"There is a lot of equity capital on the sidelines looking to be placed in quality transactions like this," says Peter Berk, president of the PMZ Hotel Finance Group. He could not reveal the name of the buyer, only that it is a New Jersey investment firm.
"The name of the game in 2010 is going to be buying notes and investing in restructuring opportunities," Berk continues. "Why build now, when you can get in at a much lower price per key through loan acquisitions?"
Beck, who had financed more than $5 billion of hotels representing over 20,000 rooms in his career, adds, "This year we anticipate that our business will be equally split between new loan originations and loan sales. In the first quarter of 2010, we will be marketing $50 million of hotel paper."
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