Solid Rock Asset Management (SRAM) is a Full-Service Asset Management firm based in Dallas, Texas. SRAM manages a portfolio of Full and Select Service hotel properties across the United States on behalf of private clients. We provide oversight of property management teams, planning, advice on operator and franchise selection, marketing plans, facility issues and any other issues related to the successful operation of your property.
SRAM also provides full-service Construction Project Management services. From a simple lobby renovation to a complete remodel, to a significant Change of Ownership PIP, SRAM has the capability to help you determine the best plans for your investment goals and bring your vision to life.
Charlie Muller, President and Principal of Solid Rock Asset Management and Solid Rock Ventures & Development, brings more than 35 years of hotel and recreational real estate experience to the firm. He is responsible for leadership of Solid Rock Group’s investment services platform, including acquisitions, asset management and technical services. His career includes experience gained as Principal in his own advisory firm, Vice President of Development at Omni Hotels & Resorts, Managing Director of a small private equity firm, and Chief Operating Officer at CNL Hotels & Resorts and CNL Lifestyle Properties. While with these organizations, Mr. Muller has played a leadership role in the acquisition of over 70 hotels and 120 recreational properties valued at over $5.6 billion. He has also managed the development or co-development of 10 hotels, redevelopment of 4 hotels, and pre-development of 2 hotels with over $980 million in combined project costs. Prior to these roles his experience also included more than 15 years of broad-based hotel and resort experience in operations, technical services and asset management.
Mr. Muller received his B.S. in Hotel Administration from Cornell. He participates regularly in the Lodging Industry Investment Council, was a former member of the Urban Land Institute, having served on both the Recreational and Hotel Development Committees, and was a member of the Market, Finance and Investment Analysis Committee of the American Hotel & Motel Association. His community involvement has included board positions at Frontline Outreach, Fellowship of Christian Athletes (central Florida Chapter), and The First Academy, a Christ-centered college preparatory school in Orlando, Florida.
Stephen Schafer is the Chief Financial Officer of Solid Rock Asset Management and Solid Rock Ventures & Development. Mr. Schafer brings over 20 years of real estate and hospitality experience to the team. He has an extensive background in Corporate Finance, Capital Markets, Asset Management, Financial Reporting, Underwriting and Valuation, Financial Planning & Analysis, Treasury, Investor Relations, and Strategy.
Prior to Solid Rock, Mr. Schafer was with FelCor Lodging Trust (NYSE: FCH), one of the nation’s largest hospitality-focused real estate investment trusts, with an asset value of $4.0 billion at peak. He most recently served as Senior Vice President of Strategic Planning where he advised the CEO and Board of Directors on the strategic direction and related financial and investment strategies, established the on-going internal views of the real estate and lodging industries to guide the company’s capital allocation plans, analyzed acquisition targets, structured over $1.5 billion of debt and equity financings, provided extensive advice to the asset management, development, finance and accounting teams and led all investor relations functions.
Mr. Schafer earned a Bachelor of Business Administration (BBA) in Business Economics from the University of Arizona and holds a Master of Business Administration from the University of Texas at Dallas. He has been involved with the National Association of Real Estate Investment Trusts, American Hotel & Lodging Association, Financial Executives International and the National Investor Relations Institute.
Thomas Rosati, Senior Vice President of Asset Management & Project Management for Solid Rock Advisors, most recently served as Senior Vice President at Hudson Advisors, where he asset managed a portfolio of 24 hotels. He also oversaw completion of PIP renovations for eighteen of those hotels, which included Hilton, Doubletree and Marriott Courtyard properties. In addition, he rebranded four of the hotels to the Doubletree flag and one to Hilton. While at Hudson he was also responsible for transforming a corporate structure inherited from Lodgian. This restructuring included the consolidation of office space and staff, installing new accounting and construction software and associated IT structures, replacing a number of General Managers and Sales Managers and establishing ecommerce programs companywide. Prior to this Mr. Rosati served at Driftwood Hospitality for 10 years. As Vice President of Operations there, his role grew as the company’s portfolio grew from three to over forty hotels. This included involvement in acquisitions activity, overseeing renovations and brand required PIPs, negotiations with unions, oversight of day-to-day operations, and maintenance of relationships with partners, owners, asset managers and brands. Mr. Rosati’s experience covers both branded and independent hotels ranging in size from 100 to 1000 rooms.
Jon Ducharme, Vice President of Project Management, has over fifteen years of direct experience in many types of construction, including hospitality, health care, senior living, multi-unit residential, electrical utility and civil. His beginnings in field level operations progressing to senior project management roles provided the perspective necessary to bridge between key stakeholders, owners and investors to all levels of renovations and new construction projects. As Director of Construction Services, Jon is responsible for all aspects of renovation and construction of the various properties within the Solid Rock portfolio. His career has included leadership roles on several unique projects such as the Ritz Carlton Hotel & Residences in Dallas, the redevelopment of the former Statler Hotel in Dallas to the Statler Hotel & Residences, the Montereau Warren Woods senior living facility in Tulsa, the St. John Medical Center in Tulsa, the Prestonwood Baptist Church North Campus in Prosper and the Yacht Haven Grande Marina in St. Thomas. He is a graduate of Oklahoma State University with a degree in Construction Management and holds credentials as a Project Management Professional and Certified Professional Constructors.
Michael Donohue, Senior Hotel Asset Manager, strategically oversees the overall operations of the hotel properties within the Solid Rock portfolio. In conjunction with the hotel management companies, he develops and executes strategies that support, strengthen and grow profitability, guest satisfaction and overall results. He also assists with the execution and inspection of capital projects. Michael is a lifelong hotel operations executive who began his career at his family owned hotel in Great Falls, Montana. Michael has extensive experience as a General Manager and as a multi-unit operations leader in the select service, extended stay, full service and resort segments with leading hotel companies. His most recent role was as the opening General Manager of the Hyatt House Dallas/Frisco. Prior to that, Michael was a Regional Vice President of Hotel Operation for Hyatt Hotels Corporation. Among his career highlights, Michael assumed a lead role in the launch of the purpose built AmeriSuites brand and directed the openings of 16 hotels. He also led a team that executed the successful turnaround of 18 underperforming hotels and while simultaneously rebranding 13 new Hyatt Place hotels. Along with his strong financial performance and guest experience improvement competencies, Michael is proficient in property turnarounds, brand launches, brand conversion and new hotel openings. In addition to his forty years of industry experience holds the Certified Hotel Administrator designation from the American Hotel & Lodging Association and a B.A. in Business Administration from the University of Great Falls.
Sam Makani is Director of Portfolio Strategy & Reporting. His team’s responsibilities include asset and portfolio performance reporting and compliance, asset management of select triple net lease properties, strategic and business intelligence initiatives, and industry research. Most recently, Sam was Senior Financial Analyst of Capital Management at Ashford Hospitality REIT. Prior to Ashford, Sam was a Strategy & Development Analyst at G6 Hospitality, a Blackstone Group company with over 1,300 hotels. His major projects there included international expansion, major market development analysis, franchise conversion and repositioning, and strategic partnership initiatives. He developed and led the company’s target market strategy, a proprietary, predictive, geocoded analysis with over 4.5 million data points.
Before G6, he was Lead Real Estate Analyst at Five Star Hotel Group, where his duties focused on development and conversion strategy, including market research, feasibility, joint venture structuring, and asset management, for various midscale and upscale hotels. Since 2014, Sam has served as Assistant Lead on the Board of Advisors for the North Texas Business Alliance (NTBA), a nationally-recognized trade association with 700+ member stores across Texas and Oklahoma, where he advises the Board of Directors on various strategic initiatives with major vendors, including Coca-Cola, PepsiCo, Frito-Lay, Dr. Pepper Snapple Group, and other industry leaders.
Sam graduated with a Bachelor of Arts (magna cum laude) from the Honors College at Baylor University with induction into Phi Beta Kappa. He received his Master of Science degree at Florida International University. He also holds a Certificate in Hotel Real Estate Investments and Asset Management from Cornell University.
Ian Kimmel is an Asset Management Analyst in the Dallas office. Ian supports the Portfolio Strategy & Reporting team. Most recently, he worked on the Capital Management team at Ashford Inc., where he was responsible for the capital expenditure analysis and reporting for a portfolio of 140+ properties. Previously, Ian was an intern at CBRE Hotels, where he completed valuations for a $235MM select service portfolio. He also interned at HotelAVE, where he focused on asset management analysis for a portfolio of Upper Upscale and Luxury hotels. Ian graduated from the School of Hotel Administration at Cornell University’s SC Johnson College of Business with a Bachelor of Science in Hotel Administration, with a concentration in Finance, Accounting, and Real Estate.
Ryan Ren is a Portfolio Strategy and Compliance Analyst in the Dallas office. Most recently, Ryan was an Analyst with Renewable Texas Energy Regional Center, LLC (RTERC), which provided EB-5 mezzanine loans to qualified real estate and energy projects. When he was with RTERC, Ryan participated in the underwriting and due diligence of various hotel and real estate mixed-use projects. He obtained a Bachelor of Science in Finance from the University of Indianapolis, Master of Science degrees in Finance and Accounting, and a Master of Business Administration (MBA) from The University of Texas at Dallas (UTD). While at UTD, Ryan was a teaching assistant for the financial modeling course in the MBA program, and he also held the position of President of the Financial Leadership Association. Ryan is currently a CFA Level III candidate and is fluent in both Mandarin Chinese and English.