Washington DC, September 16, 2009 - REVPAR International,
a leading hospitality advisory and asset management firm, announced today
that the firm�s L3 Services are effectively meeting the increasing
demand for third-party advisory services as the number of problem loans,
foreclosures and other legal matters affecting hotel real estate increase
during these challenging economic times.
REVPAR International launched L3 in
January 2009 to assist Lenders, Lawyers, and Loan Servicers (and other
industry professionals) weather the economic downturn and better position
themselves for the inevitable rebound. Although the L3services
found immediate traction, in the last three months there has been a noticeable
uptick in demand for these services.
REVPAR believes this is a leading indicator suggesting
that the inaction and waiting game plaguing hotel lenders over the past
12 months is abating, with 2010 gearing up to be a watershed of meaningful
activity for both advisory services and transactions.
Already this year, REVPAR has delivered on a diverse
range of L3 services to benefit clients. Key results include:
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Valuing distressed hospitality assets for the benefit
of lenders, loan servicers and buyers;
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Assisting landlords and tenants in revising the terms
of existing hotel leases and attendant documents originally drafted for
more �normalized� hotel market conditions;
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Providing expert witness services on a broad range
of issues to hospitality-centered lawsuits;
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Delivering deal-structuring activities advice to
purchasers of distressed hotel debt, and;
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Advising government agencies on the optimal disposition
of their hospitality holdings.
�The principals of REVPAR have been through more
than one severe downturn,� remarked Randall Carroll, who heads up the asset
management division of REVPAR, �and we know that the initial paralysis
caused by free-falling markets eventually gives way to strategic positioning
efforts as owners and lenders try to make the most of the inevitable ramp
back. Over the past 60 to 90 days, there has been a subtle shift
and clients, still suffering from recession-induced distress, are now asking
us to assist them to plan for and implement various asset maximization
strategies.�
�We are keeping pace with strong demand for these
services,� commented Rick Pastorino, who spearheads advisory work at REVPAR
International. �New engagements are increasing as the floor on values begins
to take shape and visibility improves on a go-forward basis.�
Both Carroll and Pastorino perceive the firm�s
recent engagements to be positive indicators for the investment side of
the hotel industry since the nature of those assignments strongly suggest
that more lenders (and borrowers) are actively purging their problem debt,
thereby setting the stage for recovery, instead of continuing the stalemate
of the past 12 to 18 months.
Specific to this work, Mr. Carroll adds, �Each
property has its own unique set of circumstances and opportunities. Our
team�s significant years of hands-on experience and expertise enable them
to identify those issues and formulate appropriate strategies for the stakeholders
that work in this distressed CRE environment.�
Mr. Pastorino also reports the firm is providing
a steady flow of due diligence services related to new ground-up hotel
projects, despite the very challenging environment for securing debt.
The Company�s L3 services encompass
all facets of hotel operations including operational reviews, reorganizations,
asset management, work-outs, insolvencies, liquidations, refinancing, and
capital needs for distressed hospitality real estate or loans. Clients
include hotel lenders, loan servicers, pension funds, insurance companies,
private equity groups, trustees, attorneys and government agencies with
assets or interests in the U.S., Caribbean, Europe, and Asia.
The L 3 services provided by the REVPAR International
team include:
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Expert witness for attorneys relative to valuations,
workouts, changes in management or franchise, and more.
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Advisory services related to loan defaults, bankruptcies,
reorganizations, receiverships, orderly liquidations, and other insolvency-related
matters.
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Comprehensive and effective hotel asset management
and operational review services with best practice recommendations that
include monitoring of on-site operations from the perspective of loan security
and collateral protection.
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Due diligence for acquisition and disposition of
assets and loans;
For more information and to find out how REVPAR can
help optimize your hotel investments during these turbulent times, please
call Rick Pastorino or Randy Carroll at 703.838.9707 or email [email protected]
or [email protected].
About REVPAR International
 Founded
in 1992, REVPAR International is one of the hospitality industry�s oldest
and most highly regarded full-service hospitality advisory consulting firms.
Headed by Rick Pastorino, the dedicated team has successfully completed
thousands of assignments throughout the United States, Caribbean, Europe
and Asia. REVPAR is the insider�s recommendation to owners and developers
by major hotel brands for a wide array of advisory services. The
consultants of REVPAR International each have extensive operational backgrounds
in addition to their advisory experience. In 2007, REVPAR merged
with Lazer Lodging Asset Management, a well-known third-party hotel asset
management company founded by Randall Carroll, former SVP of Real Estate
& Asset Management for MeriStar Hospitality Corporation. The
merger of REVPAR and Lazer created a unique, full-service advisory and
asset management platform serving the needs of owners and lenders with
hotels, resorts, timeshare, fractional and other leisure realty interests.
To learn more about REVPAR International, please visit their website at
www.revparintl.com. |