Hot Type: Salter Brothers, KSL Capital Partners, Pebblebrook Hotel Trust

QUOTE OF THE WEEK
“There are a number of owners that we know that had increases of 100% or more. Let me give you a term that was used a lot during our renewal: double-double-half. That means double the cost, double the deductible, and half the coverage. That was a very general but pretty good baseline for a lot of people of what they experienced. If you did better than that, that’s great.” – Raymond Martz, Pebblebrook Hotel Trust  Read story

“We’d probably be more focused on institutional investors than high net worth individuals, although HNWIs and family offices in Asia are well-known for their hospitality investments. Mixing capital partners is sometimes problematic with issues such as investment timeframes, returns requirements, et cetera. And institutional capital likes to invest with institutional capital if they are going to be co-mingled, in a JV or whatever the case may be.” – Paul Salter, Salter Brothers  Read story

“While South Florida continues to outperform other major MSA’s thanks in large part to the continued inbound migration of people, businesses, and capital, we believe that softness across markets is overdue after the unprecedented run-up in values and costs during and coming out of COVID. This ‘softness’ is due primarily to the current dislocation of capital markets resulting from increased cost of capital and liquidity constraints. This creates opportunities for funds that have liquidity and can be opportunistic, such as ours. We are able to pick our spots in terms of best-class real estate, sponsor quality and conservative leverage attachment points.” – Greg Freedman, BH3 Management  Read story

“This week we begin welcoming our first attendee registrants and officially expand the ALIS brand, offering an exclusive platform for hotel architecture, construction, and design. We look forward to providing thought-provoking conference programming, networking opportunities and access to the products and people that inspire, innovate and are building for the future.” – Michelle Finn, The BHN Group  Read story

“Hersha and its team have built an impressive, curated portfolio of experiential luxury and lifestyle hotels and resorts in strategic markets. With KSL’s extensive track record investing in high-quality assets in dynamic metropolitan markets across North America and around the world, we are uniquely suited to position the business for further success over the long term.” – Marty Newburg, KSL Capital Partners  Read story

“Where you invest matters and this transaction demonstrates the strong investor demand for the high-quality assets we have assembled within BREIT. The Bellagio is an iconic property in the heart of the Las Vegas Strip and we look forward to our continued ownership of this asset, now in partnership with Realty Income. This partial sale represents another terrific outcome for BREIT shareholders.” – Nadeem Meghji, Blackstone Real Estate Americas  Read story