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NOBLE INVESTMENT GROUP recently acquired two hotels in Savannah, Georgia. The hotels are the Hampton Inn Savannah Historic District and Holiday Inn Express Savannah Historic District. Chattanooga, Tennessee-based Noble, led by Mit Shah as CEO, acquired the hotels because of their position in Savannah's historic district. The city recently was named Travel + Leisure magazine's No. 3 Top City in the U.S. and included on TIME's list of The World's Greatest Places of 2021. The 7-floor, 143-room Holiday Inn Express has 2,765 square feet of meeting space, a rooftop pool and the Port Royal Tavern in the lobby. The 147-room Hampton Inn has an outdoor pool, a fitness center and a business center. In the historic district, the hotels are near museums, historic landmarks, mansions, and monuments from the Revolutionary and Civil War eras. Both hotels are on East Bay Street across the Savannah River from the Savannah Convention Center and River Street shopping and entertainment area.

U.S. EXTENDED-STAY hotels registered an increase in occupancy and ADR in the first quarter of this year, according to hotel investment advisors The Highland Group. Record high demand, low supply growth and rising overall ADR are driving the strong performance. Economy and mid-price extended-stay hotels recovered RevPAR to their nominal 2019 values and the former is leading the recovery, the U.S. Extended-stay Hotels: First Quarter 2022 report said. However, the upscale extended-stay segment is lagging the overall recovery but reporting slightly better recovery performance as demand is at an all-time high, the report added. "There were 564,257 extended-stay hotel rooms open at the end of the first quarter. However, the 17,165 net gain in rooms open over the last year was the lowest annual increase since 2014, excluding 2020. Room nights available increased 3.1 percent over 2021, but supply growth dropped 50 percent from 2016 across all three segments," the report said.

GEOFF BALLOTTI, PRESIDENT and CEO of Wyndham Hotels & Resorts, is the second recipient of the Arne Sorenson Social Impact Leadership Award. The award is presented by the American Hotel & Lodging Association, the American Hotel & Lodging Foundation and the BHN Group. Ballotti will receive the award Jan. 22 AHLA Foundation's premier fundraising gala, Night of a Thousand Stars, and again during the 22nd Annual Americas Lodging Investment Summit in Los Angeles on Jan. 24, according to AHLA. The award is named after Arne Sorenson, the former president and CEO of Marriott International who passed away in 2021, and in December of that year David Kong, the recently retired president and CEO of Best Western Hotel Group, was the inaugural recipient. "Geoff - much like Arne - is a true embodiment of all the good that hospitality represents. His empathy, his accessibility and his commitment to doing the right thing is what makes him one of our industry's greatest leaders," said Chip Rogers, AHLA president and CEO. "The story of his success, from dishwasher to CEO of the world's largest hotel franchisor, is inspirational - as is his dedication to ensuring the success of future hotel leaders. I am lucky to call Geoff a colleague and friend, and it fills me with pride to honor him with this award."

ADR GROWTH FOR U.S. extended-stay hotels reached a record high in February, according to hotel investment advisors The Highland Group. Owing to this, the segment saw record high demand and monthly RevPAR up by more than 40 percent during the month compared to a year ago. During the month, occupancy growth was also significant with extended-stay hotel's occupancy premium compared to the overall hotel industry staying well above its long-term average. The 3.1 percent increase in extended-stay room supply in February is the fifth consecutive month of 4 percent or lower supply growth, according to "U.S. Extended-Stay Hotels Bulletin: February 2022" report by Highland Group. It suggested that mid-price and upscale supply increases should be well below pre-pandemic levels during the near term, the report added.

PEACHTREE GROUP, THE newly formed affiliate of Peachtree Hotel Group created last week to handle its real estate investments, is launching its first initiative, the 1031 Exchange Delaware Statutory Trust program. The company also selected Tim Witt as president over the new program. A DST is a single-purpose entity qualified for Section 1031 real estate exchanges, according to Peachtree. It allows investors to exchange replacement properties without incurring taxable gain on the sale of previously owned assets. Peachtree's 1031 Exchange DST program will invest in institutional-grade hotels in the U.S. through Peachtree Hospitality Management, another division of Peachtree, is expected to operate any properties acquired as part of the exchange. "As we expand our array of high-quality, diversified investment strategies, we wanted to create 1031 Exchange DSTs to provide tax deferral strategies in the hospitality sector," said Greg Friedman, Peachtree's CEO and managing principal. "We anticipate significant growth and appreciation in the hospitality sector, driving values above pre-pandemic levels. Also, real estate offers an excellent alternative investment channel for those seeking an inflation hedge. We strongly believe hospitality is the most investable asset in the market today, and we anticipate being able to achieve outsized returns."

NAVIKA GROUP OF Companies and Blue Sky Hospitality Solutions have acquired the Andaz Wall Street hotel, now known as the Hyatt Centric Wall Street New York. The 253-room hotel's guestrooms and lobby were recently redesigned, but Navika plans to invest approximately $5 million in the property over the next several years. 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 Hyatt Centric Wall Street is expected to reopen Jan. 26, according to Blue Sky. "The competitive advantages provided by Hyatt Centric Wall Street New York, our first hotel in New York City, make it an ideal addition to our current portfolio of 53 owned and operated hotels throughout the U.S.," said Ernie Catanzaro, executive vice president with oversight of the management team, BSHS. "The hotel has some of the larger rooms in New York City, ranging in size from 345 to 1,500 square feet, as well as an unmatchable location and address. Our planned multimillion-dollar renovation will reinforce the hotel among the most desirable locations in New York City."

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."

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.

Michael Harper is promoted to president of Hotel Lending at Peachtree Group, overseeing the company's entire hotel credit platform and guiding all aspects of the credit business. Similarly, Jared Schlosser rises to executive vice president of hotel lending and head of CPACE, while Michael Ritz is promoted to executive vice president of investments, Peachtree Group said in a statement. "These appointments underscore Peachtree's commitment to its core growth initiatives in hotel lending, as well as fostering talent from within our own ranks, with an eye toward further diversifying its allocation strategies as it taps into new investment opportunities," said Greg Friedman, Peachtree's CEO and managing principal. Since joining Peachtree in 2014, Harper has held a series of leadership positions, overseeing the company's credit business with a focus on loan originations and strategic acquisition of credit portfolios, Peachtree said. He has guided the team through over 500 investments totaling more than $6 billion.

COMMERCIAL REAL ESTATE lender Stonehill is ranked as the 10th largest U.S. commercial real estate hotel lender by origination volume based on the 2021 Mortgage Bankers Association loan origination rankings. The ranking comes after the company originated $822 million in loans across 30 transactions in 2021 with an average transaction size of $27.4 million. Stonehill is a subsidiary of Atlanta-based Peachtree Hotel Group, led by Jatin Desai and Mitul Patel, who are principals of Stonehill and Stonehill PACE, as well as members of the Stonehill's investment committee. MBA's annual originations rankings report is a comprehensive set of listings of 149 commercial/multifamily mortgage originators, their 2021 volumes, and their different roles. "We are honored to be ranked in the MBA's leading industry list," said Mat Crosswy, Stonehill's president and managing principal. "Our top-ten position is a testament to our commitment to understanding our sponsors' business plans and accomplishing the transactions on their financial deadlines. We have a terrific opportunity to grow further as the hospitality industry is in a sustained recovery cycle. Hotel owners are looking for thoughtful options with capital partners that understand the industry's nuances, particularly considering the impact of the pandemic on hotel operators."

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."

PEACHTREE GROUP, A commercial real estate investment firm with a $6.4 billion portfolio, has secured approximately $660 million in credit investments since Dec. 1, with an additional $350 million expected to close within the next 30 to 45 days. These investments focus on hotels, multifamily, industrial, and student housing, Peachtree said in a statement. "We are witnessing heightened activity in response to the anticipation of sustained elevated interest rates and continued reductions in bank exposure," said Greg Friedman, Peachtree Group's managing principal/CEO. "The pressing need to refinance maturing debt, estimated at $2.8 trillion in U.S. commercial real estate debt by the end of 2028, is a growing concern. Commercial real estate stakeholders are grappling with the challenges of increased capital costs and constrained liquidity, particularly in securing capital for acquisitions, recapitalizations and development initiatives." Peachtree recently closed one of its largest individual credit transactions to date, securing a $102.9 million, three-year loan to recapitalize a 350-room Marriott dual-brand AC Hotel Sunnyvale Moffett Park and TETRA Hotel, Autograph Collection in Sunnyvale, California, the statement added.

Moxy Boulder, a new hotel on University Hill in Boulder, Colorado, is now open. It is the first hotel to open in Boulder since 2018. The hotel was developed by Vision Hospitality Group, led by Mitch Patel as president and CEO, The Nichols Partnership, led by President and Founder Randy Nichols, and BMC Investments, led by Jarret Posner as chairman and founding partner. "We are thrilled to collaborate with The Nichols Partnership and BMC Investments on this project in this sought-after location and continue our longstanding partnership with Marriott," said Patel. "We look forward to introducing this unique experience to the Boulder community." Moxy Boulder has 189 rooms, 5,300 square feet of indoor and outdoor space and a fitness center. Marriott International's Moxy Hotels brand operates more than 125 properties in 25 countries.

BANYAN INVESTMENT GROUP recently acquired the Castle Hotel, part of the Autograph Collection by Marriott, in Orlando, Florida. The hotel recently underwent an $8.2 million renovation on its guestrooms, public spaces and exterior. The 213-room hotel is on Universal Boulevard near the city's key attractions, Disney's Magic Kingdom and Universal Studios, according to Atlanta-based Banyan, led by Rakesh Chauhan, managing partner and CEO. Also nearby is the site of Epic Universe, a 750-acre, $1 billion theme park expected to open in 2025, which will be the largest Universal Park in the U.S. and second largest globally. The Castle Hotel, which is designed to look like a medieval fortress, also is close to the 270-acre Lockheed Martin regional headquarters that employs 8,000 people. Also nearby are the Orlando International Airport, including the recently opened $2.8 billion, 15-gate international Terminal C, as well as the Orlando Convention Center. Brightline High Speed Rail plans to open two stations in the area.

BANYAN INVESTMENT GROUP recently sold its Kimpton Goodland Hotel Fort Lauderdale Beach, Florida, to DiamondRock Hospitality Co. for $35.3 million. The sale is expected to bring a substantial return for investors in the Atlanta-based company, led by Andy Chopra as managing partner. The 96-room hotel is near Las Olas and Sebastian Street beach parks, Bonnet House Museum and Gardens, Sea Turtle OP Headquarters and multiple shops and eateries. Hotel amenities include an outdoor, heated pool, fitness center, loaner beach cruisers and beach items including boogie boards to folding chairs. F&B options include food and tiki-themed cocktails at Botanic at the Goodland or poolside drinks and snacks at the Good Bar. Originally the company was planning to hold the deal for a longer period, Chopra said. However, conditions changed to allow a deal that could generate a 49.4 percent internal rate of return for Banyan's investors.

IHG HOTELS & RESORTS recently launched "IHG LIFT," an owner growth program aimed at providing hotel development support for historically underrepresented groups in the hospitality industry and promoting diversity within IHG's hotel owner community, the company said. The new program seeks to remove shared barriers to hotel ownership within these groups, promoting diverse owner-entrepreneurs for success. IHG will invest more than $30 million over the next five years to aid the program, offering support, capital access, and guidance throughout the hotel lifecycle for eligible owners in the U.S. and Canada. The IHG LIFT program name stands for leadership, inclusivity, facilitation and transformation, reflecting the necessary change and ongoing evolution within the industry, a company statement said.

Rodney Williams is retiring from his position as principal and chief investment officer at Noble Investment Group at the end of the year. He will continue to serve on the firm's investment committee as a senior advisor. Williams joined Noble in 2004 as the company's first CIO overseeing the company's sourcing and investment underwriting as well as executing project developments. Prior to joining Noble, he was a managing principal with Hardin Capital, a joint venture between DLJ Real Estate Capital Partners and Hardin Construction, and held senior executive roles with Coopers & Lybrand, InterContinental Hotels, and Laventhol & Horwath. "Rodney's impact on our Noble organization has been profound," said Mit Shah, Noble CEO. "His vision, integrity, and devotion have made us a better team. His benevolence and grace have made me a better person. Perhaps Rodney's most important legacy will be his most valued endeavor - helping to develop and inspire our next generation of Noble stewards to lead lives that matter."

NOBLE INVESTMENT GROUP signed an agreement with Choice Hotels International to develop nine WoodSpring Suites hotels in Georgia and South Carolina in two years. The companies say the agreement represents an increased institutional interest in the economy extended-stay brand. Noble, led by Mit Shah as founder and CEO, is a real estate investment manager specializing in select-service and extended-stay travel and hospitality with over $5 billion in assets. "Noble continues to add substantial scale to our extended-stay travel and hospitality platform," said Ben Brunt, Noble's chief investment officer. "WoodSpring Suites has an outstanding track record of high performance across economic cycles, and we are pleased to welcome these new investments into our portfolio."

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."

STONEHILL, A COMMERCIAL real estate direct lender and Peachtree Group affiliate, is now ranked as the 8th largest U.S. commercial real estate hotel lender by the Mortgage Bankers Association's 2022 loan originations rankings, a two-spot increase from its 2021 ranking. Stonehill deployed $1.2 billion in real estate investment, with $813 million for hotels in 2022, the company said in a statement. Meanwhile, Stonehill is also ranked as the 16th largest U.S. commercial real estate retail lender by MBA, having deployed $163 million in 2022, the statement added. "Our performance is a testament to our commitment to understanding our sponsors' business plans and accomplishing the transactions by having stable capital despite market turbulence," said Mat Crosswy, Stonehill's president and managing principal. Stonehill expanded its commercial lending business to originate and make investments across all real estate sectors by forming Stonehill CRE in 2022. This CRE group focuses on heavy transitional assets and sectors of the credit market that are traditionally undersupplied, the statement further said.