Wall Street executives talk about the economy at ALIS. Wall Street executives talk about the economy at ALIS.

LOS ANGELES—Hotel values are heading down, according to the Wall Street executives at ALIS this week, who say that the public sector is pulling back and that the private sector will follow. The Wall Street Outlook panel included Michael Bluhm, managing director at Morgan Stanley; Jeffrey D. Horowitz, global head of real estate at Bank of America; Christopher J. Jordan, EVP at Wells Fargo; Lawrence Y. Kwon, managing director at Moelis & Co.; and Ben Leahy, managing director at Goldman Sachs.

“One of the things that has us scratching our head is that if the outlook is so great, why is the stock market heading down,” Bluhm questioned on the panel. “Values are coming down. Public investors lead first and private markets tend to follow. REITs are concerned about values compressing, and we are starting to see pull back from investors to wait and see what is going to happen with values.” Leahy added that REITs are short-term focused, and in markets like New York, where the supply has been completely overrun, no one has a catalyst to get in.

Recommended For You

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.