Lodging Hospitality Distressed Real Estate Community

Different Ways to Restructure a Hotel Loan 

After four years of negative and negligible growth, the U.S. economy is finally showing signs of recovery. Despite this, global events including financial challenges throughout Europe and political turmoil in the Middle East may contribute to tipping our economy back into a recession. ...

Understanding Market First Step to Turnaround  

Tom Engel spent the 1980s helping launch brands like Embassy Suites, Crowne Plaza and Hawthorn Suites, then turned his attention to managing the hotel portfolio of AXA Equitable during the 1990s as an executive vice president of its $1.8 billion lodging and leisure group. Engel now often finds himself in between the brand and owner as an asset manager....

Capital Markets Key to Hotel Real Estate Rebound 

Unlike the operating side of the hotel industry, the real estate recovery hasn’t been as clearly defined. Transaction volumes rose again in 2011, values have grown faster than anyone expected and overall industry sentiment appears positive starting the new year, yet the forecast for 2012 remains partly cloudy. ...

Hotel Foreclosures an Oncoming ‘Train Wreck’ 

Steve Van hates being the pessimist, but he can’t help it. The CEO of Prism Hotels & Resorts says comparing the last two years of hotel distress to what’s coming is like comparing “a car wreck and a train wreck.” ...

Why Chatham Lodging Trust Regained Innkeepers Portfolio Out of Bankruptcy 

While most hotel REITs chase full-service and luxury hotels in major markets, Chatham Lodging Trust continues to focus on what it knows best: extended-stay and select-service hotels. And the REIT’s latest acquisition is one that Jeffrey Fisher, chairman and CEO of Chatham, is intimately familiar with....

Restructuring CMBS Loans Is An Uphill Battle  

Ann Hambly compares the challenge of modifying a CMBS loan to climbing a mountain. “You could maneuver it on your own,” says the CEO and president of 1st Service Solutions, “but I liken it to using a Sherpa. You could maybe get to the top of Mt. Everest by yourself, but would it be better to take someone who’s been up there 2,000 times?”...

Memo to Distressed Hotel Investors: Understand the Opportunities and Risks 

Many investors and other potential buyers have been trying to determine whether the time is right to invest in distressed hotels. The recovering U.S. economy and hotel market indicate that the hotel industry’s severe recession has bottomed out, which has investors wondering whether they should make some investments in the near term before prices rise and the steep discounts disappear. ...

Vacation Ownership May Be An Option For Distressed Condo Projects 

An ambitious developer builds a whole ownership condo building in Florida. The beachfront property has 60 units. While the developer has purchase contracts with 10% deposits on 50 units, just 20 of the purchasers under contract have closed on their units. The project’s construction loan matures in 120 days, but the developer will be unable to meet the obligation. What are his options?...

An Owner’s Guide to the Chaotic World of Hotel Loan Restructuring 

The following is intended as a practical guide to owners considering whether and how to restructure a hotel property that can’t support or refinance its current debt....

Hotel Distress Buys: ‘There’s Something for Everyone Right Now’ 

The Ashford Hospitality Trust joint-venture acquisition of Highland Hospitality’s 28-hotel portfolio earlier this month reveals how far the hotel transaction market has come. The $1.28 billon deal alone was more than half the $2.1 billion transacted in the Americas through all of 2009, according to Jones Lang LaSalle Hotels, which tracks asset sales $10 million and higher....

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