Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Tuesday, 02 April 2019

Dallas Hospitality Company Pursues Select-Service, Extended-Stay Properties

TCOR Hotel Partners, which was founded in late 2017 by Thomas J. Corcoran Jr., the former chief executive and co-founder of FelCor Lodging Trust Inc., is building a portfolio of select-service and extended-stay properties. It currently owns three hotels, two of which through a venture with TriGate Capital, also of Dallas.

Commercial Real Estate Direct Staff Report

Thomas J. Corcoran Jr., the former chief executive and co-founder of FelCor Lodging Trust Inc., is building a portfolio of select-service and extended-stay hotels through TCOR Hotel Partners.

The Dallas company so far owns three hotels with 492 rooms in Maryland, Florida and Texas. It owns two of those properties in a venture with TriGate Capital, a Dallas real estate investment manager.

The TCOR/TriGate venture raised $30 million of equity last year for a hotel fund and already has invested half of the committed capital. The companies plan to buy two or three more properties through the investment vehicle.

TCOR also is pursuing hotels on its own and in ventures with other companies. It is focused on properties with 100 to 200 rooms that are near major cities and do not have extensive food and entertainment options.

"I think the model for the smaller hotels with less moving pieces typically makes them more profitable, on a per-dollar investment, compared to other, more full-service hotels," Corcoran said.

He launched TCOR in December 2017 following FelCor's acquisition by RLJ...





weekly-call-to-action

“The Weekly”

“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

  • Breaking mortgage, CMBS, and REIT news

  • Quarterly league tables with rankings of B-piece buyers, book runners, and lenders

  • Industry moves and changes in “The Insider“

Data Digest

 

CMBS DELINQUENCY VOLUME

dqdataFP1

 

CMBS SPECIAL SERVICING VOLUME

sschartfp

Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

cppichart FP

 

 

CMBS 2.0 Spreads

AAAspreads

Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

REITCafe

  • Challenging Retail Environment Weights on REITs
    Mixed economic news is weighing on retail markets, pushing REIT performance down in 2015. This week, the National Retail Federation announced that back-to-school spending is expected to be down 9.3% in 2015. This news came on the heels of a report from the Commerce Department stating that retail sales declined 0.3%...
     
  • US REITs Feeling Effects from Turmoil in Greece and China
    International economic forces have taken center stage this week, affecting both US stock markets and REITs. The crash in the Chinese stock market and ongoing concerns about the future of Greece in the eurozone drove markets down during the first half of the week. REITs fared better than the overall market...

  • What Does Increased Construction Mean for Apartment REITs?
    REITs so far this year have raised $17.1 billion of capital through the sale of unsecured notes, bringing the total raised over the past two and a half years to just more than $75 billion. That’s more than they raised during the previous five years. The massive volume shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark...
shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark against which most REIT’s price their bonds
warehouse-backstage