From the Director
As I reflect on the past year my thoughts go first to all of our board members. Over the past year we have been fortunate to add many new board members and to have the vast majority of the rest of our board continue their support. The resources they all provide through their guidance, and physical and financial support are so very much appreciated. I am looking forward to working with all of our board members, new and continuing, over the coming academic year. Read more.
Welcome New Board Members!
Jeffrey Kruse '16, Managing Director, Kolter Group
Mr Kruse is responsible for overseeing all aspects of ground-up development throughout Florida, including site origination, design, financial structuring, and asset management. Prior to Kolter, he managed the construction, asset management, and disposition of all Transit Oriented Development along the Brightline High-Speed Rail at Florida East Coast Industries.
David Mei '94, Vice President, Global Capital Investments & Transactions, IHG Hotels & Resorts
Mr Mei has more than 25 years’ experience in hospitality, corporate finance and real estate. In his current role he is responsible for M&A activity, negotiating complex deal transactions, and managing relationships with major equity and debt providers.
Paul Rubacha '72 (CALS), MBA '73, Co-Founder and Principal, Ashley Capital
Mr Rubacha directs the firm’s investment and development activities and oversees the management of a professional staff located in four cities. Prior to co-founding Ashely Capital, he served in senior capacities within the Real Estate Departments of Goldman Sachs, Citibank, and Prudential Insurance Company.
CREF hosted its annual Fall Meeting on September 29, 2022
We had a full day of events with lots of student interactions. Dean Andrew Karolyi introduced the new joint real estate department at the board meeting, which was followed by an industry focused roundtable, a speed networking event for students, and a networking reception!
I know the students were very appreciative of your time and engagement, as were we all.
Gift to establish Paul Rubacha Department of Real Estate
A $30 million gift from Paul Rubacha ’72, MBA ’73, will create an innovative, multicollege department of real estate, uniting partners across academia and industry, and building on Cornell’s strengths in engaged learning and impact-focused scholarship to increase opportunities for students and advance the field.

See what CREF has been up to!
This annual report recaps events for the 2021-2022 fiscal year.
Upcoming Events
14th Annual Cornell International Real Estate Case Competition (CIRECC)
November 11-12, 2022 | NYC – Convene 1 Liberty Plaza
The Cornell International Real Estate Case Competition, developed by the Cornell Peter and Stephanie Nolan School of Hotel Administration at Cornell University, attracts a global array of students and tasks the teams with analyzing an actual commercial real estate transaction, rendering a recommendation, and providing a presentation of their analysis and proposal. The competition itself is the culmination of an intensive five-day analysis preparation by the students and a full day of presentations. The teams are judged on their investment recommendations, approach to the problems, and presentation skills. Judges in the competition are real estate executives representing top companies in the industry. The competition is open to undergraduate student teams and is by invitation only. We are excited to host this event in-person again!

Participating schools: Baruch College – City University of NY; Cornell University; Georgetown University; Indiana University; KTH Royal Institute of Technology in Stockholm; Penn State; Rutgers University; Toronto Metropolitan University – Ryerson University; Southern Methodist University; University of Auckland; University of British Columbia – Sauder; University of Connecticut; University of Georgia; University of Southern California; University of Texas at Austin; University of Wisconsin at Madison; Villanova University

Industry judges will be added soon.

For information about the competition and sponsorship opportunities, contact The competition is funded in part by the Marjorie Boas Levins and Jack Levins/F.H.T. Rhodes Real Estate Case Competition Fund.
Guest registration is open now.

Cornell Hotel Indices
Third Quarter 2022: Long Small Hotels, Short Large Hotels
October, 2022 - Crocker Liu, Adam Nowak, Robert White Jr.
The price of hotels showed particular strength in the Mid-Atlantic, Pacific, and West South Central regions, while other regions experienced positive growth albeit at a slower rate relative to the previous period. Looking toward the next quarter, our near-term leading indicators of hotel price performance indicate that we should expect slower or declining price momentum for large hotels but not necessarily for small hotels.
"I am honored to be part of the CREF advisory board, as it provides a broad network of alumni who bring together unique and different perspectives."
- Terrence Loh '97, CDIB Capital, Senior Vice President
CREF Featured Corporate Partners

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