Global Financial Crisis & Recovery

Posted On: February 1, 2010 by the JMBM Global Hospitality Group®

Atlas 2009 Year End Hotel Survey . . . and what it means

By Jim Butler and the Global Hospitality Group®
Hotel Lawyers | Authors of www.HotelLawBlog.com
1 February 2010

Please see "troubled hotel loans - workouts, bankruptcies & receiverships" for the latest articles on troubled hotels.

Hotel Lawyers with grim reports from the field. If lenders are looking for some encouraging news on their distressed hotel asset sales prospects, they are not going to get it anytime soon. That is what the Atlas 2009 Year End Hotel Survey shows, but it does offer some valuable tips for dealing with continued distress in 2010.

Here is an executive summary.

Continue reading " Atlas 2009 Year End Hotel Survey . . . and what it means " »

Posted In: Global Financial Crisis & Recovery , Outlook and Trends , Workouts, Bankruptcies & Receiverships

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Posted On: January 31, 2010 by the JMBM Global Hospitality Group®

Hotel Lawyer: ALIS brings optimists to earth. Lenders make new evaluations. Realism is cold and gray.

By Jim Butler and the Global Hospitality Group®
Hospitality Lawyers | Authors of www.HotelLawBlog.com
31 January 2010

Hotel Lawyer: A new realism settles on the hotel industry. We've already given up 2010 and 2011 won't be that much better . . . then a long, slow "jobless recovery."

"Realism" was the defining word for the ALIS conference held in San Diego on January 25-27, 2010. ALIS attendance was roughly half or less of last year, and the experts officially declared 2009 one of the worst years for the hospitality industry. They have already thrown in the towel on the industry for 2010, and look to an anemic 2011, with double digit growth in RevPAR after that . . . but we are so far down the hole now, that even double digit RevPAR growth will take years to reclaim the levels enjoyed in 2005-2007.

So what does this portend for lenders? And what is the smart money doing now?

Continue reading " Hotel Lawyer: ALIS brings optimists to earth. Lenders make new evaluations. Realism is cold and gray. " »

Posted In: Global Financial Crisis & Recovery , Outlook and Trends , Workouts, Bankruptcies & Receiverships

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Posted On: September 28, 2009 by the JMBM Global Hospitality Group®

Hotel Lawyers in Phoenix: What happened at the Phoenix lodging conference? Can we find a Black Swan?

By Jim Butler and the Global Hospitality Group®
Hospitality Lawyers | Authors of www.HotelLawBlog.com
28 September 2009

Hotel Lawyers' insights from The Lodging Conference at the Arizona Biltmore. As our Global Hospitality Group® members compared notes from last week's Phoenix Lodging Conference, we had some observations we wanted to share. Congratulations to Morris Lasky and Harry Javer for another great event.

Here is our take on what happened in Phoenix . . .

Continue reading " Hotel Lawyers in Phoenix: What happened at the Phoenix lodging conference? Can we find a Black Swan? " »

Posted In: Global Financial Crisis & Recovery , Hotel Finance − Hotel Debt & Hotel Equity

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Posted On: August 30, 2009 by the JMBM Global Hospitality Group®

Hotel Lawyer: Does "End of the Recession" mean "Recovery"? Not for luxury hotels!

By Jim Butler and the Global Hospitality Group®
Hospitality Lawyers | Authors of www.HotelLawBlog.com
30 August 2009

This is one of many articles on the subject of "troubled hotel loans - workouts, bankruptcies & receiverships" in the rich library at www.HotelLawBlog.com.

Hotel Lawyer with some bad news for the luxury hotel segment.

From some reactions, you might think that the likely "End Of The Recession" by the end of 2009 means that the "Recovery" is close behind.

Unfortunately, what follows next will not feel much better for many for a very long time. Nowhere is that more true than in the luxury hotel segment, where Smith Travel Research foresees a 27% drop in RevPAR for 2009 followed by another 9% in 2010!

Here are a few of the most interesting slides from Smith Travel Research and other industry sources since August 20, 2009, focusing on the luxury hotel segment. How bad are things? How bad are they likely to get from here? Fasten your seat belt!

Continue reading " Hotel Lawyer: Does "End of the Recession" mean "Recovery"? Not for luxury hotels! " »

Posted In: Global Financial Crisis & Recovery

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Posted On: April 2, 2009 by the JMBM Global Hospitality Group®

Ask the Hotel Lawyer: Hotel bankruptcy trump card. Terminating hotel management agreements without liability -- the alchemy of lead to gold for troubled hotels and hotel loans?

By Jim Butler and the Global Hospitality Group®
Hotel Lawyers | Authors of www.HotelLawBlog.com
2 April 2009

Please see "troubled hotel loans - workouts, bankruptcies & receiverships" for the latest articles on troubled hotels.

How do you terminate a long-term hotel management agreement or HMA? The hotel bankruptcy trump card. This is an increasingly popular question regularly put to the hotel lawyers of JMBM's Global Hospitality Group®.

Continue reading " Ask the Hotel Lawyer: Hotel bankruptcy trump card. Terminating hotel management agreements without liability -- the alchemy of lead to gold for troubled hotels and hotel loans? " »

Posted In: Global Financial Crisis & Recovery , Hotel Management Agreements , Workouts, Bankruptcies & Receiverships

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Posted On: March 19, 2009 by the JMBM Global Hospitality Group®

Hotel Attorneys and CMBS special servicers look to have a big (and free!) part of the solution to the liquidity crisis, depressed real estate, and hotel values as well as a better way to dispose of toxic assets. Is Geithner listening?

By Jim Butler and the Global Hospitality Group®
Hotel Lawyers | Authors of www.HotelLawBlog.com
19 March 2009

Hotel Lawyer with some potentially good news for our bad economy

Last week I had a conversation with one of the country's top CMBS special loan servicers, who happens to also be a friend as well as a good client. We were talking about dealing with some of his company's increasing volume of assets under "special servicing" and the difficulties presented by REMIC regulations.

Continue reading " Hotel Attorneys and CMBS special servicers look to have a big (and free!) part of the solution to the liquidity crisis, depressed real estate, and hotel values as well as a better way to dispose of toxic assets. Is Geithner listening? " »

Posted In: Global Financial Crisis & Recovery

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Posted On: March 17, 2009 by the JMBM Global Hospitality Group®

Hotel Attorneys: Looking for a way to significantly increase your hotel's cash flow... NOW? Here's one of the most overlooked approaches. "TINSTAAFL" suspended?

By Jim Butler and the Global Hospitality Group®
Hotel Lawyers | Authors of www.HotelLawBlog.com
18 March 2009

Hotel Attorneys with a potentially critical tip for owners and lenders -- instantly increasing your hotel's cash flow. It is often overlooked. Who says "There Is No Such Thing As a Free Lunch" ("TINSTAFL") ?

Hotel attorneys know that times are tough and getting tougher. Moody's Economy.com and PKF are now projecting a deeper and more extended downturn and a more delayed recovery. Hotel Lawyer with new data from Moody's Economy.com and deteriorating projections for the lodging industry. and Jim Butler quote in USA today More hotels are facing foreclosure, bankruptcy.

So here is a rock-solid tip that could instantly boost cash flow for savvy borrowers and lenders who qualify. This will be particularly valuable to hotels bought or built in the last 5 to 10 years . . . or maybe longer.

Continue reading " Hotel Attorneys: Looking for a way to significantly increase your hotel's cash flow... NOW? Here's one of the most overlooked approaches. "TINSTAAFL" suspended? " »

Posted In: Global Financial Crisis & Recovery , Outlook and Trends

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Posted On: March 16, 2009 by the JMBM Global Hospitality Group®

Hotel Attorney: How will the Stimulus Bill help tribal governments finance hotel projects in Indian Country?

By Jim Butler and the Global Hospitality Group®
Hotel Lawyers | Authors of www.HotelLawBlog.com
16 March 2009

Hotel Attorneys with an important and different perspective on the Stimulus Bill: How will it help tribal governments finance hotel projects in Indian Country

On March 15, Hotel Attorney, Catherine Holmes, sat down with our good friend, Valerie Red-Horse of Red-Horse Financial Group, to talk about how the American Economic Recovery and Reinvestment Act of 2009 will help tribal governments finance new hotel developments on tribal land.

Continue reading " Hotel Attorney: How will the Stimulus Bill help tribal governments finance hotel projects in Indian Country? " »

Posted In: Global Financial Crisis & Recovery , Outlook and Trends

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Posted On: March 6, 2009 by the JMBM Global Hospitality Group®

Hotel Lawyer: What lies ahead? What's the bailout cost $700 billion? $3 trillion? $20 trillion? What does Dr. Doom mean by an L-shaped Depression?

By Jim Butler and the Global Hospitality Group®
Hotel Lawyers | Authors of www.HotelLawBlog.com
6 March 2009

Hotel Lawyer with a few questions on the cost of the bailout and what lies ahead

As many recent articles referenced below recount, and as we all know from the headlines, we are in "interesting times". We talk about the $700 billion bailout bill and the possibility of doubling the amount to get out of the scary situation we are in. But is that really the cost, and is it going to do the job?

Here are some interesting facts and a few thoughts.

Continue reading " Hotel Lawyer: What lies ahead? What's the bailout cost $700 billion? $3 trillion? $20 trillion? What does Dr. Doom mean by an L-shaped Depression? " »

Posted In: Global Financial Crisis & Recovery

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Posted On: March 4, 2009 by the JMBM Global Hospitality Group®

Hotel Lawyer: Stimulus Bill and financial recovery -- summary of selected tax provisions

By Jim Butler and the Global Hospitality Group®
Hotel Lawyers | Authors of www.HotelLawBlog.com
4 March 2009

Hotel Lawyer with

The landmark Stimulus Bill has commanded a lot of attention for the TARP and TALF provisions, (see Hotel Lawyers on the TARP, the TALF, and the ugly), but our dauntless tax attorneys have naturally focused on the $288 billion of stimulus that is projected to come from tax breaks.

Here is a summary of the most important provisions and what they do.

Continue reading " Hotel Lawyer: Stimulus Bill and financial recovery -- summary of selected tax provisions " »

Posted In: Global Financial Crisis & Recovery

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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 $60 billion of hotel transactional experience, involving more than 1,000 properties located around the globe.
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Robert Braun

Robert Braun is a partner in JMBM's Corporate Department and a senior member of JMBM's Global Hospitality Group® -- a team of 50 seasoned professionals with more than $60 billion of hotel transactional experience, involving more than 1,000 properties located around the globe. Bob represents owners in both transactional and operational issues. He advises clients with respect to business formation, financing, mergers and acquisitions, venture capital financing, joint ventures and strategic partnerships. He has represented hotel owners in the negotiation of several hundred management agreements, as well as spa management and franchise agreements. Bob also advises hotel owners regarding telecommunications, software, internet, e-commerce, data processing and outsourcing agreements. To read Bob's articles, go to www.HotelLawBlog.com and select "Management Agreements." For more information, please contact Bob Braun at 310.785.5331 or rbraun@jmbm.com.

Marta Fernandez

Marta Fernandez is a partner in JMBM's Employment and Labor Department and a senior member of JMBM’s Global Hospitality Group® -- a team of 50 seasoned professionals with more than $60 billion of hotel transactional experience, involving more than 1,000 properties located around the globe. As a management labor lawyer with more than 20 years of experience, Marta specializes in representing hospitality industry clients in all aspects of labor and employment including labor-management relations such as union prevention, collective bargaining for single as well as multi-employer bargaining units, neutrality agreements and defense of unfair labor practice charges before the NLRB. She defends employers in administrative and litigation claims, such as employee claims of sexual harassment and discrimination and counsels clients in preventative strategies such as executive training, arbitration enforcement, and policies and procedures. To read Marta's articles, go to www.HotelLawBlog.com and select "Labor & Employment." For more information, please contact Marta Fernandez at 310.201.3534 or at mfernandez@jmbm.com.

Catherine DeBono Holmes

Catherine DeBono Holmes is a partner in JMBM's Corporate Department and a senior member of JMBM’s Global Hospitality Group® -- a team of 50 seasoned professionals with more than $60 billion of hotel transactional experience, involving more than 1,000 properties located around the globe. Cathy assists hotel clients with hotel management and franchise agreements, purchase and sale transactions, and condo hotel regime structuring. She has taken hotel owners through complex RFP processes involving all the major hotel brands. She has significant expertise in condo hotels and advises clients in the specific business and legal aspects of condo hotel regime structuring and documentation, including CC&Rs, HOA docs, unit management agreements, shared facilities agreements, rental management agreement programs and securities compliance matters (structuring, documentation and training). To access Cathy's articles on www.HotelLawBlog.com, click on the topics "Condo Hotels" or "Green Hotels" For more information, please contact Cathy Holmes at 310.201.3553 or cholmes@jmbm.com.

Guy Maisnik

Guy Maisnik is a partner in JMBM's Real Estate Department and a senior member of JMBM's Global Hospitality Group® -- a team of 50 seasoned professionals with more than $60 billion of hotel transactional experience, involving more than 1,000 properties located around the globe. Guy's deep and broad transactional practice includes complex real estate finance and venture capital transactions, including project finance, commercial finance, leveraged leasing and real estate acquisitions. He assists clients with development, leasing and disposition, loan portfolio acquisitions, loan and debt restructure, workouts and real estate exchanges. Go to www.HotelLawBlog.com for current information in these areas. For more information, please contact Guy Maisnik at 310.201.3588 or mgm@jmbm.com.

David Sudeck

David Sudeck is of Counsel in JMBM's Real Estate Department and a senior member of JMBM’s Global Hospitality Group® -- a team of 50 seasoned professionals with more than $60 billion of hotel transactional experience, involving more than 1,000 properties located around the globe. David has significant experience in the vacation ownership arena, focusing on the formation and registration of condominiums, timeshares and fractional interest regimes. He negotiates hotel, spa and restaurant management agreements, and assists client in the development, acquisition, sale and leasing of hotels, golf courses and restaurants. For David's take on current issues in the timeshare arena, go to www.HotelLawBlog.com and click on the topic, "Timeshare." For more information, please contact David Sudeck at 310.201.3518 or dsudeck @jmbm.com.

Robert Kaplan

Robert Kaplan is a partner in JMBM's Bankruptcy, Insolvency and Restructurings Group and a senior member of the Global Hospitality Group® -- a team of 50 seasoned professionals with more than $60 billion of hotel transactional experience, involving more than 1,000 properties located around the globe. Bob represents lenders, special servicers, hard money lenders, community banks, national banking associations, distressed debt investors, and equity investors, positioning them for the best possible outcome by acting expeditiously to preserve value and increase cash flow. His industry experience and his knowledge of the current capital markets -- where distressed assets often include complex deal structures and securitized loans -- allows him to bring creative and effective strategies to the table. When aggressive litigation is the best strategy, he is a vigorous and effective advocate for his clients. Bob represented the securitized lender in the Chapter 11 bankruptcy case filed by the Clift Hotel in San Francisco, and in the subsequent negotiations and successful sale of the loan to a third party. The lender -- acting by and through GMAC Commercial Mortgage Corporation as special servicer -- was the holder of a $60 million loan secured by a Deed of Trust on the Clift Hotel. He has also served as counsel to CapMark, J.E. Robert Company, Inc., AMRESCO Management Inc. and Midland Loan Servicer in their capacity as special servicers on troubled hotel loans in CMBS pools. For more information, contact Robert Kaplan at 415.984.9673 or rkaplan@jmbm.com.

Martin Orlick

Martin Orlick is a partner in JMBM's Real Estate Department and a senior member of JMBM's Global Hospitality Group® -- a team of 50 seasoned professionals with more than $60 billion of hotel transactional experience, involving more than 1,000 properties located around the globe. Marty specializes in representing hospitality industry clients in Americans With Disabilities Act (ADA) compliance and defense. He has represented more than 300 businesses in ADA issues, many of them hotels and restaurants, as well as hotel mixed-use properties. Marty is a member of the American College of Real Estate Lawyers (ACREL) and a frequent speaker on the ADA and other topics. To read Marty's articles, go to www.HotelLawBlog.com and select "ADA." For more information, please contact Marty Orlick at 415.984.9667 or morlick@jmbm.com.

James Abrams

James Abrams is Of Counsel at JMBM and is a senior member of JMBM’s Global Hospitality Group® -- a team of 50 seasoned professionals with more than $60 billion of hotel transactional experience, involving more than 1,000 properties located around the globe. Jim has served the hospitality industry for 40 years and specializes in lodging and hospitality law and in representing and advising trade associations and other non-profit entities. Jim has significant experience in government affairs at the national level, the state level – including the California Legislature and scores of state agencies – and with local governments and agencies. He has authored successful ballot measures and scores of bills for his clients. Jim served as the President and CEO of the California Hotel & Lodging Association from January 1, 1991 through December 31, 2008 and is currently an adjunct professor in the Hospitality Industry Management Program at the University of San Francisco. He is a frequent speaker and writer on all aspects of the law relating to the lodging and hospitality industries, and he is the author of the book Laws Pertaining to the California Innkeeper, which is published by the California Hotel & Lodging Association. To read Jim’s articles, go to www.HotelLawBlog.com. For more information, please contact Jim Abrams at (415) 398-8080 or jabrams@jmbm.com.

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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.

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