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Lee Kerfoot

Lee Kerfoot

Senior Vice President
Minneapolis, MN

Phone:  203-830-9218


  • HREC Investment Advisors – Minneapolis, MN -- June 2019 to present – Senior Vice President

    • Providing specialized brokerage and investment banking services exclusively to the hospitality industry, including real estate, development and investment analysis services.

  • Timm & Associates -- Eden Praire, MN -- May 2011 to June 2019 -- Real Estate Broker

    • 2018 sold 8 hotels valued at $44 million (most in history of firm in one year) and 73% of firm’s total

    • 2018 had 5.19 face to face meetings for every listing signed

    • 2018 sold one hotel for every 2.65 listings (21 total listings)

    • Advised clients on the disposition of 45+ hotels and over $128 million in value

    • Developed Broker Opinion of Value template for firm

    • Sold 16 hotels for publicly traded REIT (Condor Hospitality) with 100% success for all listings

    • Requested speaker in the Minneapolis market for hotel & hospitality conferences

    • Real Estate Brokers license in Minnesota

  • Hotel Asset Value Enhancement -- Providence, RI -- January 2010 to April 2011 -- Associate

    • Analyzed financial statements, business plans, market data, approved operating & capital budgets as well as recommend operational strategies in order to maximize property performance and NOI

    • Monitored portfolio performance (3 hotels with nearly $75 million in total revenue) to budget and identified value enhancement opportunities through benchmarking and market research

    • Performed hotel underwriting & due diligence for the successful acquisition of the Northland Inn

    • Underwrote five hotels for acquisition

    • Facilitated the REO/Receivership (evaluation of all encumbrances, licenses, & loan docs) of 2 hotels

    • Conducted regular site inspections and in-depth operational reviews with senior hotel personnel and regional supervisors to assess property performance and to protect client’s financial interests

    • Terminated management and franchise agreement and then negotiated new agreements

    • Coordinated the transition of a hotel between outgoing and incoming management at two hotels

  • Alliance Hospitality -- White Plains, NY -- February 2009 -- Assistant General Manager Hampton Inn 

    • Achieved GOP flow through exceeding 45% for the second quarter of 2009 and 40% YTD

    • Reviewed month end financial reports, operational reports, and aging of outstanding accounts

  • Gunflint Lodge -- Grand Marais, MN -- May 2005 to August 2008 -- General Manager 

    • Responsible for the overall operations, annual budget, yield management, and marketing plans

    • Developed a mixed-use fractional timeshare project

    • Reduced the food cost from 50% to 36% in first year of operation

    • Opened a new restaurant resulting in a 25% increase in F&B revenue in first year of operation

    • Proposed to ownership and managed $600,000 of capital improvements over three years

    • Benchmarked against resorts in the Distinctive Lodges group for savings, opportunities, and marketing trends

  • Marriott Vacation Club International -- Orlando, FL -- September 2000 to August 2003 -- Business Analyst 

    • Worked with 40+ resorts to improve processes between the property’s management team, the homeowners associations, and the corporate office generating savings exceeding $500,000

    • Researched seasonality and rental statistics for 8 projects in various stages of feasibility

    • Collected rental & usage statistics for all company resorts and published results to senior leadership

    • Coordinated the development and roll-out of a budget and forecasting tool for 20 Revenue Managers resulting in savings from efficiencies of standardization

    • Contributed to the re-engineering of the Revenue Management Department to improve the existing business processes – returns not quantified but processes are still used 12 years later


Cornell University; 2005 Masters of Management in Hospitality
University of Wisconsin-Stout; 2000 B.S. in Hospitality and Tourism; Honors; Student of the Year
Swiss School of Tourism and Hospitality; Spring Semester 1998; Chur, Switzerland

Affiliations & Accomplishments

University of Wisconsin-Stout Advisory Board Member for the School of Hospitality Leadership (2018 – present)
Vice President & Treasurer, Cornell Hotel Society: Minnesota Chapter (2011 – Present)
Speaker at the MN Real Estate Journal’s Hospitality Summit (2011, 2014 - 2018)
Board of Directors for the Minnesota Resort and Campground Association (2005-2008)
Board of Directors for the Gunflint Trail Association (2005-2008)
Presenter at the Explore Minnesota Tourism’s Annual Conference (2007)
Presenter at the Minnesota Resort & Campground Association’s Conference (2006 & 2007)
Guest Lecturer at the University of Wisconsin, Stout – Hotel & Tourism Program (2006)
Board of Directors for the Salem Lutheran Church (2003)
Adult Leader for Young Life (2002-2003)
Undergraduate Student of the Year, UW-Stout, Hospitality and Tourism (2000)
Eagle Scout

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