The Hotel Times - June 2008 - (Page 22) BROKERS UPDATE CB RICHARD ELLIS Go for broke hen markets are as flush with capital as they were in 2006 and early 2007, everybody thinks they can be a broker. But in markets like the one we have today, it takes a superior broker to excel,º said Arthur Adler, managing director and c.e.o. of the Americas for Jones Lang LaSalle Hotels. BY H A R V E Y C H I P K I N, C O N T R I B U T I N G E D I TO R W JJW HOTELS & RESORTS While buying and selling hotels is one of the oldest businesses around, it is a business in tremendous flux because of economic conditions and increased globalization. ª Capital in the hotel business knows no borders,º said Kevin Mallory, senior managing director for CBRE. ª The principals who play in this business are used to doing business cross-borderÐ state to state, country to country, continent to continent. A lot of that is driven by the brands and by the nature of the business.º Aside from becoming globalized, the job of being a hotel broker also has gotten more complex. Ed James, a principal with Mumford Co., said, ª The days of simply putting a buyer and seller together are over. Today it' s a question of navigating a complex minefield with hugely increased franchise requirements and much more stringent underwriting.º Continued on page 24 Molinaro Koger ' s recent sales include two Le Méridien golf resorts located on Portugal' s Algarve coast, which were sold to JJW Hotels & Resorts for €180 million. 22 The Hotel Times June 2008 www.TheHotelTimes.com http://www.TheHotelTimes.com
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