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Stonehill CRE, the real estate arm of Stonehill, has finalized a $52 million senior loan agreement with Starpoint Properties to fund the construction of
Lotus Point Apartments, a 245-unit multifamily development in Mesa, Arizona, within the Phoenix Metropolitan Statistical Area. The construction of this four-story
building is scheduled for completion in the first quarter of 2025, Stonehill said in a statement.
"This investment mirrors our sought-after strategy - a quality property with an experienced sponsor in a growing market," said Taylor Pike, senior vice president at
Stonehill CRE. "Phoenix stands as a strong job growth market due to diverse employment opportunities. Single-family home development has not kept pace, and with
rising mortgage rates, well-located multifamily projects will remain in high demand."
This 6-acre site, adjacent to a retail center and within walking distance of the metro light rail, will provide studio, one-bedroom, and two-bedroom units, along
with amenities such as a fitness center, clubhouse, co-working area, pool, and parking options, Stonehill said.
TEXAS-BASED G6 HOSPITALITY launched 'Light Her Way' program to empower women seeking hotel ownership opportunities with tools and resources, a statement said.
The company announced the program during AAHOA's inaugural HerOwnership Conference & Retreat in October.
The Carrollton, Texas-based G6 owns Motel 6 and Studio 6 brands in the U.S. and Canada.
"We have always promoted the belief that everyone has the right to travel, but it is just as important that everyone have the right to ownership," said Tina Burnett,
chief development officer, G6 Hospitality. "The launch of 'Light Her Way' will empower women on the path to ownership and is an example of how we live up to our
values."
AAHOA's 12 POINTS of Fair Franchising are meant to serve as a template for hotel franchisers to use in how they relate to association members. One of those
franchisers, G6 Hospitality, recently responded and let AAHOA leadership know how they're applying the points.
G6, parent company of Motel 6 and Studio 6 economy brands, provided an analysis of all the 12 points in which the company provides additional commentary and
clarification around the brand's practices related to its franchisees, according to AAHOA. The association released the 12 Points in April as part of educational
offerings.
Rob Palleschi, CEO of G6 Hospitality, said his company emphasizes open communication and collaboration with its franchisees.
"We value our relationship with AAHOA and are committed to open communication and collaboration to support both our owners and our industry," said Rob Palleschi,
CEO of G6 Hospitality.
BEST WESTERN HOTELS & Resorts is the most recent large hotel company to meet with AAHOA leaders over the association's 12 Points of Fair Franchising. The two
parties discussed their ongoing relationship and the needs of the industry.
Members of the Best Western team included Larry Cuculic, president and CEO; John Kelly, board chairman; Danny Lafayette, board vice-chairman; Phil Payne, board
secretary-treasurer; and board directors Mike Merchant, Ishwar Naran, Viral "Victor" Patel and Stephen Wahrlich, according to AAHOA. Best Western has a portfolio
of 19 brands, and approximately 4,500 hotels across all chain scale segments, and it joins G6 Hospitality, parent company for the Motel 6 and Studio 6 brands, in
reviewing the 12 points.
"Best Western Hotels & Resorts has been a longtime partner of AAHOA - a span of time that includes more than three decades - and we always welcome the opportunity
to continue the dialogue for the betterment and prosperity of the entire industry," said Nishant "Neal" Patel, AAHOA chairman. "Our recent meeting underscores how
open communication, collaboration, and partnership are key to maintaining a fruitful relationship that benefits both organizations and, ultimately, the industry as
a whole."
ROB PALLESCHI, G6 Hospitality CEO for five years, is stepping down to move to a new position. Julie Arrowsmith, Carrollton, Texas-based G6's president
and chief financial officer, has been appointed interim CEO.
Palleschi is transiting to the position of CEO of American Campus Communities, a student housing manager, owner and developer, according to G6, the parent company
of the economy Motel 6 and Studio 6 brands. A former executive at Hilton Worldwide as well as CEO and president of the restaurant chain TGI Fridays Inc., Palleschi
succeeded former G6 CEO Jim Amorosia in 2019.
"It has been a great honor to be CEO of G6 for the last five years," said Mr. Palleschi. "I want to express my gratitude to our dedicated team members, talented
management team and valued franchisees across the nation for their tremendous contributions to G6. With Julie's energy, commitment to G6's values and nearly three
decades as part of the G6 team, I could not be more confident in the company's next chapter."
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.
IT'S BEEN SIX decades of keeping the light on for guests by Motel 6. To mark the occasion, the economy brand is thanking its team members, owners and guests,
with plans to stick to the same business model for the next 60 years.
Motel 6 began in 1962 in Santa Barbara, California, for just $6 a night in keeping with the philosophy of providing affordable, clean and comfortable lodging,
according to the company. Since then, the brand, owned by G6 Hospitality, has followed a strategic development plan that has led it to expand more than 1,400 Motel
6 and Studio 6 locations throughout the U.S. and Canada, said Rob Palleschi, G6 CEO, in a video for the June 25 anniversary.
"Years later, our value proposition remains rooted in the same belief, that everyone has the right to travel," Palleschi said. "As we look to the next 60 years,
I want to thank every team member and owner for their dedication to our brand."
NEWCRESTIMAGE RECENTLY ACQUIRED the TownePlace Suites by Marriott Dallas Las Colinas in Irving, Texas. It is the most recent acquisition for the Dallas-based
investment firm led by Mehul Patel as managing partner and CEO, and the company plans to fully renovate the property, which opened in 1998 and was last renovated
in 2014.
The 3-floor, 135-suite property offers three types of guestroom: studio, one-bedroom, and two bedroom, according to NewcrestImage. It is near two major airports,
Dallas Fort Worth International Airport and Love Field, and two major convention centers, the Irving Convention Center and the Gaylord Texan Convention Center.
Amenities at the hotel include a fitness center and an outdoor pool.
"This extended-stay property is in the heart of a high-traffic corridor that's a popular destination for both corporate and leisure travelers," Patel said.
The acquisition of the TownePlace Suites is important to Marriott, said Loren Nalewanski, the company's vice president franchising for the Element, Residence Inn,
Fairfield, TownePlace and SpringHill Suites brands.
"Our industry is built on strong partnerships between brands and owners," Nalewanski said. "This acquisition enhances the long, valued, and successful partnership
between Marriott and NewcrestImage, which has owned and operated 30 Marriott-branded properties since 2013."
INTERNATIONAL WOMEN'S DAY is March 8, and hotel owners and large hospitality companies are taking time to make sure the women in the industry are reaching their full potential. Recent data shows women are improving their position in the industry, but more remains to be done.
For California hotelier Sunil "Sunny" Tolani, that means giving female employees at his company, The Prince Organization, special training and time off for health care. For Tina Burnett, recently promoted chief development officer at G6 Hospitality, home company of Motel 6 and Studio 6 brands, it means making sure women are included in the same way as their male colleagues.
"At our company, we believe women to be just as smart and capable as men-if not more so and there are intelligent and highly competent," Tolani said. "The traits generally associated for good hospitality as good social skills, warmth, compassion, expressiveness, generosity and altruistic impulses. We are focusing on the next
generation of women hoteliers and convey to them that really extraordinary careers can be made in our widely diverse Hospitality industry."
FRENCH HOTEL CHAIN B&B Hotels launched its U.S. expansion with the opening of its first property in Orlando, Florida. The 218-room hotel, located near
Universal Studios, will be followed by additional hotels in Miami and Jacksonville, Florida. The mid-scale brand plans to establish 400 hotels across the
U.S. within the next 10 years, representing $4 billion in real estate value, B&B Hotels said in a statement.
"We are thrilled to bring B&B HOTELS to the United States and to offer travelers affordable high-quality accommodations," said Valerio Duchini, B&B Hotels'
U.S. CEO. "We're also eager to engage with real estate investors here who share our vision for growth. Drawing from our success in Europe, we aim to establish
ourselves as a prominent player in the U.S. market."
B&B Hotels rebrands existing properties and constructs new ones, the company said. Batipart, a private equity firm based in Luxembourg, partnered with B&B
Hotels for the Orlando property, with plans to renovate the hotel to improve the guest experience.
The Hiatus Clearwater Beach, Curio Collection by Hilton is now open in Florida. 3H Group Inc., led by Hiren Desai as president and CEO, is the owner of
the property, while hotel management firm LBA Hospitality will manage the operations of the beachside hotel.
The 88-room boutique-style hotel is the first Curio property to join the LBA portfolio and expands the partnership between LBA Hospitality and owner/developer
3H Group, the companies said in a joint statement.
"In January 2022, when LBA took over management of the 3H portfolio of hotels, I thought I would take a little break," said Desai. "I told my family and colleagues
I was going to take a little hiatus, and they had different ideas in store for me. My brother, Nick Desai-also a co-owner of 3H Group-said, 'You can take a hiatus,
but take it in Clearwater Beach.'"
New York City-based Celano Design Studio Co. designed The Hiatus' interior, the statement added. Guestrooms and suites feature balconies with Clearwater Beach views,
while the seventh-floor rooftop restaurant and reception area offer Gulf and beach vistas.
Residence Inn Galveston Island, a partnership between LBA Hospitality and Om Sai Hospitality, is now open in Galveston Island, Texas. This collaboration
extends from LBA's relationship with Details Hotel Group, co-owners of Om Sai Hospitality, with Atish Gandhi serving as its vice president of operations, LBA
said in a statement.
"LBA has done an outstanding job managing properties alongside Details Hotel Group since 2017," said Gandhi. "Their track record speaks for itself, and it's why
Om Sai Hospitality confidently chose LBA as our go-to management partner for this new Galveston Island hotel. We know they'll bring their expertise to the table
and ensure everything runs smoothly for our guests."
Residence Inn Galveston Island offers studio and one-bedroom suite accommodations, along with meeting space for up to 70 guests, the statement added. It's
conveniently located near UTMB, Shriner's Hospital, Texas A&M, Galveston College, and the Galveston cruise port.
WITH DISNEYWORLD AND Universal Studios as a backdrop, the AAHOA Convention & Trade Show 2024 got under way in Orlando, Florida, Tuesday. The show had just
begun but attendees were already feeling excited about the week.
"I think that is great, the venue is great, and the turnout," said Raj Patel, CEO of Apsilon Hotels in Atlanta. "This is going to be an excellent show. Looking
forward to it."
More than 6,000 people registered to attend the trade show with more than 1,000 booths and 520 exhibitors. Keynote speakers included:
Kevin O'Leary, businessman, SPAC investor, director of Stream Global Services, chairman of O'Shares ETF Investments and Beanstox.
Rashmi Airan, professional speaker and coach, speaking at the HerOwnership Women Hoteliers Luncheon and Session.
Rahul Kapoor, mindset coach, motivational speaker and author.
"It's going to be a fantastic show. It's going to be some great conversations, good educational seminars too," said Raj Trivedi, former La Quinta Hotels head
and now managing principal at TST Capital in Dallas. "Most importantly, it's a lot of fun. I think people are going to have a great time."
AT THE 2024 AAHOA Convention & Trade Show held last week in Orlando, Florida, history was being made at the same time it was being recalled. Miraj Patel
assumed his role as the youngest chairman the association has had, while his predecessor Bharat Patel and AAHOA President and CEO Laura Lee Blake spoke on the
legacy that led to the association's current success.
AAHOACON24, the 35th national conference for the association, saw more than 7,000 registered attendees and 524 exhibitors at the Orange County Convention Center,
blocks away from Disneyworld and Universal Studios. It included more than 44 education sessions and had two times the number of sponsors than in 2023 with 26.
Event revenue was 6 percent higher than 2023 and 31 percent higher than in 2022. The tradeshow sprawled over more than 84,500 square feet of exhibit space.
In a speech during the first general session, Bharat presented his theory on what led to AAHOA's current status: compound success.