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November 19, 2024
47 posts
A Critical Eye on C-PACE Loans: 5 Hidden Expenses Borrowers Should Consider
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Commercial Property Assessed Clean Energy (C-PACE) programs, first introduced in California in 2009, have been utilized in over 3,300 development projects across 22 states and Washington, D.C. over the last 15 years. Facing elevated interest rates and a liquidity crisis expected to persist for another 12 to 24 months, C-PACE loans are projected to gain momentum in 2024, potentially outpacing 2023. However, C-PACE loans come with considerations: capitalized interest from loan closure, fees including a 1% origination fee and third-party charges, possible rate adders of 10 basis points, and prepayment penalties ranging from 1% to 5% for up to 10 years. Despite being promoted as a cheaper alternative to mezzanine loans, C-PACE may increase costs with senior lenders.
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Royal Palm South Beach Miami Welcomes Pivot as Manager
🏠 Pivot, part of Davidson Hospitality Group, to manage the 393-room Royal Palm South Beach Miami, a Tribute Portfolio Resort, featuring two pools, a fitness center, five dining outlets, and nearly 8,000 square feet of event space. Comprehensive renovation planned for 2025. The group also operates 22 other properties in Florida, including the Key West Historic Inns and Eden Roc Miami Beach.
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STR, TE Downgrade U.S. Hotel Forecast in Final Revision of 2024
💰 In Nashville, STR and Tourism Economics downgraded the 2024 U.S. hotel forecast, with the ADR and RevPAR growth rates dropping to +1.5% and +1.4%, respectively. Occupancy decreased to 62.9%, a 0.1 percentage point drop. The 2025 forecast sees occupancy downgraded by 0.4 percentage points, with ADR and RevPAR growing by +1.6% and +1.8%. Despite fluctuating outlooks due to economic conditions, luxury hotels are expected to perform well, with GOP and EBITDA margins slightly improving year over year and nearing 2019 levels by 2025.
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Extended Stay America Premier Suites – Asheville Opens
🏠 Extended Stay America Premier Suites in Asheville, North Carolina, developed by the TGC Group, announces opening. The 108-room, four-story hotel features WiFi, breakfast, cable, 24-hour fitness, pet area, and outdoor patio. Suites include kitchens with full-size appliances and workspaces. Located near I-40 and I-26, 12 miles from Asheville Regional Airport, close to local businesses and attractions like Biltmore Estates and Asheville Art Museum. TGC Group previously developed properties in Madison, Alabama, and McDonough, Georgia. Extended Stay America has doubled its franchise owners over the past year.
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Atzaró Group’s exciting new trips for 2025 combine the cultural hub of Cape Town with the untamed wilderness of The Okavango Delta
🏕 Atzaró Group launched Atzaró Cape Town and Atzaró Okavango in 2024. The former, a luxury hotel in Cape Town, offers panoramic views and is near Table Mountain. The latter, a 30-minute helicopter flight from Maun Airport, provides a luxury safari experience in the Okavango Delta with its 12 suites, 2 villas, and amenities such as pools, star beds, and wi-fi. Conservation efforts include anti-poaching, habitat rejuvenation, and sustainable practices like solar power and water treatment. Guests are encouraged to stay 5+ days to indulge in wellness and nature.
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Hilton Garden Inn Cape Canaveral Celebrates Topping Out
🏖️ Hilton Garden Inn Cape Canaveral broke ground in March, scheduled to open in fall of 2025 by McKibbon Equities. Topping out ceremony celebrated, marking structural completion. Hotel to feature 156 guestrooms, 800 sq ft meeting space, and tiki-inspired restaurant. Amenities include fitness center, market, game room, outdoor pool, and social spaces. Managed by McKibbon Hospitality upon opening, with Certified General Contractors as the general contractor.
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Sleigh the Holiday Season: Maximise Bookings and Prepare for the Christmas Season
🎄 Liam Crooks, MD of EMEA at Lightspeed, emphasizes a customer-first approach for hospitality businesses during the Christmas rush, suggesting the use of ePOS systems with table management like OpenTable for efficient booking optimization. A quarter of people plan to eat in on Christmas Eve, highlighting the importance of integrating with delivery services such as Uber Eats or Deliveroo. Additionally, creating a memorable Christmas experience with loyalty programs, personalized CRM tools, and well-managed staff scheduling via ePOS systems can drive customer loyalty year-round.
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Internationally Famed Restaurant Group, Nobu, Chooses SODIC’s Easttown District New Cairo As Its First Egyptian Location
🏠 Nobu to launch its first hospitality concept in Egypt at SODIC's EDNC in New Cairo, scheduled for early 2025. The project, located on Road 90 adjacent to The American University in Cairo, covers 14,765 square metres and features Japanese-Peruvian fusion cuisine. Nobu will expand with residences, a hotel, and a restaurant in SODIC's Ogami development on Egypt’s North Coast. EDNC aims for sustainability with a 40% energy consumption reduction, 33% water usage cut, and 22% lower embodied energy, leading to EDGE Advanced certification.
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Kimpton Fitzroy London launches Christmas campaign supporting children’s charity coram to spotlight young care leavers’ stories
💸 Kimpton Fitzroy London's Christmas campaign "Never Wanted To Leave" starts on 19th November, supporting Coram, UK's oldest children's charity, raising awareness for the 12,000 UK care leavers facing adulthood annually. The campaign features a guestbook with accounts from young care leavers and a foreword by Actor Peter Capaldi. Visitors can donate by buying a £25 Christmas bauble, directly benefiting Coram. The hotel aligns its Christmas celebrations with community support, inviting guests to engage and contribute to the cause.
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