San Diego-based hospitality ownership group J Street Hospitality has appointed Mark McDermott chief investment officer. In the newly created role, McDermott will oversee investments and capital strategy, including sourcing and negotiating new investment opportunities for the company. He will report to Sajan Hansji, the company’s president/CEO.
“Mark comes to J Street Hospitality with hospitality, real estate and finance experience,” Hansji said in a statement. “Over his career, he has been a dealmaker who knows hospitality and has broad experience in real estate. We have a sharp, value-add focus, and the addition of Mark allows us to implement an aggressive growth and acquisition strategy in the western U.S.”
McDermott has nearly 25 years of experience in hospitality and real estate. He is a licensed real estate broker and has held roles at CBRE Hotels, Colliers International Hotels/PKF Capital, Wyndham Hotels & Resorts and Metromedia Restaurant Group. He has focused on providing hospitality brokerage and advisory services to hotel/resort owners, investors and developers.
“My experience in hospitality acquisitions and development along with J Street Hospitality’s proven track record will allow us to position the company for growth,” McDermott said in a statement. “I look forward to working with the team to maximize value for our partners and investors.”
According to its website, J Street Hospitality has nine hotels open with a total of 1,061 guestrooms. It has plans for another five hotels, which it expects will add 898 rooms to its portfolio. The company's properties, all in California, are largely split between San Francisco and San Diego.