Imminent rate cuts by the Fed is generating renewed interest in the asset class, he said.
The five-star hotel is one of the trophy assets now on the market after the implosion of Signa Group.
Buyout funds are struggling to get the price they want for exiting investments.
High borrowing costs have hammered valuations and triggered defaults in the sector.
Pension plans and insurers have been piling into funds that invest in equity tranches of collateralized loan obligations.
Private credit has boomed into one of Wall Street's fastest growing industries.
Fund managers in this market are often valuing their loans more generously than others do.
Some properties are being sold at huge discounts, the banking unit's analysts say.
The asset manager has been one of the loudest prophets of doom on private credit.
Sovereign wealth funds and others want to unlock their previous investments before putting in more money
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