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Hosted by JMBM |
Los Angeles, CA - May 15, 2001 -- Jeffer, Mangels, Butler and Marmaro
("JMBM"), held its 11th annual conference on hotel finance in Los Angeles
on May 3.
The event, "Meet the Money 2001," was hosted by partner Jim Butler, Chairman of JMBM's Global Hospitality Group. In opening the Conference, Butler explained, "This conference is something that we at JMBM like to do because it helps us serve as a 'gateway to finance' for both our lender and owner/developer clients. It keeps our finger close to the pulse of what's happening in the industry, and it helps us make the important connections between the projects and the money." More than 50 hospitality industry lenders, investors and leaders were featured as speakers at the event, including Wall Street financing experts, CEOs of the nation's leading hospitality companies, and representatives from the banks, credit companies, life companies, pension funds and mortgage banking firms that are most active in debt and equity financing of hotels today. The seven financing panels, including three breakout sessions, 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
Although the panelists generally agreed that hotel financing was tougher to find, all of them were currently executing deals successfully. One panelist commented, "We are proof that the right deals, with the right people do indeed get done. It takes a lot of equity and great sponsorship or innovative enhancements, but there is money out there for worthy projects." Other panelists agreed that the tight financing markets were a blessing for the industry in avoiding excesses of the past and helping to insure profitability for future years. Likely the most anticipated event of the day, the CEO panel, led by Jim Butler, addressed some of the most recent provocative issues - including why Wall Street hates hotels, how to produce the 25-30% IRRs some investors demand today, what to do to protect against the downturn, and where to go if you have money to invest in hotels today. The CEO panel, sponsored by Insignia/ESG Hotel Partners, consisted of Richard Kessler, President and CEO of Grand Theme Hotels; Robert Morse, President, The Americas, Millennium Hotels & Resorts; Charles Muller, Chief Operating Officer, CNL Hospitality Group; Bruce Wardinski, Chairman, President and CEO, Crestline Capital Corporation; and Bruce Wiles, President, MeriStar Hospitality Corporation. Culminating the day's events was the Dealmakers' Forum and Reception, an informal exchange of the hoteliers and financiers present, sponsored by Fidelity National Financial Global Solutions. About JMBM Jeffer, Mangels, Butler & Marmaro LLP is a full-service business law firm with nearly 150 attorneys working from offices in Los Angeles and San Francisco. With a diverse client base, the Firm prides itself on delivering a business-oriented approach to solving legal problems in a cost-effective manner. With a growing reputation as the firm to hire when confronted with a particularly difficult or complex legal problem, JMBM counsels clients on a wide range of business law needs. The Firm's internationally acclaimed Global Hospitality Group has more
If you would like to receive materials or further information, please access JMBM's web site at www.jmbm.com or contact Lisha Aquino at (310) 712-6828. |
Jeffer, Mangels, Butler & Marmaro LLP 2121 Avenue of the Stars, 10th Floor Los Angeles, CA 90067-5010 Phone (310) 203-8080 Fax (310) 203-0567 |
Also See | Hart-Scott-Rodino Burden Eased for Hotel Industry Mergers / The Global Hospitality Advisor / JMBM / March 2001 |
Financing IS Available For Smart Hotel Development / JMBM / August 2000 |