New Hospitality Brokerage Launched - Caribbean Specialists
Caribbean Hotel & Financing Brokerage Breaks Ground to Active Market
While most hotel and finance brokers can testify to the negative effects on transaction volume due to fewer serious buyers and tighter availability of finance, a new brokerage has been launched which specializes in the Caribbean market.
JOHN MURPHY, one of three senior executives of CARIBBEAN HOTEL & FINANCE BROKERAGE, said "In a tough market it is even more important to really understand your territory - every island is different and our team members have the local connections and local knowledge of the Caribbean which makes the vital difference." A former V. P. Operations with Renaissance and Ramada Resorts and former C.O.O. of Elegant Hotels, Murphy has 25 years diverse experience in the region.
PAUL WEIMER has a Masters degree in Real Estate Finance and Investment from New York University and has held V P and Director level positions with BNP Paribas and Societe Generale. Weimer, who joins the new company after 6 years with another boutique brokerage in New York, commented, "The main differences at present between the Caribbean and US domestic markets are that the regional and Canadian banks here are well capitalized and are still active in the market, while attractive opportunities have drawn a range of international buyers."
The company's senior executive team is completed by ROY GUMANSINGH who is a Fellow of the Royal Institution of Chartered Surveyors (FRICS) and a Fellow of the Property Consultants Society. Gumansingh has 30 years experience in the Caribbean and is well aware of the very serious challenges currently faced by the region's resorts. "We have received several significant brokerage assignments since setting up the new company, some of which might be considered distressed sales," according to Gumansingh. "Unfortunately, as we enter the low season for the Caribbean, there is going to be further increased pressure on existing hotels with high levels of debt and even greater stress on mixed use resorts which have not yet achieved completion. So far, though, the banks in the region appear to be quite supportive of the industry in these extraordinary times."
For further information please contact:
Carolyn Lloyd
Director of Communications & Administration
Caribbean Hotel & Finance Brokerage
TEL. (011) 590 590 290 346
EMAIL: [email protected]
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