Media Coverage
Source: Law360
Media Coverage
Press Contacts: Erik Cummins, Matt Hyams, Olivia Thomas
01.03.24
In its annual outlook for the hospitality industry in the coming year, Law360 interviewed Pillsbury Insolvency & Restructuring partner Patrick Fitzmaurice about his thoughts for 2024, particularly the impact high interest rates are having on hotel owners.
“I don't see how in the near term that changes,” he said. “Unfortunately, I think it will get worse instead of better.”
He added that while traditional sources of capital from banks are hard to come by, money is still available from nontraditional sources such as private credit, including costly rescue capital.
Even so, he concluded, “I don't think there’s a reckoning [yet] of how things have declined with debt enforcement and stalled new construction.”
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