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.
THE LONG-AWAITED RETURN of business travel may be delayed as a result of the Delta variant of COVID-19, according to CBRE Hotels Research. As a result, the firm has revised its forecast for the year’s fourth and final quarter.
CBRE’s new forecast will extend into 2022 under the expectation that corporate travel budgets will remain constrained until that time. The firm said the momentum the industry developed over the summer due to a surge in leisure travel has been handicapped by Delta’s impact on business travel, leading to a “second-derivative” market condition in which the recovery continues but at a slowing pace.
“The Delta variant and increasing number of COVID infections led to delays in ‘return to office’ plans at many firms and coincided with the start of the 2022 travel-budgeting season,” said Rachael Rothman, CBRE’s Head of Hotel Research & Data Analytics. “Unfortunately, for business centric hotels, the rebound in business travel expected in September of 2021 is now delayed and will likely have a ripple effect into 2022’s corporate travel budgets.”
U.S. hotels’ annual occupancy level is now expected to reach 54 percent for the year, according to CBRE. ADR is expected to average $112.85 and RevPAR is forecast to average $60.91, a 41.7 percent increase over the annual RevPAR of $42.97 recorded in 2020. However, the RevPAR amount is 29.3 percent less than the $86.16 RevPAR posted in 2019.
CBRE said it expects convention travel to resume first in markets with low operating costs, inexpensive airline flights and relatively few health restrictions. Warm-weather markets, such as Dallas, New Orleans, San Antonio, Las Vegas and Orlando are likely to be in demand. Leisure and “bleisure” travel, which is a combination of business and leisure travel, are expected to augment the regular business travel even though 2022 corporate-travel budgets are being impacted by the Delta variant.
Occupancy is still expected to rise 8 percent in 2022 while ADR should go up 7.1 percent, leading to a 15.6 percent increase in RevPAR. Much also depends on activity in each hotel’s local markets because 75 percent to 80 percent of a hotel’s performance is dictated by local economic and market factors, according to CBRE.
“In general, Sunbelt cities and drive-to leisure destinations are expected to perform the best, while group-oriented hotels, northern markets, and global gateway cities reliant on inbound international travel are projected to lag in performance,” said Bram Gallagher, CBRE’s senior hotel economist. “The pace of recovery for business and group demand is top of mind for most hoteliers.”
Urban-core markets are expected to be most heavily impacted by the delayed return to office and the ‘great migration south’ that took place over the pandemic. Also, business travelers are expected to take fewer but longer trips to avoid flights that might expose them more to COVID. They also are expected to stay longer in leisure markets in order to incorporate “shoulder stays” that allow for leisure time after the business time.
CBRE predicts that U.S. national occupancy will approach the long-run average of 62 percent in 2023.
“However, occupancy isn’t expected to return to its lofty pre-COVID rates in the foreseeable future, given that many general managers and prioritizing rate gains despite the potential resulting drop in occupancy,” CBRE said in a statement. “CBRE anticipates that nominal ADR levels will reach the prior peak by the second quarter of 2023. On a combined basis, the improvements in ADR and occupancy should lead to a full recovery in nominal RevPAR by 2024.”
Global hotel rates are expected to remain stable through 2026, according to AMEX GBT.
New York is a key business travel and meetings destination.
India is likely to be a focus for travel programs during 2026 negotiations.
GLOBAL HOTEL RATES are expected to remain stable through 2026, as geopolitical tensions and potential U.S. tariffs limit demand and constrain price increases, according to American Express Global Business Travel. New York remains a popular destination for business travel and meetings.
AMEX GBT’s Hotel Monitor 2026, an annual forecast of global hotel rates in business travel destinations, identified India as a key market, with hotel rates and occupancy set to rise.
“This year’s forecast reveals a global environment where geopolitical uncertainties are tempering hotel rate increases,” said Dan Beauchamp, Amex GBT’s vice president for consulting. “These insights allow businesses to make more informed travel decisions. Understanding local market conditions will help companies optimize travel budgets and strategies.”
The report also projects continued rate increases for high-end accommodation based on demand.
New York hotel rates are projected to rise 4 percent in 2026. Despite expected softening in inbound U.S. travel from tariff uncertainty, New York remains a leading destination for business travel and meetings. The forecast is based on company data and IMF inflation and GDP projections.
India is expected to see rising hotel rates and occupancy in 2026. Rate growth will be below last year’s levels but above regional and global averages. India is likely to be a focus for many travel programs during 2026 negotiations. Bengaluru, a major technology and AI hub, recorded the country’s highest occupancy and ADR in the first quarter of 2025.
Simon Fishman, Amex GBT’s vice president for global hotels, said data shows news cycles can affect hotel prices in unpredictable ways.
“Amex GBT’s hotel marketplace gives companies access to over two million properties across 180 countries, including more than 45,000 hotels with pre-negotiated discounts and amenities via the Preferred Extras Hotel Program,” he said. “It enables companies of all sizes to adapt to changing business needs while accessing the best rates and traveler experiences.”
A May report by commerce media firm Criteo found that hotel booking values in Asia-Pacific rose 23 percent in early 2025, compared with 2 percent growth in the Americas.
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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.
Spark acquired the 120-key Home2 Suites by Hilton Wayne in Wayne, New Jersey.
Hunter Hotel Advisors facilitated the transaction with DC Hospitality Group affiliates.
The 2020-built hotel is near William Paterson University and less than 20 miles from Manhattan.
SPARK GHC RECENTLY acquired the 120-key Home2 Suites by Hilton Wayne in Wayne, New Jersey, from affiliates of DC Hospitality Group. Hunter Hotel Advisors facilitated the deal for an undisclosed amount.
The 2020-built hotel is less than 20 miles from Manhattan in a commercial corridor with major employers including Driscoll Foods, FedEx Group, Advanced Biotech, St. Joseph’s Wayne Hospital, and the Passaic County Administration, Hunter said in a statement. William Paterson University, Willowbrook Mall, and MetLife Stadium are also nearby.
It features an on-site fitness center, business center and indoor pool.
“The Home2 Suites by Hilton Wayne represents the type of asset we target,” said Patel. “Its proximity to major corporate demand generators, higher education institutions, and retail and entertainment venues supports strong performance.”
Hunter’s senior vice presidents, David Perrin and Spencer Davidson, brokered the transaction.
Patel said this is their second transaction with Hunter and praised the process and partnership.
“We look forward to building on the hotel’s recent performance and continuing to deliver guest experiences in the Greater New York City community,” he said.
Northstar Hotels Management recently acquired a 78-key Residence Inn and an 81-key Courtyard near the Jacksonville, Florida, airport.
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.