Hotel Transactions in the New Economy
|
|
- Coleen Clarke
- 5 years ago
- Views:
Transcription
1 Hotel Transactions in the New Economy Hank Wolpert
2 The Hotel Market Cycle Moving Along the Road to Recovery Equilibrium ADR Rapid Development Lodging Decline, Leads Other Sectors Development Picks Up Rapid Development Long Run Occupancy Occupancy Declines, ADR Follows U.S. is Here A Year Ago ADR and Margins Recover Development Slows Occupancy Recovers Development at Minimum Levels Lodging Recovers, Lags Other Sectors Source: PKF Hospitality Research
3 Total Transactions & Property Transfers Individual Transactions Portfolio Trans Actions , vs. 09 VAR M&A Transfers 1,382, Total Transactions & Transfers ,547 1, ,
4 Average Selling Price Per Room
5 Hotel Investment Trends Price Per Key Volume $175 Thousand $25 billions $150 $20 $125 $100 $15 $75 $10 $50 $5 $25 $ $
6 Lodging Industry Investment Transactions with a Reported Selling Price
7 Tale of Two Phones #1 wants high end at a discount solid markets (gateway urban, resorts, coasts, with entry barriers and top brands) #2 wants deep value turnaround plays with a lot of distress recovering markets (steal a deal) All promise $$ source at hand All pursuing distressed notes sales All want: no risk, all the reward, TTM cap rates, relying on uplift
8 Recent History Deepest & fastest hotel recession in modern times (NOI cannot meet debt obligations impact) Unprecedented downturn in asset values (30 40%) bottom levels now Legacy investments will continue to struggle from high leveraged times with attractive terms Industry quicker to adjust upon economy uptick but less protection on the downside (beyond control factors) Negative press for the industry starting at the luxury end downturn
9 Current situation Reactivated transaction velocity 2 4x in vs. current New liquidity of established and newly formed investment entities flush with cash and slowing of risk perception Public entities (REITS) dominate with low cost of capital + private equity with lot of dry powder and pent up demand Brands are in asset sales mode focus on management and new deal flag fees and new brands Sales are below replacement cost, historically low prices
10 Current situation Continued Aggressive bidding for top assets Opportunistic buying in lower grade, higher risk assets Recovering operating fundamentals are lifting values Worst is over hopefully focus on revenue growth vs. expense cuts Key quality driven valuation Epic upside expectations over the next five years Key Question: Buy or sell now before more hits market and cycle grows
11 Getting a Deal Done Each deal is UNIQUE + multi faceted location, market, physical asset parameters, brand, management Not your typical cap rates over time vs. going in (football pass) buying ahead of the rally Blended rate of debt and equity rates Value assigned combination of present and future stabilization All cash and refinance in a few years, if you can Challenge bid/ask spread bridge gap + realistic expectations on both sides
12 Getting Deal Done Continued Dealing with qualified parties real sellers and buyers with ability to close not speculators/time and asset wasters No surprises elevate due diligence get it all out front and early (timing spread exists) Seller or lender financing if available Get to hard earnest money ASAP NEED A SPIRIT OF COOPERATION MORE THAN EVER Do your exit analysis at buy time Best deals may be a level below top of class, unless strategic buyer
13 Unintentional Owners Slow to dispose while government offers cheap money to repair balance sheets and maintain capital ratios and asset value recovery (not RTC repeat no fire sales ) FRUSTRATION Sales tsunami never hit but pace will pick up Receiverships increasing (avoid chain of title) Selling below par only for certain assets, not a fire sale Everyone is overwhelmed hotels are complex + too many defaults at hand 50% restructured/extended, 50% new financing or sale eventual deleveraging over 2 3 years
14 Financing Very much restrained but will limp back Renewed focus on underwriting standards Lower LTV (50 70%) and higher DSC ( ) Best deals only sponsor, location, brand, best in class, real story dubious of lower tier properties Considering current TTM and some stabilized NOI Existing assets, little or no development Public/private weak bond market drop Some CMBS returning, albeit slowly Huge maturing debt refinancing needed
15 Distressed Debt Hard decisions due to complexities Defaults monetary or covenants Hard time taking action control it or workout Chapter 11 risk Usually cannot talk to borrower and difficult to talk with lender/servicer at time
16 Components of Hotel Cap Rates Hotel Risk Premium, LRA Market Risk Premium, LRA 10-Year Treasuries, LRA Forecast Source: PKF Hospitality Research
17 Hotel Capital Stack Sample Capital Stack for a Hotel $100 $90 Equity, (15%) $80 $70 B Note/ Mezz, (20%) Beyond CMBS On Book Lending CMBS Coming Back $60 High Octane Capital Stack Conservative Leverage Senior Leverage up to 70% (12% 14% Debt Yield) $50 $40 $30 A Note, (65%) Equity, (30%) B Note/ Mezz, (20%) Cash Out Financing Equity In Deal Equity In Deal Inefficient Pricing of Capital Risk Based Pricing Risk Based Pricing Loan Brokerage Correspondent & Relationship Lending Loan Brokerage $20 $10 A Note, (50%) Interest Only Interest & Amortization Interest & Amortization 30 Year Amortization/Interest Only Amortization 25 Year Schedule Amortization 25 Year Schedule $ No Funded Escrow Reserves Funded in Cash No Funded Escrow 100+/ Spreads 450+/ Spreads / Spreads Pro Forma DCR s DCR s In Place DCR s In Place Non Recourse Recourse Non Recourse
May 18, 2011 U.S. Lodging Industry Overview
May 18, 2011 U.S. Lodging Industry Overview Accelerating success. Prepared for: Economic Forecasting Center Georgia State University by R. Mark Woodworth PKF Hospitality Research Questions We Have Been
More informationMarch 7, 2011 U.S. Lodging Industry Overview Prepared for the. Hunter Investment Conference
March 7, 2011 U.S. Lodging Industry Overview Prepared for the Hunter Investment Conference R. Mark Woodworth PKF Hospitality Research Accelerating success. Good and Getting Better 1. The economy. 2. Lodging
More informationMezzanine financing for hospitality property owners
Mezzanine financing for hospitality property owners Received: 4 August 2003 Adam F. Weissenberg is a partner in the Deloitte & Touche LLP s Tri-State Hospitality and Real Estate Services Group and the
More informationNAIOP Maryland/DC Chapter Investment Market Forecast
NAIOP Maryland/DC Chapter vestment Market Forecast 2007 vestment Market Tale of the Hare and Tortoisee? 1 st half of the year 2 nd half of the year Linda Rabbitt, Brookfield Board Member Are You Ready
More informationReal Estate Finance 101: The Basics Wednesday, October 17 th, :15 a.m. - 10:30 a.m. Presented by: Jay Rollins JCR Capital
Real Estate Finance 101: The Basics Wednesday, October 17 th, 2012 9:15 a.m. - 10:30 a.m. Presented by: Jay Rollins JCR Capital www.jcrcapital.com 1. Commercial real estate can be a huge wealth creator
More informationA Proactive Approach to Self-Storage Financing. Presented by Neal Gussis, Principal CCM Commercial Mortgage
A Proactive Approach to Self-Storage Financing Presented by Neal Gussis, Principal CCM Commercial Mortgage Today s Discussion 1. Capital markets: Brief overview of capital markets, the lending landscape
More informationJones Lang LaSalle ULI Investor Sentiment Survey
ULI Investor Sentiment Survey 3Q 2010 Page 1 Jones Lang LaSalle ULI Investor Sentiment Survey Results: 3Q 2010 ULI Investor Sentiment Survey 3Q 2010 Page 2 Jones Lang LaSalle Investor Sentiment Survey
More informationREITs INVESTMENTS IN A POST SUB-PRIME MARKET. S. Gregory Cope May 1, 2008
REITs INVESTMENTS IN A POST SUB-PRIME MARKET S. Gregory Cope May 1, 2008 THE SUB-PRIME MELTDOWN Decreased underwriting and lending standards led to an explosion of sub-prime residential mortgage loans
More informationBridge to HUD Loan Platform Multifamily Acquisition/Refinance
Multifamily Acquisition/Refinance Underwriting Term Amortization Maximum LTV Acquisition or refinance (including cash-out) because of timing challenges associated with going directly to HUD, including
More informationLoan Policy. Including Loan Program Parameters & Underwriting Guidelines. Last Updated 11/30/18
Loan Policy Including Loan Program Parameters & Underwriting Guidelines Last Updated 11/30/18 Commercial Lending X ( CLX ) is a national commercial financing consulting firm. CLX specializes in helping
More informationREPRESENTATIVE INVESTMENT OPPORTUNITY
Income-Producing Commercial Real Estate Partnerships REPRESENTATIVE INVESTMENT OPPORTUNITY [Insert Property Address Here] OVERVIEW OF THE COMPANY AND OPPORTUNITY What We Do [Company Name] places capital
More informationQ OGP ID: 9999 Current Value Driver Comparison
Q1 2015 OGP ID: 9999 Current Value Driver Comparison Organic Growth & Survey Organic Growth 12.0% 8.0% 6.0% 4.0% Total Agency Organic Growth Organic Growth by Product Line Reagan Consulting Observations
More informationBridge to HUD Loan Platform Multifamily Acquisition/Refinance
Multifamily Acquisition/Refinance Underwriting Term Amortization Maximum LTV Acquisition or refinance (including cash-out) because of timing challenges associated with going directly to HUD, including
More informationProfits in LIHTC Sales
Profits in LIHTC Sales Case Study By Stasiu Geleszinski, CCIM Stasiu Geleszinski, CCIM Managing Director 513.417.5588 stash@capstoneapts.com Stasiu Geleszinski, or Stash as those in the industry know him,
More informationToday's Self-Storage Finance Options: Locking In Low Rates and Unlocking Equity Potential. Presented by: Shawn Hill, Principal The BSC Group LLC
Today's Self-Storage Finance Options: Locking In Low Rates and Unlocking Equity Potential Presented by: Shawn Hill, Principal The BSC Group LLC Overview Current state of affairs Debt markets extremely
More informationHotels & Hospitality Group
Hotels & Hospitality Group January 2018 Q1 2018 Hospitality Debt Market Commentary 2 Market Overview Over the past 24 months, JLL s Hotel Investment Banking team, which is dedicated exclusively to hospitality
More informationCRE Financing. Jeremy R. Starkey President Monarch Bank Commercial Real Estate Finance
CRE Financing Jeremy R. Starkey President Monarch Bank Commercial Real Estate Finance CRE Lending Sources Major players are banks, credit unions, capital markets (CMBS & LifeCo), and agencies (multifamily
More informationPrivate Equity Overview
Private Equity Overview June 10, 2010 State Universities Retirement System Rob Parkinson, Associate Agenda Asset Class Overview Market Update SURS Private Equity Portfolio Asset Class Overview Benefits
More informationUS Hotel Value Gains Moderate as RevPAR Growth Slows and Cap Rates Rise
US Hotel Value Gains Moderate as RevPAR Growth Slows and Cap Rates Rise January 23, 2017 By Suzanne R. Mellen Hotel investment activity experienced a bumpy ride in 2016. With a slowdown in RevPAR growth,
More informationGLOBAL HOTEL TRANSACTIONS OUTLOOK Year End 2011
GLOBAL HOTEL TRANSACTIONS OUTLOOK Year End 2011 Arthur de Haast Chairman, Hotels Jones Lang LaSalle Hotels Larissa Esser Global Hotel Analyst Jones Lang LaSalle Hotels Hotel transaction volumes are expected
More informationManaging Commercial Real Estate Lending Risk from Loan Origination through Maturity: The Potential for Pain
by Managing Commercial Real Estate Lending Risk from Loan Origination through Maturity: The Potential for Pain Regulators have strongly signaled their unease with growing CRE concentrations Smaller banks
More informationDEBT CAPITAL MARKETS EXECUTIVE SUMMARY MIDDLE MARKET
MARKET INSIGHTS 4Q 2017 DEBT CAPITAL MARKETS EXECUTIVE SUMMARY In the middle market, bank loan capital is available at attractive levels. For leveraged middle market companies, non-bank lenders are driving
More informationU.S. RESERVE BASE LENDING: A BRAVE NEW WORLD
U.S. RESERVE BASE LENDING: A BRAVE NEW WORLD 68 TH ANNUAL OIL & GAS LAW CONFERENCE Presented by: Dewey J. Gonsoulin, Jr. I. Introduction A. Focus is on Upstream Energy Finance B. Basics of Reserve Based
More informationResearch. Bridging the Gap: Mezzanine Financing PREI. Executive Summary
PREI Bridging the Gap: Mezzanine Financing March 2009 Research Peter Hayes, PhD Director of Research, Europe London Office Tel +44 (0) 20 7766 2435 Fax +44 (0) 20 7766 2449 peter.hayes@pramericarei.com
More informationThe XYZ Hotel, 123 Main Street Summary of Development Assumptions - 7/24/2012
Summary of Development Assumptions - 7/24/2012 LAND AND BUILDING CHARACTERISTICS Property Hotel Type Full Service Hotel Space Use Parking Struture Hotel Structure & Lot Room Support 0 SF Structured Parking
More informationHotel Values in Transition An Appraisal Technique for These Uncertain Times
Hotel Values in Transition An Appraisal Technique for These Uncertain Times Suzanne R. Mellen, CRE, MAI, FRICS Managing Director HVS San Francisco & HVS Gaming Services Las Vegas HVS SAN FRANCISCO 116
More informationThe commentary provided is based on the information provided by Cerberus Capital Management, L.P. to Pioneer Investments.
Update: DR Funds January 2013 Alternative Relevant Fund of Hedge Funds: Special Investment Class Fund, DR AllWeather Fund, DR2 AllWeather Fund, DR AllWeather Strategies II Fund, DR2 AllWeather Strategies
More informationVIEW FROM A. VIEW FROM A MILE HIGH: Tapering the Era of Cap Rate Compression. NOVEMBER 2013 July 2013
THE QUESTION OF HOW RISING TREASURY YIELDS WILL IMPACT CAP RATES has been a major topic of discussion over the past six months. Although many investors are concerned by the increase in Treasury yields,
More informationCommercial Real. Estate. CMBS Conduit. Loan. Program. Retail Medical Office Industrial Warehouse Hotel Apartment Mixed-Use Self-Storage
Commercial Real Estate CMBS Conduit Loan Program Retail Medical Office Industrial Warehouse Hotel Apartment Mixed-Use Self-Storage City Capital Realty Shawn Rabban 310-714-5616 shawnrabban@yahoo.com CAL
More informationAmerican Realty Capital Hospitality Trust, Inc. Publicly Registered Non-Traded Real Estate Investment Trust*
American Realty Capital Hospitality Trust, Inc. Publicly Registered Non-Traded Real Estate Investment Trust* Courtyard by Marriott Providence, RI Westin Hotel Norfolk/Virginia Beach, VA INVESTING IN Courtyard
More informationINVESTMENT HAMPTON ROADS REAL ESTATE MARKET REVIEW. Author. Financial Support. Disclosure. J. Scott Adams, CCIM Regional President, CB Richard Ellis
INVESTMENT Author J. Scott Adams, CCIM Regional President, CB Richard Ellis Financial Support Disclosure The E. V. Williams Center for Real Estate and Economic Development (CREED) functions and reports
More informationSouth Florida Capital Markets A-Z
South Florida Capital Markets A-Z Current Landscape, Challenges and Opportunities for 2019 2019 CCIM Commercial Real Estate Outlook Conference January 16, 2019 Capital Sources and the Capital Stack Four
More information1ST SERVICE SOLUTIONS. Welcome to this free informative webinar
1ST SERVICE SOLUTIONS Welcome to this free informative webinar Topics Today Maturity Market Overview Maturing Loan Payoff Challenges Standard Maturity Options Unique Challenges Facing TIC s Creative New
More informationDebt Financing in a Challenging Regulatory and Market Environment
Debt Financing in a Challenging Regulatory and Market Environment Panelists and Deals Mindy Berman JLL Managing Director Boston, MA Erik Tellefson CapitalOne Healthcare Managing Director, Medical Facilities
More informationSENIORS HOUSING RESEARCH PERSPECTIVE
AEW RESEARCH SENIORS HOUSING RESEARCH PERSPECTIVE Q3 2018 AEW RESEARCH SENIORS HOUSING RESEARCH PERSPECTIVE Q 3 2018 1 Prepared by AEW Research, September 2018 This material is intended for information
More information3 Breakout Stocks for Primary Dividends Profits
3 Breakout Stocks for Primary Dividends Profits Introduction By Tim Plaehn My objective with 30 Day Dividends is to provide you with stock market research and recommendations with the goal of generating
More informationJOINT VENTURES WITH PUBLIC OPERATORS
JOINT VENTURES WITH PUBLIC OPERATORS by Robert J. Plumb and Joseph F. Azrack March 2001 Working Paper #372 By the mid-1990s, the U.S. real estate markets began to emerge from the deep recession that had
More informationThe Credit Crisis in Commercial Real Estate
The Credit Crisis in Commercial Real Estate 1 Summary Commercial real estate accounts for a meaningful 6.5% of GDP Commercial real estate entered the recession in reasonable balance The credit crisis creates
More informationLooking for Opportunities With Phil Marra. Zoe Hughes, PrivcapRE: I am joined today by Phil Marra of KPMG. Welcome and thank you for joining me.
Looking for Opportunities With Phil Marra Zoe Hughes, PrivcapRE: I am joined today by Phil Marra of KPMG. Welcome and thank you for joining me. KPMG recently released a survey looking at how investment
More informationCOMMERCIAL DEAL STRUCTURING SECRETS PLAYBOOK
COMMERCIAL DEAL STRUCTURING SECRETS PLAYBOOK 02 DISCLAIMER, TERMS AND CONDITIONS OF USE, RELEASE FROM LIABILITY IMPORTANT READ THIS PAGE! AS A CONDITION OF YOUR MEMBERSHIP AND / OR PURCHASE, YOU AGREED
More informationM&A and Financing Trends in the Car Wash Industry Today. A presentation by Commercial Plus Group
M&A and Financing Trends in the Car Wash Industry Today A presentation by Commercial Plus Group Agenda About Commercial Plus Group 2017 Scorecard Current Car Wash M&A Environment Sale Considerations Types
More informationAndrew Ikeda Phone: (360)
LENDER #1: MOBILE HOME PARK FINANCING BELOW ARE PROGRAMS FROM 10 OF OUR DIRECT LENDERS It s Unbelievable! But we have a capital source offering: 8.99% FIXED for 25 years! 70% ~ 75% LTV Most US States Recourse
More informationASHFORD PRIME REPORTS FOURTH QUARTER AND YEAR END 2014 RESULTS
NEWS RELEASE Contact: Deric Eubanks Elise Chittick Scott Eckstein Chief Financial Officer Investor Relations Financial Relations Board (972) 490-9600 (972) 778-9487 (212) 827-3766 ASHFORD PRIME REPORTS
More informationHOTEL CONTINUES ON A POSITIVE TRACK TRENDS FOR DEMAND AND ADR REMAIN SOLID, BUT COMING DELIVERIES REMAIN A CONCERN
HOTEL MARKET REPORT: 3Q2013 HOTEL CONTINUES ON A POSITIVE TRACK TRENDS FOR DEMAND AND ADR REMAIN SOLID, BUT COMING DELIVERIES REMAIN A CONCERN DEMAND: Although the pace is slowing, room night demand growth
More informationCurrent Themes in Oil & Gas Financial Markets Jimmy Crain Director, EnCap Investments
Current Themes in Oil & Gas Financial Markets Jimmy Crain Director, EnCap Investments April 13, 2016 2 Overview of EnCap Investments L.P. Founded in 1988, EnCap is a leading provider of growth equity to
More informationAmerican College of Investment Counsel New York, NY. Michael J. Reilly Bingham McCutchen LLP (Moderator) Dewey Imhoff FTI Consulting, Inc.
211 ANNUAL MEETING AND EDUCATION CONFERENCE American College of Investment Counsel New York, NY Weeping Woman - Pablo Picasso 1937 Restructuring Trends in a Recessionary Environment: Lessons Learned and
More informationSuccess in Private Sector Financing of Environmentally Challenged Properties
RevTech Cleaning up Contaminated Properties for Reuse and Revitalization July 22-24, 2003 Success in Private Sector Financing of Environmentally Challenged Properties Success in Private Sector Financing
More informationResearch. Hotels: Start of an Extended Recovery? Pramerica Real Estate Investors. Executive Summary
Pramerica Real Estate Investors Hotels: Start of an Extended Recovery? September 2010 Research Paul Fiorilla Vice President U.S. Office Tel 973.734.1501 paul.fiorilla@prudential.com Pramerica Real Estate
More informationChet Balder Vice President. Ardmin Properties Real Estate Investment Group:
Chet Balder Vice President Ardmin Properties Real Estate Investment Group: Fundamentals in Business A look at the past and the present Imagine Imagine Going back to college Imagine Going back to your first
More informationHIT REIT Quarterly Investor Presentation April 26, American Realty Capital Hospitality Trust, Inc.
HIT REIT Quarterly Investor Presentation April 26, 2018 American Realty Capital Hospitality Trust, Inc. Risk Factors Risk Factors Investing in our common stock involves a degree of risk. See the section
More informationRelocation Policy and Processes for Today s Current Market Conditions
Relocation Policy and Processes for Today s Current Market Conditions Thursday 2 October 2008 Robert Abbott Vice President, UK Relocation Services 2.30 pm UK Time WebEx Administration All phones should
More informationDeutsche Bank 2009 Hospitality & Gaming Conference March 2009
Deutsche Bank 2009 Hospitality & Gaming Conference March 2009 Safe Harbor In keeping with the SEC s Safe Harbor guidelines, certain statements made during this presentation could be considered forward-looking
More informationSelling an Insurance Agency
Selling an Insurance Agency Financing for insurance professionals a complimentary whitepaper for agents and brokers How to get the right price from the right buyer As a wave of consolidation readies itself
More informationOur strategy is to finance qualified developers using capital raised from loan syndication.
Real Estate Investing and Loan Syndication We strongly believe that Investing in Real Estate provides for superior protection of capital and the most consistent long term performance. Open Source Capital,
More informationHOTEL INVESTMENTS FOR DUMMIES ( AND LAWYERS) Hotel Investment
HOTEL INVESTMENTS FOR DUMMIES ( AND LAWYERS) Understanding Hotel Investment & Valuation Methodologies and Proformas/Analysis PRESENTERS David Parker Principal o f DP Consulting Graduate o f University
More informationCHALLENGES FOR SMALL AND MID-SIZED HOSPITALS
Healthcare Insights : The New FHA Section 242/223(f) Rules for Hospitals Walter Olshanski Director, KeyBanc Capital Markets Conner Girdley Analyst, KeyBanc Capital Markets KEY TAKEAWAYS > As of March 2013,
More information2017 Exit Academy. Evaluating Alternatives and Valuation
2017 Exit Academy Evaluating Alternatives and Valuation Sales Critical Issue Where is Company in Its Lifecycle? Introduction Growth & Adoption Penetration and Maturation Consolidation and Decline Debt
More informationHOTEL INVESTMENTS BOOT CAMP
HOTEL INVESTMENTS BOOT CAMP Key Business Terms / Concepts in Major Hotel Agreements Presented by Jonathan Falik Houston, Texas February 2013 11 TH ANNUAL HOSPITALITY LAW CONFERENCE KEY BUSINESS TERMS /
More informationNational Housing & Rehabilitation Association s
National Housing & Rehabilitation Association s 2013 Annual Meeting Financing Senior Housing: Products and Structures Speakers: Moderator: John Mackey, Cohn Reznick, Boston, MA Denise Troeschel, Love Funding,
More informationDear Fellow Stockholders,
Dear Fellow Stockholders, 2013 was a year of significant investment that expanded the breadth of Ares Commercial Real Estate Corporation ( ACRE ) and positioned us for growth in 2014 and beyond. We originated
More informationBRAEMAR ANNOUNCES CLOSING OF THE RITZ-CARLTON LAKE TAHOE ACQUISITION UTILIZING AN ENHANCED RETURN FUNDING PROGRAM WITH ASHFORD INC.
NEWS RELEASE Contact: Deric Eubanks Jordan Jennings Joe Calabrese Chief Financial Officer Investor Relations Financial Relations Board (972) 490-9600 (972) 778-9487 (212) 827-3772 BRAEMAR ANNOUNCES CLOSING
More informationThe XYZ Hotel, 123 Main Street Summary of Major Assumptions - 7/11/2012
Hotel Type: Full Service GENERAL, TIMING AND RENOVATION The XYZ Hotel, 123 Main Street Summary of Major Assumptions - 7/11/2012 RETURNS SUMMARY Total Rooms/Keys 450 Retail 1,000 RSF IRR (calculated off
More informationNAI Global Outlook Where Are The Risks and Opportunities? By Dr. Peter Linneman, NAI Global Chief Economist
NAI Global Outlook Where Are The Risks and Opportunities? By Dr. Peter Linneman, NAI Global Chief Economist What Really Drives Cap Rates? By Dr. Peter Linneman, NAI Global Chief Economist U.S. The U.S.
More informationSummit Strategies Group 8182 Maryland Avenue, 6th Floor St. Louis, Missouri
Summit Strategies Group 8182 Maryland Avenue, 6th Floor St. Louis, Missouri 63105 314.727.7211 Asset Allocation Review City of Jacksonville Police & Fire Pension Fund February 20, 2015 EXECUTIVE SUMMARY
More informationJones Lang LaSalle valuation of The Nines Portland Development Commission loans
Jones Lang LaSalle valuation of The Nines Portland Development Commission loans Executive Summary 4 Key senior profiles 11 3 Section 1 Executive Summary Section 1: Executive Summary Jones Lang LaSalle
More informationWhat Lies Ahead? Georgia State University. Wednesday, May 14, 2008
U.S. Lodging Horizon 2008 What Lies Ahead? Economic Forecasting Center Georgia State University Wednesday, May 14, 2008 Mark.Woodworth@pkfc.com com Presentation Outline I. The Economy II. Current Horizon:
More informationHotel Capitalization Rates on
Hotel Capitalization Rates on the Rise January 2009 Suzanne R. Mellen, CRE, MAI, FRICS Managing Director, HVS San Francisco & HVS Las Vegas HVS San Francisco 116 New Montgomery Street Suite 620 San Francisco,
More informationManaging Through The Credit Cycle
July 2016 Managing Through The Credit Cycle We are in the seventh year of an economic expansion, but how long will it last? As we enter into the seventh year of an economic expansion, many investors are
More informationGeorge Mason University Center for Real Estate Entrepreneurship Real Estate Finance & Investment Analysis September 24, 2009
George Mason University Center for Real Estate Entrepreneurship Real Estate Finance & Investment Analysis September 24, 2009 Coleman Rector Weber Ghadban & Associates Realty, Inc. coleman@wgarealty.com
More informationhat are commercial mortgaged-backed securities?
Chapter 1: An Overview of CMBS I. CMBS CREATION Chapter 1: An Overview of CMBS 1.1 General W hat are commercial mortgaged-backed securities? Commercial mortgaged-backed securities (CMBS) are bonds whose
More informationLessons learned from M&A due diligence
Lessons learned from M&A due diligence Facilitators: Vishal Chawla, Ernst & Young LLP Steve Rado, Ernst & Young LLP Solution Set Session A How active is your business? Page 1 US property fundamentals and
More informationOverview State of Play So what s the problem?! Resolution Alternatives Receiverships Valuation Case Studies Conclusion Questions Contact Information
Overview State of Play So what s the problem?! Resolution Alternatives Receiverships Valuation Case Studies Conclusion Questions Contact Information Pacific Crest Realty Advisors, LLC ( PCRA ) - Seattle-based
More informationThe Credit Crisis in Commercial Real Estate
The Credit Crisis in Commercial Real Estate 1 Summary Commercial real estate accounts for a meaningful 6% of GDP Commercial real estate entered the downturn reasonably well balanced However, $400 billion
More informationMid-Year Market View. The State of the Lodging Industry
Mid-Year Market View The State of the Lodging Industry July 2017 2 Industry in consensus lodging market is stable Steady On Further Upside? At the conclusion of NYU s International Hospitality Industry
More informationMarket Perspective. U.S. Quarterly PREI. Executive Summary
PREI U.S. Quarterly Market Perspective Prudential Real Estate Investors 8 Campus Drive Parsippany, NJ 07054 USA Tel 973.683.1745 Fax 973.734.1319 Web www.prei.com Executive Summary January 2011 After a
More informationA Line of Credit Might Be the Largest Financial Commitment of Your Life, But It Can Unlock the Full Potential of Your BHPH Operation
Worth the Effort A Line of Credit Might Be the Largest Financial Commitment of Your Life, But It Can Unlock the Full Potential of Your BHPH Operation By Paxton Wright One of the keys to operating an auto
More informationGoldman Sachs Presentation to Bernstein Strategic Decisions Conference
Goldman Sachs Presentation to Bernstein Strategic Decisions Conference Comments by Gary Cohn, President and Chief Operating Officer May 30, 2013 Slide 1 Thanks Brad, and good morning to everyone. The operating
More informationThe Outlook for the UK Consumer Sector A Note. Gavyn Davies. 9 May Overview
The Outlook for the UK Consumer Sector A Note Gavyn Davies 9 May 2018 Overview Consumers expenditure accounts for 66 per cent of GDP in the UK. There is therefore a huge variety of investment opportunities
More informationistar Annual Report 2016
istar Annual Report 2016 Annual Report 2016 2016 was a year of tangible progress for istar. The company set out to grow its earnings, capture unrecognized value and build a foundation for improved shareholder
More informationNASDAQ: LOAN. May 2018
NASDAQ: LOAN May 2018 Forward-Looking Statements This presentation includes forward-looking statements. All statements other than statements of historical facts contained in this presentation, including
More informationHow to Maximize the Value When Selling Your Management Company
WHITE PAPER How to Maximize the Value When Selling Your Management Company INSIDE THIS REPORT Rational for Selling Management Company Valuation Acquisition Deal Structure Tips to Optimize Your Exit Value
More informationA Brief History of CMBS
Issuance ($BB) A Brief History of CMBS 250 Agency and Private-Label CM BS New Issue Volum es 228 Private-Label CMBS Agency CMBS 198 167 150 50-16 2 2 26 7 74 2 57 1 47 5 68 6 51 8 78 6 9 5 7 16 4 9 4 27
More informationTIMING IS EVERYTHING INVESTING IN SECONDARY REAL ESTATE MARKETS
CRE DEBT MARKETS RESEARCH/DATA/TRENDS/RISK ANALYTICS TIMING IS EVERYTHING INVESTING IN SECONDARY REAL ESTATE MARKETS Thursday November 6 24 2014 Tulsa Trends Conference National Association of Industrial
More informationChapter 18: (Section 18.2 only) Commercial Mortgage Underwriting
Chapter 18: (Section 18.2 only) Commercial Mortgage Underwriting Underwriting = Process lenders go through to decide to issue a commercial mortgage, and the terms of the loan: Loan Origination ( primary
More informationThe Deleveraging of Global Real Estate
The Deleveraging of Global Real Estate The global picture in real estate debt varies considerably. J A C Q U E S N. G O R D O N R I C H A R D K L E I N M A N A C A P I T A L - I N T E N S I V E asset class
More informationCBRE GROUP, INC. Third Quarter 2017: Earnings Conference Call NOVEMBER 3, 2017
GROUP, INC. Third Quarter 2017: Earnings Conference Call NOVEMBER 3, 2017 FORWARD-LOOKING STATEMENTS This presentation contains statements that are forward looking within the meaning of the Private Securities
More informationCommercial Real Estate, Lending and Environmental Due Diligence
2012 Mid-Year Update: Commercial Real Estate, Lending and Environmental Due Diligence EBA Meeting Newport, RI June 2012 Dianne P. Crocker Principal Analyst, EDR Insight 2012 Environmental Data Resources,
More informationRiverPark Floating Rate CMBS Fund (RCRIX)
RiverPark Floating Rate CMBS Fund (RCRIX) First Quarter 2017 Commentary and Outlook This is our second quarterly letter since launching the RiverPark Floating Rate CMBS Fund (the Fund ), as the successor
More informationHUD 242 HOSPITAL FINANCING
HUD 242 HOSPITAL FINANCING Prepared by Bedford Lending 1 Mission To support affordable financing of needed hospital projects by reducing the cost of capital Supports HUD s community development mission
More informationRiverPark Floating Rate CMBS Fund* (RCRIX)
RiverPark Floating Rate CMBS Fund* (RCRIX) Fourth Quarter 2016 Commentary and 2017 Outlook This is our first quarterly letter since launching the RiverPark Floating Rate CMBS Fund (the Fund ), as the successor
More informationCONSERVATIVELY OPTIMISTIC EXPECTATIONS
DECEMBER 2011 PRICE 75 HOTEL INVESTMENT SENTIMENT IN FRANCE CONSERVATIVELY OPTIMISTIC EXPECTATIONS Sophie Perret Associate Director HVS London Nicolas Graf Professor ESSEC Business School MBA in Hospitality
More informationFisherBroyles A LIMITED LIABILITY PARTNERSHIP
Financial Institutions Update Happy 2015 (how is that possible) and welcome to the latest, LLP, Financial Institutions Update. In preparing this update for you, which is forward focused, we also looked
More informationThe results are in for the Canadian Hotel Industry Survey launched June 23, 2009.
1 SURVEY RESPONDENTS (QTY 342) Ratio* Hotel Ownership 31.5 % Corporate Hotel 11.7 % Management Hotel Management (onsite 26.1% and regional level) Hotel Development and/or 9.9 % franchising Lending 5.1
More informationBRAEMAR HOTELS & RESORTS REPORTS FOURTH QUARTER AND YEAR END 2018 RESULTS
NEWS RELEASE Contact: Deric Eubanks Jordan Jennings Joseph Calabrese Chief Financial Officer Investor Relations Financial Relations Board (972) 490-9600 (972) 778-9487 (212) 827-3772 BRAEMAR HOTELS & RESORTS
More informationRiverPark Floating Rate CMBS Fund (RCRIX)
RiverPark Floating Rate CMBS Fund (RCRIX) Second Quarter 2017 Commentary and Outlook The RiverPark Floating Rate CMBS Fund (the Fund ) was launched in October 2016 and is the successor to a private fund
More informationSESSION C3 FINANCE SESSION: HOW DO LENDERS STRESS TEST THEIR DEALS? AN INSIDE VIEW
SESSION C3 FINANCE SESSION: HOW DO LENDERS STRESS TEST THEIR DEALS? AN INSIDE VIEW Moderator: Steven Hart, Managing Director, Prairie Region, CMLS Financial Ltd. Panel: Geoff Coombe, AVP & Regional Director,
More informationPublicly Registered Non-Traded Real Estate Investment Trust. Q Investor Presentation
Publicly Registered Non-Traded Real Estate Investment Trust Q4 2015 Investor Presentation INVESTMENT STRATEGY Hospitality Trust seeks to provide: Capital Preservation Capital Appreciation Hospitality Trust
More informationCIMA CPD PRESENTATION Debt & Equity Finance
CIMA CPD PRESENTATION Debt & Equity Finance DON HARRINGTON Director, GOODBODY CORPORATE FINANCE 19 October, 2010 1 Macroeconomic Environment 2 Irish M&A market at low levels Irish M&A Activity Value of
More informationJuly 28, Elizabeth M. Murphy Secretary Securities and Exchange Commission 100 F Street, NE Washington, DC 20549
Jennifer J. Johnson Secretary Board of Governors of the Federal Reserve 20 th Street and Constitution Avenue, NW Washington, DC 20549 Robert E. Feldman Executive Secretary Federal Deposit Insurance Corporation
More informationII. Opportunity Overview. IV. Finance VI. Q&A
Bulls & Bears Investment Committee Project tcasino Agenda I. Executive Summary II. Opportunity Overview III. Critical Issues IV. Finance V. Further Clarification VI. Q&A VII. Appendix Executive Summary
More information