Areas of Expertise

  • Asset Management
  • Borrower & Lender Advisory
  • Capital Markets
  • Due Diligence
  • Fairness Opinions
  • Fiduciary Services
  • Financial Advisor
  • Real Estate Brokerage
  • Turnarounds/Restructurings
  • Valuation


  • Hotel & Resorts
  • Real Estate

Prominent Cases

  • Hyatt Regency Clearwater Beach - Manager of Owner Entity
  • Ritz-Carlton at Reynolds Plantation - Financial Advisor to Trustee
  • LakePoint Sports – Financial Adviser to Owner Entity


  • BA Brandeis University 
  • JD Emory University
  • MBA Emory University


  • 11 Years with Firm
  • 25 Years of Relevant Experience

For the past 25 years, Dan Berman has led and/or provided advisory services to developers, lenders, investors, hotel chains and franchise companies. Mr. Berman combines strong practical experience with objective critical analysis to arrive at prudent courses of action for borrowers, lenders and investors.

Mr. Berman has direct experience in reviewing loans administered by the Georgia DCA under the TCAP, TCEP and HOME financing programs including for low-income tax credit eligible multi-family properties. Mr. Berman has also prepared turnaround plans for affordable multi-family housing properties and developed and sold multi-family properties financed under the HUD 221(d)(4) program.

Mr. Berman is responsible for leading the firm's service offerings to the hotel industry and is also active in the firm's restructuring and real estate capital market practice groups. The following are a sampling of matters Mr. Berman has led or participated in:

  • Retained by the Georgia Housing Finance Authority ("GHFA") / Georgia DCA to review a portfolio of 55 affordable multi-family properties funded under Tax Credit Exchange ("TCEP") and Tax Credit Assistance ("TCAP") programs. Calculated and verified funding of the reserve accounts - operating deficit reserve ("ODR"), cash flow reserve and replacement reserve, benchmarked financial results against underwriting and annual budgets, and assessed validity of related party transactions, including developer fees and payments to affiliates and partners. Reviewed loans (TCEP/TCAP, HOPE VI, HOME, Bond Indenture), financials, budgets, underwriting, and rent roll. Reported findings in a standard format. Assigned risk ratings to each asset.
  • Retained by the GHFA/DCA to review six affordable housing properties financed under the HOME loan finance program. Analyzed financial statements, including converting statements to the GHFA/DCA format, detailed notes payable and reserves, changes in replacement reserves, and principal and interest payments on permanent debt.
  • Retained by the GHFA/DCA to perform a financial, operational and physical review of a multi-family property providing permanent supportive housing and receiving rent subsidies/Tenant Rental Assistance Payments. The GHFA had made a HOME loan to the Property and was in a subordinate lien position to other lenders. Prepared pro formas for the GHFA/ DCA with multiple rental rate, operating expense and capital expenditure scenarios to stabilize and increase the long-term viability of the property.
  • Retained by the GHFA/DCA to review an affordable multi-family property. The GHFA had made a HOME loan to the property and loan was set to convert to a permanent loan. Prior to granting an approval of a rent increase, the DCA required the property to address multiple issues including vacancy, utilization of the rent subsidy, compliance with HOME guidelines, commingling of program and related expenses, and financial and management reporting.
  • Retained by the GHFA/DCA to develop a restructuring plan for an affordable multi-family development. The GHFA maintained a second lien having made a HOME loan. The review stemmed from a pending enforcement of the senior lender's loan position against the Borrower. The proposed plan included an operational and financial turnaround. The senior lender ultimately agreed to modify the senior loan terms, providing sufficient time for the Borrower to implement the plan.
  • Retained as an expert witness in a litigation between partners. At issue was the basis for calculating distributions per a waterfall. The proceeds for the distributions were generated from the $120 million sale of the SLS South Beach, a boutique hotel in Miami Beach, Florida.
  • Retained in a litigation support role for an insurance broker. During the renovation of a 300+ room hotel (former Hyatt Regency), an off-site warehouse in which the owner was storing furniture and soft goods flooded for an alleged loss. The insurance claim was denied. Owner brought suit against broker claiming denial of the claim was the cause of a subsequent hotel foreclosure.
  • Financial Advisor to lender which made a development loan to a premier youth travels sports destination within a 1,300 acre mixed use master planned community. Advised the lender on restructuring the loan and recapitalizing the company. Advise the newly reorganized company on all real estate matters including the development of new hotels, acquisition and disposition of real estate, and design and construction related activities. Served as Director on company board.
  • Manager to an owner entity composed of a special opportunity fund and several banks in connection with the Hyatt Regency Clearwater Beach in coastal Florida. Responsibilities include overseeing the asset manager and hotel management company, monitoring the build out and sale of residential condominium units, serving as a Director on several condominium association boards, and performing accounting and reporting functions for the owner entity.
  • Financial Advisor to the developer of a large mixed use project on a premier parcel of land in midtown Atlanta. Assisted the developer in structuring and obtaining senior and mezzanine debt to acquire the land.
  • Financial Advisor to the Trustee of a liquidating trust with a bank syndicate as its beneficiary. Trust assets include a luxury hotel within a resort residential and golf course community (the Ritz-Carlton Lodge at Reynolds Plantation). Monitored the hotel operator, managed cash flow, coordinated a soft goods renovation, and performed accounting and reporting functions. Supported the marketing and disposition of the hotel asset, including engaging a broker, responding to buyer due diligence requests and preparing closing pro-rations.
  • Represented a developer consultant to the owner of two golf courses (PGA / TPC Sawgrass) and residual land involving the potential acquisition of a resort hotel adjacent to the development.
  • Represented a land owner in the positioning and marketing of a land parcel for hotel use to multiple candidate hotel developers.
  • Retained in a litigation support role in a matter involving the financing of a resort hotel and a large scale residential development (the Sea Island Resort). Scope of work included assessing historical valuations and real estate appraisals that were used to support the project financings.
  • Retained as an asset manager by a national finance company on a foreclosed, partially completed select service hotel. Services include securing and maintaining the asset, obtaining costs to complete construction and FF&E procurement and selecting a broker to market and sell the hotel.
  • Performed financial underwriting and due diligence in connection with the preparation of a loan commitment on behalf of a capital source to fund the purchase of two hotels from a lender.
  • Assisted a private real estate developer perform financial due diligence during the acquisition of a 300+ unit resort condominium and club operations.

Mr. Berman has significant, practical hotel industry experience, having held senior leadership positions at Suburban Lodges of America, Inc. and US Franchise Systems, Inc. During his career, Mr. Berman has been involved in the development of numerous hotels, the underwriting, sourcing and structuring of hotel debt and equity, and in the acquisition and disposition of hotel assets. Mr. Berman is very familiar with the inherent complexities in valuing a hotel given its combination of real estate and operating components.

In 1993, Mr. Berman joined Suburban Lodges to lead its financing and franchising activities. As an officer and director of the Company, and President of the franchising subsidiary, Suburban Franchise Systems, Mr. Berman was instrumental in growing the Company from a single brand of six hotels in three states to a multi-brand national hotel company of 200 hotels in 25 states. The Company operated 80 of these hotels, including hotels for third parties.

In 1996, Mr. Berman actively participated in Suburban Lodges' IPO and follow-on offerings raising close to $200 million, including selecting investment bankers, evaluating C Corp and REIT entity structures, drafting prospectuses, and making "road show" presentations. Mr. Berman was involved in the purchase and sale of Suburban Lodge hotels, the acquisition and integration of the Company's second brand GuestHouse International, and the ultimate sale of the Company in 2002. While at Suburban Lodges, Mr. Berman was recognized as a hotel brand leader by the American Hotel & Lodging Association and was selected as a speaker and panelist for multiple hotel industry conferences.

In 2004, Mr. Berman was hired by Mike Leven CEO of US Franchise Systems to expedite the growth of the Company's hotel brands, Microtel Inns & Suites and Hawthorn Suites. As Senior Vice President, Real Estate Development, Mr. Berman devised and implemented an innovative strategy and plan resulting in the construction of more than 40 Microtel hotels in just a two and one half year period. This represented a 20% annual growth rate in new hotels and an increase of approximately $140 million in aggregate asset value. Mr. Berman led and supported Microtel hotel owners with project planning, site and market analysis, project feasibility, land acquisition, due diligence, and project funding.

In 1990, Mr. Berman began his career practicing law in New York City with a boutique law firm specializing in complex litigation. Mr. Berman received MBA and JD degrees from Emory University Business and Law Schools in 1990 and earned a Bachelor of Arts degree in Economics from Brandeis University in 1986. Mr. Berman is admitted to practice law in New York and New Jersey (law licenses are currently placed on "retired status") and holds a real estate license in Georgia.

B. Riley Advisory Services works with lenders, law firms, private equity sponsors and companies of all types. Our Advisory Services are a unique mix of Valuation and Appraisal Services including asset-based lending (ABL) Valuations; Restructuring and Turnaround Management; Forensic Accounting and Litigation Support; Operations Management; Compliance, Risk & Resilience Services; and Transaction Support Services including Due Diligence and Quality of Earnings Reviews. B. Riley Advisory Services is the trade name for GlassRatner Advisory & Capital Group, LLC, Great American Group Advisory & Valuation Services, LLC, Great American Group Machinery & Equipment, LLC, and Great American Group Intellectual Property, LLC.