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1. Peachtree Group refinances four-hotel portfolio
Atlanta-based investment management firm Peachtree Group originated a $150 million bridge loan to refinance a four-hotel portfolio in Winter Garden, Florida, adjacent to the Walt Disney World Resort, CoStar News' Bryan Wroten reports.
This is the largest senior bridge loan in Peachtree's history. The financing replaces existing debt on the portfolio, which is owned by Doradus Partners. JLL arranged the transaction.
The portfolio consists of: a 223-room Residence Inn by Marriott; a 273-room Fairfield by Marriott Inn & Suites; a 272-room Home2 Suites by Hilton; and a 229-room Homewood Suites by Hilton.
2. World Cup makes impact on New York, New Jersey
The New York Times reports that while the World Cup brought a positive economic impact to New York and New Jersey, the overall output fell short of some expectations.
“There is no question that there is a positive economic impact, but the projections were too ambitious,” said Steven Fulop, the former mayor of Jersey City and current president of the Partnership for New York City, an influential business group.
For example, the Hotel Association of New York City projected the city's hotels would add $250 million to $300 million in additional revenues from hosting matches, but the actualized result was between $100 million to $150 million. Room revenue for city hotels were up 21% year over year, though, and New Jersey hotels saw a revenue increase of more than $40 million.
3. Historic motels shine along Route 66
Route 66 celebrates its 100th birthday this November, and the Mother Road is synonymous with classic motor hotels, or motels. CoStar News' Natalie Harms compiled a list of still-functioning motels along Route 66 to celebrate its centennial.
"The nearly 2,500-mile road crosses eight states: Illinois, Missouri, Kansas, Oklahoma, Texas, New Mexico, Arizona and California. Route 66 was originally founded by the U.S. Bureau of Public Roads, which was organizing the first federal highway system by redefining a network of existing roads. Even though Route 66 wasn't completely paved until 1938, it became the lifeline for Dust Bowl refugees headed west. The highway also played a critical role in World War II as California sent materials east," Harms reports.
4. Trump to impose tariff on Canadian goods
U.S. President Donald Trump signed orders to impose a 50% tariff on Canadian exports such as wine, hockey sticks, cement, dairy products, plywood, paper and furniture, the New York Times reports. Trump administration officials said the reasoning for the new tariffs is to punish the Canadians for discrimination against the U.S. motor, dairy and alcohol industries.
Canadian Prime Minister Mark Carney said the tariffs are "in direct violation" of the trade agreement between the three North American countries.
“This trade dispute has raised costs for families, particularly in the U.S.,” Carney said. “Canada stands ready to engage intensively to address outstanding issues.”
5. Morocco starts plans to expand hotel capacity for 2030 World Cup
Even though this World Cup just ended, it's never too soon to start the prep for the next one. Morocco plans to expand its hotel capacity by 60,000 beds, about a fifth of its current total, by 2030 when it co-hosts the next World Cup, Reuters reports.
The Moroccan government will invest 190 billion dirhams ($20 billion) to flesh out its infrastructure in preparation for the 2030 World Cup.
"We see the 2030 FIFA World Cup as an accelerator [for tourism], not an end in itself," tourism minister Fatim-Zahra Ammor told Reuters.