Price discovery (aka value) must emerge before recovery can begin

Establishing the value of a hotel in today’s economy is a little like playing darts blindfolded at the local pub—you know the general direction to throw but no one is certain exactly where the dart will stick. Speakers at last week’s ninth annual Fishing for Solutions: Servicing Hotel Loans conference in suburban Dallas reached a general consensus that it’s good to be skeptical if anyone tries to put an absolute value on a hotel.