Hotels are still selling in urban markets, but distress remains in the resort market, especially five-star spaces, Walton Street Capital’s Justin Leonard tells us. Walton is under contract to purchase the Sutton Place hotel in Chicago, an asset that it could improve in the growing business travel environment. The hottest market for hotels right now is New York City (perhaps people are wising up and finding rooms instead of freezing in Times Square for New Year's), where the 70,000 rooms in Manhattan are rapidly gaining more competition. Remote five-star resorts are struggling from the stigma left by large companies that overspent on group trips. Hear Justin speak at Bisnow’s Hotel Investment Summit coming up on Nov. 30 at the Mid-America Club. Sign up here! |
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