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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.

ANOTHER ASIAN AMERICAN developer has signed on to build two properties under Choice Hotels International's upscale Cambria brand. VRL Hotels, led by Victor Patel as president, has signed on to build a Cambria in Gatlinburg and another in Pigeon Forge, Tennessee. The 140-room Cambria Hotel Gatlinburg hotel is expected to open in 2022. It will feature a rooftop bar and restaurant overlooking the tourist town in Great Smoky Mountains National Park. Local attractions include Ober Gatlinburg ski resort, the Gatlinburg SkyLift, which carries passengers 1,800 feet up to the top of Crockett Mountain, and the Gatlinburg Space Needle. Also nearby are Ripley's Aquarium of the Smokies and Haunted Adventure, the Rocky Top Sports complex, several bourbon distilleries, breweries and wineries and the Gatlinburg Convention Center. The 140-room Cambria Hotel Pigeon Forge is expected to open in 2024. Nearby attractions include Dollywood amusement park, the Southern Gospel Music Association Hall of Fame and Museum, the LeConte Center at Pigeon Forge, Titanic Museum Attraction, NASCAR SpeedPark Smoky Mountains and seasonal outdoor events throughout the year, such as Winterfest. Both hotels will have multi-function meeting and event spaces and fitness centers among other amenities.

Home2 Suites by Hilton is now open in Chattanooga/East Ridge, Tennessee. The 101-room, four-story hotel is owned by Vision Hospitality Group, led by President and CEO Mitch Patel. This is Vision Hospitality's second hotel opening this year. Construction of the hotel began in February 2023 and was completed in just over a year in collaboration with Wolftever Development, Vision Hospitality said in a statement. The hotel is located next to the company's Hampton Inn in a mixed-use area of East Ridge. "We are proud to continue our partnership with Hilton and broaden our presence in the East Ridge area by launching this Home2 Suites by Hilton," said Patel. "East Ridge continues to see significant growth with new developments, which creates a demand for quality accommodations. We are pleased to meet this need."

VISION HOSPITALITY GROUP, led by Mitch Patel as president and CEO, recently broke ground on a dual-branded Home2 Suites and Tru by Hilton in Cleveland, Tennessee. The upcoming development, slated for completion in mid to late 2025, will comprise a combined total of 140 keys across five stories. The project will include 768 square feet of flexible meeting space and an outdoor pool, Vision Hospitality said in a statement. "We are thrilled to continue to strengthen our partnership with Hilton by expanding our portfolio with the addition of these two thriving brands and grow in a city that means so much to us," said Patel. "This development reflects our commitment to hospitality excellence and our dedication to providing our guests with exceptional service and experiences." Founded a quarter century ago, Chattanooga, Tennessee-based Vision Hospitality Group manages more than 4,500 rooms across 40+ hotels in nine states.

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.

VISION HOSPITALITY GROUP is undertaking a multi-million-dollar renovation of its 115-key waterfront Celebration Hotel in Celebration, Florida, near Orlando. The hotel will be rebranded as "The Inn at Celebration, Autograph Collection" when the renovation is complete in November. The Tennessee-based hotel developer, led by President and CEO Mitch Patel, acquired the property in 2022. "When Vision Hospitality Group acquired this inn-style hotel set in Central Florida's natural beauty, we were investing in a hidden gem," Patel said. "Our renovation will preserve the traditional architectural elements of an inn while introducing creative design, full-service amenities, and modern enhancements to create distinct guest experiences." The updates include renovating all 92 guestrooms and 23 suites, adding a living room-style entry with lake views, opening the waterfront Lakeside Kitchen & Bar, expanding outdoor lounge areas, doubling the fitness center's size and refreshing 7,500 square feet of indoor and outdoor meeting space, Vision said in a statement. Sustainability is also a priority, with efforts focused on reducing waste, conserving resources and using local produce in the restaurant menu.

Caption by Hyatt Downtown Nashville - The Gulch is now open in the Gulch neighborhood of downtown Nashville, Tennessee. The hotel, developed in partnership with HRI Hospitality and C.B. Ragland Co., is the brand's second U.S. location. It is co-owned by Peachtree Group. The hotel will be managed by HRI Lodging LLC, the companies said in a joint statement. "HRI is thrilled to open the second Caption by Hyatt hotel in the U.S. and play a pivotal role in the growth of this select-service upscale brand," said Michael Coolidge, HRI Hospitality's chief investment and development officer. "The Caption by Hyatt brand brings a fresh design perspective and unique food and beverage offerings to the heart of Nashville's Gulch district. We look forward to collaborating with Hyatt to continue growing this exciting brand together."

La Quinta by Wyndham Selma is now open in Selma, North Carolina. Owned by Jay Sai Corp., it is the 120th hotel to open using the La Quinta Del Sol prototype. The 80-room hotel is near Raleigh-Durham International Airport and Smithfield Community Park. Amenities include an outdoor pool. Another Del Sol hotel is expected to open in Galveston, Texas, this summer, according to Wyndham. There are 175 La Quinta hotels in the development pipeline and openings scheduled this year in several markets, such as Nashville, Tennessee; Santa Cruz, California and Denver.

VISION HOSPITALITY GROUP recently broke ground on its Embassy Suites by Hilton in Chattanooga, Tennessee. The seven-story 184-suite Embassy Suites will be developed for $54 million and includes rooftop and street-level bars and a coffee area in an open lobby. The project also includes a leasable restaurant space and 5,000 total square feet of meeting space, Vision said in a statement. Vision said it will bring an economic boost to the destination with more than 100 jobs ranging from senior management positions, guest service agents, housekeepers and others. With a construction timeline of approximately two years led by Humphreys and Associates Contractors, LLC, the hotel is expected to open in the summer of 2025. "We are thrilled to begin construction on this project in our hometown of Chattanooga, just steps from our company headquarters," said Mitch Patel, Vision's president and CEO. "This project is our first Embassy Suites hotel, and we know the brand's value-added services are a perfect fit for this location welcoming both corporate and leisure travelers." Embassy Suites by Hilton, one of Hilton's 19 brands. Amenities will include a fitness center and an evening reception. Embassy Suites by Hilton has more than 260 open hotels, with 42 properties under development. The Embassy Suites Chattanooga is one among 15 projects in Vision's development pipeline expected to open in the next two years. The company's portfolio comprises 16 properties in Greater Chattanooga and 41 nationwide, the statement added.

3H GROUP INC., led by Hiren Desai as president and CEO, broke ground on Caption by Hyatt Chattanooga, Hyatt Hotels Corp.'s inaugural launch of the brand in Tennessee. The upscale 123-room hotel, developed under a franchise agreement, is set to open in early 2026. The company is developing a Hyatt Studios hotel in Mobile, Alabama, slated to open in early 2025. "Our decision to continue our collaboration with Hyatt stems from their unwavering commitment to understanding the needs of both owners and guests," said Desai, also the owner of the Chattanooga property. "Caption by Hyatt is an innovative brand, and that approach, coupled with its flexible design and focus on guest experience makes it an attractive addition to our portfolio. We're excited to bring the vibrant energy of the first Caption by Hyatt hotel to our hometown of Chattanooga and look forward to enriching the local hospitality landscape."

THE TOP FIVE U.S. markets with the largest hotel construction pipelines are led by Dallas with 189 projects and a peak of 22,392 rooms in the second quarter of 2024, according to Lodging Econometrics. That is four projects shy of its end of fourth quarter 2023 record. Atlanta follows with a record 159 projects and 18,522 rooms. The Inland Empire ranks third with a record 124 projects and 12,569 rooms, while Nashville has 123 projects and 15,924 rooms and Phoenix boasts 120 projects and 15,627 rooms. LE's Q2 2024 U.S. Construction Pipeline Trend Report revealed that 10 states-Texas, California, Florida, Georgia, Tennessee, North Carolina, Arizona, New York, Alabama and Michigan-account for 60 percent of the rooms in the pipeline.

SONESTA INTERNATIONAL HOTELS Corp. recently launched Sonesta Essential, a new upper-midscale select-service brand. The company now offers 15 brands. Sonesta Essential is meant to offer easier new builds and conversions with modest brand standards, limited food and beverage requirements and simplified conversion processes, according to the company. "Sonesta Essential is a fresh, new brand carefully designed by Sonesta to deliver a core selection of services compared with other hospitality experiences," said Brian Quinn, Sonesta chief development officer. "With tremendous demand in the select-service category, we are confident that Sonesta Essential will become a leading brand in an exciting, timely and relevant segment." The first two Sonesta Essential hotels will be a franchise in Vacaville, California, which is set to open in late spring 2023, and a managed property in Chattanooga, Tennessee, which will be converted from a Sonesta Select in the fall of 2023.

Mary Beth Cutshall is the new chief growth officer at Vision Hospitality Group. In this role, she will oversee the expansion of the company's U.S. hotel portfolio. Chattanooga, Tennessee-based Vision Hospitality is led by founder and CEO Mitch Patel. "With 35 years of hospitality experience across sales, marketing, acquisitions, and business growth, Mary Beth is the perfect candidate to lead Vision's growth into new markets and segments with new partners," said Patel. "She has worked at all levels of the industry-from property-level sales to C-suite positions with major hotel management companies-providing her with invaluable industry insights and meaningful relationships with brands, owners, operators, and virtually every other hotel stakeholder. Mary Beth shares Vision's purpose-driven mentality, and we have no doubt she will help us achieve our expansion goals."

VISION HOSPITALITY GROUP will celebrate its 25th anniversary in April. The company, led by Mitch Patel as president and CEO, is now making plans for the next quarter century. Founded in 1997, Vision Hospitality began with a Homewood Suites by Hilton, Chattanooga/Hamilton Place Patel developed in Chattanooga, Tennessee, where the company is still headquartered. Then, as the U.S. economy struggled to overcome the 9/11 attacks of 2001, Patel went on to develop 10 more hotels. "Here, VHG learned agility and how to pivot, gaining a deeper understanding of how to successfully adapt to the ebb and flow of the hospitality and financial industries," the company said in a statement. "These lessons, along with a solid foundation of core values - dedication, integrity, respect, excellence, community, teamwork, and spirit - were the guiding principles that led to continued growth through the Great Recession and the unprecedented challenges of the last few years."