Group items tagged

BPR PROPERTIES HAS selected LBA Hospitality to assume full management responsibilities for its complete portfolio of hotels. The company's 16 hotels are already managed by the Alabama-based hospitality management firm, with six properties added in the last three months. BPR is led by Birju Patel as president and CEO Bhupen Patel. "Making the decision to transition to third-party management was not an easy one," said Bhupen Patel. "However, when considering LBA Hospitality's associate-focused culture, commitment to training and their demonstrated development of leaders, the choice to have them assume full management responsibilities for our properties was an easy one. Their well-established partnership with us, continuous focus on associate retention and education, and dedication to delivering exceptional guest experiences align perfectly with our values. This transition will allow our team to shift our focus towards new hotel development and enhancing our existing properties."

ATLANTA-BASED BANYAN Investment Group has completed the sale of the 112-room Holiday Inn Express & Suites Bluffton at Hilton Head Area in South Carolina, to Trishul Hospitality, the company said. The transaction, for an undisclosed amount, generated a 24 percent internal rate of return and a 3.3x equity multiple for Banyan. "We purchased the Bluffton Holiday Inn Express & Suites back in 2014 with the idea that this South Carolina coastal submarket was poised for long term growth. We were confident Bluffton would evolve into a tourist destination, aided by its proximity to several year-round destinations such as Hilton Head Island, South Carolina; Savannah, Georgia; and Charleston, South Carolina," said Samir Yajnik, principal and EVP of investments, Banyan Investment Group. "Our underwriting and research at that time proved to be correct given Beaufort has become the fastest growing town in Beaufort County, South Carolina, with its population having grown by more than 124 percent in the last decade.

NOBLE INVESTMENT GROUP has acquired the Homewood Suites by Hilton Salt Lake City | Downtown in Salt Lake City, Utah. The company, led by Mit Shah as CEO,said the city represents a fast-growing market. The 137-room hotel is in Salt Lake City's central business and entertainment district, according to Noble. The area contains more than 15 million square feet of office space and several corporate headquarters, including Zions Bancorporation, Questar Corporation, and Goldman Sachs. Also nearby are the Salt Palace Convention Center, Vivint Arena, Gallivan Center, Temple Square and the Utah State Capitol. More than 26 million passengers annually pass through the Salt Lake City International Airport, which is 4 miles west of downtown. "Salt Lake City has seen some of the highest in-migration trends leading up to and continuing through the global health crisis," Noble said in its statement. "The city boasts more than ten ski resorts within an hour's drive, as well as more than a dozen national parks and monuments. With its world-class outdoor lifestyle, Salt Lake City is one of the most dynamic leisure and corporate travel markets in the U.S."

he new Conrad Algarve Palácio da Quinta luxury hotel is due to open its doors to the public in September, following two years of delays and an investment of around €150 million, according to a spokesman from the Hilton Group. Luxury €150 million hotel opens in September 28/5/2011 Algarve Car Hire is available at cheap prices with rental cars delivered to Faro airport or to your holiday accommodation throughout the Algarve.

Joe Palmer is now vice president of risk management for Atlanta-based Peachtree Hospitality Management. Also, Jatin Desai, managing principal and CFO for Peachtree Hotel Group and immediate past chair of the Atlanta Hospitality Alliance welcomed the new president of that organization, Kim Bardoul. Peachtree Hospitality Management is an affiliate of Peachtree Hotel Group. Previously, Palmer, who joined PHM in 2019, provided corporate support for a portfolio of 77 full-service and select-service properties. He also held positions with Hilton Clearwater Beach Resort, South Seas Island Resort and the Inns of Sanibel and Streamsong Resort.

KEVIN JACOBS, HILTON's CFO and president of Global Development, is the 2024 chair of the American Hotel & Lodging Association. The association also named new officers, executive committee and board of directors, including Mitch Patel, president and CEO of Vision Hospitality Group, as vice chair. The association also named other new officers, executive committee and board of directors. They include Liam Brown, group president for Marriott International, U.S. and Canada, as secretary/treasurer and Julienne Smith, chief development officer, Americas, for IHG Hotels & Resorts, as the chair of the AHLA Foundation Board of Trustees, AHLA said in a statement. "It's an honor to serve as chair and help build upon AHLA's impressive record of accomplishments on behalf of the hospitality industry nationwide," said Jacobs. "I look forward to helping AHLA advance policies in support of our incredible industry, deliver exceptional member services and communications support, and rally the industry around our shared priorities."

HILTON'S EXTENDED-STAY Homewood Suites brand is getting a new look. The brand's new Prototype 10.0 includes a smaller footprint but with more rooms, as well as changes to guest suites and common spaces. The new prototype draws from design ideas implemented during a 2019 update implemented in open Homewood Suites hotels as part of the brand's 30-year anniversary. Prototype 10.0 features a site size reduction from 2.49 acres to 2.36 acres and building area reduction by more than 3,350 square feet while increasing the number of rooms from 121 to 131 suites. Another developer-oriented change is new F&B options aimed at increasing revenue. The suites have been modified so they can be booked individually or as connected groups. The fitness center has been reimagined and guest laundry rooms have been expanded. More common areas have been added inside and outside in the prototype. "We modernized the brand to appeal to the evolving needs of our guests, who are going to love the functionality and flexibility of the innovations, which are intended to make them feel both empowered and cared for, whether they're with us for an overnight trip or an extended stay," said Rick Colling, global head of Homewood Suites.

VISION HOSPITALITY GROUP will celebrate its 25th anniversary in April. The company, led by Mitch Patel as president and CEO, is now making plans for the next quarter century. Founded in 1997, Vision Hospitality began with a Homewood Suites by Hilton, Chattanooga/Hamilton Place Patel developed in Chattanooga, Tennessee, where the company is still headquartered. Then, as the U.S. economy struggled to overcome the 9/11 attacks of 2001, Patel went on to develop 10 more hotels. "Here, VHG learned agility and how to pivot, gaining a deeper understanding of how to successfully adapt to the ebb and flow of the hospitality and financial industries," the company said in a statement. "These lessons, along with a solid foundation of core values - dedication, integrity, respect, excellence, community, teamwork, and spirit - were the guiding principles that led to continued growth through the Great Recession and the unprecedented challenges of the last few years."

Sameer Nair is now senior vice president of acquisitions and development for Atlanta-based hotel investment and management firm Hospitality Ventures Management Group. Prior to joining HVMG, Nair oversaw transactions worth more than $600 million as vice president of investments and capital markets for Delray Beach-based Kolter Hospitality, the company said in a statement. In a career span of 11 years, Nair has sourced and closed deals worth more than $350 million across Hilton-, Hyatt-, IHG-, Marriott-franchised hotels and also negotiated and restructured $1 billion of existing debt. "An industry expert with more than a decade of hospitality real estate experience, Sameer immediately brings a wealth of knowledge and industry relationships he's acquired during his decorative career thus far. His presence immediately augments and broadens our already strong bench strength, and we look forward to Sameer playing an important role in helping HVMG and our owners and investors achieve their growth goals," said Robert Cole, HVMG president and CEO.

5 Star Hotel Pune - One of the Best hotels in Pune provides wide range of services including a Business Centre services, experienced meeting planners, spa meetings room .

REAL ESTATE INVESTMENT firm Hersha Hospitality Trust will sell seven of its select service properties outside New York for $505 million, or approximately $360,000 per key, according to a statement. Proceeds will go to cover some of the company's debt and provide liquidity. The properties in the deal are the Hotel Courtyard Brookline, Hampton Inn - Philadelphia, Hilton Garden Inn M Street, Hampton Inn - Washington, Courtyard Sunnyvale, Courtyard Los Angeles Westside and TownePlace Suites Sunnyvale. The transaction is expected to close in the third quarter of 2022 subject to customary closing conditions, the statement added. The revenue from the sale reduce debt of approximately $460 to $480 million, and around $390 to $410 million of Hersha's corporate debt. The company also wants to reduce mortgage debt by approximately $75 million. The company also wants to reduce mortgage debt by approximately $75 million.

The DoubleTree by Hilton Front Royal Blue Ridge Shadows & Golf Course is now open in Front Royal, Virginia. The hotel, recently converted from the Holiday Inn Front Royal, is owned by Navika Group of Companies and managed by Blue Sky Hospitality Solutions Management Co. 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 124-room DoubleTree recently completed phase one of the multi-million conversion and features a new lobby, front desk and lobby level and guest room corridors. Additionally, all guest rooms were outfitted with digital key locks and received new mattresses and SMART TVs.

WHITESTONE CAPITAL RECENTLY partnered with PJD Capital to purchase the 152-room Holiday Inn East Mountain in Wilkes Barre, Pennsylvania, marking the first joint venture between the two real estate companies. Whitestone Capital, a division of Whitestone Companies, is led by CEO Jay Batra, while PJD Capital is headed by CEO Prakash Datwani. The Holiday Inn East Mountain features 152 guestrooms and more than 6,000 square feet of event space, the companies said in a joint statement. "We are excited about our new partnership with PJD Capital to reposition this property into a product the Wilkes Barre community has been craving," said Batra. "We expect the transformation to happen in two phases, with the first phase starting later this year. The property will be converted to a very select class of DoubleTree Hotels. A DoubleTree in name, driven by the power of Hilton, but not a typical DoubleTree. This property will feel more like a soft brand with design centered around a community-focused, light resort feel."

PEACHTREE GROUP, A commercial real estate investment firm with a $6.4 billion portfolio, has closed its third hotel property structured as a Delaware Statutory Trust with the acquisition of the 98-key Hilton Garden Inn in Jackson, Tennessee. The acquisition provides 1031 exchange investors the chance to reinvest proceeds from real estate sales, enjoying tax deferral benefits and maintaining a strong real estate allocation, Peachtree said in a statement. "The hotel's strategic location near healthcare and manufacturing jobs, including Ford's planned $5.6-billion Blue Oval City, along with a diverse collection of entertainment and retail destinations, establishes it as a valuable addition to our expanding portfolio of DST properties," said Tim Witt, Peachtree's president for 1031 Exchange/DST Products. Peachtree launched its DST program in August 2022 and is a top-15 sponsor in the securitized 1031 exchange marketplace, according to Mountain Dell Consulting's year-end market equity update.

PEACHTREE GROUP RECENTLY received I-956F approval from the U.S. Citizenship and Immigration Services, the agency overseeing the EB-5 Immigrant Investor Program, for developing a Home2 Suites by Hilton in Boone, North Carolina. USCIS adjudicated the I-956F petition for the hotel development in five months, Peachtree said in a statement. "It is a testament to the due diligence of the Peachtree team that it was able to get the project approved so quickly, especially when the published processing time is over 15 months," said Adam Greene, Peachtree's executive vice president of EB-5. The company, led by Greg Friedman as CEO and managing principal, Jatin Desai as managing principal and Mitul Patel as principal, originated $21.7 million in fixed-rate construction financing over a five-year term for Narsi Properties to develop the 105-room Home2 Suites near downtown Boone, Peachtree said. Narsi Properties is led by Deven, Neel and Rupal Patel as principals.

ROB PALLESCHI, G6 Hospitality CEO for five years, is stepping down to move to a new position. Julie Arrowsmith, Carrollton, Texas-based G6's president and chief financial officer, has been appointed interim CEO. Palleschi is transiting to the position of CEO of American Campus Communities, a student housing manager, owner and developer, according to G6, the parent company of the economy Motel 6 and Studio 6 brands. A former executive at Hilton Worldwide as well as CEO and president of the restaurant chain TGI Fridays Inc., Palleschi succeeded former G6 CEO Jim Amorosia in 2019. "It has been a great honor to be CEO of G6 for the last five years," said Mr. Palleschi. "I want to express my gratitude to our dedicated team members, talented management team and valued franchisees across the nation for their tremendous contributions to G6. With Julie's energy, commitment to G6's values and nearly three decades as part of the G6 team, I could not be more confident in the company's next chapter."