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Starwood Hotels & Resorts Worldwide Inc. Message Board

  • CaliforniaSeals CaliforniaSeals Oct 25, 1998 1:27 PM Flag

    Liquidation value assumes liquidity

    Liquidation Value in a market with no liquidity
    is nonsense. One cannot use early 1998 or late 1997
    hotel valuation measures for a portfolio like
    Starwoods. The market is looking at the short term
    difficulty Starwood will have in less than 4 months of
    replacing or paying off Lehman Brothers and Bankers Trust
    $1.0 billion, one-year term loan (They have their own
    problems and do not want to roll this note) and paying off
    a $250 million forward. Selling assets to meet
    short term liabilities never brings in the best bids.
    And Starwood is not in as bad of shape as others who
    will be forced to sell in this same time period
    further depressing prices. In this market, bankers are
    forcing all sorts of players like Chastain and Criimi Mae
    to make ugly decisions. Until these short term
    funding issues are addressed I will wait it out.

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