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 29 January 2009
Hotel Buyers Waiting For "Distress" Sales | Reuters
SAN DIEGO -- Prices have fallen dramatically, but potential buyers of hotels and hotel companies are staying on the sidelines, waiting for clarity in the financial markets and signs of real distress. "The current market has required us to take a pause," Kirk Pederson, executive director at Morgan Stanley Investment, said at a lodging conference this week. "The reason is we don't know where the bottom is."
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Frozen credit markets mean buyers would have to put up the bulk of any purchase price in cash and that is not an appealing prospect -- especially at a time when hotel profits are slipping.
price, markets, credit markets, appealing prospect, hotel profits, purchase
Hospitality Net Editorial
Email: editorial@hospitalitynet.nl
 reuters.com
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