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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.

NEW YORK LEADS the top 50 U.S. markets in hotel construction with 47 projects and 7,655 rooms currently underway, according to Lodging Econometrics. The city has a total of 78 projects and 13,549 rooms in its hotel construction pipeline, the 10th largest in the U.S. Projects set to start in the next 12 months include eight projects with 1,079 rooms, while early planning includes 23 projects with 4,815 rooms, according to LE's Q1 2024 Market Trend Report for New York, released before the NYU International Hospitality Industry Investment Conference. Within the New York market, the three submarkets with the largest hotel construction pipelines are the New York City area (including Brooklyn East, the Bronx, and Staten Island) with 25 projects and 2,096 rooms, the report said. Similarly, the Midtown South area features 11 projects and 2,535 rooms, while the Midtown West/Times Square area has 10 projects and 4,131 rooms. Combined, these submarkets account for 59 percent of the projects and 65 percent of the rooms in the market's total construction pipeline.

REMOTE SALES AND training appear to be surging in popularity among hotels, according to training consulting firm Gillis Sales. The firm reported $23 million in revenue from hospitality clients in 2021 and a 40 percent since the beginning of the pandemic. The latest figures indicate that hotels are seeing the benefits of investing in sales to increase profitability as travel resumes, said Tammy Gillis, CEO of Gillis Sales. Gillis foresees an increase in business as hoteliers turn to remote sales solutions to find and keep qualified salespeople. Market trends suggest that leisure and corporate travel are increasing while labor shortage continues, according to the company's statement.

NOBLE INVESTMENT GROUP in Atlanta has acquired the Hilton Garden Inn Boise Downtown. The transaction caps more than $1 billion investment over the past year, according to a statement. The 132-room hotel is near the city's leisure and business centers, which includes the Idaho State Capitol, Boise State University, Jack's Urban Meeting Place, Idaho Central Arena, and the Boise Centre, according to Noble, which is led by Mit Shah as CEO. Hotel amenities include an indoor pool, 4,098 square feet of meeting space and it is pet friendly. "The Boise market demonstrates the key macro trends we are looking for in cities which we believe will outperform as we enter a new lodging cycle," said Dustin Fisher, Noble's senior vice president. "This acquisition aligns with our strategy to acquire high-quality, well-located assets in growth markets poised to benefit from the ongoing recovery in travel."

ADR is projected to rise by 0.1 percentage points in 2024, with occupancy and RevPAR remaining unchanged from the previous forecast, according to STR and Tourism Economics' initial U.S. hotel forecast for 2024 at the Americas Lodging Investment Summit. Yet, 2025 projections for key performance metrics were revised downward due to stabilized long-term average trends: occupancy down 0.1 percentage points, ADR down 0.3 points and RevPAR down 0.5 ppts. "U.S. ADR and RevPAR reached record highs in 2023 with solid travel fundamentals and a big year for group business underpinning performance," said Amanda Hite, STR president. "We expect to see continued growth as fundamentals remain more favorable for the travel economy. The indicator that is especially important is the low unemployment rate among college-educated individuals, those most likely to travel for business and leisure." The STR and Tourism Economics forecast a rise in GOPPAR growth due to increased TRevPAR levels and stable labor costs. Among chain scales, luxury and upper upscale hotels are expected to see substantial cost increases, driven by growing group demand.

NOBLE INVESTMENT GROUP has acquired the Homewood Suites by Hilton Salt Lake City | Downtown in Salt Lake City, Utah. The company, led by Mit Shah as CEO,said the city represents a fast-growing market. The 137-room hotel is in Salt Lake City's central business and entertainment district, according to Noble. The area contains more than 15 million square feet of office space and several corporate headquarters, including Zions Bancorporation, Questar Corporation, and Goldman Sachs. Also nearby are the Salt Palace Convention Center, Vivint Arena, Gallivan Center, Temple Square and the Utah State Capitol. More than 26 million passengers annually pass through the Salt Lake City International Airport, which is 4 miles west of downtown. "Salt Lake City has seen some of the highest in-migration trends leading up to and continuing through the global health crisis," Noble said in its statement. "The city boasts more than ten ski resorts within an hour's drive, as well as more than a dozen national parks and monuments. With its world-class outdoor lifestyle, Salt Lake City is one of the most dynamic leisure and corporate travel markets in the U.S."

PEACHTREE GROUP, A commercial real estate investment firm with a $6.4 billion portfolio, has closed its third hotel property structured as a Delaware Statutory Trust with the acquisition of the 98-key Hilton Garden Inn in Jackson, Tennessee. The acquisition provides 1031 exchange investors the chance to reinvest proceeds from real estate sales, enjoying tax deferral benefits and maintaining a strong real estate allocation, Peachtree said in a statement. "The hotel's strategic location near healthcare and manufacturing jobs, including Ford's planned $5.6-billion Blue Oval City, along with a diverse collection of entertainment and retail destinations, establishes it as a valuable addition to our expanding portfolio of DST properties," said Tim Witt, Peachtree's president for 1031 Exchange/DST Products. Peachtree launched its DST program in August 2022 and is a top-15 sponsor in the securitized 1031 exchange marketplace, according to Mountain Dell Consulting's year-end market equity update.

Sameer Nair is the new senior vice president of equity asset management at Peachtree Group. In this role, he will manage and implement asset oversight for Peachtree's real estate portfolio and preferred equity investments. Previously, Nair held the position of senior vice president of acquisitions and development at Hospitality Ventures Management Group, focusing on sourcing equity, debt, and third-party management opportunities, Peachtree said in a statement. Nair is an experienced asset manager with development and transactional expertise, Peachtree said. "Over the past decade, Sameer has been instrumental in the growth of some of the most respected companies in the hospitality industry," said Brian Waldman, Peachtree Group's CIO. "He has led multiple acquisition, development and investment efforts throughout the country, which gives him a deeper perspective of the industry and market."