2020 will be a deal desert

摘要

Cash-rich vultures are already circling the world's post-COVID -19 hotel industry, and they're hungry. But they're waiting until the dust settles to identify the best targets - and there's little competition. "Whoever has cash in hand can go out and make a killing," says Martin Smura, CEO, Kempinski Hotels, Geneva. Don't look for a feeding frenzy soon. "Nothing's trading in the United States now," says Michael Bellasario, director, equity research senior analyst, R.W. Baird. In his view, there's stress but not much distress as lenders and hoteliers work feverishly on debt restructuring and forbearance to keep viable assets off the block, along with uncertainty about the timing of recovery. "Would you want to buy a hotel that might not have income for six months?" he asks.