Best Real Estate/Gaming & Lodging Groups On The Street
I've been working for a real estate owner/developer for the last two summers in NYC, about to enter my last semester at a semi target (was a transfer student which threw off my graduation date). I've become really interested in REITs this summer and have been looking into investment banks that cover real estate as well as gaming and lodging. I've had a few calls with analysts in RE/G&L groups that have gone well but I just wanted to see if people here had any input into which banks have the best groups in that coverage area. Thanks, everyone.
Morgan Stanley Credit Suisse Evercore BAML UBS
You will see mostly larger banks focus on that industry because of the balance sheet requirements. From an advisory perspective, there is relatively minimal M&A advisory transactions since REIT's are already fairly consolidated / few out there. Tends to be mostly capital raising from the IB side.
I am not sure exactly what Evercore's group entails, but I would expect it to be for M&A / strategic advisory based.
This list is terribly inaccurate. In the US, UBS pretty much only does follow-ons in real estate and CS is only active in gaming. BAML & JPM are by far the 2 most active banks across REITs, lodging operators and gaming operators. Goldman & MS are also great, but have smaller groups in terms of headcount and participate less on the debt financing side. Citi does well with REITs, but haven't seem them do much in lodging and gaming is covered out of media at Citi. Barclays is getting better in the REIT space and DB does well with gaming & lodging (these are lev fin plays). CS/UBS/RBC have a light real estate presence in the US.
DB G&L rockstars have left to PJT, Barclays RE is trash
remax / century 21 / douglas elliman
These people obviously do not know wtf they are talking about. BAML dominates in REGL and then JPM and Citi. DB used to be good but because they are in the shit hole and other banks are taking advantage of this by trying to steal market share. I would also look into greenstreet and PJT
BAML, JPM, Citi, Eastdil