All GLG News Analyses Filed Under: Real Estate Investment
Analyses are solely the work of the authors and have not been edited or endorsed by GLG.
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Dear Bankers of America: Welcome to the Hotel Business
September 17, 2009
Hotels Deliver Some 'Jingle Mail' | online.wsj.com
When America’s bankers open the mail these days, they’re often finding “hotel jingle mail,” the proverbial keys to hotels that owners have walked on. Combine these forfeited hotels with foreclosed hotels and bankers are now among America’s biggest hotel owners. What do bankers need to know in order to be successful hoteliers...for as short a period of time as possible?
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Appraisals Impact Sales Price, But Not Cancelations
September 9, 2009
Appraisal Angst | www.nxtbook.com
Builders are facing issues due to the new changes in the HVCC appraisal code. While for the time being they are adjusting their prices to keep their sales, the impact of these changes for the new home construction industry is yet to be seen.
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Corrective Condominium Pricing
September 2, 2009
Adjusting Philadelphia Condo Pricing | www.centercitycondos.com
Uniform pricing can easily be followed when buying or selling a high rise condominiums. However, often one distressed sale, or anomaly sale will throw values significantly lower. Does one bad apple spoil the whole bunch?
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The Condo-Hotel Gone Bad: A Particular Corner of Hell
August 24, 2009
Condo-Hotel Buyers Head to the Courts | online.wsj.com
North America's resorts--and a few fashionable urban centers--are awash in busted condo-hotel projects. Who can resist a bargain? How can you go wrong at pennies on the dollar? Well, let us count the ways.
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August 19, 2009
Brookfield's $4.9-billion bet on the bottom | www.theglobeandmail.com
Brookfield's bet on the bottom of the market is an excellent strategy to tie up distressed lots before the housing market starts it's upward trend. The real question is where lot prices are going to go when the existing market is bought, and with no new lots in the pipeline, how high can prices go?
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Brookfield Reads the Market Well
August 18, 2009
Brookfield's $4.9-billion bet on the bottom | www.theglobeandmail.com
The Boston office market is driven by the health of the mutual funds industry who directly and indirectly occupy over 37% of the Class A market. Brookfield is a direct beneficiary of the industry in both its premier properties at 53 and 75 State Street.Net inflows are up significantly into Boston. Net absorprtion will follow very quickly.
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August 17, 2009
Brookfield's $4.9-billion bet on the bottom | www.theglobeandmail.com
With Brookfields stocks closing at $6.38, down from a onetime $131.00 and the continuing volatility of the real estate market, Brookfield may be trying to predict the future.Purged on the peak of an "A" framed roof, Brookfield has two directions in which to fall. A fall on one side will mean certain death and disaster to the already tarnished name. Yet a fall from the opposite side may be the tumble into the safety net that just happens to be lined with real soft multiple dollar bills.
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Jack KernManaging DirectorKern Investment Research
Brookfield's $4.9 billion Investment Unlikely to Perform
August 14, 2009
Brookfield's $4.9-billion bet on the bottom | www.theglobeandmail.com
Brookfield Properties is making a major bet on the status of the U.S. housing market and rushing headlong into buying what they characterize as distressed assets in a number of major American and worldwide markets. It's interesting that they've raised about $5 billion to invest, and this may signal the willingness on the part of investors to take chances. In this instance, I think Brookfield didn't really get the right research behind the decision and are going to fall flat.
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The Hyatt IPO: A Big-Time Bet on Management
August 11, 2009
Pritzker family politics likely driving Hyatt's IPO | www.chicagotribune.com
The impending Hyatt IPO brings one of the hotel industry’s most famous names to the public market. It also brings questions about the particular risks and rewards within the Hyatt business model. Is it a bet on brands? A bet on real estate? Or is it most of all a bet on management?
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Distressed Hotel Real Estate: Gold Mines or Land Mines?
July 30, 2009
A Hockey Game Broke out | www.hotelsmag.com
Billions of hotel-investment dollars will be misspent in the next three or so years, foregoing return levels that could equal, in scope, the loss levels suffered by those who invested in 2005-2007 vintage deals. The losers will be those who forego returns by buying currently-distressed assets that turn out to have elements of distress permanently attached to them. The winners will buy wisely in the next three years and achieve market-leading returns by 2015.
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