The Ross Rant

About the Author

Joel Ross

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.

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Comments
We need practical appraisers who don't have a conflict in the other areas of hotel advisory, such as sales.

Offering solutions with histories and indexes for valuations are warranted and important for veterans as well as investment pros who are studying hotels as an alternative to office buildings or shopping centers for the first time. Conservative analyses prevail.

As for Pelosi and gang, they are an embarrassment to our Country. No one has a free ticket to ride our country into destabilization and social engineering. They need to get on their motorcycles and ride out of town.
Posted by comment_user_451368 | Tuesday, March 30 2010 at 1:41PM ET
I stopped reading after the headline since it was a good change to see something positive!
Posted by comment_user_451369 | Thursday, March 25 2010 at 9:07AM ET
Good post, looking at deals where projects are coming to market with no perm available. Your perspective is helpful in assessing the prospects and also pointing out the "Tigger bounce" that too many are showing on valuations. Common sense, good underwriting have to prevail for lenders in order to further add to stabilizing this market.

As for Pelosi and company, if we behaved in our business like they do in theirs, we'd be looking for penpals from inside the penal system. One can only hope that they will be there soon. Hopefully voters won't have a short memory this time.
Posted by comment_user_451370 | Thursday, March 25 2010 at 2:04PM ET
They ar eall severely conflicted
Posted by comment_user_451357 | Tuesday, March 30 2010 at 4:12PM ET