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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.

HILTON HAS LAUNCHED a new extended-stay brand, Project H3, designed to meet the needs of the rapidly expanding $300 billion workforce travel market, looking for apartment-style accommodations for 20 nights or more. Launching in the U.S. as Hilton navigates the final stages of the trademark process, this lower midscale, extended-stay brand is the newest addition to Hilton's portfolio, the company said in a statement. Hilton is engaged in more than 100 active development conversations with many owners expressing interest in multiple locations. According to the statement, the product provides a foundation for the long stay, allowing guests to make the most out of every day, and delivers an exciting investment option for developers looking to diversify their portfolio under the Hilton name. "Project H3 is perfectly positioned to serve the unique needs of the long-stay traveler, thanks to its innovative design, strong value proposition for our owners and of course, the hospitality our team members offer every day," said Chris Nassetta, Hilton president and CEO. "We aim to serve any guest, anywhere in the world, for any travel need they may have, and this new brand represents a greater opportunity for us to grow our portfolio while providing the reliable and friendly service our customers expect from Hilton." Hilton's in-house research shows long-stay travelers, including traveling nurses, military personnel, and those experiencing workforce relocations, place quality time and comfort above all else. In addition, those looking for a long stay will book an average of 20 or more nights and desire a reliable home base that allows them to maintain their routines while delivering simplicity, consistency and convenience.

With Continuous Development Dubai Is Becoming Home Of New Building Everyday. So People Get To See New Stuff Every Morning.

The Royal Ascot limo hire provides round the clock service to its customers and assures best rates, which set it apart from other similar agencies. The agency aims at providing all kinds of limo hire requirements along with tailor made services.

STONEHILL PACE, THE Property Assessed Clean Energy financing division of Stonehill, has provided $16.3 million in its first commercial property assessed clean energy (C-PACE) financing in Washington, a statement said. The loan is for the Cornus House, a new 199-unit multifamily project with 1,233 square feet of retail development in Tacoma, Washington. The C-PACE financing is over a 30-year term and will fund lighting, covered process, seismic and qualifying soft costs, according to Stonehill PACE. The project development is expected to start before the year end and is scheduled to be finished by Nov. 1, 2024. "For eligible projects, C-PACE financing remains one of the more attractive venues to get a project over the finish line," said Jared Schlosser, Stonehill's senior vice president and head of Stonehill PACE. "The Cornus House is a great project in a strong market led by a savvy ownership group with 30-plus years of commercial real estate experience and a portfolio of more than 800 apartments. This C-PACE financing is the final piece to complete the financing puzzle."

THE 3RD EDITION of the Vadilal International Gujarati Film Festival brought the red carpet to the Atlanta area on May 20 to 22. Hundreds of members of the local Gujarati community turned out for the event, which featured appearances from major stars and filmmakers straight from India. IGFF, previously held in Los Angeles and New Jersey, set up this time at the Venture Cinema in Duluth. It's mission, apart from entertainment, is to spread awareness one of India's alternatives to Bollywood. This year's festival includes 14 feature films, such as "21st Tiffin," "Divaswapna," "Dhummas," "Gandhi & Co.," "Dear Father" and "Gujarat nu Gaurav"; two documentary feature films, "Sur Shabdnu Sarnamu" and "Shrimad Rajchandra"; five documentary film, such as "Okhamandal - Ek Anokhu Andolan" and "Gandhi"; a short film, "Roha Fort - Ek Visaraati Viraasat"; and six web series, such as "Benaqaab," "Ghaat" and "Yamraj Calling."

U.S. EXTENDED-STAY HOTELS set new records for demand, ADR, RevPAR and room revenues in the fourth quarter of 2022, according to a report from hotel investment advisors The Highland Group. Also, the report showed rate resistance is apparent at lower price points due to recession and the economy extended-stay segment reported nine consecutive months of declining demand and three successive quarterly falls in occupancy. According to the Highland Group's "U.S. Extended-Stay Hotels: Fourth Quarter 2022" report, mid-price extended-stay hotels reported their second consecutive quarterly decline in occupancy in fourth quarter. Similar occupancy declines occurred for about two years starting in mid-2015 before ADR growth moderated and occupancy recovered. Extended-stay hotel supply growth was the lowest since 2013 during the quarter, below its long-term historical average for 20 consecutive quarters. The last time extended-stay supply growth was consistently near its current level was from 2010 fourth quarter through third quarter of 2014. "Extended-stay hotel RevPAR was more than 12 percent higher than in fourth quarter of 2019. There were 567,770 extended-stay hotel rooms open at the end of the quarter. Excluding 2020, the 6,481 net gain in rooms open over the last year was the lowest annual increase since 2012. Room nights available increased 1.2 percent over the last year which was the smallest annual gain in supply for nine years," the report said. "Fractional net economy and upscale segment supply gains compared to 2021 are largely due to re-branding moving rooms between segments in our database, de-flagging of hotels which no longer meet brand standards, as well as the sales of some hotels to multi-family apartment companies and municipalities."

EXTENDED-STAY HOTEL room supply in the 100 largest metropolitan statistical areas in the U.S. grew 2.5 percent in 2022 compared to 2021, its smallest increase in several years, according to a new report from The Highland Group. The survey, which researched supply, demand, revenues and new construction of extended-stay hotels, said the outcome in 2022 was about half the net supply gain reported in 2021. According to the report, the lengthening hotel development timeline, fewer construction starts, disenfranchising hotels that no longer meet brand standards, conversions to apartments and some municipalities acquiring extended-stay hotels for housing have resulted in the muted growth. While there was a sharp decline in reported extended-stay rooms under construction last year compared to 2021, construction starts increased 6 percent over the last 12 months. "However, they remain low compared to the pre-pandemic period, the report noted. RevPAR growth in 2022 strongly favored ADR as opposed to occupancy gains in 2021. "Consequently, more than 40 MSAs reported lower average occupancy in 2022 than during the previous year. However, only a dozen MSAs have not yet recovered RevPAR back to its nominal 2019 value compared to about half the MSAs last year," it showed.

EXTENDED-STAY ROOM SUPPLY increased by 1.8 percent in February due to it being a leap year, consistent with the average monthly increase observed over the last two years, according to The Highland Group. February marked 29 consecutive months of 4 percent or less supply growth. Additionally, the change in supply has remained below 2 percent for more than two years, with both metrics significantly falling below the long-term average. The 18.8 percent surge in economy extended-stay supply, along with a modest increase in mid-price segment rooms, is largely attributed to conversions, The Highland Group said. Meanwhile, new construction in the economy segment is estimated at around 3 percent of open rooms compared to a year ago. 2024 first half supply trends Supply change comparisons have been affected by rebranding, segment realignment in The Highland Group's database, and the de-flagging of hotels failing to meet brand standards, along with sales to multi-family apartment companies and municipalities, the report said. This trend is expected to persist into the first half of 2024, particularly with older extended-stay hotels still available on the market.

SOUTHERN HOSPITALITY, LED by Nikesh Shah as president, recently broke ground on the first Extended Stay America Select Suites prototype in Wildwood, Florida. The 124-room, 4-story property is slated to open in early 2025, Extended Stay America said in a statement. "As the extended-stay segment leader, we are excited to unveil the Extended Stay America Select Suites prototype as we begin construction on the first property," said Mark Williams, ESA's managing director of franchise development. "The new construction prototype represents the next phase in the strategic growth of our economy extended-stay brand." The Extended Stay America Select Suites prototype aims to provide efficiency and practicality for longer-stay guests, the statement said. The property, spanning slightly over 50,000 square feet and constructed on 1.75 acres, includes apartment-like suites with full kitchens and on-site laundry.

Chris Cheney is now senior vice president of commercial services at Stonebridge Cos. He joined the company in 2007, serving as a general manager at properties from Alaska to Colorado before becoming director of revenue management in 2011. In his new role, Cheney will oversee revenue management, sales and marketing, and digital strategy. Stonebridge is led by founder and chairman Navin Dimond. "We are incredibly proud to promote and grow our internal talent at Stonebridge, and Chris' continued growth within the company is a testament to that commitment," said Rob Smith, Stonebridge's president and CEO. "Chris' leadership has been instrumental in our success, with 77 percent of our hotels exceeding or achieving 100 percent market share penetration and an average market share of 109 percent. I'm confident that these impressive results will continue to set us apart in the industry under Chris's leadership."

THE FIRST PROPERTY representing Wyndham Hotels & Resorts' ECHO Suites Extended Stay by Wyndham brand opened recently in Spartanburg, South Carolina. Among the attendees at the grand opening, along with executives from Wyndham and more, were the first two Indo American developers who are building upcoming ECHO hotels. Wyndham also brought on Mandeep Singh as vice president for extended stay operations, overseeing ECHO Suites and the new Waterwalk Extended Stay by Wyndham brands. Singh has a more than 20-year background in extended-stay hotels, corporate housing, serviced apartments and multi-family properties. The 124-room ECHO Spartanburg is owned by Cox Universal Group, led by Philip Cox as co-CEO and co-founder and is managed by Sandpiper Hospitality. The prototype for the all new-construction brand is designed to fit on less than two acres at 50,000 square-feet, 79 percent of which is designed for generating revenue.

MHG HOTELS, LED by President and CEO Sanjay Patel, recently acquired Homewood Suites Bloomington in Bloomington, Indiana. The property, near Indiana University, is the company's second acquisition in two weeks. Previously, the company purchased the Hampton Inn Boca Raton in Florida, expanding its presence in South Florida. "This acquisition reinforces our commitment to expanding our footprint in key markets," said Patel. "We are excited about the opportunities this property presents in Bloomington, especially given our strong presence in the area with existing hotels, apartment communities, and another project underway." MHG Hotels, based in Indianapolis and Boca Raton, specializes in development, construction, and management, with a portfolio that includes franchises with Marriott, Hilton, and Choice Hotels.

U.S. EXTENDED-STAY ROOM supply increased 3 percent in September, outpacing the average monthly growth of the past two years, according to The Highland Group. This rise partly reflects the addition of WaterWalk by Wyndham, a mid-price extended-stay brand included in the database in May 2024 after its Wyndham affiliation. September marked 36 consecutive months of 4 percent or less supply growth, with annual supply change under 2 percent for two years-both below the long-term average, as revealed in The Highland Group's U.S. Extended-Stay Hotels Bulletin: September 2024. A 10.9 percent rise in economy extended-stay supply, along with modest gains in mid-price and upscale rooms, is largely due to conversions, as new economy construction represents only about 3 percent of rooms open compared to last year. Supply change comparisons have been affected by rebranding shifts between segments, hotel de-flagging for non-compliance with brand standards, and sales to multi-family apartment companies and municipalities.

WYNDHAM HOTELS & RESORTS recently launched Wyndham Connect, a new guest engagement platform by Canary Technologies, in North America. The platform, first announced at the company's 2023 global conference, is available at no additional cost to owners, with nearly 2,000 North American hotels already using it, Wyndham said in a statement. "We always put our franchisees first, and investing in innovative technology like AI sets them apart from the competition," said Scott Strickland, Wyndham's chief commercial officer. "With access to powerful solutions like Wyndham Connect, our franchisees can manage their businesses more efficiently and curate guest experiences to help make stays more meaningful than ever. The result? Happier guests, higher chances for repeat business and money in franchisees' pockets."

U.S. EXTENDED-STAY room supply grew by 3.5 percent in June, exceeding the average monthly increase of the past two years, according to The Highland Group. June marked the 33rd consecutive month of supply growth at 4 percent or less, with annual changes remaining below 2 percent for the past two years. However, both metrics are well below the long-term average. The growth includes the addition of Water Walk by Wyndham, a mid-priced extended-stay brand, to the database in May following its affiliation with Wyndham, the report said. The 12.8 percent increase in economy extended-stay supply, along with modest gains in midprice and upscale segments, is mainly due to conversions, The Highland Group said. New construction in the economy segment is estimated at about 3 percent of rooms open compared to a year ago. The report noted that supply change comparisons have been affected by re-branding, shifting rooms between segments, de-flagging hotels that no longer meet brand standards, and the sale of hotels to apartment companies and municipalities. The trend is likely to taper off in the second half of 2024, with the full-year increase in extended-stay supply compared to 2023 remaining well below the long-term average.