News for the Hospitality Executive
REVPAR International Sees Increased Advisory Work as
Leading Indicator that Lender Waiting Game is Abating;
Reports Surprising Level of Due Diligence Requests for New Hotel Projects
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:
“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:
About REVPAR International
|Also See:||REVPAR International Launches L3 Services to Assist Hospitality Lenders, Lawyers, Loan Servicers / January 2009|
|Lazer Lodging And REVPAR International Merge To Create Formidable Hospitality Asset Management and Advisory Services Company / October 2007|
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