Interest Remains High at HBI's Marketplace in Washington, DC
Many Investors See Next Two Years as Opportunity for Buyers.
OCTOBER 22, 2008. Hotel Brokers International (HBI), the nation's largest hotel brokerage organization with more than 30 offices from coast to coast, today announced that a capacity crowd of hotel owners, investors and lenders were cautious but optimistic about the state of hotel real estate at the organization's recent U.S. Hotel Investor's Marketplace program. Of the attending investors, 50% were existing owners and 50% were first-time buyers.
"Many investors are beginning to believe that the coming three to twelve months is the time in the real estate cycle to begin buying," said H. Brandt Niehaus, CHB, president of HBI and Louisville-based Huff, Niehaus & Associates, Inc. "Right now, everyone is still trying to sort through the Wall Street meltdown, but they see opportunities ahead."
The one-day event, recently held at the Four Points by Sheraton in New Carrollton, Md., near Washington, D.C., featured educational sessions and updates on hotel trends, financing, hotel brands and hotel real estate pricing. In addition, Marketplace organizers showcased more than 25 hotels currently being marketed for sale and distributed information on an additional 100 hotels listed for sale.
Interest was strong for both mid-market and upscale brands. However, the majority of attendees were more attracted to the limited service brands, generally priced under $10 million. "Financing was the major issue at the conference and lenders indicated they were less inclined to do deals than just several months ago," said Charles Fritsch, president of MBA Brokers based in suburban Washington, D.C. and HBI host broker for the event. "Despite this, there still was money available in the under $15 million transaction category, but even more so in the $10 million and under transaction category. Lenders agreed there was little to no interest for development."
Hotel Brokers International, with more than 100 hotel brokerage specialists, is the world's leading hotel sales organization. The organization annually accounts for the greatest market share of mid-market transactions in the United States. In addition to the Hotel Investor's Marketplace, HBI sponsors the Certified Hotel Broker program and publishes TransActions Recap, the leading source of hotel real estate sales data.
HBI currently has more than 150 properties listed for sale in its proprietary database and access to more than 15,000 hotel investors and owners. In addition to broker services, HBI offers affiliate membership to professionals in allied fields, including franchising, lending, appraisals and investment services. For more information about HBI's hotel listings or to become a broker or affiliate member, HBI may be reached at (816) 505-4315 or via the Internet at www.hbihotels.com.
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