HAS Board of Directors


All of HAS’ senior management hold advanced degrees (PhD or DBA) in real estate or related fields. They also hold various professional designations, including MAI and CRE. The following provides a brief description of HAS senior personnel and their previous experience. Full curriculum vitae are available on request.

  • Dr. Ron M. Donohue, C.R.E.   Dr. Ron M. Donohue is President and Chairman of the Board for Hoyt Advisory Services.  He has been with The Hoyt Group since 1992, when he served as a Fellow and as General Manager.   He also serves on the Board of Directors of Hoyt Advisory Services and the Homer Hoyt Institute of Maryland.  Ron holds a Bachelor’s Degree in Political Science, a Master of Urban Planning Degree and a Ph.D. in Urban, Technological and Environmental Planning, all from the University of Michigan.  His award-winning dissertation dealt with inner city retailing.  He writes frequently on a number of real estate related topics, ranging from analytic techniques to investment analysis.  His work appears in a wide range of scholarly and popular media, including the Journal of Real Estate Research, Real Estate Issues, Properties, Urban Quality Indicators, International Journal of Simulation and Gaming, and the University of Michigan’s Leading Edge Series.  He is also frequently cited in business publications and the popular press on real estate related topics. Recent citations include the New York Times, Reuters News Service, Chicago Tribune, Shopping Centers Today, Builder, Dow Jones Investment Advisor, Site Selection, Plants, Sites and Parks, and Expansion Management.  Ron provides a wide range of consulting services, including strategic planning, investment analysis, economic feasibility analysis, curriculum development and serving as an expert witness. Recent assignments include providing asset management and strategic planning for high net worth individuals and private real estate companies, investment, market and feasibility analysis, evaluating and analyzing alternative disposition strategies for a large multi-state portfolio, and providing valuation of complex private real estate securities and debt. Previous clients run the entire gamut of the industry, including REITs, REOCs, pension plan sponsors, real estate trade organizations, academic institutions, investment bankers and private investors.   He has developed presentations for the International Council of Shopping Centers, the Counselors of Real Estate, the Weimer School of Advanced Studies in Real Estate and Land Economics, The University of Wisconsin’s Center for Urban Land Economics Research, the Pension Real Estate Association, the Urban Land Institute and the Commercial Investment Real Estate Institute. He has taught courses at the University of Michigan, the University of Toledo and Florida Atlantic University in subjects ranging from land planning to real estate finance.   He holds the Counselor of Real Estate designation, along with memberships in the American Real Estate Society, the American Real Estate and Urban Economics Association, the Counselors of Real Estate, the National Association of Real Estate Investment Trusts, the Pension Real Estate Association and the Urban Land Institute.
  • Dr. Jeffrey D. Fisher  Jeff is Vice President of Hoyt Advisory Services.  In addition he is the Chairman of the Board and President of the Homer Hoyt Institute and Chief Financial Officer for all Hoyt Group organizations.  Jeff is also Professor Emeritus, Indiana University, having retired in 2011,  joined the faculty of the Kelley School of Business atIndiana University in the Fall of 1979 after receiving his doctorate in real estate and finance from The Ohio State University. He received his undergraduate degree in industrial management from Purdue University and his MBA from Wright State University.
  • Dr. Norman G. Miller is the Secretary of Hoyt Advisory Services.   Norm is a Professor of Real Estate at the University of San Diego with the Burnham-Moores Center for Real Estate. He was V.P. of Analytics for the CoStar Group in 2010-2011, a public commercial real estate data and market analysis company headquartered in Washington DC.   He is also Editor of the Journal of Sustainable Real Estate, a journal which he founded in 2009 with the support of CoStar.

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