LOS ANGELES Is private capital still driving the investment equation? A panel of professionals pulled together by the Lodging Industry Investment Council at this year s UCLA Hotel Industry Investment Conference here addressed that question.
Under the direction of PricewaterhouseCoopers Michael Mahoney, the quartet of Noble Investment Group s Mitesh Shah, Remington Hotel Corp s Monty Bennett, Michael DeNicola of Lend Lease Real Estate Investments and CNL Hospitality Corp. s Charlie Muller shared and compared perspectives about tight money and the resultant funding odyssey spawned.
Particularly pertinent to changes in today s financing scenario were observations that private capital is: looking for IRRs (at least) in the high 20-percentile range; considerably less volatile/susceptible to market shifts than public investment; and may actually be a bit less costly at this time despite its tighter nature. (1/19/01)