Ed Brock is an award-winning journalist who has worked for various U.S. newspapers and magazines, including with American City & County magazine, a national publication based in Atlanta focused on city and county government issues. He is currently assistant editor at Asian Hospitality magazine, the top U.S. publication for Asian American hoteliers. Originally from Mobile, Alabama, Ed began his career in journalism in the early 1990s as a reporter for a chain of weekly newspapers in Baldwin County, Alabama. After a stint teaching English in Japan, Ed returned to the U.S. and moved to the Atlanta area where he returned to journalism, coming to work at Asian Hospitality in 2016.
A pandemic winding down unevenly, a search for top executives following the resignation of the president and CEO, and a return to an in-person convention are some of the challenges awaiting incoming AAHOA Chairman Vinay Patel. By the end of his term, the association may look different from when he began, but Patel said its essential purpose, serving its membership, will remain the same.
“At the end of the day, I think that the direction we chose and the new strategic plan that we outlined over the last year is still in play,” Vinay said. “I think what will change is how do we get to that? I think the strategy and our long-term focus and what the association does for the membership, I don't think will change. But, it's just how do you get to that end goal as we probably will look at different options, especially with the new leadership coming in.”
The first challenge, in a temporal sense at least, has been the planning and execution of AAHOA’s 2021 Convention and Trade Show, during which Patel will officially take the reins from current Chairman Biran Patel. That decision was made possible by the gradual ending of the COVID-19 pandemic and subsequent cessation of restrictions in many states. Still, that optimism is threatened by a surge in the Delta variant in the U.S.
Perhaps the biggest challenge, however, comes from the resignation in June of Cecil Staton, AAHOA’s president and CEO since November 2019. It is to be followed by the resignation of Rachel Humphrey, executive vice president and COO, on Aug. 7, the day after the convention ends. Those departures set into motion a replacement process and opened the door for possible deeper changes in the way AAHOA is structured.
Moving in a new direction
The reasons for Staton and Humphrey’s resignations has not been fully explained. It was, at least partially, a decision by the board as well as by the two executives, Vinay said.
“It was probably a combination of it all,” he said. “It's just one of those things where we just want to move in a direction that made sense for all of us. We just felt like maybe this is an opportunity to give everybody what they needed to get done. So, it was probably a mutual thing for all parties.”
Like any time there is a change in leadership, Vinay said, there will likely be some changes in how AAHOA is managed.
“Even in my own hotels, when management changes, or people change, we look at the structural decisions,” he said. “Do we need this? Do we not need this? If we could, maybe we need to add more. So obviously, the new leadership team will look at and analyze what is needed and what is not needed and make decisions accordingly.”
Currently, Ken Greene, former Radisson Hotel Group president for the Americas and founder of Greenehouse Consulting, is the interim president and CEO. The board is putting together a search committee to find a permanent replacement, but Vinay said he could not say how long that process will take, nor could he specify what the new president will change.
“I think that the new leader that they will hire will be in a position to look at the different options, especially given the fact that we've had the top two people leaving,” Vinay said. “We've got a lot of new people, the vice president of franchising, vice president of education, we've got a vice president of government affairs, a lot of the new team members that came on board over the last four to six months. I think it's just a matter of, let's reanalyze what we have and see what options we have. And the key thing here is just to making sure that we serve the best interests of our membership.”
Some of AAHOA’s former chairmen have their own ideas about the direction the association should take now.
From the old guard
One change that should be made is to give more power to the board rather than the executives, said Mike Patel, AAHOA chairman from 1998 to 1999.
“The powers of the board have been taken over by the AAHOA office and they have turned it into a paper tiger,” Mike said. “Give the power to the AAHOA board to carry out the members’ needs and protect their livelihood.”
The new president should conduct a member poll to determine what those needs are, Mike said. Those needs, or at least the members’ perception of those needs, changes frequently, said Mukesh Mowji, chairman from 2006 to 2007.
For example, Mowji said some members have complained that recently AAHOA has focused too much on legislative advocacy and not enough on franchising issues.
“So the franchise issues people make noise, and previously it was the ‘politicos,’” he said. “Does not matter, there will always be a flavor of the month. But leadership should work on it with members interests in mind and continue moving forward.”
Regarding Staton and Humphrey’s resignations, Mowji said his corporate background gives hm perspective.
In June, Cecil Staton, foreground, AAHOA’s president and CEO since November 2019, stepped down. AAHOA also announced the resignation of Rachel Humphrey, executive vice president and COO, to be effective on Aug. 7, the day after AAHOACON 21 ends.
“If something is not a fit, you change it. Looks like the officers and the board of directors saw the lack of a fit, so they changed it,” he said. “No organization is static nor should it ever be, so the dynamics of change are warranted to refresh with new strategies and tactics. I am also a believer that controversy causes change, so let there be controversy.”
The new president’s top priority should be to reinvent AAHOA to bring back member enthusiasm and confidence, Mowji said. They also should institute more transparency, control expenses, bring back the enthusiasm of staff members and learn the complex cultural nuances involved in running the organization.
Mowji also said both the board and the staff have roles to play in running the organization.
“The board’s levels of authority and responsibility are absolute as the board must answer to the membership. It is an elected volunteer entity and while unpaid it is fully reimbursed, so they must be held responsible and accountable for their actions,” he said. “They establish the 'plan', then the staff executes that plan. The fundamentals of the governance is very good, but what was applicable then may not be now, and this organization is not static in time, it is and should be dynamic.”
The passing pandemic
One challenge AAHOA’s new president, whomever it may be, and Vinay may not have to face much longer is the COVID-19 pandemic. While vaccination rates are falling a little below goals set by President Joe Biden and variants of the virus are causing concerns of a new surge among the unvaccinated, most states have begun lifting travel restrictions, finally bringing relief to hotel owners nationwide.
Vinay said that AAHOA will have to change with the times while not forgetting the lessons learned during the outbreak.
“What we've learned over the last 18 months has been a lot of unknowns. And I myself, within my own business, looking ahead is a lot of unknown,” he said. “So, when you look at the association, looking at our members interest in what priorities, we have a lot of unknowns. But at the e
Last year, AAHOA held a virtual convention in August after the COVID-19 pandemic forced the cancellation of the in-person conference. Biran Patel had moved into the chairmanship prior to the conference, but made his inaugural address during the virtual conference.
nd of the day, we have to pivot and make changes as issues and problems arise.”
The association’s priorities, serving the members, will remain the same, he said.
“But, obviously, if there's something that comes up urgently or something that's important, that's more important than something that was before, we will always shift our priorities to what's in the best interest of our membership,” Vinay said.
At the same time, he said, the association will be keeping its eyes on the spread of the Delta variant of COVID-19, which has been found to me more contagious than the original. However, Delta still does not pose a threat to fully vaccinated individuals, health officials have said.
The pandemic was an ongoing issue for all of the outgoing chairman’s term, but Biran said it led to several proud moments as the association rose to the occasion.
Leading from a computer screen
The challenges of his year were unique, Biran said, particularly since so much of his leadership was done behind a computer screen.
“AAHOA typically hosts more than 150 events per year, and not being able to go out and meet our members, vendors, brands, and industry partners face to face certainly made for a different kind of leadership experience,” he said. “My priority as chairman was to ensure that we remained connected with those we serve and those with whom we work, and I feel that we achieved that as best we could. This pandemic was yet another reminder that you can do everything right, but that events outside of your control will ultimately dictate how things turn out.”
Biran said he is most proud of how the organization and members pivoted to meet the pandemic conundrums.
“There was so much that we did not know about this virus and how it would impact our businesses and our country. AAHOA found new ways to engage with members to help them navigate theuncertainty our industry faced,” he said.
That included creating more than 200 webinars with the majority addressing COVID-specific issues, Biran said. In lieu of the in-person events, they held a virtual convention and trade show, regional conferences, and town halls to maintain connections. It also facilitated an exchange of information and ideas on addressing the pandemic's challenges together.
“On the advocacy front, AAHOA was instrumental in urging the administration to grant affiliation waivers. This meant that owners with multiple properties could secure PPP loans for each hotel. AAHOA helped hoteliers navigate new government stimulus programs and work with lenders on forbearance,” Biran said. “Our advocacy team also focused on helping owners address liability issues with regard to reopening or staying open. We brought hoteliers and lawmakers together so our elected officials could make more informed decisions about how to best help small businesses during this crisis.”
The weakening of COVID’S grip on the country has allowed AAHOA to hold its convention in person this year. However, that doesn’t mean it’s been easy.
Putting on a show
Organizing the show has been a challenge, Vinay said.
“We've planned this over the last probably eight to 12 months and, back in September, October and November, we knew that we were planning for six-foot social distancing,” Vinay said. “And then, as you go through the process, as things are loosening up, we're pivoting as things come along.”
The planners added a welcome reception recently, he said, as well as some smaller entertainment.
“It's been challenging, because you just don't know. And it's hard to prepare. So here you are literally 60 to 90 days, and you're trying to do something that you should have been doing probably six months ago, but just the fact that we just we just don't know what we could do,” Vinay said. “But I think that our team has done a great job in putting things together.”
They are budgeting for 4,500 to 6,000 people, and they expect the trade show will be the largest ever.
“I think it's an incredible accomplishment if you think about it, to have a convention right after COVID. And then to come back with a convention with that size and that magnitude,” Vinay said. “And well executed really well from a safety perspective.”
Vinay attended the Hunter Hotel Conference in Atlanta in May and studied how that show was conducted.
“I was surprised at how well they executed, I thought that they did a great job,” he said. “I think we're all prepared and ready to go. But, obviously, when you go to these different conferences, you see what works and what doesn't work.”
Vinay also saw how important it is to get back to in person meetings.
“When you have virtual meetings, and they're great, there's nothing wrong with virtual meetings, nothing wrong with it,” he said. “But I think when you do face to face, it's just a big difference.”
Peachtree Group originated a $176.5 million retroactive CPACE loan for a Las Vegas property.
The deal closed in under 60 days and ranks among the largest CPACE financings in the U.S.
The company promotes retroactive CPACE funding for commercial real estate development.
PEACHTREE GROUP ORIGINATED a $176.5 million retroactive Commercial Property Assessed Clean Energy loan for Dreamscape Cos.’s Rio Hotel & Casino in Las Vegas. The deal, completed in under 60 days, is its largest credit transaction and one of the largest CPACE financings in the U.S.
The 2,520-room Rio, now under the Destinations by Hyatt brand, was renovated in 2024 and comprises two hotel towers connected by a casino, restaurants and retail, Peachtree said in a statement.
“This transaction is a milestone for Peachtree Group and a testament to the ecosystem we have built over the past 18 years,” said Greg Friedman, Peachtree's managing principal and CEO. “Through our vertically integrated platform, deep expertise and disciplined approach, we have developed the infrastructure to be a leader in private credit. Our ability to deliver speed, creativity and certainty of execution positions us to provide capital solutions that create value for our investors and partners across market cycles.”
Atlanta-based Peachtree is led by Friedman; Jatin Desai as managing principal and CFO and Mitul Patel as principal.
The CPACE loan retroactively funded the renovations, allowing the owners to pay down their senior loan, the statement said. The property improvement plan included exterior work, upgrades to the central heating and cooling plant, electrical infrastructure improvements and convention center renovations.
Jared Schlosser, Peachtree’s head of originations and CPACE, said the deal marks an inflection point, with major financial institutions consenting to its use for the benefit of the capital stack.
“By closing quickly on a marquee hospitality asset, we were able to strengthen the position of both the owner and its lenders,” he said.
The CPACE market has surpassed $10 billion in U.S. originations in just over a decade, according to the C-PACE Alliance, with growth expected as more institutional owners and lenders adopt it.
“We see significant opportunity for retroactive CPACE and its use in funding new commercial real estate development,” Schlosser said. “It is an alternative to more expensive forms of capital.”
In June, Peachtree named Schlosser head of originations for all real estate and hotel lending and leader of its CPACE program. Peachtree recently launched a $250 million fund to invest in hotel and commercial real estate assets mispriced by capital market illiquidity.
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Global pipeline hit a record 15,871 projects with 2.4 million rooms in Q2.
The U.S. leads with 6,280 projects; Dallas tops cities with 199.
Nearly 2,900 hotels are expected to open worldwide by the end of 2025.
THE GLOBAL HOTEL pipeline reached 15,871 projects, up 3 percent year-over-year, and 2,436,225 rooms, up 2 percent, according to Lodging Econometrics. Most were upper midscale and upscale, LE reported.
The U.S. leads with 6,280 projects and 737,036 rooms, 40 percent of the global total. Dallas leads cities with 199 projects and 24,497 rooms, the highest on record.
LE’s Q2 2025 Hotel Construction Pipeline Trend Report showed 6,257 projects with 1,086,245 rooms under construction worldwide, unchanged in project count and down 3 percent in rooms from last year. Projects scheduled to start in the next 12 months totaled 3,870 with 551,188 rooms, down 3 percent in projects but up 1 percent in rooms. Early planning reached 5,744 projects and 798,792 rooms, up 10 percent in projects and 9 percent in rooms year-over-year.
Upper midscale and upscale hotels accounted for 52 percent of the global pipeline, LE said. Upper midscale stood at 4,463 projects and 567,396 rooms, while upscale reached 3,852 projects and 655,674 rooms. Upper upscale totaled 1,807 projects and 385,396 rooms, and luxury totaled 1,267 projects and 245,665 rooms, up 11 percent year-over-year.
In the first half of 2025, 970 hotels with 138,168 rooms opened worldwide. Another 1,884 hotels with 280,079 rooms are scheduled to open before year-end, for a 2025 total of 2,854 hotels and 418,247 rooms. LE projects 2,531 hotels with 382,942 rooms to open in 2026 and 2,554 hotels with 382,282 rooms to open globally in 2027, the first time a forecast has been issued for that year.
HAMA is accepting submissions for its 20th annual student case competition.
The cases reflect a scenario HAMA members faced as owner representatives.
Teams must submit a financial analysis, solution and executive summary.
THE HOSPITALITY ASSET Managers Association is accepting submissions for the 20th Annual HAMA Student Case Competition, in which more than 60 students analyze a management company change scenario and provide recommendations. HAMA, HotStats and Lodging Analytics Research & Consulting are providing the case, based on a scenario HAMA members faced as owner representatives.
Student teams must prepare a financial analysis, a recommended solution and an executive summary for board review, HAMA said in a statement.
“Each year, the education committee looks forward to the solutions that the next generation of hotel asset managers bring, applying their own experiences to issues in ways that reveal new directions,” said Adam Tegge, HAMA Education Committee chair. “This competition demonstrates that the future of hotel asset management is in good hands.”
The two winning teams will each receive a $5,000 prize and an invitation to the spring 2026 HAMA conference in Washington, D.C. HAMA will cover travel and lodging.
Twenty industry executives on the HAMA education committee will evaluate submissions based on presentation quality, the statement said. HAMA mentors volunteer from September through November to assist teams seeking feedback and additional information. Schools will select finalists by Jan. 15, with graduate and undergraduate teams reviewed separately.
The competition has addressed topics in operating and owning hospitality assets and HAMA consulted university professors to update the format for situations students may encounter after graduation, the statement said.
This year’s participants include University of Denver, University of Texas Rio Grande Valley, Boston University, Florida International University, Michigan State University, Columbia University, Morgan State University, Howard University, New York University and Penn State University.
Stonebridge Cos. added the Statler Dallas, Curio Collection by Hilton, to its managed portfolio.
The hotel, opened in 1956 and relaunched in 2017, is owned by Centurion American Development Group.
The property is near Main Street Garden Park, the Arts District and the Dallas World Aquarium.
STONEBRIDGE COS. HAS contracted to manage the Statler Dallas, Curio Collection by Hilton in Dallas to its managed portfolio. The hotel, opened in 1956 and relaunched in 2017, is owned by Centurion American Development Group, led by Mehrdad Moayedi.
It has an outdoor pool and more than 26,000 square feet of meeting space, Stonebridge said in a statement. The downtown Dallas property is near Main Street Garden Park, the Arts District, the Kay Bailey Hutchison Convention Center, Deep Ellum, Klyde Warren Park, and the Dallas World Aquarium.
“The Statler is an extraordinary asset with a storied history in Dallas, and we are thrilled to welcome it to our managed portfolio,” said Rob Smith, Stonebridge’s president and CEO. “Its blend of modern hospitality with timeless character makes it a natural fit within our lifestyle collection. We look forward to honoring the property’s legacy while enhancing performance and delivering an elevated guest experience.”
Stonebridge, based in Denver, is a privately held hotel management company founded by Chairman Navin Dimond and led by Smith. The company recently added the 244-room Marriott Saddle Brook in Saddle Brook, New Jersey, to its full-service portfolio.
Peachtree secured EB-5 approval for a Florida multifamily development project.
The 240-unit community in Manatee County is backed by $47 million in construction financing.
It is Peachtree’s fourth EB-5 project approval since launching the program in 2023.
PEACHTREE GROUP RECENTLY secured EB-5 approval from U.S. Citizenship and Immigration Services for Madison Bradenton, a 240-unit multifamily development in Bradenton, Florida. It also raised $47 million in construction financing with a four-year term for the project on a 10.7-acre site in Manatee County.
The approval allows the company to advance its EB-5 Immigrant Investor Program, which directs foreign investment to U.S. job creation, Peachtree said in a statement.
“Madison Bradenton reflects the strong demand for high-quality multifamily housing in growing markets,” said Adam Greene, Peachtree’s executive vice president of EB-5. “This project underscores our ability to pair EB-5 financing with secured lending, delivering attractive opportunities for investors while meeting critical housing needs.”
The project will include five four-story apartment buildings with elevators, a two-story carriage building and a clubhouse, with residences averaging 1,027 square feet and featuring private patios or balconies. The location provides access to employment centers, healthcare facilities and Siesta Key Beach.
Atlanta-based Peachtree is led by Greg Friedman, managing principal and CEO; Jatin Desai, managing principal and CFO and Mitul Patel, principal.
This is Peachtree’s fourth approved I-956F application, following projects such as Home2 Suites by Hilton in Boone, North Carolina; SpringHill Suites by Marriott in Bryce Canyon, Utah and TownePlace Suites by Marriott in Palmdale, California. In May, Peachtree secured USCIS approval for four regional centers—South, Northeast, Midwest and West—allowing it to sponsor EB-5 projects in those territories.
The EB-5 visa program allows foreign investors to obtain a green card by investing in a U.S. commercial enterprise that creates jobs, the statement said. Investors who contribute at least $800,000 to a project that creates or preserves 10 full-time jobs for U.S. workers are eligible for permanent residency.
Separately, Peachtree launched the $250 million Special Situations Fund to invest in hotel and commercial real estate assets affected by capital market illiquidity.