Mag Mile Capital, formerly Aries Conlon Capital, has promoted Suraj Desai to associate vice president of originations and business development.
Previously a senior associate for the firm, Desai combines his first-hand experience as a Certified Hotel Owner (CHO) with Mag Mile Capital’s extensive network of institutional and individual, non-traditional investors, to secure short- and long-term debt for owners of hotels, self-storage and other commercial real estate nationwide. Since joining the firm in 2016, he has closed more than $69.33 million in construction, bridge and permanent financing for select service hotels, with another $27 million currently in the pipeline to close.
“Suraj has learned and excelled in the business quickly,” said Shah. “His background in hotel real estate investments and entrepreneurial attitude gives him additional insight on how to best meet his clients’ needs, and he has leveraged his commercial real estate knowledge, deep analytical skills and relationships to source new business and add significant value to our origination team.”
Prior to joining the firm, Desai was a commercial real estate analyst for the national hotel management firm Sunstar Management, Inc. In this position, he directed hotel operations for six of the hotel management’s hotels, managed PIP budgets, negotiated commercial office lease agreements, analyzed potential investment opportunities and procured financing. While at Sunstar, he also contributed to the redevelopment and reopening of several limited service hotels/motels and assisted its sister company, Samton Financial.
Desai holds a bachelor of science degree from Rutgers University in New Brunswick, New Jersey and a master of education from Chicago’s DePaul University. He is a graduate of the Cornell University’s Certificate Program in Hotel Real Estate Investments and Asset Management. He is highly active in the Asian American Hotel Owners Association (AAHOA) through the firm’s status as a Club Blue Founding Member.