The event, Meet the MoneyTM, drew nearly 400 participants and was hosted by partner Jim Butler, Chairman of JMBM�s Global Hospitality Group, widely recognized as the premier hospitality practice in a full-service law firm. The Group has handled hundreds of transactions around the globe, representing more than $20 billion in sales, financings, developments and acquisitions of hotel, restaurant, and resort projects.

In opening the conference, Butler explained, �This conference is a gateway to hotel finance.  Meet the MoneyTM  brings together the providers and consumers of capital.�

More than 65 hotel debt and equity financing sources and industry lenders were featured as speakers at the event, including CEOs of the nation�s leading hospitality companies, and representatives from the banks, credit companies, Wall Street firms, life companies, pension funds and mortgage bankers that are most active in debt and equity financing of hotels today.

The four financing panels and six breakout sessions, including the much-anticipated CMBS panel, represented virtually every type of hotel financing from construction lending to joint venture equity funding, and from mezzanine financing to credit enhancements. Moderators for the panels were Wayne Williams, Principal, Williams & Associates; Michael Morris, Managing Director, Banc One Capital Market, Inc.; Stacy Silver, Group Publisher, Hotel Group; Jack Westergom, Managing Director, Manhattan Hospitality Advisors; Larry Shupnick,, Senior VP-Development & Acquisitions, MeriStar Hotels & Resorts, Inc.; Art Buser, Managing Director, Jones  Lang LaSalle Hotels; Bill Sipple, Senior VP, HVS Capital Corp; Richard Bosworth, Managing Director, Manhattan Hospitality Advisors; Steve McKenzie, Managing Director, Eastdil Realty, Inc.; Bob Rauch, Managing Director, InterBank Capital Partners; and Bruce Baltin, Senior VP, PKF Consulting.

The debt and equity panels and breakout sessions were enhanced by special presentations from industry leaders. Suzanne Mellen, Managing Director, HVS International, addressed trends and issues in hotel cap rates. Alan Reay, President, Atlas Hospitality Group, discussed his firm�s 2001 year-end California sales survey. Mark Lomanno, CEO, Smith Travel Research, presented up-to-the-minute information on the state of the lodging industry, and Steve Rushmore, President, HVS International, presented data and analysis on hotel values after 9/11.

Panelists generally agreed the industry is still suffering from wariness about the current and future state of the hotel marketplace among buyers, sellers and financiers alike, despite the recent advent of generally encouraging numbers.  One panelist commented that despite the cautious and conservative mindset guiding the hands of lenders, the times today are really not so difficult for capital sources, particularly those involved in the mezzanine end of the business.  Another panelist hoisted the hopes of potential borrowers in the audience when he relayed the incredibly high rates attached to mezzanine loans are bound to come down in the very near future, if for no other reason than there are now a glut of such lenders out there and the principles of competition will doubtlessly come into play. 
 
Likely the most anticipated events of the day were the CEO panel, led by Jim Butler, and the sneak preview of the JMBM Lender Survey to be announced at the NYU Hotel Conference in June.  The CEO panel consisted of Gregory Casserly, President and COO, Tarsadia Hotels; Tom Corcoran, President and CEO, FelCor Lodging Trust; Bruce Wardinski, Chairman of the Board, President and CEO, Crestline Capital; and Bruce Wiles, Chief Investment Officer, MeriStar Hospitality Corp.  

The panel addressed some of the most provocative issues, including the greatest challenges facing their respective companies and the industry as a whole in the next 12 months, and the biggest changes in their sources and uses of capital over the past 12 months, as well as the role and importance of frequent stay programs.  Sharon Lemon, President, Zest Communications, conveyed the initial findings and conclusions of the JMBM Lender Survey, which indicated that borrowers are challenged, lenders are choosy, creative funding is the order of the day, and because the industry has obviously �weathered the storm,� some 85% of lenders polled reveal they expect to see more hotel loans underwritten going forward.

Culminating the day�s events was the Dealmakers� Forum and Reception, an informal exchange of the hoteliers and financiers present, sponsored by Chicago Title Company.

About JMBM
JMBM, celebrating its twentieth anniversary this year, is a full-service business law firm with more than 160 attorneys working from offices in Los Angeles and San Francisco.  With a diverse client base, the Firm provides a business-oriented approach to solving legal problems in a cost-effective manner.  With a growing reputation as the California firm to hire when confronted with a particularly difficult legal problem, JMBM counsels clients on a wide range of business law needs including intellectual property litigation, general business and commercial law, labor and employment, insolvency and creditors� rights and civil trial practice.  Other business law needs are addressed by practices in patent, trademark and copyright law; general corporate law; securities, banking and financial services; taxation and estate planning, including ERISA, and entertainment, sports and advertising.