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U.S. HOTEL PERFORMANCE saw an uptick in the third week of March compared to the previous week, although year-over-year figures continued to decline, according to CoStar. Key metrics such as occupancy, ADR and RevPAR continued their upward trajectory during this period compared to the preceding week. Occupancy increased to 66.5 percent for the week ending March 16, up from the previous week's 63.2 percent, reflecting a 1.4 percent year-over-year decline. ADR rose to $163.21 from $156.96 the previous week, marking a 2.1 percent decrease compared to last year. RevPAR reached $108.51, up from the previous week's $99.17, signifying a 3.5 percent decrease compared to the same period in 2023. Among the top 25 markets, Seattle reported significant year-over-year increases in occupancy, rising by 12.7 percent to 73 percent, and in RevPAR, which increased by 21.7 percent to $120.29.

BPR PROPERTIES HAS selected LBA Hospitality to assume full management responsibilities for its complete portfolio of hotels. The company's 16 hotels are already managed by the Alabama-based hospitality management firm, with six properties added in the last three months. BPR is led by Birju Patel as president and CEO Bhupen Patel. "Making the decision to transition to third-party management was not an easy one," said Bhupen Patel. "However, when considering LBA Hospitality's associate-focused culture, commitment to training and their demonstrated development of leaders, the choice to have them assume full management responsibilities for our properties was an easy one. Their well-established partnership with us, continuous focus on associate retention and education, and dedication to delivering exceptional guest experiences align perfectly with our values. This transition will allow our team to shift our focus towards new hotel development and enhancing our existing properties."

The foundation for Rip Patel's interest in hotel franchise development was laid in his teen years. Patel, appointed in January as G6 Hospitality's vice president for franchise development, shares that story in this month's Leadership Series. When he was almost 16 years old, Patel and his family were developing their first franchise hotel, a Holiday Inn Express. As part of the process, they had to undergo an inspection by the franchise representative. "I just remember being so nervous and all the family being nervous. This was kind of a make it or break it for us," Patel said. "He came in and just went through everything while we're just sweating, and everything worked out. I always remembered and appreciated that particular meeting, and I thought that's something that I definitely want to do in the future." That future is now, and Patel has definite goals for his new position.

PEACHTREE GROUP SECURED a $73 million construction loan and C-PACE financing to fund the development of a 263-key dual-brand Home2 Suites and Tru by Hilton Hotel in San Diego, California, on behalf of the locally based Baxter Hotel Group. Baxter is set to commence construction on its 16-story, dual-branded hotel this month, with a projected 22-month construction timeline, Peachtree said in a statement. Peachtree facilitated a $50.4-million floating-rate construction loan with a three-year term and secured $22.6 million in fixed-rate C-PACE financing, amortized over 25 years. Collectively, these funds covered 64 percent of the total development cost, the statement said. "We were able to execute an innovative capital stack with the addition of C-PACE in an otherwise challenging financing market, providing ample capital for the construction to begin while saving the sponsor 200 basis points in interest rate spread," said Jared Schlosser, Peachtree's senior vice president, head of hotel origination and C-PACE.

APPROXIMATELY 61 PERCENT of Americans are set to travel overnight for leisure in the upcoming four months, with 34 percent anticipating an uptick in their leisure travels this summer compared to last year, according to a recent survey from the American Hotel & Lodging Association. Additionally, around 31 percent of respondents plan to up their hotel stays this summer versus the previous one. Around 35 percent of Americans anticipate an overnight business trip within the next four months, with 16 percent planning to boost their business-related travel this summer compared to last summer, the survey conducted by Morning Consult found. Meanwhile, hotels remain the preferred lodging option for both business travelers, with 60 percent, and leisure travelers, with 46 percent, this summer, the survey revealed. The survey presents a positive outlook for hoteliers amid ongoing economic challenges like a nationwide labor shortage and high interest rates, AHLA said. However, it indicates that persistent inflation remains a significant obstacle to growth for hoteliers and other travel-related businesses.

U.S. EXTENDED-STAY HOTELS showed positive growth in April after a difficult first quarter, according to The Highland Group. Monthly room revenue growth was the highest in nearly a year, demand saw its strongest increase in 16 months, and ADR and RevPAR turned positive after two and four months of decline, respectively. "The performance of extended-stay hotels in April re-established the segment's long-term trend of increasing its market share of total hotel supply, demand and room revenues," said Mark Skinner, partner at The Highland Group. The extended-stay room supply grew 2.8 percent in April, slightly above the average monthly increase over the last two years, the report said. However, April marked 31 consecutive months of 4 percent or less supply growth, with annual supply change under 2 percent for two years-both metrics well below the long-term average.

U.S. HOTEL INVESTOR sentiment remains robust, with investors indicating an increase in hotel acquisitions in 2024, according to a recent survey by CBRE Hotels Research. About 35 percent of survey respondents expect acquisition activity to remain the same as in 2023, while less than 16 percent anticipate a decrease. Despite high interest rates, more than 70 percent are targeting value-added and opportunistic hotel investments. CBRE's Global Hotel Investor Intentions Survey, which included more than 130 respondents responsible for U.S. investments, found that value-added acquisitions offer opportunities to reposition assets by adding rooms, redesigning interiors, or adding amenities to increase returns and long-term value.

U.S. HOTEL PERFORMANCE declined in the third week of June compared to the previous week, with mixed year-over-year results, according to CoStar. Key metrics such as occupancy, RevPAR, and ADR all decreased from the prior week. Occupancy declined to 69.5 percent for the week ending June 22, down from 70.3 percent the previous week, with a 2.5 percent year-over-year decrease. ADR fell to $159.88 from $161.70, despite a 0.1 percent rise compared to last year. RevPAR decreased to $111.17 from $113.62 the previous week, marking a 2.3 percent decrease compared to the same period in 2023. Among the top 25 markets, Seattle recorded the highest year-over-year increases, with occupancy rising by 11.1 percent to 84.9 percent and RevPAR growing 16.8 percent to $179.47. Meanwhile, Philadelphia saw the largest increase in ADR, rising 6.5 percent to $170.10.

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