From exciting news about an iconic brand heading to New York City to thought leadership on refinancing, here are some our top quotes and story links from the past week.
QUOTE OF THE WEEK
“Overall, we see attractive opportunities for recapitalizing existing assets
and financing new development in growth markets and with strong sponsors. Where
we see value and upside, we will aggressively provide higher-leverage loan
solutions and work with sponsors open to creative financing. Each market and
each asset is unique, and we approach each opportunity with that perspective.”
– Francis Lively, LCP Group, which arranged a $33.3 million senior mortgage
loan to refinance the 178-key Dream Hollywood
Read story
“In alliance with IHG, we plan to increase our asset light
growth model, adding not only management but potentially licensing agreements,
and getting where IHG is particularly strong. I’m thinking of destinations such
as Southeast Asia.” – Luis Mota, Iberostar Group Read story
“The through line is quality. We aim to bring the same
best-in-class Little Nell experience people know and love to the heart of New
York City.” – a spokesperson for Aspen Hospitality on its announced deal for
New York City Read story
“With signed letters of interest for more than 100 Hyatt
Studios hotels already in place, we believe the Hyatt Studios brand will help
pave the way for us to build on our industry-leading net rooms growth. We’ve
received tremendous support to date for this brand, and we’re excited to
continue conversations that will help Hyatt add hotels in new markets.” – Jim
Chu, Hyatt Hotels Corp., on the group’s newly launched extended-stay brand Read story
TEASER QUOTE (look for full story on Monday)
“Rates have moved so fast that frankly anything in the 6% range is a solid
execution for owners. We tell clients they need at least a 12% debt yield and
lower than 60-65% LTV to even get banks attention right now… If a client needs
more than 65% LTV/LTC these days there is a very liquid preferred/mezzanine
market that can help them fill the gaps needed. We are doing a lot more
structured capital stacks because of the need and the liquidity that exists in
the space.” – Michael Weinberg, Berkadia Hotels &
Hospitality, which recently arranged $14.5 million financing for the Holiday
Inn & Suites Orlando SW - Celebration Area Hotel