Naftali says hotels are relying on change among lenders

Prior to The Real Deal‘s forum last week on distressed properties and real estate market recovery, moderator Brian Sullivan, of Fox Business News, spoke with Elad President Miki Naftali outside the forum venue about recovery in the New York hospitality industry. Naftali said that recovery will largely rely on the financial sector and whether lenders will begin loosening their tight grip on credit. “The problem is really more on the financial side,” Naftali said. “Any hotel owner that has a loan coming due has the almost impossible mission or task to refinance the property. That’s the biggest problem that we see right now.”