在快速变化的经济环境中,酒店开发商和贷款机构正在调整其战略,以确保酒店项目取得成功。我们与桃树集团酒店贷款执行副总裁兼CPACE主管贾里德·施洛瑟坐下来讨论了利率上升和通货膨胀压力如何影响贷款标准和财务规划。在 “活跃贷款” 小组讨论中听取贾里德的更多见解 住宿会议。
问:鉴于利率上升和通货膨胀压力,贷款机构如何调整酒店的承保标准?
杰瑞德·施洛瑟: 现在,一切都与现金流有关。除非背后有真实的故事,否则很难为任何形式的预期增长提供担保。贷款人专注于现金流,如果你能实现13%或更高的债务收益率,你就有资格获得永久债务、CMBS、人寿公司甚至银行收购。如果你没有达到这个门槛,那么你通常会进入私人信贷领域,而这正是Peachtree Group的用武之地。
问:贷款条款的当前趋势如何,例如贷款与价值(LTV)比率或利率?
JS: 差异很大,具体取决于每家贷款机构的风险门槛是多少。我看到的最大趋势是不确定利率将在多长时间内保持高位。因此,借款人正在寻求灵活性。他们愿意为收益维持时间较短或预付罚款较低的贷款支付溢价。许多人对像以前一样锁定长期固定利率债务犹豫不决。
我们提供固定利率和浮动利率贷款,但即使是固定利率产品,借款人也在努力确保尽可能多的灵活性。我们仍将达到70%的贷款比率(LTC)或LTV,有时会推高至75%或缩减规模,具体取决于我们的承保情况。相比之下,银行市场的平均水平接近50-55%,这凸显了我们的领域与传统银行之间的区别。
问:开发者应该如何调整他们在这个市场上的财务策略?
JS: 我总是说,在动荡的市场中,抢先一步。保持积极主动——无论是与我们还是与该领域的其他竞争对手进行对话,都要提前到期,尽早开始对话。目前,尽早参与是关键,因为未来非常不确定。
随着选举的临近、围绕美联储政策的波动以及是否会降息或维持高于预期的时间的问题,流动性正在波动。借款人越早进入市场寻求再融资或建筑融资,他们的一揽子计划准备得越充分,他们获得优惠条件的机会就越大。
桃树集团 是一家直接资产负债表贷款机构,专注于为首次抵押贷款过渡贷款、夹层贷款、优先股投资和提供资金 商业地产评估的清洁能源(CPACE)融资,向所有专门从事酒店融资的商业房地产资产类别提供贷款。Peachtree集团团队已经执行了超过297笔交易,为寻求资金以完成收购、资本重组、再融资和翻新的项目提供了超过45亿美元的资金。
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Peachtree Group originated a $43.0MM recapitalization of the 218-room dual-branded Home2 Suites/Tru Fort Lauderdale Downtown. The floating-rate note carries a 36-month term with two extensions. The sponsor, Driftwood Capital, acquired the site in 2016 and developed the hotels, which opened in November 2020.
The dual-branded hotels (315 NW 1st Avenue) are in Fort Lauderdale's Flagler Village submarket, near key corporate and leisure demand drivers. Fort Lauderdale benefits from strong long-term fundamentals, bolstered by Florida’s position as the nation’s leader in net income migration. Downtown Fort Lauderdale has experienced significant growth, with a 35.4% population increase from 2020 to 2023. The area is home to approximately 200 company headquarters and is well-positioned for the continued return to office, with more than 70% of office workers back—20 percentage points above the national average. Key demand drivers include the Broward County Convention Center, which is expanding to become the nation’s sixth largest, and Port Everglades, one of the world's busiest cruise ports. These factors, combined with the region’s economic resilience, make Fort Lauderdale a compelling market.
With limited new supply and growing demand, Fort Lauderdale's market dynamics favor ADR growth. Expansion of the convention center, increasing cruise port activity, and strong economic fundamentals further support sustained demand.
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Commercial Observer: Peachtree Group Lends $59M on San Antonio Hotel Recap

Peachtree Group originated a $59.0MM recapitalization of the 343-room dual-branded AC Hotel and Element San Antonio Riverwalk. The floating-rate note carries a 36-month term with two, 12-month extensions. The sponsors, Winston Hospitality and Concord Hospitality Enterprises, purchased former office towers—Riverview Towers—in December 2019 and spent two and a half years undergoing a multi-phase, adaptive reuse renovation to transform them into dual-branded hotels, which opened in 2022.
Located adjacent to San Antonio's famed Riverwalk, the #1 attraction in Texas, the hotels benefit from the city's strong tourism market, drawing over 39 million visitors annually, and its status as the third-fastest-growing city in the U.S., with a 3.8% population increase from 2020 to 2022. They remain the newest hotels in their competitive set.
The AC Hotel and Element are the first new Marriott-branded hotels in the Riverwalk Historic District since 2011, standing out in a downtown market where extended-stay offerings are predominantly Hilton-branded. As premium Marriott properties, they benefit from access to the Marriott Bonvoy loyalty program, the world's largest travel loyalty program, boasting over 200 million members and growing.
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Commercial Observer: Peachtree Closes $35M C-PACE Construction Loan on South Florida Apartments
This article is republished with permission from Commercial Observer

Commercial Observer (February 4, 2025) - Starlife Group has secured $35 million of construction financing to build a multifamily development in Hollywood, Fla.,Commercial Observer can first report.
Peachtree Group originated the fixed-rate Commercial Property Assessment Clean Energy (C-PACE) loan on the developer’s planned 200-unit 21 Hollywood project.
SF Capital Group’s Matt Shane arranged the transaction, which will be used to support the 13-story project’s energy efficiency, envelope enhancements and hurricane resiliency measures.
Jared Schlosser, Peachtree Group’s senior vice president, said the long-term structure of the deal was an ideal approach for the project amid a high interest rate climate, with Peachtree covering 40 percent of the cost and Starlife Group contributing 60 percent equity. The 30-year loan is non recourse outside of a completion guarantee, according to Schlosser.
“We handled theconstruction draws just like you would on a senior construction loan and wewere even able to fund a little bit of capital at close for the project to getstarted, so it ends up being a pretty accretive alternative compared to justtaking a low-leverage bank loan,” Schlosser told CO.
“It acts like an insurance product where it’s a construction-to-perm deal, but it doesn’t have the traditional rights and remedies and recourse that may come along with traditional long-term financing,” Schlosser added. “Here it’s just a straight annual payment, which is easier to navigate for the borrower.”
Located at 2100 N.Federal Highway, the 21 Hollywood project broke ground late last year and is slated for completion in February 2027. Community amenities will include an infinity pool, a fitness center, outdoor kitchens, co working space and a dog park. The property will also feature 9,997 square feet of ground-floor retail.
Fort Lauderdale-based Starlife purchased the 1.48-acre site across from South Broward High School for $6.5 million in 2023, according to the South Florida Business Journal. The development was designed by Kobi Karp Architecture.
“Conventional construction loans are hard to find these days,” Shane said. “There was significant equity brought into the project, so it made the deal easy to do with PACE.”
Officials at Starlife Group did not immediately return a request for comment.