Hotels are the canary in the mine when times are tough but the harbinger of spring when times are good.” That quote, from Phil Nichols, a founding partner of Pircher Nichols & Meeks, hits the nail on the head when describing the hospitality industry. GlobeSt.com recently caught up with Nichols and partner Michael Scheinberg, of the Los Angeles-based real estate law firm to talk about hotels and some specifics regarding investing, workouts and financial restructuring within the distressed hospitality market.

GlobeSt.com: Who is investing in distressed hotel debt? What are the returns?

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