REITs lining up cash to take advantage of rising hotel foreclosures

11/20/2009 | HotelNewsNow.com

REITs have been putting aside money to buy the anticipated wave of distressed hotels going into foreclosure this year, said Dan Daniele, senior vice president of acquisition at Corporex, a real estate development and investment firm. Corporex is raising capital for a fund to buy bargain-priced foreclosed hotels on its behalf, he said. "We believe there is an opportunity to buy distressed assets," he said. "The momentum is building. It's like a snowball going downhill."

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