Call it the White Lotus effect, but recent years have seen the emblematic crests of the world’s most luxurious and exclusive hotels – from the Ritz to Il Pelicano – become as valuable to such storied institutions as the rooms themselves. Such is the power of hotel ’merch’ – a way to demonstrate your affinity with the heady world of five-star hospitality, without the necessity of even staying a single night. The more obscure, the better: like an embroidered trio of fish on a bathrobe, which, for those in the know, will show you have stayed the night at Lake Como’s Passalacqua hotel – long a bolthole for the upper echelons, from world leaders to Hollywood royalty (or simply found your way to its webstore).

Here, as chosen by the Wallpaper* style team, a selection of these contemporary status symbols: from the cult Ritz Paris x Frame cap (now in its fourth iteration) to Jacquemus’ banana-hued accessories as part of his 2025 takeover of the Monte-Carlo Beach Club, and a T-shirt adorned with a perennial piece of Hollywood iconography: the Chateau Marmont sign.

Hotel Ryugyong is the world’s tallest hotel, which is located in North Korea’s Pyongyang. But no one has checked in to this hotel in decades. The reason is…

World’s Tallest Hotel: Whenever we think about magnificent buildings, we think of the United States or the United Arab Emirates (UAE). And when we think about North Korea, our mind thinks of nuclear missiles and bombs. But what if we say that the world’s tallest hotel is located in North Korea? Surprising right, but it’s true. The building’s structure reminds one of the Egyptian pyramids. We are talking about Hotel Ryugyong, which is also known for its bad luck. Let’s know more about Hotel Ryugyong.

Hotel Ryugyong

Hotel Ryugyong is surely a marvellous building that resembles an Egyptian pyramid because of its structure. Its height is just a little less than twice that of the Statue of Unity. The height of the Statue of Unity is 182 meters, while the height of this hotel is 330 meters. Hotel Ryugyong has 105 floors. But sadly, the luxurious hotel is still waiting for its first guest. Yes, no guest has come here to date.

Built with big dreams and plans, Hotel Ryugyong is the world’s tallest hotel but today it is known as a desolate and deserted building. The hotel’s exterior is fitted with LEDs, which are used for nightly displays of promotional material and symbols during major national events.

Inauguration Not Done

After knowing about the Hotel Ryugyong, you must be wondering why no guests have checked in here. Well, the answer is that it has not been inaugurated yet.

Incomplete Construction Work

The hotel has not been inaugurated yet because the construction work inside this building is not yet completed. This building is ready only from the outside, but the inside is still deserted.

Work started in 1987

As per reports, the construction of this building started in 1987 and it was completed in 1992. Further construction work was stopped due to the economic crisis, as aid stopped after the collapse of the Soviet Union.

The work was completed by 2011

In 2008, an Egyptian company started a USD180 million exterior glass and aluminium cladding project. The work was completed in 2011. However, the hotel has been in need of interior work ever since.

The $42 million floating-rate loan has a 36-month initial term and a 12-month extension option, with interest and completion guarantees from Banyan Street. The deal provides flexible capital for transitional assets at a reset basis, with comparable transactions pricing 98 percent above the loan basis, reflecting collateral strength and execution, Peachtree said in a statement.

“This transaction highlights how private credit continues to fuel opportunities across the commercial real estate landscape,” said Daniel Siegel, Peachtree’s president and principal of CRE. “In today’s volatile environment of elevated interest rates and persistent inflation, private credit remains a critical source of capital.”

Siegel said negative sentiment is preventing some from seeing opportunities.

“The market is bifurcated, with most vacancy tied to troubled assets, and when you adjust for those, the fundamentals tell a different story,” he said. “While sentiment will take time to shift, we’re ready to back smart business plans in this space.”

The private credit market continues to fill the gap left by traditional lenders, providing certainty for sponsors with defined strategies, the statement said.

Atlanta-based Peachtree is led by CEO and managing principal Greg Friedman, managing principal and CFO Jatin Desai and principal Mitul Patel.

“This transaction reflects a careful approach to how we de-risk—by structuring a basis reset in a top submarket with an experienced sponsor and a clear repositioning plan,” Siegel said.

Banyan plans to reposition AFC, starting with leasing the North Tower, using reserves for capital expenses, tenant improvements, and leasing. It will also explore larger tenants and redevelopment options.

While the broader office market faces headwinds, Buckhead remains a strong submarket, supported by financial firms, MARTA access, highway connectivity and retail and hospitality infrastructure, Peachtree said. Limited new supply, declining sublease inventory, and steady tenant demand position Buckhead and AFC for recovery and growth.

“Borrowers are seeking flexible capital that can adjust to changing market conditions, and that’s what we’re delivering,” said Jared Schlosser, head of originations and CPACE at Peachtree. “By providing execution certainty, we’re giving sponsors the runway to carry out their plans.”

Peachtree recently launched a $250 million fund to invest in hotel and commercial real estate assets mispriced due to capital market illiquidity.