Quotes of the Week: Peachtree, Gencom, Dusit, sbe

QUOTE OF THE WEEK
“Even after the Fed’s delayed response, the federal funds rate will eventually settle and remain around 3%. This represents a significant drop from current levels, yet it is still substantially higher —three times the average rate during the decade leading up to 2019. Although rate cuts will provide some relief, commercial real estate markets will likely remain sluggish, as participants struggle to adjust to this new normal of higher rates. The timing and pace of these rate cuts will be critical in mitigating risks, but we still anticipate an increase in defaults and foreclosures, driven by an unprecedented wave of loan maturities amounting to trillions of dollars over the next several years.” – Greg Friedman, Peachtree Group   Read story

“I feel like we’re in the third or fourth inning of New York’s recovery on the hospitality side. It’s still not back to pre-pandemic levels that we expect to reach in the next 12 to 18 months. At the same time, Airbnb is, for the most part, out of the competitive landscape for hotels, and we think that’s here to stay.” – Allesandro Colantonio, Gencom   Read story

“We are thrilled to be working with Kimpton Hotels & Restaurants and the opportunity to bring our experience developing some of the best commercial and hospitality developments, as well as city-defining skyscrapers, to the new Kimpton Rockefeller Center. Offering the best in the business of real estate, hospitality and service, Extell and IHG are creating what will be one of the finest hotels with a robust food and beverage program as well as iconic views of Rockefeller Center and the city skyline in one of New York City’s most visited neighborhoods.” – Elysa Goldman, Extell Development Co.   Read story

“We are not building medical hotels – we are building luxury hotels, residences and urban clinics that are differentiated by a commitment to changing people’s lives.” – Sam Nararian, sbe    Read story

“L+R Hotels is one of the most unique and formidable international hotel investment platforms in the sector with an undeniable track record, unparalleled geographic footprint and access to a very significant long-term private capital pool. I am truly honored to take the helm of such an extraordinary organization for its next phase of growth and evolution.” – Cody Bradshaw   Read story

“With the construction of these hotels, Sonesta continues its expansion in the LATAM region to meet rising consumer and franchisee demand in the region for upscale apartment-style accommodations.” – Brian Quinn, Sonesta International Hotels Corp.   Read story

“It’s more nuanced than just ‘I scratch your back and you scratch mine.’ It’s been years to get to this point since our initial discussions; now we have an agreement and we’re really set to help one another expand. There is a lot that we can do together.” – Siradej Donavanik, Dusit International   Read story

“Now that he has some meat on the bones with brands, an international footprint, a large portfolio with a small equity partner, Menora, it seems logical for the Israel Canada owners to spin off their hotel business separately from Israel Canada Real Estate group.” – Joseph Fischer, Vision Hospitality & Travel   Read story

“The ANZ hotels market continues to show growth and investment, driven by strong international and domestic demand. Although we have seen growth moderate, more than half of the owners and operators in both top 10 lists have expanded their portfolios in the past year, reflecting confidence in the market.” – Ally Gibson, CBRE   Read story

“The integration of Unike Hotels, Sunway Hotels & Resorts, Andronis and Paramount Hotels into GHA Discovery will also generate significant growth opportunities through the platform, enhancing cross-brand activity and revenue for all GHA hotel brands.” – Chris Hartley, Global Hotel Alliance   Read story