Al,
Wish I could share your optimism about the poor financial condition of
Extended Stay Hotel as a hopeful sign in the fight to stop the Campus Inn
project.
However, I believe the partner with Adelman, Lussenhop and Penn is the
Hersha Hotel Group, which just released a fairly good third quarter 2008
report.
I suspect Adelman is feeling no pain financially, not with the $1.1 billion
dollar backing he gets from the government of Singapore's real estate
investment arm. And Penn is dealing with any potential downturn in its
fortunes the
good ol' American way - it's laying off workers! So, unfortunately, I
believe the bad economy does not necessarily represent an impediment to the
Campus
Inn project's ultimate success. Only the honesty and decency of the members
of the involved city commissions can stand in its way, so I think one can be
forgiven for being a little pessimistic.
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