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Hotel Brokers International

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Niehaus provided an overview of 2008 first quarter transactions, Ykiich shcMed a sharp decline from a year earlier,115 transactions versus 195 last year, with dollar volume dropping from S7.9 billion to $1.8 billion. ''This reflects theroiling in the capital markets, vk\ich is especially impacting the top end of the market QUy nine transactions tookplace in the upper upscale and IUXlJry segments. Cap rates are inching up, but buyers and sellers remain onaverage about 75 to 100 basis points apart, a spread that is typical of this stage of the real estate cycle."

Hotel Brokers International (HBI), the nation's largest hotel brokerage organization..,..;th more than 30 offices fromcoast 10 coast, today announced that its revarreed U.S. Hotelln;eslo(s Marketplace program, recently held at theHyaft Regency OHare in Chicago, attracted a strong nix of seasoned and first-time hotel buyers. Attendeesreceived a broad overview of the industry, as ¥.ell as information on first quarter hotel transaction activity, YA'lich wasdOM1 significantly.

nWe believe the change in format has uncovered a pent-up demand for hotel in\oeStment." said H. Brandt Niehaus,CHB, president of HBI and Louisvijle-based Huff, Niehaus & Associates, Inc. "Hotels arguably are the most difficultreal estate asset class to 0'Ml and can be intimidating to someone outside the industry. By providing a solidgrounding in the basics of hotel real estate, potential n€IN investors receive both a great overview and a look atinvestment opportunities available today."

The revised one-day event is comprised of a half-day of education and updates on hotel trends, financing, hotelbrands and hotel real estate pricing for hotel CMf"I8fS, investors, hotel management company executives andacquisition speciafists. Panels of lenders, operators, franchising executives and consultants provided a combinationof cutting-edge trends and outlooks along wth hotel basics. The second half of the day showcased 20 hotelscurrentty being marketed for sale, as well as in-depth information on an additional 150 hotels 6sted for sale.

"We attracted participants to the Chicago Marketplace from as far away as New York," he said. "Interestingly, themajority of the buyers in attendance ..-...erefirst-time buyers, an indication that interest remains high even though wecurrently are in a soft patch. That kind of interest supports the concept that hotels are an attractive place to put yourmoney in all phases of the cycle."

First Quarter Transactions Activity

Niehaus noted that HBI brokers ran counter to the trend, selling 28 hotels, up from 22 the prior year. "Our brokersare quite active in the upper and upper upscale segments, but our ~t spot remains miei--market properties, ......nichby far are the most sought-after type."

The general consensus among both experts and participants alike was that the current economic dip may not be asdeep as originally forecast, a notion that INaS supported by updated projections from Mark Eble, vice president ofPKF Consulting, Indianapolis, one of the principal speakers. His figures pointed to a possible double dip scenario,YA'lere hotels remain profitable, albeit at IoYver levels.

Niehaus noted that overall feedback from attendees was very positive, ..,..;ththe opportunity to interact v.;th seasonedindustry executives cited as particularly 'MXthwhile in post-event surveys. "As a group, attendees rated the revampedMarketplace high on the satisfaction barometer."

According to Ben Singh of Spectrum Management Company in SearlngtOVv1l, N.Y., wo was attending the event forthe first urre, "The Chicago Marketplace provided me 'Mth a great opportunity to get a meaningful read on thecurrent real estate market at three different levels -- local, regional and national. I also appreciated the opportunity Ihad to netmrk 1Mth industry people and legitimate prospects that I intend to follow up 1Mth. It was ""II ""rth the timeand money."

The tv..tI n9'v\'ty added panel discussions on lending and franchise financing were both well received, according toNiehaus. The lender panel was moderated by Ron McCord, Milmark I-bteVMotellnvestments, LLC, Wisconsin, andfeatured Brad Black, Hospitality Lending Specialist, CIT SmaB Business lending, Adam Wonus, Vice PresidentFranchise Finance, Mercantile Commercial Capital, and Melissa Butler, Senior Business DeYeiopment Officer, PMCCorrmercial Trust

Black said that the lower number of transactions reported in the 2008 first quarter IN8S driven by several factors,including more strinqent lending requirements by the banks. "The dynamics of the entire lending community 'hEreaffected by the sub-prime shock waw. We are still interested in both conventional and SBA lending for hotels andhave approximately $2 billion to $3 billion to loan, but we are taking a more conservative approach than 'hE have inthe past few years."

He added that lenders typically are requiring at least 25 percent equity today, compared to the 15 percent to 20percent they required a few years ago. And, rrore lenders are looking for personal guarantees, a pre-requisite notseen since the last cycle played out "A seiler's lNiUingness to hold paper no longer helps a deal to close."

Wonus reported that Mercantile has done more business in 2008 than in the same period in 2007 and attributes therise to the tightening of lending requirements by corrrnercial banks. "The roore constrained bank lendingenvironment makes SBA 504 loans an increasingly attractive option."

The franchise panel discussion, moderated by Scott Brash, Brash Realty Co., Illinois, featured John Sturgess,Corporate Vice President of Development. Carlson Hotels Worlcfo.Nide, Damian Jarres, Director of Franchise Sales,Choice Hotels Worldvvide, and Janice Tata, Sales Director of Franchise Developmen~ La Quinta Inns & Suites.

The expanded educational program also included a presentation on one of today's hottest topics, green hotels, by anationally recognized expert on green and healthy homebuilding products. Andrew Pace, CSI, founder and O'M1er ofSafe Building Solutions, the premier retailer of green and healthy homebuilding and improvement products,discussed his new, proprietary, green building product rating system, called Degree of Green, and crediblepractices of green design.

Sponsors of the Chicago Marketplace include CIT Small Business lending, Cartson Hotels Worldwide, ChoiceHotels International, La Quinta Inns, Inc., Mercantile Commercial Capital, LLC, and PMC Comnercial Trust

HBI also WU host Marketplace events later in the year in the Baltimore/Washington, D.C. area on October 8 and inDallas on November 5. To register, go to htlp:Jtv.w.v.hbihotels.comimarketplace.php.

9/15/20103:11 PM

New Marketplace Format Attracts Large Number of First- Time Hotel B ... http://press.abc-directory.comlpress/3173

Hotel Brokers International, VvithIT'K)re than 100 hotel brokerage specialists, is the world's leading hotel salesorganization. The organization annually accounts for the greatest market share of mid-market transactions in theUnited States. In addition to lIle Hotelln,,",stors Marketplace, HBI sponsors the Certified Hotel Broker program andpublishes 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 than15,000 hotel investors and owners. In addition to broker services, HBI offers affiliate membership to professionals inallied fields, including franchising, lending, appraisals and investment services. For more information about HBI'shotel listings or to become a broker or affiliate member, HBI may be reached at (816) 505--4315 or via the Internet athttp://wHN.hbihotels.com.

Specialized New Marketplace· Hotel Buyersin:

URL: http://WNW.hbihotels.com

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