2 Begin Hotel Workout Venture
Two of the biggest companies in the real estate industry are joining in a new hotel workout venture, in the latest shift from making new deals to fixing old ones.
Citing estimates that nearly 60% of hotels can't pay their debts, Jones Lang Wootton USA and Arthur D. Little & Co. are pitching to lenders what they call a "soup-to-nuts" hotel workout service.
Jones Lang is a real estate finance specialist. Arthur D. Little has been a business counselor to hotels for about 50 years.