Clarke has revamped its own, Ravelin Properties REIT’s, and Holloway Lodging Corporation’s senior executive teams amid a commercial real estate integration.

The changes, effective Wednesday, are intended to strengthen operational leadership across Clarke’s residential, hotel and commercial real estate businesses by expanding executive responsibilities and decision-making authority, said the company.

The moves come after Clarke completed its $1.1 billion acquisition of Ravelin in May and assumed ownership of its commercial real estate portfolio under a plan of arrangement.

Tom Casey has been promoted to president of Clarke from his former CFO position with the company, while George Armoyan has stepped down as president and will continue as chairman and CEO. Steve Cyr has been promoted to CFO from vice-president of accounting. Halifax-based Clarke already owned several commercial real estate assets at the time of the acquisition and has made a number of acquisitions in various parts of Canada, particularly Calgary, since then.

At Ravelin Properties REIT, Casey and Steve Darrow have been appointed co-CEOs and will jointly oversee the REIT’s leadership, operations and strategic direction. At Holloway, Robert Sherman has been promoted president while retaining his chief operating officer position as well.

Clarke also appointed David Shahinian and Martin Pham as executive vice-presidents of U.S. real estate. They will oversee Clarke’s Chicago portfolio and lead future U.S. real estate investment activities.

“On behalf of the company’s board of directors and management team, we would like to congratulate the entire team on their new and expanded roles within the company and look forward to working closely with each of them to deliver on our commitment of generating long-term shareholder value,” said Armoyan.

Clarke is a real estate company with holdings across the commercial, residential and hospitality sectors. Its common shares trade on the Toronto Stock Exchange.

Pictured: Ravelin property in Moncton, N.B.

Photo: Ravelin Properties REIT