, SH Group
• James Bermingham, Executive Vice
President, Operations, Montage
International
• Gaurav Bhushan, Global Chief Development
Officer, AccorHotels
• James Riley, Group Chief Executive
Mandarin Oriental Hotel Group
• Homi Vazifdar, Managing Director, Canyon
Equity
Monday, June 4 | 6
40TH ANNUAL NYU
INTERNATIONAL HOSPITALITY INDUSTRY INVESTMENT CONFERENCE
CONFERENCE AGENDA
MONDAY, JUNE 4
WORKSHOP IV – Finance
THE C-SUITE FOCUS ON THE
FUTURE NOW
Fourth Floor, Wilder Room
The world continues to change as a result of
developments in globalization, demographics,
technology, and regulation. To compete and
win, hospitality organizations must be agile
and adaptable to change. A dynamic conver-
sation with C-Suite executives on a range of
topics, including strategy, capital allocation,
talent, customer, technology, and purpose.
Explore what you need to know now to
succeed in the years ahead.
MODERATOR:
Michael Fishbin
Global and Americas Hospitality
Leader, EY
PANELISTS:
• Ben Cary, Senior Vice President,
Development, North America,
MEININGER Hotels
• Deric Eubanks, Chief Financial Officer
Ashford
• Allison Reid, Chief Development Officer
Kimpton Hotels & Restaurants
• Susan Spinney, Vice President, Owner
Relations, Expedia
• David B. Wyshner, Executive Vice President
and Chief Financial Officer, Wyndham
Hotels & Resorts
Participants in the 2017 From Revenue Optimization to Profit Optimization workshop (l to r): Glenn Haussman, Questex Hospitality (moderator); Mike Chuma, IDeaS — A SAS
Company; Katie Moro, TravelClick; and Monica Xuereb, Loews Hotels.
Photo Credit: ©NYUSPS/Mark McQueen
WORKSHOP V – Industry Data WORKSHOP VI – Finance
UNCOVER THE KEY DRIVERS OF DEAL MAKERS AND DEAL BREAKERS:
HOTEL PERFORMANCE THE INSIDERS DISCUSS BUYING AND
Fourth Floor, Odets Room LENDING
Fifth Floor, Imperial/Julliard Room
Demand, values, and overall industry expec-
tations: learn from the experts in marketing, Gain insight from the leading experts who
business development, and appraisal about actually do the deals, discussing the ins and
the direction of the industry. outs of getting deals done. In today’s market
how are they financed? Where is the equity
MODERATOR: coming from?
Mark Woodworth MODERATOR:
Senior Managing Director, CBRE
Hotels’ Americas Research Rick Ross
Co-Chair, Global Hotels and
Leisure, Dentons
PANELISTS:
• Carmen Hui, Global Commercial Director
PANELISTS:
Owner Partnerships, Booking.com
• Suzanne R. Mellen, Senior Managing • Peter Benudiz, Partner, Sidley Austin
Director-Practice Leader, HVS
• Peter E. Dannemiller, Managing Director
• Katie Moro, Regional Vice President Hodges Ward Elliott
Demand360 Data Partnerships, TravelClick
• Kevin E. Mallory, Senior Managing Director
• Vail Ross, Senior Vice President of Global and Global Head, CBRE Hotels
Business Development and Marketing, STR
• Louis Stervinou, Managing Director
• Monica Xuereb, Chief Revenue Officer Eastdil Secured
Loews Hotels
Monday, June 4 | 7
40TH ANNUAL NYU
INTERNATIONAL HOSPITALITY INDUSTRY INVESTMENT CONFERENCE
CONFERENCE AGENDA

MONDAY, JUNE 4
WORKSHOP VII – Industry WORKSHOP VIII – Finance 1:00 p.m. to 3:20 p.m.
ECONOMY HOTELS: IS THE FUTURE MAPPING WALL STREET: IN WHAT GENERAL SESSIONS
STILL WHAT IT USED TO BE? DIRECTION IS THE CAPITAL FLOWING?
Fifth Floor, Belasco/Broadhurst Room Sixth Floor, Uris/Shubert Room

Who is buying? Who is building? Who is Where is Wall Street’s focus in the hospitality
staying? And how is it all changing? sector: real estate or technology, baby brands 1:00 p.m. to 2:00 p.m.
or the more established ones, spin-offs or LUNCHEON
MODERATOR: M&A? What are the big deals and what role is Sixth Floor, Broadway Ballroom
the global finance industry playing in today’s
Christina Trauthwein hospitality industry?
Editor, Hotel Business and
InspireDesign MODERATOR:
WELCOME
Paul M. Whyte
Managing Director and Global Dennis Di Lorenzo
PANELISTS: Co-Head of Real Estate Harvey J. Stedman Dean, NYU
Investment Banking, Credit Suisse School of Professional Studies
• Roger Bloss, Executive Vice President Conference Host
President of Global Development, RLHC
PANELISTS:
• Lance Miceli, Executive Vice President and
Chief Marketing Officer, G6 Hospitality HOTEL NEWS NOW STEPHEN W.
• Reza Akhavi, Co-Head of Real Estate
• Chip Ohlsson, Executive Vice President and Investment Banking, Deutsche Bank BRENER SILVER PLATE AWARD
Chief Development Officer, Wyndham Hotel
• Naftali Holtz, Managing Director and RECIPIENT:
Group
Head of Lodging Investment Banking
• Hannes Spanring, Chief Executive Officer Goldman, Sachs & Co. Arne Sorenson
MEININGER Hotels
• Tyler Rindler, Managing Director President and Chief Executive
Morgan Stanley Officer, Marriott International
• Davin Thigpen, Managing Director
J.P. Morgan
CO-PRESENTERS:

Jeff Higley
Vice President and Editorial
Director, STR/Hotel News Now

Stephanie Ricca
Editor in Chief, Hotel News Now

Attendees of the 2017 International Hospitality Industry Investment Conference networking and enjoying
the luncheon.
Photo Credit: ©Olivo: Courtesy of NYU Photo Bureau

@nyuhospitality #nyuhospitality Monday, June 4 | 8

40TH ANNUAL NYU
INTERNATIONAL HOSPITALITY INDUSTRY INVESTMENT CONFERENCE
CONFERENCE AGENDA

MONDAY, JUNE 4
2:05 p.m. to 2:35 p.m.
ONE-ON-ONE WITH PREET BHARARA…
MODERATED BY JAN CRAWFORD
Sixth Floor, Broadway Ballroom
INTERVIEW GUEST:
Preet Bharara
Former US Attorney,
Southern District NY
Distinguished Scholar in
Residence, NYU School of Law
Host, CAFE, Stay Tuned with Preet
INTERVIEW MODERATOR:
Jan Crawford
CBS News Chief Legal Affairs and
National Correspondent
2:40 p.m. to 3:20 p.m.
TECHNOLOGY, DATA, AND TRAVEL
DISRUPTORS
Sixth Floor, Broadway Ballroom
Technology continues to revolutionize the
travel industry at an increasingly rapid
pace, while leveling the playing field for
properties of all sizes. With big data comes
a better understanding of traveler behavior.
This in turn brings innovations to market
that increase personalization and simplicity.
Inspired by statistical insights these compa-
nies share how they are developing new tech-
nologies, localized across the globe, to drive
traveler satisfaction and partner profitability.
MODERATOR:
David Eisen
Editor in Chief, Questex
Hospitality
3:25 p.m. to 3:50 p.m.
COFFEE BREAK IN THE EXPO CAFÉ
Fifth Floor, Westside Ballroom
Meet Conference patrons and sponsors, as
well as other industry leaders. Network as
you reenergize with refreshments in the
Patron and Sponsor Expo Café.
4:00 p.m. to 5:00 p.m.
CONCURRENT WORKSHOPS
The Conference’s concurrent workshops
focus on specialized topics of interest,
allowing attendees to customize their
experience, while gaining critical industry
information from interactive panel
discussions.
WORKSHOP IX – Industry
ADJACENT SPACES
Fourth Floor, Odets Room

PANELISTS: Disruption isn’t just for disruptors. Hotel

companies are starting to color outside the
Patrick T. Bosworth lines by playing in adjacent spaces. Examples
Co-Founder and Chief Executive include AccorHotels’ move into luxury home
Officer, Duetto rental spaces and Hyatt moving deeper into
the wellness space and outside of its hotels’
four walls with its acquisition of Miraval.
Larry Kutscher Who and what’s next? The co-working and
co-living spaces are ripe for the picking.
Chief Executive Officer
TravelClick
MODERATOR:

Jeffrey Weinstein
TJ Person
Editor in Chief, HOTELS Magazine
Chief Executive Officer
OpenKey

(l to r): Arne Sorenson, Marriott International;

Rebecca Jarvis (moderator), ABC News; and
Jonathan M. Tisch, conference chair, pose after the
2017 One-on-One with Arne Sorenson general session.
Photo Credit: ©Olivo: Courtesy of NYU Photo Bureau
PANELISTS:
Cyril Ranque
President, Lodging Partner • Greg Doman, Senior Vice President,
Services, Expedia Development, North and Central America,
Luxury Hotels Americas and Residential
• Barry Goldstein, Executive Vice President
and Chief Marketing Officer
Wyndham Hotel Group
• Rick Hoffman, Executive Vice President,
Mergers, Acquisitions and Business
Development, Marriott International
• Peter Mack, Founder and Chief Executive
Officer, Collective Hotels & Retreats

@nyuhospitality #nyuhospitality Monday, June 4 | 9

40TH ANNUAL NYU
INTERNATIONAL HOSPITALITY INDUSTRY INVESTMENT CONFERENCE
CONFERENCE AGENDA
MONDAY, JUNE 4
WORKSHOP X – Operations
WHO NEEDS AN ASSET MANAGER
AND WHY?
Sixth Floor, Uris/Shubert Room
Experts cover the evolution of asset manage-
ment and what its functional role is today.
Asset managers have progressed into the
modern-day, full-service adviser (acquisitions,
development, oversight, and dispositions),
but why? What makes their skill set unique
and why do owners need them in the first
place when they have an operator?
MODERATOR:
Michelle Russo
Founder and Chief Executive
Officer, Hotel Asset Value
Enhancement (hotelAVE)
PANELISTS:
• Greg Bingaman, Director, Asset Management,
Westmont Hospitality Group
• James Carroll, President and Chief
Executive Officer, Crestline Hotels & Resorts
• Chad L. Crandell, Managing Director and
Chief Executive Officer, CHMWarnick
• Dan Schneider, Chief Executive Officer
SIB Fixed Cost Reduction
• Jeremy Welter, Co-President and
Chief Operating Officer, Ashford
Participants in the 2017 Path to Leadership general session panel discuss methods and best practices for building paths to leadership through diversity (l to r): Leslie D. Hale,
RLJ Lodging Trust; Rena Reiss, Hyatt Hotels Corporation; Sam Chandan, NYUSPS Schack Institute of Real Estate (co-moderator); William J. Ferguson, Ferguson Partners
(co-moderator); Lindsey Ueberroth, Preferred Hotels & Resorts; and Simone Wu, Choice Hotels International.
Photo Credit: ©NYUSPS/Mark McQueen
WORKSHOP XI – Operations WORKSHOP XII – Industry
FRANCHISING: THE INDUSTRY’S UPSCALE AND THE UPPER HAND
GROWTH VEHICLE Sixth Floor, Royale/Plymouth Room
Fourth Floor, Wilder Room
With robust investment and development
Owners, operators, and brand companies will activity in this segment, what is coming
discuss their views on franchising, includ- down the pike?
ing how they work with the other players
involved in a franchised deal and how they MODERATOR:
maximize returns for their stakeholders.
John Melicharek
MODERATOR: Partner, Baker & Hostetler
Joel M. Eisemann
Chief Development Officer,
Americas, InterContinental Hotels
Group (IHG) PANELISTS:
• Janis Cannon, Senior Vice President,
Upscale Brands, Choice Hotels International
PANELISTS:
• Kate Henriksen, Senior Vice President
• Craig J. Aniszewski, Chief Operating RLJ Lodging Trust
Officer, Summit Hotel Properties • Greg O’Stean, Chief Development Officer,
• Bill Fortier, Senior Vice President North America, Interstate Hotels & Resorts
Development, Americas, Hilton • Terry Sanders, Chief Development Officer,
• Naveen Kakarla, President and Chief Americas, Radisson Hotel Group
Executive Officer, Hersha Hospitality
Management
• William P. Stadler, Chief Investment Officer
Aimbridge Hospitality
• Rajiv K. Trivedi, Executive Vice President
and Chief Development Officer, La Quinta
Inns & Suites
Monday, June 4 | 10
40TH ANNUAL NYU
INTERNATIONAL HOSPITALITY INDUSTRY INVESTMENT CONFERENCE
CONFERENCE AGENDA
MONDAY, JUNE 4
WORKSHOP XIII – Industry
PUBLIC/PRIVATE PARTNERSHIPS:
COMPLEXITY THAT CAN WORK
Fifth Floor, Westside Salon 1
Public/private partnership models are con-
tinuing to proliferate as cash-strapped munic-
ipalities, redevelopment zones, and even
universities vie for pieces of the tourism/
visitation pie amid tight finances. Navigating
public/private processes to maximize hotel
project potential is tricky, and a specialty all
its own, as these experts will share.
MODERATOR:
Len Wolman
Chairman and Chief Executive
Officer, Waterford Group
PANELISTS:
• Gary E. Axelrod, Partner and Co-Chair,
Hospitality, Gaming, and Leisure Industry
Group, LATHAM & WATKINS
• Constantine S. Dimas, Senior Vice President
and Chief Business Officer, Loews Hotels
• Chris Gebert, Vice President, Development
Hyatt Hotels Corporation
• Tom Papelian, Senior Vice President, Hotel
Development, Marriott International
• Jeff Sachs, Managing Director
JLL Hotels & Hospitality
A 2017 panel of experts focuses on The Blurring of the Boutique/Lifestyle Segment (l to r): Stefanie C. O’Connor,
Hotel Business (moderator); Mike DeFrino, Kimpton Hotels & Restaurants; Amy A. Hulbert, Best Western Hotels &
Resorts; Joseph D. Long, KHP Capital Partners; Jamie Sabatier, Two Roads Hospitality; and Jay Stein, Dream Hotel Group.
Photo Credit: ©NYUSPS/Mark McQueen
WORKSHOP XIV – Industry
SHARING PLATFORMS AND THE
LODGING INDUSTRY: WHY CAN’T
WE BE FRIENDS?
Fifth Floor, Westside Salon 2
A pertinent discussion focusing on the latest
trends in the alternative lodging platforms
and the potential competition they may
present to traditional lodging as we know it.
Panelists will explore different perspectives
and strategies that hotel companies are
choosing relative to the latest platforms and
technologies. Hear from experts on both
sides of the fence as they explore real-world
examples and how these players will affect you.
MODERATOR:
Mark A. Lunt
Principal, EY
PANELISTS:
• James Francque, Head of Transactions
Hyatt Hotels Corporation
• Gail Mandel, President and Chief Executive
Officer, Wyndham Destination Network
• Scott Shatford, Chief Executive Officer
AirDNA
• Mike Sutter, Senior Director and General
Manager of Commerce, HomeAway
WORKSHOP XV – Industry
HEALTHY HOSPITALITY: EMBRACING
THE HEALTH-CONSCIOUS TRAVELER
Fifth Floor, Belasco/Broadhurst Room
Touted as the next trillion dollar industry,
health and wellness touches everything
from fitness and healthy eating to spas,
mindfulness, beauty, and anti-aging, not to
mention workplace wellness. Not only does
our industry need to understand health
and wellness trends from the standpoint of
the revenue generation (i.e., how to attract
the health-conscious traveler), but it also
needs to understand how this mega-trend
influences employees and employment costs.
Comprised of a cross-section of subject
matter experts from various related fields,
this panel will discuss the convergence
and evolution of health and wellness, and
hospitality.
MODERATOR:
Guy Langford
Vice Chairman, US Transportation,
Hospitality, and Services Leader
Deloitte
PANELISTS:
• Marc W. Ellin, Global Head, Miraval Group
and exhale enterprises, Hyatt Hotels
Corporation
• Whitney A. Gray, PhD, Senior Vice
President, Delos
• Manoj Paul, President, Paul Global Benefits
• Brian Povinelli, Senior Vice President,
Global Brand Leader, Marriott International
• Ernest A. Stovall, Vice President,
Sales, MGM Resorts
Monday, June 4 | 11
40TH ANNUAL NYU
INTERNATIONAL HOSPITALITY INDUSTRY INVESTMENT CONFERENCE
CONFERENCE AGENDA

MONDAY, JUNE 4 TUESDAY, JUNE 5

WORKSHOP XVI – Industry 7:15 a.m. to 8:15 a.m. 9:15 a.m. to 9:55 a.m.
THE CONTINUING RELEVANCE OF NETWORK AND NOSH THE LEADERS CHECK IN – PART TWO
BOUTIQUE HOTELS Fifth Floor, Westside Ballroom Sixth Floor, Broadway Ballroom
Fifth Floor, Imperial/Julliard Room
Enjoy a tasty breakfast with colleagues as Building on the themes discussed in past
After several decades, boutique hotels con- you prepare for an enlightening day that will sessions, C-suite executives reflect upon the
tinue to resonate with developers, travelers, focus on changes and trends in the industry. state of the industry and deliberate on the
and investors alike. Are we seeing the very most critical issues affecting this continuously
8:30 a.m. to 11:15 a.m.
first wave of these specialized lodgings evolving and expanding business sector.
approach the end of its life cycle or are these
GENERAL SESSIONS
properties’ economic lives renewable? What MODERATOR:
is the secret to longevity in this space and 8:30 a.m. to 9:10 a.m.
how can something that started out being so THE LEADERS’ FORUM Adam Weissenberg
quirky still work today for buyers, developers, Sixth Floor, Broadway Ballroom Vice Chairman, Global
managers, financiers, and guests? Transportation, Hospitality, and
A distinguished panel of renowned industry Services Leader, Deloitte
MODERATOR: leaders discusses pertinent topics from
diverse perspectives. Hear from those in the
Glenn Haussman top echelons of the hospitality industry and PANELISTS:
President, No Vacancy News acquire a deeper understanding of the issues
and the opportunities at hand.
James Allen
MODERATOR:
Chairman, Hard Rock
PANELISTS: Scott D. Berman International; Chief Executive
Principal, Hospitality Industry Officer, Seminole Gaming
• Mike Deitemeyer, President and Chief
Leader US, PwC
Executive Officer, Interstate Hotels & Ken Greene
Resorts
President, Americas, Radisson
PANELISTS:
• Amy A. Hulbert, Vice President, Boutique Hotel Group
and Upscale Brands, Best Western Hotels &
Eric Danziger
Resorts
Chief Executive Officer Stephanie Linnartz
• Hitesh Patel, Chairman, AAHOA Trump Hotels
Global Chief Commercial Officer
• Jay Stein, Chief Executive Officer Marriott International
Dream Hotel Group
William J. Ferguson
• Todd G. Wynne-Parry, Executive Vice
Co-Chairman and Co-Chief Greg Mount
President, Global Acquisitions and
Executive Officer, Ferguson
Development, Two Roads Hospitality President and Chief Executive
Partners
Officer, RLH Corporation
Colleen Keating
5:00 p.m. to 6:30 p.m. Chief Operating Officer,
GRAND NETWORKING RECEPTION Americas, InterContinental Hotels
Eighth Floor, Broadway Lounge Group (IHG)

Enjoy your favorite beverages and savor tasty David Kong

selections, specially prepared by Marriott President and Chief Executive
culinarians. It’s the perfect way to begin Officer, Best Western Hotels &
your evening as you mingle with friends and Resorts
colleagues and take in the lights and the
excitement of Times Square. Thomas C. Morey
Senior Vice President, General
Counsel and Secretary
Park Hotels & Resorts

@nyuhospitality #nyuhospitality Monday, June 4 – Tuesday, June 5 | 12

40TH ANNUAL NYU
INTERNATIONAL HOSPITALITY INDUSTRY INVESTMENT CONFERENCE
CONFERENCE AGENDA
TUESDAY, JUNE 5
10:00 a.m. to 10:35 a.m.
TREADING WATER, LEAPING INTO
THE DEEP END, OR STAYING OUT
OF THE SUN ALTOGETHER?
Sixth Floor, Broadway Ballroom
Many pundits are talking about the hotel
world hovering at the top of the cycle.
This panel provides clarity from respected
hospitality, finance, and real estate executives
on where they sit after the volatility of this
last year.
MODERATOR:
Meghan Cocci
Co-Chair, Global Hotels and
Leisure, Dentons
PANELISTS:
Daniel P. Hansen
Chairman, President, and Chief
Executive Officer, Summit Hotel
Properties
Tyler Morse
Chief Executive Officer and
Managing Partner, MCR
Mit Shah
Senior Managing Principal and
Chief Executive Officer
Noble Investment Group
Suril Shah
Managing Director, Starwood
Capital Group
@nyuhospitality #nyuhospitality
10:40 a.m. to 11:15 a.m.
ANATOMY OF A TRANSACTION
Sixth Floor, Broadway Ballroom
One of the country’s leading real estate
deal-makers will provide insights into several
of the most compelling lodging transactions
recently consummated. The discussion will
include underwriting issues, structuring
challenges and implementation of
repositioning strategies, as well as value
enhancement initiatives.
MODERATOR:
Arthur Adler
Chairman, Americas, Hotels and
Hospitality Group, JLL
PANELIST:
Geoff Ballotti
President and Chief Executive
Officer, Wyndham Hotel Group
Tyler Henritze
Senior Managing Director
and Head of Real Estate
US Acquisitions, Blackstone
Michael Medzigian
Managing Partner
Watermark Capital Partners
11:20 a.m. to 11:40 a.m.
COFFEE BREAK IN THE EXPO CAFÉ
Fifth Floor, Westside Ballroom
Meet Conference patrons and sponsors, as
well as other industry leaders. Network as
you reenergize with refreshments in the
Patron and Sponsor Expo Café.
11:45 a.m. to 12:45 p.m.
CONCURRENT WORKSHOPS
The Conference’s concurrent workshops
focus on specialized topics of interest,
allowing attendees to customize their
experience, while gaining critical industry
information from interactive panel
discussions.
WORKSHOP XVII – NYUSPS Alumni Panel
THE HEART OF THE DEAL:
ACQUISITION UNDERWRITING IN AN
EVER-EVOLVING GLOBAL MARKET
Sixth Floor, Music Box/Majestic Room
You’ve heard from the industry leaders about
the broad direction of the sector. Now it’s
time to get a more granular view of the hotel
investment business. The moderator and
panelists participating in this workshop are
all graduates of the Jonathan M. Tisch Center
for Hospitality and Tourism. They are on the
front lines of today’s most noteworthy acqui-
sitions, financings, management and franchise
choices, and development decisions—executing
on the vision of strategies of the biggest
names in the business. Hear their views
on the most pressing issues that underlie
investment success.
MODERATOR:
Evan Weiss
Chief Operating Officer, Principal
LW Hospitality Advisors
(BS Hotel and Tourism
Management, ’03)
PANELISTS:
• Surya S. Israni, Associate, Acquisitions
and Development, Playa Hotels & Resorts
(MS Hospitality Industry Studies, ’15)
• Ke Jin, Senior Analyst, EY (MS Hospitality
Industry Studies, ’14)
• Kovy Katzovitz, Acquisitions Associate,
Highgate (BS Hotel and Tourism
Management, ’15)
• Alyssa Kickenweitz, Operations and
Acquisitions Analyst, Paramount Hotel
Group (MS Hospitality Industry Studies, ’15)
• Nicole Wolf, Senior Associate, Acquisitions
and Development, MCR (BS Hotel and
Tourism Management, ’16)
Tuesday, June 5 | 13
40TH ANNUAL NYU
INTERNATIONAL HOSPITALITY INDUSTRY INVESTMENT CONFERENCE
CONFERENCE AGENDA
TUESDAY, JUNE 5
WORKSHOP XVIII – Operations
CUSTOMER EXPERIENCE
MANAGEMENT IN THE DIGITAL
AGE: CUTTING ACROSS SILOS IN
MARKETING, LOYALTY, DIGITAL,
SALES, IT, AND DATA
Fourth Floor, Odets Room
Creating great customer experiences requires
the orchestration of different functions, deliv-
ering on a multiplicity of devices, interfaces,
and dashboards. The hospitality industry is
grappling with the cross-functional conver-
gence necessary to deliver outstanding cus-
tomer experiences. Marketing, loyalty, digital,
sales, IT, and data are working together to
figure out how to partner. Who leads? Who
gets consulted? Who owns the data? Where
does the journey begin? We can learn outside
the hospitality sector about which companies
have navigated this effectively, and how as
well as those that have fared poorly—and
hear from those within our industry on how
they are dealing with this shift in the market.
MODERATOR:
Jennie Blumenthal
Principal, PwC
PANELISTS:
• Sherri Gilligan, Chief Marketing Officer
Two Roads Hospitality
• Rick Harvey Lam, Senior Vice President,
Global Marketing, AccorHotels Luxe Brands
• Adam Malamut, Chief Customer Experience
Officer, Marriott International
• Corey McCarthy, Chief Marketing Officer
Beekeeper
• Robert McDowell, Chief Commercial Officer
Choice Hotels International
@nyuhospitality #nyuhospitality
WORKSHOP XIX – Design/Development
DESIGN, OPERATIONS, AND THE
BRAND: WHO DRIVES THE “BUS”?
CREATIVE SOLUTIONS TO GUEST
EXPERIENCE CHALLENGES
Sixth Floor, Royale/Plymouth Room
There are complex relationships and inherent
tensions among the intellectual property that
is the brand, the physical experience of the
hotel, operational realities, and the paying
customer. Does the design reflect the brand
or does the brand drive the design? How can
operational constraints be managed to inform
design and positively affect guest experi-
ence? And how do you ultimately convert
design and operations into revenue and NOI?
This panel will discuss case studies from
different points of view and explore lessons
learned from perplexing design issues.
MODERATOR:
Stacy Shoemaker Rauen
Editor in Chief, Hospitality
Design Magazine
PANELISTS:
• Warren G. Feldman, Chief Executive Officer
JN+A
• Michael Heaton, President, Waterford
Hotel Group
• Helen W. Jorgensen, Vice President, Design
and Procurement, Host Hotels & Resorts
• JJ Steeley, Vice President, Client
Experience, Carbon Lighthouse
(l to r): 2017 panelists Thomas Dolan, HVS, and James
Mikolaichik, Hilton Grand Vacations, during The
Art of the Spin: Hotel Owners Embrace a Different
Ownership Structure workshop.
Photo Credit: ©NYUSPS/Mark McQueen
WORKSHOP XX – Industry
MIDSCALE SEGMENT:
RIGHT, RIGHT NOW
Fifth Floor, Westside Salon 1
There’s a lot of space in between basic
economy and amenity-rich luxury. Some of
the segment’s most active players discuss
current trends in the midscale segment and
what it means to attract the modern guest
in this segment. With major hotel companies
developing new brands, will pre-existing
brands or older “boxes” require reinvention?
What is driving RevPAR trends and what are
the prospects for growth? Should investors
buy, build, hold, or sell in this segment, and
what makes for a compelling investment
story here?
MODERATOR:
Karen Rubin
Principal, Karen Rubin Hotels
PANELISTS:
• Colin Carroll, Vice President, Investments
Ashford
• Aly El-Bassuni, Senior Vice President,
Franchise Operations, Americas,
Radisson Hotel Group
• Jennifer Gribble, Vice President, avid
hotels and Holiday Inn Express, Americas
InterContinental Hotels Group (IHG)
• Alexandra Jaritz, Global Head Tru by Hilton
Hilton
• Michael D. Morton, Vice President of Owner
Relations, Best Western Hotels & Resorts
Tuesday, June 5 | 14
40TH ANNUAL NYU
INTERNATIONAL HOSPITALITY INDUSTRY INVESTMENT CONFERENCE
CONFERENCE AGENDA
TUESDAY, JUNE 5
WORKSHOP XXI – Finance/Operations
LATEST FROM THE FRONT LINE:
HOT-BUTTON ISSUES ON FRANCHISE
AND MANAGEMENT AGREEMENTS
Sixth Floor, Uris/Shubert Room
Some of the most complex business rela-
tionships in commercial real estate live inside
the hotel industry. Considering the increas-
ingly complex regulatory environment for
franchises, and the increasingly competitive
landscape for hotel managers, what are
today’s big issues when everyone sits at the
table to negotiate the contracts? Where can
managers and franchisors flex, and how can
owners better understand and leverage their
negotiating power?
MODERATOR:
Todd E. Soloway
Partner, Pryor Cashman
PANELISTS:
• Barry A.N. Bloom, President and Chief
Operating Officer, Xenia Hotels & Resorts
• William A. Brewer, III, Managing Partner
Brewer Attorneys and Counselors
• John S. Hamilton, Senior Vice President,
Business Development, Pyramid Hotel
Group
• Michael J. Sullivan, Shareholder/Co-Chair,
Hospitality Group, Greenberg Traurig
NYUSPS Tisch Center Adjunct Professor Simon Turner (far left), moderated the 2017 Emerging Hospitality,
Technology, and Innovation – A View from NYUSPS Tisch Center Alumni workshop that included panelists (l to r)
Rachel Le ’16, PepsiCo; Jaldeep Advani ’14, Kognitiv Corporation; Marissa Hou ’12, Marriott International; Ivan
Colmenares ’14, LW Hospitality Advisors; and Akshay Ramanathan ’14, Sukoon Travel Group.
Photo Credit: ©Olivo: Courtesy of NYU Photo Bureau
WORKSHOP XXII – Finance
DEBT FINANCING TODAY: TERMS,
SOURCES, AND WHAT LENDERS WANT
Fifth Floor, Westside Salon 2
Active lenders discuss the kinds of projects
they are looking at, how they approach
pricing and terms, and what changes we can
expect to see in the months and year ahead.
MODERATOR:
Phillip Gordon
Partner, Perkins Coie
PANELISTS:
• Kevin Davis, Managing Director, JLL
• Edward Hoganson, Chief Financial
Officer, Hospitality Investors Trust
• Malcolm K. Montgomery, Global Head
of the Real Estate Practice, Head of the
Hospitality, Leisure, and Gaming Industry
Group and Head of the REIT Affinity Group
Shearman & Sterling
• Rick Rogovin, Vice President, Hospitality
Finance Group, Wells Fargo Bank
WORKSHOP XXIII – Industry
PLAYING IN THE RESORT SPACE:
SPECIAL CONSIDERATIONS
Fifth Floor, Belasco/Broadhurst Room
Resorts tend to be complex assets whose
markets are more discretionary, whose
physical plants are more expansive, whose
operations are more challenging, and whose
capital structures can be more challenging
than those of other hotel asset types. Experts
discuss this special niche—who is building
and who is buying, who is coming to stay and
how do they choose and book? What does it
take to make a great resort today?
MODERATOR:
Stefani C. O’Connor
Journalist
PANELISTS:
• John L. Cohlan, Chief Executive Officer
Margaritaville Holdings
• Mark Durliat, Chief Executive Officer and
Co-Founder, Grace Bay Resorts
• Greg P. Kennealey, Portfolio Manager
KSL Capital Partners
• Andrew Wharton, Managing Director
REH Capital Partners
Tuesday, June 5 | 15
40TH ANNUAL NYU
INTERNATIONAL HOSPITALITY INDUSTRY INVESTMENT CONFERENCE
CONFERENCE AGENDA
TUESDAY, JUNE 5
WORKSHOP XXIV – Finance
A NEW WORLD: THE IMPLICATIONS
AND BENEFITS OF TAX REFORM ON
THE HOSPITALITY INDUSTRY
Fifth Floor, Imperial/Julliard Room
We are only beginning to appreciate the
impact on the lodging industry of the Tax
Cuts and Jobs Act—on both the investment
and operational sides of our industry. Will
increases in after-tax income widen the pool
of potential hotel investors or will lower tax
rates make hotel investment less appealing
to some investors? Will the lower cost of
repatriating foreign earnings whet domestic
hotel companies’ appetites for more overseas
investment? Will lower tax rates induce addi-
tional employment and job creation in the
lodging industry? In this session, the experts
explore the many-faceted ways that the new
tax laws are likely to impact the lodging
industry.
MODERATOR:
Chip Rogers
President and Chief Executive
Officer, AAHOA
PANELISTS:
• Thomas Dolan, Managing Director, HVS
• Jon Finkelstein, Principal, Washington
National Tax, KPMG
• Alex Hendrie, Director of Tax Policy
Americans for Tax Reform
• Jonathan Williams, Chief Economist and
Vice President, Center for State Fiscal
Reform, American Legislative Exchange
Council (ALEC)
1:00 p.m. to 3:30 p.m.
GENERAL SESSIONS
1:00 p.m. to 1:55 p.m.
LUNCHEON
Sixth Floor, Broadway Ballroom
CONFERENCE PATRON AND SPONSOR
NYU SCHOOL OF PROFESSIONAL
STUDIES JONATHAN M. TISCH CENTER
FOR HOSPITALITY AND TOURISM
SCHOLARSHIP AWARDS
Each year, generous contributions for
conference sponsorship support graduate
and undergraduate Tisch Center scholars and
programs. Meet some of our best and brightest.
PRESENTER:
Nicolas Graf
Associate Dean, NYU School of
Professional Studies, Jonathan M.
Tisch Center for Hospitality and
Tourism; Conference Co-Host
2:00 p.m. to 2:25 p.m.
BEYOND THE BOARDROOM
Sixth Floor, Broadway Ballroom
Each year, Jonathan Tisch interviews a prom-
inent individual, focusing on current events
and their effect on the indus­try and on the
general business environment. The Honorable
Ricardo Roselló, Governor of Puerto Rico, will
discuss recovery efforts on his island nation,
which was severely impacted by Hurricane
Irma. This catastrophic event left Puerto Rico
and its citizens without power and critical
services for many months, greatly affecting
the island’s tourism and hospitality sector. This
one-on-one discussion will provide a revealing
insider’s view into the challenges faced during
the crisis, as well as those still ahead.
INTERVIEW GUEST:
The Honorable Ricardo Roselló
Governor, Puerto Rico
INTERVIEW MODERATOR:
Jonathan M. Tisch
Chairman and CEO of Loews
Hotels & Co. and Co-Chairman of
the Board of Loews Corporation
Conference Chair
2:30 p.m. to 2:35 p.m.
INDUSTRY ALERT - FINANCIAL
ACCOUNTING STANDARD BOARD
REVISES ACCOUNTING REQUIREMENTS
FOR LEASES WITH COMPLIANCE
Sixth Floor, Broadway Ballroom
The Financial Accounting Standards Board
(FASB) revised the accounting requirements
for leases with compliance starting at the end
of 2018. Operating leases will be required to
be reported on the balance sheet, increasing
both assets and liabilities. The American
Hotel & Lodging Association’s (AHLA)
Financial Management Committee is creating
awareness as this is a material change affect-
ing the hotel industry.
Michelle Russo
Founder and Chief Executive
Officer, Hotel Asset Value
Enhancement (hotelAVE)
2:40 p.m. to 3:15 p.m.
THE IREFAC C. EVERETT
JOHNSON AWARD
Sixth Floor, Broadway Ballroom
The Industry Real Estate Finance Advisory
Council (IREFAC), annually presents an award
to an individual in the hospitality community
who has shown remarkable business acumen
in leading his/her organization to new levels of
financial success. This year’s recipient, Michael
S. Shannon, not only is a pioneer in tourism’s
global private equity arena but also is a bold,
farsighted, and prescient futurist who has the
unusual ability to blend current and forecasted
tourism consumption habits with macroeco-
nomic trends and financing opportunities.
RECIPIENT:
Michael S. Shannon
Chairman, KSL Capital Partners
CO-PRESENTERS:
Laurence S. Geller
Chairman, Geller Capital Partners
Neil H. Shah
President and Chief Operating
Officer, Hersha Hospitality Trust
Tuesday, June 5 | 16
40TH ANNUAL NYU
INTERNATIONAL HOSPITALITY INDUSTRY INVESTMENT CONFERENCE
CONFERENCE AGENDA
TUESDAY, JUNE 5
FINANCIALLY SPEAKING:
IREFAC INSIDERS
Sixth Floor, Broadway Ballroom
The latest (and greatest) from IREFAC, the
highly respected organization operating under
the American Hotel & Lodging Association
umbrella. It meets twice a year to discuss
current deals, industry occurrences, and
trends. In addition, it provides the funding
that enables deals to go forward. This session
affords attendees an inside look at an IREFAC
meeting.
CO-MODERATORS:
Laurence S. Geller
Chairman, Geller Capital Partners
Neil H. Shah
President and Chief Operating
Officer, Hersha Hospitality Trust
PANELISTS:
Jon E. Bortz
Chairman and Chief Executive
Officer, Pebblebrook Hotel Trust
Jacques E. Brand
Partner, Strategic Advisory
Group, PJT Partners
Mark W. Elliott
President, Hodges Ward Elliott
Kevin J. Jacobs
Chief Financial Officer, Hilton
Majid Mangalji
President, Westmont
Hospitality Group
Michael S. Shannon
Chairman, KSL Capital Partners
J. Allen Smith
President and Chief Executive
Officer, Four Seasons Hotels
and Resorts
3:30 p.m. to 4:30 p.m.
CONCURRENT WORKSHOPS
The Conference’s concurrent workshops
focus on specialized topics of interest,
allowing attendees to customize their
experience, while gaining critical industry
information from interactive panel
discussions.
WORKSHOP XXV – Finance
REAL ESTATE RISKS, REWARDS,
AND REALITY
Fifth Floor, Westside Salon 1
Find the right solution for each owner,
investor, and property in today’s market.
MODERATOR:
Anne R. Lloyd-Jones
Senior Managing Director and
Director of Consulting and
Valuation, HVS
PANELISTS:
• Lawrence Cohen, Partner-in-Charge,
Business Management and Family Office,
Hospitality Group Leader, Marks Paneth
• Thomas P. McConnell, Executive Managing
Director, Head of Global Hospitality
Cushman & Wakefield
• Mark K. Owens, Executive Vice President
and Head of Hospitality Capital Markets
CBRE
• Daniel C. Peek, Senior Managing Director
HFF
2017 The Leaders’ Forum general session panelists (l to r): Eric Danziger, Trump Hotels; David Kong, Best Western
Hotels & Resorts; Adam Weissenberg, Deloitte (moderator); Jim Murren, MGM Resorts; James Riley, Mandarin
Oriental Hotel Group; and J. Allen Smith, Four Seasons Hotels and Resorts.
Photo Credit: ©NYUSPS/Mark McQueen
WORKSHOP XXVI – Industry
BRAND DIFFERENTIATION: ANOTHER
YEAR, ANOTHER BRAND
Fifth Floor, Belasco/Broadhurst Room
New brands are being introduced with
increasing regularity and renovation expenses
are rising, all while RevPAR growth is slowing.
As a result, owners are feeling pressure
from all sides. Can markets continue to be
dissected for the purpose of developing
narrowly focused “niche” brands, which are
beneficial to brands but rarely hotel owners?
A discussion of what approach may be taken
to ensure that brand affiliation and renovation
increase competitiveness, maximize market
share, and strengthen value at exit.
MODERATOR:
Isabelle Claver
Director, Hospitality and Leisure
PwC
PANELISTS:
• Heather Balsley, Senior Vice President,
Global Marketing, Mainstream Brands
InterContinental Hotel Group (IHG)
• Dorothy Dowling, Chief Marketing Officer
Best Western Hotels & Resorts
• Heather L. Geisler, Vice President,
Global Brands, Hyatt Hotels Corporation
• Bill Linehan, Executive Vice President
and Chief Marketing Officer, RLHC
Tuesday, June 5 | 17
40TH ANNUAL NYU
INTERNATIONAL HOSPITALITY INDUSTRY INVESTMENT CONFERENCE
CONFERENCE AGENDA

TUESDAY, JUNE 5
WORKSHOP XXVII – Operations
TECHNOLOGY MEETS CUSTOMER
EXPECTATIONS AND THE CUSTOMER
EXPERIENCE: REAL IMPACT IN
REAL TIME
Fourth Floor, Odets Room
How are customer expectations and experi-
ences being changed by today’s technol-
ogy? Experts discuss what you, your hotel,
and your brand need to know about new
technologies that can track and manage the
customer experience in real time, about the
increasing and changing availability of online
content that is not your own, and the other
inflection points that can change your busi-
ness model.
WORKSHOP XXVIII – Finance
INTERNATIONAL CAPITAL FLOWS:
THE NEW NORMAL
Fifth Floor, Westside Salon 2
International Capital continues to be an
important component of overall transaction
volume. However, what do the recent events
in China and the Middle East mean for off-
shore investor sentiment going forward? Who
is active and what are they looking for in
terms of markets, asset classes, and returns?
This panel will focus on active international
investors and what the changing landscape
means for US property owners seeking to sell
in the short- to mid-term.
CO-MODERATORS:
WORKSHOP XXIX – Design/Development
MODULAR CONSTRUCTION AND ITS
IMPACT ON INVESTMENT IN NEW
DEVELOPMENT
Sixth Floor, Uris/Shubert Room
Technology is influencing how buildings
are being constructed, with more and more
building components being fabricated in
controlled plant conditions and transported
to the site. How is modular construction
impacting hotel development? The experts
on this panel will touch on issues of cost
efficiency, building quality, design constraints
and opportunities, time-to-market, and the
meaning of these factors for the investment
proposition in new builds.

MODERATOR: Rick S. Kirkbride MODERATOR:

Partner, Paul Hastings Tim McManus
Ron Pohl
Chief Operations Officer, Best Vice President, McKinsey &
Western Hotels & Resorts Company
Gilda Perez-Alvarado
Managing Director, JLL
PANELISTS:
PANELISTS:
• Mike Chuma, Vice President, Product • Bruce Collins, Director of Development
Strategy and Marketing, IDeaS–a SAS PANELISTS: OTO Development
Company
• Scott Barrack, Greater China • William A. Finfrock, President, FINFROCK
• Christopher Michau, Vice President,
Representative, Colony Northstar • Sanat Patel, Chief Sales Officer
Platform Services, Expedia
• Randy Carroll, Senior Portfolio Manager, AVANA Capital
• Geoffrey Ryskamp, Global Head of
Hotels, Abu Dhabi Investment Authority • David Reed, Vice President, Champion
Hospitality, Medallia
• Tim Fuzesi, Senior Director, Modular
• Sam Shank, Chief Executive Officer and
Real Estate, Safanad • Dave Walsh, Senior Director, Project
Cofounder, HotelTonight
• Rogerio Miranda de Souza, Senior Management, Global Design Americas
• William J. Sutherland, Senior Vice Marriott International
Investment Executive, London and
President, AAA Travel and Publishing,
Regional Properties
National

Jonathan M. Tisch, conference chair, left, chats with Interview Guest, Nicole Wallace, author and political analyst,
during the 2017 Beyond the Boardroom general session.
Photo Credit: ©Olivo: Courtesy of NYU Photo Bureau
Tuesday, June 5 | 18
40TH ANNUAL NYU
INTERNATIONAL HOSPITALITY INDUSTRY INVESTMENT CONFERENCE
CONFERENCE AGENDA
TUESDAY, JUNE 5
WORKSHOP XXX – Industry
DESTINATION MANAGEMENT AND
HOTEL INVESTMENT
Sixth Floor, Music Box/Majestic Room
Global destinations want visitors’ travel
dollars more than ever. Hotel owners, devel-
opers, and investors want to develop and
own hotels in popular global destinations.
Hotel managers and brands want to be there
too. With everyone’s fundamental interests
so clearly aligned, how can the lodging
industry work with global tourism agencies
and boards to the benefit of all? Experts from
a cross-section of international destinations
discuss the role of the lodging industry in
their plans, and what makes for a good return
on investment for all parties.
MODERATOR:
Terry Dale
President and Chief Executive
Officer, United States Tour
Operators Association (USTOA)
PANELISTS:
• Doron Aharon, Senior Deputy Director
General, Infrastructure Development and
Investment Administration, Israel Ministry
of Tourism
• Carla Campos, Acting Executive Director
Puerto Rico Tourism Company
• Kershing Goh, Regional Director, Americas,
Singapore Tourism Board Representative
• Karen Hoffman, President, The Bradford
Group, and Public Relations Consultant,
Malta Tourism Authority, North America
@nyuhospitality #nyuhospitality
WORKSHOP XXXI – Industry SPECIAL THANKS
BIG DATA, BIGGER OPPORTUNITY
—IMPROVING ASSETS VALUE WITH Dorothy A. Jennings
DATA-DRIVEN OPERATIONAL Executive Vice President, HVS
PRACTICES Conference Coordinator
Sixth Floor, Royale/Plymouth Room NYU International Hospitality
Industry Investment Conference
From financial performance to facility oper-
ations, asset managers are either awash in
data or in dire need of good data to make
decisions. Hear from institutional investors,
asset managers, and operational service
providers about best practices in using data
to develop a better performing asset while
avoiding the pitfalls of poor information.
MODERATOR:
Simon M. Turner
Adjunct Professor, NYU School
of Professional Studies
Jonathan M. Tisch Center for
Hospitality and Tourism At the 2017 Conference, Dorothy Jennings poses
with (l to r) Conference Host, Dennis Di Lorenzo;
Conference Chair, Jonathan M. Tisch; and
PANELISTS: Conference Vice Chair, Jeffrey Stewart.
• Emma Bassein, Vice President, Strategic Photo Credit: ©NYUSPS/Mark McQueen
Initiatives, Carbon Lighthouse
• Sourav Ghosh, Senior Vice President,
Enterprise Analytics, Host Hotels & Resorts
• Ruby Huang, Senior Vice President, Asset
Management, Starwood Capital Group
• Fern Kanter, Managing Director and
Executive Vice President, CHMWarnick
Participants in the 2017 Financially Speaking IREFAC Insiders general session panel discuss the latest deals,
industry occurrences, and trends. (l to r): Michael D. Bluhm, Morgan Stanley; Jon E. Bortz, Pebblebrook Hotel
Trust; Mark W. Elliott, Hodges Ward Elliott; Mike Goodson, Abu Dhabi Investment Authority; Stephen D. Plavin,
Blackstone Mortgage Trust; and Neil H. Shah, Hersha Hospitality Trust (co-moderator).
Photo Credit: ©NYUSPS/Mark McQueen
Tuesday, June 5 | 19