HOTEL PERSPECTIVES
FISHBIN: We’re seeing more options on
recapitalizations. A year-and-a-half ago it was
all about loan extensions. Now, halfway into
these extensions, we see lenders and borrowers more actively engaged in some kind of
discussion involving a take-out with a recapitalization. We expect to see more.
SHANER: We manage both a debt fund and
an asset-acquisition fund. In a six-month
run, we bought $160 million of loans, but
couldn’t pick up hotels. In most of the asset
purchases we looked at, people wanted us to
buy off 2011 or ’ 12 numbers, not knowing if
those numbers will be realized.
BERGER: We’ve seen some growth opportunities in municipal new-build financing,
new convention center and hotel builds.
Andrew C. Williams
Executive Vice President and
Head, Hotel Group
CORNERSTONE REAL ESTATE ADVISERS
Glastonbury, CT
Michael Fishbin
National Director, Hospitality &
Leisure Transaction Advisory Services
ERNST & YOUNG
New York City
Joseph Berger
Area President, Americas
HILTON WORLDWIDE
McLean, VA
PARTICIPANTS
John Salustri (Moderator)
Content Director
ALM’S REAL ESTATE MEDIA GROUP
New York City
Leslie Ng
Chief Investment Officer
INTERSTATE HOTELS AND RESORTS
Arlington, VA
Warren Fields
Chief Investment Officer
PYRAMID HOTEL GROUP
Boston
Lance Shaner
Chairman & CEO
SHANER CORP.
State College, PA
