February 18, 2022
Cadwalader Real Estate Finance practice head Bonnie Neuman is interviewed as part of her team’s recognition as a Law360 2021 “Hospitality Group Of The Year,” during which she discusses some of the group’s market-defining transactions and client successes of the past year, the pandemic’s impact on the hospitality industry and her broader views on anticipated trends within the market.
Select quotes include:
Referencing the team’s representation of the lenders in the $4.65 billion securitized financing for the acquisition of 570 Extended Stay America hotels –
"There are certainly some challenges in doing a deal that size and getting it off the ground in a post-COVID world," Neuman said. "But one of the good things about this portfolio was that it had showed little comparative COVID impact and maintained relatively stable occupancy throughout 2020."
Commenting on investment trends in the hospitality industry –
"We'll continue to see acquisitions of large-scale properties such as resort properties that are complicated assets, and we'll continue to see portfolios of properties and finance those," she said. "The underwriting has gotten a bit easier because you do have a year now with hotels largely operating on some level of, even if not 100% back to normal, higher-capacity levels where they can better predict future performance."