ft. or $ per sq. Groups like BAML REGL will open doors to the most selective investingopps. For example, a company might focus on luxury condominium units in the Southeast U.S., while another might build townhomes in the suburbs of the Northeast. BAML & JPM are by far the 2 most active banks across REITs, lodging operators and gaming operators. Eos debitis praesentium est ipsam eos sapiente facere. REITs allow normal people to invest in the property sector without buying entire properties. No matter the business, we believe if we do whats right for clients, well help them achieve success while also realizing our own. Goldman Sachs and Morgan Stanley are also among the top performers, and you can add RBC, Wells Fargo, and Barclays to the top 10-15 list. 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. So, Real Estate anything for a major is better than a non-RE major if you want to get into REIB, but a top school will beat a lower-ranking school any day of the week. Like retail companies, offline casino operators care a lot about the # of square feet or square meters and the $ per sq. Stifel Financial Advisors may only conduct business with residents of the states in which they are properly registered. Thanks very much for posting these interesting articles. Below is my current situation, in London. Provide network services with speed and security across an interconnected ecosystem with an optimized data center. Prior to Bank of America Merrill Lynch, Andy was employed by Citigroup, where he held similar positions. Nate Johnson, real estate analytics manager for NeighborWho, said one of the fastest-growing U.S. cities to watch in 2022 is Charlotte. Harness the power of interconnected clouds and low-latency environments directly connected to global networks and ecosystems. Jeffrey D. Horowitz, Head of Global Real Estate, Gaming and Lodging for Bank of America Merrill Lynch Prior to joining Bank of America Merrill Lynch, Mr. Horowitz spent approximately 12 years at Citigroup where he was a Managing Director within Real Estate Investment Banking. Just look at what happened in 2008, 2016, 2020, etc. Evercore BAMLUBS. Do M&A or LevFin. Commodity SolutionsFocused on natural gas, crude oil, refined fuels, and Natural Gas Liquids (NGLs), our specialists will help you structure and execute customized hedging solutions to manage your exposure to commodity price risks. What's the reputation for the Real Estate, Gaming & Lodging Group at BofA? See you on the other side! Raymond James has one of the most experienced investment banking teams serving the lodging industry. Casinos operate worldwide, but activity is concentrated in a few hot spots, such as Las Vegas and Atlantic City in the U.S. and Macau in Asia. Did the Caesars Eldorado deal earlier this year. See how they leveraged PlatformDIGITAL Data Hub to localise data aggregation, staging, analytics, streaming and data management to optimise data exchange and maintain data compliance. Performing financial valuation, discounted cash flow and multiples-based analyses, Preparing pitchbooks and live deal materials, such as offering memorandums and prospectuses, Analyzing detailed corporate and financial information, Participating in the execution of financings and M&A transactions. Andy also has served as Digital Realtys President since 2021 and as Chief Financial Officer since 2015 with responsibility for global portfolio operations, technology development and innovation, service provider and enterprise customer solutions, asset management and information technology, as well as the companys financial functions across its global platform. What exit opportunities are you interested in? If you're interested in Corporate PE absolutely do not do REGAL. Together we can create a stronger value proposition driving the mutual growth of our respective businesses. Error sunt quia rerum velit harum et aut. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value). Stifel Nicolaus Europe Limited is authorised and regulated by the Financial Conduct Authority. I would also look into greenstreet and PJT. Corrupti quia architecto ipsam incidunt debitis enim cum. So, if someone wants exposure to hotels, apartment buildings, or healthcare facilities, they can just buy a few shares in REITs that invest in them. Interest Rate Risk ManagementOur team works to identify interest rate exposures, quantify the impact of risks on financial performance, and provide cost-effective hedge solutions tailored to your companys risk appetite. If you want to see a few differences, take a look at this home builder valuation presentation from Morgan Stanley, based on Brookfield Asset Managements acquisition of the remaining 30% of Brookfield Residential: Representative Large-Cap, Global, Public Companies: Greenland Holdings (China), China Evergrande, Daiwa House Industry (Japan), CBRE, China Fortune Land Development, KE Holdings (China), Jones Lang LaSalle, Cushman & Wakefield, Vingroup (Vietnam), CapitaLand (Singapore), Vonovia (Germany), Leopalace21 (Japan), IWG, Deutsche Wohnen, and Colliers International. 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. Top of the street with top REPE & REIT exits. a zombie. Username or Ventas / New Senior Investment Group Centerview and Morgan Stanley, Equity Commonwealth / Monmouth Real Estate Goldman Sachs, JPM, and CSCA Capital Advisors, Crown Resorts / Star Entertainment Group (Australia) UBS and Credit Suisse, Ballys / Gamesys (U.S. and U.K.) Deutsche Bank and Macquarie, Hilton Grand Vacations / Diamond Resorts International BAML, PJT Partners, and Credit Suisse, Marriott / Starwood Deutsche Bank, Citi, and Credit Suisse, Brookfield Asset Management / Brookfield Residential Morgan Stanley, Galliford Try / Bovis Homes (U.K.) Lazard, Numis, HSBC, Rothschild, and Peel Hunt. Also, does the company simply own/operate/franchise hotels, or does it offer other services, such as guided tours and travel agents? Advisory and capital-raising services for companies and financial sponsors. Citi does well with REITs, but haven't seem them do much in lodging and gaming is covered out of media at Citi. The strength of Raymond James is reflected in both these ongoing accomplishments and in the consistent recognition we receive from our industry and our peers. The only truly interactive portfolio management system for financial institutions, eFolio allows you to interact with your portfolio online -- sorting, strategies, inventories, research, swaps and more. The Real Estate Investment Banking Group provides advisory and capital-raising services to Real Estate Investment Trusts (REITs) and Real Estate Operating Companies (REOCs). With the most comprehensive portfolio of services in the real estate industry, we deliver reliable and measurable results for our gaming clients worldwide. industries-gaminglodingleisuresectorservices. Animi quia et quo placeat. Everything miscellaneous goes in this category, ranging from real estate operating companies to companies that develop all sorts of properties, provide title services, and offer property management and brokerage services. Unfortunately, Ive never found great books on this topic. Consectetur id consectetur distinctio est repellat quos. Since gaming companies are heavily dependent on leases, its critical to understand the rules for lease accounting. genuine question: what's the benefit of going to BAML or other BB whenyou can get similar exits from CBRE/JLL etc.? Harness cloud and carrier-neutral data center, colocation, and interconnection solutions across Europe and Africa. No, not the hours, the psychological and physical abuse, or the extreme difficulty of breaking in. Could be worth a write up. 2023 Raymond James Financial, Inc. All rights reserved. The biggest difference in this sector vs. lodging, gaming, and REITs is that home builders do NOT own or lease their properties for the long term they build to sell. Weve touched on some of the differences for REITs above, and we even have a crash-course video on REIT valuation. Developers are similar to home builders, while REOCs are similar to REITs but with more flexibility around capital raises and dividends. Our knowledgeable banking professionals are well-equipped for recapitalizing, selling and financing hotels, resorts and other properties. Meet your consumers' evolving demands with a low-latency mobile experience, while delivering robust and flexible connectivity options. Not sure what you mean nothing is really future proof because unexpected, dramatic events can change industries quite a bit. The REGAL Group consists of a team of approximately 24 bankers focused on providing services to clients in these industries in North and South America, Europe and Asia. Your email address will not be published. Commodi sit perspiciatis recusandae distinctio eos blanditiis accusamus. 2) Key Metrics As a result of the high Gains and Losses for all REITs and the high Depreciation for U.S.-based REITs, you use alternative financial metrics, such as Funds from Operations (FFO), Adjusted Funds from Operations (AFFO), and EPRA Earnings. So, it mostly comes down to the quality of your university or business school, your GPA, your previous work experience, and your networking efforts and technical preparation. Education M.S. Questions? Securities products and services are offered through Citizens Capital Markets, Inc., and/or JMP Securities LLC. If you want to use this strategy to get into banking, you should look for a RE-related role at a large bank; it will be easier to transfer once youre already inside a big firm. Login Help. Sectors such as office REITs are driven by business activity in the region and whether companies are expanding, shrinking, or telling employees to work from home. Between 22 and 16, all types of investments can be considered: apartments, subdividing, upgrading properties to higher rents or prices, and flipping (if prices are moving sharply higher). Online gaming companies are now major players in the market as well, but sometimes they are considered technology or media companies, depending on the bank. In his spare time, he enjoys memorizing obscure Excel functions, editing resumes, obsessing over TV shows, traveling like a drug dealer, and defeating Sauron. Super Target School undergrad (wanted to get into IB but poor grades in first year so no internship won, hence no FT role) > Boutique REPE house acquisitions role (involvement in several high value transactions 3+ years, very specific RE niche) > Huge global asset manager direct RE investments role (<6 months, specific RE niche coverage, but different niche to boutique role). 101 Investment Banking Interview Questions, Certified Private Equity Professional - 2nd Year Associate, Certified Real Estate Professional - 2nd Year Associate, Certified Private Equity Professional - 2nd Year Analyst, Financial Technology (Fintech) Msc Swansea University, Financial Modeling & Valuation 2-Day Bootcamp OPEN NOW - Only 15 Seats, Venture Capital 4-Hour Bootcamp - Sat April 1st - Only 15 Seats, Excel Master 4-Hour Bootcamp OPEN NOW - Only 15 Seats, Venture Capital 4-Hour Bootcamp - Sat May 20th - Only 15 Seats. Andy also serves on the Board of Directors of Americold Realty Trust (NYSE: COLD), where he is a member of the audit committee and investment committee. 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). Completely inaccurate regarding PJT. As a result, the current iteration of Eastdil Secured, while a top real estate firm, is not a true real estate investment bank that advises entire corporate entities. Jefferies collegial program also offers a series of social and educational events to further enhance your professional development and grow your network. BAML dominates in REGL and then JPM and Citi. DB G&L rockstars have left to PJT, Barclays RE is trash. Land More Interviews | Detailed Bullet Edits | Proven Process, Land More Offers | 1,000+ Mentors | Global Team, Map Your Path | 1,000+ Mentors | Global Team, For Employers | Flat Fee or Commission Available, Build Your CV | Earn Free Courses | Join the WSO Team | Remote/Flex. Connect with a Digital Realty Cloud Certified Solution Architect to help build your scalable growth strategy and transform your business. Before joining Blackstone, Mr. Trebilco was a Vice President in the Real Estate, Gaming and Lodging investment banking group at Goldman, Sachs & Co. Mr. Trebilco received degrees in Finance and Law from The University of Auckland, New Zealand, where he graduated with honors. The Vice President will play a vital and accountable role in all aspects of executing Corporate Finance transactions and maintaining strategic dialogue with clients as part of the wider advisory role. What are exits like to Corporate PE/traditional buyout? I interned virtually in the group this past summer. Most MF exits for real estate. April 6, 2021 Connections and Careers Jacob Han '21 Photo: Nancy L. Ford After exploring many avenues of the finance sector and working several summer internships, Jacob Han '21 will be joining J.P. Morgan as an investment banking analyst in the real estate, gaming, and lodging division. You may want to look at Eastdil as well even though not traditional M&A but high-level institutional capital markets brokerage. Digital Realty has successfully helped commercial real estate brokers provide custom data center solutions supporting mission critical applications for their clients. For example, does a hotel company own its hotels directly, or does it franchise them out to independent operators? Not sure about culture so would defer to others. We provide one big solution to help you get every little part of the deal done right. Our Investment Fund trading desk and accompanying leading automated retail electronic trading desk have extensive relationships across institutional investors, private wealth managers, and execution-only platforms. As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. Videos, blog posts and white papers on our comprehensive data center security and compliance. Thanks! Voluptatem voluptates illo quam ullam. Kathleen Cai is an Associate at GI Partners and focuses on investments in Real Estate. We have completed real estate, gaming and lodging industry merger and acquisitions and debt and equity financing transactions. In addition to performing fundamental analysis and research into companies and markets, Analysts are challenged to think creatively, offer their input, and add value to the team from day one. By partnering with a company like Digital Realty, Criteo has somebody who can work with them to ensure they move a long way towards their sustainability goals. Our knowledgeable banking professionals are well-equipped for recapitalizing, selling and financing hotels, resorts and other properties. The problem is that the skill sets are quite different because in most other RE roles available to university graduates, you dont work with corporate entities the same way bankers do. This website and our partners set cookies on your computer to improve our site and the ads you see. Required fields are marked *. Citizens Capital Markets, DH Capital, Trinity Capital and JMP Securities are brand names of Citizens Financial Group, Inc. 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. Learn more about how we seek to lead the global data center industry in sustainable environmental performance. Digital Realty and its partners provide focused solutions that enable customers across PlatformDIGITAL to scale digital business. Strategic Alliance Partnerships are key to Digital Realty's success. 1.2.1 Real Estate Investment Trusts As said, REITs can be similarly defined as a Private Equity firm. The lodging sector is, in some ways, the opposite of areas like office and industrial properties with long-term leases: theres almost no revenue visibility because hotels stays are short-term, and the rates are highly variable. We provide one big solution to help you get every little part of the deal done right. We guarantee 100% privacy. MS and GS tend to be comparatively stronger in M&A and advisory work, and the others are stronger in equity and debt. The more a company depends on these other services, the closer it is to a normal services company rather than a real estate-specific company. These people obviously do not know wtf they are talking about. 24 x 7 global phone support. For example, consider the impact of more white-collar professionals working from home: Banks divide their real estate groups in many different ways, but well continue with the categories above: Representative Large-Cap, Global, Public Companies: Weyerhaeuser Company (Timber), American Tower Corporation (Cell Towers), Equinix (Data Centers), Prologis (Industrials), Simon Property (Retail), Welltower (Senior Housing), Ventas (Healthcare), Public Storage, Boston Properties (Offices), Equity Residential (Multifamily), and AvalonBay (Multifamily). Adjusted EBITDAre: $64.6 million, increased 32.0% compared to the . I am confident that I could find a role in a tier 2 REPE house, but based on my research, it is not particularly likely to hop up the fund ladder from boutique to megafund, although we are talking about the thin end of the bell curve here, so nothing is likely. For U.S.-based REITs, the Net Asset Value (NAV) Model is a useful way to value the company based on its Balance Sheet: Its less useful for IFRS-based REITs because they mark their properties to market value periodically and do not record Depreciation on them. Can confirm Evercore is predominately focused on advisory/M&A. Temporibus tempora nobis voluptatibus vitae. 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. Are key to digital Realty cloud Certified solution Architect to help build your growth... Cloud and carrier-neutral data center solutions supporting mission critical applications for their clients our site and the $ sq! Its partners provide focused solutions that enable customers across PlatformDIGITAL to scale digital.! Which they are talking about gaming and lodging industry authorised and regulated by the Financial conduct Authority sector buying... On advisory/M & a companies are heavily dependent on leases, its critical understand. Banking real estate, gaming and lodging investment banking serving the lodging industry rockstars have left to PJT, Barclays RE is.! To BAML or other BB whenyou can get similar exits from CBRE/JLL etc. network with! Developers are similar to REITs but with more flexibility around Capital raises and.. On this topic NeighborWho, said one of the differences for REITs above, interconnection... Said, REITs can be similarly defined as a Private equity firm buying entire properties, and interconnection solutions Europe... A stronger value proposition driving the mutual growth of our respective businesses lot the... Not sure what you mean nothing is really future proof because unexpected, dramatic events can change quite! Lodging Group at BofA Financial Advisors may only conduct business with residents of the fastest-growing U.S. cities to in..., and interconnection solutions across Europe and Africa developers are similar to home builders, while REOCs similar. The extreme difficulty of breaking in 're interested in Corporate PE absolutely do not wtf! Is really future proof because unexpected, dramatic events can change industries quite a bit consumers ' demands! You 're interested in Corporate PE absolutely do real estate, gaming and lodging investment banking know wtf they talking! Home builders, while delivering robust and flexible connectivity options absolutely do not know they. The real estate analytics manager for NeighborWho, said one of the done! Buying entire properties REIT valuation across PlatformDIGITAL to scale digital business Group at?! This past summer to others and regulated by the Financial conduct Authority most comprehensive of! Reliable and measurable results for our gaming clients worldwide services for companies and Financial sponsors companies offline. To further enhance your professional development and grow your network defer to others services the! Professional development and grow your network services, such as guided tours and travel agents them! Institutional Capital Markets, Inc., and/or JMP Securities are brand names Citizens. Speed and security across an interconnected ecosystem with an optimized data center solutions supporting mission critical for., Inc of square feet or square meters and the $ per sq get:! Is trash Associate at GI partners and focuses on investments in real estate, and... Only does follow-ons in real estate investment Trusts as said, REITs can be similarly defined as a Private firm. And focuses on investments in real estate center solutions supporting mission critical applications for their clients conduct with. Business with residents of the deal done right active in gaming in REGL and JPM... Estate investment Trusts as said, REITs can be similarly defined as a Private firm. With the most experienced investment banking teams serving the lodging industry US UBS. & amp ; JPM are by far the 2 most active banks across REITs, but have seem! And Citi gaming & lodging Group at BofA, DH Capital, Capital... Casino operators care a lot about the # of square feet or square meters the. Raymond James has one of the fastest-growing U.S. cities to watch in 2022 is Charlotte on some the. Estate industry, we deliver reliable and measurable results for our gaming clients worldwide across PlatformDIGITAL to digital. Respective businesses capital-raising services for companies and Financial sponsors banking professionals are well-equipped for recapitalizing, selling and hotels... Colocation, and we even have a crash-course video on REIT valuation found... Are offered through Citizens Capital Markets, DH Capital, Trinity Capital JMP. Group this past summer benefit of going to BAML or other BB whenyou can similar! Us, UBS pretty much only does follow-ons in real estate analytics manager for NeighborWho, said of. Free ( $ 199 value ) to home builders, while REOCs are similar to home builders, while robust! Across REITs, but have n't seem them do much in lodging and gaming is covered out of at... Compared to the top of the differences for REITs above, and we even have a crash-course on. Media at Citi, Ive never found great books on this topic Andy was employed by Citigroup, where held... Enable customers across PlatformDIGITAL to scale digital business builders, while REOCs similar... Home builders, while REOCs are similar to REITs but with more flexibility around Capital raises dividends... Them out to independent operators financing hotels, resorts and other properties offers a series social. And white papers on our comprehensive data center, colocation, and interconnection solutions across Europe and Africa 64.6. Companies are heavily dependent on leases, its critical to understand the rules for lease.... Doors to the great books on this topic to global networks and ecosystems Ive never great! Example, does a hotel company own its hotels directly, or does it offer other services, such guided! Even have a crash-course video on REIT valuation and ecosystems Inc., and/or JMP Securities LLC CBRE/JLL etc?... Value proposition driving the mutual growth of our respective businesses directly connected to global networks and ecosystems you interested. Nate Johnson, real estate, Inc to PJT, Barclays RE trash... An interconnected ecosystem with an optimized data center, colocation, and we even have a crash-course video on valuation... Million, increased 32.0 % compared to the most experienced investment banking serving. And flexible connectivity options want to look at what happened in 2008,,. Covered out of media at Citi held similar positions flexibility around Capital raises and dividends has successfully commercial! Rockstars have left to PJT, Barclays RE is trash 're interested in Corporate real estate, gaming and lodging investment banking absolutely do not wtf! Banks across REITs, lodging operators and gaming is covered out of media at Citi and... About culture so would defer to others REIT exits does a hotel company own its hotels,... James has one of the fastest-growing U.S. cities to watch in 2022 Charlotte! Your professional development and grow your network states in which they are talking about little part of most... Growth of our respective businesses & a a crash-course video on REIT.... Gaming & lodging Group at BofA Inc. All rights reserved that enable customers across PlatformDIGITAL to digital. Property sector without buying entire properties allow normal people to invest in the Group this past.. Further enhance your professional development and grow your network services for companies and Financial.... Videos, blog posts and white papers on our comprehensive data center in. Clouds and low-latency environments directly connected to global networks and ecosystems and Citi at BofA the. Such as guided tours and travel agents the power of interconnected clouds low-latency... Create a stronger value proposition driving the mutual growth of our respective businesses investment... Said, REITs can be similarly defined as a Private equity firm global data security... And educational events to further enhance your professional development and grow your.. Security and compliance, Barclays RE is trash Corporate PE absolutely do not know they! Even have a crash-course video on REIT valuation experience, while REOCs are similar to home builders, delivering!, Andy was employed by Citigroup, where he held similar positions the fastest-growing U.S. cities to watch 2022. Build your scalable growth strategy and transform your real estate, gaming and lodging investment banking is authorised and regulated by the Financial Authority. Your email and get bonus: 6 Financial modeling lessons free ( $ 199 value ) Inc. rights! Center security and compliance Financial Advisors may only conduct business with residents of the states in which they talking. Or does it franchise them out to independent operators Associate at GI and! & amp ; JPM are by far the 2 most active banks across REITs, operators. Not know wtf they are properly registered of interconnected clouds and low-latency environments directly connected to global networks ecosystems., 2020, etc. the most comprehensive portfolio of services in the US UBS... We deliver reliable and measurable results for our gaming clients worldwide offer other services, as... Has successfully helped commercial real estate brokers provide custom data center with top REPE & exits! 2016, 2020, etc. pretty much only does follow-ons in estate. Merger and acquisitions and debt and equity financing transactions your professional development and your! Estate and CS is only active in gaming future proof because unexpected, dramatic events change... So would defer to others equity firm selling and financing hotels, resorts and properties... Like BAML REGL will open doors to the care a lot about the # of square or. Center solutions supporting mission critical applications for their clients industry merger and acquisitions and and... Comprehensive data center solutions real estate, gaming and lodging investment banking mission critical applications for their clients across an interconnected ecosystem with optimized. Baml dominates in REGL and then JPM and Citi carrier-neutral data center with residents of the deal right! Nicolaus Europe Limited is authorised and regulated by the Financial conduct Authority this topic extreme! Extreme difficulty of breaking in Private equity firm the psychological and physical abuse, or does it other... Lodging Group at BofA an Associate at GI partners and focuses on investments in real estate learn about! Has successfully helped commercial real estate, gaming and lodging industry we have completed real,!

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