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.
IN SEPTEMBER, HEATHER McCrory, CEO of AccorHotels North and Central America, became the first winner of the Castell Award from the Castell Project, an organization dedicated to promoting the careers of women in the industry. Her selection came in part because of her work as executive sponsor for Accor’s international RiiSE network to promote diversity, launched one year ago.
McCrory, who oversees more than 115 hotels, 28,000 employees and $3 billion in revenue, also participates in a formal mentorship program for women within the organization seeking to become general managers. She did research for the RiiSE program on women opting out of leadership roles.
“Heather stood out as a powerful female making a difference in the industry,” Castell Project founder and President Peggy Berg said at the time. “She understands wholeheartedly that as part of an international hospitality company, a more diverse team is a better performing team. Heather is an inspiration to other women as they find their own paths to success.”
McCrory participated in a Q&A with Priya about the significance of receiving the Castell Award.
Were you surprised by your nomination for the award? When did you first learn you had been nominated?
I first learned about my nomination last summer and was both surprised and honored. The values celebrated by this award are attributes I strive to achieve – change maker, trailblazer, gender-equity champion and principled professional. It is a privilege to be the recipient of the first Castell Award.
How has winning the Castell Award helped you professionally? Has it brought you more opportunities to raise awareness about the needs of women in the hospitality industry?
Receiving the Castell Award has provided a spotlight for us to continue to raise awareness about the need and opportunity to increase gender diversity and equity in hospitality, particularly in senior management roles.
It’s allowed me another platform to continue the conversation about the issues women face as they’re progressing in their careers, and about Accor’s commitment to the advancement of more women into senior management. We continue, as an organization, to build our gender equity, diversity and inclusion. It is an important component to the health and vitality of the business, and it is part of a concerted global program, RiiSE.
Globally, Accor has made the commitment to increase the numbers of women general managers and above to 35 percent in 2020.
As CEO of Accor North and Central America my ambition is to rapidly fill the talent slate with qualified and competent women, who are talented and show great promise. Ultimately, my goal is to have 50 percent female general managers.
The consulting firm McKinsey finds that companies that are in the top quartile for gender diversity on their executive teams are 33 percent more likely to experience above-average profitability, in addition to it just being the right thing to do.
Part of your work with RiiSE is to study why women tend to opt out of leadership positions. What have you found to be the primary reasons for that, and what can be done to fix it?
We’ve done a lot of research on the factors that may impact the desire of women to move into senior leadership and the themes that we continue to see relate to work/life balance, mobility, access to mentorship and executive sponsorship, and a lack of clarity regarding career pathing.
Women have historically been very team-oriented, while men tend to be more focused on their own abilities. This perspective can really shortchange women when it comes to self-promotion and advancement to the higher ranks. We need to better advocate for ourselves and each other in our careers, and this extends to involving senior level men to promote women, seeking equality as a whole.
We’ve seen that this type of advancement requires sponsorship and mentoring from all senior leaders to retain our best and brightest, guide them and keep them engaged whether they are male or female.
It isn’t about quotas or simply achieving a goal – it is about increasing the number of women on the candidate slate. We need high performers who aspire to these challenging but ultimately attainable roles. We need to pick the best candidate and, naturally, if we have more women on the slate – we will increase our percentages toward gender equality.
Advancement requires self-confidence, initiative, curiosity, the drive to take a risk, the appetite to fill knowledge gaps and actively seek mentorship. This applies to all candidates, not exclusively to women, and we’re actively providing the platforms within Accor to help with this type of career progression.
You work with the program’s mentorship program, too. Who was, or is, your mentor?
I’ve found if a person is ambitious and they don’t have a mentor, it’s a distinct disadvantage.
I’ve had a number of informal mentors, both men and women, whom I’ve worked with and for over the years. Some of those relationships go back decades, and these mentors have always been willing to work issues/concerns through with me.
There is a real objectivity in a mentor. They know what both my strengths and my gaps are and have been very helpful in how best for me to course correct. Those relationships have been incredibly valuable because they have pushed me out of my comfort zone, encouraged me to build my skillset, and they really have helped shape my career to its fullest potential.
Did you face obstacles in your career related to your gender, and if so, how did you overcome them? How does that experience translate into your advocacy for other women?
Over the course of my career I’ve never really thought about or looked at my gender as a hindrance. I’ve always been very career minded and found that I had equal opportunities when I sought them out or they were presented to me.
But if you ask any woman if they’ve faced obstacles because of their gender, and they say they haven’t, then I would be very surprised.
In my case, I’m very tenacious and oriented to finding a solution when facing obstacles, so any instances of that sort of challenge were not really an issue, or it provided an added incentive to work around it. I was able to take it in stride even if it has been frustrating at times.
I have first-hand knowledge, and a lot of hindsight now, and it simply solidifies my belief that senior leaders, both men and women, have to advocate, mentor and model the opportunities that are attainable for women for there to be meaningful change.
What parts of the Castell Project do you think are most beneficial to women? What more can be done?
The Castell Project is an incredibly powerful change agent in totality, but the two elements I’m most excited about are the Build Program for emerging leaders and the Elevate Program for executive women. We’ve participated for the last two years and each program provides either high-potential women leaders, or those already in the executive ranks, the opportunity to sharpen the saw on some very important topics.
Also, the opportunity for senior women to network between companies is very important and these programs provide that.
Accor has the commitment and organizational programs in place for the long term, while the Castell Project provides an industrywide impact that will also keep the momentum going more broadly.
Achieving gender equity in the hospitality industry is a marathon, not a sprint. In order to have equality at the C level and GM levels we need to continue a consolidated effort year after year, initiative after initiative.
Who do you think would be a good candidate for the next Castell Award?
There are many women leaders who embody the spirit of the Castell Awards. Nominees could include women like those participating in the ALIS: Women’s Leadership Forum at the end of January.
Some of the women participating are on the board of the Castell Project, but someone like Andrea Foster, the senior vice president for development at Marcus Hotels & Resorts, has been making a difference in the industry as a co-founder and co-chair of Boston University School of Hospitality Administration’s “5th Gear Shift: Women Powering and Navigating Their Careers” symposium that began in 2017.*
Leeny Oberg, executive vice president and CFO of Marriott International, would also be an excellent choice as a global trailblazer.
It would be great to see either of them recognized for the Castell Award as I see them living the values in their contributions to the industry consistently. It is critical for senior women leaders to lead and support gender equality within their organizations and/or business community.
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.