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 RECOVERY FROM the COVID-19 pandemic is happening in the New Orleans area and nationwide. It’s just a little slow, said Vimal Patel, President of Qhotels Management, and the industry still needs help from above in the form of some new stimulus measure.
Patel’s business was particularly hard hit by the pandemic because New Orleans was an early hot spot of the virus. Now he is seeing some upticks in occupancy, enough to give him some glimmer of hope, but it’s not enough.
“Think about it this way: You were driving at 100 mile an hour and all of a sudden, you have grounded to a stop completely,” Patel said. “Then maybe you get to 40 mile an hour, but it's still nothing towards what you were doing.”
In pre-pandemic times his hotels brought in an average $200,000 per month. Then, in March and April they made around $25,000 a month, and now he’s making around $55,000 per hotel. The LaPlace, Louisiana-based company’s portfolio includes several brands from Wyndham Hotels & Resorts, InterContinental Hotels Group, Best Western Hotels & Resorts in Louisiana and Texas.
“It's still nowhere near what it is to pay the debt and pay for basic necessities,” he said.
Patel said he applied early for the Small Business Administration's Economic Injury Disaster Loans as well as Paycheck Protection Program relief, both of which were designed to provide quick help for small businesses so they could keep staff on payroll and pay essential bills. He was quickly disappointed.
“When it got rolled out it was supposed to be $2 million [per hotel] then it got reduced down to $500,000. By the time I got an approval for my hotels, the amount got reduced down to $150,000. That is not even making two months worth of note payments if you had to survive and do that,” he said. “That is really not serving the purpose that Washington intended. It's not helping the small business owners like us, it is not even 10 percent of our of the of the revenue we need.”
For now, the HEROES Act is the least likely to pass into law, said Mark Owens, executive vice president and head of hospitality capital markets for CBRE Hotels.
“It seems like things are not moving as quickly on the HEROES Act side, but the Main Street Lending program side is interesting and it should help create liquidity for a lot of the ownership companies, depending on how they look at it using it,” Owens said. “Unfortunately, I think it does seem like politics are a challenge at the present time with respect to the HEROES Act.”
The Main Street program includes three facilities for new loans, priority loans and expansion on existing loans, according to the Federal Reserve. It is aimed toward small and medium-sized businesses with 15,000 employees or fewer and 2019 revenues of $5 billion or less. It issues 5-year loans with deferred principal payments for two years and deferred interest payments for one year.
“Main Street is focused on providing liquidity to the midsize corporate segment,” he said. “It's another stimulus measure, basically, that injects liquidity into larger companies that may not have been able to rely on PPP and some of the other programs that have been initiated.”
Time to RESTART?
Patel is not counting on the Main Street program, however, since it also has more restrictions in place. He has been watching the RESTART Act closely, however.
“The RESTART Act is supposed to allow the businesses to get up to 45 percent of their revenue of the previous year on the same loan,” he said. “But again, until it becomes a bill and passes to the House we won't know.”
Patel said his company established a strong line of credit to use in this kind of situation, but he does not currently have access to it.
“Because of this downturn in business the line of credit is temporarily frozen because the banks are making sure the asset value is held and then if there is not enough liquidity they don't risk the line of credit,” he said.
He’s hoping the money he did receive from the PPP can buy some time until the line of credits is released or business picks back up, Patel said. However, another challenge he faces comes from commercial mortgage backed security loans.
“They have all kinds of restrictions and clauses, so even in order to receive the PPP money, you have to approach these guys. And then you have to engage the legal team, you have to pay $5,000, $7,500 just to ask for an approval, which does not mean that this CMBS lender to allow you to take the PPP money,” Patel said.
It’s hard to say how much longer the hard times will last, Patel said.
“The third quarter is supposed to be a very strong quarter because of the New Orleans conventions and meetings that happen and the festivals that happens,” he said. “But all that is gone out the window in New Orleans so in the third quarter you’re going to struggle as well.”
Demand versus supply
It seems likely that the hotel industry will need federal stimulus money for some time more, Owens said, but it’s difficult to say how much longer that will be the case.
“That's a difficult question to answer because every day, especially as we're seeing caseloads change, it changes the potential outlook. Other than resort locations and drive to markets, which we've seen rebounding from a hotel performance perspective, really the vast majority of hotels, not just in America but globally, require and are dependent on business travel,” he said. “Until the business community is comfortable getting on planes or congregating, there's going to be significant disruption in travel behavior and thus the hospitality business.”
CBRS has forecast that the U.S. hospitality industry will be back to 2019 levels of performance by 2023, Owens said. With such a large gap of time, Owens said there is some reason for concern over whether Congress will continue to fund future stimulus.
“I think that's the big question. And I think some of it is actually going to be tied to how these COVID-19 cases spike and what local economies start doing. There's clearly a divide across the spectrum of how long and how much is needed,” he said. “The Main Street Program, for example, is set up to provide liquidity for a fair amount of time. It’s essentially a four-year provision. So, drawing on those funds to allow someone to cover especially this year and next in part is key.”
Given the fact that the hotel industry employs one in 25 American workers, Owens said the government should take an interest in preventing further disruption in their business.
“I think that additional stimulus is necessary if we cannot get people back to work,” Owens said.
Patel is not optimistic about the coming months and the chances of future stimulus. He will take what he can get, though.
“Anything is better than nothing, and if we can get two months out of it, you know that that's two months that we didn't had before,” Patel said.
Another factor, of course, is the possibility of a resurgence in COVID-19 cases in the fall.
“In New Orleans is one that we are skeptical about because that's our direct market that impacts us the hotel side of it. We are carefully monitoring that and obviously we are scared about that, that should an uptick happen and here we go again with a lockdown,” Patel said. “Whatever momentum that we may have gained after the phase two opening of the state of Louisiana, that will probably kill us quite a bit. So, that's something that we are very scared about.”
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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The Trump administration says it is reviewing more than 55 million visa holders.
Reviews cover a wide range of visas for law enforcement and overstay violations.
The administration also suspended worker visas for foreign commercial truck drivers.
THE TRUMP ADMINISTRATION is reviewing more than 55 million people who hold valid U.S. visas for potential violations. It is expanding a policy of “continuous vetting” that could result in revocation and deportation.
The State Department confirmed all visa holders are subject to ongoing review, which includes checking for overstays, criminal activity, threats to public safety or ties to terrorism. Should violations be found, visas may be revoked, and holders in the U.S. could face deportation, according to the Associated Press.
Officials said the reviews will include monitoring of visa holders’ social media accounts, law enforcement records and immigration files. New rules also require applicants to disable privacy settings on phones and apps during interviews. The department noted visa revocations since President Trump’s return to office have more than doubled compared to the previous year, including nearly four times as many student visas.
The administration also announced an immediate halt on issuing worker visas for foreign commercial truck drivers, with Secretary of State Marco Rubio citing road safety and competition concerns for U.S. truckers.
“The increasing number of foreign drivers operating large tractor-trailer trucks on U.S. roads is endangering American lives and undercutting the livelihoods of American truckers,” Rubio posted on X.
The Transportation Department linked the move to recent enforcement of English-language proficiency requirements for truckers, aimed at improving safety. The State Department later said it was pausing visa processing while it reviewed screening protocols.
Critics, including Edward Alden of the Council on Foreign Relations, warned the actions could have significant economic consequences.
“The goal here is not to target specific classes of workers, but to send the message to American employers that they are at risk if they are employing foreign workers,” Alden wrote, according to AP.
Data from the Department of Homeland Security shows there are 12.8 million green card holders and 3.6 million temporary visa holders in the United States. The 55 million figure under review includes many outside the U.S. with valid multiple-entry tourist visas.
Earlier this week, the State Department reported revoking more than 6,000 student visas for violations since Trump returned to office, including around 200 to 300 for terrorism-related issues.
The vast majority of foreign visitors require visas to enter the U.S., with exceptions granted to citizens of 40 countries under the Visa Waiver Program, primarily in Europe and Asia. Citizens of China, India, Russia and most of Africa remain subject to visa requirements.
A $250 Visa Integrity Fee in President Donald Trump’s Big Beautiful Bill drew criticism from groups that rely on seasonal workers from Latin America and Asia on J-1 and other visas.
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.