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.
AAHOA’S ANNUAL CONFERENCE has come and gone for this year, but it left in its wake permanent changes for the association. They include a new chairman, new secretary, new award winners and new memories of a return to in-person conferences following the COVID-19 pandemic.
New leadership
In the concluding ceremony for the 2021 AAHOA Convention & Trade Show at the Kay Bailey Hutchison Convention Center in Dallas, Virginia hotelier Vinay Patel became the new chair of AAHOA’s board of directors. He said his administration would focus initially on helping members recover from the pandemic and economic downturn.
“Industry estimates continue to project a full recovery some time in late 2023 or 2024,” Patel said. “Coming together as an industry is paramount to economic recovery, especially as new variants threaten to inhibit the reopening of America. I am confident that AAHOA’s enhanced advocacy and education efforts as well as the implementation of our new strategic plan will help our industry get back on track.”
Advocacy on a state and local level also will be a focus of his time as chairman, Patel said. AAHOA recently partnered with the American Hotel & Lodging Association to form the American Hospitality Alliance for that purpose. During the conference, AAHOA also announced the results of a study conducted by Oxford Economics on the association’s economic impact also is meant as a tool for use in advocacy efforts.
“We must be united in our advocacy efforts, especially as we engage with local governments,” Patel said. “I am also committed to broadening our outreach to lawmakers who have not necessarily engaged on the issues we champion. Building a broad coalition that supports small businesses and their employees will help draw more attention to why issues such as 1031 like-kind exchanges and the Save Hotel Jobs Act are so important to rebuilding our economy with new, good-paying jobs.”
In his inaugural address, Patel stressed the need to work together through the pandemic and remain optimistic.
“We are in uncharted territory as a country as we emerge from this crisis. In a way, we are all letting our eyes adjust to the sunlight after spending more than a year in the darkness,” he said. “It will be challenging. It will be frustrating. But, AAHOA is here to help guide us as we rebuild, reinvest, and recover.”
Patel joined AAHOA in 1993 and has served on its board since 2014 and elected secretary in 2018. He also is the president of Fairbrook Hotels which owns and operates eleven properties. Patel also serves on the Virginia Hospitality and Tourism Association board of directors and is the president of the Herndon Hospitality Association.
Born in Malawi, Africa, Patel’s family moved to the U.S. when he was 8 years old. He assisted at the 15-room family motel in Richmond, Virginia, from housekeeping to the front desk, and he continued that business after graduating from Virginia Commonwealth University with bachelor’s degrees in marketing and business.
“I’ve had the pleasure of working with Vinay prior to joining AAHOA, and he truly embodies the characteristics, qualities, and values that make a great chairman,” said Ken Greene, AAHOA interim president and CEO. “I have seen him in action as a property owner and as vice chair of AAHOA, and I couldn't be more excited to work with him now as the chairman.”
Vinay said in an interview during the conference that he has been good friends with Immediate Past Chairman Biran Patel. He learned a strong lesson from his predecessor, he said.
“One of the biggest things and he's told me all the time, is do the right thing, do the right thing for the membership,” Vinay said. “And that's the biggest thing that I've learned from him. There's been times where he's taken a hit for it. Sometimes, when you do the right thing, you take a hit negatively because it’s not a politically right thing to do. But from his perspective, I could tell you that what I've learned is the fact that he did the right thing.”
On the final day of the conference, members flocked to the polls to vote for candidates for several positions within the association. The most important of those positions up for election was that of secretary, because the winner cycles through each position on AAHOA’s board year after year until they become chairman.
Miraj Patel, AAHOA’s new secretary, talks to supporters after the announcement of his victory in the election.
This year, Miraj Patel, president of Wayside Investment Group in Houston, won the race. He said it was an honor to be chosen to help lead the association.
“The election process was very rewarding, because I got the opportunity to hear the membership and I look forward to bringing results for this association,” Miraj said.
Miraj said the first thing he will do is change policies and bylaws that are restricting the board from doing certain things that need doing.
“My goal in the next year is to ensure that we continue our momentum and ensure that we start engaging with our franchise partners or vendor partners and our policymakers,” he said.
In the debate, Miraj said he would focus on saving AAHOA members money by eliminating double charging by brands and OTAs through hidden fees. Previously, hoteliers would receive 25 to 30 percent return on their investments, Miraj said in the debate, but today the ROI is around 11 percent.
“We are messing up this industry, and now it's time to have that dialogue and use our membership. It's time to start changing the consumers’ mindset with a mental shift,” Miraj said during the debate. “Charging for breakfast, charging for shuttles, credit card fees, minimizing service, or even having all reservations prepaid. Those are the type of dialogues we need to have. It's time to change this industry.”
AAHOA members also elected the following 12 members to the board:
“Congratulations to our new AAHOA Secretary and all of our newly elected board members. It is encouraging to see so many members volunteering to serve America’s hotel owners,” Greene said. “AAHOA’s value and resources have never been more apparent as we work tirelessly to reopen our economy and ensure that our communities are prepared to welcome back guests as the nation starts to travel again.”
The winner’s circle
During the conference, AAHOA also announced the winners of its annual awards. They are:
Nanda Patel – AAHOA Award of Excellence
Mitesh Jivan – Cecil B. Day Community Service Award
Hotel Lexen – IAHA Independent Hotel of the Year
Masudur Khan – Outreach Award for Philanthropy
Priti Patel – Outstanding Women Hotelier of the Year
Saajan Patel – Outstanding Young Professional of the Year
Bijal Patel – Political Forum Award for Advocacy
“During such a challenging year, these individuals made significant contributions to the industry and to AAHOA,” said Biran Patel. “We are all honored to highlight their service and commitment to excellence.”
“Following an extremely difficult year for AAHOA members and the entire industry, these award recipients demonstrate their commitment to excellence in the hospitality industry, regardless of the landscape,” Greene said. “Their hard work and dedication does not go unnoticed, and it is through their leadership, grit, and determinations that the industry continues to thrive.”
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.