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• W23966051 abstract "A mid-year look at the state of banks' hotel real estate portfolios reveals improved conditions in most regions and good reason for California lenders to exercise caution. Few industries are as closely tied to the economy as the hotel industry is. And there's still a dark cloud over the Golden State's economic landscape. But in much of the rest of the country, the hotel market is heating up. around the country--and the hotel management companies assigned the task of increasing the properties' value--are now reporting an increase in the number of parties interested in purchasing hotels. Increasing pools of capital, however, are chasing fewer properties. scarcity of properties is attributed simply to the fact that far fewer new hotels are being built--and many of the more attractive ones that banks have been trying to unload have already been sold. Crash course. Today, banks generally have far fewer foreclosed hotels in their real estate portfolios than during the 1990-91 period, when they were swamped with properties. What a difference two years makes. Today, note industry observers, bankers have a better perspective on the prospects for moving foreclosed hotels out of their portfolios. That's because bankers better understand the business of operating a hotel-that it is a compilation of several businesses, not one that depends solely on rent for income. As we've gone through this process over the past few years, everyone has become more educated, notes Len Wolman, president of the Waterford Hotel Group, Inc., Waterford, Conn. The biggest example is that when lending on hotels a few years back, lenders thought they were lending on real estate. Now they realize they're lending on management and people--that it's an operating business, not just a real estate assets. By the same token, lenders and buyers now appreciate the real value of their hotel properties. They are leaving the inflated property values of the late 1980s in the past and now approach purchase negotiations armed with experience and a strong dose of reality. Who bought what in '92. Bankers today are more realistic about what the price of a hotel really is and what they will get for it when they sell it, notes Michael Cahill, senior vice-president of Hospitality Valuation Services (HVS), a Mineola, N.Y.-based consulting and appraisal firm specializing hotels. HVS has monitored hotel property transactions in excess of $10 million for the past two years. In 1992, 41 such transactions took place, an increase of 78% over 1991, when 23 such transactions occurred. total value of the 1992 transactions was $1.6 billion, compared to 1991's total transaction value of $773 million. Analysis of the first quarter of 1993 indicates a continuation of the trend upward in the number of transactions taking place and their overall value. Of the 41 hotel properties included in the 1992 survey, 13 (32% of the total) were sold by banks or thrifts, the remainder by insurance companies, government entities, and real estate and development firms. Of the 39 transactions where a price was given, 12, or 31%, were valued at $30 million or more. Four properties (10%) were valued at $20 million to $30 million, and the majority, 59%, were valued from $10 million to $20 million. On the buyer side, foreign investors accounted for 44% of the total purchasers, a slight decrease from the norm of 50% domestic and 50% foreign buyers. Turning point. Ray Dunn III, vice-president and REO (real estate owned) asset manager for Maryland National Bank's South Charles Realty Co., Baltimore, traces an increase in buyer interest to the 1992 general election. Money that may have been on the sidelines emerged at that time, and since then we've seen more serious buyers and more serious offers come forward, says Dunn. His theory: election of President Clinton marked a turning point in the commercial real estate market. …" @default.
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• W23966051 date "1993-08-01" @default.
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• W23966051 title "Banks Lighten Hotel Load - with Difficulty" @default.
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