Hotel CEO: Time For 'Extreme' Caution In New York | USA Today
A veteran hotel investor this morning told Wall Street analysts that it's time to exercise "extreme" caution in the New York hotel market, which remains the most expensive in the USA but is also experiencing a hotel building boom.
A veteran hotel investor this morning told Wall Street analysts that it's time to exercise "extreme" caution in the New York hotel market, which remains the most expensive in the USA but is also experiencing a hotel building boom.
"Our viewpoint on New York is extreme cautiousness," Pebblebrook Hotel Trust CEO Jon Bortz told analysts on the company's third-quarter earnings call. "It's due primarily to the supply side — not the demand side."
The publicly traded real estate investment trust, based in Bethesda, Md., owns 25 hotels in 16 markets, including New York. Prior to forming this company, Bortz had formed LaSalle Hotel Properties in 1998 and led it until 2009.