After several ownership changes, the old Maui Palms Hotel site between Maui Beach and Maui Seaside hotels in Kahului is under construction to become Maui Palms Hampton Inn and Suites by Hilton.
HRI Hospitality (HRIH), a fully integrated real estate firm based in New Orleans, in partnership with C. B. Ragland Company, a Nashville-based real estate company, and Peachtree Hotel Group, an Atlanta-based hotel investment company, announces the financial closing for the ground-up development of a new 210-room Caption by Hyatt hotel in the Gulch District of downtown Nashville, Tenn. The construction financing will be provided by Truist Financial Corporation and its syndication partner, Commerce Bank. The hotel is scheduled to break ground this month and debut in late 2024. This will mark HRIH s 32nd property in the United States and its third in Nashville, joining the Holston House Nashville, part of The Unbound Collection by Hyatt brand, and the under-construction Tempo by Hilton Nashville Downtown, which is slated to open in January 2024.
Heading into a new year, the U.S. commercial real estate industry finds itself in choppy waters amid fears of a recession, rising inflation, and interest rate hikes as market participants await a course correction. Challenges during 2022 including continued supply chain constraints, increasing labor costs and struggles in attracting talent are anticipated to endure through 2023. Combined with international and domestic geopolitical issues and market volatility, many believe during the near term, the U.S will experience a mild to moderate economic recession.
Peachtree Group ("Peachtree") has appointed Michael Bernath as senior vice president of acquisitions. In this role, he will report to Brian Waldman, Peachtree s chief investment officer, and oversee the company s national hospitality acquisition program.