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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."

NEWCRESTIMAGE HAS COMPLETED its sale of 27 hotels to Summit Hotel Properties it first announced in November. The Dallas-based company, led by Mehul Patel as managing partner and CEO, also contracted with Aimbridge Hospitality to manage the hotels and will become a minority shareholder in the management company. The initial closing includes 26 existing hotels with 3,533 guestrooms, with final closing on the currently under construction 176-room Canopy by Hilton New Orleans expected to be completed in the first quarter, according to the company. It also includes two parking structures. The transaction costs $776.5 million for the hotels, or $209,000 per key. It also includes $24.8 million for the 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.

WYNDHAM HOTELS & RESORTS and lifestyle hospitality developer sbe launched a new soft brand during the American Lodging Investment Summit in Los Angeles last week. Temporarily dubbed "Project HQ Hotels & Residences," the new brand aims to attract younger travelers looking for an experience. Project HQ is meant to represent sbe's "smart lifestyle" hotel category that is designed to draw in Millennial and Gen Z guests by providing memorable experiences at more affordable rates, according to Wyndham. The name is based on the idea that Project HQ hotels, which will be affiliated with Wyndham's Registry Collection Hotels, will serve the guests' headquarters in the heart of cities where they are located. Project HQ hotels will include pre-approved FF&E packages, supply chain, technology integrations, OS&E packages and programming to monetize otherwise underutilized spaces of the property. Led by Sam Nazarian as chairperson, sbe provides F&B packages that include Casa Dani from Chef Dani García; MXO, a Mexican Steakhouse by Chef Wes Avila; and Katsuya by Chef Katsuya Uechi.

MARRIOTT INTERNATIONAL LAUNCHED HotelHelp, a pilot room donation program for human trafficking survivors, at the AHLA Foundation's third annual No Room for Trafficking Summit. The program works with care providers who handle bookings, offering survivors short-term stays at Marriott properties, Marriott said in a statement. The program is being piloted in five U.S. cities-Atlanta, Detroit, Phoenix, Seattle, and Washington, D.C.-and is expected to expand to 25 cities across North America by January 2025. "Survivors of human trafficking often face a shortage of dedicated shelter beds that put them at greater risk of being re-trafficked after exiting their trafficking situation," said Anthony Capuano, Marriott's president and CEO. "As part of our longstanding anti-trafficking and survivor empowerment efforts, we are proud to have developed a solution to bridge the gap for safe, short-term accommodations for trafficking survivors and we look forward to working with other hotel companies to extend the reach of this effort."

UTTAR PRADESH RECEIVED hospitality investment proposals worth approximately $12.2 billion, or Rs 1 trillion, in the last two years after introducing its 2022 tourism policy. The Indian state, which hosted the Global Investors Summit in February 2023, sees tourism as key to reaching its $1 trillion economy goal by 2029. The state aims to expand tourism infrastructure and hospitality properties through private sector partnerships, Business Standard reported, citing government officials. "The proposed investments include hotels, resorts, guesthouses, wellness centers, and homestays across all 75 districts," said Mukesh Kumar Meshram, principal secretary of tourism and culture in UP, according to the report.