David Phelps David Phelps is partner at Akin Gump.

LOS ANGELES—Hotels are creating sub-brands to help drive business, and those sub-brands are thriving. As a result of the launch of these brands, there is some concern about overbuilding of new hotels. As a result, daily rates are either flat or declining in some markets and the oversupply could also carve into hotel chains’ loyalty clientele. This dynamic could also impact the ability to refinance down the road. David Phelps, a partner at Akin Gump sat down with us to talk about this issue and how he is guiding his hotel clients on development expectations.