Introduction for Episode 281
Description
Vocal Characteristics
Language
EnglishVoice Age
Middle Aged (35-54)Accents
North American (General)Transcript
Note: Transcripts are generated using speech recognition software and may contain errors.
In June, Watermark Lodging Trust, a Chicago REIT, sold its Hutton Hotel in Nashville for $70 million. The price is $7 million less than what the Reed said it paid to acquire an upgrade the hotel seven years ago. A month later, Watermark said it signed a deal in which it sold shares worth $200 million to a joint venture between Ascendent Capital Partners and Oaktree Capital Management. The influx of cash will be used to keep watermark in business and give ascendant and oak tree preferred equity positions. Watermark will pay the JV a 12% annual dividend rate. The activity is a harbinger of what's to come as hotel owners struggling to stay afloat amid the economic downturn caused by the Corona virus pandemic may soon be forced to sell their assets at a discount or borrow money to keep paying their mortgages. In this episode of lodging leaders, we explore what opportunistic investors might have in store as the lodging industry faces the possibility of mortgage defaults. We talk with financiers who are stepping up with what they call rescue capital to help hotel owners get on the other side with their businesses intact or be among the first to reaper return if the asset is forced to go to market. And we talked to asset managers who advise on how to position your hotel toe, either survive the crisis or go to market. A report features Amanda Chivers, managing partner at Crown Hospitality Consulting in Atlanta. Evans Charles, president and CEO of Frontier Development and Hospitality Group in Washington, D. C. David Turley, principal at Crone Time Hotel Capital in New York City. And Brian Waldman, executive vice president of investments at Peachtree Hotel Group in Atlanta.