Savills Turns to Hotel and Gaming Sectors

NEW YORK CITY-Savills LLC, the locally based real estate investment banking arm of Savills PLC, has launched an advisory unit that will zero in on hospitality, leisure, gaming and timeshare properties. David Gutstadt, formerly of Goldman Sachs, will head the new unit, joining Savills as SVP.

Gutstadt and his team will focus on owners of hotels, casinos, timeshare developments and golf courses, advising on property sales, debt restructuring and mergers and acquisitions. In his 10 years at Goldman, Gutstadt was responsible for making hotel, gaming and leisure investments on behalf of the Whitehall Funds. He sourced and executed transactions including the acquisition of American Casino & Entertainment Properties and an equity stake in Hilton Hotels. His former clients include Global Hyatt, Marriott International, Host Hotels & Resorts and KKR.

Another key player in the new Savills unit is Kenneth Spears, who has also just joined the company as SVP. Spears will focus on brokering debt, equity and note sales in addition to advising on restructurings and distressed situations. He worked for more than two decades at Citi Markets & Banking, the successor company to Salomon Brothers. His career has encompassed a variety of positions within the commercial real estate finance industry since he began it at First National Bank of Chicago, where he focused on construction lending.