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NEWCRESTIMAGE HAS COMPLETED its sale of 27 hotels to Summit Hotel Properties it first announced in November. The Dallas-based company, led by Mehul Patel as managing partner and CEO, also contracted with Aimbridge Hospitality to manage the hotels and will become a minority shareholder in the management company. The initial closing includes 26 existing hotels with 3,533 guestrooms, with final closing on the currently under construction 176-room Canopy by Hilton New Orleans expected to be completed in the first quarter, according to the company. It also includes two parking structures. The transaction costs $776.5 million for the hotels, or $209,000 per key. It also includes $24.8 million for the two parking structures and $20.7 million for the various financial incentives through Summit's joint venture with Singapore-based sovereign wealth fund GIC, made in 2019 to acquire hotels in the U.S.

WYNDHAM HOTELS & RESORTS and lifestyle hospitality developer sbe launched a new soft brand during the American Lodging Investment Summit in Los Angeles last week. Temporarily dubbed "Project HQ Hotels & Residences," the new brand aims to attract younger travelers looking for an experience. Project HQ is meant to represent sbe's "smart lifestyle" hotel category that is designed to draw in Millennial and Gen Z guests by providing memorable experiences at more affordable rates, according to Wyndham. The name is based on the idea that Project HQ hotels, which will be affiliated with Wyndham's Registry Collection Hotels, will serve the guests' headquarters in the heart of cities where they are located. Project HQ hotels will include pre-approved FF&E packages, supply chain, technology integrations, OS&E packages and programming to monetize otherwise underutilized spaces of the property. Led by Sam Nazarian as chairperson, sbe provides F&B packages that include Casa Dani from Chef Dani García; MXO, a Mexican Steakhouse by Chef Wes Avila; and Katsuya by Chef Katsuya Uechi.