Extended-stay hotels are gaining popularity

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What Were the Five Largest Loan Losses in August 2023? link

• Crossgates Mall in Albany, New York was the largest loan to resolve for a loss in August, with a loss of $97.7 million. The mall was valued at $470 million in 2012, but its value dropped significantly over the years.

• The Crystal Mall loan in Waterford, Connecticut was the second largest, incurring a total realized loss of $79.3 million. The mall's value plummeted from $153 million at securitization to $13.1 million in 2022.

• Anchorage Business Park in Alaska was the third largest loan loss, with a total realized loss of $10.2 million. The property's value decreased from $33.8 million in 2015 to $13.0 million in 2022.

The Most Overpriced Housing Markets Of 2023 link

• Lubbock's housing market saw every home sold in July 2023 above its asking price. The median sale price is $350,000, marking a 45.8% increase from July 2022.

• Sunnyvale's housing market had 81.3% of homes sold above their asking price in July 2023. The median sale price surged by 30.6% to approximately $2.09 million from the

  previous year.

• Worcester's housing market witnessed 76.1% of homes selling above their asking price in July 2023. The median sale price reached $400,000 in May 2022, a significant rise from $269,950 in July 2019.

Extended Stay Hotels are gaining popularity  link

• Extended stay hotels are often misunderstood, but they offer qualities similar to self-storage. They cater to needs arising from major life events like work re-location, temporary dislocation, and extended travel.

• Unlike other hotel segments, extended stay hotels showed resilience during the Covid pandemic. In 2020, Extended Stay America Inc. had an average occupancy of 74%, in contrast to 44% for all hotel types.

• The shift to remote work has benefited extended stay hotels, providing a flexible option for employees who wish to travel for longer durations. The economic re-opening has also increased demand for extended housing for temporary or contract-based workers.

Inside the Wild Swings of Smaller Industrial Sales link

• Industrial properties were top performers during the pandemic due to e-commerce expansion and companies increasing inventories to counter supply chain issues.

• The landscape is changing as the economy shifts, supply chains stabilize, and the demand for smaller industrial real estate evolves.

• The surge in demand for industrial properties in previous years is now seeing a considerable cooling in certain high-demand areas.