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Why Was Convention So Upbeat?

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Why Was Convention So Upbeat? 

By Howard Nusbaum

May 11, 2012

ARDA World 

This year’s convention was the best I’ve seen in years. And it’s not just that Las Vegas is such a great destination—what has changed is the mood of the industry. After several years of struggling in the economic downturn, things are changing. The feeling was electric.

I believe the biggest positive factor right now is renewed access to capital, which is driving built-up demand to make new deals and form new global alliances.

For some developers, especially those large enough to go straight to the “Street” for securitizations, the credit freeze began to melt in 2009. But for many mid-sized and smaller developers, the hypothecation lending took much longer to de-frost. It is only within the past six months that the world of credit has stabilized for the vast majority. The good performance of our consumer notes coupled with healthier balance sheets has opened a wider flow of capital for the larger part of the industry. And, if this downturn taught us anything, it is that access to capital is at the foundation of our business.

Pairing this with the positive changes the industry has made and the overall entrepreneurial spirit that exists among us made for an upbeat convention, and hopefully an upbeat year to come. 

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