Investors Patiently Pursue Opportunistic Hotel Deals

Bid-Ask Gap Continues to Widen on Hotels for Sale

16 August 2021
costar

Amid surging demand for hotels through the summer travel season, executives at the largest U.S.-based hotel ownership companies have been watchful for opportunities to buy and grow their portfolios.

Reporting second quarter earnings, leaders from hotel real estate investment trusts discussed the transaction environment and their part to play in the market.

Read comments from several companies below.

Jon Bortz, Chairman, President and CEO, Pebblebrook Hotel Trust

“We're very open to acquiring in 35 different markets that we've spent a lot of time researching and building our database for, which is about 15 to 20 more than where we've invested historically and then on top of that, drive-to resort properties, which can be anywhere in the 48 states. As it relates to urban markets, our investments are going to be driven by availability and what we find attractive.

“And hopefully, our focus will continue to be assets where we can add value through redevelopment, repositioning, operator changes and applying our best practices and operating expertise; and not pay for those opportunities, which is really key. As it relates to New York, specifically, while it's not redline, I think it's going to be a tough place for us to buy.

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