If ever a property sector illustrated the adage, "It's an ill wind that blows no good," it's the hotel industry. The cold wind of distress has been blowing steadily through the sector, generating an increasing list of defaults, foreclosures and outright closings-a list that promises to grow for some time. But that same distress is creating opportunities on a number of fronts, particularly investment.
"There is growing demand for investment opportunities now that the hotel operating recovery is under way," says Patrick Ford, president and CEO of Lodging Econometrics in Portsmouth, NH. "If investments are soon made in distressed hotels, investors could
be hitting stride just as the industry's operating recovery is accelerating and may by relatively unhindered by new supply coming on line."
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