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） -人們一直推測，至於什麼飛機墜毀在該小組的主要市場是打算怎樣酒店貸款和建築，我迅速的答案會造成一點沒有什麼分別，但讓我解釋一下，因為它當然不是這樣簡單。

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.而酒店的貸款並不真的有一個小組的首要環節，它的名字是否有"導線"的貸款，這貸款來源是用於穩定經營酒店和顯著的是更先進，比上正在發生什麼，在住房子的首要市場。

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.我說，該分墜毀總理將與己關係不大，酒店建設，因為大部分酒店開發商不使用"導線"市場融資，他們傾向於採用較傳統和地方籌資興建的酒店，在他們這樣做正與人在本質上更熟悉本地市場的需求比導線資助者，他們的運作必須更加的直覺，對自己的市場和債權人。多次作出了這個決定，正如許多論聲譽的借款人和他們的在國際社會和過去的貸款業績。

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.這些人仍會有沒有問題，獲得建設貸款。還有充裕的資金流通中，如果貸款人不適合的話，他們會賺不到錢，誰更好地借給它比有人記錄證明的良好運作和饋贈的歷史。

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.有什麼影響，將有，如果市場不改變，是他們將不能夠將成熟的項目，並進行再融資，他們到導線放款，這樣只會效應建設在很長時期內，因為許多使用管道融資，以獲得不承擔任何責任貸款高達得到較低的利息。當然還有其他原因，以再融資的是要將一個小股本，從不良資產，以提供所需的資金，為下一個項目，如果這個資金來源，有雲無距離正在取代另一個消息人士透露，將建設緩慢。

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.我們所知道的是，該市場將有所改變。街市似乎扮演主導情感之多的經濟學有時，我相信反應小組的首要問題是，在這情緒狀態，現在，這已引起一些買家的導線貸款套餐，以迴避，而不是由於對經濟學的信用，但由於情緒的一天，這些人會重新進入市場，為這些貸款，因為根據經濟學的時候，情緒減退。

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.何時會發生這種情況？怎麼好，是你的水晶球？真相在於，它是沒有短期效應對建築貸款，因此並沒有任何作用，對酒店管線在這個時候怎麼會影響管道是略有下降佔用就是這個行業的感覺，在2007年由於新供應量。

Written by Kevin P. Hilchey, President of Lodging Host Hotel Corp.寫凱文頁hilchey ，總統的住宿東道國酒店股份有限公司