Episode Details

During last week's NYU IHIF, I talked with Ryan Bosch of Arriba Capital because hotel transactions have picked up, but closing deals still takes a lot more creativity than people may realize.

Ryan sees a growing performance gap between hotels where owners continually invested in their properties during the last six years and hotels where owners delayed CapEx. Now that gap is showing up in value, refinancing pressure, and whether some owners decide they're better off selling.

Deferred CapEx has split hotel performance inside the same markets

Owners who continually invested in their properties now have stronger assets

Some owners now face refinance pressure and larger cash-in requirements

More sellers need a transaction, not another round of market testing

Buyers still want "meat on the bone" so they have room for value creation after closing

Creative capital stacks and alternative financing help more hotel deals close

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