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Views From the North American Hotel Investment Conference

At last week’s North American Hotel Investment Conference (NATHIC), held Nov. 20-22 at the Hyatt Chicago Magnificent Mile in Chicago, Ill., I had the chance to listen to and be part of discussions about the current state of the industry. In its seventh year, the conference was relocated to Chicago from Washington, D.C., and has replaced what was previously...

Readying Your Hotel for Sale

With transaction volumes in early 2013 50 percent ahead of the level in early 2012, many owners today are asking themselves if this is the right time to sell. They see very low cost capital that is abundantly available, contributing to higher values. Yes, interest rates have ticked up from their recent lows, but long term, fixed rate debt...

Inside Finance: Takeaways from The Lodging Conference

Anyone recently attending The Lodging Conference in Phoenix had a great opportunity to take the temperature of the Lodging Industry. Although there were probably few or no radical epiphanies, there were a number of common threads to the various conversations occurring both on and off the panels. Here are some of them: Supply Growth/Overbuilding Concerns There was very real and definitive...

Inside Financing: Filling the Cap Stack Gap

Putting together a hotel capital stack can be like assembling a puzzle with moving parts that must come together simultaneously. Even with great availability of low cost senior debt today, we still see a lot of projects suffering from a gap. Most of these deals are new construction projects, but there are plenty of acquisitions that have the same...

Inside Financing: Underwriting Your PIP

Ask any hotelier about their experiences with financing and you’ll likely get a mixed-bag of answers, but most will point out that hotels remain one of the hardest asset classes to capitalize. To complicate matters, a number of the branding companies have recently announced either renewed efforts to bring lagging properties up to current standards, or new standards programs...