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.
NISHANT “NEAL” PATEL assumed the chairmanship of AAHOA Friday as the culmination of the association’s 2022 Convention & Trade Show in Baltimore, Maryland. More than 5,000 people attended the show, during which new officers also were elected, certain members were recognized for their service and face-to-face networking came back into style.
This year’s show came with less time after last year's, which was held in August due to delays from the COVID-19 pandemic. That time difference for planning was not as bad as it may seem, said Vinay Patel, outgoing AAHOA chairman, in a press conference before the show.
“We start planning this convention way in advance. So yeah, our gap may be eight months from convention to convention, but this convention probably started literally in June, July or January of last year, so that time frame is still there,” Vinay said. “There are always things, you pivot all the time. Especially in today's world of the pandemic. But, I think at the end of the day, the team has done a phenomenal job in putting everything together.”
Outgoing AAHOA Chairman Vinay Patel said planning for this year’s conference was slightly more challenging because it had been less than a year since the previous conference.
Neal Patel also said the planning for the show wasn’t easy.
“In January when we came here, we weren't certain if we could pull this off. And it wasn't because of our team,” Neal said. “Our team was on it 100 percent. But then it was also the local government and the state of Maryland, where, because of COVID, they were limiting the number of people that can be in one room and so on. And at that time, there was so much uncertainty. But I'm glad everything worked out. I mean, you're here and who would've thought that we have more than 6,000 attendees.”
Appreciating what you have
In the first general session, Neal opened up about his background and family history leading to his involvement in hospitality, starting with their move from Surat, India. It was this background that gave him his appreciation for the services AAHOA provides, he said.
“Nearly two decades ago, my family left everything we've ever known to start a new life in Mississippi. Like a majority of us here, they were in search of the American dream. My parents wanted to create a better life for their children, and leave a legacy that generations to come,” Neal said. “We had humble beginnings. We didn't have a lot of resources as we began the entrepreneurial journey at the time, and we had a lot to learn.”
AAHOA changed that situation for him. Neal became an AAHOA member in 2012 and soon volunteered to serve as an AAHOA ambassador. He joined AAHOA’s board of directors in 2016 after being elected as the young professional director Western Division, a position he held for three years.
“If you ever wondered to what extent AAHOA serves its membership, I am the perfect example,” Neal said. “My parents didn't have the opportunity to have AAHOA as a resource. But thankfully, when I took over the family business, AAHOA was there for me as I navigated the hospitality industry. Nearly 20 years later, I myself am a hotel owner, and soon to be chairman of AAHOA, which was founded two years before I was born.”
Neal lives in Austin, Texas, and is the managing partner of Blue Chip Hotels, which owns and operates multiple branded and independent hotels with more than 1,200 rooms in several states.
“My parents always told me that if you don’t try, you won’t succeed. If you talk too much, you’re not learning,” he said. “As I step into my new role, my focus is on our members and serving them well. Going forward, I will be the facilitator to make things happen.”
Beginning the march toward chairmanship
Also during AAHOACON2022, members elected Kamalesh “KP” Patel of Santa Cruz, California, as the new AAHOA secretary. That begins his march toward the chairmanship as he rotates through the other board positions of treasurer then vice chairman.
Current secretary Miraj Patel will now serve as treasurer and Bharat Patel is now vice chairman.
During AAHOACON2022, members elected Kamalesh “KP” Patel of Santa Cruz, California, as the new AAHOA secretary.
“This industry, we've put way too much into it. Failure is simply not an option,” KP said during the secretary candidates’ debate during the third day of the conference. “I will focus on demanding that each and every brand implement AAHOA’S 12 points of Fair Franchising. Our industry needs an overhaul and that starts now. No more unnecessary mandates that take away from our bottom line just to grow theirs. No more brand expansion, stop making us compete with each other. And no more kickbacks that double and triple costs. It stops today.”
KP is the CEO of Aarav Hospitality and AKS Hospitality.
Also elected to positions on the board of directors were:
Alabama Regional Director: Sanjay Patel
Central Midwest Regional Director: Arti Patel
North Carolina Regional Director: Pinkesh Patel
Northeast Regional Director: Preyas Patel
Northwest Regional Director: Taran Patel
Upper Midwest Regional Director: Kalpesh Joshi
Washington DC Area Regional Director: Deepak Patel
Director at Large Eastern Division: Pinal Patel
Director at Large Western Division: Hitesh Patel
Young Professional Director – Western Division: Tanmay Patel
“I’m thrilled to welcome our new AAHOA secretary and all of our newly elected board members. Over the last 30 years, our volunteer leaders have worked tirelessly to make AAHOA a leading hotel association in the U.S. and advocate for initiatives that help the hospitality industry thrive,” Neal said. “As we continue on this road to recovery, it is encouraging to see so many members rising to the occasion and serving America’s hotel owners.”
From left, Suhani Shah and Christina Turley of As One Management hand out promotional material for Shah’s brothers’ business analytics company x•quic to Bharat Cha Patel, Dinesh Patel and Ashwin Patel on the tradeshow floor of AAHOACON2022. X•quic won the inaugural AAHOA “Tech Pitch Competition: Innovations, Ideas, and Products to Propel Us Forward,” in 2021.
AAHOA Award of Excellence: Vimal Patel, president and CEO of QHotels Management in LaPlace, Louisiana, and AAHOA ambassador for the Gulf Region.
Cecil B. Day Community Service Award: Manhar “MP” Rama, CEO of Sima Hospitality and AAHOA past chairman for 2005 to 2006.
Outreach Award for Philanthropy: Babu Patel with Trustmark Park Hospitality
Outstanding Young Professional Hoteliers of the Year Award: Armaan Patel with AGA Hotels and Taran Patel, managing principal with A1 Hospitality Group and AAHOA ambassador for the Northwest Region.
“This year’s AAHOA award recipients are movers and shakers in their communities and have gone above and beyond to enhance the hotel guest experience,” Vinay Patel said. “The hospitality industry has changed over the years, especially throughout the pandemic. Despite that, these individuals have been forward-thinking and proactive in their contributions to hospitality. Congratulations to every award recipient; your commitment to excellence is what sets you apart from the rest.”
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.