The Evolution and Development of Equity REITS: The Securitization of Equity Structures for Financing the U.S. Lodging Industry

The mid-1 990s saw the alignment of real estate and capital markets. The prima y driver of such convergence was the increasing securitization of real estate debt and equity investments. This paper examines the evolution of Real Estate Investment Trusts (REITS) as innovative equity instruments during this period and their resulting impact on financing the U.S. lodging industry