Bedrock Partners
Hospitality - Miami, Florida, United States
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Paul Novak is President of Bedrock Partners, a boutique consulting and hospitality development/acquisition firm. Mr. Novak is recognized as one of the premier hotel development/acquisition executives within the hotel industry. Most recently, Bedrock Partners formed an alliance with Paradigm- Exeter Advisors to provide workout services to hotel owners and lenders. The venture is currently advising Bank of America on hotels in the Chicago and San Francisco markets. From 2005 to 2009, Mr. Novak was the Managing Director- Hospitality Division for The John Buck Company and was responsible for overseeing a joint venture between The John Buck Company, Greenfield Partners and Interstate Hotels and Resorts to develop the new aloft Hotel brand. With over 35 years experience in the hotel development field, Mr. Novak has developed over $4 billion of new hotels. In the 1980's, as an executive of Marriott International, he participated in the creation of the Courtyard by Marriott product. He was responsible for the development of the first 5 test units in Georgia and then led the nationwide expansion of the brand. From 1983 to 1991, he oversaw the development of over 400 Courtyards, Residence Inns and Fairfield Inns, all company owned and developed and located in virtually every major and secondary market in the United States.During the last 15 years, Mr. Novak has undertaken a variety of different opportunities, including the creation of the original Bedrock Partners, an investment entity that acquired and repositioned over $225 million worth of hotels in the mid 1990's. At Bedrock Partners, Mr. Novak oversaw all acquisition and renovation efforts for the portfolio of 18 hotels. Mr. Novak also served as Executive Vice President and Chief Development Officer for Burger King Worldwide in the early 2000's and participated with the Executive Team in orchestrating the sale of the company to the Texas Pacific Group.
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