Jul
08

Hotel Lenders Coming Out of the Woodwork

By
June 16, 2008

By: Jason Q. Freed – Hotel & Motel Management

Daniel Lesser, senior managing director at CB Richard Ellis, borrowed a quote from Warren Buffet to sum up the vibe at Meet the Money 2008. Lesser was addressing the current economy and its effects on buyers’ hesitance within the lodging industry:

“When everyone is being greedy, be fearful. When everyone is being fearful, be greedy,” he said.

Lesser, addressing nearly 400 hoteliers during JMBM’s annual Meet the Money hotel financing conference in May at the Green Valley Ranch Resort in Las Vegas, Nev., was optimistic about the “continued, albeit slower,” growth within the lodging industry. He told hoteliers that 2008 is a great time to grow their portfolios.

“2008 is a terrific time to buy U.S. hotel assets,” Lesser said. “There is money out there. This perception that there is no debt out there, it’s a flawed perception. The leverage that existed before the peak is not out there, but there is really lots of 60-percent to 70-percent lenders out there.”

The mere fact that Jim Butler, chairman of Jeffer Mangels Butler & Marmaro’s Global Hospitality Group, was able to put together this conference during times of uncertainty proved there are financial organizations ready and willing to deal in hotel capital.

“These are the people who are telling us they’re here and they’re providing capital for the industry now,” Butler said.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.hotelmotel.com/hotelmotel/Top+stories/Lenders-coming-out-of-the-woodwork/ArticleStandard/Article/detail/525166

Be Sociable, Share!
    Categories : National News

    Comments are closed.