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  Peter Cyrus
  Chairman Emeritus
  pcyrus@montclairhotels.com
   
 

Peter Cyrus began his career in the real estate industry in 1967 as an appraiser in Cleveland, Ohio. Mr. Cyrus has gone on to gain broad experience and recognition within the real estate industry in a variety of challenging assignments including finance, development, portfolio management and investment banking. In the late 1980ís, a Creditor Committee composed of some of the nationís leading lending institutions, selected Mr. Cyrus to oversee one of the largest liquidations in real estate history, the dismantling of VMS Realty Partners. Throughout his career, Mr. Cyrus has played an increasingly more significant role in numerous high profile real estate transactions.

Professional Experience
Mr. Cyrusí activities on behalf of Montclair Hotel Investors employ the experience and skills developed during his involvement with the following organizations:

Lodgian, Inc.
Mr. Cyrus served as Interim President and CEO of this publicly traded hotel company that owned and managed 42 hotels for two years.

Lazard Freres & Company
As Senior Vice President of this internationally known investment-banking firm, Mr. Cyrus directed the Real Estate Group’s Chicago office and also headed the firm’s Hospitality Group on a worldwide basis. During Mr. Cyrus’ tenure, Lazard Freres played a significant role in several high profile corporate hotel transactions including Nestles’ sale of Stouffer Hotels to Asian interests and the transition in control of the Italian luxury chain, Ciga Hotels to ITT Sheraton. Mr. Cyrus also played a key role in the recapitalization of the U.S. based hotel chain, Crown Sterling Suites.

VMS Realty Partners
As Chief Operating Officer of VMS Realty Partners, Mr. Cyrus directed the non-judicial liquidation of this $15 billion real estate corporation. This syndication firm had assembled this portfolio during an aggressive acquisition strategy conceived in the early 1980’s. Mr. Cyrus was named to the position with the advice and consent of the corporation’s Creditor Committee, which was composed of several dozen of the nation’s better known lending institutions. Despite the fact that the company’s had liabilities significantly in excess of its assets, Mr. Cyrus artfully managed the liquidation of the corporation in such a fashion that it successfully avoided bankruptcy and maximized the recovery of its value for its creditors. His responsibilities included the management of a portfolio of 18 million square feet of office and retail properties, 85,000 apartment units and one of the largest hotel portfolios ever assembled consisting of over 60 resorts and hotels with a value in excess of $3 billion.

Tishman Midwest Management Corporation
As Principal and Executive Vice President for Finance and Development, Mr. Cyrus capitalized on his earlier experiences to take an entrepreneurial opportunity with this Chicago based real estate firm. He directed all aspects of the development and was a co-owner of the $250 million Northwest Atrium Center. This project includes a 1,400,000 square foot office and retail complex as well as the train terminal for Chicago’s largest commuter railroad line.

Oxford Development Group Ltd.
As Vice President for this Canadian based real estate giant, Mr. Cyrus headed the Midwest office with responsibilities for finance, disposition and development. Noteworthy development projects include the 900,000 square foot Quaker Oats Tower (Chicago), the mixed use Minneapolis City Center, the master planning of the Nikko Hotel (Chicago), as well as the $200 million acquisition of the IDS Building (Minneapolis).

New York Life Insurance Company
Mr. Cyrus managed the Southwestern Region for the Real Estate and Mortgage Loan Department where he was responsible for new loan production, servicing and joint venture activities. Based in Dallas, he was involved in a variety of both large and small-scale real estate projects throughout the Southwest.

Richard Van Curan & Associates
Mr. Cyrus began his real estate career as an appraiser for this Cleveland based firm. In this capacity, he provided narrative appraisals on all classifications of real estate properties. Mr. Cyrus has been recognized as a qualified expert witness by the Court of Common Pleas, the Court of Appeals and the Board of Tax Appeals in Cuyahoga County, Ohio.


Professional Affiliation
Mr. Cyrus is a senior member of the Urban Land Institute and has been so since 1978. He is also a senior member of the International Council of Shopping Centers and has been so since 1979. He holds the designation of Certified Review Appraiser (CRA) from the National Association of Review Appraisers.

Educational Experience
In preparation for his real estate career, Mr. Cyrus studied business administration at the University of Arizona and John Carroll University.

Peter Cyrus was born in 1945 in Cleveland, Ohio and was raised in the greater Cleveland area. His professional career has taken him to such diverse locations as Dallas, Edmonton, and Denver. Mr. Cyrus moved to suburban Chicago in 1980 where he currently resides in Lincolnshire, Illinois with his wife, Lauri and four children. Mr. Cyrus is a senior member of the Urban Land Institute and has been so since 1978. He is also a senior member of the International Council of Shopping Centers and has been so since 1979. He holds the designation of Certified Review Appraiser (CRA) from the National Association of Review Appraisers. Mr. Cyrus has served on the Board of the Illinois PGA Foundation and currently serves as President of Sunset Ridge Country Club in Northfield, IL.

   
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