"There is a lot of equity capital on the sidelines looking to beplaced in quality transactions like this," says Peter Berk,president of the PMZ Hotel Finance Group. He could not reveal thename of the buyer, only that it is a New Jersey investmentfirm.

"The name of the game in 2010 is going to be buying notes andinvesting in restructuring opportunities," Berk continues. "Whybuild now, when you can get in at a much lower price per keythrough loan acquisitions?"

Beck, who had financed more than $5 billion of hotelsrepresenting over 20,000 rooms in his career, adds, "This year weanticipate that our business will be equally split between new loanoriginations and loan sales. In the first quarter of 2010, we willbe marketing $50 million of hotel paper."

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