Some sponsors are mitigating this risk by raising their own pref tranches from their own investor base, thereby giving them control over the terms.In a strong up market it’s likely that rent growth and strong demand will drive up income, thus driving up value, which supports the ability to take out the pref.  

We are only in the Memphis TN and surrounding areas.

=========Hi, I want to Drive in a NASCAR race at 200 mph tomorrow.

Also get the CAD file on a drive and find a "Licensed Architect".

In most cases, I bring a printed lease when I exchange keys for payment, have them sign it, go home and make them a copy, and then either mail them their copy or drive it back over.

The address is 1315 Silver Maple Drive, Carrollton, TX 75007. 

It's quite a drive from Miami but you are more than welcome to attend.

There may be PM models out there that are hospitality based that can drive up revenue, and possibly not be 25%+ for you.

I.e, understanding data signals as to what drives your companies bottom line and where to focus your time for increasing NOI.

That may make a difference...Plus, adding some keywords (for me, I always add Chicago or surrounding suburbs) to your post will help get the right investors on it to give you the right advice.