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	<title>Hotel Default Blog</title>
	<link>http://www.prismhotels.com/blog/</link>
	<description>Steve Van&#039;s thoughts on defaults</description>
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		<title>The Truth About Hotel Recovery in 2012</title>
		<description><![CDATA[Seen the video of a Smart Car running into a Suburban? Ricochets off like a tennis ball. I just test drove both- the Suburban at the CREF Council in South Beach with all the CMBS Special Servicer gurus and the Smart Car at ALIS the major hotel investment conference in LA. The Smart Car folks [...]]]></description>
		<link>http://www.prismhotels.com/blog//2012/01/27/the-truth-about-2012/</link>
			</item>
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		<title>Hotel Investments are Great Now!</title>
		<description><![CDATA[What! Did Mr. Hotel Default say that? Absolutely. The fundamentals for hotel asset appreciation during the next five years have never been better. There is real demand growth, there is an all-time low in new supply, there will be a recovery of the US economy and if and when we resort to monetizing our debt [...]]]></description>
		<link>http://www.prismhotels.com/blog//2011/11/28/hotel-investments-are-great/</link>
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		<title>&#8220;I Told You So!!&#8221; &#8211; STR Lowers Growth Forecasts to 3.9%</title>
		<description><![CDATA[&#8220;I told you so!!&#8221; Nanny nanny boo boo as my children used to say. In September I said all the major forecasters will lower their 2012 revenue growth forecasts by about half. This week STR the most definitive source of current growth lowered theirs from 7% to 3.9%. So what? Well, if you are a [...]]]></description>
		<link>http://www.prismhotels.com/blog//2011/11/21/str-lowers-growth-forecasts/</link>
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		<title>RevPAR Growth is Headed South (and I don’t mean Texas or Florida)</title>
		<description><![CDATA[The Great Bright Hope for curing hotel defaults- RevPAR growth- is slowing and all the forecast gurus are starting to lower their projections. Two of the big guys- Deutsche Bank and Morgan Stanley just lowered theirs by 37% and 29% respectively (to 4.4% and 5%). This morning at the Lodging Conference additional data on group [...]]]></description>
		<link>http://www.prismhotels.com/blog//2011/09/21/revpar-growth-is-headed-south-and-i-don%e2%80%99t-mean-texas-or-florida/</link>
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		<title>Today&#8217;s Five Most Important Drivers for Hotel Defaults</title>
		<description><![CDATA[Hotel Defaults will exceed 50% in 2012 The can we have been kicking will turn into an oil drum PIPs (if you don&#8217;t know this term you must learn it) will cause 25% of defaults Hotel Forecast gurus will lower their growth projections this month Premature demobilization of workout staffs will cause increasing loan losses [...]]]></description>
		<link>http://www.prismhotels.com/blog//2011/09/19/todays-five-most-important-drivers-for-hotel-defaults/</link>
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		<title>CREFC: Extend and Pretend Hits Brick Wall Soon</title>
		<description><![CDATA[Hotel defaults are different animals than other real estate products. Soon this will become painfully apparent. How? The Extend and Pretend function for hotels will be disabled this year by the Gatekeepers of Hotel Loan Health (franchisors Marriott, Hilton, Starwood, IHG et al.). Lenders and servicers can kick the can — a process which has [...]]]></description>
		<link>http://www.prismhotels.com/blog//2011/06/13/crefc-extend-and-pretend-hits-brick-wall-soon/</link>
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		<title>Lenders &#8211; “Beware the Ides of March”</title>
		<description><![CDATA[Here&#8217;s something all lenders should know about seasons even if you’re not a Caesar… Delinquent borrowers are clever folks and will use the seasonality of hotel revenue to take your money. Repeatedly season after season I have seen them coddle up to their lender right before the high season in their market and profess a [...]]]></description>
		<link>http://www.prismhotels.com/blog//2011/02/17/lenders-beware-the-ides-of-march%e2%80%9d/</link>
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		<title>The Bubble Cometh</title>
		<description><![CDATA[Important groundwork is being laid for the next hotel loan bubble (i.e. huge origination bonuses on Wall Street with ultimate deferred payment by taxpayers). Tuesday the banks had their way (get it?) with the FASB and killed a proposal the FASB itself had put forward last spring to require banks to value loans using market [...]]]></description>
		<link>http://www.prismhotels.com/blog//2011/01/27/hotel-loan-bubble/</link>
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		<title>Bubbles Lower Originator IQ</title>
		<description><![CDATA[A 2008 Herverd Business School study concluded that the cyclical advent of frothy capital markets lowers originator IQ. For each percent point increase in total originator bonus tied to loan volume (not quality) underwriting IQ was found to be lowered by one point. For example in 2002, $35B in CMBS loans were originated with hotels [...]]]></description>
		<link>http://www.prismhotels.com/blog//2011/01/20/bubbles-lower-originator-iq/</link>
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		<title>Steve’s 2011 Hotel Default Predictions</title>
		<description><![CDATA[2011 is the Year of The Chicken… the year they start coming home to roost. Do the math: 2006 + 5 years = 2011. Most of those $21 Billion in morbidly obese 2006 loans are coming due. The problems: It’s the Proceeds Stupid! A $50M ‘06 origination at best will get $25-30M in new loan [...]]]></description>
		<link>http://www.prismhotels.com/blog//2011/01/11/hotel-default-predictions/</link>
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