Thank you for sharing!

Your article was successfully shared with the contacts you provided.

At the moment the US is the only country in the world enjoying robust economic growth. The EU is again in decline. Emerging markets are in potentially serious trouble as commodities prices decline and China’s economy continues to slow to a point of serious problems. In the EU there are not only major economic issues, but more serious political issues which are not going to get resolved for a very long time. Merkel and Germany essentially ran Europe for the past 15 years.  Merkel was the defacto president of Europe and the Bundesbank held a major influence over the ECB actions. Now Merkel is weak, and on her way out. She will be replaced as party head next year, and it is highly unlikely she will remain as Chancellor for the rest of her term. The country is moving right due to the refugee flood, and other nations like Hungary, Poland, Italy, Austria are no longer toeing the German party line. Italy has basically told the EU it is doing what it wants and not what the bureaucrats in Brussels tell them to do. This has set up a real test of who runs finances in the EU, the individual nations or Brussels. Macron thinks it should be Brussels, and Italy and others think it should be a sovereign decision. We then have Brexit coming to a finality in March. It is very unclear right now how this will end. Most likely there will be a deal, but there is no certainty it will pass Parliament. A hard Brexit will further create dysfunction in a already dysfunctional trading block.

Joel Ross

Joel 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.

More from this author


Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now

Copyright © 2018 ALM Media Properties, LLC. All Rights Reserved.