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THE BAIRD/STR HOTEL Stock Index jumped 16.4 percent in the first month of 2023, according to STR. A drop in recession fears and other factors gave investor confidence a boost, the research firms said. In January, the Baird/STR Index surpassed both the S&P 500, up 6.2 percent and the MSCI US REIT Index, increased 10.5 percent, STR said in a report. The index dropped 10 percent in December, and it was down 15 percent for 2022. According to STR, the Hotel Brand sub-index increased 16.2 percent from December to 10,342, while the Hotel REIT sub-index rose 17.1 percent to 1,216. "Hotel stocks rebounded sharply in January and were significant outperformers as the back-and-forth recessionary concerns once again subsided to start the year," said Michael Bellisario, senior hotel research analyst and director at Baird. "Industry-wide RevPAR trends finished the year on a strong note despite tougher calendar comparisons and weather-related travel disruptions in December. Several Hotel REITs provided fourth-quarter operational updates, and performance generally was in line with prior expectations. More broadly, investor sentiment has improved, which boosted stock prices across the board in January, but the macroeconomic indicators have remained mixed."

The AC Hotel Columbus Downtown is now open in Columbus, Georgia. It is owned by locally based RAM Hotels led by brothers Rinkesh Patel as president and Mitesh Patel executive vice president. The 125-room, six-story upscale hotel is in the city's uptown district where there are many restaurants, bars and shops along the city's main throughfare. Nearby attractions include the Coca-Cola Space Science Center, the National Civil War Naval Museum, Woodruff Riverfront Park and Mercer University. Hotel amenities include a curated art collection, the AC Café restaurant, the AC Lounge bar and the AC Library that provides novels and reading space for guests. It also features Kallpods, AC's wireless service buttons and a fitness center.

OCCUPANCY FOR U.S. hotels is now expected to finish the year a little down from the previous forecast by STR and Tourism Economics. However, projections for ADR and RevPAR recovery remain on track in the data firms' final forecast of the year. RevPAR is still expected to fully recover this year on a nominal basis, but not until 2025 when adjusted for inflation, according to the new forecast. The updated forecast lowered occupancy by less than a percentage point for 2022, standing now at 62.7 percent compared to the previously forecasted 63 percent released in August. "As expected, group business travel has been much more aligned with pre-pandemic patterns, specifically in October when group demand hit a pandemic-era high," said Amanda Hite, STR president. "Leisure travel has maintained its strength since our previous forecast update, and we expect these strong demand trends in both group and leisure to continue through the fourth quarter. Bottom-line performance has also persisted, with our most recent data showing strong profit margins due to lower employment levels and reduced services. The challenges around labor continue to be a concern, as high levels of hospitality unemployment and more spending on contract labor are pushing labor costs on a per-available-room basis above 2019 levels. We continue to take inflation and the likely recession into consideration, but the hotel industry has continued to show resilience through these tougher times, thus the steadiness of our updated forecast."

FRANCHISEE RESILIENCE AND determination was the focus of Choice Hotels International's 66th annual convention in Las Vegas last week. In keeping with that theme, in a press conference at the convention, corporate leadership for Choice said they are working with AAHOA on ways to implement the association's recently updated 12 Points of Fair Franchising. More than 5,200 people attended the conference, including franchisees and their families. Other news from the event includes the announcement of a new program to promote women ownership of hotels and the hiring of two new franchise development directors. "GO" was the theme of the convention, in recognition of the struggles Choice's franchisees have faced over the past three years of pandemic and economic downturn. The company overcame those challenges, driving new business, advocating for government aid and reducing operating costs for franchisees, said Patrick Pacious, Choice's president and CEO. It also surpassed 2019 system-wide performance levels.

AAHOA RELEASED ITS updated resource guide for member franchisees. The updates reflect the current business landscape and the long-term, mutually beneficial relationship between industry franchisors and franchisees. AAHOA's 12 Points of Fair Franchising is officially titled "An Educational Primer: A Best-Practice Approach to Designing, Developing, and Implementing Best-in-class, Mutually Beneficial Franchise Systems." The importance of franchise relations was highlighted last year when several hotel owners filed lawsuits against InterContinental Hotels Group regarding what they call the company's retaliatory actions against franchisees who complain. "Because of the changing business environment post-COVID-19 and the ever-evolving need to educate our members, it was time for AAHOA to revisit the 12 Points and review them carefully to ensure that they're relevant and reflective of industry changes and evolution," said Vinay Patel, AAHOA chairman. "AAHOA created the 12 Points of Fair Franchising Ad Hoc Committee, which was tasked with recommending revisions to the 12 Points of Fair Franchising. With the help, support, and input of the 12 Points of Fair Franchising Ad Hoc Committee and the AAHOA Board of Directors, we're releasing the updated 12 Points of Fair Franchising," he added.

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STR IS LAUNCHING a new phase, STR Benchmarking, a market share product for the global hotel industry, according to STR's parent company, real estate marketplaces, information and analytics provider CoStar Group. The new software platform will offer property-level data and analytics for hotel owners and operators with functionality built on the STAR Report. Acquired by CoStar in 2019, STR draws its benchmarking data from a sample of 77,000 participating properties with 10 million rooms around the world. STR Benchmarking provides new functions, including user and competitive set self-management as well as high-frequency updates to data. Future product enhancements, which are expected to begin rolling out later this year, include portfolio-level benchmarking, monthly P&L, average-length-of-stay data, and forward-looking occupancy.

TWO ASIAN AMERICAN-owned companies are working together to develop a Canopy by Hilton in downtown New Orleans. Baywood Hotels and NewcrestImage are renovating the historic former Oil and Gas Building into a 176-room, 14-floor upscale hotel. Baywood, based in Columbia, Maryland, is led by President Al Patel and Mehul Patel is chairman and CEO of Dallas-based NewcrestImage. The joint venture will update the Oil and Gas Building that was built in 1959 and placed on the National Register of Historic Places in 2014 for its use of glass, steel and abstract geometry in a skyscraper. It is near the city's French Quarter, the Mercedes-Benz Superdome, the Ernest N. Morial Convention Center, the Audubon Aquarium, Harrah's Casino and historic Jackson and Lafayette squares.

OCCUPANCY PROJECTIONS ARE dropping while ADR projections are rising in a new forecast for U.S. hotels by STR and Tourism Economics. RevPAR is still expected to recover fully on a nominal basis this year, according to the forecast released Thursday at STR's 14th Annual Hotel Data Conference in Nashville. However, RevPAR is still expected to take until 2025 to recover when adjusted for inflation, according to the forecast. For 2022, RevPAR is now expected to average $93 compared to the projection of $92 released in June, when projected nominal RevPAR recovery was set in 2023. The occupancy projection for the year was lowered to 64.6 percent for the year and the ADR projection rose to $148. The updated forecast adds a little more than $2 to the ADR projection for both 2022 and 2023, and occupancy was lowered by less than a percentage point for each year.

The Best Western Shackleford is open in Little Rock, Arkansas, following a $1 million renovation. The 60-key hotel on Shackleford Road is owned by Rahul Patel. "We are excited to welcome guests at our newly renovated property while they discover Arkansas' capital city," Patel said. "The updates ensure our guests find a comfortable place to relax after days exploring our lively downtown, known for its thriving arts and music scene and a range of attractions suitable for all ages." Several rooms in the hotel are designed in a suite-style with king-sized beds and hot tubs. Amenities include a renovated 24-hour fitness center, indoor swimming pool and a 700 square-foot meeting space. The vicinity offers a range of attractions including Little Rock Zoo, Wildwood Park for the Arts, Arkansas State Capitol, Big Dam Bridge, Museum of Discovery, Heifer Village and Urban Farm, Pinnacle Mountain State Park and various dining options, shopping centers, educational facilities, recreational centers and transportation hubs.

WITH A ROCK and roll theme, Best Western Hotels & Resorts held its annual conference in Cleveland on Oct. 28 to 30. During the event, which marked the completion of the first year of the company's former general counsel Larry Cuculic as president and CEO, the company launched a new extended-stay brand, Home by BWH. Thousands of Best Western members attended the conference, with the theme "BW Rocks 2022." Cuculic, who took over for long-time president and CEO David Kong last year, gave an update on his first year. "When my journey began in this position last year, I was anxious," Cuculic said in the first general session of the recent conference. "The honor of the position and the responsibilities are absolutely huge. Consider, though, that being anxious is actually a good thing. It's a good thing. It's a reflection of my wanting to do my best for you."

HILTON'S EXTENDED-STAY Homewood Suites brand is getting a new look. The brand's new Prototype 10.0 includes a smaller footprint but with more rooms, as well as changes to guest suites and common spaces. The new prototype draws from design ideas implemented during a 2019 update implemented in open Homewood Suites hotels as part of the brand's 30-year anniversary. Prototype 10.0 features a site size reduction from 2.49 acres to 2.36 acres and building area reduction by more than 3,350 square feet while increasing the number of rooms from 121 to 131 suites. Another developer-oriented change is new F&B options aimed at increasing revenue. The suites have been modified so they can be booked individually or as connected groups. The fitness center has been reimagined and guest laundry rooms have been expanded. More common areas have been added inside and outside in the prototype. "We modernized the brand to appeal to the evolving needs of our guests, who are going to love the functionality and flexibility of the innovations, which are intended to make them feel both empowered and cared for, whether they're with us for an overnight trip or an extended stay," said Rick Colling, global head of Homewood Suites.

PEACHTREE GROUP RECENTLY introduced new branding, logo and tagline, "Guided by Intuition, Grounded by Expertise." The branding update aims to project the company's integrated investment strategies and service platforms. This change consolidates the company's varied brand portfolio, renaming Stonehill as Peachtree Group Credit and Peachtree Hospitality Management as Peachtree Group Hospitality Management, the company said in a statement. "The new branding has given us a competitive edge in attracting top-tier talent, ensuring a consistent influx of the best minds and skills to navigate an ever-changing business landscape," said Greg Friedman, CEO and managing principal of Peachtree Group. "Moreover, our strategic branding approach, aimed at consolidating our diverse range of businesses, is poised to unleash even greater untapped potential within our investment platform. This platform, already proven in its value in the hospitality sector, has played a pivotal role in our expansion and diversification into other real estate sectors and ventures."