TheTourAttraction.com aims to provide the latest global travel and free travel news, travel and visa policies, and flight information. We hope to provide insights into tourism market, technology and development trends with everyone by providing the latest relevant information. Despite the raging COVID-19 epidemic in 2020, we always firmly believe that mankind will overcome the disease and the tourism market will definitely recover. TheTourAttraction.com look forward to your attention and support, and witness the development of the global tourism industry with us. Looking forward to the information TheTourAttraction.com provide can help you. We will continue to follow up and obtain the latest data, and look forward to your attention and support.
The following is the [Travel News]: Hotel investor with $1 billion bets on business travel rebound from [Washington Post] recommended by TheTourAttraction.com:
Net asset values for hotels owned by real estate investment trusts have ticked up 4% since the end of January.
Pent-up vacation demand has boosted investor demand for beach resorts and roadside hotels. That crowded wager is already pushing one investor to explore ways to bet on business travel.
Dreamscape Cos. Chief Executive Officer Eric Birnbaum said his firm, which has more than $1 billion to buy hotels, sees more opportunity to acquire lodging properties that cater to business clientele, despite corporate America’s hesitance to put workers back on the road.
“Looking out into the future, the recovery may take longer for group-focused or big-box convention hotels,” said Birnbaum, who previously co-founded Imperial Cos. with former Vornado Realty Trust CEO Michael Fascitelli. “That may be where the most unique opportunities sit.”
Dreamscape is operating in a crowded field of investors waiting for distressed hotels to hit the market. When the Covid-19 pandemic halted travel globally during the first half of last year, it was widely assumed that the shock to hotel revenue would lead to foreclosures and forced sales. It’s been a slow burn. Most lenders were willing to offer forbearance in the early days of the crisis. Emergency loans from the U.S. Small Business Administration also helped hotel owners hold onto assets.
Net asset values for hotels owned by real estate investment trusts have ticked up 4% since the end of January, due partly to “the significant amount of capital on the sidelines looking for a home,” according to Michael Bellisaro, an analyst at Robert W. Baird & Co.