Industry Update
External Article10 August 2011

Dr. Doom: Effects of the Downgrade on the Hotel Industry

By Joel Ross , President at Citadel Realty Advisors

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A lot of people like to call me Dr. Doom for all of my cautious columns during the past year or so. Well, I really am not so doomsday (even now), but I think now you see the black swans that I have been forecasting have come home to roost and they are swarming and splattering everyone. Let me start by saying the S&P downgrade is not the end of the world, and is more a political statement than anything else. Nobody’s mortgage or credit card payment is going up. Treasury rates are at record lows and are likely to stay down for a long time. They are going even lower as the economy slows. Mortgage rates are at record lows. That will help housing.

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Joel Ross

Joel Ross is principal of Citadel Realty Advisors, successor to Ross Properties, the investment banking and real estate financing firm he launched in 1981. A Wharton School graduate, Ross began his career on Wall Street as an investment banker in 1965. A pioneer in commercial mortgage-backed securities, Ross, along with Lexington Mortgage, and in conjunction with Nomura, effectively reopened Wall Street to the hotel industry.

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