Robert Alter (hotelier)

Last updated

Robert Alan Alter (born March 5, 1951, in New York, NY) is an American hotelier and real estate investor. He is the founder and chairman emeritus of Sunstone Hotel Investors, Inc. (NYSE: SHO), [1] and the current president of Seaview Investors, LLC, a real estate investment management company that operates hotels in Southern California and Colorado. [2]

Contents

Early life

Alter attended Cornell University’s School of Hotel Administration in the early 1970s, with the intention of entering the restaurant business after graduating. Instead, Alter ended up taking a position with Quality Inns in Colorado after his graduation in 1973. [3] [4]

Career

Alter made the leap from employee to ownership in 1976 when he and a partner started Mountain Resorts Inc. with the purchase of a single 28-room hotel. [3] Within 10 years, the number of hotels owned by Mountain Resorts had grown to 10 and Alter formed Colorado Hotel Management in order to run them. In the late 1980s, he moved his business to California, where it began operating as Capstone Properties. [3]

First IPO

In 1995, Alter took the company public. [5] [6] The Capstone name was already in use, so the company became known as Sunstone Hotel Investors Inc. At that time, Sunstone had a total enterprise value of $75 million with revenues of $30 million. Sunstone was a publicly traded REIT for 5 years, from 1995 to 1999. Initially Sunstone operated only in the West, however in 1997, Sunstone purchased Kahler Realty Corp [7] based in Rochester MN, and its 17 hotels for $372 million.

In 1999, Alter joined with New York-based Westbrook Partners LLC to execute a management-led leveraged buyout of Sunstone. [8] The transaction closed in November 1999 with a total valuation of over $900 million. Over the next 5 years, Alter focused on upgrading Sunstone’s portfolio, with an emphasis on the upscale business niche. [9] As a privately owned corporation, Sunstone expanded eastward again with acquisition of 15 hotels from Dallas-based Wyndham Worldwide in 2002. As of 2004, Sunstone owned 77 hotels in 23 states. [6]

In the year 2000 Alter founded Buy Efficient, LLC, an internet-based purchasing management platform with over 900 participating hotels and senior living properties throughout the United States and Canada. [4] Sunstone Hotel Investors became the sole owner of Buy Efficient following a buyout of its joint venture ownership with Strategic Hotels & Resorts. As of 2015, Buy Efficient, LLC operates as a subsidiary of Avendra, LLC.

Second IPO

In 2004, Sunstone went public once again as Sunstone Hotel Investors Inc., with a total enterprise value of approximately $1.6 billion. The company raised $413 million in the largest Orange County stock debut of that year. [10] [11]

In 2007, Mr. Alter named his replacement as CEO of Sunstone and retained the title of Chairman of the Board of Directors. [12] During Alter’s 22-years as CEO, Sunstone acquired 125 hotel properties with more than 20,000 guest rooms and disposed of 80 hotels.

Robert Alter is founder and current President of Seaview Investors LLC., a privately owned hotel investment company, established in 2006. [13] [2]

Board memberships

In the Fall of 2009, Alter served as an adjunct member of the faculty at the School of Hotel Administration at Cornell University. [14] He is currently serving on the Dean’s Advisory Board at Cornell. [15]

Mr. Alter also serves as a Board Member of the Chancellor’s Hospitality Industry Advisory Board for California State University [16] He currently serves on the board of the Tejon Ranch company (TRC:NYSE). [17]

Awards

Personal life

Robert Alter married Joni Simpkins in October 2006. Joni Alter is currently VP Sales & Marketing at Seaview Investors. [2] They share 4 adult children between them.

Related Research Articles

<span class="mw-page-title-main">Hilton Worldwide</span> American multinational hospitality company

Hilton Worldwide Holdings Inc. is an American multinational hospitality company that manages and franchises a broad portfolio of hotels, resorts, and timeshare properties. Founded by Conrad Hilton in May 1919, the company is now led by Christopher J. Nassetta. Hilton is headquartered in Tysons, Virginia, United States.

The Carlyle Group Inc. is an American multinational company with operations in private equity, alternative asset management and financial services. As of 2023, the company had $426 billion of assets under management.

<span class="mw-page-title-main">Kohlberg Kravis Roberts</span> American investment manager

KKR & Co. Inc., also known as Kohlberg Kravis Roberts & Co., is an American global investment company. As of December 31, 2023, the firm had completed private equity investments in portfolio companies with approximately $710 billion of total enterprise value. Its assets under management (AUM) and fee paying assets under management (FPAUM) were $553 billion and $446 billion, respectively.

<span class="mw-page-title-main">Blackstone Inc.</span> American alternative investment company

Blackstone Inc. is an American alternative investment management company based in New York City. Blackstone's private equity business has been one of the largest investors in leveraged buyouts in the last three decades, while its real estate business has actively acquired commercial real estate across the globe. Blackstone is also active in credit, infrastructure, hedge funds, secondaries, growth equity, and insurance solutions. As of May 2024, Blackstone has more than US$1 trillion in total assets under management, making it the largest alternative investment firm globally.

<span class="mw-page-title-main">TPG Inc.</span> American investment company

TPG Inc., previously known as Texas Pacific Group and TPG Capital, is an American private equity firm based in Fort Worth, Texas. TPG manages investment funds in growth capital, venture capital, public equity, and debt investments. The firm invests in a range of industries including consumer/retail, media and telecommunications, industrials, technology, travel, leisure, and health care. TPG became a public company in January 2022, trading on the NASDAQ under the ticker symbol “TPG”.

<span class="mw-page-title-main">Trump Entertainment Resorts</span> Defunct gaming and hospitality company

Trump Entertainment Resorts, Inc. was a gambling and hospitality company. The company previously owned and operated the now-demolished Trump Plaza and Trump World's Fair, the now-closed Trump Marina, Trump Casino & Hotel in Gary, Indiana, Trump 29 in Coachella, California, and Trump Taj Mahal in Atlantic City. It was founded in 1995 as Trump Hotels & Casino Resorts by Donald Trump, who after 2004 held only a minority ownership. The company filed for bankruptcy in 2004, 2009 and 2014. It became a subsidiary of Icahn Enterprises in 2016. Since then, all of the company's properties have been closed and sold.

<span class="mw-page-title-main">James McLamore</span> Creator and first CEO of Burger King (1926–1996)

James Whitman McLamore was an American entrepreneur, the founder and first CEO of the Burger King fast food franchise, along with David Edgerton. He also created the Whopper sandwich. After selling Burger King to the Pillsbury Company in 1967, he remained CEO for five years. After retiring, he was on the board of several large corporations, was chairman of the University of Miami, chaired the United Way and was a member and chairman of the Orange Bowl Committee.

<span class="mw-page-title-main">Cornell University School of Hotel Administration</span>

The Nolan School of Hotel Administration at Cornell University is a specialized business school in the SC Johnson College of Business at Cornell University, a private Ivy League university located in Ithaca, New York. Founded in 1922, it was the world's first four-year intercollegiate school devoted to hospitality management.

<span class="mw-page-title-main">CBRE Group</span> US commercial real estate services and investment company

CBRE Group, Inc. is an American commercial real estate services and investment firm. It is the world's largest commercial real estate services and investment firm.

<span class="mw-page-title-main">Clayton, Dubilier & Rice</span> American private equity company

Clayton, Dubilier & Rice, LLC (CD&R) is an American private equity company. It is one of the oldest private equity investment firms in the world. Founded in 1978, CD&R has managed the investment of more than $30 billion in approximately 90 businesses, representing a broad range of industries with an aggregate transaction value in excess of $140 billion. Approximately half of CD&R's investments have involved corporate divestitures.

Silver Lake, legally Silver Lake Technology Management, L.L.C., is an American global private equity firm focused on technology and technology-enabled investments. Silver Lake is headquartered in Silicon Valley and New York, and has offices in London, Hong Kong, and Singapore.

<span class="mw-page-title-main">Tilman Fertitta</span> American businessman

Tilman Joseph Fertitta is an American billionaire businessman and television personality. He is the chairman, CEO, and owner of Landry's, Inc. He also owns the National Basketball Association (NBA)'s Houston Rockets. Fertitta is chairman of the board of regents of the University of Houston System.

James Coulter is an American billionaire businessman. He is the co-founder of private equity firm TPG Inc., originally known as the Texas Pacific Group.

<span class="mw-page-title-main">Robert Pittman (media executive)</span> American businessman

Robert Warren Pittman is an American businessman. Pittman was the CEO of MTV Networks and the cofounder and programmer who led the team that created MTV, and is the cofounder of iHeartMedia and Casa Dragones Tequila. Pittman joined iHeartMedia's predecessor company Clear Channel in November 2010 as an investor and the company's Chairman of Media and Entertainment Platforms, was named CEO in 2011 and chairman in 2013. Pittman led Clear Channel's transformation into iHeartMedia, Inc. in September 2014 to reflect its new multiplatform business and expanded mission. Pittman has also been the former chairman and CEO of Clear Channel Outdoor, CEO of AOL Networks, Six Flags Theme Parks, Quantum Media, Century 21 Real Estate and Time Warner Enterprises, and COO of America Online, Inc. and AOL Time Warner.

Kaleil Isaza Tuzman is a former entrepreneur associated with digital media, who spent more than 20 years in that industry before being convicted of multiple counts of fraud in 2017. Tuzman started his career at Goldman Sachs, was co-founder of GovWorks.com, served as President of JumpTV, and then as chief executive officer and chairman of KIT Digital, Inc. On September 7, 2015, he was arrested in Colombia and held in a Bogotá prison until being extradited to the United States to face charges of fraud and market manipulation in connection with the defrauding of investors in KIT Digital and two investment funds. He was convicted on all counts in December 2017.

The Lightstone Group is a privately held real estate investment company which owns and operates a diversified portfolio of multifamily, office, industrial, hotel, and retail properties. Lightstone has invested directly in individual real estate assets and in real estate operating companies. The company was founded by David Lichtenstein in 1988.

Alteryx, Inc. is an American computer software company based in Irvine, California, with a development center in Broomfield, Colorado, and offices worldwide. The company's products are used for data science and analytics. The software is designed to make advanced analytics automation accessible to any data worker.

<span class="mw-page-title-main">Walter Johnsen</span>

Walter Craig Johnsen is the chairman and chief executive officer of Acme United Corporation, which is a supplier of cutting, measuring and safety products for the school, home, office, hardware and industrial markets.

<span class="mw-page-title-main">Jana Partners</span> American activist investment firm

JANA Partners LLC is an investment manager specializing in event-driven investing. It was founded in 2001 by Barry Rosenstein. JANA engages in traditional shareholder activism and socially responsible investing.

Todd Krasnow is an American entrepreneur and businessman. He was an early-stage venture investor and part of the founding management team at Staples. In 1998 Krasnow co-founded Zoots, serving as chairman from 2003 until the company's sale in 2008.

References

  1. ↑ "SHO Company Profile & Executives - Sunstone Hotel Investors Inc. - Wall Street Journal". quotes.wsj.com. Retrieved 2018-12-10.
  2. 1 2 3 Investors, Seaview. "The Seaview Team · Seaview Investors, LLC". Seaview Investors, LLC. Retrieved 2018-12-10.
  3. 1 2 3 4 "Bob Alter Built Sunstone, Now Thinks Luxury / Sandi Cain / March 2006". Hotel Online. Retrieved 2018-12-10.
  4. 1 2 3 "Bob Alter '73". sha.cornell.edu. Retrieved 2018-12-10.
  5. ↑ "SHO Company Profile & Executives - Sunstone Hotel Investors Inc. - Wall Street Journal". quotes.wsj.com. Retrieved 2018-12-10.
  6. 1 2 "Sunstone Hotels Investors, Inc. Annual Report 2004" (PDF). www.sunstonehotels.com. Retrieved 2018-12-10.
  7. ↑ FULMER, MELINDA (1997-08-06). "Sunstone Buying Stake in 17 Hotels to Double Its Size". Los Angeles Times. ISSN   0458-3035 . Retrieved 2018-12-10.
  8. ↑ Jones, Dow (1999-07-14). "Company News; Sunstone Hotel Agrees to a $450 Million Buyout Offer". The New York Times. ISSN   0362-4331 . Retrieved 2018-12-10.
  9. ↑ "Sunstone Hotel Investors, Inc. Named 'Developer of the Year' by Marriott Hotels / Dec 1998". Hotel Online. Retrieved 2018-12-10.
  10. ↑ "Hotel Online". Hotel Online. Retrieved 2018-12-10.
  11. ↑ "SUNSTONE HOTEL INVESTORS, INC. (SHO) IPO". NASDAQ.com. Retrieved 2018-12-10.
  12. ↑ Ackerman, Ruthie. "Sunstone CEO Heads To Hilton". Forbes. Retrieved 2018-12-10.
  13. ↑ "Bloomberg Company Overview of Seaview Investors, LLC". Bloomberg. Retrieved 10 December 2018.
  14. ↑ "Alter, Dolce, and Kiefer Named Executives in Residence at SHA". sha.cornell.edu. Retrieved 2018-12-10.
  15. ↑ "Advisory Board | Pillsbury Institute | Cornell SHA". sha.cornell.edu. Retrieved 2018-12-10.
  16. ↑ "Executive Committee | Lusk Center for Real Estate". lusk.usc.edu. Retrieved 2018-12-10.
  17. ↑ "Tejon Ranch Board of Directors" . Retrieved 10 December 2018.
  18. ↑ "EY Entrepreneur of the Year". EY Entrepreneur of the Year Hall of Fame. Retrieved 10 December 2018.
  19. ↑ "Sunstone's Alter, Others Honored | Orange County Business Journal". www.ocbj.com. 15 March 2006. Retrieved 2018-12-10.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.