Morris Moinian is Principal and Founder of Fortuna Realty Group. The company was founded to continue and expand the successful real estate business of Morris Moinian. Moinian began his business career in 1979, with the establishment of Chattanooga Manufacturing Inc. As President and Co-Founder, the company expanded to become one of the largest women’s apparel suppliers to big-box retailers such as Macy’s, Marshalls, JC Penny, and Sears. At its peak, the company employed over 100 executive members in offices around the world including New York, Los Angeles, London, and Hong Kong. Under Moinians leadership, the company grew both organically and via mergers and acquisitions of major competitors.
In the 1980’s, Moinian began investing in real estate with his earnings from Chattanooga. His key strategy was to acquire on-the-avenue or corner mixed-use assets with a geographic focus on Manhattan’s Upper East and West Sides. These assets were to include residential above retail with future development potential. In 1995, Moinian fully transitioned into real estate to expand his successful real estate career. Since then, Mr. Moinian continues to acquire, develop, and manage hotels and resorts in New York, Florida, the Bahamas, and the US Virgin Islands, often working in partnerships with Wyndham Worldwide (NYSE: WYN) and Intercontinental Hotels Group PLC (LSE:IHG NYSE: IHG). Mr. Moinian is credited with successfully re-developing and operating the luxury Dylan Hotel and acquiring the historic Garden City Hotel in Long Island. In addition, he developed and introduced the first Hotel Indigo (an IGH brand) in Chelsea. To date, Mr. Moinian has amassed a hotel portfolio of over 2,000 rooms, with an additional 3,000 in the pipeline. To complement his hotel portfolio, Mr. Moinian is also strategic in partnering and opening successful high-end food and beverage outlets and restaurants with each hotel project.
In 2007, Mr. Moinian opened a new arm of the company, Fortuna Funding NY, LLC. The company was formed to originate, acquire, and manage short-medium term mezzanine, bridge, junior/senior participation debt.
While Mr. Moinian is actively seeking new investment opportunities, Mr. Moinian is committed to his projects. He is currently finalizing plans for two new hotel projects, including 1150 Avenue of the Americas – a 50 story, $400 million hotel development, and 25 West 38th Street – a new 170 key hotel development located off Fifth Avenue.
Although hospitality development remains a core focus, Mr. Moinian continues to be a savvy entrepreneur and recognized the tremendous potential of investing in the lifestyle fitness industry. As such, he opened Revolve, a new concept in indoor cycling studios that has enjoyed success since opening in Washington, DC and Manhattan’s Union Square. As the established studios continue to build momentum, he plans to expand into additional locations.
Mr. Moinian sits on the board of the Grand Central Partnership, Sephardic Society of Manhattan, Gray Matters Inc. @ Columbia University, and the USVI Tourism and Hotel Association.