After months of contending with the COVID-19 pandemic, the beginnings of an economic recovery are slowly getting underway. But with cash flows still severely impacted, the recovery process for hotel transactions is likely to be uncertain and uneven throughout the rest of 2020 and into 2021.

In the months ahead, there will clearly be a need for capital to support operations and facilitate debt restructuring. In addition, capital will be required for post-recovery improvements, particularly with FF&E reserves waived by lenders and brands.

This discussion will explore how the record amount of capital that has been raised for real estate in general — and hotels specifically — will be deployed; where investors will find opportunities; how hotel properties will be valued; and whether “straight asset sales” will be replaced by note purchases, structured transactions, and other forms of capital infusions.

These issues and more will be addressed by a panel of experts made up of private and public hotel real estate owners, independent operators, and brands who are members of Cornell’s Center for Real Estate and Finance Advisory Board.