NEW YORK CITY-Two afternoon panels at ALM’s RealShare HOTELS 2011 got down to key questions everyone wants to know the answers to. Specifically, they addressed where the capital is in the current cycle and how to access it. The event, produced by ALM's Real Estate Media Group, held forth Thursday at the Hilton New York Hotel and drew over 200 attendees.

The after lunch sessions kicked off with “How to Compete for Deals and Make Money in This Cycle,” a panel moderated by Nelson Migdal, a shareholder at law firm Greenberg Traurig. Migdal asked panelists where we are in this current cycle.

“To me this is very much reminiscent of January ’08,” responded Joel Ross, principal at Citadel Realty Advisors. “Greece is bankrupt, the Euro is at risk--it’s going to get restructured.” He added that, though he doesn’t anticipate another recession, “the housing problem is not going to get solved real quick.” The banking crisis in Europe, in Ross’ estimation, is a major event that will have ripple effects and negatively impact the ability to get deals done here at home.