NEW YORK CITY-Denver-based Hotel Real Estate Counselors has formed a joint venture with Stamford, CT-headquartered Rochdale Capital Advisors and and Carlsbad, CA-based Real Capital Markets (RCM) to create Hotel Debt Trader, a hotel loan sale advisory group. The advisory, based in New York City, will focus on performing, subperforming, nonperforming and REO assets. The companies will combine HREC’s hotel and property sales expertise with Rochdale’s note sale expertise.
Although not exclusively, the advisory's focus will mainly be on the sales side to meet a perceived market demand as a number of distressed and REO hotel assets are anticipated to come onto the market by the end of 2011.
“We know that on the property brokerage side, we are evaluating somewhere around 60 assets that owners are considering taking to market,” Geoff Davis, president of HREC Investment Advisors tells GlobeSt.com. “We also believe the potential volume is high on the note sale side. There are still a lot of persistent problems in the economy and owners want to know if they can liquidate their positions, if they can still get good value at the end of the year as opposed to waiting. That holds true across assets.”
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