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Volume 3 - Number 7 | April 10, 2006
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TOP STORY: Investors Are Checking Out Condo Hotels
By Erika Morphy
Investor interest in condo hotels--projects in which part or all of a hotel is converted to condo units--has grown rapidly, especially in the past two years. Developers now have about 100,000 units or so in the pipeline, says Jan Freitag, vice president of Smith Travel Research Inc. in Hendersonville, TN.
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Everyone Loses If Condo Hotel Regs Are Ignored
By Erika Morphy
Because condo hotel structures are new to many developers, buyers and even some hotel operators, it is especially important to handle all of the legal matters correctly. “They can be very complicated structures,” warns James R. Butler Jr., chairman of the global hospitality group at Jeffer, Mangels, Butler & Marmaro LLP in Los Angeles.
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Subprime Lender Dumping REIT Status
By Benjamin Mark Cole
Aames Investment Corp., a nationwide subprime residential mortgage lender, wants to shed its REIT status. Citing market challenges, the company’s board of directors last month approved elimination of the firm’s REIT status. The board expects the change to generate increased internal capital for portfolio growth.
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Insider: Lee & Associates' Craig Stevens
By Benjamin Mark Cole
Craig Stevens, a principal with Los Angeles-based Lee & Associates Commercial Real Estate Services, says that the peaks of the previous real estate cycles were easy to identify. This time, however, the costs of both land and construction are constraining new development, even though plenty of capital is still on the sidelines. That’s making this cycle harder to gauge.
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