By: Robert A. Rauch, CHA

No, we’re not talking about former President Bush.  The “W” hotel is the talk du jour as they basically handed the keys back to their lender this past week.  Is this the first of many to come? While the underlying market value of hotels typically declines only 20-30 percent during a recession, there will be some distressed assets that will trade at an even deeper discount.  In the case of the “W,” the owners, Sunstone, made a strategic decision. They are a public company with a non-recourse loan, and the value of the asset as well as the cash flow no longer footed to the debt on the property.  Any hotel purchased or refinanced in the “go-go” years of 2006 and 2007 might find themselves in a similar loan default.

What is the proximate cause of the decline in values and subsequent defaults?  One is the hotel finance market and the other is declining net income (NOI).  (more…)

SAN DIEGO, CA-  The family owned and operated Beni di Batasiolo Winery and Bistro 39 at the Hilton Garden Inn, San Diego/ Del Mar are teaming up for a Winemaker’s Dinner on June 13, 2009.  The evening begins at 6:30 and will feature a five course dinner paired with five fine wines from the Piemonte and Veneto region of Italy.

The Dogliani family, owners of Beni di Batasiolo, is the leading producer of Italy’s most elegant wine, Barolo.  With four generations of experience in the Piemonte area, the Dogliani family has mastered the DOC and DOCG wines that are exclusive to the Northwest region of Italy.

“We at Batasiolo are honored to experience some of our favorite wines along with the fantastic foods of Chef DiFolco,” said Stefano Poggi, the West Coast Representative for the Dogliani family.  “We look forward to a fun and unique evening where we can all take a trip from the fine living of Carmel Valley to the fine wine-ing of Langhe Hills.”

“The evening will be comfortable and interactive with a great speaker who knows each of the featured wines personally,” said Larry DiFolco, Executive Chef at Bistro 39.  “I’ll be cooking with the same wines being served, which will ensure a nice bridge of flavors.”

The first course features a Pinot Grigio Vento Caposaldo ’07 paired with seared scallops with toasted pine nuts and parsley sauce.  The Pinot Grigio Caposaldo, a wine created in honor of the Roman Empire’s most famous racing horse, is a wine with delicate white fruit and apple aromas offset by notes of acacia blossoms and almonds.

The second course pairs the Dolcetto d’Alba DOC ’07 with a grilled Portobello, mozzarella and tomato pizza.  The award winning, light and fruity red wine pairs nicely with the fresh flavors of the pizza, and is a great way to start the ascent into bigger red wines.

Course number three combines the smooth, extensively aged Batasiolo Barbera d’Alba, “Sovrana” with a roasted chicken thigh stuffed with sweet sausage and parmesan cheese.

The stars of the show come out in the fourth course, as the Barolo DOCG ’04 is paired with Osso Bucco.  The veal shank melts off the bone and into your mouth, as the Barolo creates an ethereal, dry and powerful mouth feel.

Finally, course number five features the Moscato d’Asti DOCG ’08, a dessert wine which is more fruity than sweet, alongside a Ricotta Cheesecake with roasted pears.

Call Bistro 39 at the Hilton Garden Inn, San Diego/ Del Mar (858) 720-9500 for reservations. The five course winemaker’s dinner costs $39.95 (plus tax and tip) per person.  Or, buy tickets online.