Related Companies and Lennar have reached a milestone with the raising of the Barn. Anticipated to open Fall 2026, the custom post-and-beam structure will anchor Market Square, a destination food market at the center of The Village at Tuxedo Reserve. The Village in turn is the heart of Tuxedo Reserve, an upcoming 1,200-acre mixed-use downtown district in Tuxedo, NY.

The Village at Tuxedo Reserve will feature shops, restaurants, bars, services, luxury rental residences, and experiential gathering spaces. Within the larger Tuxedo Reserve, the first hamlet, West Terrace, is now selling with a choice of five different floorplans.

“The Barn raising signifies a major step towards an entirely new kind of Hudson Valley destination,” said Greg Gushee, EVP at Related Companies. “Upon completion, The Village at Tuxedo Reserve will create a place unlike anything in the region where people can return to again and again – whether for a weekend getaway, dinner with friends, unique outdoor experiences, or the everyday conveniences that have long been missing from this area.” 

Charlotte and Raleigh have emerged as the top two retail markets in the country, according to Marcus & Millichap’s 2026 Retail Investment Forecast Report published March 12.

The report weighs a mixture of forward-looking economic indicators and supply-and-demand variables over a 12-month period. 

Nationwide, the retail sector exhibited resiliency in 2025, with a rise in vacancy in the first half of the year followed by surging demand to finish the year strong, the report stated. 

Charlotte ended the year with accelerating net absorption while holding one of the 10 lowest vacancy rates among major markets, according to the report. Momentum in the city was driven by big-box, single-tenant move-ins. Those included new leases by supermarkets such as Publix, Harris Teeter and Lowes Foods.

Andrew Margulies, Marcus & Millichap’s senior managing director of investments for the Carolinas, told Bisnow that soft goods discount chains like T.J. Maxx, Marshalls and Burlington were also key drivers of positive retail activity in Charlotte, reflecting the budget-consciousness of many consumers.

“That category has really excelled over the past five to seven years in terms of new store accounts, fewer store closures, actually just adding more stores and absorbing more space,” Margulies said. 

The metro area experienced slowing construction and growing net absorption, combining for a 3.5% vacancy rate. That’s 40 basis points under the city’s trailing 10-year average, according to the report.

Raleigh-Durham actually weathered the departures of several notable big-box retailers, and its positive retail fundamentals were driven by small-shop demand. A rise in completed projects in Raleigh-Durham helped vacancy to tick up slightly to 3.0%, but that still ranked second-lowest among major U.S. markets. 

Marcus & Millichap’s report noted that years of “robust in-migration and household formation” have supported significant demand for retail space throughout the Southeast. Margulies said there is almost unlimited appetite right now for well-located retail centers in both Charlotte and Raleigh, putting upward pressure on pricing. 

“In some cases for the same asset that may have sold 12 months ago at one price, today actually could be worth more just from cap rate compression,” he said.

As office vacancy remains high after boom years in the state and the region still working off a glut of multifamily overbuilding, retail has become the coveted asset class in the area, Margulies said. 

“From a financing perspective, it is one of the most coveted asset classes for investing and commercial real estate,” he said. “If you lose a tenant in a building, you sometimes have two, three, four, five, six options of other tenants you could backfill the space with.”

Hilco JCP, LLC, an affiliate of Hilco Real Estate, LLC and manager of Copper Property CTL Pass Through Trust, said Thursday the trust has brought to market 121 net-leased JCPenney properties located across 35 states representing more than 16 million square feet. The majority of the portfolio’s properties are located in major metropolitan areas such as Austin, Miami, Houston, Los Angeles and New York. Fifty percent of the portfolio is in the Sunbelt, including 21 in Texas.

Averaging 132,700 square feet per store, the portfolio is the subject of an absolute, triple-net long-term master lease with the sole tenant, JCPenney. The retailer is owned in a joint venture comprised of two of the largest retail mall owners in the U.S., Simon Property Group and Brookfield Asset Management. 

Hilco JCP, LLC has chosen Newmark’s national retail capital markets team to market this portfolio. The targeted deadline for submitting offers is Feb. 26. Click here for additional information.

IPA Capital Markets, a division of Marcus & Millichap, has secured $174 million in joint venture equity and debt financing for the acquisition of 55 Riverwalk Place, a 348-unit multifamily property located in West New York, NJ. Built in 2006, the property is located adjacent to the Hudson River, directly across from Manhattan.

The New York-based IPA Capital Markets team of Marko Kazanjian, Max Herzog, Andrew Cohen and Max Hulsh arranged acquisition financing with Bank of America on behalf of their client, a new joint venture between a New York-based multifamily owner/operator focused on acquiring value-add apartment assets in the Northeast and a global institutional investment manager.

“The acquisition represents a significant value-add opportunity for the sponsor,” said Kazanjian. “In Q4 2024 alone, our team secured approximately $150 million in JV equity partnerships with an additional $100 million in progress. We are excited about the continued momentum as we begin 2025 and look forward to further expanding our business.”

PowerHouse Data Centers has announced hundreds of megawatts of new projects over the past two weeks, much of it outside the industry’s largest markets. 

PowerHouse Senior Vice President for Asset Management and Development Matt Monaco, who joined in July from data center giant Equinix, says building massive campuses in smaller markets means walking a “fine line” between more speculative, higher-risk land deals and tenants’ growing need for power.

PowerHouse, a subsidiary of American Real Estate Partners, last week unveiled plans for a 300-megawatt data center campus in Charlotte. Through a joint venture with real estate investment firm Town Lane, PowerHouse plans to build 2.5M SF of data centers across five buildings by 2027, with the potential to increase capacity on the site to as much as 500 MW.

The 122-acre site sits 10 miles from downtown Charlotte, a city that, while not a digital infrastructure hinterland, barely cracks the list of second-tier data center markets. 

This came just days after PowerHouse announced a separate joint venture with fellow data center firm Chirisa and asset manager Blue Owl to build a series of data centers anchored by artificial intelligence cloud provider CoreWeave. In a deal that could eventually see the deployment of more than $5B, the JV’s list of development sites includes locations like Pennsylvania, Kentucky and Nevada, with the first project a 120-megawatt facility on 350 acres near Richmond, Virginia. 

PowerHouse’s suddenly swelling development pipeline builds on a portfolio that began in the heart of Northern Virginia’s Data Center Alley but has steadily expanded into secondary and tertiary markets. The firm has 30 data centers in development or underway, representing 2.3 gigawatts of capacity. 

In an interview with Bisnow last month, Monaco discussed the company’s growing footprint that is increasingly pushing outside of primary data center hubs. He said delivering data centers in these emerging markets requires a balancing act that limits risk while anticipating the needs of the largest Big Tech tenants. 

This interview has been edited for length and clarity.

Bisnow: You just started at PowerHouse over the summer after a long tenure at Equinix. These are two companies with really different business models, development philosophies and roles within the data center ecosystem. Has that been a challenging transition? 

Monaco: I’d spent 10 years at Equinix, running the asset management group there. Equinix plays mainly in the retail data center space, small cages focused on specific types of workloads, almost all in major metro areas, selling small chunks on a retail basis. That is a great business, and that will continue to be a great business.

But what’s exciting about PowerHouse is that it’s focused on this transition from campuses of 100 MW with a few buildings of 20 or 30 MW apiece to now the buildings being 100 MW, and the campus is maybe a gigawatt. That’s one of the reasons I’m here. 

These gigawatt campuses are needed not only to support AI and this massive AI demand surge but also just to sustain growth of the standard cloud. AI is just another layer on top of an already very fast-growing business. That’s really exciting to me. If I can spend the next 10 years helping to enable that, I’ll be very happy. 

Bisnow: I’m curious about PowerHouse’s development and site selection strategy. Your portfolio and development pipeline are spread across a diverse range of markets, from the heart of Data Center Alley in Northern Virginia and other primary markets to the Carolinas, Reno and places like rural Spotsylvania, Virginia, that are way outside the box. What’s the driving principle or North Star when it comes to where you’re looking to buy land and build?

Monaco: Speed to market is very significant, but it’s also about other factors. We have relationships with a lot of the major players, and it’s about understanding them and their needs. That means thinking about different kinds of workloads as it relates to geography.

For example, Ashburn in Northern Virginia has a vacancy rate so small you can’t even see it on the charts comparing it with other markets. And so, if you were to offer a big player 50 MW or 100 MW or really any quantity in Ashburn, they’re going to jump to take that. 

However, as tenants move towards more AI workloads, some of that is less sensitive to latency. So we try to think about the path of development: Where are other locations where they’re close enough that they’re still going to be suitable for most of these other workloads? In the case of Northern Virginia, that’s very clearly coming down Interstate 95 where there’s a lot of fiber, places like Spotsylvania and Richmond. 

The Northern Virginia market used to have a certain radius. Now maybe the radius of the circle gets a little bigger. Crystal balls aren’t available, but in a lot of global markets, it’s easy to see where the opportunities are to expand the circle. Our goal is to be proactive, figure out where those opportunities are and lead the way there.

Bisnow: That balancing act when it comes to secondary and tertiary markets is interesting. On one hand, you need to bank land in locations that can get power quickly so that when major tenants say they need hundreds of megawatts in that region, you can meet their timelines. On the other hand, you don’t want to be too speculative and get too far ahead of demand, no matter how robust it is. How do you make sure you’re not overextending when it comes to land acquisitions? 

Monaco: It’s a fine line for sure. We talk to the tenants a lot. The relationships and the amount of sharing that happens is pretty significant. It’s really more of a partnership in most cases, where you’re looking at road maps together and figuring out where things are going. 

There’s always going to be some risk, though, of course. But in general, having so much demand out there is a luxury. There’s also a real premium placed on having a lot of capacity in one place — 500 MW or a gigawatt in one place is very attractive. For the largest tenants, being able to build in that scalability is really important. 

It’s also worth mentioning that this kind of development — and the different things that need to happen on these projects — are inherently somewhat modular. Take a switching station that needs to be built by the utility: Most switching stations are 300 MW, so even if you’re building a gigawatt campus, it’s not like everything goes in on Day 1. 

Courtesy of PowerHouse

PowerHouse Senior Vice President for Asset Management and Development Matt Monaco

Bisnow: So you’re saying that you mitigate some of the risk by building these massive projects in tiers over time? 

Monaco: Exactly. It’s about figuring out places where the type of scale that tenants are looking for is possible, then, over time, figuring out the right way to meet those needs with one tenant or two tenants and being ready for different scenarios. 

There are some players out there that have gone after massive sites with thousands of acres and things like that. That’s not for us. I don’t want to say that’s a bad strategy — it might end up being an amazing strategy. But it’s not for us. 

Bisnow: In terms of site selection and willingness to go outside of major markets, to what degree is it a game of follow the hyperscaler? It seems like when Amazon, Microsoft or Google builds a big campus in a new region, third-party developers start snapping up land around them. 

Monaco: They do. A lot of times when you see a lot of operators move into a region, it’s just that the area has good infrastructure or there are good incentives like tax abatements being offered or things like that. But there’s the natural tendency for operators to follow the large players. 

Sometimes the thinking is just that if the big hyperscale tenants are in an area, they’re going to need more capacity eventually, so you want to be there and ready to serve them whenever that is. But the second part, which is more interesting, is how the network effect takes hold to turn a few hyperscale flags planted into a self-reinforcing loop.

There are real benefits to clustering, especially when it comes to fiber. You get a couple hyperscale flags planted in a new area due to incentives or water availability or something like that, and all of a sudden, you’ll have a lot of fiber in an area that didn’t have a lot of fiber in the past. All of a sudden, you’ll have a community of tradespeople and experts, and you get an economy of scale and significant value in clustering in the area.

Bisnow: At the moment, data center development is all about trying to get power quickly as utilities struggle to keep up with demand. I see firms taking a couple of different approaches to expediting power at their sites. Companies are working more proactively with utilities to jointly solve some of these issues. At the same time, some are taking more creative approaches, like on-site power generation, co-development with energy firms and “behind-the-meter” deals with power providers. What’s PowerHouse’s approach to energy acquisition? 

Monaco: With utilities, it’s always about partnership. We have our business case, the utility has theirs, and it’s about finding the best risk-adjusted way to get there. This is a big part of our approach, to be very collaborative and make sure all parties are on the same team.

There’s a lot of different ways to partner. In some cases, it’s the small stuff. For example, if there are utility lines that have to be run to bring power from a high-voltage line to a data center building, we can divide and conquer on that. We’ll work in parallel where we focus on negotiating easements and things like that to help accelerate things while the utility focuses on the elements that only they can do. 

In terms of on-site generation, co-generation and that kind of thing, it’s very much on a case-by-case basis. It can be a bridge in the first phase of a project until utility power is available. There are others in the industry who feel that co-generation should be the next big thing and that every data center should have a giant power plant next to it.

Bisnow: That kind of project has been in the news over the past two months, with Amazon acquiring a data center campus abutting a nuclear power plant and two other nuclear-adjacent data center campuses being proposed. 

Monaco: The AWS deal with Talen Energy was a huge move for them. It’s really the epitome of “behind the meter.”

With the speed to market such an important element in the landscape right now, in order to get the amount of power the industry needs in the amount of time we need it, the land has to be in close proximity to existing power infrastructure. 

We need to power fast, so we need to go to locations where that’s possible. It takes a good 10 years to get new generation and new transmission capacity built, so bringing the data center to the power rather than bringing the power to the data center is how we’re thinking about it. 

We’ll continue to see creative dealmaking and solutions happening in the market to be able to get a lot of scale on accelerated timelines. The specifics will dictate what utilities are willing to do, but we’re going to keep seeing these types of unique arrangements. 

Bisnow: Utilities were really caught off guard by the surge in demand from data centers, with data center requests for grid connections doubling or tripling in many markets. But as utilities invest billions of dollars to upgrade grid infrastructure, there’s also concern that some of this data center demand is a mirage — that they are speculative requests that may never materialize. Is it possible to separate the wheat from the chaff here? 

Monaco: The first hurdle is just looking at who it is requesting power. If the requests are coming from some of the very largest users for a self-build, that’s not a guarantee, but it’s a pretty good indicator that request is probably real. That’s especially true if there’s existing relationships and history with the firm making the request, as is often the case between the actual humans who are having these discussions.

That said, we’re talking about very large-scale campuses here, and there are companies out there asking for very large numbers of megawatts just to see what’s possible. I think that’s a tough strategy to take and may not always work out so well. 

For the utility, it’s about them understanding developers’ strategies and business plans. What are they really about? How informed are they? 

There are a lot of real estate developers out there who haven’t done data centers before who are looking at this industry and thinking, how hard could it be? They’re jumping in and asking the power company for 500 MW. There’s a fair amount of that kind of activity driving those numbers up.

The self-storage sector is entering a stabilization phase after a decade-long building boom, marked by high demand and relatively limited supply. There’s still opportunity, but things are settling down a bit.

Unless you’re looking at tertiary markets.

A RentCafe report said that smaller metropolitan areas with populations under 2 million are “the places where demand meets limited supply” the report said.

“Historically, self-storage development has concentrated in busy urban hotspots, leaving smaller markets overlooked and underdeveloped,” Yardi Market Analyst Maria Gatea told Connect CRE. Consequently, many of these tertiary markets are now experiencing an inventory shortage, while demand is on the rise.”

Gatea, who authored the report, said that migration is another demand driver in smaller areas. “These markets often offer more affordable housing options and a better work-life balance, compared to the secondary and primary markets,” Gatea pointed out. For instance, Springfield, MA, which tops our list, illustrates these trends, boasting still affordable homes and a growing population by almost 11% over the past decade. Springfield’s inventory is 2.7 square feet per capita, allowing additional self-storage inventory growth.

Other New England self-storage growth metros highlighted by the report as areas to watch included the Providence-Warwick, RI-MA and the Worcester, MA-CT MSAs. Additional tertiary markets with undersupplied self-storage inventory include Honolulu and the U.S. West, like Boulder and Greeley, CO, and Chandler, AZ.

Meanwhile, the report identified the South as “the country’s best supplied region for self-storage.” Though cities in Texas and Georgia experienced high levels of in-migration and residential construction, “self storage development in the southern metros kept a high enough pace so that it’s now mostly able to meet the local demand,” the report explained.

Yet even in the south, Gatea said there are some areas with untapped potential, like McAllen, TX. While this South Texas city had an 8.9% increase in population over the past decade, self-storage space per capita is barely 6.5 square feet.

Gatea indicated that the outlook supports “significant potential for self-storage development in tertiary markets where intensified move-in activity meets undersupply and varied demand sources.” She also explained that the sector continues evolving in areas including demand drivers and client base. The existing stock also determines whether a market can absorb additional space. “Factoring in all aspects, including traditional and new market drivers, might be key to capitalizing on the positive self-storage fundamentals,” Gatea added.

Although the much-anticipated wave of office distress has yet to materialize, new research from
Yardi Matrix shows that many markets are exposed to potential distress. The firm said debt service coverage ratios have declined for office properties in recent years, due to the two components of the ratio moving in opposite directions.

“As interest rates shot upwards in the last year-and-a-half, so did debt costs for commercial
real estate,” according to the Yardi Matrix report. “At the same time, cash flow has fallen—vacancy rates spiked as firms downsized or eliminated physical office footprints altogether—and expenses have grown.”

However, despite DSCRs’ downward movement, market-level average ratios show only a handful of markets exposed to widespread risk. In March, five of the 91 markets analyzed by Yardi Matrix had average DSCRs below 1.0: Brooklyn (0.81), Oklahoma City (0.89), Chicago (0.90), El Paso (0.92) and Cleveland (0.96). Another eight markets—including Manhattan (1.05), St. Louis (1.16) and Nashville (1.25)—sit at or below the 1.25 ratio required by most lenders.

The report points out, though, that “these market-level rates are only estimates, and DSCRs can vary vastly from property to property. Many properties within markets with low average DSCRs continue to perform well, while properties in markets with a high average DSCR face distress.”

Core Spaces has announced the continued growth of Oxenfree, the company’s Build-to-Rent (BTR) brand. Chicago-based Core has a portfolio of nearly 4,000 homes under development and in its pipeline across major markets including Dallas-Fort Worth, Denver, Nashville, Austin, Charlotte and Florida’s Gulf Coast.

This includes seven communities and approximately 1,500 homes currently under construction and groundbreakings scheduled for spring 2024. Oxenfree at Princeton, located outside of Dallas, spans over 50 acres and features 408 single-family homes. Oxenfree at WeHo, located in Nashville’s Wedgewood-Houston neighborhood has 96 multi-level townhomes. Core has broken ground on five other communities in the last five months.

“After spending nearly 18 years understanding and perfecting the student housing and conventional resident UX, we saw a huge opportunity to bring our design-focused and hospitality-driven approach to their next phase of life with Oxenfree,” said Marc Lifshin, co-founder and CEO at Core. Core’s student portfolio consists of over 60 communities and over 37,400 beds across the country, with a pipeline of over 35,000 beds.

As utilities in major data center markets struggle to keep up with the industry’s energy consumption, data center developers are increasingly building far beyond the borders of the sector’s traditional hubs.

The rapid growth of the data center sector in North America has largely been concentrated in just a handful of markets: Northern Virginia, Silicon Valley, Dallas, Atlanta, Chicago and Phoenix.

But experts say a growing share of new development is happening outside the industry’s traditional boundaries, with second- and third-tier markets accounting for an increasingly large share of growth. Developers are launching a growing number of large-scale data center build-outs, often on spec, in markets like Reno, Nevada; Des Moines, Iowa; Austin, Texas; and Columbus, Ohio — and they’re finding tenants eager to snap up this new capacity.

Driving this surge in demand in secondary and tertiary markets is the sector’s voracious appetite for power, which is significantly outpacing the ability of utilities in the industry’s largest markets to provide it. Data center providers and their tenants are looking for readily available power anywhere they can find it, and that increasingly means going to markets that may not have been in the conversation just two years ago.

“Clearly, the demand conversation is becoming much more geographically diverse than it ever has been before,” said Chris Downie, CEO of colocation data center provider Flexential, speaking at Bisnow’s DICE East event last week at The Ritz-Carlton in Tysons, Virginia. “We’re seeing large-scale demand sets across markets like Hillsboro, Oregon, and Atlanta and Denver and then a ripple effect on Raleigh and Charlotte and in Nashville.”

Bisnow

Flexential CEO Chris Downie speaks at Bisnow’s DICE East. He is joined by Akerman’s James Grice, Credit Suisse’s Sami Badri, Sabey Data Centers’ Rob Rockwood and Cato Digital’s Dean Nelson.

This shift toward secondary and tertiary markets was reflected in first-quarter leasing numbers. A report released last month by industry analyst group Data Center Hawk showed absorption in North America increasingly spread over multiple markets instead of being concentrated almost entirely in the traditional hubs. 

“Demand has spread out with multiple markets representing a substantial portion of overall absorption,” the report states. “Some companies that were considering Northern Virginia for their requirements are now opting for alternative locations such as Atlanta or Columbus. Similarly, requirements in California are shifting towards cities like Las Vegas, Salt Lake City, or Denver.”

Experts attribute the trend to the fact that primary data center markets are running out of power.

In Northern Virginia, utility Dominion Energy had to delay power delivery to multiple projects in the heart of the industry’s largest market last year due to insufficient transmission infrastructure, while California’s Silicon Valley Power may not be able to energize new data center substations until 2029. Similar constraints are suddenly on the horizon even in newer data center hubs like Phoenix and Atlanta, while a recent CBRE report pointed to looming transmission problems across multiple markets, from Dallas to Central Washington. 

“Available capacity in all of these major Tier 1 markets is becoming strained: look at the Bay Area and Virginia,” said Dean Nelson, CEO of Cato Digital, speaking at DICE East. “There’s just constraints everywhere — and by the way, it’s about to get worse.”

One year ago, a lack of robust fiber connectivity or concerns about the local labor force in a smaller market might have been disqualifying. Now, as long as low-cost power is available, developers and their investors are increasingly willing to shoulder the added costs of addressing these issues to build new inventory on spec, confident the demand will be there.

“It’s just all about availability of power. That’s the first criteria before you go down to whether there is fiber nearby or if there’s a good pool of labor resources and all the other things that used to be higher up on the list from a site selection perspective,” said Ali Greenwood, executive director in Cushman & Wakefield’s data center group. “You hear about flight quality in office — you’re seeing flight to power here.” 

Although noncore markets are likely to see a growing share of development and demand, experts say that the industry’s central hubs aren’t going anywhere. Indeed, Northern Virginia added five times more inventory in 2022 than the fastest-growing secondary market, according to CBRE. 

Hyperscale tenants, in particular, will continue to place enormous value on clustering at least some of their computing infrastructure in dense primary markets, where closer proximity allows faster processing times needed for certain applications. So even as the data center landscape decentralizes, experts say these core markets will continue to grow as fast as the supply of power allows. 

“If you’re talking about cloud or very scaled customers, they probably really care about Tier 1 markets — those concentrations or densities, but if you’re talking about enterprise customers, they probably would like to be a bit more distributed in nature and they don’t need these very sensitive epicenters to do what they need to do with their workloads,” Credit Suisse Managing Director Sami Badri said at DICE East. “The significance of Northern Virginia obviously is going to be maintained, but the level of openness to expand to other markets has never been better.”

Courtesy of White Lodging

The Austin Marriott Downtown, which White Lodging opened in 2021.

White Lodging is moving forward with its plan to entirely offload its assets in suburban markets. The Indiana-based company, which owns, develops and manages hotels across the country, announced it closed on an agreement to sell 25 management contracts for suburban locations. 

The company also plans individual hotel sell-offs, but it did not provide details of those sales beyond noting that the transition would occur over multiple years. Jettisoning its suburban properties “focuses the company’s resources across a concentrated urban portfolio with more complex hotels that deliver memorable and elevated guest experiences,” according to a statement from White Lodging.

That portfolio includes hotels in Indianapolis, Austin, Chicago, Denver, Nashville and Charlotte.

“This strategic portfolio shift further defines our position in the industry and reinforces our focus on urban luxury and lifestyle hotels with independent destination restaurants,” White Lodging Chairman and founder Bruce White said in a statement.

Luxury hotels, while not seeing pre-pandemic occupancy rates, are receiving a boost in room rates, STR data comparing February 2019 and the same month in 2022 showed. While occupancy was almost 20% less than it was prior to the pandemic, rooms were charging an increase of almost 30% over pre-pandemic rates. 

White Lodging’s announcement emphasized that, moving forward, the bars and restaurants in the hotels will be a critical part of its targeted focus on urban markets. 

Hotels catering to domestic leisure clientele are doing well now, and that includes both urban leisure travelers and city dwellers looking for a place to have a good meal or drink, JLL Hotels and Hospitality Global CEO Gilda Perez-Alvarado told Bisnow in December. 

“A lot of these hotels have discovered that maybe they don’t need to rely on the guest who’s staying there overnight, they can rely on the resident or the neighbor who wants to go eat at the hotel or have a beverage at the hotel,” Perez-Alvarado said. “Hotels are being redefined finally as living places, not just staying places.” 

Last year, White Lodging opened four new urban hotels with nine food and beverage offerings in Charlotte, San Antonio and Austin.