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Hospitality

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Are there any buyers in the hotel market or are they all spooked by the low occupancy and revpar??

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I would like to know about recent sales activity in the Southeast, particularly for mid-level flagged hotels. Any information would be greatly appreciated.

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Any easy way to buy a hotel from the lender? I know for a fact the hotel business is headed to bankruptcy but I don't know how to get to the right people.

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Posted by: Hamm, Tom Bridgeport-Stamford-Norwalk-Danbury	SVN ART has a strategic alliance with Benewolf, an experienced Advisor and seller of notes. By working with SVN ART and the SVN Hospitality Team, buyers can have seamless access to notes as well as to REO property should the lender foreclose instead of selling the note(s). Foreclosure rules vary by state, making it more complicated, time consuming and costly in some states rather than others. Note buyers should consider those factors if their note purchase plan is: "loan to own". And of course if the borrower files for bankruptcy that adds time and expense to the process.
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I think now is the time to buy hotels that are not flagged as we come out of the economic recession. You experts agree or disagree? And more importantly, tell me why?

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Posted by: Hamm, Tom Bridgeport-Stamford-Norwalk-Danbury	It all depends on the buyer's plan, market position, and effectiveness of the buyer's sales force. It also depends on the buyer's source of financing. Most lenders want to finance branded properties: for the recognition, in-place reservation system, and a franchisor setting and monitoring brand standards, giving the lender comfort. Boutiques have become popular, especially in urban settings, but even branded boutiques (e.g. Aloft by Starwood) play in that arena. Resort and special destination properties are frequently unbranded. So the answer is it depends on various factors. A related issue is the loss of a flag. This type of hotel is typically an early generation model of a well known brand that is not up to current brand standards (perhaps two stories instead of three or more, exterior corridors, etc.). At the expiration of the license, the franchisor will not renew without extraordinary (and probably uneconomic) capital improvements. Here the options are typically to go independent or convert to a lesser brand with more lenient standards. Losing a strong brand and its reservation system can be expected to result in a significant decline in revenue, and hence in property value.
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