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Lodging REITs Have Wind in Their Sails

New York City Hotel Market Reports

NEW YORK CITY-REITs’ sales of lodging properties have shifted into first gear over the past year and a half, but the sector’s acquisitions lately “put dispositions way behind,” said moderator Lou Plasencia during a panel at the New York University International Hospitality Industry Conference Tuesday morning. Chairman and CEO of the Plasencia Group, he cited $595 million in hospitality dispositions between January 2010 and March 2011, versus $7.7 billion in REIT hotel buys during the same time period.

 

REIT executives on the “REIT Factor” panel said their lack of leverage and, in some cases, lower cost of capital gave them an edge in pursuing an acquisition strategy. Ashford Hospitality Trust’s Monty Bennett and FelCor Lodging Trust’s Richard A. Smith both predicted that the sector would be able to count on these advantages for the next two years.

Read more at Globest.com

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