Trump said the bill would ‘turn the country into a rocket ship’
The One Big, Beautiful Bill Act became law on July 4 after President Trump signed it at a rally-style outdoor ceremony, with AAHOA calling it a step forward for small business owners, especially hotel operators.
Vishnu Rageev R is a journalist with more than 15 years of experience in business journalism. Before joining Asian Media Group in 2022, he worked with BW Businessworld, IMAGES Group, exchange4media Group, DC Books, and Dhanam Publications in India. His coverage includes industry analysis, market trends and corporate developments, focusing on retail, real estate and hospitality. As a senior journalist with Asian Hospitality, he covers the U.S. hospitality industry. He is from Kerala, a state in South India.
The One Big, Beautiful Bill Act became law on July 4 after President Trump signed it at an outdoor rally.
The association said the bill offers tax relief, reinvestment incentives, and financial clarity for small businesses.
India raised concern over the proposed 1 percent U.S. tax on remittances by non-citizens.
THE ONE BIG, Beautiful Bill Act became law on the Fourth of July after U.S. President Donald Trump signed it during an outdoor ceremony that resembled a political rally. AAHOA welcomed the signing, calling it a step forward for small business owners, particularly hotel operators nationwide.
The bill, officially known as H.R. 1, continues Trump’s 2017 tax cuts and also implements new tax incentives for businesses. At the same time, it makes several changes to the country’s social safety net, including Medicaid and federal food assistance programs, that Democrats say will be bad for low-income Americans.
It also targets international money transfers by non-U.S. citizens, including green card holders and temporary visa workers on H-1B and H-2A visas. It imposes a 1 percent levy on remittances sent via cash, money orders, or cashier’s checks—down from the originally proposed 5 percent rate.
After a long session on Capitol Hill, the House passed the bill on Thursday by a narrow 218–214 vote. The Senate approved it on Tuesday by a single vote. Trump, who had given the Republican-led Congress a July 4 deadline to deliver the final version, said the bill would “turn this country into a rocket ship.”
“I’ve never seen people so happy in our country—so many groups are being taken care of: the military, civilians, jobs of all types,” Trump said at the ceremony, thanking House Speaker Mike Johnson and Senate Majority Leader John Thune for shepherding the bill through Congress, according to Reuters.
“So, you have the biggest tax cut, the biggest spending cut, the largest border security investment in American history,” Trump said. “This is going to be a great bill for the country.”
However, critics argue the bill achieves savings by cutting food benefits and health care and scaling back tax breaks for clean energy. The Congressional Budget Office estimates the bill could add $3.3 trillion to the federal deficit over the next decade and leave millions without health coverage—a forecast the White House disputes.
AAHOA welcomes the Bill
The association said the bill provides targeted tax relief, reinvestment incentives and financial certainty for small businesses amid the need for long-term planning.
“This is a strong step in the right direction for hotel owners and the broader small business community,” said Kamalesh “KP” Patel, AAHOA Chairman. “Our members have actively advocated for these reforms, and we’re pleased to see their concerns reflected in the final legislation.”
Laura Lee Blake, AAHOA president and CEO, said the bill’s signing on Independence Day is a timely reminder of the values that drive the association’s members: opportunity, resilience and the freedom to build something of their own.
“Our nearly 20,000 members own over 60 percent of the hotels in the U.S. and provide more than 1 million jobs,” she said. “This bill gives them the clarity to reinvest, the confidence to grow, and the ability to keep fueling the communities they serve.”
India’s concerns
The proposed 1 percent U.S. tax on remittances sent abroad by non-citizens is raising concern in India, which could lose billions in annual foreign currency inflows, The Hindu reported, citing the Global Trade Research Initiative.
India is the world’s top remittance recipient, followed by Mexico, China, the Philippines, France, Pakistan and Bangladesh. GTRI warned the loss could tighten U.S. dollar supply in India’s forex market, putting modest depreciation pressure on the rupee.
The bill exempts remittances made through U.S. financial institution accounts or funded by U.S.-issued debit and credit cards. The levy does not apply to U.S. citizens.
Reserve Bank of India data shows the U.S. was the top source of remittances to India in 2023 to 2024, accounting for 27.7 percent, or $32.9 billion, of total inflows.
In Indian states like Kerala, Uttar Pradesh and Bihar, millions of families rely on remittances for essentials such as education, healthcare and housing.
“A tax on remittances would certainly dent the inflow of funds to India,” a government official told The Hindu. “But the government has not yet assessed the extent of that impact.”
The official added that India has not yet decided whether to seek relief from the U.S. on the issue.
Campaign promises realized
The legislation fulfills two key Trump campaign promises: making his 2017 tax cuts permanent and eliminating taxes on tips, overtime, and Social Security benefits—at a projected cost of $4.5 trillion over 10 years. It is also expected to leave millions of Americans without health insurance.
About $150 billion is earmarked for border security, detention centers, and immigration enforcement. Another $150 billion will go toward military spending, including the president’s “gold dome” missile defense program.
Democrats, who used procedural tactics to delay the House vote, sharply criticized the final bill, calling it a giveaway to the rich that strips health care and food aid from millions of Americans. House Minority Leader Hakeem Jeffries, D-New York, gave a record-long “magic minute” speech to delay the vote on the bill at the last minute, according to NBC News. He ended by citing Dr. Martin Luther King.
“As I take my seat, I just want to say to the American people that no matter what the outcome is on this singular day, we’re going to press on,” he said. “Press on for the left behind. Press on for the rule of law. Press on for the American way of life. Press on for democracy. We’re going to press on until victory is won. I yield back.”
Global hotel RevPAR is projected to grow 3 to 5 percent in 2025, JLL reports.
Hotel RevPAR rose 4 percent in 2024, with demand at 4.8 billion room nights.
London, New York and Tokyo are expected to lead investor interest in 2025.
GLOBAL HOTEL REVPAR is projected to grow 3 to 5 percent in 2025, with investment volume up 15 to 25 percent, driven by loan maturities, deferred capital spending and private equity fund expirations, according to JLL. Leisure travel is expected to decline as consumer savings tighten, while group, corporate and international travel increase, supporting RevPAR growth.
Major cities continue to attract strong demand and investor interest, particularly London, New York and Tokyo. APAC is likely to post the strongest growth, fueled by recovering Chinese travel, while urban markets remain poised for continued momentum.
Lifestyle hotels are emerging as the new “third place,” blending living, working and leisure. The trend is fueling expansion into branded residences and alternative accommodations. JLL said investors must weigh regional performance differences, asset types and lifestyle trends when evaluating opportunities.
Separately, a Hapi and Revinate survey found fragmented systems, inaccurate data and limited integration remain barriers for hotels seeking better data access to improve guest experience and revenue.
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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.