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BY THE FOURTH quarter of last year, group business in 10 of the top markets in the U.S. had recovered 110 percent compared to the same time in 2019, according to the Hospitality Group and Business Performance Index from Knowland and Amadeus. The top 20 markets have achieved 100 percent of 2019 levels of occupancy and ADR, with 10 surpassing 110 percent or more. Group business reached the 110 percent health index in the fourth quarter because it used 95.5 percent of the group rooms sold in 2019, coupled with a 14.8 percent increase in ADR, according to the index. Overall growth for the year 2023 stood at 103 percent, with 92.5 percent of group rooms sold in 2019 and an accompanying average rate increase of 11.7 percent. Meetings and event business rebounded to 91.9 percent in the fourth quarter compared to 2019, with an end-of-year recovery rate of 91.2 percent. The volume of smaller groups led to stability in the market, according to Knowland. Currently, 70 percent of events have 200 attendees or less and smaller meetings, those with less than 25 attendees, saw the most growth, experiencing a 19 percent increase since 2019.

STARWOOD CAPITAL GROUP, a US-based private equity firm, recently purchased10 Radisson Blu Edwardian properties in London, totaling 2,053 rooms, from Edwardian Hotels London, a U.K. hospitality group with Jasminder Singh as chairman. The financial details of the deal remain undisclosed, but a Bloomberg report estimated the transaction at around $1 billion (£800 million). Edwardian Group will continue to manage the portfolio during a transitional period, the company said in a statement. Edwardian Hotels London will retain operational control and continue managing The Londoner Leicester Square, launched in September 2021, along with its two Radisson Collection hotels-The May Fair in Mayfair and The Edwardian Manchester in Manchester. Jasminder Singh is chairman of Edwardian Group. "Following the successful launch of The Londoner and a period of strong trading across the portfolio, this sale represents an opportunity to refocus the group and position it for its next chapter," said Inderneel Singh, CEO of Edwardian Group and son of Jasminder Singh. "Our three landmark properties - The Londoner, The May Fair Hotel, and The Edwardian Manchester - are perfect showcases of our vision for the future, and we remain committed to investing in and delivering distinctive experiences for guests in high-end, purpose-built, city-centre hotels."

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PEACHTREE GROUP RECENTLY signed a long-term agreement with Southfield, Michigan-based Group 10 Management, adding 14 hotels and 1,648 rooms to its managed portfolio. This expansion brings Peachtree's total managed properties to more than 100, primarily Marriott, Hilton, and IHG-branded hotels in the metro Detroit area, Peachtree said in a statement. Peachtree is led by CEO and managing principal Greg Friedman, CFO and managing principal Jatin Desai, and principal Mitul Patel. "Our extensive experience in hotel operations allows us to partner with Group 10 to elevate third-party management," said Vickie Callahan, president of Peachtree's hospitality management division. "A substantial portion of Peachtree Group's portfolio is third-party managed, underscoring our commitment to delivering strong financial results for our partners and exceptional guest experiences." Peachtree's hospitality management division operates limited-, select-, and full-service hotels, primarily in the upper-midscale and upscale segments, the statement said. The division now manages 107 hotels across 27 brands, totaling 13,485 rooms in 27 states, including Washington, D.C. With the Group 10 addition, Peachtree's third-party management portfolio expands to 31 hotels.

THE MANAGING PRINCIPALS of Atlanta-based Peachtree Hotel Group are forming a new company, Peachtree Group, to oversee its investment portfolio. Peachtree's hospitality division includes Peachtree Hotel Group, Peachtree Hospitality Management and Peachtree Hospitality Development. The new company will manage and control investments and direct investment strategies across different divisions, including hospitality, commercial lending, residential development and capital markets, the company said in a statement. The company is expanding in those areas, said Greg Friedman, Peachtree's CEO and managing principal. "The expanded breadth of investment types we are undertaking warranted the formation of Peachtree Group without hotel in the moniker," Friedman said. "This transformative structure provides a significant opportunity to unlock the full potential of our integrated real estate investment platform that has served us well in the hospitality sector to expand into other real estate sectors and businesses.

WYNDHAM HOTELS & RESORTS has entered into a new agreement with Groups360 to bring instant online multi-room bookings to Wyndham hotels in 2023. Using Groups360's GroupSync Marketplace direct booking solution, Wyndham hotel owners will have the opportunity to integrate the platform with their hotel reservation systems, providing travel planners, including groups and events organizers along with those managing infrastructure, logistics and corporate accounts, with rates and availability as well as booking of rooms online, the company said in a statement. "Over the last three years, Wyndham has invested over $100 million in major technology initiatives, giving our franchisees access to best-in-class offerings that unlock new efficiencies while helping to grow their bottom line," said Lisa Checchio, Wyndham's chief marketing officer. "Bringing franchisees access to GroupSync is just the latest example and one we believe offers incredible opportunity for franchisees, particularly those in the economy segment, where such technology is an industry first." Hotels that publish live inventory and rates within the GroupSync Marketplace save travel planners' valuable time by allowing them to search, shop and book blocks of rooms. Possible users include short one- to-two-night group events such as youth sports, weddings and family reunions, as well as multi-week infrastructure or logistics projects such as commercial construction, bridge repair or highway expansion, Wyndham's statement said.

VERAKIN CAPITAL, A real estate investment group, exceeded its $350 million investment milestone in the first quarter of this year. The company has made collective investments in three hotel properties that are currently in various stages of development; the Moxy in downtown Atlanta, Georgia; Hampton Inn/Home 2 in downtown Nashville, Tennessee; and Courtyard by Marriott in Pittsburg, California, the company said in a statement. Verakin, led by partners Rupesh and Bimal Patel and Hiten Suraj, is the lead developer of the Courtyard by Marriott, while the company is co-investing in the other two projects alongside RevPar Development and Emerge Hospitality Group, according to the statement. RevPar Development is a privately-owned hotel development and management company on the East Coast, while Emerge Hospitality Group is a family-owned and -operated hotel ownership, development and management company. "We are developing both on our own behalf and in joint ventures with like-minded investment groups," Rupesh Patel said. "We are seeing that newer hotels and brands are faring better than their older counterparts as travel rebounds in many markets and segments. To help satiate our investment growth appetite, we will continue to seek best-in-class partners, such as RevPar Development and Emerge Hospitality Group, who have proven track records as credible institutional investors, developers and operators." The Moxy hotel in downtown Atlanta, will feature 181 rooms spread across 13 floors and is scheduled to open mid-2026 before the FIFA World Cup. The centrally located hotel will cater to both business and leisure travelers and will offer three food and beverage options, including a roof top bar and lounge with views of the Mercedes Benz Stadium.

PEACHTREE GROUP RECENTLY introduced new branding, logo and tagline, "Guided by Intuition, Grounded by Expertise." The branding update aims to project the company's integrated investment strategies and service platforms. This change consolidates the company's varied brand portfolio, renaming Stonehill as Peachtree Group Credit and Peachtree Hospitality Management as Peachtree Group Hospitality Management, the company said in a statement. "The new branding has given us a competitive edge in attracting top-tier talent, ensuring a consistent influx of the best minds and skills to navigate an ever-changing business landscape," said Greg Friedman, CEO and managing principal of Peachtree Group. "Moreover, our strategic branding approach, aimed at consolidating our diverse range of businesses, is poised to unleash even greater untapped potential within our investment platform. This platform, already proven in its value in the hospitality sector, has played a pivotal role in our expansion and diversification into other real estate sectors and ventures."

Prithvi Raj Singh Oberoi, also known as 'Biki,' a stalwart of Indian hospitality and chairman emeritus of the Oberoi Group, passed away on Nov. 14 at the age of 94. Oberoi served as the executive chairman of EIH Limited, the flagship company of The Oberoi Group, and as the chairman of Oberoi Hotels Private Limited, the major shareholder of EIH Limited. "It is with profound grief and sorrow that we wish to inform you of the peaceful passing of our beloved leader, P.R.S. Oberoi, chairman emeritus earlier today," The Oberoi Group said in a statement. "His passing is a significant loss for The Oberoi Group and the hospitality industry in India and overseas." Oberoi is acknowledged as a key figure in the Indian hotel industry, contributing to the globalization of Oberoi hotels by establishing a presence in major cities. He received notable accolades, including the Padma Vibhushan, India's second-highest civilian honor, awarded in January 2008 for exceptional service to the country.

HOTEL INVESTMENT AND management company Banyan Investment Group announced the initial closing of $20 million Banyan Lodging Enhanced Value Fund, also known as BLEV or "Believe." The fund gives investors an opportunity to purchase hotels that have been impacted by the COVID-19 pandemic, a statement said. The group said that the first Closing delivered more than half of capital sought to acquire pandemic-impacted hotels. According to prospective investors, BLEV will reach its $35 million hard cap early next year, well before the formal end of its offering period. "The hospitality industry continues to reel from the COVID pandemic and its uneven recovery, and many markets continue to suffer from a sustained, record decline in hotel performance, a lack of liquidity in the capital markets and value dislocation," said Andy Chopra, managing partner and CIO at Banyan Investment Group. "We believe the impact caused by the pandemic has created a number of investment opportunities, ranging from newer assets selling at below replacement costs to discounts resulting from owners facing liquidity crises. BLEV will take advantage of these prevailing headwinds as we move further into a post-pandemic world." The fund will be used to form joint venture partnerships with institutional investors and/or syndicates of retail investors, with a total investible equity in the range of $350,000,000. The BLEV will focus on high-barrier-to-entry hotel locations, targeting properties with significant discounts and expects to deliver superior, risk-adjusted returns for investors when the hospitality industry re-stabilizes.

Five Star Group affiliates, Five Star Hospitality Management and Dream Capital, recently named Justin Patel senior associate, investments and asset management and Kimberly Rowell to executive vice president. Patel was previously a senior asset management analyst at Peachtree Group while Rowell joined in February 2023. Dalton, Georgia-based Five Star Group, founded by Naren Patel in 1990, announced the changes. At Peachtree Group, Patel managed more than 20 hotels nationwide and assisting in 12 dispositions. Prior to Peachtree, he was asset manager at 33 Degrees, a commercial real estate firm. "Justin takes an insightful approach to project management, making him an invaluable member of the Dream Capital team as we continue to provide our investors with the opportunity to invest in both credit and equity investments in various asset classes in commercial real estate," said Ankit Govan, Dream Capital's managing principal and co-founder. "We remain committed to pursuing acquisition and development opportunities with well-branded hotels such as Hilton and Marriott in markets with high barriers to entry. With a wealth of asset management and investment experience, Justin is the ideal candidate to help us along the path."

ANAHEIM-SANTA ANA, CALIFORNIA, ranked first among the top 25 markets in November with 17.5 percent year-over-year growth, followed by Atlanta at 13.7 percent, according to Cendyn's Sales Intelligence platform, formerly Knowland. This was Anaheim-Santa Ana's first time at the top this year, driven by healthcare groups contributing 7.1 percent, including events from Edwards LifeSciences LLC and Kaiser Permanente. Atlanta's growth was supported by events from national association and education groups, the report said. Chicago entered the top five for the first time, ranking third with 12.6 percent growth, largely driven by national association groups contributing 10.2 percent. Anaheim-Santa Ana averaged 4,555 total square feet with an estimated group size of 167. The top 25 markets averaged 3,764 total square feet with a group size of 131.

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NAVIKA GROUP OF Companies and Blue Sky Hospitality Solutions have acquired the Andaz Wall Street hotel, now known as the Hyatt Centric Wall Street New York. The 253-room hotel's guestrooms and lobby were recently redesigned, but Navika plans to invest approximately $5 million in the property over the next several years. Real estate company Navika Group and Blue Sky management company both are led by Naveen Shah as president and CEO. Also, Haridas Kotahwala is chairman at Navika Group. The Hyatt Centric Wall Street is expected to reopen Jan. 26, according to Blue Sky. "The competitive advantages provided by Hyatt Centric Wall Street New York, our first hotel in New York City, make it an ideal addition to our current portfolio of 53 owned and operated hotels throughout the U.S.," said Ernie Catanzaro, executive vice president with oversight of the management team, BSHS. "The hotel has some of the larger rooms in New York City, ranging in size from 345 to 1,500 square feet, as well as an unmatchable location and address. Our planned multimillion-dollar renovation will reinforce the hotel among the most desirable locations in New York City."

BWH HOTEL GROUP will offer cashless tipping to guests via eTip and Visa. The function will allow guests to express gratitude to hotel associates through pre-selected or custom tipping in the U.S. and Canada. The eTip process will be available at properties of the group, including Best Western Hotels & Resorts and SureStay Hotel Group hotels, the statement added. BWH said the new facility will empower guests to financially give to those who rely on tips as latest reports revealed that only 16 percent of U.S. customers carry cash. "We are committed to providing the best possible experience for our guests and bringing value to BWH hoteliers and their associates," said Michael Morton, BWH vice president for brand management. "We're excited to offer eTip digital tipping solution as a convenient way our valued guests can show appreciation to our dedicated hotel associates. We are equally excited to offer our associates a choice to receive their tips in real-time directly into their bank accounts. Innovation and caring are at the heart of our brand and we're proud to partner with eTip to innovate the tipping experience for guests and hoteliers alike."

The Hiatus Clearwater Beach, Curio Collection by Hilton is now open in Florida. 3H Group Inc., led by Hiren Desai as president and CEO, is the owner of the property, while hotel management firm LBA Hospitality will manage the operations of the beachside hotel. The 88-room boutique-style hotel is the first Curio property to join the LBA portfolio and expands the partnership between LBA Hospitality and owner/developer 3H Group, the companies said in a joint statement. "In January 2022, when LBA took over management of the 3H portfolio of hotels, I thought I would take a little break," said Desai. "I told my family and colleagues I was going to take a little hiatus, and they had different ideas in store for me. My brother, Nick Desai-also a co-owner of 3H Group-said, 'You can take a hiatus, but take it in Clearwater Beach.'" New York City-based Celano Design Studio Co. designed The Hiatus' interior, the statement added. Guestrooms and suites feature balconies with Clearwater Beach views, while the seventh-floor rooftop restaurant and reception area offer Gulf and beach vistas.

RATAN TATA, CHAIRMAN emeritus of Tata Sons, one of India's largest conglomerates and owner of Taj Hotels, passed away on Wednesday at the age of 86. The veteran industrialist died at a hospital in Mumbai. Taj Hotels, a luxury chain under the Indian Hotels Co. Ltd., was founded by Jamsetji Tata in 1903 and is part of the Tata Group. Tata Sons Chairman N Chandrasekaran, describing Ratan Tata as his "friend, mentor and guide," confirmed the industrialist's passing in a statement. "It is with a profound sense of loss that we bid farewell to Mr. Ratan Naval Tata, a truly uncommon leader whose immeasurable contributions have shaped not only the Tata Group but also the very fabric of our nation," Chandrasekaran said. "For the Tata Group, Ratan Tata was more than a chairperson. To me, he was a mentor, guide, and friend. He led by example, with unwavering commitment to excellence, integrity and innovation. Under his leadership, the Tata Group expanded globally while staying true to its core values."

EXCEL GROUP, A Virginia-based private equity firm, acquired the 209-room Embassy Suites by Hilton Syracuse Destiny USA in Syracuse, New York. The hotel, one of the newest in the greater Syracuse market, is located near Destiny USA shopping and entertainment complex, Excel Group said in a statement. Excel Group is led by Shoham Amin as founder and principal. "We are thrilled to acquire the Embassy Suites by Hilton Syracuse Destiny USA, the premier hotel in the market," said Amin. "This property is strategically positioned to benefit from Syracuse's ongoing resurgence. This investment allows us to capitalize on the recent supply and demand imbalance caused by hotel closures in the area. Historically, this market has been stable, driven by healthcare and education sectors, and is now poised for significant growth with Micron's upcoming construction."

HYATT HOTELS CORP. is set to launch a lifestyle group following the acquisition of Standard International, the parent company of The Standard and Bunkhouse Hotels. The new group would focus on developing future projects included in the acquisition. Amar Lalvani, former executive chairman of Standard International, will serve as president and creative director of the new group. It will be headquartered in New York City, with additional offices in Austin and Bangkok, Hyatt said in a statement. "The lifestyle segment isn't for the faint of heart; it takes creativity and commitment," said Lalvani. "But if you get it right, you reap the benefits of strong guest loyalty and developer returns. Hyatt respects the creativity needed to deliver our experiences, while we value Hyatt's history, global infrastructure, and commercial services."