AH-July-2024
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July 2024 | Volume 25 #227
The Voice of Asian American Hoteliers
Getting an
early start
Young hoteliers taking care of
business in their teens
Securing a
touchless future
Contactless hospitality tech trending
despite security challenges
Hotel companies in the news include:
Peachtree Group, Vision Hospitality Group, Park Ave. LLC
Not just a drop
in the bucket
Hospitality organizations are
adopting water and power
conservation initiatives
15
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Krish Tolani, 17, in foreground reading plans,
overseeing an ongoing renovation at 74-room
Holiday Inn Express in Alamosa, Colorado,
expected to cost $20,000 a key. Tolani, who
oversaw his first hotel PIP last year, is one of a
growing number of young people entering the
hotel industry in increasingly important roles.
Cover Story
News
Sustainability
Design
Product Feature
20 | Getting an early start
Young hoteliers taking care of business in
their teens
5 | Former AAHOA Chairman MP Rama
passes away
The 74-year-old co-founded Auro Hotels
with his brothers
6 | Oklahoma hotel owner dead after
assault
Mistry is the second Indo American hotelier
to die from on-duty violence this year
7 | AAHOA, AHLA applaud passage of No
Hidden FEES Act
The act would establish a uniform standard
for transparent and mandatory fee
displays in the lodging industry
8 | Hilton to double lifestyle portfolio to
700 hotels in four years
Hilton to double lifestyle portfolio to 700
hotels in four years
10 | Report: Hilton, Hyatt lead in value,
Taj is strongest brand
Hilton and Hyatt are the only two U.S. hotel
brands to feature in the list
Peachtree issues $40 million CPACE
financing for AC Hotel San Diego
BLG San Diego LLC opened the 147-room
hotel in March 2023
11 | HSMAI Global introduces hotel sales
leader certification program
Applicants need a minimum of two years'
sales experience in hospitality
12 | AHLA: U.S. hotels add 700 jobs in
May despite workforce challenges
Survey found 76 percent of hoteliers are
experiencing a stafÏng shortage
15 | Not just a drop in the bucket
Hospitality organizations are adopting water
and power conservation initiatives
18 | Showing a little Moxy
Vision Hospitality opens first hotel in Boulder,
CO, since 2018
26 | Securing a touchless future
Contactless hospitality trending despite
security challenges
On the cover
14 | LE: U.S. leads global full-service
hotel pipeline in Q1 with 2,272 projects
Dallas and Los Angeles are among the top
five cities globally in the pipeline
Canary secures $50 million to research
AI guest tech
Insight Partners led the round, with existing
investors participating
COMING
NEXT ISSUE:
More hospitality news
Contents
08
10
11
14
15
18
06
www.asianhospitality.com
July 2024 | Issue 227
Gujarati translation of top stories
begins on page 30
ISSN 1938-8837
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Prevent a
‘misinformation spiral’
ehind me, the news on TV is showing a loop of the moment some
misguided young man apparently took a shot at Donald Trump. It’s
the day after the assassination attempt in Pennsylvania, and this is the
second version of my editorial on the subject.
I’m rewriting it because, like many people, I assumed the attack
was politically motivated. However, the more we learn about 20-year-old Thomas
Matthew Crooks, the alleged shooter killed at the scene, the more I’ve come to
believe the attack was not politically motivated, and that changes the nature of the
discussion we should have.
Let me be clear, and I know some of you will be shocked and disappointed to hear
this, but I do not support Donald Trump. Indeed, I am vehemently opposed to giving
him a second term in ofÏce and consider him dangerously unqualified to hold the
ofÏce of president.
However, let me be equally clear that I do not wish to see him dead. I want him to
run in November and, hopefully, be voted down by a majority of Americans, because
that is how it is supposed to work.
What motivated Crooks, while it remains under investigation, appears to resemble
more the story behind most mass shooters in modern America. He was a Pennsylvania
native and a registered Republican who once donated to a Democratic PAC.
This year’s presidential election would have been the first one in which he would
have been old enough to vote. He was quiet. He was bullied in high school. He had his
father’s AR-15 and some primitive explosives in his car.
Political assassins tend to leave manifestoes or some other expression of the
political ideology that motivated their actions. Mass shooters are more motivated
by a desire to create a story of disaster with their actions merely to maximize the
attention they receive.
I believe the Trump rally was simply a target of opportunity for Crooks. It was a
major event, with a lot of media attention, happening within an hour’s drive of where
he lived at the moment when his internal pressures hit critical mass.
However, within minutes of the incident, some rally attendees began shouting
accusations at members of the media, saying the shooting was their fault. The
conspiracy mill began churning, including some proposing that Trump staged the
attempt to draw ratings (ridiculous!) to, unsurprisingly, accusations on social media
by right wing politicians such as Marjorie Taylor Greene blaming President Biden for
the attempt.
To me, then, today’s challenge is to prevent a misinformation spiral that leads to
further violence that actually will be politically motivate. That’s up to all of us and it
means we all need to think and verify the information we spread.
I’m sure I can count on you.
Edward J. Brock, Senior Editor
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Editor's Letter
04
www.asianhospitality.com
July 2024 | Issue 227
05
News
www.asianhospitality.com
July 2024 | Issue 227
AHOA Past Chairman Manhar P.
“MP” Rama passed away Sunday
at age 74. Rama was a co-founder
with his brothers of JHM Hotels that
later became Auro Hotels in Greenville,
South Carolina.
Rama was born in Africa and raised
in India, according to Auro Hotels.
He completed high school in Gurukul
Supa, Navsari, and graduated from M.S.
University of Baroda with a degree in
civil engineering. In 1973, he came to
the U.S. and attended California State
Polytechnic University in Pomona,
California, where he earned a master’s
degree in engineering. He worked with
the city of Pomona before entering the
hotel business.
“In the teachings of Sri Aurobindo, we
learn that life is a journey of the soul,
and my brother, M.P., lived this journey
with unwavering devotion, love, and
integrity,” said HP Rama, Founder of
JHM/Auro Hotels. “His contributions to
our family and the hospitality industry
are immeasurable. We will honor his
memory by continuing to embody the
values he held dear. M.P.’s spirit will
remain a guiding light for all of us.”
MP Rama served as AAHOA chairman
from 2005 to 2006, according to a
statement from the association. His
brother is AAHOA founder HP Rama and
AAHOA past chairman Jayanti P. “JP”
Rama, who passed away in February
2022.
At AAHOA’s 2022 Convention & Trade
Show in Baltimore, Maryland, Rama
received the Cecil B. Day Community
Service Award. At that time, he said,
AAHOA allowed him to develop himself
“professionally and as a person,” and
gave me an opportunity to expand my
skills and the ability to think ahead and
handle more responsibilities.”
"I've known MP Uncle for many years
now, and he's always been a very big
advocate for young professionals,
providing me personally with guidance
in my journey at AAHOA,” said AAHOA
Chairman Miraj Patel. “On behalf of
the AAHOA Board and leadership, we
extend our sincere condolences to the
family and all who knew and loved him."
Rama is survived by his wife, Surekha,
and children, Sima and Vinay Rama,
along with his two brothers, HP and
Raman “RP” Rama, and his sisters,
Madhu Vivek, Hansa Deva, Pushpa Lala
and Pravina Thakor.
He also served as president of the
Vedic Center of Greenville, according to
Auro Hotels, and was an active member
of the advisory council of Marriott and
the board of directors at the University
of Central Florida Foundation.
Rama served on the advisory council
of Hampton Inn by Hilton, the board of
directors of the Greenville Convention
and Visitors Bureau and the board
of directors of the South Carolina
Hospitality Association. He received the
“Entrepreneur Success Award” from the
U.S. Small Business Administration in
1995.
Rama’s funeral was held July 13 at
Faith Assembly on Curry Ford Road in
Orlando.
Former AAHOA Chairman MP
Rama passes away
The 74-year-old co-founded Auro Hotels with his brothers
Manhar P. “MP” Rama, AAHOA past chairman and co-founder of JHM Hotels that later became
Auro Hotels in Greenville, South Carolina, passed away Sunday at age 74.
News
06
www.asianhospitality.com
July 2024 | Issue 227
klahoma City hotelier Hemant
Shantilal Mistry died on June 23
following an assault in his motel
parking lot the previous night. Richard
Lewis, 41, was arrested in connection
with the attack in which police say he
punched Mistry, who died from the
impact.
Mistry, 59, an AAHOA member, is the
second Indo American hotelier this year
to die from on-duty violence following
the murder of Pravin R. Patel, owner of
the Hillcrest Motel in ShefÏeld, Alabama,
in February.
A video of the assault has gone viral
on social media, showing Mistry in a
white t-shirt arguing with Lewis in a sky
blue t-shirt. The argument escalates,
culminating in Lewis punching Mistry in
the face. Mistry collapses as Lewis walks
away. Police found Mistry unconscious
around 10:00 pm and transported him to
a nearby hospital, where he died at 7:40
pm the following day from his injuries,
according to a police report.
Lewis was apprehended at a hotel on
S. Meridian Avenue and is held at the
Oklahoma County Jail on a $100,000
bond, facing charges of aggravated
assault and battery, Oklahoma City Free
Press reported.
Leaving a ‘gaping hole’
Mistry, from Bilimora, Gujarat, was
an active member of the Gujarati
Samaj of Oklahoma Inc., where he led
the donation campaign, according to
Hindustan Times.
One of Mistry’s close friends, Jyoti
Mistry, posted on Facebook, mourning
his untimely death: “Miss you, dear
friend Hemant Mistry. You have always
been generous and loving to everyone.”
“Your sudden absence has left a gaping
hole in our hearts. We are consumed by
grief but cherish the memories you left
behind. I will never forget our last dinner
together, not even two weeks ago, where
we relived the moments of our lives.”
AAHOA condemned the incident,
drawing parallels to Patel’s
murder, and urged hoteliers to
prioritize safety protocols and avoid
handling confrontational situations
independently.
“Our hearts go out to Hemant’s family,
including his wife and children,” said
Miraj Patel, AAHOA’s chairman. “For
many AAHOA Members, hotels are not
just businesses; they are homes and
places of refuge. It is unimaginable to
our community that such a senseless act
of violence could occur. As someone who
grew up in my family’s hotel in Texas,
I understand the fear and dread that
comes with such violent situations.”
Safety first
AAHOA urged hoteliers to prioritize
safety protocols and advised engaging
law enforcement during confrontational
situations to mitigate risks to personal
safety. This recommendation aligns with
the Surgeon General’s recent report on
escalating gun violence, emphasizing
the importance of heightened vigilance
and professional intervention to prevent
unnecessary loss of innocent lives.
“Our hearts are deeply saddened by
the tragic loss of one of our beloved
members,” said Laura Lee Blake,
AAHOA’s president and CEO. “Incidents
like these are profoundly distressing
for all involved. Our prayers are with
Hemant’s family and loved ones during
this incredibly challenging period.
AAHOA is committed to honoring
Hemant’s life by raising awareness to
prevent future violence.”
Miraj said he has received numerous
calls and texts from the hotelier
community seeking ways to combat such
violence on their properties. In response,
AAHOA is accelerating the development
of educational resources to help hotel
owners minimize conflict and prevent
violent incidents by teaching effective
de-escalation techniques.
“We will strive to honor Hemant’s life
by promoting the importance of hotel
safety and security and advocating for
laws and policies that protect business
owners and their communities,” said
Miraj. “If our collective efforts can
prevent this from happening to even one
family in the future, we know our work
will not be in vain and that Hemant’s
legacy will live on in the AAHOA
Community and beyond.”
In 2021, Usha and Dilip Patel were
shot in their Elkton, Maryland, hotel
following an argument with a guest. Usha
was killed, and Dilip was hospitalized. In
the same year, a shooting at a Motel 6 in
Vernon, Connecticut, killed the 30-year-
old owner, Zeshan Chaudhry, after an
argument with a guest over a $10 pool
pass. In 2020, Cleveland, Mississippi,
hotelier Yogesh Patel was beaten to death
by a guest he had evicted from the Delta
Inn Motel.
Oklahoma hotel owner
dead after assault
Mistry is the second Indo American hotelier to die from on-duty violence this year
Hemant Shantilal Mistry, 59,
left, an Indo American hotel
owner and AAHOA member,
died on June 23 after an
assault in his Oklahoma City
motel parking lot. Richard
Lewis, 41, right, was arrested
in connection with the
attack in which police say he
punched Mistry, who died
from the impact. Photos
courtesy of India Today,
Oklahoma City Free Press,
and Oklahoma City Police
Department.
www.asianhospitality.com
07
News
July 2024 | Issue 227
AHOA and the American Hotel & Lodging Association
welcomed the passage of the No Hidden FEES Act
on June 11. The legislation aims to establish a
uniform standard for transparent and mandatory fee
displays across the lodging industry.
The bill, introduced by Reps. Young Kim
(R-California) and Kathy Castor (D-Florida), had
unanimous approval from the House Energy &
Commerce Committee in December and passed with
bipartisan support on the House floor.
AAHOA said that the legislation would empower
its hotelier members and guests to make informed
decisions and safeguard their financial interests.
"AAHOA thanks Congresswoman Kim for her
diligence in introducing legislation that will help level
the playing field for the hotel industry," said Miraj
Patel, AAHOA’s chairman. "With this legislation, which
requires full disclosure of all fees, guests can make
better-informed
decisions in selecting a
place to stay."
The association
backed H.R. 6543 since
its introduction by
Kim last year, with
its members sending
more than 200 letters
to Congressional
representatives urging
the bill's advancement.
"Currently, the way
prices are advertised
across the lodging
industry is fragmented
and not uniform," said Laura Lee Blake, AAHOA’s
president and CEO. "This bill provides consumers a
transparent and easy-to-understand total price for an
overnight stay."
AHLA also for a unified standard for mandatory
fee disclosure across the lodging industry, covering
short-term rental platforms, online travel agencies,
metasearch sites, and hotels. Recent AHLA data also
shows that only 6 percent of hotels nationwide impose
a mandatory resort, destination, or amenity fee,
averaging $26 per night.
“It makes sense for all lodging businesses –
from short-term rentals to online travel agencies,
metasearch sites, and hotels – to tell guests up front
about mandatory fees,” said Kevin Carey, AHLA’s
interim president and CEO. “That’s why AHLA has
led efforts supporting federal legislation to establish
a single and transparent standard for mandatory lodging fee
displays and an even competitive playing field.”
AAHOA, AHLA applaud
passage of No Hidden FEES Act
The act would establish a uniform standard for transparent and mandatory fee
displays in the lodging industry
less restrictions and
more independence
“ hihotels’ franchisee-friendly approach and
common-sense standards allow me the
freedom to run my property as I see fit.”
This is not an ofering. Federal laws and regulations and the laws and regulations of some states and provinces regulate the ofer and sale of franchises. An ofering
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800-892-8405 • hifranchise.com • [email protected]
delivers
Jill Atfield
Owner, Master Hosts Resort
Highland Hills Motel & Cabins
Boone, NC
Thanks to hihotels’
unique franchising
model, Jill has enjoyed
tremendous success,
even through the
pandemic.
75–85%
Occupancy
AAHOA and the American Hotel &
Lodging Association applauded the
June 11 passage of the No Hidden
FEES Act bill, aimed at establishing
a uniform standard for transparent
and mandatory fee displays across
the lodging industry.
News
08
www.asianhospitality.com
July 2024 | Issue 227
ilton Worldwide Holdings aims
to double its 350 lifestyle hotels
by 2028, planning to add 350
more within four years, including 100
this year. Also, the company appointed
Kevin Osterhaus as president of global
lifestyle brands to oversee the growth,
design, and development of Canopy
by Hilton, Curio Collection by Hilton,
Graduate by Hilton, Motto by Hilton,
Tapestry Collection by Hilton and
Tempo by Hilton.
The growth will be supported by the
addition of the Graduate and NoMad
brands, Hilton said in a statement.
The company added more than 50 new
lifestyle hotels and approved another
100 in 2023. Additionally, this year
will mark the debut of Hilton’s 400th
property in this category.
“As we celebrate the 10th anniversary
of Hilton’s entry into the lifestyle
segment, we look ahead to even more
rapid growth with a powerhouse lineup
of brands that will meet the needs of
developers and guests alike in some of
the world’s most desirable locations,”
said Kevin Jacobs, Hilton’s chief
financial officer and president, global
development. “The recent addition of
the Graduate and NoMad brands to our
lifestyle and luxury lifestyle portfolio
will accelerate our growth as we look
for more opportunities to deliver the
exceptional experiences guests want in
the world’s top hotel destinations.”
Andrew Zobler, founder and CEO
of Sydell Group, will lead the NoMad
brand, overseeing design, branding, and
hotel management, while Hilton leads
future development, Hilton said. Over
the past decade, Zobler and his team
have created seven lifestyle brands,
including NoMad, The Line, Freehand
and The Ned.
NoMad’s flagship London hotel
and more than 30 existing Graduate
locations will be available on Hilton’s
booking channels later this summer, the
statement said. New Graduate hotels
will also open this year in Princeton,
New Jersey, and Auburn, Alabama.
Osterhaus to lead
Hilton's lifestyle brands
Osterhaus recently joined Hilton from
Graduate Hotels, where he oversaw global
operations and marketing for more than
30 U.S. properties, the statement said. He
also held leadership roles at Ennismore
International, The Hoxton Hotels, SIXTY
Hotels, and Standard International, and
played key role in the Bunkhouse Group’s
growth.
“We are excited to welcome Kevin and
benefit from his extensive experience
in the increasingly important lifestyle
category,” said Chris Silcock, Hilton’s
president, global brands and commercial
services, Hilton. “Kevin will oversee the
seamless integration of the Graduate
brand into our lifestyle portfolio to ensure
we maintain and accelerate what has
made Graduate a fan-favorite with guests,
as well as lead the strategic vision for all
of Hilton’s lifestyle brands.”
“Hilton’s lifestyle brands are aspirational,
design-led and experiential with authentic
points of view reflected in every aspect of
the stay,” said Osterhaus. “I look forward
to building on the category’s success and
continuing Hilton’s commitment to pushing
the boundaries of what it means to be a
lifestyle brand.”
Lifestyle portfolio
expansion
Canopy by Hilton: Recently opened
its first resort property in Seychelles,
with more resorts planned in Okinawa,
Japan; Bozeman, Montana; and beyond.
Celebrating its 10th anniversary, the
brand signed six new hotels in the first
quarter, expanding into Greece and
Malta, and will debut in Japan this year.
Curio Collection by Hilton: Expanding
from 34 countries in 2022 to 40 by
mid-2024, Curio Collection by Hilton
celebrates its 10th anniversary with plans
to open nearly 30 new properties this
year.
Graduate by Hilton: Has more than 35
properties operational or in development,
with Graduate Princeton and Graduate
Auburn set to open this year. The brand
aims for a global reach of 400-500 hotels.
Motto by Hilton: Made its South
American debut with Motto by Hilton
Cusco in Peru. The brand aims to be
present in 10 countries by 2026. Motto by
Hilton Hong Kong Soho will launch later
this year, with expansion into Bentonville,
Arkansas, slated for 2024.
Tapestry Collection by Hilton: After
celebrating its 100th opening in 2023,
the brand is on track to reach its 150th
this year. With more than 100 properties
in the pipeline, Tapestry is expanding
in Europe and entering new markets
in Thailand, Paraguay, and Turkey.
Bermudiana Beach Resort will open later
this year as the first Hilton in Bermuda.
Tempo by Hilton: Expanding with
recent and upcoming openings in New
York’s Times Square, Nashville, Louisville,
and Raleigh, aiming for around 30 hotels
by 2026.
Hilton to double lifestyle portfolio
to 700 hotels in four years
The company debuted its 400th lifestyle property this year; Osterhaus named president
Hilton plans to double its
350 lifestyle hotels by 2028,
adding 350 more within four
years, including 100 this
year. Also, Kevin Osterhaus
has been appointed
president of global lifestyle
brands to oversee the
portfolio's growth, design
and development.
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News
10
www.asianhospitality.com
July 2024 | Issue 227
ilton Hotels & Resorts retained its
title as the world’s most valuable
hotel brand for the ninth consecutive
year, while Hyatt Hotels & Resorts secured
the second spot again, according to the
latest data from Brand Finance. Meanwhile,
India’s Taj Hotels is the world’s second-
fastest-growing brand, primarily due
to revenue growth and improved brand
strength.
Hilton’s brand value is estimated at $11.6
billion in the Brand Finance Global 500 2024
ranking. Hyatt holds a value of $6 billion,
and Taj increased its brand value by 45
percent to $545 million, Brand Finance said
in a statement.
“Many top hotel brands have struggled
to grow their brand value as robustly as in
the years leading up to 2020, and the Brand
Finance Hotels 2024 ranking shows that
these challenges are ongoing as the industry
recovers,” said Henry Farr, Brand Finance’s
associate director. “Despite an uptick in
travel and hotel demand, the actual growth
hasn’t matched expectations, resulting
in slight declines or minimal brand value
growth for the world’s leading hotel brands.”
Hilton and Hyatt are the only two U.S.
hotel brands to feature in the list, Brand
Finance data showed.
Eight of the top 10 brands in the ranking
decreased in brand value, and more than
60 percent of U.S. brands featured also saw
a decrease. This indicates that the industry
is struggling to fully capitalize on brand
growth potential despite rising demand, the
London-based brand valuation consultancy
said.
Rise of Taj
Taj became the world’s second fastest-
growing brand, after Sheraton’s Four Points,
climbing three positions in the Brand
Strength Index (BSI) ranking to become the
world’s strongest hotel brand, according
to Brand Finance data. With an improved
BSI score of 92.3 out of 100, Taj earned a
AAA+ rating, the highest awarded by Brand
Finance.
Indian Hotels Company Ltd, owned by
Tata Group, operates the Taj Group of
hotels.
Brand Finance noted that Taj excelled
in crucial brand strength metrics like
familiarity, consideration, recommendation,
and reputation, reinforcing its dominant
position in India's hotel sector.
“We are delighted for the iconic brand
Taj to be honoured as the World's Strongest
Hotel Brand yet again, in its milestone 120th
year. Receiving this recognition for four
years, thrice as number one in the world,
is a testament to the brand’s century-old
legacy of pioneering destinations, setting
global benchmarks, and showcasing Indian
hospitality to the world,” said Puneet
Chhatwal, IHCL’s managing director and
chief executive ofÏcer.
“This achievement underscores the trust
and affection of our guests and the steadfast
dedication and commitment of our
colleagues in delivering warm and sincere
service, a true hallmark of Taj,” Chhatwal
added.
Report: Hilton, Hyatt lead in
value, Taj is strongest brand
Hilton and Hyatt are the only two U.S. hotel brands to
feature in the list
Hilton remains the world’s most valuable hotel
brand for the ninth year in a row, with Hyatt
holding onto second place, according to Brand
Finance. India's Taj is the world’s second-fastest-
growing brand, driven by revenue growth and
enhanced brand strength.
eachtree Group Recently issued a
$40-million retroactive Commercial
Property Assessed Clean Energy loan to BLG
San Diego LLC for the newly opened 147-room AC
Hotel San Diego Downtown Gaslamp Quarter. The
proceeds enabled BLG to reduce its senior loan
with California-based Preferred Bank and E.Sun
Commercial Bank to under $20 million, thereby
mitigating the banks’ exposure, Peachtree said in a
statement.
“This innovative capital structure significantly
alleviated the immediate financial pressures,
enabling the hotel to establish a solid cash flow
foundation during its initial years of operation,”
said Greg Friedman, managing principal/CEO,
Peachtree Group.
Peachtree is led by Friedman, with Jatin Desai as
managing principal and chief financial ofÏcer, and
Mitul Patel as principal.
The CPACE financing is amortized over more
than 30 years, with no payments required for the
first year, followed by five years of interest-only
payments.
“When we opened the AC Hotel San Diego
Downtown Gaslamp Quarter in March 2023, there
was a sizeable disconnect between hospitality
fundamentals, which are strong, particularly in San
Diego, while the debt markets were deteriorating
meaningfully,” said Brad Honigfeld, the New Jersey-
based Briad Group’s founder, chairman and co-
CEO. “The Fed’s tightening process and rising fund
rates drove up the cost of debt considerably.”
The new hotel is in downtown San Diego’s
Gaslamp Quarter, known for its restaurants, shops
and nightlife.
“Our hotel was benefiting from its location and
performing to its original underwriting, but the debt
costs were straining cash flows,” Honigfeld said.
Retroactive CPACE funding provides advantages
for property owners, Peachtree said. It operates
like standard pre-project funding but 100 percent
of the loan proceeds can reimburse owners for
previously incurred costs. This allows for better
loan terms and improved cash flow after project
completion.
“The financial relief it provides not only ensures
the hotel’s success but also positions it for long-
term stability,” said Friedman. “By reducing the
financial burden in the early years, owners can
focus on delivering exceptional guest experiences
and achieving operational excellence.”
By 2024, $5.8 billion in U.S. hotel-securitized
loans will need repayment, refinancing, extension,
or sale, according to Peachtree, citing JLL Research.
In this tough lending market, CPACE financing has
become a liquidity source as owners face upcoming
debt maturities and limited refinancing options.
It has quickly gained traction in commercial real
estate, reaching $7.2 billion in the U.S. in just over a
decade, according to PACENation.
Peachtree issues $40 million CPACE financing for AC Hotel San Diego
BLG San Diego LLC opened the 147-room hotel in March 2023
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