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PEACHTREE HOTEL GROUP added seven hotels to its portfolio this week for $135 million. Three of the hotels also are part of Peachtree's third investment partnerships with San Mateo, California-based Verakin Capital led by partners Rupesh and Bimal Patel and Hiten Suraj. The new acquisitions include 829 rooms and are in five different states, according to Peachtree and its management division Peachtree Hospitality Management, which will operate all seven hotels. The new hotels are: The dual-brand Hilton Garden Inn Phoenix Tempe, University Research Park, 120 rooms, and Home2 Suites by Hilton Phoenix Tempe, University Research Park, 108 rooms, in Tempe, Arizona, which were built in 2017. Aloft Hillsboro-Beaverton in Hillsboro, Oregon, 137 rooms, built in 2017. Hilton Garden Inn Casper, 121 rooms in Casper, Wyoming, built in 2008. Home2 Suites by Hilton Eugene Downtown University Area, in Eugene, Oregon, 120 rooms, built in 2016. Home2 Suites by Hilton Pittsburgh/McCandless in Pittsburgh, Pennsylvania, 119 rooms, built in 2013. Hilton Garden Inn West Lafayette Wabash Landing in West Lafayette, Indiana, 104 rooms, built in 2003.

HILTON WORLDWIDE HOLDINGS posted a net income of $268 million in the first quarter of 2024. System-wide comparable RevPAR rose by 2 percent on a currency neutral basis, compared to the first quarter of 2023. The company's fee-based business model and development efforts contributed to its performance, with steady momentum in signings, starts and openings, indicating a healthy pipeline. The company said it can continue building momentum in the near future, based on the growth trajectory observed thus far. "We are pleased to report a strong first quarter with bottom-line results meaningfully exceeding our expectations, further demonstrating the power of our resilient, fee-based business model and strong development story," said Christopher Nassetta, Hilton's president and CEO. "During the first quarter, system-wide RevPAR increased 2 percent as renovations, inclement weather and unfavorable holiday shifts weighed on performance more than anticipated."

Giri Bar Harbor Kebo Inc. and Giri Peabody 57 LLC, doing business as Giri Hotel Management led by Ash Sangani, recently acquired Hampton Inn and Homewood Suites Boston Peabody hotels in Peabody, Massachusetts, respectively. The two properties offer a total of 205 rooms. The hotels are within a 10-mile radius of Salem and 13 miles south of Boston. The properties are near the headquarters of Analogic Corp., Neurological, Lahey Medical, North Shore Medical, and Boston Children's Hospital Peabody. "With the acquisition of these two hotels, we're thrilled to announce the expansion of our portfolio to include eight Hilton-branded hotels," said Sagar Malavia, GHM's partner. "Situated along Route 1, these locations offer prime positioning for an exceptional guest experience for short- and long-term guests. We're dedicated to fostering a welcoming, family atmosphere for our new hotel team members and look forward to fostering excellent relationships with the community for mutual economic success."

HOS Management, led by President Kris Patel, recently acquired Residence Inn Savannah Midtown in Georgia. The 66-key hotel is near City Market, Oglethorpe Mall, Candler Hospital, historic downtown Savannah, River Street, SCAD, and Memorial Health University Medical Center. The property also provides easy access to the beaches of Tybee Island, St. Simons, and Jekyll Island. "We had a great experience working with Hunter Hotel Advisors, especially Mayank Patel and his team, on this acquisition," said Patel. "The Residence Inn Savannah Midtown is the perfect Marriott addition to our portfolio." HOS Management, based in Savannah, Georgia, is a family-operated hotel development and management company with properties under brands like Marriott International, Hilton, IHG Hotels and Resorts, and Wyndham. Founded by brothers Anil and Kirit Patel, the company began with the acquisition of the Benton Motel, their first independent motel, in 1985.

NOBLE INVESTMENT GROUP in Atlanta has acquired the Hilton Garden Inn Boise Downtown. The transaction caps more than $1 billion investment over the past year, according to a statement. The 132-room hotel is near the city's leisure and business centers, which includes the Idaho State Capitol, Boise State University, Jack's Urban Meeting Place, Idaho Central Arena, and the Boise Centre, according to Noble, which is led by Mit Shah as CEO. Hotel amenities include an indoor pool, 4,098 square feet of meeting space and it is pet friendly. "The Boise market demonstrates the key macro trends we are looking for in cities which we believe will outperform as we enter a new lodging cycle," said Dustin Fisher, Noble's senior vice president. "This acquisition aligns with our strategy to acquire high-quality, well-located assets in growth markets poised to benefit from the ongoing recovery in travel."

STONEBRIDGE COS. RECENTLY acquired the DoubleTree by Hilton Hotel Las Vegas Airport, marking the Denver-based companies entrée in the Las Vegas market. The company, led by Aly-khan Merali as president and managing partner and founder and CEO Navin Dimond, plans to renovate the 190-room hotel. The DoubleTree, built in 1998, is near both the Harry Reid International Airport and the Las Vegas Strip. The planned renovations will include guest rooms and common areas, with work is anticipated to begin in the second quarter of 2023 and anticipated to end in the fourth quarter of that year. "We are excited to continue our growth with the recent acquisition of the DoubleTree Las Vegas Airport hotel. Our new partnership with TowerBrook Capital Partners and other private investors provides us a tremendous platform for us to achieve our significant growth plans throughout the U.S. and this acquisition is the first of many going forward," said Tom Brinkman, Stonebridge's president and chief operating officer. "Through our growth, we look forward to not only creating new jobs but also providing our team members exciting new opportunities, and we look forward to welcoming our newest team members at the DoubleTree to our Distinguished Hospitality team here at Stonebridge."

Peachtree Group recently acquired the 180-room Hilton Garden Inn Denver Tech Center in Denver, marking its second hotel in Denver after the Element Denver Park Meadows. The company's hospitality management team will oversee the seven-story hotel located in the city's employment hub, Peachtree said in a statement. However, the financial terms of the transactions were not disclosed. "We are excited to acquire this premium-branded hotel in a growing submarket with a variety of diverse and stable demand generators," said Michael Bernath, Peachtree's senior vice president for acquisitions. "The Denver economy is well diversified, with the city gaining recognition as a burgeoning tech hub. We believe the expansion of the R-Line, increased connectivity of the area and the completion of the transformative Bellview Station development will continue to make the Denver Tech Center an attractive destination for consumers and corporations alike." Peachtree aims to further invest in the property, which was previously renovated in 2014, the statement said. The hotel is near the under-development Bellview Station, a transit-oriented mixed-use development spanning more than 50 acres. There are companies including Comcast, Oracle, Microsoft, Zoom, Charles Schwab, Fidelity Investments, Newmont Mining, and Western Union in the vicinity.

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.

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.

NEWCRESTIMAGE HAS SOLD most of its hotel portfolio, along with some other properties, in a $822 million transaction with Summit Hotel Properties. Dallas-based NewcrestImage will remain invested in Summit and will own and operate two historic hotels it recently acquired and plans to make new acquisitions in the future. The definitive contribution and purchase agreement includes 27 hotels with 3,709 guestrooms for $776.5 million, or $209,000 per key. It also includes $24.8 million for two parking structures and $20.7 million for the various financial incentives through Summit's joint venture with Singapore-based sovereign wealth fund GIC, made in 2019 to acquire hotels in the U.S. "NewcrestImage has assembled a collection of high-quality distinctive Marriott, Hilton, Hyatt, and IHG hotel properties throughout the Sun Belt region, which will be a great addition to Summit's portfolio," said Mehul Patel, NewcrestImage's managing partner and CEO. "As we will become one of Summit's largest shareholders, we have confidence in Summit as one of the industry's leading owners with a highly regarded public platform. We believe the two portfolios create an excellent combination of hotels that have tremendous growth potential and are well-positioned to create long-term shareholder value as the lodging recovery continues."

NOBLE INVESTMENT GROUP has acquired two hotels in National Landing, a mixed-use development in Arlington, Virginia, near Washington, D.C. The acquisitions come days after the Atlanta-based company, led by Mit Shah as CEO bought two hotels in Savannah, Georgia. The hotels are the 162-room Hampton Inn & Suites National Landing and the 248-room Hilton Garden Inn National Landing. The neighborhoods of Crystal City, Pentagon City and Potomac Yard comprise the National Landing development, which includes of offices, residential, dining, retail, parks, bike paths, and walking trails. "National Landing is home to more than seventeen million square feet of office, a highly skilled workforce of more than 50,000 people, and an affluent residential population. Virginia's largest walkable downtown, National Landing, further benefits from billions of dollars in private and public investments," Noble said in a press release. "Most notably are the $2.5 billion Amazon HQ2 under development, which will create 25,000 new jobs in National Landing, and Virginia Tech's Innovation Campus, which is expected to drive a new era of technology for the greater Washington D.C. area."

In our exclusive Leadership Series interview, Pat Pacious, president and CEO of Choice Hotels International, reflects on his organization's relationship with AAHOA, his opposition to the proposed New Jersey State legislation on fair franchising and why Asian hoteliers are still important to the company. In the end, he said, it's about keeping state governments out of a dialogue that should be held between franchisers and their franchisees regarding subjects such as selling loyalty points and revenue from preferred vender programs. Pacious also discussed other key topics in the conflict between AAHOA and several large hotel companies, including Choice as well as Marriott International. Also in the interview, held at Choice's recent 67th Owner & Franchisee Convention in Las Vegas, Pacious discusses topics addressed at the convention, such as Choice's recent acquisition of Radisson Hotels Americas. He also comments on the company's offering to current and future franchisees and the importance of Asian American owners. 'This is not about fair franchising' In February, Choice announced it would "pause its partnership" with AAHOA, according to an alert to AAHOA members. AAHOA said Choice's decision came in response to AAHOA's 12 Points of Fair Franchising and its public support for New Jersey Assembly Bill A1958, which would make changes to the New Jersey Franchise Practices Act. Prior to Choice's action, Marriott had announced it was withdrawing its support for AAHOA for the same reason, and both companies chose not to attend the 2023 AAHOA Conference and Trade Show in Los Angeles in early April. Other companies, including Hilton and IHG Hotels & Resorts, also did not attend.

Katherine Minnock is now director of investments for Noble Investment Group in Atlanta. Owen Berry is the company's new development manager. Both new hires will support the expansion of Noble's investment platform, according to the company, which is led by Mit Shah as CEO. Prior to joining Noble, Minnock was director of development for the U.S. and Asia Pacific at Starwood Capital affiliate SH Hotels & Resorts. Prior to that she held leadership roles at BRE Hotels & Resorts, a Blackstone company, and Hilton. Minnock has a bachelor's degree in hotel administration from Cornell University, where she serves as a board member of the Cornell Hotel Society. In her new role, she will oversee acquisition and development strategies across Noble's investment platforms. "Katie's addition to our team supports Noble's commitment to recruiting top talent as we continue to expand the depth and breadth of our hospitality investment strategies," said Dustin Fisher, Noble's senior vice president.

STONEBRIDGE COS. HAS acquired the Le Méridien New Orleans hotel for $84 million from Park Hotels & Resorts Inc. It is the second acquisition in the city in 12 months for the Denver-based company, started by CEO Navin Dimond. The 410-room, full-service upscale hotel on Poydras Street is near the city's French Quarter, Bourbon Street and Warehouse Arts District. Also nearby are the New Orleans Ernest N. Morial Convention Center, Mercedes-Benz Superdome, Smoothie King Center and the Port of New Orleans Cruise Ship Terminal. Amenities include a rooftop pool, onsite restaurants and more than 13,000 square feet of event space. With the new purchase, Stonebridge's portfolio stands at 63 hotels and more than 10,000 guest rooms, including select-service, extended-stay, mid-scale and full-service hotels in several states. It is the first Le Méridien hotel for the company, Dimond said. "Last year we purchased the Embassy Suites by Hilton New Orleans," Dimond said. "New Orleans is truly a great American city, and the Le Méridien is ideally located for both leisure and business travelers alike visiting downtown New Orleans."

CHARLOTTE-BASED MAYA HOTELS has acquired two Hampton Inn hotels in North Carolina and South Carolina. The two Hampton Inns boast a total of 210 guest rooms and are Maya Hotels' second and third acquisitions over the last six months, the company said in a statement. The hotels are the 100-room Hampton Inn & Suites Charlotte-Arrowood Road in Charlotte, North Carolina, and the 110-room Hampton Inn Columbia Northeast-Fort Jackson in Columbia, South Carolina. Maya Hotels, led by JD Deva as CEO, acquired the hotels on March 11. The Charlotte property is near Carowinds Amusement Park and Charlotte Douglas International Airport. The Columbia hotel is near U.S. Army Fort Jackson the University of South Carolina and downtown Columbia. Amenities at each hotel include outdoor pools, fitness centers, meeting spaces, and business centers. "We are excited to acquire these two top-branded assets at a discount to replacement cost," said Krishna Deva, vice president of Maya Hotels. "Charlotte and Columbia have historically been top markets for us, and we are thrilled to grow our presence in these two cities with such a strong brand affiliation." The acquired hotels complement Maya Hotels' existing footprint and will increase the current operating synergies the company has across North Carolina and South Carolina regions. The hotels will be renovated and managed by Maya Hotels. "We are so happy to continue growing our relationships with the Charlotte and Columbia communities, as well as with Hilton. We are also thankful to each of our investors and banking partners," said Deva. "The success of this transaction is a testament to our track record in the hospitality industry and our ability to adapt quickly in a rapidly changing lending environment. We look forward to bringing out the full potential of each of these properties with our hands-on management approach and the completion of major renovations at each property."

OFFICIALS OF THE "She Has a Deal" annual hotel investment pitch contest announced the five teams selected to advance to the final round of SHaDPitch 2023. The competition allows early career women to compete for the prize of $50,000 of equity in SHaD's Prosperity Fund I, following the conclusion of a virtual, preliminary round of pitching, SHaD said in a statement. SHaD 2023 will be held at the new Marriott Headquarters in Bethesda, Maryland, on April 27 to 28. According to the statement, the goal of SHaD is to increase the number of women owning and developing hotels. It provides participants with the ability to source, analyse, raise capital and close hotel real estate investment deals. During the preliminary judging round, eight teams comprising 15 participants pitched their hotel investment acquisition or development projects live on Zoom to a judging panel of hotel business executives, entrepreneurs, and investors. The judges evaluated and selected the following five teams: Sydney Young and Rachel Nicholson with SpartanStone, graduates of Michigan State University, pitching a La Quinta Inn & Suites in Lewisville, Texas. Chandler Williamson with Chanders Core Commitment, graduate of North Carolina Central University, pitching a Hilton Garden Inn in Raleigh/Durham, North Carolina. Isabella Suffredini, Veronica Lewis and Alexandra Neoman with CROWN, graduates of Cornell University, pitching a TownePlace Suites in Houston, Texas. Makenna Price with Hookipa Hospitality, graduate of Washington State University, pitching a Fairfield Inn & Suites in Ft. Lauderdale, Florida Allison Busch and Hannah Takekawa with AH Hospitality, graduates of San Diego State University, pitching a Staybridge Suites in Austin, Texas "Every year, I grow more encouraged that we are making an impact," said Tracy Prigmore, founder of SHaD. "These are brilliant women who benefit from the education and programming that SHaD provides, and their hotel investment acumen has grown by leap

DALLAS-BASED NEWCRESTIMAGE plans to acquire 45 hotels from a private investment firm. The portfolio includes approximately 3,300 rooms in 11 states, but other terms of the transaction were not disclosed. The hotels include 35 Marriott International-branded, seven Hilton-branded, two Choice Hotels International-branded and one Radisson Hotels-branded properties. They are in Arkansas, Colorado, Illinois, Iowa, Kansas, Michigan, Minnesota, North Dakota, Ohio, South Dakota and Texas, according to NewcrestImage. "The current financial environment makes it very attractive to buy rather than build, and this group of fine hotels in high-traffic locations provides us with an exceptional opportunity to immediately start generating significant revenue, profit, and return on investment," said Mehul Patel, NewcrestImage managing partner and CEO.