Hospitality & Real Estate
Hospitality & Real Estate: Development, Asset Management and Underwriting
Mordy Steinfeld is an independent, owner-side hotel adviser in Monsey, NY, with no operator affiliation: hotel development and owner's representation, asset management for single hotels from limited- and select-service to full-service, and hotel acquisition underwriting, plus underwriting, financings and partner buyouts across real estate. His work includes leading the design and development of The William Vale, a $147M hotel in Williamsburg, Brooklyn; asset management of an 82-room limited-service hotel in the Hudson Valley, NY, since 2023; and, earlier, asset management of a 468-room Hyatt Regency in the Chicago area.
Who It's For
Hotel and real estate owners
Owners of single hotels, from limited- and select-service to full-service, and owners, developers and family offices in real estate. Mordy is independent, with no operator affiliation. He has worked on hotels in the Hudson Valley, New York City, New Jersey, the Chicago area and several other states, and takes engagements across the US.
Development
Development and owner's representation
Mordy's development work spans more than $500M in projects, from acquisition and entitlement through design and the handover to operations. As owner's representative, he negotiates with brands, runs the selection of the architect and designer, and builds protections into the contracts.
Hotel Development · Prior Role
The William Vale$147M Mixed-Use Hotel, Williamsburg, Brooklyn
As Head of Operations at Riverside Developers and its hotel-management affiliate, Espresso Hospitality, Mordy led the design, development and operation of the 183-room hotel and its multiple food-and-beverage outlets, including a rooftop bar and pool, and negotiated the outlets' management agreements.
Hotel Development · Prior Role
Three Ground-Up Boutique HotelsWithin a $2 Billion Family Office
As Managing Director, Hospitality, at All Year Holdings, Mordy managed the development of three ground-up boutique hotels and asset-managed the $147M mixed-use project, within a $2 billion family office.
Real Estate Development · Prior Role
$375M+ in Development BudgetsFull-Lifecycle Development
As Senior Real Estate Development Manager at PEG Companies, Mordy managed full-lifecycle development, from acquisition and entitlement through operations handover, across combined development budgets of more than $375M.
Owner's Representation
69-Key Hotel ConversionHistoric Building, Hudson Valley, NY
In 2023, as owner's representative on the conversion of a historic building into a 69-key hotel, Mordy negotiated with two major hotel brands over the franchise, ran the selection of the architect and designer, and negotiated contract protections.
Asset Management
Owner-side asset management for single hotels
A management company runs the hotel day to day. As asset manager, Mordy works with single hotels, from limited- and select-service to full-service, on:
- Oversight of the management company: performance meetings on the P&L, revenue, labor and guest scores
- The operator's annual budget and forecasts, tested before they're approved
- Capital planning and capital projects, including brand-required improvements (PIPs) and renovations
- Financing and refinancing, and the decision to hold, sell or refinance
- Franchise decisions, including conversion to independent
- Hotel management agreements: termination rights and fee terms
- Property-tax assessments and grievances
- Operating models
Hotel Asset Management
82-Room Limited-Service HotelHudson Valley, NY
Owner-side asset management since 2023. Mordy refinanced a 14% interest-only bridge into a 6% 10-year loan, managed a penalty-free franchise exit as the hotel converts to independent, and cut the assessment about 16% through a property-tax grievance.
Hotel Asset Management
468-Room Hyatt RegencyChicago Area
Mordy provided asset management for a full-service Hyatt Regency on behalf of its ownership.
Hotel Asset Management
Asset-Management Platform11-Hotel, ~2,300-Room Pipeline
Mordy built the operating model for a hotel asset-management platform with an 11-hotel, ~2,300-room pipeline.
Hotel Asset Management
Hotel Management AgreementTermination and Incentive-Fee Terms
Mordy negotiated a hotel management agreement under which the owner can terminate it if the operator underperforms, and the operator's incentive fee is capped.
Acquisition Underwriting
Hotel acquisition underwriting and diligence
For buyers weighing a hotel acquisition, and owners weighing a repositioning, Mordy underwrites the deal and carries out the diligence.
Real Estate
Real estate underwriting, financings and buyouts
Beyond hotels, Mordy works with real estate owners, developers and family offices on underwriting, financings, partner buyouts, complex modeling and capital projects. On financings, he works for the borrower: he isn't a loan broker and takes no fees from lenders. His projects include:
- Underwriting and offering materials for more than $400M of development and acquisitions in the New York City area
- Nearly $100M of financings coordinated in 18 months, including a multi-lender same-day refinancing
- A minority partner's exit across five related entities
- From-scratch models for the layered capital structure of a large residential development
- Asset management and capital projects for a family office's New York City portfolio
Background
In real estate, hospitality and transactions since 2011 · MBA, Boston University · Certified Hotel Administrator (CHA) (Expired)
Frequently Asked Questions
I own one hotel, not a portfolio. Is that too small for you?
No. Mordy provides asset management for single hotels. For example, he has been the asset manager for an 82-room limited-service hotel in the Hudson Valley, NY, since 2023, and earlier provided asset management for a 468-room full-service Hyatt Regency in the Chicago area.
Do you know the New York market?
Yes, both New York City and the Hudson Valley. Among other projects, Mordy led the design, development and operation of The William Vale in Williamsburg, Brooklyn, and underwrote a 199-key lifestyle hotel in Brooklyn. In the Hudson Valley, he is the asset manager for a hotel, and in 2023 he was the owner's representative on the conversion of a historic building into a 69-key hotel. He is based in Monsey, NY.
Who pays you?
Only the owner. Mordy takes no management, brokerage, franchise-referral, lender or vendor fees.
Do you run the hotel?
No. A management company runs the hotel day to day. As asset manager, Mordy oversees its performance, tests its budget and forecasts, and handles financing, the franchise and management agreements, property taxes and capital planning. He has worked on the operator's side too, as general manager of a boutique hotel in Brooklyn from 2011 to 2013.
How does an engagement start?
With a review of the hotel's recent results and budget, its management and franchise agreements, any brand-required improvements (PIPs) and the loan terms. From there, Mordy meets monthly with the management company on performance and works with the owner on the budget, capital plans, financing and franchise decisions.
Can I speak with an owner you work for?
Yes. References are available on request.
My franchise is expensive. Can I get out of it?
It depends on the franchise agreement. At a hotel Mordy manages in the Hudson Valley, for example, he managed a penalty-free exit from the franchise, and the hotel is converting to independent. For hotels staying with their brand, he works on the franchise terms and the brand-required improvements.
I'm stuck with an expensive bridge loan. Can you help refinance it?
Mordy works on refinancing as asset manager, on the borrower's side: he isn't a loan broker and takes no fees from lenders. At a hotel he manages in the Hudson Valley, for example, he refinanced a 14% interest-only bridge loan into a 6% 10-year loan. He has also coordinated nearly $100M of real estate financings in 18 months, including a multi-lender same-day refinancing.
We're developing or converting a hotel. Can you represent us?
Yes. Among other projects, in 2023 Mordy was owner's representative on the conversion of a historic building into a 69-key hotel in the Hudson Valley, NY: he negotiated with two major brands over the franchise, ran the selection of the architect and designer, and negotiated contract protections.
We're looking at buying a hotel. Can you underwrite it?
Yes. Mordy's hotel underwriting includes, among others, a 199-key lifestyle hotel in Brooklyn for a prospective buyer and the repositioning of a 119-room hotel in New Jersey for its owner.
Do you only work on hotels?
No. Mordy also works on real estate, including underwriting and offering materials for more than $400M of development and acquisitions in the New York City area, nearly $100M of financings coordinated in 18 months, partner buyouts, complex capital-structure models and capital projects.