No te lo piensas dos veces antes de saltarte un entrenamiento o dormir una siesta, hasta seis meses después, cuando se te sale la espalda levantando una maleta. Eso es lo que pasa con las elecciones: rara vez gritan. La mayoría susurra. Por el momento, se sienten livianos, inofensivos e incluso olvidables. Pero con el tiempo, se acumulan y eventualmente dan forma a todo.
Lo mismo ocurre en el sector inmobiliario comercial.
Durante años, el mercado premió la ingeniería financiera. La caída de los tipos de interés, la compresión de los tipos de capitalización y el bajo precio del capital permitieron a muchos inversores aprovechar el impulso y seguir generando rentabilidades sólidas. Esa era ha terminado.
Ahora operamos en un entorno en el que se paga más durante más tiempo. Las tasas de interés están elevadas, los prestamistas tradicionales han retrocedido y los mercados de capitales son volátiles. Las perturbaciones macroeconómicas, el riesgo geopolítico y la política comercial que cambia la inflación están revaluando el riesgo en tiempo real.
En este entorno, cada movimiento es importante. Cada decisión, ya sea comprar, vender, recapitalizar o retener, tiene más peso que hace un año.
· El capital debe desplegarse con precisión. El margen de error se ha reducido. La fijación de precios incorrectos, el apalancamiento excesivo o la confianza en una suscripción optimista pueden perjudicar rápidamente una operación.
· La liquidez es una ventaja estratégica. En un mercado en el que muchos prestamistas han retirado o reducido el apalancamiento, ya no se da por sentado la certeza de la ejecución. Se gana.
· Los fundamentos, no la ingeniería financiera, definen el éxito. La compresión de la tasa de capitalización ya no es el viento a favor de lo que era antes. La rentabilidad debe provenir de la excelencia operativa, la calidad de los activos y una gestión disciplinada.
· El tiempo es caro. La acción puede ser tan perjudicial como una mala decisión. Los retrasos en la refinanciación o las dudas en mercados inciertos pueden afectar considerablemente al rendimiento.
En Peachtree, hemos creado nuestra plataforma para este entorno exacto. Con una plataforma de inversión y crédito totalmente integrada, una amplia experiencia en todos los ciclos del mercado y un capital flexible listo para ser desplegado, estamos bien posicionados para tomar medidas decisivas cuando otros dudan.
Porque en este mercado, como en la vida, cada acción tiene un peso y los resultados más exitosos nacen de la claridad, la disciplina y la convicción.
El crédito privado sigue siendo una de las soluciones más atractivas del mercado actual, ya que ofrece protección contra las caídas, rendimiento y flexibilidad. Y dado que el capital tradicional sigue siendo limitado, la inversión en situaciones especiales está cobrando impulso como estrategia principal para liberar valor en un mercado dislocado.
A medida que el panorama evoluciona, seguimos buscando oportunidades que aprovechen nuestras fortalezas y proporcionen valor a nuestros inversores.
ATLANTA (July 2, 2024) – Peachtree Group (“Peachtree”) announced that it received multiple Marriott Select Brands (MSB) Awards during this year’s Marriott Select Brands Owner & Franchisee CONNECT Conference in Orlando, Fla. The awards recognize hotels that demonstrate outstanding service, innovation and commitment to guest satisfaction.
“These awards are a testament to the exceptional work our hotel associates deliver every day,” said Steve Mackenzie, Peachtree’s senior vice president of operations, hospitality management. “These hotels have consistently excelled in guest and F&B satisfaction, setting a benchmark for unparalleled service, and we are proud to have them as part of the Peachtree family. Additionally, we extend our gratitude to our partners who entrust us with managing their properties. Their collaboration has been instrumental in achieving these accolades, showcasing our shared commitment to superior quality.”
The award winners include:
Platinum Circle
· SpringHill Suites Lindale, Texas
Gold Circle
· Fairfield Inn & Suites Gadsden, Alabama
· SpringHill Suites Dallas Rockwall, Texas
· TownePlace Suites Dallas Rockwall, Texas
Silver Circle
· Courtyard by Marriott Indianapolis Plainfield, Indiana
· SpringHill Suites Vero Beach, Florida
F&B Satisfaction
· SpringHill Suites Lindale, Texas
“Every recipient of these awards embodies the essence of Peachtree’s mission, showcasing outstanding excellence, strong leadership and a relentless dedication to serving our guests, partners and communities,” said Shara Roddan, vice president of operations, hospitality management.
About Peachtree Group
Peachtree Group is a vertically integrated investment management firm specializing in identifying and capitalizing on opportunities in dislocated markets, anchored by commercial real estate. Today, the company manages billions in capital across acquisitions, development and lending, augmented by services designed to protect, support and grow its investments. For more information, visit www.peachtreegroup.com.
Peachtree Group recently had the privilege of hosting David Bitner, a renowned expert in the commercial real estate industry, on our quarterly market update call. As the global head of research for Newmark, a leading commercial real estate advisor, David's insights on the ongoing transition in commercial real estate (CRE) were invaluable. His discussion outlined a significant shift in the commercial real estate market, highlighting the transition from a low-interest rate environment post-Global Financial Crisis (GFC) to a period of higher rates that are reshaping investment strategies.
Highlights from the conversation included:
Overall, the discussion highlights a transformative period in the commercial real estate market, prompted by the shift to a higher interest rate environment. This change presents an opportunity to refine investment strategies, enabling investors to navigate and capitalize on the evolving market dynamics effectively.
Peachtree's track record in commercial real estate is impressive. Our team has thrived through three significant economic disruptions. Our senior leaders have been instrumental in that success. Recently we asked those leaders to reflect on their lessons learned and share how that experience has shaped their thought process moving forward.
Here are a few of those insights.
"Building a formidable team is crucial for realizing your vision. Select individuals based on their exceptional skills and expertise and then trust them to excel in their roles. Empowering your team unlocks their full potential, driving extraordinary results and propelling your organization to new heights."
Greg Friedman and Jatin Desai – Managing Principals
“Foresight is critical in the investment process, requiring continuous consideration of macroeconomic conditions alongside local economic factors. This dual analysis enables us to identify nuanced opportunities and manage risks more effectively. By integrating global and regional insights, we can make more informed and strategic decisions, enhancing the potential for the investment's long-term success."
Greg Friedman, Managing Principal and CEO
“Ensure sufficient liquidity to maintain resilience. We have implemented and consistently maintained this approach for our Funds. While it may impact internal rates of return (IRR), it will allow us to endure market volatility and retain assets. Asset values typically rebound if adequate capital is available to weather downturns.”
Jatin Desai, Managing Principal and CFO
“Navigating through development always entails its share of challenges and victories, a reality underscored especially during Covid. While previous downturns primarily revolved around financial aspects, the pandemic introduced disruptions in cost, labor, and material supply chains. Reaching a semblance of normalcy took nearly three years, during which we remained steadfast in risk mitigation across these fronts. Adaptations in processes, timing, procurement strategies, and collaborations with skilled contractors were pivotal in this regard. Despite each disruption, we observed a consistent upward trend in average daily rates, particularly for newer or like-new assets.”
Mitul Patel, Principal
“Anticipate various exit scenarios: While one of our investments succeeded with the SBA refinance strategy, another encountered challenges. Legal issues with the borrower disqualified them from SBA eligibility, leading to loan refinance challenges. In hindsight, we were too dependent on a single exit source and now underwrite deals to ensure there are several (refinance, sale, loan sale) exit options available.”
Michael Harper, President, Hotel Lending
“Constant exposure to various transactions across different levels has enabled us to recognize patterns and anticipate issues during negotiations. This depth of experience has honed our ability to streamline the process, focusing on the crucial issues and avoiding unnecessary distractions. Ultimately, efficiency is paramount.”
Kevin Cadin, General Counsel
“The priority lies in cultivating a pipeline rather than managing individual transactions. The true value lies in the pipeline itself, not the deals outlined in term sheets. This approach grants the freedom to negotiate without the pressure of immediate results. Consequently, I rarely push terms or additional proceeds because I know the depth of additional opportunities and have confidence in the channels that have been developed to continue generating opportunities.”
Daniel Siegel, Principal and President, CRE
“The90% rule. It is often better to make a decision with 90% of the information or90% of what you would ideally like an output to be. That last 10% which is for perfection often leads to analysis paralysis and the opportunity cost of waiting is often greater than the value achieved in getting the last 10%. There is no such thing as perfect.”
Brian Waldman, Chief Investment Officer
