Commercial real estate finance firm Eastern Union has launched a hospitality group and has named Charles Hoffman to serve as managing director of the new unit.
The hospitality group will provide commercial financing services to hotels and short-term rental properties across America, with a special focus on localities where the hospitality market has been weakened by the COVID-19 pandemic.
Eastern Union has served numerous clients in the hospitality industry over its 20-year history, as well as a full range of other commercial real estate sectors.
Hoffman has spent more than 17 years as a commercial real estate professional, including experience as a lender, owner and developer. He has had an extensive history of involvement with hotel financing and has developed relationships with more than 60 hospitality lenders. He managed a family office for more than a decade.
“Charles Hoffman is eminently qualified to lead Eastern Union’s new hospitality group,” said Abe Bergman, co-founder/managing partner, Eastern Union. “He has an intimate understanding of the entire capital stack associated with the hotel industry, and he understands the degree to which the pandemic has stirred up volatility within this sector.”
He continued, “Hospitality poses special challenges as an asset class. It’s cumbersome to underwrite and manage, and COVID-19 has added new complications. Charles Hoffman will manage a skilled team of specialists ready to serve this sector.”