Rachel Roginsky, ISHC is the owner and Principal of Pinnacle Advisory Group and she is based in the firm's Boston office. Ms. Roginsky has more than 30 years of experience in hospitality consulting. She started her career in hospitality operations, and then worked as a Senior Consultant with the national accounting firm Pannell Kerr Forster, eventually becoming a Director, overseeing their Management Advisory Services practice in New England. In 1991, Ms. Roginsky founded Pinnacle Advisory Group. In 2001, Ms. Roginsky co-founded Pinnacle Realty Investments, a national hospitality brokerage company.

Ms. Roginsky provides hospitality operational, investment counseling and advisory services to corporate, institutional, and individual clients on all facets of hospitality real estate. Additionally, Ms. Roginsky has participated in numerous litigation assignments providing extensive experience for litigation support and expert testimony.

Ms. Roginsky is a Board Member of numerous hospitality-related organizations and societies, and is a regular guest lecturer at prestigious institutes of higher educations. She is widely published and quoted, and is the co-editor and author for Hotel Investments: Issues and Perspectives, a well regarded book (5 editions) published by the Educational Institute of the American Hotel and Lodging Institute. Ms. Roginsky is also certified as an arbitrator and mediator for Hospitality Alternative Dispute Resolution.

Gregory T. Bohan, ISHC is the Managing Director of Pinnacle Advisory Group's office in South Florida and the coordinator and director of the firm's rapidly expanding Caribbean Basin practice. Since Pinnacle expanded into the region, the office has conducted studies and counseled clients with respect to development of more than 20 ultra-luxury resort residential projects in the Caribbean region, Mexico and Latin America.

Mr. Bohan has 35 years of experience in hospitality consulting. After graduating from Cornell University School of Hotel Administration in 1976, he was associated for 15 years with two national accounting firms that specialized in hospitality advisory services - Laventhol & Horwath and Pannell Kerr Forster. He was the Principal in charge of hospitality consulting for Pannell Kerr Forster's New York office from 1985 through 1991, prior to joining Pinnacle Advisory Group in the Boston home office of the firm. He opened the Florida practice office in early 2004.

Mr. Bohan specializes in market feasibility analysis and valuation counseling, with an emphasis on resort, resort residential and conference destinations. Mr. Bohan has published articles in leading industry trade journals and is a member of the adjunct faculty at Florida International University where he teaches the program's primary course in hotel market feasibility analysis to Master's Degree candidates. He resides in Pompano Beach, Florida.

Matthew Arrants, ISHC is the Managing Director of Pinnacle Advisory Group's Boston office. For the past 13 years, Matt has specialized in asset management, new development and operational reviews. His clients include universities, hospitals, real estate investment funds, and hotel owners and lenders. Formerly the Chairman of the International Society of Hospitality Consultants, a group of leading hospitality consultants representing 35 countries around the world in a variety of hospitality related disciplines. Prior to joining Pinnacle, Matt worked in operations in various capacities with Four Seasons Hotels and Resorts, and Rock Resorts. He lectures regularly at the Cornell School of Hotel Administration and the Boston University School of Hospitality Administration. Matt holds a Masters Degree in Hotel Administration from Cornell University and a BA in Political Science from Hartwick College.

Karen Johnson, MAI, ISHC, is the President of Pinnacle Advisory Group West in Newport Beach, California. Ms Johnson has been active as a hospitality consultant since 1981. Most recently, Ms. Johnson was employed by Warnick + Co as a hotel asset manager and consultant. She spent almost nine years at Jones Lang LaSalle Hotels where she directed their Hotel Advisory Services Group for the Americas. In the late 1990's she headed up Horwath Landauer/Landauer Associates' West Coast hospitality consulting practice. Earlier experience includes PKF Consulting in Los Angeles, Marriott's Market Feasibility Department and Pannell Kerr Forster.

Ms. Johnson has been the asset manager for four hotels in the Western United states and has negotiated numerous hotel management contracts and run the process for brand/operator selections. Ms Johnson has prepared valuations and analyses for urban hotels, suburban hotels, resort hotels, casino hotels, conference centers, economy lodging, convention hotels, branded residences, condo-hotels, fractionals and entire resort communities. She has testified or provided expert witness reports for the US District Court, San Diego; US Bankruptcy Court, Northern District of Illinois, Eastern Division; the 14th Judicial District Court of Dallas, Texas; and arbitration proceedings in London.

She has authored articles for the Cornell Quarterly, Hotel On-Line and Hotel News Now, as well as the chapter on hotel management contracts for the Urban Land Institute's publication "Hotel Development Handbook." Ms. Johnson is an MAI and a member of the Urban Land Institute, sitting on the Entertainment Council. She was also admitted to the International Society of Hospitality Consultants (ISHC.)

Sabena Arora is the Managing Director of Pinnacle Advisory Groups New York practice office. Ms. Arora has over 16 years of hospitality real estate experience. Prior to joining Pinnacle Advisory Group, she spent six years with Highgate Holdings, specializing in acquisitions. During that time she was responsible for evaluating over $50 billion in national and international hotel investments and transacting on hotels totaling more than 12,000 rooms with approximately 4,700 of those rooms in Manhattan. She is experienced with transactions involving resorts, timeshare, mixed use projects, multiple asset portfolios, REITs, and casinos. Prior to Highgate, she spent two years at Hotel Equity Investors as a Director of Hotel Acquisition, and eight years at HVS International, where she appraised and provided consulting services on more than 200 hotels for corporate and institutional clients throughout the US. Ms. Arora holds a B.S. in Hotel Administration from Cornell University and a MBA from the University of Chicago Booth School of Business.

Pamela S. McKinney, MAI, CRE is the Director of Pinnacle's Valuation Services group. Based in Boston, Ms. McKinney oversees the firm's highly respected hospitality appraisal practice, which includes the preparation of valuations for a wide range of client needs including investment portfolio reporting, loan collateral evaluations, foreclosure and bankruptcy actions, development and renovation funding analyses, tax abatements and assessments, eminent domain proceedings and acquisition/disposition due diligence.

Ms. McKinney holds the MAI designation of the Appraisal Institute, the CRE designation of the Society of Real Estate Counselors, and is a former member of the Board of Directors of the Greater Boston Chapter of the Appraisal Institute. With over 30 years of experience in the field of real estate valuation and development counseling, she is a State Certified General Real Estate Appraiser, holding active licenses in over 20 states and has qualified as an expert witness in the Middlesex, Norfolk and Suffolk County courts in Massachusetts as well as the Massachusetts Land Court, the Court of Chancery of the State of Delaware and the federal bankruptcy and tax courts. She also lectures widely on the topics of real estate finance, valuation and development for graduate level courses - most recently at Harvard University, the Massachusetts Institute of Technology and Boston University.

In addition to her role at the Pinnacle Advisory Group, Ms. McKinney is the president and principal of Byrne McKinney & Associates, Inc., a nationally recognized real estate counseling and general practice commercial valuation firm with offices in Boston.

Gary Avigne has been an accomplished industry professional for more than 35 years. Gary brings a wealth of hands-on experience and expertise to the Pinnacle team. He is and has been a successful hotel Finance Director, General Manager, Developer, Operator, Owner, and Asset Manager. He has experienced the same business risk that many of Pinnacle's clients face every day. Gary has managed hotels as large as 1,800, and inns as small as five luxury rooms. His clients over the years have relied upon his collaborative and solution-based approach to challenges and opportunities. His approach is to combine superior statistical analysis with fine-tuned business intuition and judgment. Gary listens, and he collaborates. He has expertise in every discipline in the industry, and understands how these disciplines combine with the talents of many people to make a hotel successful. Gary delivers answers and value, and has always left a hotel better for his involvement. Gary has been a part of the Pinnacle team for more than 15 years.

Natalie Francoeur is a Senior Consultant specializing in asset management, providing long-term strategic planning for clients in transition periods, including asset repositioning, restructuring of management, development of operational policies and practices and budget planning and development. Her work with Pinnacle also encompasses market and financial analyses for proposed hotels of all types, strategic planning for corporate guidance related to acquisition, disposition and renovation of hotel assets. She has provided expert guidance in development and planning for a variety of hotel-related projects and complementary facilities as stand-alone assets, and within larger mixed-use developments. In addition, she is a key member of the team at Pinnacle that specializes in valuation counseling and appraisal services for both existing and proposed hotels throughout the United States. Natalie has a Bachelor of Science Degree from Cornell University's School of Hotel Administration and a Masters of Business Administration Degree from Babson College's F.W. Olin Graduate School of Business.

Alan Suzuki is a Senior Consultant with Pinnacle Advisory Group. Mr. Suzuki is based in the headquarters Boston office and has been with Pinnacle since 2005. Working with the Pinnacle team, Mr. Suzuki has gained experience regarding a variety of consulting assignments including market feasibility studies, acquisition due diligence, franchise impact studies, and valuations.

Prior to joining Pinnacle, Mr. Suzuki worked in operations for Four Seasons Hotels and Resorts in Washington DC, Jackson Hole, and Seattle. He is a graduate of the School of Hotel Administration at Cornell University.

Jonathan Jaeger is a Consultant in Pinnacle Advisory Group's headquarters office in Boston. He specializes in valuation of hospitality-related real estate and is currently licensed as a Certified General Real Estate Appraiser in Connecticut and is a candidate for receipt of an MAI designation under the guidance of Rachel Roginsky, ISHC and Pamela McKinney, MAI, CRE. Beginning in the spring of 2011, Jonathan joined the adjunct faculty at Boston University, serving as co-instructor of the Hotel Asset Management course with Matt Arrants, ISHC. Mr. Jaeger graduated with a Bachelor of Science from the Boston University School of Hospitality Administration along with a minor in Business Administration from the Boston University School of Management. He is an Associate Member of the Appraisal Institute as well as an active member in the Massachusetts Chapter as the University Outreach Chair for the Emerging Leaders Committee. In addition, Mr. Jaeger is also an active member of the American Hotel & Lodging Associations (AH&LA) and well as a Development Coach for the United States Professional Tennis Association (USPTA).

Tracy Cooper Ramos, Senior Consultant with Pinnacle Advisory Group is a 15 year veteran of the hotel and real estate industries, with extensive experience in asset management, hotel development, market and financial analysis and projections for underwriting for financing. She specializes in litigation support and asset management and has a keen understanding of the intricacies of hotel ownership, financing and development and uses this knowledge to assist clients with special projects serving their unique needs. Ms. Cooper lectures frequently at the School of Hotel Administration at Cornell University and currently teaches Cornell's on-line classes in hotel asset management, revenue management and strategy. She is a graduate of the School of Hotel Administration at Cornell University.

Allison R. Fogarty is a Director in the South Florida office of Pinnacle Advisory Group. She has over 25 years of experience in hotel and resort development. During her career, she has directed and completed market and financial analysis engagements for hotels, resorts and gaming companies in the eastern United States and the Caribbean. Her activities have included site selection, property inspection, contract negotiation and review and due diligence. She has also been responsible for project planning and directing the activities of architects and project engineers. In addition to the above Ms. Fogarty has extensive experience with respect to strategic planning, development and financial analysis in the cruise industry. Prior to Pinnacle Advisory Group, Ms Fogarty's previous employers have included the Hospitality Industry Services Consulting Group of Ernst & Young LLP; American Classic Voyages, owner of, among other cruise companies, The Delta Queen Steamboat Company, Cunard Hotels & Resorts and Pannell Kerr Forster She is a graduate of the University of Rochester and holds a Masters degree in Hotel Administration from Cornell University's School of Hotel Administration.

Shari K. Spector is a Director in the South Florida Office of Pinnacle Advisory Group. She has over 25 years of experience in all aspects of hospitality consulting. Her career began as a Certified Public Accountant in the Miami Office of Deloitte Haskins & Sells. After working on numerous hospitality related audits Ms. Spector took the position of Senior Consultant at Pannell Kerr Forster, a national Accounting and Consulting Firm - in their Miami practice office. Ms. Spector then became the Senior Manager in the Hospitality Consulting Practice of Kenneth Leventhal and Company, a national accounting and consulting firm. From Kenneth Leventhal, Ms. Spector went on to become a Principal of Resort Developments Consultants, a hospitality consulting firm specializing in the Caribbean and Latin America, prior to joining Pinnacle Advisory Group. Ms. Spector provides market and financial consulting expertise with an emphasis on for mixed use resort developments located throughout the United States, the Caribbean and Latin America. She also has extensive experience in the review of operations of private clubs, hotels and resorts, as well as valuation and appraisal experience for proposed and existing hotels and resorts.

Sebastian J. Colella. Leveraging his operational knowledge and expertise from experiences in the field, Sebastian is currently involved in a variety of projects in the areas of market analysis, hotel valuation and other disciplines within the Pinnacle portfolio.

Prior to joining Pinnacle Advisory Group, Sebastian held a variety of management roles in hotels, resorts and private clubs. With capacities focusing on both sales and operations, he has worked for ClubCorp, the world leader in private clubs, Rosewood Hotels' flagship property in New York City, The Carlyle, and most recently lead efforts to open Zanzibar, Tanzania's first luxury resort, Baraza Resort & Spa. Sebastian is a graduate of the School of Hotel Administration at Cornell University.

Qualifications

Clients

Pinnacle Perspective