News
MOST ROBUST LODGING MARKET IN THE WORLD
May 17, 2012
| Those are the words Chesapeake Lodging Trust CEO Jim Francis used to describe 30th to 60th streets west of Park (as if Midtown needed any more ego stroking—now we'll never get it to show up on time). That's why his firm is opening Manhattan's first Hyatt Place on 36th between Fifth and Sixth. |
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| Jim (at our first Bisnow Lodging Investment Summit in DC last week) says the 185-key hotel averaged 90% occupancy at $250/night last year. The REIT expects to close on the $400/key acquisition by fall. Jim also says hotel lending is rational. (Rational, sure. But can it also be torrid and passionate? You betcha.) CMBS is (tepidly) available, while life companies are big into hotel debt. He says $20B of hotel debt needs to be refinanced nationally—and that will get done. |
