“You can cut people in five minutes but if you need to rehire them, you’re going to have a tough time getting them back,” said industry consultant Paul Hindman.
Blackstone Real Estate Partners and Starwood Capital will be using proceeds from the mortgage loan to acquire Extended Stay America’s portfolio, fund working capital and pay closing costs.
Nonbank originators that have been hoarding MSRs for the past 16 months are sitting in the catbird seat. Some bids are just shy of top dollar. Time to pull the sales trigger?