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REAL ESTATE INVESTMENT competition She Has a Deal (SHaD) started a 10-city tour of U.S. cities to raise equity capital under the name "SHaD Prosperity Fund I." The funds will support women-led hotel projects, a statement said. The tour kicks off in Miami on Feb. 11 and will be open to small groups of qualified individual investors, family offices, small entities and trusts. Cities on the tour include Cleveland, Phoenix, Dallas, New York, Atlanta, Chicago, as well as Oakland, California; Louisville, Kentucky; and Washington, D.C. It will finish in the first week of April. According to SHaD, each event will include a preview of the women-led hotel deals being pitched by participants in the 2022 She Has a Deal pitch competition. "Launching SHaD Prosperity Fund I is the next logical step in the SHaD mission. Now that we have created a powerful platform to expose more women to hotel ownership and educate them about the process, I want to ensure that capital is available for the women to close their hotel deals," said SHaD founder Tracy Prigmore. "This investment vehicle marries two of my passions: creating investment vehicles that open the doors of hotel investing to more people and increasing the number of women owning and developing hotels. The ability to create passive income for investors while leading social change is inspiring."

THE AMERICAN HOTEL and Lodging Association relaunched its "Hospitality is Working" campaign to highlight hotels' commitment to workforce, guests and communities, according to a statement. The campaign aims to reengage travelers and showcase the economic and community benefits hotels provide in neighborhoods across the U.S. As more Americans begin to travel, the initiative will highlight the broad range of benefits hotels provide the communities they serve and point out the industry's strong commitment to investing in its workforce, providing quality career opportunities and protecting employees and guests, AHLA said. "In every American city, hotels support employees and their families and serve our communities," said Chip Rogers, AHLA's president and CEO. "Hotels are investing in our workforce to create good jobs that power local economies. We're keeping guests and employees safe. Six in 10 hotels are small businesses, and they're creating opportunities for other small companies to grow and thrive. Hotels also help fund vital government services through local, state and federal taxes. Hotels are a net benefit to the communities we serve, and as we seek to reignite travel, we look forward to growing together."

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.

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."

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

MARCH IS WOMEN'S History Month, a time to focus attention on women's role in business and society. It also is the second month for Wyndham Hotels & Resorts' new "Women Own the Room" program that aims to open the door for more women to achieve hotel ownership. Two of the first participants in the program are Trusha Patel, founder and CEO of Platinum Holdings in Austin, Texas, and Neha Jadhav of Chantilly, Virginia, founder of Luminous Hotel Management. Both women are opening dual-brand La Quinta and Hawthorn Suites hotels with assistance from WOTR assistance. Correcting an imbalance Wyndham launched WOTR in January in an effort to overcome the common barriers women face in developing, opening and running their own hotel. The program provides assistance with financial solutions, personalized operational support and networking and educational opportunities. Programs such as WOTR are needed to counter hospitality industry data that shows women are significantly underrepresented in hotel ownership, real estate, and investment funding roles, Wyndham said in a press release. The company cited the most recent annual report from the Castell Project, a nonprofit focused on promoting women in the industry, that found that while there are more women in the hospitality industry they still lag behind in leadership roles.

WYNDHAM HOTELS & RESORTS and investment firm Lafayette Square, led by Abhay Patel as managing director, recently launched a funding program to improve capital access for diverse hoteliers. The new program will support Wyndham's BOLD and Women Own the Room initiatives. Wyndham will work with Lafayette Square to connect qualified owners, aiming to provide up to $100 million in financing over the coming years. While not all will qualify, eligible hoteliers can use the funds to advance projects stalled by limited financing, the companies said in a joint statement. Amina James, a Wyndham franchisee and BOLD by Wyndham member, is the first hotelier to receive funding for her Wyndham hotel in Lake Charles, Louisiana. "Because of Wyndham's support, the credibility they saw in me, and their connection to Lafayette Square, I can now say I own two hotels," said James. "BOLD and Women Own the Room are actively changing hospitality by forging the path-and knocking down the barriers along the way-to make hotel ownership possible. That's a vision and a mission I'm proud to be part of."

HOTEL INVESTMENT AND management company Banyan Group has announced that its $35 million Banyan Lodging Enhanced Value Fund has been fully subscribed. The final participants were domestic and foreign families, a statement said. The BLEV, or "Believe" fund offers an opportunity for investors to purchase hotels that have been impacted by the on-going COVID-19 crisis, the statement added. "Interest in our BLEV fund has risen steadily since our original announcement earlier this year, as evidenced by how quickly the raise was completed, to the point where we now actually are over-subscribed," said Rakesh Chauhan, managing partner and CEO, Banyan Investment Group. "We already have our sights on several respected hotels in strong markets with high barriers to entry and multiple demand generators to help offset any potential economic headwinds that could arise in the future. We look forward to a successful run with our partners and fully expect this to be a profitable endeavor for all involved."

AC Hotel Detroit is now open in the Bonstelle neighborhood of Detroit. The 154-room, 10-story hotel, jointly developed by Peachtree Group and Roxbury Group, is the first AC Hotel in southeast Michigan and the third in the state. The AC Hotel Detroit at the Bonstelle will be Roxbury's third hospitality project in Detroit, Roxbury said in a statement. The hotel is near Little Caesars Arena, Orchestra Hall, Wayne State University's Mike Ilitch School of Business and the Detroit Medical Center. It will feature a rooftop venue and restore the historic Bonstelle Playhouse, located on Woodward Avenue, to its original 1903 Albert Kahn-designed exterior and 1925 interior redesign by theater architect C. Howard Crane, both slated to open this spring. Stonehill, a Peachtree Group company, funded the project along with Flagstar Bank, Bank of Ann Arbor and Invest Detroit, the statement said.

NOBLE INVESTMENT GROUP, led by Mit Shah as CEO, has closed the latest installment in its Noble Hospitality Fund V, securing $1 billion. The fund focuses on value-added investments in select-service and extended-stay hotels across the U.S. and was oversubscribed, attracting $1 billion in equity commitments from a global institutional base, Noble said in a statement. Ninety percent of Noble's existing limited partners recommit to Noble Fund V, alongside new institutional investors, Noble said. The company has achieved a 15 percent net IRR on $3 billion of realized capital over thirty years, spanning multiple market cycles. "Our team, sourcing relationships, research DNA, data, and insights continue to generate outstanding returns for our investors and provide Noble with a significant and scalable competitive advantage," said Shah. "The overwhelming support of Noble Fund V reflects the enduring trust of our limited partners, and we remain deeply grateful for their continued confidence in us as their fiduciary."

MIT SHAH, FOUNDER and CEO of Noble Investment Group is the Penn State School of Hospitality Management in the College of Health and Human Development and the Penn State Hotel & Restaurant Society's 2023 Hospitality Executive of the Year. Shah will be recognized at a gala reception at The Penn Stater Hotel & Conference Center in State College, Pennsylvania, on April 4. Noble is a travel and hospitality real estate investment group that has invested nearly $6 billion in communities throughout the country through its institutional real estate funds since being Founded in 1993. The other accomplishments for which Shah is being honored include his family's endowment of the Bharat Shah Leadership Speaker Series at Georgia State's Cecil B. Day School of Hospitality in honor of his father, Dr. Bharat Shah. Speakers featured in the program include former Hospitality Executives of the Year Chris Nassetta, CEO of Hilton, and Arne Sorenson, former president and CEO of Marriott International who died last year following a battle with cancer. "It is an honor to be recognized by the Penn State School of Hospitality Management and the Penn State Hotel & Restaurant Society," Shah said. "As one of our country's oldest and most respected hospitality programs, the school, its faculty, administration, and staff continue to help ensure that our future hospitality leaders are well prepared to live lives that matter."

VIRDEE, THE CONTACTLESS check-in technology firm, secured $12.4 million in an oversubscribed Series A funding round led by Moneta Ventures, bringing its total funding to $21 million. These funds will be used to finance research, expand product features, grow the workforce, and strengthen the company's presence in the hospitality sector, the company said. Other participants in the latest fundraising process include Silverton Partners, Koch Real Estate Investments, Alumni Ventures, DJR Advisors, Capital Factory, and strategic partners, Virdee said. This investment follows Series Seed financing led by Silverton Partners in February 2022 and a 2020 angel investment led by Rajiv Trivedi, former brand president for Wyndham Hotels & Resorts Inc.'s La Quinta Inn and chairman of TST Capital.

CHOICE HOTELS INTERNATIONAL has named its eight nominees for the board of directors for Wyndham Hotels & Resorts to be voted on in Wyndham's 2024 shareholder meeting. The nominees, including Jay Shah, executive chairman at Hersha Hospitality Trust, are expected to support Choice's bid to acquire Wyndham despite multiple rejections by the latter. In response, Wyndham said it will evaluate the nominees as part of its due diligence, but it also said the nominees were "hand-picked to push through their offer." Along with Shah, Choice's nominees are: Barbara Bennett, founder and principal executive of business consulting firm Bennett West LLC. Emanuel Pearlman, founder, chairman and CEO of investment management and financial consulting firm Liberation Investment Group. Fiona Dias, digital commerce consultant who served as the chief strategy officer of online shopping service ShopRunner from 2011 to 2014. James Nelson, CEO of real estate investment trust Global Net Lease, Inc. Nana Mensah, founder, chairman and CEO of food packaging and processing equipment exporter 'XPORTS Inc. Susan Schnabel, founder and co-managing partner of buyout fund advisor aPriori Capital Partners. William Grounds, principal of his advisory business Burraneer Capital Advisors LLC. "These nominees are proven leaders with wide-ranging expertise across relevant industries, including deep proficiency in the hospitality and franchising sectors," said Stewart Bainum, chairman of Choice's board of directors. "We are confident the nominees' industry, finance, governance and board experience will greatly benefit Wyndham shareholders. Most importantly, if elected, the nominees will exercise their independent judgment to serve Wyndham shareholders' best interests, which Choice believes is to move with urgency to maximize the value that could be created for them through a combination with Choice."

Kamara Batchelor is the new director of fund and corporate accounting at Noble Investment Group. Batchelor, a specialist in audit, tax, fund management, REIT compliance, and cash flow projections and analytics, previously held a position at One10, a consulting firm focused on CFO and transaction services, Noble said in a statement. "Kam is a valuable addition to our team," said George Dabney, managing principal and CFO, Noble Investment Group. "He brings with him an impressive track record that will enhance the continuous growth of Noble's institutional investment management platform." Batchelor also spent 10 years at PricewaterhouseCoopers, where he worked with real estate clients. He was also a member of the launch team for the Center of Excellence verticals, the statement added.

HOTEL INVESTMENT GROUP has purchased the property in San Marcos, California, on which they will build a Home2 Suites by Hilton. The San Diego-based company is led by Darshan Patel as CEO. Construction on the 110-room Home2 Suites is slated to begin in summer 2022 at the 1.66-acre property and is estimated to be complete by late 2023. It will be pet-friendly with a pool, fitness center and ?? square feet of meeting rooms. "The hospitality industry is finally starting to rebound from the challenges of the last two years, putting us in a prime position to continue expanding HIG's portfolio," Patel said. "Bringing a Home2 Suites to San Marcos will provide a much-needed extended-stay hotel option for the medical community at Palomar Hospital and for customers visiting the area's premier golf courses and nearby LEGOLAND California."

ON JUNE 6, MIT Shah, founder and CEO of Noble Investment Group, will be recognized by UJA Federation of New York for his professional and philanthropic achievements. Also, Jenifer Eager has joined Noble as vice president of fund and corporate accounting. Shah will receive the award at the federation's annual Hospitality Division reception and NYU Investment Conference to be held at Marriot Marquis in New York. "We are so pleased to honor Mit this year," commented Jonathan Tisch, executive chairman of Loews Hotels and chair of UJA's Hospitality Division. "His leadership and history of giving back to the industry and community make him the perfect honoree." Shah said the UJA Federation's recognition is the realization of generations of work. "As the eldest child of immigrant parents in search of the American dream, I am honored to be recognized by my friend, Jon, and the incredible stewards of the UJA Federation," he said. "The UJA Federation inspires us to lead lives that matter and to help support those in need. It continues to have an immeasurable impact on humanity." UJA has been funding hundreds of organizations that are responding to ongoing challenges and emerging issues worldwide.

NOBLE INVESTMENT GROUP has announced leadership promotions across its investment, capital markets, finance, and asset management teams - reflecting the firm's continued commitment to the professional development and advancement of its talented and long-tenured team. According to a company statement, Dan Konzelmann is promoted to vice president and will be responsible for executing strategies across Noble's investment platforms. Emily Feeney has been promoted to senior director and will look after financing new asset acquisitions, managing capital market relationships and asset sales. Jeff Pennington is elevated as senior director and will be in charge for internal and external reporting, fund modeling, and valuations. Bo Zhang has been promoted to senior associate, and will be responsible for information, data, and analytics for our asset management team and investment management strategies, the statement added. "We are extremely proud of these Noble leaders and their well-deserved promotions," said Mit Shah, Noble CEO. "We look forward to their continued growth and contributions to the success of our organization as we expand and execute the depth and breadth of our investment strategies."

AAHOA IS JOINING Blackstone Growth LP and affiliated funds in the association's first strategic investment, signing a definitive agreement to acquire a majority stake in M3 LLC, a hospitality accounting software firm. The association claims the deal will significantly benefit its members and the entire hospitality industry. However, the terms of the deal were not disclosed. "AAHOA is excited to make its first strategic investment alongside Blackstone, a move that will significantly benefit our members and the entire hospitality industry," said Miraj Patel, AAHOA's chairman. "This partnership with M3 will bring AAHOA members access to advanced technology and innovative solutions that can enhance operational efficiency and drive growth. We are committed to empowering our members with the tools and resources needed to succeed in an evolving market, and this collaboration marks a pivotal step toward achieving that goal." The investment will accelerate the company's growth by enhancing product expansion and supporting the adoption of M3's software, which helps hotel operators run more efficiently, the companies said in a joint statement.

AAHOA'S POLITICAL ACTION Committee raised $1 million in 2024, bringing its total to $1.5 million during the 2023-2024 PAC fundraising period. This reflects AAHOA members' advocacy efforts to ensure hotel owners' voices are heard at all levels of government. The AAHOA PAC supports legislative and regulatory initiatives impacting hotel owners nationwide, the association said in a statement. "Reaching the $1 million mark is a significant achievement, and I want to personally thank our AAHOA members for their contributions and participation in the AAHOA PAC," said Miraj Patel, AAHOA's chairman. "The funds raised will help AAHOA further its mission of advocating for hotel owners and supporting policies that promote growth and protect owner investments."

HOSPITALITY TECHNOLOGY FIRM OYO aims to invest $10 million to enhance G6 Hospitality's digital assets, including its website and app, targeting a quadruple increase in apps before summer. The company will use digital targeting, focusing on high-intent customers through direct partnerships with Google and Microsoft. The investment will fund data-driven digital campaigns to reach customers actively searching for accommodations with an aim toward boosting booking conversions and franchise partner value, G6 Hospitality said in a statement. "By concentrating our resources on users most likely to convert, we're optimizing our marketing spend and delivering more value to our franchise partners," said Shashank Jain, G6 Hospitality's head of online revenue. "The investment underscores G6's commitment to supporting its franchise network by driving direct bookings and reducing dependency on third-party platforms."