Interstate's chief investment officer Leslie Ng, Van der Baars new boss, says Van der Baars understands the complexities of condo-hotel operations, especially in dealing with homeowner groups and marketing. Company executives believe his experience will give it a competitive edge in identifying and securing management opportunities in the growing niche segment.

Van der Baars joined Interstate in 2000 as manager of the 500-room Doubletree Westshore in Tampa, a then underperforming airport property that he is credited with turning around. He was promoted to general manager of Interstate's South Seas Resort in Captiva, a 330-acre complex that includes a condominium hotel, timeshare operations, employee housing, two marinas, two golf courses, tennis operation, eight food and beverage outlets, catering, room service, recreation programs and retail, both owned and leased. Since Hurricane Charley tore the resort apart in 2004, he has been in charge of the resort's $140-million rebuilding effort.

Earlier this month, Falcon Group secured interim financing to cover the remaining pre-construction costs for the Pinnacle project. The twin-tower 36-story structure is tentatively scheduled to break ground in the fall of 2006 and open in the second quarter of 2009. Pre-construction sales began in February, and a sales center will open in late June.