Murphy Asset Management (MAM) is a sister company to Murphy Development Group (MDG). John Murphy formed MDG in 2013 after many years as a successful leader in the Chicago real estate market. His first hotel was the highly-successful Hyatt Centric The Loop Chicago, which was the first Hyatt Centric developed. MAM was formed to asset manage and oversee all MDG hotel projects, which were quickly expanding. Murphy brought on Steve Steinberg, an experienced hotel operator and strategist to oversee MAM. Given the success of MAM’s role in MDG’s hotel projects, other developers began requesting MAM’s involvement and services. Thus, MAM became a unique asset management and advisory firm asset managing both internal and third party hotel projects.
Today, MAM provides consulting, advisory, and asset management services for clients across the United States and Caribbean, covering major brands including Marriott, Hyatt, Hilton, IHG, and Choice, as well as independent hotels. Clients include large institutional groups, family offices, universities, private equity firms, and individual owners.
Chairman and CEORead Bio
Recognized as one of the leading real estate experts in Chicago for his development, advisory, and management skills, John T. Murphy has been a prominent member of the real estate industry since 1989. As Chairman and Chief Executive Officer of Murphy Asset Management, LLC, Mr. Murphy provides leasing and development services and serves as a principal and advisor to institutional clients. He also leads development initiatives and has been involved in various equity syndications for the acquisition and repositioning of assets across the United States.
As a principal and owner, Mr. Murphy has been involved in and led the development and repositioning of several million square feet of developments throughout the Midwest and East Coast. Currently, he is in partnership with CIM Group, developing a 500-unit apartment tower, The Paragon Chicago, located at 1326 S. Michigan. Additionally, he’s leading the redevelopment of Old Cook County Hospital. This five-phase, $1 billion project is located in the world-renowned Illinois Medical District. Upcoming projects include two office towers, totaling one million square feet, located at 301 and 321 S. Wacker Drive in Chicago, as well as a Cambria Hotels & Suites in Milwaukee, WI. Other notable accomplishments include Lincoln Park 2550, a prestigious three-tower, 228-unit luxury condominium development in Chicago’s Lincoln Park neighborhood, the Hyatt Chicago “The Loop,” a $71 million redevelopment of 100 W. Monroe, transformation of a 130,976 square foot historic office high-rise in Chicago into a 257-room, full-service hotel, the 85,839 square foot redevelopment of the Chicago Motor Club building at 68 E. Wacker into a 143-room, select-service Hampton Inn, and a 237,200 square foot redevelopment of the Oriental Theater Building at 32 W. Randolph into the Cambria Hotel Chicago Loop. He is also actively involved in the development of a 206-acre private marina and beach resort on Lake Erie in Ohio.
Over the years, Mr. Murphy has also brokered high-profile properties such as the development site at 155 N. Wacker and 200 W. Jackson. Other notable past achievements include successfully leasing several Chicago properties such the Citadel Center, 200 N. LaSalle, and 230 W. Monroe.
Managing DirectorRead Bio
PHONE: 571. 213.4193
Steve Steinberg has been involved in hotel and portfolio management since the early 1990’s. He brings expertise in hotel operations, sales and marketing/revenue generation, financial analysis, physical asset maintenance, pre-opening support, and service culture quality to the team. He oversees the hotel projects (post-construction) for Murphy Asset Management, LLC, and provides liaison services between ownership groups and hotel management companies.
Before joining Murphy Asset Management, LLC, Steve was President of MEI Hotels, Inc, a Cleveland-based hotel management company, where he oversaw the management function of a portfolio of hotels, and also launched the asset management/consulting arm of the group. He was also responsible for business development for the company. He previously served as Regional Director of Operations, Director of Human Resources, and Director of Training for Guests, Inc., a mid-Atlantic based hotel management company. He has also been a General Manager for several hotels, and was awarded “General Manager of the Year” during his GM tenure. Steve has led hotels he has managed and hotels within his portfolio to a number of prestigious brand and community awards.
Steve graduated from Virginia Tech in 1991 with a Bachelor of Science degree in Hotel, Restaurant, and Institution Management. He is a certified train-the-trainer and has been a Certified Hotel Administrator (CHA).
Recognized hospitality expert with proven success in hotel real estate, business ownership, leadership and strategy. Entrepreneurial and highly attuned to emerging trends, with an aptitude for innovative problem solving and value enhancement. Uniquely knowledgeable about the intersection of real estate, hotels, operations, asset management and branding design.
Prior to joining Murphy Asset Management as Director, Steve founded Hotel Source, Inc., a hotel real estate brokerage and advisory services firm. He gained hotel operations experience with companies including Fairmont, Four Seasons and Hyatt, and is Managing Member of HBTC, a private investment firm that owns a resort market franchised hotel. Steve received his BA from the Michigan State University School of Hotel Business and his MBA from DePaul University, where he currently serves on the advisory board for the School of Hospitality Leadership. He has competed studies with New York University, Cornell University, Archeworks and Ecole Hoteliere Lausanne, Switzerland. Steve served as an adjunct professor at East China Normal University in Shanghai, China, where he taught a course in hospitality brand design and he is frequent contributor to industry publications.
Managing Director, MDGRead Bio
Chris Horney joined Murphy Development Group in 2013 and currently serves as the division’s Managing Director. Chris brings a breadth of real estate and finance experience to the role that includes real estate/asset investment analysis, as well as development execution on a number of assets. Chris leads the development team by analyzing and underwriting commercial real estate development and acquisition opportunities and is actively involved in the execution of all development projects.
Chris is also involved in the day-to-day management and oversight of the firm’s development initiatives, such as the redevelopment of the Old Cook County Hospital and adjacent land, the construction of The Paragon, a 500-unit luxury apartment building at 1326 S. Michigan, and the ground-up development of a 132-key Cambria Hotel in downtown Milwaukee. His completed projects include the Hyatt Centric “The Loop” Chicago, a redevelopment of Class C office into a 257-key hotel, the award-winning redevelopment of the landmark Chicago Motor Club into a 143-key Hampton Inn, the ground-up development of a 276-key Holiday Inn on the Cleveland Clinic Campus, and the redevelopment of the Oriental Theater Building in Chicago into a 199-key Cambria Hotel.
Additionally, Chris is a LEED-accredited professional, and a member of both the Economic Club of Chicago and Young Real Estate Professionals, and is the Treasurer of Purdue Sigma Chi House Corporation.
Prior to joining Murphy Development Group, Chris held roles at Inland American, Hersha Hospitality Trust, and Barton Malow.
Analyst, Asset ManagementRead Bio
As an analyst with Murphy Asset Management, Sabrina is responsible for investor reporting, deal analysis and underwriting, and project management. Sabrina’s prior experience showcases a deep knowledge of the hotel industry, firmly grounded in quantitative analysis. At her previous role at Omni Hotel & Resorts as an investment analyst, Sabrina managed the due diligence process and underwriting for a major portfolio acquisition and developed detailed financial models for valuation of single-asset and portfolio acquisitions, corporate level transactions, company valuation, and new build developments across multiple asset-types. She also performed asset management analysis for property portfolios, retail leases, renovations, partnership valuations, property expansions, residential development, highest and best use etc. In addition, Sabrina conducted market research for potential lodging investments, including evaluating strengths and weaknesses of a property or site relative to existing/new lodging supply and demand generators.
Sabrina has also worked with Hilton Worldwide, both in the US and in the UK. Further international experience includes time at the UK branch of Deloitte & Touche, the Four Seasons Hotel in the UK, and Seetel Hotels in Germany. She received her degree in Hotel & Tourism Management from Cesar Ritz in Switzerland, as well as her certification in Hotel Real Estate and Asset Management from Cornell University.
Analyst, DevelopmentRead Bio
Bryan Li is an analyst with Murphy Development Group, where he is responsible for deal analysis and underwriting, investor reporting, project management, drafting investment memorandums, and financial analysis.
Prior to joining MDG, Bryan worked for an investment group preparing and summarizing marketing materials for major commercial real estate firms, supported due diligence processes, drafted investment memorandums worth $150M for an industrial development project based in Chicago, and modeled a multi-year asset sale model for a national portfolio of 24 light industrial properties with a total acquisition cost of $85M.
Bryan received a Bachelor of Business Administration Degree with a focus in Real Estate and Management & Human Resource from the University of Wisconsin-Madison. During his time at one of the country’s top real estate programs, Bryan successfully competed in the NAIOP Case Competition and the Villanova Real Estate Challenge where participants perform market research to determine the highest and best use of subject sites.