From the Director
I hope everyone is doing well and enjoying the summer months. This past June we were fortunate to have our board meeting hosted by Adam Burinescu at the Centerbridge Headquarters. We had 30 members in attendance and another 18 joined us on zoom. Just as Dan Peek and HWE had the year prior, the hospitality of a board member provided us with an opportunity to connect in NYC. Thank you, Adam. Read more.
Welcome New Board Member!
Faron A. Hill, MBA '20, founder & president, Peregrine Oak
Mr. Hill is the founder and president of Peregrine Oak, a commercial real estate capital markets and advisory services firm. Based in Atlanta, Georgia, the firm works exclusively with clients to provide creative capital solutions, and advisory services for complex commercial transactions.
William Lovejoy, president & CEO, Masterworks Development Group
Mr. Lovejoy is the president and CEO of Masterworks Development Group, a New York City based real estate developer, owner and operator of hotels and other properties in gateway cities. Most of its hotels are operated under the Club Quarters brand, which Masterworks owns.
Justin D. Smith, president, Prestige Hospitality Group
Mr. Smith brings over 20 years of hotel operations and finance experience with particular expertise in the areas of operations, management training, hospitality accounting and hotel development and acquisition.
Richard Stockton '92, founder & CEO, Braemar Hotels & Resorts
Mr. Stockton was appointed to the Board of Directors for Braemar Hotels & Resorts in July 2020. He has served as CEO since November 2016 and as President since April 2017.
Paul Rubacha '72 (CALS), MBA '73, co-founder & principal, Ashley Capital
Mr. Rubacha, along with co-founder Rick Morton, directs the firm’s investment and development activities and oversees the management of a professional staff located in four cities.
May 5, 2022 | Ithaca, NY
7th Annual Titans of Real Estate

The 2022 Titans of Real Estate event, held together with the Cornell Baker Program in Real Estate’s Distinguished Speaker Series, took place on Cornell Ithaca’s campus and featured an interview with Richard Baker ’88, governor and executive chairman, Hudson’s Bay Company, and Jack Baker ’19, chief operating officer, National Realty & Development Corp. They were interviewed by the Academic Director for the Center for Real Estate and Finance, Steve Carvell, professor of finance in the Cornell SC Johnson College of Business.

Opening introductions were made by Cody Danks Burke, visiting professor of practice; managing director, The Agnew Company, with welcome remarks from Kate Walsh, dean, Cornell Nolan School of Hotel Administration.

We were thrilled to host the winners of the Philip Payton Society Real Estate Case Competition! Yentell James and Mikayla McDaniel joined us from North Carolina A&T University, and were recognized at the reception following our speaking event. The team also included Faheema Fabre and Jacquoia Hunter. Presenting the check were Ali Daye ‘MRE ’19 (Baker), founder of the Philip Payton Society; Amanyi Richardson MRE ’22 (Baker), president, Philip Payton Society, Christopher Browne MRE ’23 (Baker), treasurer, Philip Payton Society, Victor Younger, director of diversity and inclusion, Cornell Nolan School of Hotel Administration; Richard Baker ’88, governor & executive chairman, Hudson’s Bay Company; Steven Carvell, professor and CREF academic director; & Kate Walsh ’90, dean, Cornell Nolan School.
May 22-23, 2022 | Las Vegas, NV
Congratulations to 1st place winner University of British Columbia – Sauder and 2nd place Cornell University!
The 7th Annual ICSC Cornell Retail Real Estate Case Competition took place in-person on May 22-23, 2022. This invitation-only competition welcomed undergraduate teams comprised of four students each from the top university real estate programs. This intense competition provided an opportunity for students to practice the skills they have learned in the classroom and showcase their talents to the leaders of the industry. A total of $20,000 was awarded to the top teams on May 23rd.

Participating schools:

  • Cornell University
  • Indiana University–Purdue University Indianapolis
  • University of British Columbia – Sauder
  • University of Colorado Boulder
  • University of Connecticut
  • University of Texas at Austin
eCornell HBCU Initiative
Along with eCornell, we are excited to launch the second cohort of our Commercial Real Estate pilot. The program will engage 30 students from seven HBCUs around the country, who will have the opportunity to earn a certificate in Commercial Real Estate in six months. Thanks to support from Blackstone, this opportunity is being offered to students at no cost. HBCU Faculty, generous with their time, support students throughout the asynchronous online program; and students have the opportunity for synchronous interaction with Cornell faculty, facilitators, peers and practitioners.
Upcoming Events
CREF Advisory Board Meeting
September 29, 2022 | Statler Hall, Ithaca, NY

Invitation Only
14th Annual CIRECC
November 11, 2022 | NYC

This year’s competition will be in-person in New York City. Stay tuned for more details!
Cornell Hotel Indices
First Quarter 2022: Beware the Ides of March
May 3, 2022 - Crocker Liu, Adam Nowak, Robert White Jr.
Hotels in gateway and non-gateway cities continue to post positive performance. Moving average trendlines show that prices for both large and small hotels are remaining above averages indicating they are still a buy. This may soon change.
“Cornell School of Administration Center for Real Estate brings together the best minds in the Real Estate industry to help students get positions in CRE and trade ideas.”
- Bob Alter '73, CEO, Seaview Investors, LLC
CREF Featured Corporate Partners

For more information email