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Trophies and Train Wrecks

SAN DIEGO-Acquiring loans is a good way to not directly compete with REITs and their buying power, but the underwriting is tricky.

By Ryan Clark | Updated on January 25, 2011

SAN DIEGO-“If you’re here today, congratulations,” Michael Desiato, VP & group publisher – Real Estate Media Group, ALM and panel moderator said. “You survived the great recession.” Desiato was moderating the “Loans Acquisitions – The Big Play Today? A Look at the Opportunities and Challenges of Buying Loans, and the Loan to Own Strategy” break-out session here. Gathering a group of experts to wax intellectual on the obstacles and opportunities within the market, the panel consisted of Joel Hiser, principal, Horwath, HTL; Len Howell, VP Hospitality Acquisitions, Pacifica Cos.; Steve Kisielica, principal, Loding Capital Partners; Brian Nordahl, SVP-Acquisitions, Archon Hospitality; and Daniel Peek, senior managing director, HFF.

Hiser noted that there was a lot of “pain and misery in the market from the owner perspective” still to come, but he was confident the market was heading in the right direction. Howell agreed, somewhat, noting the good movement over the last 12 to 18 months, but wondered what might happen when the government money comes out of the economy. Kisielica agreed that the future was uncertain until group booking returned and lodging could gain its base back. Peek was skeptical as well, with the market only being driven by a few key markets; i.e.: New York, San Francisco and DC.

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