Walter L. Isenberg, ’80
The Story
Hotel Ezra Cornell 55 – 1980
Walter Isenberg, Food and Beverage Director
Guests of HEC 55 were invited to “Venture Aboard” to experience other eras and different regions of the world. The weekend took off with an opening reception at Airport 55, followed by a choice of two dinners: Evening on the Nile or Once Upon a Gondola.
Entertainment for the evening included an HEC variety show, a walk along the Streets of San Francisco, and a dessert party, “Venture to the Midnight Sun.” Saturday’s events began with an Around the World breakfast, followed by educational seminars and a panel discussion on the casino and gaming industry in Atlantic City. The weekend finished with an elegant black-tie affair, Casablanca.
Excerpt from: The Best Ever: Memories of Hotel Ezra Cornell
About Walter
Walter Isenberg is the Co-Founder and Chief Executive Officer of Sage Hospitality Group. Since establishing the Denver-based company in 1984, Walter has guided its evolution into one of the most respected names in hospitality. He leads all aspects of the organization, from property management and real estate investment to development and brand strategy, always with a focus on creating places that enrich lives and strengthen communities.
About Sage Hospitality Group
Sage Hospitality Group was founded in 1984 by college classmates Walter Isenberg ’80 and Zack Neumeyer ’80 with a bold vision: to transform hospitality by becoming the best hotel owner and operator in the business. What began as an entrepreneurial pursuit has grown into a purpose-led, diversified hospitality company spanning hotel management, restaurant operations, real estate investment, and brand development. Today, Sage is redefining how the world experiences hospitality through a portfolio of award-winning independent and branded hotels, destination restaurants and bars, and mixed-use projects across the United States. At its core, Sage is driven by a commitment to serve with purpose, foster belonging, and positively impact the communities where it operates.
Walter tells his story…
I was born and raised in Kansas City. When I was 14 years old, I responded to an ad in a local newspaper and applied to work at Mission Hills Country Club. They hired me to be a dishwasher. About six months into my employment, the dining room Maître d’ asked me to become a busboy. Over the next three years, I held virtually every line job the club had to offer, from cook to waiter to banquet server.
Cornell? Where’s that?
One day, the Maître d’, Carlos Pena, said to me, “Walter, you really love this business, don’t you?” To which I enthusiastically said, “yes.” He said, “Well then, you need to go to Cornell University’s Hotel School.” I said, “Where’s that?” and he replied, “New York” (he left the Ithaca part out).
Perhaps most remarkable about Carlos’s introducing me to Cornell was the fact that he was a Mexican immigrant without a high school diploma. Regardless, he knew of Cornell’s reputation as the best place to obtain an education in hospitality.
Shortly thereafter, several members learned of my interest in applying to Cornell and offered to assist. Members of the club knew the best hotelman in Kansas City, Phil Pistilli, who was a Cornell graduate, Class of 1954. Mr. Pistilli agreed to meet me and ultimately wrote a letter of recommendation that accompanied my application to the school.
Upon acceptance to Cornell, Mr. Pistilli asked me to work for him as a management trainee the summer prior to my freshman year. At that time, Mr. Pistilli oversaw Kansas City’s two best hotels, The Alameda Plaza Hotel and The Raphael Hotel. My summer was jam-packed working in every department in both hotels.
Early Lessons in Hospitality
A week before I was to leave for Ithaca, Mr. Pistilli called me into his office, told me that during my last week I would shadow him, and instructed me to be in his office at 5 a.m. the following morning. When I arrived, he asked, “Do you know why you’re here at 5 a.m.?” I said I wasn’t quite sure, and he said, “Because this is a 24/7 365-day-a-year business. You have employees here every minute of every day serving our guests.” We proceeded to visit the night auditor. Mr. Pistilli knew him well and knew everything about him. It was clear he had a tremendous personal relationship with him.
A few hours later, Mr. Pistilli said, “Let’s go down to housekeeping and say hello to the team. Walter, do you know what a housekeeper has to look forward to every single day they come to work?” to which I replied, I wasn’t quite sure. He said, “Sixteen dirty toilets.” As we arrived in the housekeeping department, Mr. Pistilli sat with the team sharing coffee and stories. He knew every single employee by name and could tell each of their personal stories.
As we left, Mr. Pistilli said, “Walter, don’t ever forget, these people are not your employees, they’re your family. They are the heart and soul of the place. They are the ones who make our guests feel special.”
Those early lessons have stayed with me my entire career and have shaped how I have approached the business.
Cornell Sets the Stage for a Career in Hospitality
At Cornell, my love for hospitality grew. I was active in HEC all four years, starting as a server and manager for both freshman and sophomore years. As juniors, Ken Geist ’80 and I were managers of Bacchus, a featured wine event offered that weekend. I was back-of-house, Ken was front-of-house. In my senior year, I was responsible for the overall management and success of all food and beverage operations for HEC 55. Other engagement at the school included serving as a TA for Quantity Food Production. Through Cornell, I connected with amazing people, some of whom would become lifelong friends. I remember fondly the tremendous leadership and mentorship I received from Dean Beck to Professors Eyster, Rainsford, Goodman, Cantwell, and Chase, to name a few.
In the spring of 1980, I applied for multiple jobs and was accepted into management training programs at Hyatt and Westin (then called Western International). Classmate Russ Smith ’81 introduced me to his father, then president of Southern Host Hotels, who was recruiting on campus. Ultimately, I decided to go to work for Southern Host, with my inaugural job becoming general manager of Jack’s Cake and Steak, a 24-hour pancake house in Key West, Florida. Over the next four years, the company moved me to five cities, including Miami, Jacksonville Beach, New Orleans, and Houston. It was an incredible learning experience.
From bad ideas and no money to turn-around specialists –
Sage Hospitality is Born
In the spring of 1984, I got a call from Zack Neymeyer ’80, who was in Denver. Zack had left his job at Laventhol and Horwath to start a consulting company. He told me one of his clients needed a management company. While Zack at first resisted, eventually he figured there might be money in it. As he would tell it, I was the only guy he knew in operations. I flew to Denver, went back to Houston, and resigned to join Zack and start Sage.
I’ve always said that at 26, Zack and I had lots of bad ideas and no money. While we couldn’t have imagined what was about to happen in commercial real estate, we were lucky enough to be able to take advantage of it. In the late 1980s, the savings and loan industry collapsed, and ultimately, the federal government stepped in and formed the Resolution Trust Corporation to clean up what had become a massive collapse of commercial real estate. We became turnaround specialists.
By 1988, we had over 80 hotels under management, all on 30-day contracts, all for unintended owners (primarily banks). In 1993, one of our professors, Peter Rainsford ’68, MS ’70, PhD ’74, called to say he was looking to come to Colorado on his sabbatical. A ski pass and an apartment would pave the way for him to spend a semester with us, helping us develop our first strategic plan. The rest, as they say, is history. Peter helped us understand the need for a more stable contract base, capital, and that a more strategic focus would be key to our success.
I had both Walter and Zack as students during their freshman year at Cornell. I got to know Walter better during his junior and senior years. Walter was active in Hotel Ezra Cornell and served as HEC food and beverage director during his senior year. I was the HEC faculty advisor both years and was extremely impressed with not only his food and beverage acumen but also with his leadership qualities. He was one of those students who I would have bought stock in if I could have. I knew he was going to have a marvelous career—and have a significant impact on—the hospitality industry. I spent calendar year 1993 on sabbatical leave and spent the year working for Walter and Zack in Denver helping them put together an analysis of Sage Hospitality and developing a formalized business plan for moving ahead. My year at Sage was one of the most rewarding of my professional career and allowed me to observe Walter’s personal growth, operational skills, and the respect he had earned from the hundreds of associates employed by Sage. Throughout the years, it’s been an honor and pleasure to have Walter’s friendship. He’s taught me more than I ever taught him.
~PeterRainsford ’68, MS ’70, PhD ’74
Professor Emeritus
Cornell SC Johnson College of Business
Sage Ski conference. Walter and Zack flanking Professor Peter Rainsford.
Also in the picture are Bernie Siegel ’80 and Andy Stewart ’95.
In 1994, we became Marriott franchisees with the acquisition of 30 Fairfield Inns, gaining private equity giant, the Carlyle Group, as our partner. From there, we began developing hotels and had a focus on historic adaptive reuse projects. In 2005, we gained control of the Meier and Frank department store in downtown Portland. With our partner JP Morgan, we transformed the building into a 331-room Starwood Luxury Collection hotel.
Sage Restaurant Concepts
That same year, we started our restaurant company to be led by Peter Karpinski ’99. Featured at the Nine’s were two Sage Restaurant Concepts, Urban Farmer and Departure. The hotel and restaurants opened in October 2008, a scary time during the great financial crisis. Despite a tough market, The Nine’s received accolades for design and service and skyrocketed to early success.
Entry into the Lifestyle Luxury Space
Many adaptive reuse projects followed and became an important foundation for our entry into the lifestyle luxury space. In 2015, Sage became the first third-party operator granted a franchise to operate The Ritz-Carlton, taking over The Ritz-Carlton, Chicago. By 2019, Sage had repositioned itself to become one of the nation’s leading lifestyle and luxury operators in the country. As we entered 2020, we were on the cusp of becoming a $1 billion enterprise. That, due to COVID, would have to wait. With lessons learned over many decades and cycles, the company was able to weather the challenges of COVID. In 2023, we hit the $1 billion milestone for the first time.
March 8, 2024 – Sage celebrates its 40th anniversary (Ruby) – featuring Earth Wind and Fire
Walter and Zack – Celebrating 40 years of Sage Hospitality
Sage is an experiential hospitality platform, making us able to manage and execute against nearly every facet of this business as we create places that people go to, not through.
~Walter Isenberg
Co-Founder & CEO Sage Hospitality
Credit for Success
Our success is directly related to the dedication and passion of our more than 7000 associates. We are a purpose-led company working to “enrich lives, one experience at a time.” Enriching the lives of our associates, customers, investor partners, and the communities in which we work and live is our mantra. Today, we operate more than 70 urban and resort hotels, 40 restaurants, bars, coffee shops, and entertainment venues in 18 states and the District of Columbia. Nearly 70% of the company’s assets are in the lifestyle and luxury space. While we’ve been through many cycles at this point, the early lessons from mentors helped us on a path to creating what Sage Hospitality Group has become today.
Passion for Serving Others
Since Sage’s inception, giving back to the communities in which we work and live has been an important aspect of our work. Our 7000 associates volunteer in every community in which we do business. We have donated millions of dollars through our giving programs, “Dollars for Dreams” and “Hungry to Help”. We continue to support higher education in hospitality with a focus on our local university, Metropolitan State University of Denver. With tuition at $10,000 per year, we can reach a broad demographic of young people who share our passion for serving others.
Walter and Zack – Mission Ballroom, Denver
Hospitality, at its core, is about taking care of others. We wake up every day and choose to make an impact for those around us.
~Walter Isenberg
Co-Founder & CEO, Sage Hospitality
Lifelong Connections to Cornell
Along the way, we have maintained strong ties with fellow Cornell Hotelies. Ken Geist ’80 was our CFO, Peter Karpinski ’99 started our restaurant company, and today Jessica Werner ’06 is our Chief Creative Officer, and Matt Schwartz Ag ’96 is our Chief Technology and Marketing Officer. Our relationships with other Cornellians run deep. We are grateful for the incredible experiences we had while at Cornell, and for the incredible relationships we have today.
Zack Neumeyer, Walter, and Ken Geist (all class of ’80) with Stanton Golding (not a Cornell grad)
I first met Walter while we were students at the Hotel School. He was in his junior and senior years, and I was finishing my master’s degree. While memories are a bit “hazy,” I recall being his properties teaching assistant and always being impressed by his energy and passion for the hospitality business. We crossed paths again in the early 80s, both working in Houston, albeit for competitors.
During my time teaching at Cornell, Walter was a wonderful guest lecturer, talking poignantly about how working with a money partner has both benefits and costs. The cost was the money partner decides when to sell assets, which caused Walter’s company to have to downsize; his story of the difficulty he and Zack had in ending ties to his wonderful associates and having to rebuild the company were one of the best lessons ever taught. “While I personally made out very well, the human toll on our associates when our management contracts were terminated was a tough lesson in humility and taught me to always have more control over the financial direction of my company.” This guided him through the firm’s success over the last 30+ years.
~ Jan deRoos ’78, MS ’80, PhD ’94
HVS Professor Emeritus of Hotel Finance and Real Estate
Cornell SC Johnson College of Business
Family Life
I met my wife, Christie, in 1982 while working in New Orleans. We were married three years later in Denver, Colorado, and we will celebrate our 40th anniversary this November. We have two wonderful daughters, Nicole and Tirunesh (Tiri). Nicole graduated from Metropolitan State University in Denver with a degree in hospitality. She is currently working for Sage at the Marriott Denver Tech Center as a senior sales manager. Tiri was born in Ethiopia and adopted by us at the age of four. She is working at our restaurant called the “OG” and attending college at Metropolitan State University with an interest in criminal justice.
Nicole & Tiri
Nicole, Christie & Tiri
Board Service and Volunteer Work
- American Hotel Lodging Association Board of Directors
- Marriott International Owner Advisory Board
- Active in the community, he currently serves on the boards of:
- Visit Denver
- The Downtown Denver Partnership
- Colorado Concern
- Metropolitan State University of Denver Board of Trustees
Awards and Recognition
Isenberg was one of six laureates inducted into the prestigious Colorado Business Hall of Fame in February 2025. This honor, bestowed by Junior Achievement-Rocky Mountain and the Denver Metro Chamber of Commerce, celebrates the state’s most distinguished business leaders and their lasting impact on the community. It is the highest award given by Denver’s travel industry.
- 2024 Colorado Business Hall of Fame
- 2023 ULI Colorado Legacy Award for Lifetime Achievement
- 2019 Pinnacle Award, Denver Business Journal Most Admired CEOs
- 2017 Hospitality Design Platinum Circle Award
- 2017 Community Enrichment Award, Mizel Institute
Isenberg is listed among the 90 influential Hotelies profiled in the 90th anniversary issue of Hotelie magazine (2012)
Walter Isenberg ’80, president and CEO, and Zachary Neumeyer ’80, chairman, co-founded Sage Hospitality in 1984. Sage Hospitality owns and operates hotels in 23 states, from urban full-service hotels to smaller select service suburban properties. Isenberg directs all company operations, including property management, development and finance. Sage hotels include well-known brands as well as several independent hotels. Ken Geist ’05, EVP and senior partner, joined Sage in 1995. In 2006 Sage formed the Sage Restaurant Group, with Peter Karpinski ’80 as co-founder and COO. Sage Restaurant Group operates unique high-volume restaurants inside its urban hotels.
Sage Hotels Honored by Michelin Key Awards (excerpt from sagehospitalitygroup.com)
Five of our fabulous hotels have been awarded One Key by MICHELIN in their inaugural list. The Michelin Key denotes “the absolute most outstanding experiences,” with One Key recognizing “a very special stay.”
The following Sage Hospitality Group hotels have earned this esteemed accolade:
- The Crawford Hotel – Denver, Colorado
- The Elizabeth Hotel – Fort Collins, Colorado
- Perry Lane Hotel – Savannah, Georgia
- Shinola Hotel – Detroit, Michigan
- Asbury Ocean Club – Asbury Park, New Jersey
Each of these properties embodies our philosophy of creating unique, immersive spaces that go beyond traditional hospitality. This recognition from Michelin, a name synonymous with excellence in travel and dining, validates our efforts to innovate and elevate the guest experience.
We extend our heartfelt congratulations to the teams at each of these hotels. Your commitment to providing outstanding service and creating memorable experiences for our guests has not gone unnoticed.
We invite our guests, partners, and the communities we serve to join us in celebrating this milestone!
