Real Estate Roundtable Selects New Chair

The Real Estate Roundtable has named Daniel M. Neidich, co-CEO of New York-based Dune Capital Management LP, as its new chairman. He succeeds Hilton Hotels president and CEO Christopher J. Nassetta. Mr. Neidich said the most significant issue facing him as he takes over the leadership of the group is the ongoing liquidity and refinancing crisis that is forcing real estate owners into bankruptcy and pushing up delinquency rates on commercial mortgages. The remaining executive board members are: secretary, Robert S. Taubman, chairman, president and CEO of Taubman Centers Inc.; and treasurer, Jeffrey Schwartz, chairman of Global Logistic Properties. The Roundtable's current policy agenda includes a "Five Point Plan" for restoring liquidity to the credit market. While some of those steps have already been enacted, the group said additional policy action is needed to facilitate loan workouts and restructurings through temporary changes in the tax rules governing real estate mortgage investment conduits. Also needed is an overhaul of policies governing foreign investment in U.S. real estate. "The debt markets, including the CMBS market, are still generally dysfunctional, transaction volume remains at virtually zero, and commercial property values remain under downward pressure," said Mr. Neidich.