TAMPA, FL – October 30, 2019 – Berkadia today announced the addition of Managing Director Preston Reid to its Hotels & Hospitality group. Reid will be based in the Tampa office and will focus on investment sales opportunities throughout the Southeast.
“We couldn’t be happier to have Preston on board. He is a natural fit for the organization and culture we’re building here at Berkadia.” said Andrew Coleman, Head of Berkadia’s Hotels & Hospitality Platform. “The foundation of our growth and success remains with the exceptional talent we have on our team and the strong relationships we’re able to forge with clients as a result. Preston is an amazing addition and will help us continue to provide the experience and expertise necessary to enable our clients to achieve their goals.”
Reid is the latest addition to a team that continues to grow. In the past year alone, Berkadia’s Hotels & Hospitality platform has opened new offices in Southern California, the Carolinas and Miami. The team anticipates continuing to add talent and expanding its physical footprint into 2020.
“The Florida hospitality market remains among the strongest in the country with sustained interest from a diverse base of investors,” said Reid. “I’m excited to join Berkadia’s burgeoning hotels presence in Florida and to continue to drive market leading deals for clients.”
Reid has more than 10 years of commercial real estate investment experience and has completed over $3.5 billion of transactions in his career. Prior to joining Berkadia, he was with JLL, having joined after the organization acquired HFF. He had been a Senior Director for HFF’s Hotels and Hospitality group, where he served as the lead on several significant hospitality dispositions in the region, including the sale of the Hilton Tampa Downtown, Hyatt Regency Sarasota and Grand Hyatt Tampa Bay & Bayport Plaza, which was the most expensive commercial sale in Hillsborough County this year.
Reid is the second recent addition to the Hotels & Hospitality team in Florida, following the addition of Michael Weinberg, Managing Director, to the Orlando office in September. Weinberg has 15 years of experience in the commercial real estate industry, specializing in hotel investment sales as well as debt and equity placement across a variety of asset types.
Berkadia’s Hotels & Hospitality group combines best-in-industry innovation, knowledge and experience with the most comprehensive suite of products and services, backed by relentless customer service and support to empower clients to capitalize on the right opportunities at the greatest value. The group serves clients across the country, offering a full set of advisory, investment sales, underwriting and loan origination services and products including Life Company, Proprietary Bridge Lending and Capital Markets Advisory Services.