02/10/05: The airlines must be hurting worse than we thought. American Airlines has just announced that it will no longer be offering pillows on its flights. This will represent an annual cost savings of $375,000. For a company that posts revenues of over $18 billion per year, this amounts to less than whistling in the wind. It also shows that the airline industry needs to reinvent itself or severe consequences lay ahead. However, if American gets creative, they can save their cherished pillows. Perhaps someone in their business development division can work out a sponsorship program with a pillow manufacturer such as Tempur-pedic. It's a creative approach for a pillow company to market its products to millions of passengers per year and a way to save one of the last vestiges of comfortable air travel.

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	RERC (CHICAGO) The firm has promoted Kent Steele to principal. Steele, a five-year veteran at the company, specializes in commercial real estate valuation and market analysis.
	ARBOR COMMERCIAL MORTGAGE (UNIONDALE, NY) Wendy Stamnas has been tapped as FHA chief underwriter, moving up from her prior position as senior FHA underwriter. Stamnas will provide direction and technical guidance in her new position.

	COLONY CAPITAL (LOS ANGELES) Wilson Magee and Jeff Moore have joined the company's New York City office as principals. Magee was most recently co-portfolio manager in the real estate securities investment strategies group at Goldman Sachs. Moore was previously managing director at Citigroup Alternative Investments.
	O'NEILL PROPERTIES GROUP (KING OF PRUSSIA, PA) James Savard has joined the company as vice president of acquisitions and transactions, moving over from his previous post as senior vice president of tenant representation at Jones Lang LaSalle's Philadelphia office.
	TRAMMELL CROW (FLORHAM PARK, NJ) John Goodwin has been hired as sales associate. Goodwin, who will serve both tenants and owners, was most recently at SJP Properties in Parsippany, NJ.
	MEREDITH & GREW (BOSTON) The firm has appointed Adam M. Coppola and Seth I. Rosen as analysts for its finance and capital markets group. Coppola was previously senior fund accountant at State Street Corp.; Rosen was acquisitions consultant at National Development Inc.
	COLLIERS INTERNATIONAL (FOSTER CITY, CA) Sean Heffran has come on board to the local office here as retail broker. Heffran moves over from Grubb & Ellis in Los Angeles, where he was retail investment broker.
	NAI OLYMPIA PARTNERS (INDIANAPOLIS, IN) Michael Firsich has joined the company as associate in its office division. Firsich was previously district sales manager at BoiseWorkplace.

STONERIDGE CAPITAL PARTNERS

Real Estate Acquisitions Professional

(CALIFORNIA)

Working closely with CEO and underwriting team, this professional will identify potential acquisitions and serve as point of contact with brokerage community. He or she will develop a network of brokers in targeted western US markets and complete preliminary property/market reviews and analyses.

JOSEPH FREED & ASSOCIATES LLC

Development Manager

(ILLINOIS)

Ideal candidate will play a key role running a series of development projects, using his or her strong emphasis on project management and financial analysis/modeling. Previous on-point experience working on development projects in a financially oriented context is an advantage.

SELECTLEADERS

CMBS Analyst

(ILLINOIS)

With a strong financial and analytical background, this professional will assist in the origination of CMBS and structured finance transactions, which includes conducting financial and market analysis as well as due diligence coordination on projects relating to real estate capital markets.

CB RICHARD ELLIS

Director of Operations – US Portfolio Management Center

(OHIO)

In this comprehensive position, ideal applicant will oversee US operations at the company's portfolio management center. This involves enhancing operational efficiencies, developing best-practices processes and ensuring that all internal and external client goals are met.

GRUBB & ELLIS CO.

Real Estate Executive

(NEW JERSEY)

This business unit leader will manage a New Jersey facility using significant experience in business development/sales, proposal writing, operations management, team-building, client relations, budgeting and financial reporting.

EQUITY OFFICE PROPERTIES

Manager, Due Diligence

(ILLINOIS)

Successful candidate will create and review cash flows on potential acquisitions, developments and dispositions, while also acting as point person for due diligence process. In addition, he or she will review purchase and sale agreements, partner with legal department and coordinate closing process.

THE MELROSE HOTEL CO.

Director of Accounting & Financial Reporting

(PENNSYLVANIA)

Serving as a senior advisor with regard to area hotel properties, this professional will plan, direct, and manage the provision of accurate, timely, and objective financial data while also safeguarding owner assets with sound internal control systems. He or she will hire highly skilled staff and participate in total hotel management.

AVALON BAY COMMUNITIES

Portfolio Director

(NEW JERSEY)

Applicant must demonstrate ability to manage operational and financial aspects of a portfolio of assigned communities, which entails developing, implementing and monitoring revenue, expenses and customer satisfaction. He or she will also manage customer service issues and staff.

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