Relative to developers of traditional income producing real estate, McManus says, "hotel owners and developers have always faced greater challenges to secure capital. The business operations of a hotel do not produce underwriteable future lease income as they are subject to uncertainty in occupancy and ADR." Andrew L. Benioff is named president and COO of RSG. He has 15 years of experience in luxury hotel operations, management and finance. He has held executive posts at Pan Pacific Hotels and Resorts, Nikko Hotels International, and Ritz-Carlton Hotel Co. in the US. In addition to its headquarters here, Remington Financial, a real estate investment bank, has offices in Boston, New York, Fort Lauderdale, FL, Phoenix and Los Angeles.
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