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August
9 , 2005
Upcoming Symposium
on How to Finance, Develop
& Operate Condo Hotels
 Joel
Greene here from Condo Hotel Center. Today I don't
have a property to discuss. We will have one for you
later this week. But for now, I wanted to let you
know about an interesting symposium coming up on the
subject of condo hotels.
The topics are geared more toward
condo hotel developers than consumers, but it is interesting
to see where the market is headed. And I know that
some of you reading my Property Alerts are developers
or industry insiders.
The Symposium on Financing, Developing
and Operating Condo Hotels will take place on
Sept. 7-8, 2005 in Miami at the Conrad Hotel on Brickell
Avenue. It is being organized by Information Management
Network (IMN), professional seminar planners out of
New York City.
As a sponsor, Condo Hotel Center has been given the
opportunity to offer its clients a significant discount
off the regular ticket price.
Regular ticket price - $1,595
Condo Hotel Center client ticket price
- $1,345
Total savings - $250
If you would like to attend the symposium,
simply send
us your full name and company name
(if applicable). You will be emailed a registration
form by an IMN seminar planner.
There are also several sponsorship
opportunities available. If you think your company
would be interested in participating, send
us your full name and company name to receive details
about sponsorship.
Below are the seminar topics and speakers.
Hope to see you there!
SYMPOSIUM
WORKSHOP: REVIEWING CONDO HOTELS & PRODUCT VARIATIONS
- Fractionals, Extended Stay, Condo
Apartments vs. Condo Hotels
- Hotel and Apartment Side-by-Side
vs. Traditional Condo Hotel
- Common Area Issues
- Legal Definitions
- Key Issues you Must be Aware of
- Making a Marginal Project Feasible
Workshop Facilitator:
Brian L. Belt, Partner SHUTTS & BOWEN LLP
Workshop Leaders:
Andrew S. Robins, Chairman-Real Estate Practice, Director-Leisure
& Resort Practice Group GUNSTER YOAKLEY
Tom Patton, Development Manager LEGENDARY, INC.
David Schwartz, Managing Principal THE MANAGEMENT
CONSORTIUM, INC.
EVALUATING
THE CONDO HOTEL EXPLOSION: ARE CONDO HOTELS THE DOT.COM'S
OF THE 90'S OR A LONG-TERM REALITY?
- Looking At Major Markets (e.g.
Miami, Las Vegas, NYC)
- What are the Risks, Potential
Problems & Pitfalls of this Market?
- Condo Conversions: Is the Existing
Hotel Pool being Cannibalized? Is that
Necessarily a Bad Thing?
- Condo Hotel Premium Valuations
- Condo Exit Market
- Performance of Condo Hotels: Comparing
Inner City vs. Resort Properties
- Trend Toward 'Condo-izing' Everything
- Impact of Competition from Other
Condo Types
- Condo Hotel Pipeline: How Many
Will Actually be Built?
- Looking Beyond The States: The
International Condo Hotel Market
- Impact of Condo Flippers
- Default Likelihood in a Rising
Interest Rate Environment
Session Chair:
Mark A. Lunt, Senior Manager & Practice Leader-SE
Area & Caribbean Basin-Hospitality Advisory Services
ERNST & YOUNG LLP
Session Participants:
Jeffrey Owen, Partner DLA PIPER RUDNICK GRAY CARY
A representative from GREENBERG TRAURIG
Richard G. Baumert, Vice President MILLENNIUM PARTNERS
Jud Pankey, President PRESCOTT REALTY GROUP
Richard K. Hollowell, Real Estate Advisory Partner
RACHLIN COHEN & HOLTZ LLP
Claudio Stivelman, President SHEFAOR DEVELOPMENT LLC
WHAT ARE THE IDEAL COMPONENTS, REGIME & FINANCIAL
STRUCTURE OF A SUCCESSFUL CONDO HOTEL OPERATION?
- Owner/Operator vs. 3rd-Party Management
- Necessary & Value-Added Amenities
and Services
- Striking a Deal Between the Owner/Operator,
Developer and Individual
- Upkeep: Who's Responsible?
- Long-term Capital Demands: Who
Pays the Piper When the 3% Reserve is not Enough?
- Rental Pool Commitment Options
- Branded vs. Unbranded
- Comparing Regimes in Urban vs.
Resort Setting
- Residual Hotel (Public Spaces,
F&B Outlets, Meeting Spaces etc.) Ownership
and
Revenues
- CC&R Options (Covenants, Conditions
and Restrictions)
Session Chairs:
Russell Flicker, Managing Director THE BLACKSTONE
GROUP and Jay Neveloff, Partner KRAMER LEVIN
Session Participants:
Gil Dezer, President DEZER DEVELOPMENT
Bob Lipsitz, President DOUBLE JJ RESORT
David C. Gilbert, Executive Vice President-Resort
Sales & Service INTERVAL International
Amachie Ackah, Vice President LUBERT ADLER
Cameron Burnet, Senior Vice President SUPERCLUBS &
SONESTA BRASIL
KEY OPERATING & ON-SITE MANAGEMENT ISSUES
- Inventory/Revenue Management
- Accounting Issues
- Cost & Expense Allocation
- Whole Project vs. Common Facilities/Unit
Budget Split
- What Systems Technologies are
Available for the Condo Hotel?
- Condo Sale Practices
- Calculating and Tracking the Revenue
Sharing Between Owners and Accurate Accounting of
Expenses and Fees
- What does the Owner Need to Know
About Operations and On-Site Management?
Session Chair:
R. Brenton Howie, President PROVIDENT MANAGEMENT CORPORATION
Session Participants:
Brandon McCarter, Vice President of Lodging AMERICAN
SKIING COMPANY
Allen Rice, Director of Business Development CONDOTELWARE
Fabrizio Passalacqua, CEO HOLLYWOOD GRANDE CONDOMINIUM
HOTEL RESORT
Jeff Yamaguchi, Vice President of Operations THE RESIDENCES
AT MGM GRAND
Cameron Burnet, Senior Vice President SUPERCLUBS &
SONESTA BRASIL
"THE FUTURE IS SO BRIGHT…WE'VE GOT TO WEAR
SHADES"
- What is Fueling this Bull Market
in Leisure-Oriented Real Estate?
- Real Time Industry Data
- Psychographics & Demographics
- What are Future Opportunities
in this Space?
- New Markets
- Driving Higher Yields Via Innovative
Offering Structures
- Why it's great to be in this Market!
Session Chair:
David Bansmer, Managing Director THE REGISTRY COLLECTION
CONDO HOTEL PRESIDENT & CEO ROUNDTABLE
This panel of leading executives will discuss the
past successes and future plans of leading condo hotel
developers.
Session Participants:
Gil Dezer, President DEZER DEVELOPMENT
Bill Ross, President ESTORIL, INC. ESPIRITO SANTO
PLAZA
Robert Falor, CEO FALOR COMPANIES
Angus Rogers, Founder and President FLORIDAYS RESORTS
Jerry Kaufman, Founder & Chairman GLOBAL MARKETING
GROUP
PARTNERSHIPS AND JOINT VENTURES: MAKING THE MOST OF
YOUR INVESTMENT
- Partnership & JV Structures
- Secondary Liquidity
- Alternative Financing Techniques
- Negotiation Points
- Operating Partner Agreements
Session Chair:
Scott Landress, Managing Partner LIQUID REALTY PARTNERS
Session Participants:
Thomas C. Nice, Principal REZNICK GROUP
Rich Feldheim, CEO STAR RESORTS GROUP
George Ruff, Senior Principal TRINITY HOTEL INVESTORS
Joseph V. Green, President & CFO WINSTON HOTELS
BRANDING & SELECTING YOUR FLAG
- Identifying & Comparing the
Top Brands
- What is the Value of a Brand in
this Market?
- Evaluating Management, License
Fees
- Brand Requirements
- Management Requirements and Options
- Brand Financing, Ownership and
Joint Ventures
- Going With a Non-Luxury Brand:
Why?
Session Chair:
Richard A.Warnick, President WARNICK & COMPANY
Session Participants:
Carlos J. Rodriguez, Executive Vice President-Real
Estate Development DRIFTWOOD HOSPITALITY MANAGEMENT
LLC
Gary B. Lake, Senior Vice President GENCON GROUP
Gregory Rockett, Vice President-Development HILTON
INTERNATIONAL-THE AMERICAS
UNIT RENTAL MANAGEMENT PROGRAMS & AGREEMENTS
- Reciprocal Rights
- Disclosure During Sales Process
- Operational Issues, Including
Pooling of Rent
- Rental Availability, Term Length
& Unit Availability/Restrictions
- Maintenance and Deductions
- HOA (Homeowner Association) Issues
- Condo Association Fees
Session Participants:
Brandon McCarter, Vice President of Lodging AMERICAN
SKIING COMPANY
Grant Sabroff, Senior Vice President-Business Development
BOYKIN MANAGEMENT COMPANY
Alejando Aparicio, Executive Vice President FORTUNE
INTERNATIONAL HOTELS, INC.
Nina K. Eldred, Of Counsel SQUIRE, SANDERS & DEMPSEY
L.L.P.
Harper Sibley, President VALENTINES ISLAND DEVELOPMENT
UPDATE ON POTENTIAL LIABILITY ISSUES & CURRENT
LAWSUITS
- Condo Defect Liability
- Additional Capital Expenditures:
Are they Well Understood & Documented?
- Do Customers Really Understand
this Product?: What Problems Can this Cause Down
the Line
- ADA Compliance
- Maintenance Fees
- Suing the Government to get Approval:
Is it Worth it?
Session Participants:
A representative from GREENBERG TRAURIG
Scott Allan, Senior Vice President MARSH
HOW ARE CONDO HOTELS FINANCING THEIR PROPERTIES?
- Participations, Joint Ventures
& Other Equity Financings
- Mezzanine Financing
- Pricing of Hotel With Condo Hotel
Component vs. Without
- Are there Projects you Wouldn't
Finance?
- Construction vs. Acquisition Financing
- Financing From the Consumer Side
Session Chair:
Steve Gold, Managing Director HOTEL FINANCIAL STRATEGIES
Session Participants:
Jeffrey A. Gould, President & CEO BRT REALTY TRUST
Ali Elam, Managing Director FORTRESS INVESTMENT GROUP
LLC
a representative from GREENBURG TRAURIG
Marc Ehrlich, Principal O'CONNOR CAPITAL PARTNERS
Bob Waun, Vice President-Private Mortgage Banking
PARAMOUNT BANK
Joseph V. Green, President & CFO WINSTON HOTELS
SALES & MARKETING STRATEGIES: HOW TO STAND OUT
FROM THE CROWD
- How to Differentiate Yourself
- Using 3rd-Party Brokers
- US Buyer Profile
- Foreign Buyers: What Happens if
the Dollar Strengthens Further?
- Different Locations, Different
Marketing Strategies and Buyers
- What is a Buyer Really Looking
for? A Vacation Home? ROI? Tax Break?
- Regulations to be Aware of
- Pricing your Condo
- Marketing Variations on Theme
Including: Ski, Golf, Wellness Centers and Other
Niche Products
- 1031 Buyers
Session Chair:
Gary S. Milner, Vice President-Legal & Development
CANYON RANCH
Session Participants:
Bob Lipsitz, President DOUBLE JJ RANCH AND GOLF RESORT
R. Brenton Howie, President PROVIDENT MANAGEMENT CORPORATION
Gene Grabarnick, Member of the Development Team REGENT
SOUTH BEACH
Chris Tivey, Executive Vice President STAR RESORT
GROUP
SITE SELECTION &
NEW CONSTRUCTION: CRITICAL FEATURES & PROJECT
MANAGEMENT ISSUES FOR A PROFITABLE CONDO HOTEL
- Location, Location, Location
- Architecture/Design
- Construction Management: Who has
Responsibility?
- Help Wanted: Hotel or Multifamily
Experience Necessary?
- Rising Construction Expenses:
Has it Impacted the Bottom Line?
- Construction Finance: What Kind
of Terms are Available Today?
- Phase Planning
Session Participants:
David Pisor, CEO ELYSIAN DEVELOPMENT
Henry Terech, Senior Vice President EXTELL DEVELOPMENT
CO.
Jerry Kaufman, Founder & Chairman GLOBAL MARKETING
GROUP
Mark Waltrip, Chief Operating Officer-Central Florida
Investments WESTGATE RESORTS
SALES & MARKETING COMPLIANCE
- Sales Training Necessary
- SEC Laws to be Aware of During
the Sales Process
- Disclosure of Rental Program During
Sale Process
- Pre-Sale Regulatory Issues: When
can you Sign Up Buyers and Take Down Payments?
- Pre-Sale Revenue Pooling Issues
Session Chair:
Paul Berkowitz, Shareholder GREENBERG TRAURIG
Session Participants:
David Pisor, CEO ELYSIAN DEVELOPMENT
Mary Beth Bosco, Partner GUNSTER YOAKLEY
Robert Chasnow, Partner HOLLAND & KNIGHT
Alfred Smith, Partner SHUTTS & BOWEN
PROFITABLE STRATEGIES
FOR A TIMELY ACQUISITION, RENOVATION AND CONVERSION
- Renovation Cost & Conversion
- Architecture/Design
- Evaluating a Building's Location,
Current Condition & Desirability
- A Small Developer's Perspective
- Timeframe & Impact on Profitability
- Multi-Property Acquisitions
- Financing the Acquisition
- Repositioning Non-Hotel or Apartment
Properties
Session Participants:
Henry Terech, Senior Vice President EXTELL DEVELOPMENT
CO.
Brian A. Py, Vice President of Development and Finance
THE KESSLER COLLECTION
David Merritt, Senior Vice President MARCUS HOTELS
& RESORTS
Janice Schnabel, Managing Director-Head of Hospitality
Practice MARSH
Jud Pankey, President PRESCOTT REALTY GROUP
Gene Grabarnick, Member of the Development Team REGENT
SOUTH BEACH
MIXED-USE PROPERTIES:
WORKING CONDO HOTELS INTO THE EQUATION
- Creating a Project Organizational
Structure
- Balancing Condo Owner Needs vs.
Project Owner Needs
- Incorporating Retail, Office &
Other Non-Hotel/Residential Components
- Role of the Local Government and
Development Agencies
- Project Structural Options
- Multi-Party CC&Rs
- Use Area Issues
- Allocation of Costs and Project
Maintenance
- Mixed-Use Projects Utilizing Both
Fractionals and Condo Hotels
- Developing Agreements e.g. Management,
License, Pre-Opening & Sales/Marketing
- Condo Hotels as a Part of a Redevelopment
Session Chair:
Rick S. Kirkbride, Chair-Resort, Restaurant &
Recreation Practice Group PAUL, HASTINGS, JANOFSKY
& WALKER LLP
Session Participants:
Adam Berkoff, Partner DLA PIPER RUDNICK GRAY CARY
Marty Collins, President GATEHOUSE CAPITAL CORP.
David C. Gilbert, Executive Vice President-Resort
Sales & Service INTERVAL INTERNATIONAL
David Schwartz, Managing Principal THE MANAGEMENT
CONSORTIUM, INC.
Gary M. Safady, Managing Partner O&S HOLDINGS,
LLC
Jim Mace, Partner SNELL & WILMER LLP
EVALUATING THE LOCAL POLITICAL CLIMATE, LAWS &
RELEVANT CONDO REGULATIONS
- Residential Zoning: Can you Build
a Condo Hotel?
- The NY Plaza Case Study
- Land Use Policy and Development
Standards
- Design Standards, Density, Height
Limitations, Parking Requirements
- Historic Properties
- Keys for Developers When Working
the Political Angle
- In-House Expertise vs. Hiring
Help
- Time and Effort Necessary to be
Successful
Session Chair:
a representative from GREENBERG TRAURIG
Session Participants:
Jody Kriss, Managing Director BAYROCK GROUP
Chris Foster, President HAMPSTEAD PARTNERS
Eric Sheppard, President & CEO WSG DEVELOPMENT
CONCLUDING DISCUSSION:
THE "DIDN'T TAKE THE PLUNGE" EXPERIENCE
This session will detail the good, the bad and the
ugly of those who actually invested in a condo hotel
project for the first time or went through the whole
evaluation process of investing in a condo hotel but
didn't ultimately invest. Discussions will focus on:
- Translating Fractional, Multifamily
& Hotel Experiences
- Joint Venture Considerations &
Evaluations
- Where was the Risk?
- Evaluating Phase Two Developments
- Assessing the Marketing Plan
- Why Didn't you Pull the Trigger?
- What was the Key Issue You Learned
From this Experience?
- What was the Most Important Topic
you Heard at this Symposium?
Session Chair:
Andrew S. Robins, Chairman-Real Estate Practice, Director-Leisure
& Resort Practice Group GUNSTER YOAKLEY
Session Participants:
Bill White, Vice President-Acquisitions AMERICAN INVSCO
Thomas M. Evans, Vice President AMSTAR
Peter M. Locke, Managing Director BLACKACRE CAPITAL
MANAGEMENT
Joy Anzalone, Chef Operating Officer CONSOLIDATED
MANAGEMENT, INC.
Cheryl L. Jones, Director of Hospitality Investments
NORTHRIDGE CAPITAL, LLC
Thomas Arasi, President PORTMAN HOLDINGS LLC
TO ATTEND THE CONDO
HOTEL SYMPOSIUM
If you would like to attend the Condo Hotel Symposium,
simply send
us your full name, and you will be
sent a registration form by the seminar planners.
Be sure to use that form to receive Condo Hotel Center's
$250 discount off the price.
There are also several sponsorship
opportunities available. If you think your company
might be interested in participating, send
us your full name and company name to receive details
about sponsorship.
Please feel free to pass this seminar
information to others whom you think might be interested.
However, they must request their registration form
from Condo Hotel Center to receive the discounted
ticket price. They can also subscribe to receive future
condo hotel Property Alerts at www.CondoHotelCenter.com.
Thank you for your interest in news
from Condo Hotel Center. We'll be back in our next
Alert with a featured property.
Joel Greene
Broker-Associate
Condo Hotel Center
A Division of
Sheldon Greene & Assoc., Inc.
13499 Biscayne Blvd. Suite #210
N. Miami, FL 33181
PH: (305) 944-3090
FX: (305) 948-0460
Email: Info@CondoHotelCenter.com
www.CondoHotelCenter.com
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