Friday, March 1, 2013

Trepp February CMBS Loss Analysis: Liquidation Volume Drops, Loss Severity Steady

NEW YORK, NY -- Resolution volume dropped 16% in February on the basis of liquidated balance, according to Trepp’s February CMBS Loss Analysis released today. 

On the basis of loan count, February’s total was less than half of January’s level. February average loss severity ended up at 44.26%, 13 basis points lower than January’s 44.39%.

February liquidations came in at $965.4 million, relative to the 12-month moving average of $1.36 billion. 

The 73 loan liquidations resulted in $427.3 million in losses, translating to an average loss severity of 44.26%. 

This is above the 12-month moving average of 41.56%. Since January 2010, servicers have been liquidating at an average rate of $1.17 billion per month.

The workout pipeline handled larger loans on average in February, as the number of CMBS conduit loans liquidated was 73--significantly less than the 12-month average of 138. The average size of liquidated loans in February was $13.22 million, nearly twice January’s $7.31 million and above the 12-month average of $9.9 million.

 For a complete copy of the company’s news release, please contact:

Loews Hotels & Resorts and DRW Trading Group Hold Ceremonial Ground-breaking in Chicago for Loews Chicago Hotel

Loews Chicago Hotel rendering
 NEW YORK, NY (March 1, 2013) — Loews Hotels & Resorts, a wholly owned-subsidiary of Loews Corporation (NYSE: L), today held a ceremonial groundbreaking in Chicago on the site where the company will open the Loews Chicago Hotel in 2015.

Jonathan M. Tisch, Chairman of Loews Hotels & Resorts and President and CEO of Loews Hotels & Resorts, Paul Whetsell were joined by Donald R. Wilson, Jr., Founder and CEO of DRW Trading Group (DRW) and the Honorable Mayor of Chicago Rahm Emanuel at the ceremony.

Jonathan M. Tisch
 “Today marks a special day as we officially break ground on the Loews Chicago Hotel and become a member of this community,” said Tisch.  “This property, once completed, will be a wonderful addition to our portfolio and the Chicago skyline!”

 “Even with Chicago’s hotel occupancy at a record high last year, companies continue to build more hotel stock as more and more tourists, business travelers and conventions are flocking to Chicago,” said Mayor Rahm Emanuel. 

  “I am pleased to see this hotel rise from the ground, creating hundreds of jobs, and setting up Chicago to continue its growth as one of the premiere destinations in the entire United States.”

Chicago Mayor Rahm Emanuel
Currently being developed by DRW and designed by the architectural firm Solomon Cordwell Buenz, the Loews Chicago Hotel will feature 400 guestrooms, including 36 suites, a signature restaurant, more than 25,000 square feet of innovative meeting space, multiple outdoor terraces, a spa/fitness center and an outdoor rooftop including a pool overlooking the city.  

The hotel will be part of a highly visible 52-story tower comprised of the Loews Chicago Hotel and 398 luxury residential apartments.

Donald R. Wilson Jr.
 “We are excited to partner with Loews in designing and delivering a hotel and residential product.  The apartment and hotel combination will be a benefit to one another; offering amenities to residents that set us apart from the current market,” said Donald R. Wilson, Jr.

The addition of the Chicago property is part of the company’s strategy to add substantially to its portfolio of hotels over the next five years.  Loews Hotels & Resorts continues to seek hotel additions in gateway cities and resort destinations and anticipates announcing additional Loews properties in the coming months.

 For a complete copy of the company’s news release, please contact:

Loews Hotels & Resorts                                      
Lark-Marie Anton / Sarah Murov                      
(212) 521-2779 / (212) 521-2495                   

Sunshine Sachs
Jaclyn Rutigliano           
(212) 691-2800          

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Wyndham Hotel Group Reflags, Takes Over Management of Eight U.S. Hotels

Eric Danziger
PARSIPPANY, N.J. (March 1, 2013) – Effective today, Wyndham Hotel Group, the world’s largest hotel company with over 7,340 hotels and part of Wyndham Worldwide Corporation (NYSE: WYN), has rebranded eight hotels in major markets throughout the United States with the upscale Wyndham® Hotels and Resorts name and has taken on management of the properties.

 The reflagging and management services, provided by Wyndham Hotel Group’s management company, are a result of an agreement with FelCor Lodging Trust Incorporated (NYSE: FCH), the owner of the eight hotels.

Wyndham Boston Beacon Hill Hotel
 The properties, which will undergo extensive renovations, are located in Boston, Mass.; Charleston, S.C.; Houston, Texas; New Orleans, La.; Philadelphia, Pa.; Pittsburgh, Pa.; San Diego, Calif.; and Santa Monica, Calif. They will significantly add to the Wyndham® brand’s existing footprint of 76 hotels and over 18,500 rooms in the United States.

 “We are very proud to welcome these prime, center-city locations to our growing Wyndham Hotel Group family,” said Eric Danziger, Wyndham Hotel Group president and CEO. “An agreement like this with an esteemed partner like FelCor allows us to significantly expand both our managed hotel portfolio and the flagship Wyndham brand in top, strategic markets without considerable capital expenditures.

Wyndham Houston Medical Center Hotel
“We’re confident that the renovation, repositioning and management of these hotels will lead to increased revenues and successful, best-in-class lodging and service for guests – a win-win for all.”

The eight rebranded hotels, representing 2,523 rooms, will become:

• Wyndham Boston Beacon Hill
• The Mills House Wyndham Grand Hotel
• Wyndham Houston Medical Center
• Wyndham New Orleans French Quarter
• Wyndham Philadelphia Historic District
• Wyndham Pittsburgh University Center
• Wyndham San Diego Bayside
• Wyndham Santa Monica at The Pier

Wyndham Pittsburgh University Center Hotel
For a complete copy of the company’s news release, please contact:

Christine Da Silva
Vice President, Marketing Communications
Wyndham Hotel Group
22 Sylvan Way
Parsippany, NJ 07054
+1 (973) 753-6590