Longview, TX (November 2, 2007) - There has been much speculation as to what the crash in the sub-prime market is going to do to Hotel lending and construction.  My quick answers would little and nothing respectively but let me explain because it is certainly not that simple. Longview市的TX （ 2007年11月2日） -人们一直推测，至于什么飞机坠毁在该小组的主要市场是打算怎样酒店贷款和建筑，我迅速的答案会造成一点没有什么分别，但让我解释一下，因为它当然不是这样简单。

While hotel lending does not really have a sub-prime aspect in name it does have “conduit” lending.  This lending source is used for stabilized operating hotels and is significantly more sophisticated than what was happening in the Housing sub-prime market.而酒店的贷款并不真的有一个小组的首要环节，它的名字是否有"导线"的贷款，这贷款来源是用于稳定经营酒店和显着的是更先进，比上正在发生什么，在住房子的首要市场。

I say that the sub-prime crash will have little to do with hotel construction because most hotel developers do not use the “conduit” market for financing.  They tend to use more conventional and local financing for the construction of hotels.  In doing so they are working with people who are inherently more familiar with the local market needs than conduit financers.  They operate with more of a gut feeling for their market and the creditor.  Many times a decision is made just as much on the reputation of the borrowers and their place in the community and past loan performance.我说，该分坠毁总理将与己关系不大，酒店建设，因为大部分酒店开发商不使用"导线"市场融资，他们倾向于采用较传统和地方筹资兴建的酒店，在他们这样做正与人在本质上更熟悉本地市场的需求比导线资助者，他们的运作必须更加的直觉，对自己的市场和债权人。多次作出了这个决定，正如许多论声誉的借款人和他们的在国际社会和过去的贷款业绩。

These people will still have no problem getting construction loans.  There is still plenty of money in circulation and if lenders don’t lend it, they will not make any money.  Who better to lend it to than someone with a proven record of good operations and payback history.这些人仍会有没有问题，获得建设贷款。还有充裕的资金流通中，如果贷款人不适合的话，他们会赚不到钱，谁更好地借给它比有人记录证明的良好运作和馈赠的历史。

What effect it will have, if the markets don’t change, is that they will not be able to take mature project and refinance them into conduit lenders.  This will only effect construction in the very long term as many use the conduit financing to get no liability loans as much as to get lower interest rates.  Of course the other reason to refinance is to pull out a little equity from performing assets to provide capital needed for the next project.  If this source of capital goes away without being replaced by another source, construction will slow.有什么影响，将有，如果市场不改变，是他们将不能够将成熟的项目，并进行再融资，他们到导线放款，这样只会效应建设在很长时期内，因为许多使用管道融资，以获得不承担任何责任贷款高达得到较低的利息。当然还有其他原因，以再融资的是要将一个小股本，从不良资产，以提供所需的资金，为下一个项目，如果这个资金来源，有云无距离正在取代另一个消息人士透露，将建设缓慢。

What we do know is that the markets will change.  The markets seem to be driven by emotion as much as by economics sometimes.  I believe the reaction to the sub-prime problem is in that emotional state now.  This has caused some of the buyers of conduit loan packages to shy away, not because of the economics of the credit but because of the emotions of the day.  These people will re-enter the market for these loans because of the economics when the emotions subside.我们所知道的是，该市场将有所改变。街市似乎扮演主导情感之多的经济学有时，我相信反应小组的首要问题是，在这情绪状态，现在，这已引起一些买家的导线贷款套餐，以回避，而不是由于对经济学的信用，但由于情绪的一天，这些人会重新进入市场，为这些贷款，因为根据经济学的时候，情绪减退。

When will that be?  How good is your crystal ball?  The truth is it is having no short term effect on construction lending and therefore no effect on the hotel pipeline at this time.  What will have an effect on that pipeline is the slight drop in occupancy that the industry is feeling in 2007 due to new supply.何时会发生这种情况？怎么好，是你的水晶球？真相在于，它是没有短期效应对建筑贷款，因此并没有任何作用，对酒店管线在这个时候怎么会影响管道是略有下降占用就是这个行业的感觉，在2007年由于新供应量。

Written by Kevin P. Hilchey, President of Lodging Host Hotel Corp.写凯文页hilchey ，总统的住宿东道国酒店股份有限公司