Peter Nichols Leads the Charge in Expanding M&R's Hotel Portfolio
As M&R’s vice president of development, Peter Nichols is spearheading the company’s efforts to significantly expand and diversify M&R’s portfolio of managed hotels. The 35-year hospitality industry veteran hit the ground running after joining the company in February and is setting the stage for an exciting development pipeline, not just in New York City, but across the country.
Evidence of his efforts is a recently signed management contract for a boutique hotel in the vibrant Chelsea neighborhood of New York City. (See “M&R Expands Portfolio.”)
But M&R’s development goals extend beyond the New York metropolitan area. The development team is investigating other high-potential markets, including Boston, Atlanta and Colorado Springs, to name a few. Moreover, Peter is exploring emerging opportunities across multiple states, from the picturesque landscapes of New Hampshire, Vermont and Maine to bustling cities in Florida, Texas, Indiana and Illinois.
The development team includes Salomon Sanchez, business analyst, who focuses on the acquisition of new management contracts. Salomon’s research and expertise in asset identification, underwriting and financial modeling play a key role given M&R’s growing pipeline.
“We are growing,” said Peter. “We're not just a NYC-based and operated hotel company. I hope to get three to four deals done this year, but my goal is five a year.” He noted positive market factors included the possibility of Federal Reserve interest rate cuts.
Meanwhile, he is pursuing several strategies, including “partnering with the right companies,” including groups owning multiple hotels.
Beyond his professional accomplishments, Peter was a three-time All-America swimmer at Southern Connecticut State University, New Haven, and tried out for the 1988 Olympics.
He later majored in hospitality and lodging management at Johnson & Wales University, Providence, Rhode Island, and studied commercial real estate analysis and investment at the Massachusetts Institute of Technology, Cambridge.
He started in the hotel industry at the age of 16, working banquet set ups at the former Sheraton in Waterbury, Connecticut. His tenure there included stints in maintenance, as a bellman, front desk agent, assistant general manager and, ultimately, general manager. He subsequently bought his own hotel in Colorado.
Working in operations, management, ownership and brokerage helped Peter cultivate a thorough understanding of the hospitality industry. Along the way, he gained experience with major hotel brands, including Marriott, Hilton, IHG and Hyatt.
Prior to joining M&R, he formerly was chief development officer for OTH Hotels Resorts, a management company based in Williamsburg, Virginia. Earlier, he was national director for the National Hospitality Group of Marcus & Millichap Inc., senior vice president of business development for Richfield Hospitality, vice president of Hodges Ward Elliott and the founder of Signature Hotel Group.
Outside the boardroom, Peter supports the Juvenile Diabetes Foundation and serves on the Economic Development Commission in Cheshire, Connecticut. He takes pride in his four children – Matthew, Sophia, Kyle and Andrew – and wife, Marcie, a triathlete. During his downtime, he enjoys golfing, working on cars, sailing and fly-fishing.
