Paramount Lodging Advisors and Work Out Specialists Hardisty Baxter Team Up to Create Distressed Hospitality Services Group

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Paramount Lodging Advisors and Tishman Realty & Construction Alums Michael Hardisty and Philip Baxter, who earlier this year formed Hardisty Baxter, are teaming up to open a new office of Paramount Lodging Advisors in Southern California. With Hardisty Baxter, whose collective experience includes over $1 billion in successful REO workouts of complex hotel and resort assets for institutional owners, PARAMOUNT™ adds real depth in large complicated hospitality solutions to its already broad range of services. Together they offer the comprehensive real estate services necessary for owners, lenders, and special servicers to get control of and make sense of distressed hospitality assets. The current circumstances are like the early 90's, only worse. The expert support that buyers, sellers, owners, and lenders need to sort through the many variables to recover and harvest value, find the right opportunities, and create and execute the optimal strategic plan is now under one umbrella with PARAMOUNT™.

these guys are tough minded veterans who match up peer to peer with any operator's corporate marketing, finance and operations executives. They get their hands dirty and they get results fast.

Full service hotel brokerage and advisory firm Paramount Lodging Advisors has merged with hospitality real estate services firm Hardisty Baxter to open PARAMOUNT™'s new Southern California office.

Phil Miller, a Cornell classmate of Phil Baxter and Senior Managing Director with PARAMOUNT™, made the introductions and brought the two groups together. The marriage will prove to be of tremendous benefit in an industry so mired in complexity that finding the right expertise is a necessity rather than an option. Baxter points out that "these are Darwinian times, and the weak are not going to survive. Owners must be prepared to feed, improve and reposition their assets in order to reap rewards when the market comes back".

There is turmoil as a result of the turbulence, and out of the turmoil there are bright spots for investors who are keeping their powder dry. "As dark as things are, there are tremendous opportunities to buy hospitality assets and reposition them for the recovery", says Hardisty, formerly Executive Vice President of Lowe Enterprises responsible for Lowe Destination Development's resort and condominium hotel development program. Hardisty and Baxter have developed a comprehensive real estate platform specializing in distressed hospitality assets. Their services are designed to provide owners, lenders, and special servicers with strategic alternatives and the execution of a strategic plan from beginning to end, up to and including asset disposition. PARAMOUNT™'s platform as a whole is now uniquely suited to helping buyers find the right opportunity, whether a straight forward asset purchase or a more complex "loan to own" acquisition. Again, expert help is needed to find the right opportunity, create a strategic plan, acquire the asset and position it for the eventual recovery.

"It is tremendously exciting for us to add Hardisty Baxter to the team. They have a track record of success in assisting holders of hospitality real estate optimize the recapture of the value of their hotel and resort assets. PARAMOUNT™ now offers beginning to end services necessary to execute and/or facilitate the execution of every step of the strategic plan," says Steve Mills, Senior Managing Director of Paramount Lodging Advisors based in San Francisco. Steve adds, "these guys are tough minded veterans who match up peer to peer with any operator's corporate marketing, finance and operations executives. They get their hands dirty and they get results fast."

Though there are a number of hospitality-centric management and real estate firms with various capabilities lined up to work on distressed assets, few if any offer the depth and breadth of expertise that PARAMOUNT™ now offers. "We are ecstatic to have on board a group that because of their successful track record, reputation, knowledge and experience with such iconic properties as the Hotel Del Coronado, they are in high demand by owners, lenders, servicers, receivers and investors," says Sanjeev Misra, Senior Managing Director of PARAMOUNT™ based in Chicago.

About PARAMOUNT LODGING ADVISORS: PARAMOUNT™ specializes in full service hotel brokerage and advisory, asset management, debt and equity sourcing and executive search. PARAMOUNT™ is headquartered in Chicago, IL and has global offices in Phoenix, AZ, Los Angeles, CA, San Francisco, CA, Ithaca, NY, Charleston, SC, Richmond, VA,Vancouver, B.C. and London, U.K.

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