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THE LEISURE AND hospitality sector saw some job growth in December, according to the Bureau of Labor Statistics' December employment report. Not enough, however, according to the U.S. Travel Association, meaning more federal aid is needed. The sector added 53,000 jobs during the month, according to the BLS data. The overall economy added 199,000 jobs. "Leisure and hospitality has added 2.6 million jobs in 2021, but employment in the industry is down by 1.2 million, or 7.2 percent, since February 2020," the report said. "Employment in food services and drinking places rose by 43,000 in December but is down by 653,000 since February 2020." However, the report indicates that the recovery is uneven, said Tori Emerson Barnes, USTA's executive vice president of public affairs and policy, in a statement. December's performance was the second-worst since January 2021, she said. "The small gains made are not enough to propel the sector toward a larger recovery, as more than 7 percent of all L&H jobs remain lost compared to just 2 percent for the rest of the U.S. economy," Barnes said. "As the spread of the omicron variant continues to impact travel, there remains a pressing need for Congress to provide additional federal relief and stabilizing policies that will enable the return of business travel, professional meetings and events, and international inbound travel."

COMMERCIAL REAL ESTATE direct lender and Peachtree Group affiliate, Stonehill, completed $1.2 billion in investments in 2022. Most were through loan originations and commercial property assessed clean energy financing primarily in the hospitality and retail sectors, a statement said. The investment includes $813 million in loans and $163 million as CPACE financing and the remaining $269 million was distributed across the industrial, land, mixed-use, multifamily, office and senior living real estate sectors, the company said. Stonehill said that its 2023 target is $1.5 billion and expects to invest $300 million in the first quarter. "Economic volatility coupled with uncertainty surrounding interest rates has severely decreased overall financing availability with capital providers. However, Stonehill not requiring capital markets execution has allowed it to remain active and to fill the gap in lending supply," said Mat Crosswy, Stonehill president and principal. In May 2022, Stonehill formed Stonehill CRE with Daniel Siegel as president to expand its commercial lending business. It focuses on heavy transitional assets and sectors of the credit market that are traditionally undersupplied. "We have spent years working on our capital formation, specifically so that we can be active and grab market share during periods of economic uncertainty. Also, by building our CPACE division in 2019, which completed $235 million in CPACE financing for the year, and now with Stonehill CRE, we are better positioned to provide lending solutions to a multitude of the market's current inefficiencies," said Crosswy.

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THE U.S. TRAVEL Association is urging Congress to implement short-term priorities to stimulate leisure and hospitality sector as 61 percent or nearly two-thirds, of all jobs still lost due to the pandemic are in this segment. The revised job data from the Bureau of Labor Statistics for the past several months confirmed that 10 percent of leisure and hospitality jobs now remain lost. "While the overall jobs report may be good news for some, the revised BLS data now confirms an even bigger revelation," said Tori Emerson Barnes, USTA executive vice president of public affairs and policy, in a statement. "The uneven recovery of the travel sector is due in large part to the lack of inbound international travelers, and the deep reduction in business travel and professional meetings and events. There could not be a more pressing time to support this vital contributor to the U.S. economy and rebuild American jobs."

PEACHTREE GROUP RECENTLY introduced new branding, logo and tagline, "Guided by Intuition, Grounded by Expertise." The branding update aims to project the company's integrated investment strategies and service platforms. This change consolidates the company's varied brand portfolio, renaming Stonehill as Peachtree Group Credit and Peachtree Hospitality Management as Peachtree Group Hospitality Management, the company said in a statement. "The new branding has given us a competitive edge in attracting top-tier talent, ensuring a consistent influx of the best minds and skills to navigate an ever-changing business landscape," said Greg Friedman, CEO and managing principal of Peachtree Group. "Moreover, our strategic branding approach, aimed at consolidating our diverse range of businesses, is poised to unleash even greater untapped potential within our investment platform. This platform, already proven in its value in the hospitality sector, has played a pivotal role in our expansion and diversification into other real estate sectors and ventures."

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THE MANAGING PRINCIPALS of Atlanta-based Peachtree Hotel Group are forming a new company, Peachtree Group, to oversee its investment portfolio. Peachtree's hospitality division includes Peachtree Hotel Group, Peachtree Hospitality Management and Peachtree Hospitality Development. The new company will manage and control investments and direct investment strategies across different divisions, including hospitality, commercial lending, residential development and capital markets, the company said in a statement. The company is expanding in those areas, said Greg Friedman, Peachtree's CEO and managing principal. "The expanded breadth of investment types we are undertaking warranted the formation of Peachtree Group without hotel in the moniker," Friedman said. "This transformative structure provides a significant opportunity to unlock the full potential of our integrated real estate investment platform that has served us well in the hospitality sector to expand into other real estate sectors and businesses.

PEACHTREE GROUP, THE newly formed affiliate of Peachtree Hotel Group created last week to handle its real estate investments, is launching its first initiative, the 1031 Exchange Delaware Statutory Trust program. The company also selected Tim Witt as president over the new program. A DST is a single-purpose entity qualified for Section 1031 real estate exchanges, according to Peachtree. It allows investors to exchange replacement properties without incurring taxable gain on the sale of previously owned assets. Peachtree's 1031 Exchange DST program will invest in institutional-grade hotels in the U.S. through Peachtree Hospitality Management, another division of Peachtree, is expected to operate any properties acquired as part of the exchange. "As we expand our array of high-quality, diversified investment strategies, we wanted to create 1031 Exchange DSTs to provide tax deferral strategies in the hospitality sector," said Greg Friedman, Peachtree's CEO and managing principal. "We anticipate significant growth and appreciation in the hospitality sector, driving values above pre-pandemic levels. Also, real estate offers an excellent alternative investment channel for those seeking an inflation hedge. We strongly believe hospitality is the most investable asset in the market today, and we anticipate being able to achieve outsized returns."

PEACHTREE HOTEL GROUP continues to restructure itself, now with two changes to its leadership. Brian Waldman, previously chief investment officer for the company is now filling the same role for the company's newly formed subsidiary Peachtree Group. Also, Jeremy Stoler joins the company as executive vice president of debt capital markets. Waldman will manage Peachtree's multi-billion-dollar investment portfolio and direct investment strategies across its operating, lending and real estate divisions, according to the company. Stoler will support Peachtree's operating companies and growth into other real estate sectors. "With Brian and Jeremy, we are fortunate to have extremely talented, respected leaders who are highly experienced and energized to drive our growth," said Greg Friedman, Peachtree's CEO and managing principal. "These announcements also come at a pivotal time for Peachtree as we further position ourselves to expand into other real estate sectors and businesses."

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U.S. HOSPITALITY SECTOR has consistently maintained the highest quit rates by workers among all industries, consistently exceeding 4.5 percent since July 2021, according to the U.S. Chamber of Commerce. However, the leisure and hospitality sector maintained the highest hiring rate among all industries, fluctuating between 6 percent and nearly 19 percent. These industries saw a loss of 837 thousand workers in September, yet 1.1 million individuals were hired into the industry during the same month. This hiring rate exceeds the national average, which was 3.7 percent in September 2023, the U.S. Chamber of Commerce said in its latest report titled Understanding America's Labor Shortage: The Most Impacted Industries. The latest jobs report from the Bureau of Labor Statistics reveals a positive influx of individuals into the workforce.

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STONEHILL, A COMMERCIAL real estate direct lender and Peachtree Group affiliate, is now ranked as the 8th largest U.S. commercial real estate hotel lender by the Mortgage Bankers Association's 2022 loan originations rankings, a two-spot increase from its 2021 ranking. Stonehill deployed $1.2 billion in real estate investment, with $813 million for hotels in 2022, the company said in a statement. Meanwhile, Stonehill is also ranked as the 16th largest U.S. commercial real estate retail lender by MBA, having deployed $163 million in 2022, the statement added. "Our performance is a testament to our commitment to understanding our sponsors' business plans and accomplishing the transactions by having stable capital despite market turbulence," said Mat Crosswy, Stonehill's president and managing principal. Stonehill expanded its commercial lending business to originate and make investments across all real estate sectors by forming Stonehill CRE in 2022. This CRE group focuses on heavy transitional assets and sectors of the credit market that are traditionally undersupplied, the statement further said.

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The Indian state of Uttar Pradesh eyes investments of more than $3.9 billion (Rs 32,000 crore) in the hospitality and tourism sector, according to a report published in Business Standard. The investment could create an additional 80,000 accommodation units through hotels and resorts, addressing the room availability deficit. Religious tourism surged post the consecration of the Lord Ram temple in Ayodhya on Jan. 22. Uttar Pradesh anticipates an annual tourist footfall of 850 million by 2028, emphasizing the expansion of hospitality units in tourism hubs like Varanasi, Ayodhya, Prayagraj, and Agra, Business Standard daily reported. "To cater to this increasing demand, the state is looking to create a robust supply of accommodation units with the development of hotels, resorts, and homestays," a government official was quoted as saying in the report.

AAHOA RECENTLY CHOSE Bookit N Go, a travel tech startup, as its strategic booking partner. The company, led by Aman Mohindra as CEO, will use its advanced online travel platform to drive bookings for AAHOA member hotels, offering the lowest flat commissions, AAHOA and Bookit N Go said in a joint statement. "We look forward to collaborating with Bookit N Go as a strategic booking partner," said Miraj Patel, AAHOA's chairman. "This partnership represents a paradigm shift in how hotel bookings are handled with a focus on putting money back in the pockets of AAHOA Members. This partnership provides a booking engine partner invested in our members' success as we continue to focus on how we can help AAHOA Members save on their bottom lines." The partnership shows Bookit N Go's focus on improving the travel and hospitality sectors, the statement added. By providing AAHOA member hotels with a strategic booking solution, the company aims to drive value and growth for all stakeholders.

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