Articles Posted in Meet the Money®

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13 July 2020

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Click to see our category-killer experience with hotels. See also our distressed loan credentials. And click here for the latest blog articles on loan modifications, workouts, bankruptcies and receiverships, and here for The Lenders Handbook for Troubled Hotels.

Meet the Money® Online: CMBS Special Servicing FAQs

It’s estimated that 20 percent of hotels in the U.S. have debt held in commercial mortgage-backed securities (CMBS). Among these hospitality industry borrowers are hotel owners needing financial relief due to the COVID-19 pandemic, many of whom are unfamiliar with working with master servicers and special servicers in the complex world of CMBS.

Unfortunately, there is much misinformation circulating in the business media about how special servicers work with borrowers needing debt relief.

On July 8, 2020, we addressed the myths and realities of working with CNBS special servicers in our Meet the Money® Online virtual roundtable, “CMBS Special Servicing FAQs.” The panel, moderated by JMBM’s Global Hospitality Group® Chair Jim Butler, featured CMBS experts including:

  • Andrew Hundertmark, CEO, Argentic Services Company
  • Curt Spaugh, Director, SitusAMC, Special Servicing Division
  • Lindsey Wright, Senior Managing Director, Greystone Special Servicing
  • Thomas J. Biafore, Partner, Kilpatrick Townsend
  • Robert B. Kaplan, Partner, Jeffer Mangels Butler & Mitchell

Frequently Asked Questions about CMBS Special Servicing for distressed hotel and retail projects

Roundtable Topics discussed include: CONTINUE READING →

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01 July 2020

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Meet the Money® Online: Hotels and Information Security
Protecting Guests and the Bottom Line

Last week, speakers from Manhattan Hospitality Advisors, Tiered Communication Services Inc. and Willis Towers Watson joined Bob Braun of JMBM’s Global Hospitality Group® for the second in a series of Meet the Money Online webinars.

If you missed “Hotels & Information Security – Protecting Guests and the Bottom Line,” you can watch the full webinar here.

You can also find the presentations made by our expert panelists on the Resource Center page:

Where Technology and Security Meet in Hotels

Jonathan Adam, co-founder and Chief Technology Officer, Tiered Communication Services, Inc., covers the primary elements required for information security, and how a secure hotel network should be designed. Meet the Money® Online June 2020.

Best Practices and Imperatives for Information Security

Bob Braun, co-chair of JMBM’s Cybersecurity and Privacy Group, and senior member of JMBM’s Global Hospitality Group® discusses why information security is so difficult to achieve, the importance of documentation, and why verifying third parties is critical. Meet the Money® Online June 2020.

Cyber Security – A Must in Today’s Viral World

Jack Westergom, Managing Director and Founder of Manhattan Hospitality Advisors explains why hotels are frequent targets of cyber crime, areas in which hotels can be proactive, and why you shouldn’t count on your brand for protection. Meet the Money® Online June 2020.

Cyber Insurance in the Hospitality Industry

Heather Wilkinson, SVP, FINEX E&O/Cyber, Willis Towers Watson, discusses why hotels need to determine their specific exposure, the importance of understanding what your cyber insurance actually covers, and the 5 main cyber threats that hotels are facing today. Meet the Money® Online June 2020.

 

While we weren’t able to gather in person for the 30th year of Meet the Money®, the national hotel investment and finance conference, we are continuing to provide the industry with research analysis and insight through Meet the Money Online. Join us on July 8, 2020 for the next in this series of informative webinars, the CMBS Special Servicing FAQs Virtual Roundtable. CONTINUE READING →

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25 June 2020

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Meet the Money® Online: CMBS Special Servicing FAQs
for CMBS borrowers, investors and holders

A virtual roundtable of current perspectives, challenges and opportunities for hotel and retail projects

JMBM’s Global Hospitality Group® is excited to announce that next up in our Meet the Money® Online series is a virtual roundtable discussion among some of the top experts in the complex world of CMBS. If you are a CMBS borrower, investor or holder – or are involved in properties affected by CMBS – you will not want to miss this important conversation.

The online event will take place on Wednesday, July 8, 2020 at 10:30 AM PDT / 1:30 PM EDT. Register now.

Join our experts online for this 1-hour event which will answer the questions most frequently asked of CMBS special servicers and will also cover important considerations that CMBS holders, borrowers and investors often miss, including:

  • What are special servicers seeing now after the first wave of COVID-19 relief requests? How are forbearance requests being handled?
  • Which loans have larger underlying issues that will require a more complicated and protracted workout?
  • What are the critical appraisal and valuation issues today? What does stabilized value look like, and what assumptions are going to be used?
  • What are the most important effects of Pooling and Servicing Agreements? What do the documents say (or don’t say)?
  • What inconsistencies are showing up and where are they coming from?
  • What are the red flags for loan modifications (or purchase/sale) that could affect the all-important CMBS tax structure?
  • What impact does securitization structure—REMIC, Grantor Trust, CLR/QRS—have on workouts?
  • Can a “special purpose entity” file bankruptcy with independent directors and other bankruptcy remote features in loan documents or corporate structure?
  • Can a hotel be considered “single asset real estate” (or SARE) for streamlined bankruptcy purposes, and why do creditors care?
  • What should we anticipate moving forward?

The program will be moderated by Jim Butler, Chair of JMBM’s Global Hospitality Group®, a founding partner of JMBM, and one of the top hotel lawyers in the world. Devoting 100% of his practice to hospitality, Jim is author of www.HotelLawBlog.com and chairman of JMBM’s Global Hospitality Group® which focuses on representing hotel owners, developers, and capital providers. CONTINUE READING →

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22 June 2020

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Meet the Money® Online: Hotels and Information Security
Protecting Guests and the Bottom Line

Speakers from Manhattan Hospitality Advisors, Tiered Communication Services Inc. and Willis Towers Watson will join Bob Braun of JMBM’s Global Hospitality Group® for this informative online program.

Please join us this week, on Thursday, June 25, 2020, when Meet the Money® Online addresses an issue of critical importance to the hospitality industry: information security.

As privacy laws demand companies do more to protect customer and employee data – and cyber hackers become more sophisticated – making sure your hotel’s information is secure has never been more important.

This free webinar will take place on Thursday, June 25 at 10:30 AM PDT / 1:30 PM EDT. Register Now.

Join our panel of cybersecurity experts and hospitality veterans for a 1-hour webinar to discuss:

  • What personal information hotels collect and how they use it
  • The role of hotel owners, operators and brands in guest information
  • Technology aspects of information collection, use and protection
  • Insurance issues – how to mitigate risk and cost using insurance
  • Legal obligations and compliance

This discussion will be moderated by Robert E. Braun, partner and co-chair of the Cybersecurity and Privacy Group at Jeffer Mangels Butler & Mitchell LLP who works with companies on their data technology, privacy and security matters. Bob is also a senior member of JMBM’s Global Hospitality Group® and has more than 20 years of experience in representing hotel owners and developers in hotel management and franchise agreements, condo hotel securities issues and many transactional matters, including entity formation, financing, and joint ventures.

Our speakers include:

  • Jonathan Adam, Co-Founder and Chief Technology Officer, Tiered Communication Services, Inc.Jonathan Adam is a founding member and CTO of Tiered Communication Services, Inc. With 17 years of hotel experience, he pairs high end development projects with extremely secure advanced technology systems for an unsurpassed guest user experience, driving amazing rates of return to owners. He holds multiple technology patents, and co-founded the ySuite Incubator in Austin and PracTECHal Solutions headquartered in Las Vegas. The ySuite team owns and operates multiple hotels in the Austin area, and utilizing the TCS technology infrastructure, they generate significant amounts of high margin add-on revenue through new hospitality revenue channels.
  • Jack Westergom, Managing Director and Founder, Manhattan Hospitality AdvisorsJack Westergom is Managing Director and Founder of Manhattan Hospitality Advisors. Jack is a veteran hotelier whose background includes asset management, hotel/resort operations, international marketing, investment relations and real estate development including many of the top 25 hotels and resorts in the world. Manhattan Hospitality Advisors has provided oversight on over $18 billion of hospitality assets around the world and has helped hotels to successfully navigate through four real estate downturns.
  • Heather Wilkinson, SVP, FINEX E&O/Cyber, Wills Towers WatsonHeather Wilkinson is SVP in the FINEX Cyber & E&O practice for Willis Towers Watson with over fourteen years of experience in the cyber insurance industry. Heather is a founding member of the Willis Towers Watson E&O and Cyber Broker Team; she joined the organization in 2006 and has been instrumental in placing some of the largest towers of E&O and Cyber insurance placements in the world. She is uniquely qualified to handle Cyber and Professional Liability issues and placements and is based in Los Angeles.

There is no fee for this program.

REGISTER NOW CONTINUE READING →

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26 May 2020

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Meet the Money® Online: State of the Hospitality Industry

More than 1,100 people registered for last week’s Meet the Money Online webinar, “The State of the Hospitality Industry”.

If you weren’t one of them and would like to watch the full hour-long webinar, you can find it here, on the Resource Center page of HotelLawyer.com.

Also on the Resource Center page you can find the thought-provoking presentations made by our expert panelists:

U.S. Hotel Overview
Vail Ross of Senior VP, Global Business Development & Marketing, STR presented noteworthy statistics on the state of the hotel industry and the impact that Covid-19 has had on construction.

U.S. Hotel Outlook: Navigating the Storm
Jamie Lane, Senior Director, Economics & Forecasting, CBRE, examines the economic outlook for the U.S. and what it means for lodging. His presentation includes assumptions, updated CBRE forecasts and differences in recovery timing by chain scale and markets.

State of the Hospitality Industry Today: Hotel Values and Cap Rates
Suzanne Mellen, Senior Managing Director, HVS, reviews how hotels are being valued in this uncertain economic environment and when hotel values will recover to pre-Covid levels.

U.S. Lodging Industry 2020. COVID-19: Shocking Unprecedented Downturn
Daniel Lesser, President & CEO, LW Hospitality Advisors, explores long term sector paradigm shifts and where the lodging industry will go after hitting rock bottom.

We missed gathering in person with all our industry friends for what would have marked the 30th year of Meet the Money® the national hotel investment and finance conference.  However, through Meet the Money Online and the Hotel Law Blog, we will continue to provide the industry with research, analysis and insight, and most importantly our take on “what it all means” as we move forward into economic recovery.

CONTINUE READING →

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08 May 2020

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Meet the Money® Online: State of the Hospitality Industry Today

Presentations from HVS, CBRE, STR and
LW Hospitality

While we may not be able to meet in person this year, Meet the Money® is still bringing you expert research, analysis and insight as the industry navigates this unprecedented time.

The webinar will take place on Wednesday, May 20 at 10:30 AM PDT / 1:30 PM EDT. Register now.

Join us for a 1-hour webinar with presentations from industry leaders exploring:

  • Where are we now?
  • How quickly can the industry recover?
  • What are the signs you should be looking for?

The webinar will be moderated by Jim Butler, a founding partner of JMBM and one of the top hotel lawyers in the world. Devoting 100% of his practice to hospitality, Jim is author of www.HotelLawBlog.com and chairman of the Global Hospitality Group® which focuses on representing hotel owners, developers, and lenders.

Our panelists include:

  • Suzanne R. Mellen, Senior Managing Director, HVS

    Suzanne R. Mellen has unparalleled experience, having appraised thousands of hotels, gaming assets, and related real estate throughout the world over the past 40 years. She specializes in complex hotel and casino feasibility issues.

  • Jamie Lane, Senior Research Director, CBRE Hotels Research

    Jamie Lane is the senior research director of Econometric Advisors and CBRE Hotels Research, leading economics, forecasting and data intelligence. Based in Atlanta, Jamie has more than 10 years of experience in economics and consulting. He manages CBRE’s team of economists and oversees forecasting and analysis for all property types. He specializes in forecasting of the hospitality industry.

  • Vail Ross, Senior Vice President, STR

    Vail Ross is responsible for the overall coordination, functional management and leadership of the business development and marketing strategies for STR. She is often featured as a guest speaker at international, national, regional and state conferences. Vail is the past chair for the AH&LA Women In Lodging (WIL) Executive Council and the HSMAI Foundation Board of Directors.

  • Daniel H. Lesser, President and CEO, LW Hospitality Advisors

    Daniel H. Lesser brings more than 30 years of expertise in a wide range of hospitality operational, investment counseling, valuation, advisory, and transactional services. He provides services to corporate, institutional, and individual clients as well as public agencies on all facets of hospitality real estate.

Register Now

CONTINUE READING →

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13 June 2019

This year at Meet the Money® 2019, we asked attendees what they they see on the horizon for the hotel industry in 2019 and 2020 – where are we in the cycle? What trends are emerging? What are the market’s strengths and weaknesses?

We’ve compiled some of the interesting answers we received in the video, below. Watch it and hear what opportunities and challenges industry executives see ahead.

CONTINUE READING →

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28 May 2019

It’s hard to believe that another Meet the Money® is in the rear view mirror, and that we have our 30th year on the horizon in 2020! This year’s conference was another few days of energetic deal-making, networking and discussions about the current state of the industry.

Our focus at Meet the Money has always been financing and deals – connecting providers and consumers for profitable partnerships. It’s one of our goals as hotel lawyers, too; find out more about how the Global Hospitality Group® can help you.

Hotel Business has posted a video sharing some of my thoughts on hotel financing in the current market. I think this is a good time in the industry, with the potential for good deals and smooth sailing for the next couple of years. Watch the video below for the rest of my comments, and a quick look at this year’s conference.

CONTINUE READING →

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07 May 2019

Greetings from Los Angeles and the beautiful Hyatt Regency LAX!

Today, we kicked off Meet the Money® 2019 – the National Hotel Finance & Investment Conference hosted by JMBM’s Global Hospitality Group® – with the LIIC Top Ten. Presented by my friend, Mike Cahill, CEO and Founder of HREC and one of LIIC’s co-chairmen, the LIIC Top Ten reflects the perspectives of the industry’s most active members in the hospitality market.

— Jim

About the LIIC Top Ten

For the past 15 years, the members of the hotel industry’s preeminent think tank, “LIIC – The Lodging Industry Investment Council,” are annually surveyed to develop a list of the major hotel investment opportunities and challenges for the coming year. This exhaustive survey results in the LIIC Top Ten, a highly regarded profile of investment sentiment and attitudes for the lodging industry for the forthcoming 12 months. Altogether, the members of LIIC represent direct acquisition and disposition control of well over $60 billion of lodging real estate.

Members are currently extremely active and have the pulse of the market, with 64% of LIIC hotel investors having successfully sold a hotel in the last 12 months and 50% purchased a lodging asset. In defiance of any late cycle concerns, 93% are looking to buy more hotels over the next 24 months.

The hospitality industry’s most influential investors, lenders, corporate real estate executives, REIT’s, public hotel companies, brokers and significant lodging equity sources are represented on the Council. LIIC serves as the leading industry think tank for the lodging real estate business (www.liic.org).

2019 LIIC Top Ten Survey Results: CONTINUE READING →

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24 April 2019

LOS ANGELES—JMBM’s Global Hospitality Group® will host Meet the Money® national hotel finance and investment conference May 6-8 at the Hyatt Regency LAX in Los Angeles.  Now in its 29th year, this annual event will bring together hotel owners, operators, developers, consultants, investors, brands, lenders and other capital providers to discuss current developments in the industry as well as strategies for the future.

“Our line-up of more than 70 speakers include top hospitality leaders who will share their expertise and deliver essential information for maximizing potential opportunities,” said Jim Butler, Chairman of JMBM’s Global Hospitality Group®. “Attendees will also have the opportunity to meet some of the most active capital providers in the market for both existing and new hotel construction,” he said.

Free to all who register is a special pre-conference session on Monday afternoon May 6th – Meet The Equity: Investment Bootcamp – Preparing and Executing the Capital Raise. This interactive workshop will be led by Jonathan Falik of JF Capital Advisors, Guy Maisnik, Vice Chair of JMBM’s Global Hospitality Group®, and private equity experts who will explain how they evaluate requests for capital, what makes certain deals attractive to them, and why they reject projects.

Some of this year’s panel discussions and special presentations, include:

  • Views from the Executive Suite: What’s Important Now?
  • Creative Financing: Mezz and Beyond
  • Is Select Service Still Everyone’s Favorite? Where Does it Go from Here?
  • Developing, Redeveloping and Repositioning to Optimize Value
  • Winning Strategies for Buying and Selling Hotels
  • Construction Financing Today

“Our speakers are passionate about the hospitality industry and we look forward to the enthusiastic exchange of ideas that happens every year at Meet the Money,” said Butler. “We look forward to seeing our long-time industry friends and making new ones.”

Registration can be made through the Meet the Money® website. CONTINUE READING →

Contact Information
Jim Butler, Chairman
Global Hospitality Group®
Jeffer Mangels Butler & Mitchell LLP
(310) 201-3526 • jbutler@jmbm.com
www.HotelLawyer.com

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