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Real Estate Bisnow
The largest commercial real estate publication in the United States.
January 18, 2012 

Colleyville’s residents are hardworking, with incomes to match. 43% of the population report household incomes above $100k, and 20.8% have incomes over $200k. Find out more here.

RevPar projections for this year range from negative numbers to plus-8 and everything in between, said Aimbridge Hospitality CEO Dave Johnson at the Bisnow Texas Hotel Investment Summit on Thursday. Dave’s interpretation: we don’t have a freaking clue what’s going to happen this year. Read on for what we do know.
Dave Johnson
Speaking at the at the Hilton Anatole, Dave says new construction is a curse word right now. (Based on previous issues, the FCC is going to be all over us.) It all comes down to returns on equity; if you can buy at 40% to 50% below replacement, even with cash infused, that’s less risk. He says Aimbridge prefers not to buy cash-flow, instead looking for what LW Property Advisors CEO Daniel Lesser calls a VEP: value-enhanced property.
LW Property Advisors CEO Daniel Lesser
One of the game-changers: online travel agencies, Daniel says. When Priceline and groups like that came to the fore, very quickly the hotel industry realized it was losing control on its own inventory and came up with its own best pricing online.
Diane Parmerlee
Crow Holdings Hotel Group (which owns the Hilton Anatole) director Diane Parmerlee says new hotel construction has debt hurdles before it can happen. And, buying an existing hotel has its own set of challenges because there needs to be some cushion for the surprises that pop up when you start opening walls and getting into the property. (Who knows what you'll find in hotel walls: time capsules, Confederate money, maybe a door to Narnia.)
Gettys CEO & co-founder Roger Hill II
Gettys CEO & co-founder Roger Hill II says brands gave relief to the operators and are now bringing the relief period to an end. Brands have been very sensitive since the 2008 Great Recession. He anticipates this year potentially reaching 2007 levels when it comes to capital expenditures helping hotels stay competitive. They’re not offensive moves, but defensive posturing to provide hotels with the ability to compete efficiently.
Daniel, far right, also says foreign investors are looking at US inventory because it’s cheaper than what they’re accustomed to buying. A W hotel in Lester Square London recently traded for $1.6M per room and a Starwood property in Paris went for $3.4M per room. That’s event sponsor Real Estate Tax Consultants COO Amish Gupta (far left), who moderated both panels.
We snapped Reznick’s Garrick Gibson with event sponsor Bury+Partners’ Mac McWilliams, Chris Vadala, Nick Moulinet, and Steve Moser. Nick tells us the firm has about 3,000 keys (and the rooms that go with them) in some stage of development from entitlement, due diligence, and construction.
Nathan Reddin, Gary Baxter, Drew Corn
Leave it to our DFW reporter/Baylor alumna Tonie Auer to find another Baylor Bear in the room. She snapped the town of Northlake development director Nathan Reddin and town administrator Drew Corn surrounding Baylor football great Gary Baxter (also a Northlake community development dude and former Baltimore Raven).
Robert Faust and Bert Stevens
We also snapped Robert Faust Mortgage Co namesake Robert Faust with CBRE Hotels’ Bert Stevens, who tells us there are a lot of listings (including The LaSalle in Bryan, if you’re interested), but the ask/bid gap is still pretty wide.

A problem everywhere: traffic congestion. For Austin and San Antonio, the problem compounds with 70% of the NAFTA truck traffic making its way up I-35. But, that also means opportunities, too, say the experts at the Bisnow Future of the I-35 Corridor in Austin on Tuesday. Only 80 miles apart, the two major metro areas may one day mesh into one greater MSA with a population of about 4 million. Major universities, international airports, and the NAFTA superhighway are a recipe for growth between the two cities. (And from there they will continue to grow, overtaking all of the American Southwest, getting hungrier with each major metro they consume.) Read more Thursday in the Austin issue.
Our 2012 goal: eat at every Man vs Food destination in Texas. We hit two this week: Salt Lick Barbecue in Driftwood and Round Rock Donuts (in, you guessed it, Round Rock). Mmm. Any other food suggestions? tonie@bisnow.com
American Steel DFW
REFM (DealsWebinar) DFW
Duke Realty (Dependable)
Tower Club 2
Bradford (Construction)
Crown Sterling (Princeton
Benton Cook DFW
Bisnow DFW Health DFW
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