As a result of the pandemic, we are already forecasting that the commercial real estate market will have substantial problems in 2021, which is consistent with what the Bloomberg article has stated. We have only just witnessed the beginning of a long year ahead for commercial real estate developers and owners. For example, last year, I oversaw the wind down of Dress Barn, a 650 store women’s retailer and am currently the CRO of ITS SUGAR, a 100 store candy chain in chapter 11. I can attest with first hand personal knowledge that the commercial retail landlords are feeling some pain. Our hospitality clients are also experiencing major debt issues as bad or worse than 9/11 and the real estate crisis of 2008-2012.
Why am I telling you this? As many of you know, we have carved out a unique niche in the complex real estate and hospitality restructuring world, primarily representing ultra high net worth owners/developers in maximizing their economic recovery. We have been especially successful in handling out of court solutions in complex and sometimes adversarial situations. We are known for our no BS approach and ability to “ fight” for our clients as we have virtually no senior debt relationships to protect and are therefore truly conflict free.
If you have a client with major real estate or hospitality issues, reach out if you would like to pick my brain and discuss – regardless if there is an opportunity for Algon or not.
Once again, wishing you and yours a happy, healthy and prosperous 2021. I look forward to seeing you in person soon!
The Algon Group
2457 Collins Avenue
Miami Beach, FL 33140