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Full-Text Articles in Business
Securitization Of Lodging Real Estate Finance, A.J. Singh
Securitization Of Lodging Real Estate Finance, A.J. Singh
Hospitality Review
In the early 1990s, the U.S. lodging industry witnessed a severe shortage of debt capital as traditional lenders exited the market. During this period hotel lending was revolutionized by the emergence of real estate debt securities. The author discusses key factors which have affected the growth and development of commercial mortgage backed securities and their changing role as a significant source of debt capital to the lodging industry.
Lodging Real Estate Finance: Securitization, A.J. Singh
Lodging Real Estate Finance: Securitization, A.J. Singh
Hospitality Review
Commercial Mortgage Backed Securities (CMBSs) introduced to the U.S. lodging industry in the early 1990’s were a panacea during a period of severe shortage of debt capital. These instruments changed commercial real estate capital markets by providing flexibility and liquidity to an otherwise illiquid investment As a relatively new form of financing to the lodging industry, the mechanics of securitization, the types of CMBS investments, and their structure are not well understood. The article illustrates the process of securitization and its importance as a significant source of debt financing to the lodging industry
Predicting Financial Sources For The Lodging Industry, A.J. Singh
Predicting Financial Sources For The Lodging Industry, A.J. Singh
Hospitality Review
Given the various changes that have occurred in the financing of the lodging industry, investors and developers interested in the industry are concerned about future sources of capital and the terms at which they will be available. This article presents results of a Delphi study which illustrates the extent to which individual financial institutions are expected to provide capital to the lodging industry and looks at terms and criteria used to make loans.