Global real estate services firm Cushman & Wakefield has appointed Marc Magazine as executive director focused on investment sales. He will focus on the Mid-Atlantic region and join the company’s multi-market-based Hospitality Group servicing private capital and institutional clients. He will be based in the firm’s Washington, DC, office.
The Hospitality Group team was created in January to spearhead the firm’s expansion in the hospitality sector, which was initially focused on the Southeast region, but has since expanded into the Mid-Atlantic and has broader plans to grow to other markets nationwide. The addition of Magazine brings the team to nine members total and expands the group’s on-the-ground presence to three key geographic locations throughout the country, including Florida, South Carolina and the Mid-Atlantic.
The group has generated more than $57.4 million in sales volume since joining Cushman & Wakefield earlier this year, with another $110 million currently under agreement and scheduled to close prior to year-end.
“[The team] has made significant headway in the hotel sales market since our initial investment in expanding our firm’s existing presence in the hospitality sector,” said Wanda Riley, managing principal for Cushman & Wakefield’s Florida markets. “We’re eager to continue growing this team as part of our long-term strategy and to further bolster our hospitality practice beyond the Southeast by bringing on Marc.”
Roberta Liss, president, Southeast region, Cushman & Wakefield, added, “Marc is a close friend and former colleague who will make a perfect addition to our growing hospitality investment sales platform at Cushman & Wakefield. His experience will also deliver great value in building important relationships with our clients.”
Magazine has completed more than $5 billion in hotel transactions over the course of 15 years and has been in the hospitality business in Washington, DC, for 40 years. He comes from Savills, where he led the firm’s entire U.S. hotel group with the late Tom Baker and regularly interacted with institutional and private capital clientele, including clients in the U.S. and Caribbean.
“I’m excited to be partnering with Marc, both a good friend and Washington, DC-area native who I met 25 years ago,” added David Greenberg, vice chair, Cushman & Wakefield’s Hospitality Group. “I quickly developed a high-level of admiration and respect for Marc’s hospitality industry expertise. He brings to our team an impressive network of clients, with a track record of structuring complex upscale hotel deals.”
Magazine began his career as a GM at The Hay Adams Hotel, which was owned by his family. He was also SVP for CBRE, where he led the hotel partners division in the Washington, DC, metro and provided hospitality real estate advisory services to owners, developers, lenders, hotel chains, operators and governments. Following that, he founded a full-service hospitality advisory company named Humboldt Hospitality Advisors with Tom Baker, Dave Durbin and Justin Magazine, serving as principal.
“Cushman & Wakefield is extremely committed to the hospitality capital markets space,” said Magazine. “The growth that David Greenberg and his hospitality team envision was a good match for me, and I can’t wait to be part of it while also contributing to the firm’s overall growth.”