• Enhancing asset value and acquisition insights through established expertise in the lodging & gaming sectors

  • About Us

    Company Overview

    Fulcrum Hospitality, LLC is a hospitality investment operating partner, advisor, and asset manager founded by Steven Angel in 2011. Across its portfolio, Fulcrum Hospitality manages over $6 billion in assets, consisting of over 25,000 hotel rooms spanning across different brands. With a deep understanding of asset management and an arsenal of proprietary investment analysis tools, Fulcrum Hospitality is one of the fastest growing and most innovative asset management and hotel real estate investment companies in the hospitality industry.


  • Our Strategy

    Investment Philosophy

    Fulcrum’s core investment strategy is focused on the global acquisition of hospitality properties located in high-growth environments with attractive risk-adjusted returns, value-add opportunities, and limited downside. Fulcrum’s asset management experience and ability to identify effective cost-saving initiatives enhances its buying power and increases the profitability of a new acquisition. During the investment period, Fulcrum deploys various value-add asset management techniques to increase value and prepare the property for its eventual disposition.

    Asset Management Philosophy

    Fulcrum’s hands-on approach to asset management helps owners achieve their investment goals. Fulcrum’s differentiating asset management factors consist of:

    • Senior-level involvement in every engagement
    • Strong industry wide relationships and networks
    • Efficiency in implementing industry best practices
    • Access to a wide range of experienced industry-leading technical consultants
  • Our Services

    Fulcrum Hospitality delivers value to our clients through seven channels

    Asset & Investment Management

    Combining both practical industry experience with finance and transaction expertise, Fulcrum has the unique ability to identify critical asset value drivers, interpret and communicate market insights, and collaborate with property and ownership teams to align objectives.

    Transaction Advisory

    Fulcrum represents ownership groups through every transaction milestone including single-asset acquisitions, portfolio dispositions, and distressed recapitalization. Using deep capital markets understanding Fulcrum can help review and create pro formas, evaluate deal structures, and assist in broker selection.

    Sales and Marketing Analysis

    From 1,600-room urban group-oriented hotels to 100-room leisure boutique properties, Fulcrum possesses vast industry knowledge in the realm of sales and marketing, helping to maximize value of the investment. Fulcrum can evaluate sales organizational structures; develop new sales goals; analyze transient, group, and catering PACE reports; and collaborate with industry consultants to optimize the department’s efficiency.

    Management Contract Negotiation

    With years of experience negotiating management contracts, Fulcrum has the expertise to construct terms designed to align management and ownership interests and ultimately achieve concessions critical to preserving and growing the long-term asset value.

    CapEx Planning and Execution

    Working with ownership groups to analyze and negotiate brand Property Improvement Plans, Fulcrum reviews assets to uncover capital investment opportunities as well as oversees project management resources from small refurbishment initiatives to complete property redevelopments.

    Litigation Support

    Fulcrum’s industry veterans have the resources to assist clients in various litigation capacities including validation of concerns, strategy development, expert witness testimony, and subject matter expert resource identification.

    Lender Representation/Receivership

    In unique distress situations, Fulcrum supports lenders in assessing property value, evaluating current and prospective management teams, identifying immediate capital needs, and negotiating with equity/debt holders and operators.

  • Our Leaders

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    Steve Angel


    Steven founded Fulcrum Hospitality in 2011 and has over 20 years of experience in the hospitality industry, spanning principal investing, investment oversight, consulting, operations, and equity research. He has been critically involved in the acquisition, recapitalization and disposition efforts across virtually every hospitality industry segment including but not limited to luxury, full-service hotels, portfolios of limited-service assets, and large resort casinos. Prior to founding Fulcrum, Steven was a Managing Director at Goldman Sachs, where he led the asset management teams on over $5 billion of lodging and gaming properties and portfolios. Steven’s impressive ability to balance the needs and wants of owners and managers comes from his experience with several brands, including Ritz-Carlton, where he experienced hands-on operations in areas as diverse as Total Quality Management and housekeeping.


    Steven is a former Chairman of the Board for American Casino & Entertainment Properties, former Director and Current Chairman’s Council for Nor1, LLC (eStandby), former Director & Executive Committee Member of the Hotel Association of New York City, formerly licensed gaming principal of the Nevada Gaming Control Board, and a current member of the Hospitality Asset Managers Association and the Hotel Development Council, Urban Land Institute. Steven received his graduate degree from The Wharton School at the University of Pennsylvania, Masters of Business Administration. He received his undergraduate degree from Purdue University, Bachelor of Science in Hotel and Restaurant Management.

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    Cheryl Boyer

    Chief Operating Officer

    Cheryl joined Fulcrum in 2013 after her successful tenure and co-founding of Lodging Advisors, where she delivered senior-level independent advisory services to blue chip clients including Prudential Real Estate Investors, Aegon Real Estate Investors, Woodbine Development Corp., Delaware North Companies, Marriott Hotels, The National Park Service, Tishman Hotels, and Hines. At Fulcrum, Cheryl is integrally involved in each one of Fulcrum’s acquisitions and asset management engagements. Cheryl has over 25 years of hospitality experience comprising consulting, asset management, valuation, finance, and operations.


    Cheryl is currently the president of WX New York Executive Women in Real Estate, the regional vice president of Cornell Hotel Society, as well as a member of the Appraisal Institute, President’s Council of Cornell Women, Hospitality Asset Managers Association, International Society of Hospitality Consultants, and Lodging Industry Investment Council. Cheryl received her undergraduate degree from Cornell University’s School of Hotel Administration.

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    Jim Stein

    Chief Financial Officer

    Jim has over 25 years of experience in the service industry, driving financial success as a Chief Financial Officer and Principal. Jim has brokered, negotiated, and spearheaded the sale of multiple corporations, overseeing the transactions through completion. Jim works directly with Boards of Directors, leading the process with accounting firms, attorneys, insurance companies and financial institutions and has assisted organizations with structuring and creating entities to realize their optimum performance. Jim oversees property improvement plans (PIPs), the firm’s partnership accounting, negotiates administrative and service contracts, creates and administers budgets, and is the driving force behind establishing and achieving the company's financial goals.


    Jim is a Certified Public Accountant and a member of the American Institute of CPAs. He received his undergraduate degree from Purdue University, Bachelor of Science from the Krannert School of Management with a concentration in Accounting.

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    Larry Kaminsky

    Executive Vice President

    Larry joined Fulcrum following a twenty-three year career in the hospitality industry covering hotel operations, casino operations, financial leadership, development and senior-level asset management.


    Immediately prior to joining Fulcrum, Larry was Senior Vice President of Asset Management for LaSalle Hotel Properties (a publicly traded REIT: LHO) for over 10 years and was directly responsible for more than $2 billion in hotel assets in many major US markets, having worked closely with over 20 hotel management companies including many of the major brands and independent operators. Larry lead the LaSalle portfolio-wide program of the industry-admired best practices and profit-enhancing / revenue-generating initiatives. Larry received his degree from Emory University, School of Business.

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    Ellen Brown

    Executive Vice President

    Ellen is an expert in matters related to hotel investments and asset management including acquisitions, joint ventures, equity and debt financings, management contracts and value enhancement. She has overseen diverse transactions that range in value from $50 million to over $800 million. Most recently, Ellen was EVP of Acquisitions and Development at Denihan, an owner and operator of boutique hotels in major urban markets. At Denihan, she spearheaded the company’s expansion efforts including its acquisition and growth of The James brand including The James Chicago, New York, South Beach and West Hollywood. Prior to joining Denihan, Ellen provided advisory services to hospitality clients at PricewaterhouseCoopers, Landauer Associates and Laventhol & Horwath.


    Named a ‘Woman of Influence’ by Real Estate Forum in 2013, Ellen is a noted authority on hotel real estate, and speaks often at the industry’s most influential investment forums such as the NYU International Hospitality Investment Conference and America’s Lodging Investment Summit. She is involved with the President’s Council of Cornell Women, WX New York Women in Real Estate and Cornell Real Estate Council and was a member of the executive planning committee of the NYU International Hospitality Industry Investment Conference. Ellen is a graduate of the Cornell School of Hotel Administration.

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    Bonnie Amato

    Chief Revenue Officer

    Bonnie has over 25 years of property, corporate, and regional sales and revenue management experience and has been paramount in establishing Fulcrum’s industry-leading revenue management practices. Her experience has included regional revenue management roles and responsibility for total hotel revenue at 36 full-service Renaissance Hotels, as well as senior-level regional positions with Marriott. Subsequent to her time working for hotel management companies, Bonnie has been engaged by clients as diverse as public REITs (LaSalle Hotels), corporate franchisors (Choice International), and management companies (Gaylord Hotels) to advise and help institute revenue management and sales strategies to maximize top-line growth within these respective firms.


    Bonnie has successfully managed broad portfolios varying from small, boutique, independent hotels to large scale convention “big-box” properties, delivering day-level revenue management recommendations, short-term strategic price-positioning and channel management, total hotel revenue strategy and deployment plans, and execution tracking and measurement. Bonnie received her undergraduate degree from Cornell University’s School of Hotel Administration.

  • Contact us

    If you have any questions or business inquires, please send us a message.

    30 Montgomery Street
    Suite 320
    Jersey City, New Jersey 07302
    +1 646 657 2950