Commercial Real Estate Financing News + More: Starwood Launches New Hotel Brand as Supply Ramps Up in Extended Stay Segment + MORE 04/26/2017

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Tax Returns versus Stated Income!

Most traditional banks will require several years of tax returns in order to qualify for a commercial real estate loan. The alternative is to use a Stated Income lender that does not verify personal income or assets. Many borrowers will simply not qualify for a commercial mortgage loan if tax returns are used due to high business expenses (and low net income). Many lenders using tax returns will also continue to verify income after the loan closes. Stated Income lenders will not engage in this practice.

Barry Sternlicht’s Starwood Capital Group this week launched Uptown Suites, an upscale take on Starwood’s InTown Suites extended-stay brand. The firm will open its first property in Concord, NC, with plans to open 10 more properties by 2019.

Starwood expects to build new hotels for most of planned properties, targeting “walkable” locations with nearby dining, retail and entertainment areas in major cities or central locations in smaller markets…

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Citigroup is making a comeback in Saudi Arabia, this time with a woman in charge.

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After voters defeated a measure that would have curtailed construction, the city’s future looks much denser.

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Pro tip for countries looking to keep their tourism numbers up: Don’t annoy China.

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Credit Suisse plans to raise $4 billion to help rebuild its finances after two years of layoffs and losses.

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The owners of Gurney’s Montauk, a luxury resort on the tip of Long Island, N.Y., are hoping to replicate their success in the seaside city of Newport.

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