Services

Investment Banking & Private Equity

Specializing in hospitality investments, Hodges Ward Elliott provides comprehensive financial advisory, capital raising, financing and investment sales expertise.

Hotels are a complex investment class because each property represents a unique business entity linked to several other lines of businesses backed by real estate investments. At Hodges Ward Elliott, we advise clients with a range of services fundamental to their business. We take an integrated approach to client coverage by providing access to bankers who have industry- and geography-specific expertise across all investment banking products including:

Mergers & Acquisitions, Restructuring, Debt and Equity Capital Markets, Loans, Leveraged Finance

Whether it’s raising capital to meet growth objectives or identifying strategic business partners, Hodges Ward Elliott offers clients the most complete set of financial solutions and advisory services. HWE investment bankers partner with various product specialists to help clients achieve their strategic and financial objectives by identifying solutions and assembling an array of sources. Our expertise in financial services encompasses:

  • Strategic, financial and valuation advisory services utilizing our industry expertise • and contacts to advise senior executives and boards of directors with financial opportunities. HWE helps interpretmarket information and enhance shareholder value by providing general valuation services alongwith short- and long-term strategic options.
  • Private capital raising through the issuance of securities or serving as an intermediary between issuers and investors. HWE provides access to equity and fixed-income capital. With the assistance of leading capital market partners throughout the world, we’ve advised clients in the creation of specialized capital structures.
  • Mergers & acquisitions and restructuring advisory, including both sell-side and buy-side assignments and defense advisory when facing mergers & acquisitions. HWE helps clients secure private equity through merchant banking, real estate structuring, venture capitalists, and other capital sourcing entities. Our investment banking services have also helped clients arrange fixed-income principal transactions, privatization, monetization, and asset-backed securities.

Unrivaled by any other firm, Hodges Ward Elliott understands hotel businesses backed by real estate. We especially know the debt and equity capital markets critical for the analysis and evaluation of various transaction structures to determine the best strategy to meet client objectives and successfully execute the most favorable terms in the market. With our proven ability to articulate the value of a company and its investment opportunity to the capital markets, Hodges Ward Elliott aligns client and investor interests to efficiently and effectively raise capital.

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Investment Sales & Hotel Brokerage Services

One firm: 1,500 hotels - 300,000 rooms - $32 billion USD in property investment sales

Hodges Ward Elliott was founded in 1975 to serve clients with a complete package of real estate disposition services that cater solely to hospitality assets and portfolios. The firm quickly earned its reputation as the premier marketer for many of the world’s most valuable hotel investment opportunities.

Not just real estate, but compelling hotel business opportunities backed by extraordinary real estate soon became the specialty for Hodges Ward Elliott. Perhaps that’s why Real Estate Alert ranked Hodges Ward Elliott number one in hotel transactions over $25 million in 2007 and 2008. Our depth of experience with the full spectrum of ownership and transaction structures has allowed the firm to successfully negotiate transactions of all types, including portfolios, resorts, landmark urban hotels, major suburban properties, individual mid-scale and budget hotels, and mergers and acquisitions.

HWE specialists have an in-depth understanding of hotels, capital markets and real estate. We quickly and accurately pinpoint asset value and effectively market to deliver optimum results. Our clients include private and public companies, wealthy individuals, developers, fund managers, owner operators and various other sources of capital. We maintain close relationships to stay apprised of their investment criteria and individual needs as they navigate through economic cycles. We offer unsurpassed access to thousands of U.S. and international investors and capital sources as we work through our global colleagues to expose our clients’ hotels to investors.

When Hodges Ward Elliott brings an investment opportunity to market, we’ve already identified the best use and most probable investors to ensure a timely closing with greatest return on invested capital. Whether your interest is in dispositions or acquisitions, Hodges Ward Elliott understands how to maximize objectives.

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Debt Placement & Structured Finance Advisory

Hodges Ward Elliott has a wealth of experience in structuring and placing debt and equity transactions that suit our clients’ unique needs.

Hodges Ward Elliott has deep capital markets knowledge and unmatched hospitality real estate experience with single hotel transactions and portfolios of various sizes. We maintain senior-level relationships with capital sources and combine Wall Street expertise with tailor-made solutions, executable advice, and reliable financial counsel to successfully execute acquisition financing, refinancing, mezzanine and preferred equity financing, bridge loans, construction loans, and structured financing.

Solely focused on hospitality transactions, HWE advises clients with financial sources that provide debt solutions across the spectrum, from fully amortizing long-term debt and nonrecourse construction transactions to highly leveraged mezzanine, bridge, or preferred equity deals. Our methodology begins with understanding our client’s strategic objectives and alternatives followed by structuring a capital plan custom-suited to meet their needs. After analyzing historic operating performance and forecasts, we then apply competitive market knowledge and recommend a capital structure that best fits the client’s objectives. Next, we create a customized underwriting package and bring your opportunity to market. To secure competitive bids, we selectively promote the transaction by aligning the desired capital structure with goals that match potential lenders. This allows us to ensure we negotiate and close the best possible terms. Once the lender is selected, we support the client in negotiating the application, managing the due diligence and handling any issues that arise through execution and closing.


HWE provides clients with a recommendation that takes into account their business plan, an assessment of the relative attributes of the proposed transaction structures, our experience with each of the capital providers, an overview of the process, and the probability of the deal closing under the proposed terms. We have solid relationships and substantial “buying power” with a broad array of lenders, including:

  • Finance companies
  • Mortgage REITs
  • Life insurance companies
  • Pension funds
  • Regional, national and international banks
  • Private equity and opportunity funds
  • Securitized lenders

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Valuations & Strategic Investment Planning Advisory

In today’s business environment, every investor needs an understanding of the fair market value of their assets. Hodges Ward Elliott has the depth and experience to provide accurate opinions of value so owners can make informed decisions.

Today, more than ever, businesses facing major strategic decisions often require assistance with transaction options or strategies for maximizing value. Our strategic investment planning services provides sound advice and analytical guidance by considering internal rates of return, the need for liquidity, diversification of wealth, and realistic risk factors. HWE valuations and strategic investment planning advisory include the following capabilities:

  • Business Valuations
  • Fairness Opinions
  • Buy-Sell Agreements
  • ESOP Valuations
  • Minority-Control Investments
  • Strategic Advisory

Timing is critical to realizing capital appreciation. It’s essential to know precisely what a single hotel, specialized asset or a portfolio is worth in the face of rapidly changing markets. Whether a portfolio owner, an institutional investor or a lender, having an accurate valuation of a hotel asset helps to make the right investment decision. Hodges Ward Elliott provides the answer and confidence to act decisively.

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Special Services Advisory

Hodges Ward Elliott provides the necessary information for special servicers and banks to return loans to performing status.

Special servicers and banks play an important role in reducing losses associated with troubled loans, including the administration and disposition of troubled loans.

The market for commercial mortgage-backed securities is ever-changing, and recent turmoil in mortgage markets has made it imperative to understand any source of inefficiencies, conflicts, further risks and alternate opportunities. Since first-loss investors have the most at stake when a loan fails to perform, a quick and thorough analysis is necessary to determine which actions (modification, foreclosure, etc.) maximize the position of the first-loss investors.


At Hodges Ward Elliott, we investigate and compare the real market value of hospitality assets given different variables, with particular attention to opportunities that improve the property’s financial performance. aWe help consider and value strategic alternatives that include repositioning and terms associated with capital markets, brand affiliations, operators, and other obligations that comprise the best use of the asset. In providing these alternate plans, we also provide property brokerage and other investment services as deemed appropriate to the special servicer and bank.

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