Marcus & Millichap Appoints National Director of Hospitality Division

Rhea-AI Summary

Marcus & Millichap (NYSE: MMI) announced the appointment of Biran Patel as the senior vice president and national director of its hospitality division. Patel, with over 20 years of experience in the hospitality sector, will lead the division focusing on investment advisory and transaction services for various hospitality properties. J.D. Parker, COO, emphasized Patel's expertise as a vital resource for clients. The firm aims to enhance its platform by leveraging Patel's knowledge and the extensive network of over 2000 investment sales professionals.

Positive

• Hiring of Biran Patel brings over 20 years of hospitality experience.
• Strengthened leadership in the hospitality division enhances advisory services.

Negative

• Potential continuity concerns as Patel transitions into a leadership role.

CALABASAS, Calif.--(BUSINESS WIRE)-- Marcus & Millichap, Inc. (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the hiring of Biran Patel as senior vice president and national director of the firm’s hospitality division. Patel will be responsible for overseeing the hospitality division, which focuses exclusively on providing investment advisory and transaction services for hospitality, lodging, resort, marina, and golf properties.

Biran Patel (Photo: Business Wire)

J.D. Parker, executive vice president and chief operating officer-Eastern Division, Marcus & Millichap, stated: “We are thrilled to have Biran lead our hospitality division. His abundance of experience across all facets of the hospitality industry over the past 20 years, coupled with our position as the market leader in limited and select services hospitality sales, provides a unique and indispensable resource for our clients.” Marcus & Millichap’s hospitality division is comprised of over 100 professionals who are focused exclusively on providing investment advisory and transaction services for hospitality and related specialty types. “The addition of Biran is a key part of our ongoing commitment to expand our platform and bring industry expertise to bear in assisting our clients with their investment objectives,” Parker added.

Most recently, Biran served as an officer for the Asian American Hotel Owners Association (AAHOA) since 2017 and as chairman from 2020 through 2021. He holds a B.S. in finance from the University of Texas.

“The hospitality industry has been an integral part of my life,” said Patel. “I spent my childhood being exposed to every aspect of the business at my family’s hotels. By learning from the ground up, I have a unique perspective of the intricacies associated with a successfully run hotel and have utilized this knowledge throughout my professional career. I’m excited about bringing my breadth of hospitality experience and business acumen to Marcus & Millichap.”

Marcus & Millichap’s Hospitality Division leverages a network of over 2000 investment sales and financing professional specialists in offices across the United States and Canada to expose properties to the largest possible pool of qualified investors.

About Marcus & Millichap (NYSE: MMI)

With over 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 8,954 transactions in 2020 with a value of approximately $43 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220131005349/en/

Gina Relva, VP of Public Relations

Gina.Relva@marcusmillichap.com

510-999-1284

Source: Marcus & Millichap, Inc.

FAQ

Who is Biran Patel and what is his role at Marcus & Millichap?

Biran Patel is the newly appointed senior vice president and national director of the hospitality division at Marcus & Millichap, responsible for overseeing investment advisory and transaction services.

What experience does Biran Patel bring to Marcus & Millichap?

Biran Patel has over 20 years of experience in the hospitality industry, including leadership positions at the Asian American Hotel Owners Association.

What is the focus of Marcus & Millichap's hospitality division?

The hospitality division focuses on providing investment advisory and transaction services specifically for hospitality, lodging, resort, marina, and golf properties.

How does the hiring of Biran Patel impact Marcus & Millichap's business?

Patel's hiring is expected to enhance the firm's advisory services and strengthen its leadership position in the hospitality sector.

What is the significance of Marcus & Millichap's network of professionals?

Marcus & Millichap leverages a network of over 2000 investment sales and financing professionals to connect properties with a broad pool of qualified investors.