Host Hotels & Resorts Inc. recently revealed that Gregory J. Larson will retire in November as executive vice president and chief financial officer. In addition, the company has named Michael D. Bluhm as his successor.
According to a prepared statement, Bluhm most recently served as managing director, head of western region real estate and global head of lodging and leisure investment banking at Morgan Stanley. Larson will work with the company and Bluhm on the transition through the end of the year and continue as a senior advisor through July 31, 2018.
The company also revealed that Nathan S. Tyrrell, Host Hotels’ executive vice president, investments, has been promoted to the role of executive vice president and chief investment officer, with responsibility for asset management and investments, reporting to James F. Risoleo, president and chief executive officer of the company.
“I am thrilled to welcome Michael to Host Hotels as our new CFO and look forward to continuing to work with Nate in his expanded role,” says Risoleo. “Michael is a seasoned finance veteran with significant experience advising real estate and lodging companies. His deep knowledge of our industry and expertise guiding the strategic and financial decisions of companies in our sector position him well to help advance Host Hotels. In addition to his financial acumen and experience, Michael brings a wealth of relationships from the investment community which are unparalleled.”
Risoleo continues, “Nate is a proven leader whose knowledge of our business makes him uniquely qualified to identify strategic investments that will further strengthen and differentiate our portfolio. I am confident that we have the right leadership team in place to help me build on our considerable success and drive increased growth, profitability and value creation.”
Bluhm adds that, “It is a privilege to join Host Hotels, a company I have long admired. Under Jim’s new leadership, Host Hotels is at an exciting inflection point in its history and poised to capitalize on its position as the premier lodging REIT to drive further stockholder value. Host Hotels has a powerful platform given its iconic assets, scale, balance sheet strength, management expertise and enterprise analytic capabilities, which provide an unparalleled and unique set of tools to earn returns in excess of its cost of capital for shareholders. I am excited to be joining this great company and look forward to working with Jim, Nate and the entire management team to build on this strong foundation and continue delivering outstanding results.”
Tyrrell says he is “honored to be appointed to the role of executive vice president and chief investment officer of Host Hotels, and I am excited about the value creation opportunities that will come from further integrating asset management and investments. Together with the rest of the company’s outstanding employees, I intend to build on our record of success while upholding our values across all aspects of our operations.”
“Greg has enjoyed a long and successful career at the Company. He is a talented executive and his keen financial and business sense will be greatly missed,” explains Risoleo. “During his tenure, Greg has had a significant impact in setting and executing numerous strategic initiatives, including Host Hotel’s achievement of an investment grade balance sheet. We thank Greg for his great service and wish him all the best.”
“I feel deeply privileged to have worked with Host Hotels for nearly 25 years. Over that time, it has been an incredible experience to help guide the evolution of the company into an industry leader and to have worked with some of the brightest minds in the lodging space,” says. Larson. “After a great deal of thought, I have decided the moment is right for me to begin the next chapter. I know the Company will be in great hands under Jim, Michael and Nate and I look forward to working with them through the transition.”