Firm Expands with Birmingham, Baton Rouge and Boise Office Additions
ATLANTA, GA. AND BIRMINGHAM, AL. – Officials of R.M. Woodworth & Associates (RMWA), a leading provider of customized lodging research and advisory services, and Core Hospitality Advisors, a firm specializing in hospitality real estate appraisals, announced the merger of their two firms. Adam Cowart and John Ritger will be joining Mark Woodworth, Henry B. “Hank” Staley, Jr. and Jill L. Bidwell as principals in the new firm, Woodworth Core Group (WCG). With the merger, WCG will have offices in Atlanta, Jacksonville, Washington, D.C., Birmingham, Baton Rouge and Boise, Idaho.
“We are fortunate to have assembled a strong team and achieved significant growth since forming RMWA three years ago.” said Mark Woodworth, founding principal. “Our initial vision was to establish a strong advisory foundation focused on an expert understanding of lodging industry fundamentals, asset management capabilities and solid research practices and methods. In merging with Core Hospitality Advisors, we are taking our valuation expertise and database coverage to a new level. We believe that the collective understanding of the drivers of change in hotel real estate profitability and value is critically important as all lodging industry participants work their way – willingly and unwillingly – through the protracted period of recovery following the Great Pandemic of 2020.”
Over the last two decades, Core Hospitality Advisors has grown from a small family business into a national hospitality-focused appraisal and consulting firm. The company has completed over 4,000 assignments across all 50 states, ranging from small independent properties to large full-service resorts. Core’s appraisers are among the most experienced in the industry, with diverse backgrounds in hotel brokerage, development, ownership and property management. The firm’s research team oversees an extensive database with over 70,000 hotels.
“We have been friends with the principals of RMWA for many years and have had the opportunity to collaborate with them on numerous occasions since they formed their firm in early 2021” noted Cowart and Ritger, co-owners of Core Hospitality Advisors. “We were fortunate to work with the RMWA team on a number of diverse projects in recent years including large portfolio valuation assignments, single asset appraisals, large resort lodging and residential developments as well as real-estate property tax appeal litigation.”
Prior to establishing his own firm, Woodworth, along with Cornell University’s Jack Corgel, founded PKF Hospitality Research in 1999. Like his new colleagues, Woodworth has managed and conducted consulting assignments, involving both public and private sector clients, throughout the U.S. The relationships and experience of the team at Woodworth Core Group extends to many of the industry’s leading lenders, developers, chains, and management companies. The firm’s principals have dealt with all aspects of management contract negotiation, operations, development, valuation, bankruptcy and expert witness advisory as well as financing.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
