PHOENIX-Wall Street has always had a mixed relationship with commercial real estate and the markets reflect that in the debt ceiling discussions, the S&P downgrade and public money booming into the first half of the year. But as the markets seek to speculate on the future of hotel growth, which itself had a dynamite first half before tailing off, a panel of money and hotel conniesseurs debate the merits of a bullish outlook.

One of the morning break-out sessions at this year’s Lodging Conference, “Wall Street…will the Bulls Come Back” sought to dissect the economic future for lodging investment. The scalpel-wielding roundtable was helmed by ALM’s Real Estate Media Group VP and group publisher, Michael Desiato. The roundtable was manned by Peter Berk, president, PMZ Hotel Finance Group; Michael Bluhm, managing director, Morgan Stanlyey Investment Banking; Greg Hartmann, EVP, Jones Lang LaSalle Hotels; Robert A. LaFleur, managing director Gaming, Loding and leisure Equity Research; and Joel Ross, principal, Citadel Realty Advisors; and GlobeSt.com blogger of the Ross Rant.

LaFleur pointed out that although REITs were about 50% off their high, they were 15% up from their lows, a more positive outlook for sure. There was also a loss of two turns of valuation for EBITA, however most of the decline is people taking timeshare properties out, and with them in—projections are relatively the same as last year. Expectations are down and that is because most investors don’t see where value generators will come from.