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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.

HOTELS ARE THE top lodging choice for holiday travelers who are certain to take trips in the next three months, according to a survey commissioned by the American Hotel & Lodging Association. AHLA also announced a new system for indexing bookings. The new national Hotel Booking Index Survey, conducted by Morning Consult for AHLA, revealed that 31 percent of Thanksgiving travelers plan to stay in a hotel during their trip, compared to 22 percent who planned to do so last year. The survey of 4,000 adults, conducted between Oct. 14 to 16, said that 28 percent of Christmas travelers plan to stay in a hotel during their trip, compared to 23 percent in 2021. As many as 54 percent of those who are certain to travel for leisure in the next three months plan to stay in a hotel.

AS MANY AS 60 percent of Americans are likely to stay in hotels this year, more than last year, according to two surveys commissioned by the American Hotel & Lodging Association. The survey findings apply to business and leisure travelers, with most saying they are travelling as much as or more than they did pre-pandemic. Hotels are the top lodging choice among travelers for business and leisure in the next three months, the new national Hotel Booking Index survey research commissioned by AHLA and conducted by Morning Consult has revealed. According to the surveys, conducted on Dec. 16 to 19 and Dec. 28 to Jan. 2, 52 percent of adults would choose to stay in hotels in the next three months, while 76 percent of potential business travelers would be most likely to stay in a hotel during the same period. Besides, business travelers indicate that nearly 70 percent of their employers have either returned to the pre-pandemic normal or increased amounts of business travel. The survey said that 51 percent of business travelers said that share of employees expected or encouraged to travel for work is now the same as before the pandemic, while another 20 percent said it's more than before. About 53 percent of business travelers said that the average length of business trips is now the same as before the pandemic, while another 20 percent said it's more than before.

U.S. HOTEL PERFORMANCE dropped in the fourth week of October compared to the week before, according to STR. When compared to 2019, occupancy increased as a result of the Halloween calendar shift, as the holiday fell during the comparable week three years ago. STR reminded that in the first week of November performance metrics will show the negative side of that shift. Occupancy was 65.8 percent for the week ending Oct. 29, down from 69.9 percent the week before and up 5.2 percent from 2019. ADR was $152.94 during the week, dipped from $157.43 the week before and up 21.4 percent from three years ago. RevPAR reached $100.59 during the week, down from $110.11 the week before and up 27.8 percent from 2019. Among STR's top 25 markets, Tampa reported the largest increase in each of the key performance metrics: occupancy up 21.5 percent to 76.1 percent, ADR increased 42.1 percent to $158.38 and RevPAR improved 72.5 percent to $120.58, over 2019. Tampa has been one of the markets in Florida that have seen a performance lift associated with post-Hurricane Ian demand.

FOUR HOTELS RECENTLY joined Hospitality International's hihotels brand, including three Red Carpet Inns along the East Coast and a new-build Scottish Inns outside of Houston, Texas. The company expects more growth in the future. Hihotels includes five brands Scottish Inns, Red Carpet Inn, Master Hosts Inns, Downtowner Inns and Passport Inn. The new properties include. Red Carpet Inn in Elkton, Maryland, 55 rooms, former Days Inn Red Carpet Inn in North Brunswick, New Jersey, 50 rooms, former independent Red Carpet Inn in Edison, New Jersey, 42 rooms, former OYO Hotel Scottish Inns in Richmond, Texas, 35 rooms, new construction While three of the four are conversions, the property in Richmond is the latest new build to join the brand. Two other Scottish Inns construction projects are currently ongoing in Texas in Houston and Forest Hill. Another new build recently opened in Hitchcock, Texas.

U.S. HOTEL PERFORMANCE bounced back in the third week of July after two consecutive weeks of lower demand due to the Independence Day holiday, according to STR. Occupancy was 72 percent for the week ending July 16, up from 63.3 percent the week before and dropped 7.4 percent from 2019. ADR was $157.23 for the week, up from $153.71 the week before and increased 14.9 percent from three years ago. RevPAR reached $113.28 during the week, up from $97.37 the week before and increased 6.4 percent from 2019. San Diego reported the only occupancy increase among STR's top 25 markets during the week, up 1 percent to 89.9 percent, over 2019. According to STR, San Diego (89.9 percent), Oahu Island (87.2 percent) and Seattle (85.8 percent) led the major markets in absolute occupancy. Miami posted the largest ADR gain, up 29.9 percent to $204.15, over three years ago. Only San Francisco reported an ADR decrease, down 4.1 percent to $229.24, compared to 2019.

HOSPITALITY RESEARCH FIRM Knowland recently launched the Knowland Certification Program. The program offers three certification credentials aimed at enabling hotel sales professionals to enhance their skills, elevate their professional profiles and demonstrate proficiency in management, Knowland said in a statement. "Today's data-driven solutions require hoteliers and software companies to work together to ensure software investments are being used to their fullest potential," said Jessica Carey, VP customer operations, Knowland. "Knowland is a vital sales skill and a must-have expertise for today's sales teams; therefore, having a certification program advances our efforts to demonstrate that sales teams are comfortable and knowledgeable in all aspects of the platform and can prove that knowledge." Sales professionals who come to the table with verifiable experience can advance their careers by documenting their skills and efficiently communicating that value to current or potential employers, Knowland said. The program provides three credential levels: Certified Knowland Sales Leader Professional, Certified Knowland Power User Professional and Certified Knowland Revenue Leader Professional (launching in 2024).

NewcrestImage has opened a Hyatt Place in Amarillo, Texas, the company's fourth hotel in the city. The 91-room, four-floor hotel is the second property of a three-hotel, 300-room 'hotel campus' located at the I-40 Frontage Road and South Soncy Road intersection. The first property of the hotel complex, a 90-room Tru by Hilton, was opened in August 2018 and a 90-room Aloft by Marriott is scheduled to begin construction by mid-year of 2020. "We offer travelers three distinctive hotel experiences and styles at a single, high-visibility, high-traffic location," said Mehul Patel, Chairman, and CEO of NewcrestImage. The company owns and operates two other properties in Amarillo's downtown area, a 107-room Courtyard by Marriott in the historic Fisk Building and a 226-room Embassy Suites directly across from the Amarillo Civic Center complex.

FRESH FROM SELLING off much of its portfolio, NewcrestImage recently agreed to purchase nine hotels in Arizona from G6 Hospitality, six branded Motel 6 and three branded Studio 6. The company expects to close the transaction in early March. The six Motel 6 properties Dallas-based NewcrestImage will purchase are: Mesa North, 152 rooms Phoenix West, 148 rooms Phoenix Tempe, 131 rooms Scottsdale South, 100 rooms Mesa South, 91 rooms Phoenix Airport, 61 rooms The three Studio 6 properties being acquired are: Tempe, 151 rooms Phoenix Deer Valley, 142 rooms Tucson East, 121 rooms "Acquiring properties, along with developing new hotels, are our two primary investment strategies for achieving growth in 2022," said Mehul Patel, chairman and CEO of NewcrestImage. "We look forward to creating fresh opportunities for these nine Arizona hotels in keeping with our operating philosophy, abilities, and track record." Arizona is an attractive market because its hotel occupancy is robust and above the national average," Patel said.

THE FIRST QUARTER of 2022 brought better than the national average performance for Twenty Four Seven Hotels. The Newport Beach, California-based third-party hospitality management company also acquired two new hotels in Southern California. Steady growth in year's beginning Occupancy for Twenty Four Seven properties rose steadily during the first three months of the year, hitting 62.9 percent in January, 67.8 percent in February and 76 percent in March. ADR also rose during the same three months, from $142.66 to $160.99 to $174.02. RevPAR followed the same trend, rising from $89.73 to $109.10 to $132.25. Each metric also rose compared to the first quarter of 2021. "We continue to ride the massive wave of momentum that began for Twenty Four Seven Hotels in 2021, when our portfolio grew by 25 percent with the addition of seven new hotels now totaling 25 hotels with more than 3,100 rooms," said David Wani, CEO of Twenty Four Seven. "We will continue to seek third-party management opportunities with well-respected partners and brands in the western U.S., expanding our concentration in these unique markets where we have firsthand experience improving bottom lines and guest satisfaction scores."

THE AMERICAN HOTEL & Lodging Association recently announced three promotions among its leadership team. Kiersten Pearce was promoted to senior vice president for executive and strategic initiatives; Adrienne Weil was promoted to senior vice president for member engagement and services; and Kara Filer was promoted to senior vice president for strategic partnerships and business development. Pearce joined AHLA in 2018 and previously served as its vice president of member engagement and services, according to AHLA. In her new role she will develop industry initiatives that align with AHLA's strategic plan and organizational priorities. She'll also oversee the coordination of the AHLA board of directors, executive committee and associated committees, as well as operational functions, including legal. Weil previously served as AHLA's vice president of strategic partnerships and business development and led efforts to accelerate "non-dues" revenue growth from industry service providers and suppliers. In her new role, she will lead AHLA's membership team and spearhead efforts to optimize AHLA's committees and networks and ensure AHLA's differentiated value proposition remains relevant as member needs evolve.

Eight new Hihotels by Hospitality International properties recently opened in five states: three in Texas, two in Pennsylvania, and one each in New York, Vancouver, and Ohio. The company provides franchising options across its five brands including Scottish Inns, Red Carpet Inn, Master Hosts Inns, Downtowner Inns, and Passport Inn. In Texas, the three properties include Scottish Inns - Eastex Freeway North in Houston, owned by 59 Little York, Inc. under Sandip Sindha's leadership; Scottish Inns in Decatur owned by Sunlight Partnership LLC led by Leena Patel; and Scottish Inns & Suites in Shenandoah/Woodland owned by Anjali Hospitality LLC under Mahesh Patel's guidance, Hihotels said. In Pennsylvania, two hotels have opened: Scottish Inns in Middletown, owned by Sky Hotels LLC led by Rajan Vesuwala; and Red Carpet Inn & Suites in Philadelphia, owned by Vrisha Lodging LLC led by Kiran Patel.

TOTAL REVENUES FROM extended-stay hotel rooms fell by 0.2 percent in March, marking the first monthly decline in over three years, according to The Highland Group. However, the revenue decline was smaller than the 1.6 percent contraction estimated by STR/CoStar for the overall hotel industry. Meanwhile, extended-stay room supply increased by 2.7 percent in March, a slight uptick compared to the average monthly growth over the past two years, the report said. This marks the 30th consecutive month of supply growth at 4 percent or less, with the annual change remaining below 2 percent for two years. However, both these figures lag behind the long-term average. The 14.2 percent rise in economy extended-stay supply, coupled with a small increase in mid-price segment rooms, primarily stems from conversions, The Highland Group said. New construction in the economy segment is estimated to account for approximately 3 percent of open rooms compared to one year ago.

AN ALABAMA HOTELIER, Pravin Raojibhai Patel, was shot and killed last week after a confrontation with a man asking for a room, according to the Sheffield, Alabama, Police Department. William Jeremy Moore, 34, was arrested in connection with the incident, which comes three years after a series of similar killings of Indian American Hotel owners. Patel, 76, was the owner of the Hillcrest Motel in Sheffield. On Feb. 8, Moore came to the motel and tried to get a room when an altercation started between the two men. "That is when Mr. Moore pulled a handgun and shot Mr. Patel," Sheffield Police Chief Ricky Terry said in the report. "Mr. Moore was quickly apprehended by Sheffield Police on 13th Avenue when he was trying to break into an abandoned house. When searching Mr. Moore, the murder weapon was found in his possession." Jemeriz Owens, who works as a barber across the street from Patel's motel, told a local news station that he heard three gunshots go off back-to-back. He ran to the motel and found police attending to Patel, who was dead outside his office.

THE U.S. HOTEL industry showed improved performance in May compared to the same month last year, according to CoStar. All three performance metrics-occupancy, ADR, and RevPAR-increased year-over-year. The top 25 markets reported higher occupancy and ADR than all other markets. Occupancy increased to 65.7 percent in May, up from 65.2 percent in April, and increased by 1.5 percent compared to May 2023. ADR climbed to $160.40 from $157.31 the previous month, a 2.4 percent rise from 2023. RevPAR reached $105.46, up from $102.51 the preceding month, reflecting a 4 percent increase from May of the previous year. Among the top 25 markets, New York City led in all three key performance metrics: occupancy rose 5.8 percent to 88.9 percent, ADR increased 6.3 percent to $339.25, and RevPAR climbed 12.5 percent to $301.57. Markets with the lowest occupancy for the month included Detroit at 46.1 percent and Chicago at 49.4 percent.

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