Seaport Entertainment Group Inc. (SEG) confirmed that Lenah Elaiwat will serve as Executive Vice President, Chief Financial Officer and Treasurer, effective December 1, 2025. Elaiwat has been the company’s interim CFO since early 2025 and has held the role of Chief Accounting Officer since joining SEG in 2024. Her nearly twenty‑year background in real‑estate and financial‑services firms—including Regis Group, Midwood Investment & Development, Colony Capital and Edison Properties—provides a strong foundation for steering SEG’s evolving financial strategy.
SEG’s latest quarterly results illustrate the context for the CFO appointment. In the third quarter ended September 30, 2025, the company generated $45.05 million in revenue, a 14.3% year‑over‑year increase driven by higher hospitality and entertainment income in its New York City and Las Vegas portfolios. However, the company posted a net loss of $32.86 million, slightly wider than the $32.27 million loss reported in Q3 2024. On a non‑GAAP basis, the adjusted net loss improved to $7.22 million, or $0.57 per share, compared with $25.08 million ($4.54 per share) in the prior year, reflecting tighter cost control and a more favorable mix of revenue streams.
The appointment signals SEG’s intent to solidify financial leadership amid a strategic pivot from a real‑estate‑heavy model to a hospitality‑and‑entertainment focus. CEO Matt Partridge noted that “having worked with Lenah to develop the company’s financial infrastructure, I have witnessed her depth of financial expertise and steady leadership. I am confident she will be instrumental to SEG as we continue to position the company for long‑term success.” Elaiwat echoed this sentiment, saying she is “honored to step into the role of Chief Financial Officer at such an exciting moment for the company” and that she looks forward to building on the momentum of SEG’s growth platforms.
Segment analysis shows that the Landlord Operations segment contributed the largest share of revenue, while Hospitality and Sponsorships, Events, and Entertainment segments are experiencing growth as the company invests in experiential venues. The company’s guidance for 2026 targets breakeven, with profitability expected in 2027, underscoring the need for disciplined capital allocation and operational efficiency. The CFO’s experience in cost management and strategic planning is therefore a key asset as SEG navigates macro‑economic headwinds and seeks to accelerate its asset optimization initiatives.
Management’s commentary highlights ongoing headwinds, including a 23% year‑to‑date decline in market sentiment and the need to balance cost cuts with investment in high‑return entertainment offerings. The CFO’s role will be critical in aligning financial reporting, capital structure decisions, and investor communication to support the company’s transition and long‑term value creation.
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