WE BELIEVE THE CURRENT DISLOCATION IN THE CREDIT MARKET WILL BE SHORT-LIVED . LENDERS TODAY ARE APPROACHING NEW FINANCING OPPORTUNITIES CAUTIOUSLY GIVEN THE PERCEIVED HEADLINE RISK . REAL ESTATE REQUIRES A LONG-TERM PERSPECTIVE , AND IN THE MID-TERM , LENDERS ACTIVE WITHIN HOSPITALITY SHOULD SHIFT THEIR PERSPECTIVE TO FOCUS ON THE FUNDAMENTALS OF THE MARKET , THE MERITS OF THE DEAL , AND THEIR RELATIONSHIP WITH THE SPONSORL .
- EMIL ISKANDAR , BRAD HOBAN