Finance: Debt, Equity & Joint Ventures

                                      
 
Posted On: January 29, 2007 by Jim Butler
                

Size no longer matters . . . at least in the hotel industry. Is the entire hotel industry now in play? What the experts have to say.

                 
                   

By Jim Butler, Hotel Lawyer | Author of www.HotelLawBlog.com
29 January 2007

Hotel lawyer on private equity investments in the hotel industry. In my most recent article, I talked about two deals that could profoundly affect the very makeup and direction of the hotel industry. (See, “Two deals that may change the lodging world forever”). Of course, these two transactions are the leveraged buyouts of Equity Office Properties (EOP) and CNL Hotels & Resorts (CHL).

With recent takeover rumors circling InterContinental Hotels Group (IHG), I have recently written on www.HotelLawBlog.com about what these rumors mean. (See, “What do the InterContinental takeover rumors mean? Why IHG? Why now? Who will win the bid?”) Some have been saying recently that even Hilton is now on the block. Are the CNL and EOP deals the harbinger for the entire hotel industry — that every major hotel company could be in play?

Here’s why size may no longer impose any limit on acquisitions. . . and why Marriott, Hilton, Starwood, and all the other hotel companies could be up for grabs.

Continue reading "Size no longer matters . . . at least in the hotel industry. Is the entire hotel industry now in play? What the experts have to say." »

Posted In: Finance: Debt, Equity & Joint Ventures, Outlook and Trends 

 
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Posted On: January 29, 2007 by Jim Butler
                

Two deals that may change the lodging world forever.

                 
                   

By Jim Butler, Hotel Lawyer | Author of www.HotelLawBlog.com
28 January 2007

Hotel Lawyer on hotel finance. History is being made. The biggest leveraged buy out ever keeps getting bigger. Sam Zell has orchestrated an auction for his Equity Office Properties. And the latest bid from the Blackstone Group is $54 per share, bringing the deal value to $38.3 billion and topping the prior bid from Vornado.

At the same time, one of the biggest hotel deals in history — perhaps small change compared to the Equity Office Properties deal but very significant in its own way — has been announced with the $6.6 billion acquisition of CNL Hotels & Resorts by Morgan Stanley and the contemporaneous spin off of $2.4 billion of hotel assets to Ashford Hospitality Trust Inc.

How could these two transactions affect the lodging world, and what is the impact beyond the immediate transactions themselves?

Continue reading "Two deals that may change the lodging world forever." »

Posted In: Finance: Debt, Equity & Joint Ventures, Outlook and Trends 

 
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Posted On: January 07, 2007 by Jim Butler
                

How will you finance your hotel project in 2007? Part II

                 
                   

By Jim Butler, Hotel Lawyer | Author of www.HotelLawBlog.com
7 January 2007

Hospitality Lawyer on hotel finance in 2007. We recently featured our annual expert panel talking about "How will you finance your hotel project in 2007?" Today, I am delighted to present the thoughts of Patrick O'Neal, one of the industry's’ real lender icons, whether in workouts or CMBS loan production. Patrick has been a great friend and client for more years that either of us probably care to count, but I have always found Patrick’s thoughts, to be unnervingly candid, full of humor and remarkably “spot on” in terms of their accuracy. PNC Real Estate Finance and the hotel world are very lucky to have him! So what does Patrick have to add to the perspectives we have just enjoyed?

For all of our www.HotelLawBlog.com readers, and those who would like to meet Patrick — and our other leading hotel industry capital providers — you will want to join us for the 17th annual Meet the Money® conference on May 3, 2007 in Los Angeles. Sign up now.

Continue reading "How will you finance your hotel project in 2007? Part II" »

Posted In: Finance: Debt, Equity & Joint Ventures, Meet the Money®, Outlook and Trends 

 
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Posted On: January 04, 2007 by Jim Butler
                

Hospitality Lawyer — How will you finance your hotel project in 2007? Part I

                 
                   

By Jim Butler, Hotel Lawyer | Author of www.HotelLawBlog.com
4 January 2007

Hospitality Lawyer on hotel finance in 2007. Debt and equity financing of hotels and hotel mixed-use projects is critical and can be very challenging. Our clients take hotel financing seriously, and so do we. That’s why we host the annual JMBM Industry Outlook Roundtable every January and our Meet the Money® conference every May.

With the legacy of Meet the Money® propelling us forward, I was delighted to join with leading hotel industry experts for JMBM’s “Outlook 2007, Hospitality Roundtable.” They reflected on a very interesting year just passed and pulled out their crystal balls to see what would happen in 2007. I am pleased to share their take on what’s going on with hotel finance with the readers of www.HotelLawBlog.com. Some of it might surprise you.


Continue reading "Hospitality Lawyer — How will you finance your hotel project in 2007? Part I " »

Posted In: Finance: Debt, Equity & Joint Ventures, Meet the Money®, Outlook and Trends 

 
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Posted On: October 09, 2006 by Jim Butler
                

Final 2007 Conference Dates for (1) The Hotel Developers Conference and (2) Meet the Money®

                 
                   

By Jim Butler, Hotel Lawyer | Author of www.HotelLawBlog.com
9 October 2006

If you are like me, you already have events scheduled on your 2007 calendar! I hope you have saved dates for the two annual hospitality conferences sponsored by the Global Hospitality Group® at Jeffer, Mangels, Butler & Marmaro LLP.

The Hotel Developers Conferenece will be March 7-8, 2007.

Meet the Money® will be May 3, 2007

Continue reading "Final 2007 Conference Dates for (1) The Hotel Developers Conference and (2) Meet the Money® " »

Posted In: Finance: Debt, Equity & Joint Ventures, Hotel Developers Conference™, Meet the Money® 

 
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About Jim Butler

Jim Butler is recognized as one of the top hotel lawyers in the world. He devotes 100% of his practice to hospitality, representing hotel owners, developers and lenders. Jim leads the Global Hospitality Group®—a team of 50 seasoned professionals with more than $40 billion of hotel transactional experience, involving more than 1,000 properties located around the globe.
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Jim Butler
Jeffer Mangels Butler & Marmaro LLP
1900 Avenue of the Stars
7th Floor
Los Angeles, CA 90067
Direct: (310) 201-3526
Direct Fax: (310) 712-8526

    

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Ask The Hotel Lawyer ™

Ask the Hotel Lawyer™ is a quarterly column that I write for JMBM's Global Hospitality Advisor®. If you have a question you would like to submit to Ask the Hotel Lawyer™ please use the comments box below. While your question may not be of sufficient general interest for the column, I will try to respond to you individually if you leave your contact information below. Jim Butler.