Troy Furbay, who up until now was CIO at Loews Hotels & Resorts, has joined DiamondRock Hospitality as EVP and CIO, effective April 22, 2014. He will be responsible for the REIT's acquisitions and dispositions and will play a major role in strategic market analysis.
Furbay will report directly to Mark Brugger, DiamondRock's president and CEO. "We are delighted to welcome Troy to our team and to add another talented and proven industry veteran to a key role to continue DiamondRock's positive momentum and to enhance the Company's focus on disciplined and measured capital recycling," said Brugger. "Over his 25 years in the business, Troy's strategic vision and focused execution have translated into an impressive track record of sourcing and underwriting high quality hotels with excellent returns. Just as the addition of Rob Tanenbaum has enhanced our asset management function, we expect Troy to add significant value given his ability to leverage long-term relationships with leading industry players and the investment community, which will expand our network for sourcing attractive property investments and for monetizing non-core hotels. He has a proven detailed-oriented, data-driven approach to underwriting. We look forward to collaborating with Troy as we position DiamondRock to deliver superior shareholder returns across the lodging cycle."
At Loews, Furbay was responsible for the creation and implementation of short and long-term growth strategies and for leading over $600 million in capital investments. He also led capital raising efforts, numerous asset development programs and cultivated relationships with brokerage firms and development communities.
Prior to Loews, he served for nearly a decade as SVP, acquisitions and development at Kimpton Hotels.