Skip to content

Search

Latest Stories

Stonehill grants $52 million loan for Phoenix apartment project

This loan is for a four-story multifamily building set to finish in the first quarter of 2025

Stonehill grants $52 million loan for Phoenix apartment project

Stonehill CRE, the real estate arm of Stonehill, has finalized a $52 million senior loan agreement with Starpoint Properties to fund the construction of Lotus Point Apartments, a 245-unit multifamily development in Mesa, Arizona, within the Phoenix Metropolitan Statistical Area. The construction of this four-story building is scheduled for completion in the first quarter of 2025, Stonehill said in a statement.

"This investment mirrors our sought-after strategy – a quality property with an experienced sponsor in a growing market," said Taylor Pike, senior vice president at Stonehill CRE. "Phoenix stands as a strong job growth market due to diverse employment opportunities. Single-family home development has not kept pace, and with rising mortgage rates, well-located multifamily projects will remain in high demand."


This 6-acre site, adjacent to a retail center and within walking distance of the metro light rail, will provide studio, one-bedroom, and two-bedroom units, along with amenities such as a fitness center, clubhouse, co-working area, pool, and parking options, Stonehill said.

Stonehill, a division of Peachtree Group, functions as a direct commercial real estate lender, providing permanent loans, bridge loans, mezzanine loans, commercial property-asset clean energy financing, and preferred equity investments across various commercial real estate sectors, the statement added.

In April, Stonehill climbed two spots from its 2021 ranking to become the 8th largest U.S. commercial real estate hotel lender according to the Mortgage Bankers Association's 2022 loan origination rankings. The company reported deploying $1.2 billion in real estate investments, including $813 million allocated to hotels in 2022.

More for you

HAMA Launches 20th Student Case Competition in USA
Photo Credit: iStock

HAMA launches 20th student case competition

Summary:

  • 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.

Keep ReadingShow less
Stonebridge hotel management expansion
Photo credit: Stonebridge Cos.

Stonebridge adds Statler Dallas to managed portfolio

Summary:

  • 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.

Keep ReadingShow less
GSA keeps FY 2026 federal per diem lodging and meal rates flat

Federal per diem rates stay flat for FY 2026

Summary:

  • GSA will keep federal per diem rates the same for FY 2026.
  • The lodging rate stays $110 and meals allowance $68.
  • AHLA raised concerns over the impact on government travel.

THE U.S. GENERAL Services Administration will keep standard per diem rates for federal travelers at 2025 levels for fiscal year 2026. The American Hotel and Lodging Association raised concerns that the decision affects government travel, a key economic driver for the hotel industry.

Keep ReadingShow less
Comfort Hotels to Host "Waffle Lounge" Pop-Up in NYC, USA

Comfort hosting ‘Waffle Lounge’ in NYC

Summary:

  • Comfort Hotels will host the one-day Waffle Lounge in New York City on Aug. 21.
  • The Union Square event runs from 12 to 7 p.m.
  • Visitors can win a one-night stay at a participating Comfort or other Choice hotel.


CHOICE’S COMFORT HOTELS is bringing its signature breakfast item to life with the Waffle Lounge, a one-day pop-up event in New York City on Aug. 21. The event, timed to coincide with National Waffle Day on Aug. 24, highlights the brand’s role in offering guests a sense of home during their travels.

Keep ReadingShow less
us hospitality job loss
iStock

Survey: Hospitality drops most jobs in June

Summary:

  • Hospitality job openings fell by 308,000 in June, the largest drop of any industry.
  • National openings held at 7.4 million, a 4.4 percent rate.
  • Hospitality quit rates remain above the national average.

THE HOSPITALITY SECTOR saw the largest decline in job openings of any industry in June, according to the U.S. Bureau of Labor Statistics. Accommodation and food services fell by 308,000 positions from the previous month.

Keep ReadingShow less