CHICAGO, ILLINOIS (May 2009) - Navigant Consulting, Inc. (NYSE: NCI) today announced that Mitchell C. Hochberg has been appointed Senior Advisor to the firm's Distressed Real Estate Solutions initiative. He will provide real estate development and operating services for Navigant Capital Advisors (NCA), the dedicated corporate finance business unit of Navigant Consulting. Mr. Hochberg will join an assembled team of professionals with proven experience that provides a full suite of advisory and liquidity services to underperforming real estate investments and operating companies.
"Mitchell Hochberg has over 30 years of proven track record in real estate development and operations in residential, hospitality, commercial, gaming and mixed-use properties," stated Edward Casas, Senior Managing Director and Head of Navigant Capital Advisors Restructuring and Investment Banking.
"Given recent market turbulence, Mitchell's unique background will be invaluable to clients in providing real life solutions to deal with the major challenges facing fund managers, investors and creditors," added Darin Buchalter, Managing Director and Head of Navigant's Real Estate practice.
Mr. Hochberg was founder and President and Chief Executive Officer of Spectrum Communities for 20 years. He emerged as a leader in the residential development industry by building highly amenitized luxury communities that focused on the homeowner's lifestyle. Under Mr. Hochberg's leadership, Spectrum became the preeminent luxury lifestyle residential builder in the Northeast, with $2 billion in residential sales. After selling Spectrum, Mr. Hochberg served as President and Chief Operating Officer of Ian Schrager Company. Ian Schrager Company builds, manages, develops and markets innovative hotels and residences, introducing new concepts and continually reinventing industry standards. Hotels developed by the company include The Delano, Morgans, Royalton, Paramount, Cliff and Hudson. Mr. Hochberg also oversaw the development of a $10 billion mixed use hotel/casino/retail development in Las Vegas. He was recently nominated to the Board of Directors of Orient-Express Hotels. Mr. Hochberg is a C.P.A. and earned a JD from Columbia University School of Law.
"My goal is to provide focused development and operational expertise to complement Navigant's fully integrated suite of advisory services and liquidity solutions," stated Mr. Hochberg. "In the current investment environment, the ability to combine the distinguished restructuring and distressed investment banking capability of Navigant Capital Advisors with Navigant Consulting's investigative, valuation and regulatory services, provides a unique platform to address our clients most complex challenges."
Navigant brings years of experience assisting clients who are facing highly complex issues in the real estate industry. Whether addressing the needs associated with a single asset, or a distressed portfolio, Navigant provides a comprehensive service offering with core strengths in: Strategic Assessment, Valuation, Restructuring, Operations & Development, and Transaction Solutions. Navigant professionals possess the expertise required to actively advise and implement recovery solutions for complex projects, portfolios, and capital structures in all real estate asset classes including residential, office, hospitality, retail, industrial and land.
Navigant professionals have restructured over $50 billion of real estate assets over the course of the last 24 months.