Joel Ross

Executive Bio

Ross began his career in Wall St as an investment banker in 1965, handling corporate advisory matters for a variety of clients. During the seventies he was CEO of North American operations for a UK based conglomerate, and sat on the parent company board. In 1981, he began his own firm handling leveraged buyouts, investment banking and real estate financing. In 1984 Ross began providing investment banking services and arranging financing for real estate transactions with his own firm, Ross Properties, Inc. In 1993 Ross and a partner, Lexington Mortgage, created the first Wall St hotel CMBS program in conjunction with Nomura. They went on to develop a similar CMBS program for another major Wall St investment bank and for five leading hotel companies. Lexington, in partnership with Mr. Ross established a hotel mortgage bank table funded by an investment bank, and making all CMBS hotel loans on their behalf.  

In 1999 he formed Citadel Realty Advisors as a successor to Ross Properties Corp., focusing on real estate investment banking in the US, UK and Paris. He has closed over $3.0 billion of financings for office, hotel, retail, land and multifamily projects. Ross is also a founder of Market Street Investors, a brownfield land development company, and has been involved in the acquisition of notes on defaulted loans and various REO assets in conjunction with several major investors. 

Ross was an adjunct professor in the graduate program at the NYU Hotel School. He is a member of Urban Land Institute and was a member of the leadership of his ULI council. In 1999, he conceived and co-authored with PricewaterhouseCoopers, the Hotel Mortgage Performance Report, a major study of hotel mortgage default rates.

Contact Joel Ross

  • Fannie and Barney-The Great Cover Up

    In 2002 John Snow, then Secretary of Treasury, appeared before Barney and his band of clowns and tried to get the committee to adopt major changes to the functioning of Fannie. Barney blew him off in a successful effort to cover up for the accounting fraud perpetrated...

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  • Greece Is The Canary In The Coal Mine

    The massive Euro TARP program just announced is simply a bailout of the PIIGS who way over spent and under taxed for all these years. In Greece few pay taxes and most who pay do not pay what they really owe. All of Europe has social safety nets programs that keep...

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  • The Consequences Of Making Real Estate A Commodity

    While I found the Goldman hearings to be a travesty, and a rerun of the Army McCarthy hearings of 1954, the underlying issue is the Street tried to make real estate into a commodity that can be traded and hedged like a commodity. Instead of trying to...

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  • Lending Is Back

    Lending Is Back Many groups raised funds to buy distressed loans or REO, but found there was almost nothing to buy. Having raised the funds they needed to do something with the money so they have now almost all become lenders/preferred equity providers. There is now a rush of money to loan and the race...

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  • Appraisals Are Causing Damage

    Appraisals Are Causing Damage It is clear from feedback from a variety of appraisers that there is great debate within the appraisal community as to the veracity of many appraisals and the methodology. It is very clear to me that the methodology is completely wrong and that some appraisers just did whatever...

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  • Investment Time Horizons

    Investment Time Horizons While it appears the economy and real estate will improve over the next several years, subject to various geopolitical events which could disrupt everything, such as Israel attacking Iran which is a strong possibility in late fall 2010, or another major terror attack which is...

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  • Appraisals Are Deeply Flawed

    Appraisals Are Deeply Flawed I recently wrote a column on HotelNewsNow stating that appraisal methodology was deeply flawed and that appraisals are essentially fairy tales based on a bunch of unsupported wild guesses by appraisers. They claim to be able to project cash flow, interest rates, discount...

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  • The Next Crisis Is Here

    The Next Crisis Is Here The city of Vallejo is in bankruptcy due to excessive pensions and other benefits given to its municipal unions. This practice of granting huge pay increases and benefits to unionized municipal and other government workers is the crisis that has not yet hit the media but which...

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  • The Hotel Industry Is Finally Stabilizing

    The Hotel Industry Is Finally Stabilizing There is growing evidence from many of the people I speak to in the hotel industry that revpar is beginning to stabilize. By late this year it is highly likely there will start to be some signs of small improvement, although for the full year the numbers will...

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  • This Time Is Different

    This Time Is Different Having lived through several major downturns, including the eighties interest rates of over 20%, it is instructive to compare and contrast. This time is very different. While the S&L industry imploded in 1989, the rest of the world was not so affected, nor did the US financial...

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