Lodging Conference notebook: IHG, TPG, Hyatt and more

PHOENIX – Despite the myriad challenges facing owners, operators and developers in attendance at last week’s Lodging Conference, they are recently battled tested from the pandemic and big picture feel pretty good about the future of the hotel business.

Development is ongoing, management is resolute and there is hope for a rebound from negative RevPAR trends looking past the first quarter of 2026.

Hotel Investment Today held multiple interviews during the conference and here is a roundup of some of those newsworthy meetings:

Lauren Krostue, vice president, Global Brand Management, IHG Hotels & Resorts. With the recent announcement of the premium urban lifestyle Ruby brand available for development in the U.S., Krostue talked about the goals for franchising the European-born brand in Top 25 U.S. markets. IHG wants to build the brand to 120 global hotels within 10 years and 250 in 20 years.

She said differentiators for IHG’s 20th brand include a footprint that has a range of room sizes for owners and guests, as well as the select-service operations model. Ruby also includes a bar with live bands and other activations.

Currently, there are 34 Rubys open or in the pipeline in Europe.

Krostue said she is a little surprised about the global demand for Ruby, especially in Asia (outside China) and the Middle East.

Krostue also works on the Even brand, which has had 10 openings this year, seven in Greater China and three in the U.S. There are 25 Evens open in the U.S., 18 in China.

There are 26 Evens in the global pipeline with five signings this year, including two in Saudi Arabia, representing the brand’s first properties beyond the U.S. and China. Krostue added that they are looking in Dubai.

Patrick Short, president and COO, Tim Muir, chief development officer, TPG Hotels & Resorts. The newly hired, Dallas-based leader of the management firm said he is “culture forward” as he organizes his team for third-party growth.

With 125 hotels (about one-third at least partially owned), Muir said there is potential to buy a smaller management company. Regardless, he added, the pipeline is strong with 12 new-builds coming, all select-service, and they are looking for the right partners to grow in the U.S.

On the operations side, Short said “you must be scrappy to drive revenue and find the rooms any way necessary.”

Catie Cramer, head of Luxury and Lifestyle Development, Hyatt Hotels Corp. The first part of the conversation focused on lifestyle with Cramer saying Hyatt assesses opportunities and will grow organically in the U.S. “We have a clear definition around brands, finding partners and expanding,” she said.

Cramer said Hyatt prefers taking sliver equity in deals versus key money, figuring out their place in the capital stack either on the debt or equity side.

EVP, President and Creative Director of Lifestyle Amar Lalvani has been busy “pulling apart and redefining” Hyatt lifestyle brands and Cramer used the words “distinct, ownable, executable, succinct and truthful” to describe the branding journey.

The still newly acquired Standard brand is not losing any assets in Europe or Asia, according to Cramer, who added that the brand is “exploding” in the U.S., especially in secondary markets like Nashville, Austin and Seattle, with a mix of new-builds and conversions.

Similar work is being done on the luxury side of the business. For example, Cramer said the Alila brand is being positioned and pushed forward as more of a “well-being” focused brand versus “wellness.”

A future vision for the Park Hyatt brand is being worked on, as well. The brand is celebrating its 45th birthday this year and launching its first global marketing campaign in more than five years, articulating its intuitive service and intentional enrichment.

Generally speaking, Cramer said there is fierce competition for conversions, but she believes Hyatt has an edge because it has more available markets for non-competitive growth.

Jared Schlosser, head of originations and C-PACE, Peachtree Group. With banks making a fundamental shift away from direct hotel real estate loans, according to Schlosser, this diversified commercial real estate investment firm, has completed more than $2 billion in private credit transactions through September 2025 across 77 deals, marking a record year.

Schlosser said the firm is on pace to approach $2.5 billion for the full year, a notable increase from 2024 that underscores the expanding role of private credit in commercial real estate as traditional lenders remain cautious in a market shaped by tighter liquidity and ongoing volatility.

Borrowers are more institutional in nature, according to Schlosser, and assets are more full-service. “The trend is cash flow driven,” he said.

Schlosser said next year should also see similar debt placement growth – maybe higher leverage deals or with new debt products.

The debt market has become more competitive, which has led Peachtree to become even more disciplined to create the proper volume, according to Schlosser.

On the development side, he said Peachtree closed eight new development deals in 2025 – bigger assets but still in the limited- and select-service space.

When asked about acquisitions, Schlosser said there are still lots of challenges surrounding the cost of capital and “seller realities.”

James Reivitis, chief development officer, managing director, Access Point Financial. APF expects more demand in 2026 and Reivitis said they will work with predominantly direct bridge loans and some mezzanine financing to lay on top of CMBS loans. They are also active with preferred equity and hotel specific SASB CMBS investments.

This month, APF said it had closed and committed to approximately $1.6 billion in hospitality-specific financings year-to-date.  The financings comprise 51 hotel assets.

Reivitis added that APF has grown its construction loan offerings considerably to include higher-leverage solutions. It has also ramped up its capital markets efforts and significantly expanded its network of partners for growth.