Commercial Observer | Carlisle Corp. has landed a $51 million loan to refinance two Hyatt-branded hotel properties in Memphis, Tennessee.
Peachtree Group supplied the three-year, floating rate loan for the developer’s 227-room Hyatt Centric and 136-key Caption by Hyatt. Carlisle opened Caption by Hyatt in 2022 and Hyatt Centric in 2021.
2023 was a year marred by obstacles for borrowing across commercial real estate, particularly after a widespread crisis shook regional banks that are historically the biggest lenders in the space. Peachtree CEO Greg Friedman spoke with Hotel News Now about his prediction for 2024.
Insights Into the Lending Environment From Peachtree's Greg Friedman (costar.com)
Peachtree CEO Greg Friedman was quoted in this recent CoStar Group article by Sean McCracken talking about the lending environment for hotels in 2024 and the opportunities for investor, operator, lenders like Peachtree Group.
"Most traditional lenders aren't lending," said Friedman. "Forty percent of the debt market is traditionally made up of regional banks, community banks, national banks, and it's been in the press that banks are under pressure. So 40% of the market is struggling, the CMBS market makes up close to 25% to 30% of lending to hotels and that market is well under pressure, as well."But he said what is left of the market is attracted to hotels due to "really good asset-level performance."
Lending Conditions Likely More Certain for Hotels in 2024 (costar.com)
Ester Hertzfeld with Hotel Management Magazine spoke with Peachtree SVP Jared Schlosser about the hotel lending market in her most recent article.
