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.
Really appreciate it, extremely helpful, thanks.
Can confirm Evercore is predominately focused on advisory/M&A.
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
You may want to look at Eastdil as well even though not traditional M&A but high-level institutional capital markets brokerage. They advise on many portfolio-level recapitalizations, new fund raises, lines of credit, etc...
Along those lines, you also have JLL, CBRE, Brookefield (M&A division).
On the above list, I would put Goldman, JP Morgan and Citi (not necessarily that order) above credit Suisse, UBS and Evercore. Lending drives deal flow in the reit banking space meaning if you lend to a company they are more likely to hire you for M&A or equity raises. Jefferies also has a pretty great real estate group
Be careful to avoid the places that raise capital for PE funds - I think PJT does this. You’re basically just marketing a funds strategy rather than doing deals
Could you expand on this at all? I'm asking broadly, but if you can add more color to the types of firms to avoid/pursue then that'd be helpful. I'm looking for my next role to be more 'deal' focused as opposed to raising 'capital for PE funds'.
Completely inaccurate regarding PJT. You’re talking about the secondaries group (Park Hill) not the M&A group which has a very strong REGL team. Did the Caesars Eldorado deal earlier this year.
remax / century 21 / douglas elliman
Anyone can comment for REGL in London?
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
Autem praesentium voluptatem quam. Nihil rerum odit itaque. Ea quia delectus laboriosam. Ut tenetur tempora ipsum perspiciatis doloribus mollitia omnis. Cupiditate voluptates sapiente exercitationem quos eius.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...