Curriculum Vitae of Thomas W. Lattin

Transcription

1 Curriculum Vitae of Thomas W. Lattin Position Assistant Professor of Finance, Accounting, and Lodging Management at the Conrad N. Hilton College at the University of Houston. Mr. Lattin joined the Conrad N. Hilton College in August of 2000 after serving as the Global Leader of New Services for the PricewaterhouseCoopers Hospitality & Leisure Group. Prior to PricewaterhouseCoopers, he had a distinguished career with Patriot American Hospitality, which became Wyndham International, Inc. Mr. Lattin joined Patriot as President and Chief Operating Office before the company s initial public offering in October 1995, the largest ever for a hospitality REIT and the largest REIT IPO in More recently, Mr. Lattin served as Executive Vice President of Wyndham International and President of WHC Inc., Wyndham International s franchise company affiliate. Prior to joining Patriot American, Mr. Lattin served as a Senior Vice President of Hospitality Real Estate Investment Trusts for PaineWebber Incorporated. He was also a former partner in the National Hospitality Consulting Practice of Coopers & Lybrand, L.L.P. and former national hospitality partner of Laventhol & Horwath. Mr. Lattin also served as President of the Mariner Corporation, a Texas-based hotel development and management company with. While president of Mariner, the company grew from two to 27 hotels with franchisee agreements with Marriott, Hilton, Sheraton, and Holiday Inn. Conrad N. Hilton College, University of Houston, Visiting Professor 2003 to present PKF, Managing Director Capital Markets Group, August 2001 to December 2003 PricewaterhouseCoopers LLP, Global Leader New Services, November 1999 to August 2001 WHC Franchise Corporation, President, June 1998 to November 1999 Patriot American Hospitality, President & COO, April 1995 to June 1998 Paine Webber, Senior Vice President, April 1994 to April 1995 Coopers & Lybrand, Partner, December 1989 to April 1994 Laventhol & Horwath, Partner, June 1987 to December 1989 Great West Hotels, President, June 1983 to June 1987 Mariner Corporation, President, June 1976 to June 1983 Laventhol & Horwath, Partner, April 1970 to June 1976 M.S.I., Vice President Marketing, June 1969 to April 1970 Dutch Pantry, Assistant to the President, June 1967 to June 1969

2 Education Cornell University, School of Hotel Administration, Bachelors of Science 1966 Cornell University, Graduate School, Masters of Science, 1968 Certified Public Accountant, Texas 1971 General Securities Registered Representative, New York 1994 Range of Experience Bass Hotels: Consulting and testifying expert on behalf of a major international conglomerate that purchased the assets of a well-known U.S. hotel chain. The purchase and sale agreement contained certain representations and warranties that the plaintiff claimed were inaccurate. The objective was to determine damages based on the cost required to bring each hotel's facilities into compliance with the chain's corporate standards as of the transaction date. In addition, lost profits were estimated as a result of the hotels possessing structural, cosmetic and functional deficiencies and therefore, failing to meet corporate standards at the time of the transaction. Westin Canal Place Hotel: Consulting expert retained by Plaintiff s counsel on behalf of a major insurance company that owned a luxury hotel in the South Central United States. This company sued the original contractor, claiming that the hotel contained construction defects that allowed water to seep into the building, thereby causing structural and cosmetic problems and a subsequent loss of business. The focus of the engagement was to estimate the future loss of cash flow resulting from the faulty initial construction work on the hotel and the subsequent repairs necessary to correct these defects and the related interior damage Ritz Carlton Hotels: Consulting expert retained by Plaintiff s counsel on behalf of the owner of multiple luxury hotels in a dispute over management agreement violations against a well-known lodging chain. Services included research and analyses related to several aspects of operations including the performance of the properties relative to projections prepared by the management company and industry comparables as well as management s performance in the areas of cash management, accounting policies and procedures, group services and purchasing activities. The owner and Ritz Carlton settled the dispute. Days Inn Dallas/Fort Worth: Consulting expert retained by the investment fund owner of the hotel. The analysis focused on economic damage estimates related to storm damage on this limited service hotel. The dispute between the owner and the insurance company was settled. Dallas Convention Center Land Condemnation: Consulting expert retained by the owner of land adjacent to the Dallas Convention Center. The analysis focused on hotel market research, feasibility issues and valuation related to land condemnation involving the potential development of a new, headquarters

3 convention center hotel on the subject land parcel. The valuation estimate was accepted by the city. Tucson National Resort & Spa, Tucson, AZ: Resort with upscale spa, 27 holes of golf, and undeveloped real estate. Consulting expert retained by the owner and primary lender. Services included complete monthly asset monitoring services. Annual cash flow was improved by approximately $500,000. The property was subsequently sold to a new owner/operator at a price favorable to the owner and lender Shangri-La, Tulsa, OK: Resort with condominium rental pool, 36 holes of golf, marina, private landing strip, and undeveloped real estate. Complete monthly asset monitoring services provided to Wichita, Kansas bank, which foreclosed on the property. The property was subsequently sold to Club Corporation of America as the new owner/operator at a price favorable to the bank. Hyatt Regency Waikoloa, Big Island, HI: 1200-room fantasy resort complete with golf, tennis, spa, retail and potential timeshare development. Services included a complete assessment of options for Mitsubishi Bank together with monthly asset management services focusing on budget/cash flow monitoring and position in the market relative to the competition. Related party transactions were closely monitored. The assignment also included negotiations with Hyatt related to a potential termination and settlement of their long-term management contract. The resort was subsequently sold to Hilton Hotels Corporation. Ritz-Carlton Mauna Lani, Big Island, HI: Consulting expert retained by Dai-ichi Kangyo Bank, the primary lender. Periodic asset management services included initial operational diagnostic, marketing positioning analysis and forensic accounting services. Landmark Land/OakTree Savings/RTC Portfolio: Consulting and testifying expert retained by the Resolution Trust Corporation. Monthly asset monitoring services focused on budget monitoring, physical asset inspection, profit improvement and cash management. The following trophy assets are included in the portfolio: 1. Carmel Valley Ranch, Carmel, CA - 18 holes of golf, tennis club, 5-star suite conference center and undeveloped leisure real estate. 2. La Quinta Hotel, Palm Springs, CA 600 room convention hotel, 54 holes of golf, tennis club, retail and residential lots. 3. Mission Hills Country Club, Palm Springs, CA - 54 holes of golf, tennis club, limited undeveloped real estate. 4. PGA West Resort, Palm Springs, CA 72 holes of golf, tennis club, residential lots and undeveloped real estate. 5. Oak Tree Golf & Country Club, Oklahoma City, OK - Men's only golf club, full service country club, 54 holes of golf, indoor/outdoor tennis,

4 residential lots, and undeveloped real estate. 6. Waterford Hotel, Oklahoma City, OK - 4-star hotel with complete meeting, food and beverage facilities. 7. Palm Beach Golf & Polo Club, Palm Beach, FL Resort complex, 36 holes of golf, tennis club, hotel units, equestrian facilities, polo stadium, residential lots and undeveloped real estate. 8. Kiawah Island Resort, Charleston, SC - Hotel, condominium rental pool, retail, 54 holes of golf, tennis facilities. 9. Oak Harbor Golf Course, New Orleans, LA - 18 hole golf course with residential lots. 10. Belle Terre Country Club, New Orleans, LA - 18 holes of golf plus tennis facilities. 11. Oak Valley Golf Club, Riverside, CA 18 hole public golf course and undeveloped real estate. Wynfrey Hotel Company Portfolio: Corporate hotel asset monitoring services provided to Jim Wilson & Associates, owners of Wynfrey Hotel Corporation. Monthly services focused on corporate oversight, profit improvement and disposition assistance. Assets were restructured, returned to lender and/or turned over to a hotel management company. The portfolio included: 1. Peachtree Hilton, Atlanta, GA 2. Rialto Place Hilton, Melbourne, FL 3. Montgomery Hilton, Montgomery, AL 4. Wynfrey Hotel, Birmingham, AL Mayfair House, Miami, FL: Complete monthly asset monitoring services provided to Edward J. DeBartolo, owner of the Mayfair House Hotel. A five-star all-suite hotel located in the Coconut Grove area of Miami and part of an upscale retail mall. Services included monitoring of all aspects of management focusing on profit improvement. During the 24 months of involvement, the property increased annual cash flow in excess of $2 million. Brookhollow Courtyard by Marriott, Houston, TX: Retained by Travelers Insurance Company, the owner of the subject hotel. Services focused on complete monthly asset monitoring and the conversion of the Hilton Inn to a Courtyard, including selection of the renovation team, leasing out of the free standing restaurant, assistance in selecting a restaurant company and advice concerning the replacement of the general manager. The hotel was subsequently sold by the owner at a favorable price. Key Biscayne Resort & Villas, Key Biscayne, FL: Retained by the owner of the resort to increase profits and asset value. Services included asset management, forensic accounting, evaluation of the management team and assistance in recruiting replacements. Short-term profits increased dramatically and the hotel

5 was positioned for sale. The property was subsequently sold for an amount in excess of the original asking price. Madison Hotels Portfolio: Consulting and testifying expert retained by the owner/operator of this limited service hotel portfolio. Services included restructuring, bankruptcy advice, and monthly asset monitoring services including assistance in selecting a new hotel management company, expert witness testimony and analysis of related party transactions. The portfolio consisted of the: 1. Washington DC Comfort Inn 2. Alexandria (VA) Comfort Inn 3. Petersburg (VA) Comfort Inn 4. Richmond (VA) Hampton Inn 5. Price (UT) Days Inn 6. Rocky Mount (NC) Econolodge 7. Selma (NC) Econolodge Kea Lani Resort Hotel : Consulting expert retained by the company operating the hotel concerning a management contract arbitration. The dispute focused on the interpretation of the management contract as to management fees owed, termination fees owed and other management contract issues. The dispute was resolved. Westin William Penn Hotel: Consulting and testifying expert retained by the owner of the hotel. The dispute focused on several management contract issues including the calculation of management fees and expenses, lost profits, mismanagement and possible termination. The dispute was resolved. Lexington Hotels: Consulting and testifying expert retained by the new management company which replaced the Lexington Management Company. The dispute involved prior consulting services performed by the new management company, the termination of the Lexington management contracts, management fees owed and other contract issues. The verdict went in favor of the new management company. Murat Holdings, LLC v. Red Roof Inns, Inc. And Accor Economy Lodging, Inc. Case Number in the District Court of Dallas County, Texas : Consulting and testifying expert retained by Murat Holdings. The dispute involved breaches of duties by Red Roof related to the renovation of a hotel in Baton Rouge, Louisiana. The dispute was resolved in the favor of Murat Holdings. Omni Hotels Management Corporation vs. Hotel Valencia Corporation, Santana Row Hotel Partners, L.P., Hotel Valencia San Antonio Riverwalk, Valencia Group, Inc., Matthew Nuss, Chad Taylor, Roy Kretschmer and David Besser ;

6 Cause No. 2003CI04415 in the 224th Judicial Court ; Bexar County, Texas : Consulting expert retained by Omni Hotels. The dispute involved the alleged theft of brand rights by the Valencia Hotel Company from Omni Hotels by a former Omni employee. The dispute was resolved in favor of Omni. Justice Investors v. FelCor Hotel Asset Company: Consulting expert retained by FelCor. The disputed involved FelCor s compliance with certain terms of their 1995 lease with Justice Investors for the Holiday Inn Financial District, San Francisco, CA. The dispute was resolved with no cash penalty to FelCor. Sunny Isles Luxury Venture, L.C. v. Sonesta Hotels of Florida, Inc. Arbitration : Consulting and testifying expert retained by Sunny Isles Luxury Venture. The dispute involved the alleged over spending by Sonesta Hotels of Florida related to a condominium hotel located in Fort Lauderdale, FL. The dispute was resolved. Hyatt International Latin America, LTD v. Hotel Corporation of Chile, S.A. Arbitration No. UN3518 in the London Court of International Arbitration, London, England: Consulting expert retained by the Hotel Corporation of Chile. The dispute involved the alledged interference by Hyatt International in the sale of the Hyatt Santiago. The arbitrator ruled in favor of Hotel Corporation of Chile. Damages are confidential. Holiday Hospitality Franchising : Consulting expert retained by Holiday Hospitality Franchising. The dispute involved Island Hospitality s allegation that Holiday Hospitality Franchising violated its fiduciary responsibity to Island Hospitality s by granting a Holiday Inn Sunspree franchise within the Galveston, TX market. The dispute was resolved in favor of Holiday Hospitality Franchising. Raveneaux LTD, Case No H5-11 in the United States Bankruptcy Court for the Southern District of Texas, Houston Division: Consulting and testifying expert retained by Raveneaux LTD. The dispute involved bankruptcy proceedings and a plan of reorganization. The judge found in favor of Raveneaux plan of re-organization. P.T. Karang Mas Sejahtera v. Marriott International, Inc. : Consulting and testiyinging expert retained by the owner of the Ritz Carlton Bali related to a management contract dispute between the owner and manager. The dispute was resolved in favor of the owner and damages awarded. Teaching Experience University of Houston, Conrad N. Hilton School of Hotel and Restaurant, 2003 to present Cornell University, School of Hotel Administration, Executive Education Seminar: Summer 1996 Centre International de Glion, Hotel Development and Finance Course, 1984/87 University of Houston, Conrad N. Hilton School of Hotel and Restaurant

7 Management, Accounting/Finance/Front Office Management, 1984 and 1986 Florida International University, School of Hotel, Food and Travel Services, Guest Lecturer in Hotel Management, 1976 to 1980 Michigan State University, School of Hotel, Restaurant and Institutional Management, Lecturer in Hotel Feasibility Analysis, 1971 Cornell University, School of Hotel Administration, Teaching Assistant Hotel Orientation, Hotel Accounting and Restaurant Accounting, 1965 to Speeches and Publications American Hotel and Motel Association, Hotel Development Financial Seminar, Houston, Texas. American Hotel and Motel Association, Family Owned Business Seminar, Hilton Head, South Carolina American Hotel and Motel Association, International Panel NYC Conference, New York, New York Holiday Inns World Franchise Conference, Memphis. Tennessee Meet the Money Conference, Los Angeles, California New York State Restaurant Association, New York, New York Ramada Inns Franchise Conference, Las Vegas, California Rodeway Inns of America Franchise Conference, San Francisco, California Texas Hotel and Motel Association, San Antonio, Texas The Lodging and Food Service Industry, Contributing Author Cornell Quarterly, Computers and the Hospitality Industry. Regular Columnist, Hotel and Motel Management Magazine Periodic Columnist, Hotel Executive Magazine Hotel Industry Forecast, Denver University School of Hotel Management Lodging Industry Forecast, PKF Annual Trends The 90 Minute Financial Manager Professional & Educational Affiliations American Institute of Certified Public Accountants Cornell Society of Hotelmen, Past President, Houston Chapter Houston Convention and Visitors Bureau, Past Board Member