MIAMI – Lloyd Jones, a real estate investment firm headquartered in Miami, announced today the acquisition of Maybelle Carter, a 131-unit, senior living community in Madison, Tennessee. The property will operate under Lloyd Jones’ proprietary Sage Hill brand as Sage Hill Maybelle Carter.

Maybelle Carter Assisted Living is Lloyd Jones’ third senior housing acquisition this year. In February, the firm added two Class-A communities to its senior-living portfolio: Aviva Woodlands in Lincoln, Nebraska, and River Bend in Rochester, Minnesota.

A well-established and trusted independent living, assisted living, and memory care community, Sage Hill Maybelle Carter is just minutes to East Nashville and built on the former estate of country music legend “Mother” Maybelle Carter. Through a comprehensive renovation program, an iconic heirloom will be newly reimagined. Updates include new finishes throughout the lobby, public spaces, corridors, and residences to reflect the Lloyd Jones Sage Hill brand. The majestic grounds will be beautifully restored, with the addition of new patios and seating areas to enjoy green space throughout the community. The exterior will be refreshed with new paint, and there will be new updated signage. To pay homage to the rich musical legacy of the property, live and recorded music will be an integral part of the community, and selected memorabilia from the Cash/Carter.

Residents of Sage Hill Maybelle Carter can enjoy chef-prepared, restaurant-quality meals served daily, spacious common areas, shuffleboard, dog park, and vast outdoor courtyards and community garden.

Sage Hill Maybelle Carter will deliver our residents a welcoming lifestyle, excellent services, and a focus on family and social relationships while celebrating the legacy of Maybelle Carter

Comfortably elegant, distinctively southern, and constantly attentive describes our new community. This acquisition marks the official launch of our new Sage Hill middle income brand.

– says Vice Chairman, Tod Petty

 

About Lloyd Jones LLC:

Lloyd Jones LLC is a real estate investment firm with 40 years in the industry under the continuous direction of Chairman/CEO, Christopher Finlay. Based in Miami, the firm specializes in multifamily and senior housing investment, development, and management. It has recently added a hotel acquisition division. Investment partners include private and institutional investors and family offices around the world.

To learn more about Lloyd Jones, visit lloydjonesllc.com.

How It Works: Investing in Senior Living Projects via Crowdfunding

Chris Finlay, Chairman and CEO of Lloyd Jones, breaks down what it takes to start investing in senior living real estate via crowdfunding, and how to make the most of the market in 2022.

Here’s a short excerpt from this video:

“We at Lloyd Jones have invested a significant amount of capital into creating our own operating platform. We brought on board senior industry leaders, top players. And that’s the unique thing about the time we’re in…”

VIENNA, Va. – Shelters to Shutters (S2S), a national non-profit that provides talent for the multifamily real estate industry while transitioning individuals and families from homelessness to economic self-sufficiency, today announced a $100,000 donation from Miami, Fla.-based Lloyd Jones LLC, a real estate investment, development, and management firm specializing in multifamily and senior housing.

“This investment gives us the ability to bring our proven model to the Orlando area and begin operations with a local Executive Director and City Advisory Board. We are thrilled that Lloyd Jones is paving the way to make this growth possible. We believe this will be just the start of multifamily companies in Florida partnering with us to provide employment and housing opportunities to the deserving individuals we serve,” David Williams, President and CEO, Shelters to Shutters

S2S partners with over 40 apartment management companies – such as Lloyd Jones Multifamily Management, AvalonBay Communities, Gables Residential and Freeman Webb – to place people experiencing situational homelessness in on-site, entry-level jobs and provide them with housing at the same communities where they work. Each participant is provided with career mentoring and access to support services to ensure a successful long-term transition. S2S works with a number of homeless-focused non-profits to identify suitable job applicants, changing the lives of individuals and families and providing quality, motivated employees for a rapidly growing industry in need of talent.

“We are proud to partner with Shelters to Shutters to bring this impactful program to Florida,” said Chris Finlay, Lloyd Jones CEO. “As the demand for rental housing continues to rise in many U.S. markets, so does the need for qualified candidates to work in the property management industry. We look forward to working with Shelters to Shutters to find new talent to meet this growing demand for our industry while simultaneously changing lives for the better.”

Eighty-three percent of those experiencing homelessness in the U.S. are situationally homeless due to a life-altering event such as job loss, medical or health emergency, divorce, domestic abuse or the loss of a primary income earner. The donation from Lloyd Jones will help further ensure Shelters to Shutters can serve more people who want to work and return to a life of self-sufficiency.

Shelters to Shutters currently operates in five major markets: Atlanta, Charlotte, Houston, Nashville and the National Capital Region. Orlando will be the sixth market for Shelters to Shutters.

About Shelters to Shutters

Shelters to Shutters is a national 501(c)(3) organization that transitions individuals and families from homelessness to economic self-sufficiency by educating and engaging the real estate industry to provide employment and housing opportunities. Across the country, Shelters to Shutters pairs leading property management companies with individuals experiencing homelessness who are ready to work. The result is an innovative program that provides full-time employment and housing opportunities for individuals facing homelessness and a pipeline of high quality, motivated employees for the multifamily housing industry. Shelters to Shutters currently operates in five major markets: Atlanta, Charlotte, Houston, Nashville and the National Capital Region. More information can be found at www.shelterstoshutters.org or by following the organization on LinkedIn, Facebook and Twitter.

About Lloyd Jones LLC

Lloyd Jones LLC, is a private-equity real estate firm that specializes in multifamily and senior housing.  With 42 years of experience in the real estate industry under the continuing direction of founder Chris Finlay, the firm acquires, improves, and operates multifamily and senior housing communities.  The firm is based in Miami, Florida. Its partners include institutional investors, family offices, and individual accredited investors. For more information, visit www.ljasl.wpengine.com or follow the firm on LinkedIn or Facebook.

-###-

VIENNA, Va. – Shelters to Shutters (S2S), a national non-profit that provides talent for the multifamily real estate industry while transitioning individuals and families from homelessness to economic self-sufficiency, today announced a $100,000 donation from Miami, Fla.-based Lloyd Jones LLC, a real estate investment, development, and management firm specializing in multifamily and senior housing.

“This investment gives us the ability to bring our proven model to the Orlando area and begin operations with a local Executive Director and City Advisory Board. We are thrilled that Lloyd Jones is paving the way to make this growth possible. We believe this will be just the start of multifamily companies in Florida partnering with us to provide employment and housing opportunities to the deserving individuals we serve,” David Williams, President and CEO, Shelters to Shutters

S2S partners with over 40 apartment management companies – such as Lloyd Jones Multifamily Management, AvalonBay Communities, Gables Residential and Freeman Webb – to place people experiencing situational homelessness in on-site, entry-level jobs and provide them with housing at the same communities where they work. Each participant is provided with career mentoring and access to support services to ensure a successful long-term transition. S2S works with a number of homeless-focused non-profits to identify suitable job applicants, changing the lives of individuals and families and providing quality, motivated employees for a rapidly growing industry in need of talent.

“We are proud to partner with Shelters to Shutters to bring this impactful program to Florida,” said Chris Finlay, Lloyd Jones CEO. “As the demand for rental housing continues to rise in many U.S. markets, so does the need for qualified candidates to work in the property management industry. We look forward to working with Shelters to Shutters to find new talent to meet this growing demand for our industry while simultaneously changing lives for the better.”

Eighty-three percent of those experiencing homelessness in the U.S. are situationally homeless due to a life-altering event such as job loss, medical or health emergency, divorce, domestic abuse or the loss of a primary income earner. The donation from Lloyd Jones will help further ensure Shelters to Shutters can serve more people who want to work and return to a life of self-sufficiency.

Shelters to Shutters currently operates in five major markets: Atlanta, Charlotte, Houston, Nashville and the National Capital Region. Orlando will be the sixth market for Shelters to Shutters.

About Shelters to Shutters

Shelters to Shutters is a national 501(c)(3) organization that transitions individuals and families from homelessness to economic self-sufficiency by educating and engaging the real estate industry to provide employment and housing opportunities. Across the country, Shelters to Shutters pairs leading property management companies with individuals experiencing homelessness who are ready to work. The result is an innovative program that provides full-time employment and housing opportunities for individuals facing homelessness and a pipeline of high quality, motivated employees for the multifamily housing industry. Shelters to Shutters currently operates in five major markets: Atlanta, Charlotte, Houston, Nashville and the National Capital Region. More information can be found at www.shelterstoshutters.org or by following the organization on LinkedIn, Facebook and Twitter.

About Lloyd Jones LLC

Lloyd Jones LLC, is a private-equity real estate firm that specializes in multifamily and senior housing.  With 42 years of experience in the real estate industry under the continuing direction of founder Chris Finlay, the firm acquires, improves, and operates multifamily and senior housing communities.  The firm is based in Miami, Florida. Its partners include institutional investors, family offices, and individual accredited investors. For more information, visit www.ljasl.wpengine.com or follow the firm on LinkedIn or Facebook.

-###-

VIENNA, Va. – Shelters to Shutters (S2S), a national non-profit that provides talent for the multifamily real estate industry while transitioning individuals and families from homelessness to economic self-sufficiency, today announced a $100,000 donation from Miami, Fla.-based Lloyd Jones LLC, a real estate investment, development, and management firm specializing in multifamily and senior housing.

“This investment gives us the ability to bring our proven model to the Orlando area and begin operations with a local Executive Director and City Advisory Board. We are thrilled that Lloyd Jones is paving the way to make this growth possible. We believe this will be just the start of multifamily companies in Florida partnering with us to provide employment and housing opportunities to the deserving individuals we serve,” David Williams, President and CEO, Shelters to Shutters

S2S partners with over 40 apartment management companies – such as Lloyd Jones Multifamily Management, AvalonBay Communities, Gables Residential and Freeman Webb – to place people experiencing situational homelessness in on-site, entry-level jobs and provide them with housing at the same communities where they work. Each participant is provided with career mentoring and access to support services to ensure a successful long-term transition. S2S works with a number of homeless-focused non-profits to identify suitable job applicants, changing the lives of individuals and families and providing quality, motivated employees for a rapidly growing industry in need of talent.

“We are proud to partner with Shelters to Shutters to bring this impactful program to Florida,” said Chris Finlay, Lloyd Jones CEO. “As the demand for rental housing continues to rise in many U.S. markets, so does the need for qualified candidates to work in the property management industry. We look forward to working with Shelters to Shutters to find new talent to meet this growing demand for our industry while simultaneously changing lives for the better.”

Eighty-three percent of those experiencing homelessness in the U.S. are situationally homeless due to a life-altering event such as job loss, medical or health emergency, divorce, domestic abuse or the loss of a primary income earner. The donation from Lloyd Jones will help further ensure Shelters to Shutters can serve more people who want to work and return to a life of self-sufficiency.

Shelters to Shutters currently operates in five major markets: Atlanta, Charlotte, Houston, Nashville and the National Capital Region. Orlando will be the sixth market for Shelters to Shutters.

About Shelters to Shutters

Shelters to Shutters is a national 501(c)(3) organization that transitions individuals and families from homelessness to economic self-sufficiency by educating and engaging the real estate industry to provide employment and housing opportunities. Across the country, Shelters to Shutters pairs leading property management companies with individuals experiencing homelessness who are ready to work. The result is an innovative program that provides full-time employment and housing opportunities for individuals facing homelessness and a pipeline of high quality, motivated employees for the multifamily housing industry. Shelters to Shutters currently operates in five major markets: Atlanta, Charlotte, Houston, Nashville and the National Capital Region. More information can be found at www.shelterstoshutters.org or by following the organization on LinkedIn, Facebook and Twitter.

About Lloyd Jones LLC

Lloyd Jones LLC, is a private-equity real estate firm that specializes in multifamily and senior housing.  With 42 years of experience in the real estate industry under the continuing direction of founder Chris Finlay, the firm acquires, improves, and operates multifamily and senior housing communities.  The firm is based in Miami, Florida. Its partners include institutional investors, family offices, and individual accredited investors. For more information, visit www.ljasl.wpengine.com or follow the firm on LinkedIn or Facebook.

-###-

VIENNA, Va. – Shelters to Shutters (S2S), a national non-profit that provides talent for the multifamily real estate industry while transitioning individuals and families from homelessness to economic self-sufficiency, today announced a $100,000 donation from Miami, Fla.-based Lloyd Jones LLC, a real estate investment, development, and management firm specializing in multifamily and senior housing.

“This investment gives us the ability to bring our proven model to the Orlando area and begin operations with a local Executive Director and City Advisory Board. We are thrilled that Lloyd Jones is paving the way to make this growth possible. We believe this will be just the start of multifamily companies in Florida partnering with us to provide employment and housing opportunities to the deserving individuals we serve,” David Williams, President and CEO, Shelters to Shutters

S2S partners with over 40 apartment management companies – such as Lloyd Jones Multifamily Management, AvalonBay Communities, Gables Residential and Freeman Webb – to place people experiencing situational homelessness in on-site, entry-level jobs and provide them with housing at the same communities where they work. Each participant is provided with career mentoring and access to support services to ensure a successful long-term transition. S2S works with a number of homeless-focused non-profits to identify suitable job applicants, changing the lives of individuals and families and providing quality, motivated employees for a rapidly growing industry in need of talent.

“We are proud to partner with Shelters to Shutters to bring this impactful program to Florida,” said Chris Finlay, Lloyd Jones CEO. “As the demand for rental housing continues to rise in many U.S. markets, so does the need for qualified candidates to work in the property management industry. We look forward to working with Shelters to Shutters to find new talent to meet this growing demand for our industry while simultaneously changing lives for the better.”

Eighty-three percent of those experiencing homelessness in the U.S. are situationally homeless due to a life-altering event such as job loss, medical or health emergency, divorce, domestic abuse or the loss of a primary income earner. The donation from Lloyd Jones will help further ensure Shelters to Shutters can serve more people who want to work and return to a life of self-sufficiency.

Shelters to Shutters currently operates in five major markets: Atlanta, Charlotte, Houston, Nashville and the National Capital Region. Orlando will be the sixth market for Shelters to Shutters.

About Shelters to Shutters

Shelters to Shutters is a national 501(c)(3) organization that transitions individuals and families from homelessness to economic self-sufficiency by educating and engaging the real estate industry to provide employment and housing opportunities. Across the country, Shelters to Shutters pairs leading property management companies with individuals experiencing homelessness who are ready to work. The result is an innovative program that provides full-time employment and housing opportunities for individuals facing homelessness and a pipeline of high quality, motivated employees for the multifamily housing industry. Shelters to Shutters currently operates in five major markets: Atlanta, Charlotte, Houston, Nashville and the National Capital Region. More information can be found at www.shelterstoshutters.org or by following the organization on LinkedIn, Facebook and Twitter.

About Lloyd Jones LLC

Lloyd Jones LLC, is a private-equity real estate firm that specializes in multifamily and senior housing.  With 42 years of experience in the real estate industry under the continuing direction of founder Chris Finlay, the firm acquires, improves, and operates multifamily and senior housing communities.  The firm is based in Miami, Florida. Its partners include institutional investors, family offices, and individual accredited investors. For more information, visit www.ljasl.wpengine.com or follow the firm on LinkedIn or Facebook.

-###-

VIENNA, Va. – Shelters to Shutters (S2S), a national non-profit that provides talent for the multifamily real estate industry while transitioning individuals and families from homelessness to economic self-sufficiency, today announced a $100,000 donation from Miami, Fla.-based Lloyd Jones LLC, a real estate investment, development, and management firm specializing in multifamily and senior housing.

“This investment gives us the ability to bring our proven model to the Orlando area and begin operations with a local Executive Director and City Advisory Board. We are thrilled that Lloyd Jones is paving the way to make this growth possible. We believe this will be just the start of multifamily companies in Florida partnering with us to provide employment and housing opportunities to the deserving individuals we serve,” David Williams, President and CEO, Shelters to Shutters

S2S partners with over 40 apartment management companies – such as Lloyd Jones Multifamily Management, AvalonBay Communities, Gables Residential and Freeman Webb – to place people experiencing situational homelessness in on-site, entry-level jobs and provide them with housing at the same communities where they work. Each participant is provided with career mentoring and access to support services to ensure a successful long-term transition. S2S works with a number of homeless-focused non-profits to identify suitable job applicants, changing the lives of individuals and families and providing quality, motivated employees for a rapidly growing industry in need of talent.

“We are proud to partner with Shelters to Shutters to bring this impactful program to Florida,” said Chris Finlay, Lloyd Jones CEO. “As the demand for rental housing continues to rise in many U.S. markets, so does the need for qualified candidates to work in the property management industry. We look forward to working with Shelters to Shutters to find new talent to meet this growing demand for our industry while simultaneously changing lives for the better.”

Eighty-three percent of those experiencing homelessness in the U.S. are situationally homeless due to a life-altering event such as job loss, medical or health emergency, divorce, domestic abuse or the loss of a primary income earner. The donation from Lloyd Jones will help further ensure Shelters to Shutters can serve more people who want to work and return to a life of self-sufficiency.

Shelters to Shutters currently operates in five major markets: Atlanta, Charlotte, Houston, Nashville and the National Capital Region. Orlando will be the sixth market for Shelters to Shutters.

About Shelters to Shutters

Shelters to Shutters is a national 501(c)(3) organization that transitions individuals and families from homelessness to economic self-sufficiency by educating and engaging the real estate industry to provide employment and housing opportunities. Across the country, Shelters to Shutters pairs leading property management companies with individuals experiencing homelessness who are ready to work. The result is an innovative program that provides full-time employment and housing opportunities for individuals facing homelessness and a pipeline of high quality, motivated employees for the multifamily housing industry. Shelters to Shutters currently operates in five major markets: Atlanta, Charlotte, Houston, Nashville and the National Capital Region. More information can be found at www.shelterstoshutters.org or by following the organization on LinkedIn, Facebook and Twitter.

About Lloyd Jones LLC

Lloyd Jones LLC, is a private-equity real estate firm that specializes in multifamily and senior housing.  With 42 years of experience in the real estate industry under the continuing direction of founder Chris Finlay, the firm acquires, improves, and operates multifamily and senior housing communities.  The firm is based in Miami, Florida. Its partners include institutional investors, family offices, and individual accredited investors. For more information, visit www.ljasl.wpengine.com or follow the firm on LinkedIn or Facebook.

-###-

VIENNA, Va. – Shelters to Shutters (S2S), a national non-profit that provides talent for the multifamily real estate industry while transitioning individuals and families from homelessness to economic self-sufficiency, today announced a $100,000 donation from Miami, Fla.-based Lloyd Jones LLC, a real estate investment, development, and management firm specializing in multifamily and senior housing.

“This investment gives us the ability to bring our proven model to the Orlando area and begin operations with a local Executive Director and City Advisory Board. We are thrilled that Lloyd Jones is paving the way to make this growth possible. We believe this will be just the start of multifamily companies in Florida partnering with us to provide employment and housing opportunities to the deserving individuals we serve,” David Williams, President and CEO, Shelters to Shutters

S2S partners with over 40 apartment management companies – such as Lloyd Jones Multifamily Management, AvalonBay Communities, Gables Residential and Freeman Webb – to place people experiencing situational homelessness in on-site, entry-level jobs and provide them with housing at the same communities where they work. Each participant is provided with career mentoring and access to support services to ensure a successful long-term transition. S2S works with a number of homeless-focused non-profits to identify suitable job applicants, changing the lives of individuals and families and providing quality, motivated employees for a rapidly growing industry in need of talent.

“We are proud to partner with Shelters to Shutters to bring this impactful program to Florida,” said Chris Finlay, Lloyd Jones CEO. “As the demand for rental housing continues to rise in many U.S. markets, so does the need for qualified candidates to work in the property management industry. We look forward to working with Shelters to Shutters to find new talent to meet this growing demand for our industry while simultaneously changing lives for the better.”

Eighty-three percent of those experiencing homelessness in the U.S. are situationally homeless due to a life-altering event such as job loss, medical or health emergency, divorce, domestic abuse or the loss of a primary income earner. The donation from Lloyd Jones will help further ensure Shelters to Shutters can serve more people who want to work and return to a life of self-sufficiency.

Shelters to Shutters currently operates in five major markets: Atlanta, Charlotte, Houston, Nashville and the National Capital Region. Orlando will be the sixth market for Shelters to Shutters.

About Shelters to Shutters

Shelters to Shutters is a national 501(c)(3) organization that transitions individuals and families from homelessness to economic self-sufficiency by educating and engaging the real estate industry to provide employment and housing opportunities. Across the country, Shelters to Shutters pairs leading property management companies with individuals experiencing homelessness who are ready to work. The result is an innovative program that provides full-time employment and housing opportunities for individuals facing homelessness and a pipeline of high quality, motivated employees for the multifamily housing industry. Shelters to Shutters currently operates in five major markets: Atlanta, Charlotte, Houston, Nashville and the National Capital Region. More information can be found at www.shelterstoshutters.org or by following the organization on LinkedIn, Facebook and Twitter.

About Lloyd Jones LLC

Lloyd Jones LLC, is a private-equity real estate firm that specializes in multifamily and senior housing.  With 42 years of experience in the real estate industry under the continuing direction of founder Chris Finlay, the firm acquires, improves, and operates multifamily and senior housing communities.  The firm is based in Miami, Florida. Its partners include institutional investors, family offices, and individual accredited investors. For more information, visit www.ljasl.wpengine.com or follow the firm on LinkedIn or Facebook.

-###-

VIENNA, Va. – Shelters to Shutters (S2S), a national non-profit that provides talent for the multifamily real estate industry while transitioning individuals and families from homelessness to economic self-sufficiency, today announced a $100,000 donation from Miami, Fla.-based Lloyd Jones LLC, a real estate investment, development, and management firm specializing in multifamily and senior housing.

“This investment gives us the ability to bring our proven model to the Orlando area and begin operations with a local Executive Director and City Advisory Board. We are thrilled that Lloyd Jones is paving the way to make this growth possible. We believe this will be just the start of multifamily companies in Florida partnering with us to provide employment and housing opportunities to the deserving individuals we serve,” David Williams, President and CEO, Shelters to Shutters

S2S partners with over 40 apartment management companies – such as Lloyd Jones Multifamily Management, AvalonBay Communities, Gables Residential and Freeman Webb – to place people experiencing situational homelessness in on-site, entry-level jobs and provide them with housing at the same communities where they work. Each participant is provided with career mentoring and access to support services to ensure a successful long-term transition. S2S works with a number of homeless-focused non-profits to identify suitable job applicants, changing the lives of individuals and families and providing quality, motivated employees for a rapidly growing industry in need of talent.

“We are proud to partner with Shelters to Shutters to bring this impactful program to Florida,” said Chris Finlay, Lloyd Jones CEO. “As the demand for rental housing continues to rise in many U.S. markets, so does the need for qualified candidates to work in the property management industry. We look forward to working with Shelters to Shutters to find new talent to meet this growing demand for our industry while simultaneously changing lives for the better.”

Eighty-three percent of those experiencing homelessness in the U.S. are situationally homeless due to a life-altering event such as job loss, medical or health emergency, divorce, domestic abuse or the loss of a primary income earner. The donation from Lloyd Jones will help further ensure Shelters to Shutters can serve more people who want to work and return to a life of self-sufficiency.

Shelters to Shutters currently operates in five major markets: Atlanta, Charlotte, Houston, Nashville and the National Capital Region. Orlando will be the sixth market for Shelters to Shutters.

About Shelters to Shutters

Shelters to Shutters is a national 501(c)(3) organization that transitions individuals and families from homelessness to economic self-sufficiency by educating and engaging the real estate industry to provide employment and housing opportunities. Across the country, Shelters to Shutters pairs leading property management companies with individuals experiencing homelessness who are ready to work. The result is an innovative program that provides full-time employment and housing opportunities for individuals facing homelessness and a pipeline of high quality, motivated employees for the multifamily housing industry. Shelters to Shutters currently operates in five major markets: Atlanta, Charlotte, Houston, Nashville and the National Capital Region. More information can be found at www.shelterstoshutters.org or by following the organization on LinkedIn, Facebook and Twitter.

About Lloyd Jones LLC

Lloyd Jones LLC, is a private-equity real estate firm that specializes in multifamily and senior housing.  With 42 years of experience in the real estate industry under the continuing direction of founder Chris Finlay, the firm acquires, improves, and operates multifamily and senior housing communities.  The firm is based in Miami, Florida. Its partners include institutional investors, family offices, and individual accredited investors. For more information, visit www.ljasl.wpengine.com or follow the firm on LinkedIn or Facebook.

-###-

Covid-19 has disrupted commercial real estate for the past year, but few asset classes have been hit as hard as the hospitality industry. From the early days of the pandemic, some senior living developers, investors and operators have said they anticipate opportunities to acquire and reposition hotel assets.

Although the availability of Covid-19 vaccines is raising hopes for a rebound in travel and tourism, when hotel business rebounds is a question no one has an answer for; some analysts expect a recovery to be similar to the “elongated recovery” predicted for senior living.

The uncertainty of a rebound in hospitality is leading some owners to weigh their options for redevelopment opportunities including senior housing. In Farmington Hills, Michigan, the owner of the Holiday Inn & Suites Farmington Hills – NW Detroit announced that it is repositioning the hotel into independent living after being shut down for nearly a year.

And in Bloomington, the owners and management of the Crowne Plaza Aire Hotel are preaching patience in a recovery before weighing redevelopment options which could include senior housing.

Senior living investors and developers are watching the distress in hotels with keen eyes. But due diligence will be essential, lest stakeholders rushing to reposition assets dig deeper holes, Canopy Lifestyles Partner and Chief Development Officer Dennis Stamey told Senior Housing News. The Marietta, Georgia-based company manages senior housing properties, and provides expertise for its clients on a range of issues, including repositionings.

“Someone really has to have an appetite for this,” he said. “They have to understand the timing that’s going to be required.”

Signs of distress emerge

A year into the pandemic, there are signs of distress in the hotel industry that could accelerate — especially if the vaccination effort does not build confidence that business and vacation travel will rebound quickly.

Among the emerging signs of distress: The owners of 43 hotels in the New York City metropolitan area were delinquent on a cumulative $1.5 billion in bonds as of October 2020. Lodging tax revenue for hotels in Bloomington, Minnesota, plummeted 33% in 2020, and are expected to remain below pre-pandemic levels this year.

Hotels across the country are laying off massive numbers of workers. Last week, the Four Seasons Silicon Valley in East Palo Alto, California permanently laid off 119 employees, San Francisco Business Times reported.

The pressure is building, as hotels require travel to generate revenues, which in turn allows owners to service the debt on their properties. Investors in commercial mortgage-backed securities (CMBS) loans backed by hotels are poised to see losses on their investments if hotels in a post-pandemic environment experience an elongated recovery.

Covid-19 is impacting luxury, full-service hotels especially hard. New York City’s legendary Roosevelt Hotel shut down last October. The owner of Chicago’s iconic Palmer House Hilton, the second-largest hotel in the city, is facing a foreclosure lawsuit claiming the firm defaulted on a $333.2 million mortgage.

Research from business management consultancy McKinsey suggests that a hotel recovery to pre-pandemic levels will not occur until 2023, if not later. Real estate investment trusts (REITs) specializing in hotels and hospitality are expected to underperform until business and vacation travel rebounds, which will not happen until vaccination efforts gain significant momentum.

So far, lenders have exercised patience with hotel owners, understanding the extreme circumstances that have befallen everyone, Lloyd Jones Capital Chairman and CEO Chris Finlay told SHN. Lloyd Jones is expanding in the senior living space with its Aviva brand, and Finlay is bullish on the opportunity to acquire and convert hotel — but, he notes that a wave of bank foreclosures is not likely in the near term.

Bank lenders have ample liquidity on their balance sheets, as a result of the Federal Reserve’s efforts to tighten lending regulations well in the years prior to the pandemic.

When the first wave of Covid-19 cases swept across the country last year, lenders were quick to retreat to the sidelines and let the market settle before gradually returning to the space. But tighter loan underwriting remains in place, along with an imbalance between the debt and equity markets — bridge debt, in particular, is hard to close. And most banks are only servicing existing clients with proven track records of success.

Finlay credits this to the Fed’s proactive efforts to shield the economy from extreme distress during the pandemic’s early weeks. It has signaled to banks that it will support them through Covid-19’s end, and will not suddenly change course.

“It’s not like it was in past downturns, where banks were on shaky footing to start with,” he said. “All of the major banks and even most of the regional banks are very well-capitalized now.”

CMBS markets have been relatively patient, as well, but ratings agencies are maintaining a close watch for any signs of loans turning over to special servicers, which would mainly impact the futures of full-service hotels such as the Palmer House. But there is volatility: the delinquency rate among hotels with CMBS loans last September was a record 33.5%, compared to just 2.5% in April 2020, according to data from real estate research firm Trepp, reported by the law firm Levenfield Pearlstein.

What happens to hotels with delinquent CMBS debt will depend on several factors including legal options on the part of owners, the patience of lenders, and the pace of recovery. Smaller hotels saddled with CMBS loans may become solid repositioning opportunities, if distress gains momentum.

“The question [for CMBS servicers] is, how aggressive do they want to be?” Finlay said. “If the hotel is closed, there is not much for them to do. They have to start the process.”

 

Click link for full story: https://seniorhousingnews.com/2021/03/11/senior-housing-adaptive-reuse-opportunities-materialize-amid-hotel-distress/