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Today’s hotel market is thriving, competitive and bullish. It’s also a day late and a dollar short, overleveraged and obsolete. In fact, how the hotel market is functioning really depends on where you are. Are you in New York City or Tahoe? San Francisco or Las Vegas? The gateway cities are wheeling and dealing, driving market rates higher and cap rates lower, in a way that resembles 2007. REITs are shouldering their way to the front of the line for trophy properties and top-of-the-line distressed product coming out of servicers. Meanwhile, physically degraded properties continue to drop flags and beg for reuse or to be put out of their misery altogether. The meat of the market is left in the middle or lower ends for savvy, capitalized investors who are willing to go farther a field to find opportunities.

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