New York's demand drivers for this asset class are on par with major US life sciences markets such as Boston, San Francisco and San Diego.

Extended Stay has shown resilience over the past year despite persistent challenges due to government lockdowns and travel restrictions.

Distressed hotel assets have been hard to find as lenders have been willing to extend forbearance.

Most of the job gains were in the leisure and hospitality sectors.

Rising interest rates were cited as the reason.

The new venture will target the acquisition of more than $1.2 billion of assets with a focus on essential and high-credit quality tenants.

The transaction also includes Roofstock's purchase of Stessa.

GlobeSt.com spoke with R&B Realty Group's Head of Development and Acquisitions, Shelby Rosenberg, on this trend. Here is what we learned.