The Carlton Group hires Tessier as managing director

Carlton chairman Howard Michaels has hired David Tessier, a successful hospitality and gaming industry veteran, principal and advisor, to co-head Carlton's hospitality group as managing director. Tessier has been substantially involved in well over $10 billion of transactions while holding senior financial positions at Hilton Hotels Corporation, Marriott International, Ian Schrager Hotels and Intercontinental Hotel Group. He also played a key role as CFO/CIO and restructuring consultant of the highly successful real estate and hospitality company, Turnberry Associates who developed, owns and manages the Fontainebleau Resort, the Aventura Mall and numerous other highly successful properties. Tessier also is the former CFO of Kerzner International Resorts and was actively involved in all of their resort operations, gaming, development and $5 billion plus privatization transaction. According to Michaels, Tessier will provide an array of sophisticated hospitality services to Carlton's hospitality clients including providing high level capital markets advice and strategic consulting where appropriate. "Tessier is a master technician who understands all facets of the hospitality business which will provide him with unique insight into helping Carlton's clients satisfy their hospitality objectives, including raising large amounts of capital, transaction support and repositioning or rebranding of asset," said Michaels. Tessier joins Carlton Chairman Howard L. Michaels and Co- Hospitality Director Brendan Sullivan who have completed billions of dollars of hospitality transactions including recent blockbuster hospitality transactions that include: · 701 Seventh Avenue, which will be a 50 story Marriott Edition Hotel · 125 foot LED sign and 76,000 sq. ft. of retail · The $750 million acquisition of the Park Lane Hotel · The sale of the Westin Valencia in Spain · The investment sale and recapitalization of the Shore Club in Miami Beach and the representation of Ian Schrager in numerous transactions including Schrager's recent development at Leroy and Chrystie Street including the $580 million refinance when Schrager was at Morgan's Hotels which including the Delano, Mondrian and Royalton Hotels.