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