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ATLANTA-BASED BANYAN Investment Group, led by Rakesh Chauhan and Andy Chopra as managing partners, is rebranding as Satori Collective, an investment management firm focusing primarily on hotel property investment. Its subsidiary Banyan Tree Management also has become Aperture Hotels. Satori and Aperture will work independently of one another. The awakening Satori focuses on investment into select-service, upper select-service extended-stay and lifestyle hotel properties, according to the company. It concentrates on investment in growth corridors located in top MSAs across the U.S. which have established hotel demand generators such as tourism, corporate group travel, state capitals, conference universities, healthcare, heavy manufacturing and military. "Satori is a Buddhist term meaning 'awakening and deep understanding,' which is how our team approaches commercial real estate investment," Chopra said. "With more than 140 years of combined investment experience in virtually all markets and segments, our team has an unparalleled understanding of both the environment and the marketplace. We realized that our true, core business is real estate investment, so we have renewed and doubled our focus on raising and deploying capital in pursuit of consistent, risk adjusted returns while allowing our former management platform to stand on its own and pursue additional third-party management business opportunities."

GEORGIA HOTELIER NAVIN Patel has contracted with Hospitality Ventures Management Group to manage his 111-room boutique Darwin Hotel in Atlanta. HVMG oversaw the complete rebranding and renovation of the hotel. The four-story Darwin is in Atlanta's Old Fourth Ward and features eight individually themed suites and a lobby that displays a collection of local art. It is named after evolutionary biologist Charles Darwin and the themes include the Bar Room, featuring a full bar for entertaining; the Bunk Bed Room, with bunk beds and extra space for families and young adults; and the Audiophile Room, which includes a turntable and access to the hotel's vinyl music library. Navin Patel and his two sons, Shyam and Sagar, purchased the property in 2016. "We hope to showcase the best of what Atlanta has to offer," Navin Patel said. "This hotel is a love letter to our ever-changing city and pays homage to its history. Being in the heart of a large metropolitan city creates opportunities for artists, businesspeople, world travelers and people from all walks of life to all unite in our space."

USING TECHNOLOGY TO enhance the attendee experience remains a key trend for meeting and event planners as they expect meetings volumes to rise, according to a survey. The tech trend is closely followed by a focus on diversity, equity, and inclusion and a more casual meeting atmosphere. The 2023 State of the Meetings Industry survey by group hospitality analytics firm Knowland and full-service global meetings solution company, ConferenceDirect, also revealed that staff shortages and inquiry backlogs are impacting service standards as rising costs redefine goals. The survey also pointed out that rising costs may cause planners to change their approach, including looking at new destinations. However, cost leveling, return of business travel, and budget increases will support the industry recovery. According to the survey, more than 70 percent of 2022 events had attendance at, or above, 80 percent of 2019 levels. As many as 75 percent of event planners did not expect the number of events and meetings to drop.

EVERWOOD HOSPITALITY PARTNERS has completed the acquisition of the 184-room LaQuinta I Drive/Convention Center hotel in Orlando, Florida, from Cavalier Florida, LP, the company said. Real estate capital advisory, Cronheim Hotel Capital, helped secure the loan for the acquisition and subsequent renovation of the property which includes upgrades to public and private spaces. The loan, from a Florida-based bank, which provided five-year fixed rate financing with two years of interest only, represented 65 percent of the all-in cost, according to Everwood. The hotel is next door to ICON Park and offers multiple dining and entertainment options. The property is one mile from the Orange County Convention Center and the city's many amusement parks and entertainment venues. Amenities include an outdoor pool and a fitness center. "With its proximity to many of Orlando's top attractions, the LaQuinta is an ideal addition to Everwood's expanding hotel portfolio," said Amit Patel, Everwood's managing principal and chief operating officer. "We continue to seek hotels in prime markets with barriers to new entry and multiple demand generators that help protect against occasional market fluctuations. Following the implementation of our proprietary management and marketing systems, LaQuinta I Drive will become the segment leader for leisure and business travelers in Orlando."

HOTEL OWNERS NAVIGATING industry changes wrought by the pandemic face no dearth of challenges: the decline in business travel, competition from home rental apps and ongoing labor shortages are just a few. Too often, the people owning the hotels - many of them small business owners - are figuring out how to adapt to the new hospitality landscape with added complications from the hotel brands that should be their partners. While many hotel owners have struggled to maintain their livelihoods since the pandemic began three years ago, some big hotel chain franchisers sold hundreds of millions of dollars' worth of loyalty point value to credit card companies under a system that often fails to adequately reimburse the franchisees. That is the thanks these hardworking franchisees got as they worked hard to keep hotel doors open. It does not have to be this way. Generations of franchise owners have successfully embraced entrepreneurship through the franchising model. Franchising allows budding entrepreneurs to adopt a known brand name and comprehensive business strategies in exchange for a portion of the revenue. This partnership has nurtured our industry: Hotels owned by our members employ 1.1 million Americans and contribute $368 billion to the economy. But the franchising relationship needs to be a two-way street to be truly successful. That is why we must ensure that the franchise industry engages in sustainable practices that recognize and safeguard the contributions of small business owners.

PUNEET CHHATWAL, MANAGING director and CEO of Indian Hotels Company Limited, the owner of Taj Hotels, has been appointed as the new chairman of the Federation of Associations in Indian Tourism & Hospitality. He succeeds ITC executive director Nakul Anand, who retired this week, FAITH said in a statement. Several national tourism and hotel associations, including the National Associations of Tour Operators, travel agents, hotels, transport operators, conventions & exhibition operators, and restaurants and tourism attractions, are members of FAITH. "With the backing of all members, my commitment is to develop this into a focused policy advocacy organization addressing issues in the tourism and hospitality industry, continuing the legacy established by Anand," said Chhatwal.

SAI LLC, LED by president Rajesh "Raj" Bhagia, recently won the 2023 Hilton Americas Development Award for New Build - Tru by Hilton in Brooklyn, New York. The 101-room Tru by Hilton Brooklyn, which opened in March, marked the brand's debut in New York city. The Hilton Development team selected 52 winners based on criteria such as quality of hotels developed and in operation, commitment to quality of projects, impact on local community and early adoption of newer brands, Hilton said in a statement. Along with the Development Awards by Brand, categories included Lifetime Achievement Award, New Developer of the Year, Conversion Developer of the Year, Multi-Brand Developer of the Year, Multi-Brand Deal of the Year and Developer of the Year by Category. "We are thrilled to celebrate our owner and development partners who are the recipients of the 2023 Americas Development Award," said Danny Hughes, Hilton's president for the Americas. "Over the last year, we've seen travel continue to grow across the Americas, creating even more opportunities for our partners to welcome guests to their hotels in exciting destinations across every corner of the region. From our legacy properties to our new developments, we are excited to see this continued growth and add even more exceptional hotels to our portfolio."

HE WORLD TRAVEL & Tourism Council's Hotel Sustainability Basics, a global initiative assisting hoteliers in improving their sustainability ratings, recently surpassed 1,700 verified hotels across 70 countries worldwide. Hotel groups from destinations such as France, China, Mexico, India, Germany, South Africa, Philippines and Norway joined the initiative, WTTC said in a statement. During its first year, Hotel Sustainability Basics gained endorsements from destinations worldwide, including the Caribbean, Mauritius, Colombia, UAE, Azerbaijan, Mexico, and Ecuador, the statement said. Hotel brands, including Jin Jiang, Louvre Hotel Group, Choice Hotels and Radisson Hotel Group, have adopted Basics. Other major brands joining the initiative include Intrepid, British Airways Holidays, HBX Group, WebBeds and Abercrombie & Kent. "Our goal is to have a globally recognised trademark that shows customers at a glance, that a hotel is supporting the planet by saving energy, cutting plastics, protecting nature, and supporting their local community," said Julia Simpson, WTTC's president and CEO. "It is a win win. We launched the scheme only a year ago and the uptake has been incredible. 70 countries have signed up with over 1700 properties verified with a long waiting list. It will bring lasting change."

HYATT HOTELS CORPORATION plans to expand its brand portfolio in India and Southwest Asia, with eight new hotels set to open across various leisure and city destinations in 2024. The expansion will focus on Hyatt Regency, Hyatt Place and Hyatt Centric brands and is timed to coincide with an expected rebound of travel in the country and sub-continent, Hyatt said in a statement. "Southwest Asia continues to demonstrate high growth potential and is among the top global growth markets for Hyatt, said Sunjae Sharma, Hyatt's managing director for India and Southwest Asia. "We have strong expansion plans for 2024 across our portfolio encompassing our legacy brands like Hyatt Regency, Hyatt Place and Hyatt Centric across destinations that will strengthen our brand presence in key markets. This expansion represents our strong commitment and confidence in the Southwest Asia region." Hyatt is also expanding its luxury and lifestyle brands in India, including the recent launch of JdV by Hyatt with the opening of Ronil Goa, the statement said. JdV by Hyatt is the ninth brand introduced by Hyatt in India, reaffirming its commitment to expanding its presence in the country.

IHG HOTELS & RESORTS recently introduced new prototype options for its three suites brands - Staybridge Suites, Candlewood Suites, and Atwell Suites - focusing on space and efficiency while maintaining key features from current designs. These prototypes are scheduled to be available by the second quarter of 2024, with the first properties featuring them expected to open as early as 2025, IHG said in a statement. Initially, the prototype designs will only be accessible to U.S. properties, with the possibility of future adoption in Canada, the Caribbean, and Latin America. "IHG continues to build on our nearly three decades of leadership in the extended-stay and suites space by evolving our prototype designs to increase owner value while offering the spaces and amenities short- and long-term travelers value most," said Kevin Schramm, IHG's senior vice president for development, mainstream brands, U.S. and Canada. "Our new concepts reflect guest and owner feedback, and enable new and existing owners to deliver our modern suite experiences-in various forms-to more markets without compromising consistency or quality."

FRENCH HOTEL CHAIN B&B Hotels launched its U.S. expansion with the opening of its first property in Orlando, Florida. The 218-room hotel, located near Universal Studios, will be followed by additional hotels in Miami and Jacksonville, Florida. The mid-scale brand plans to establish 400 hotels across the U.S. within the next 10 years, representing $4 billion in real estate value, B&B Hotels said in a statement. "We are thrilled to bring B&B HOTELS to the United States and to offer travelers affordable high-quality accommodations," said Valerio Duchini, B&B Hotels' U.S. CEO. "We're also eager to engage with real estate investors here who share our vision for growth. Drawing from our success in Europe, we aim to establish ourselves as a prominent player in the U.S. market." B&B Hotels rebrands existing properties and constructs new ones, the company said. Batipart, a private equity firm based in Luxembourg, partnered with B&B Hotels for the Orlando property, with plans to renovate the hotel to improve the guest experience.

The SureStay by Best Western Livingston Merced County, owned by Tushar Patel, is now open in Livingston, California. The recently renovated hotel features 76 guest rooms, Best Western said in a statement. "The SureStay by Best Western Livingston Merced County provides guests with the excellent comfort, outstanding value and warm service they are looking for in a hotel stay," said Dave Panas, SureStay Hotels' managing director of operations. "After spending more than half a million dollars on our renovation, we are thrilled to introduce visitors to Livingston to this new and superior hotel experience." The property is near the University of California, Merced, Castle Air Museum, and several government offices, the statement said. It also serves as a stopover for travelers heading to Yosemite National Park or Pinnacles National Park, both less than a two-hour drive from Merced.

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.

A STABLE ECONOMIC backdrop is expected to fuel a 10.7 percent year-over-year increase in the U.S. short-term rental industry in 2024, surpassing the 6.7 percent rise seen in 2023, according to AirDNA's 2024 outlook report. Moreover, AirDNA foresees balanced growth for the industry in 2024, marked by a projected 10.9 percent increase in supply expansion guided by rising demand for more sustainable market practices. "Approaching 2024, the industry anticipates balanced growth with a projected 10.9 percent increase in supply expansion," said Jamie Lane, senior vice president of Analytics at AirDNA. "Contrary to exaggerated reports of an STR 'collapse,' heightened market competition emphasizes the need for hosts and property managers to meticulously monitor data trends. This strategic approach is crucial for surpassing competitors and sustaining revenue, taking advantage of a strong economy and the growing preference of travelers for STR lodging."

IHG HOTELS & RESORTS reported a 23 percent increase in profit from reportable segments in 2023, surpassing the $1 billion milestone for the first time. The company also noted a 16.1 percent rise in RevPAR, a 5.1 percent increase in ADR, and a 6.4 percentage point uptick in occupancy during the previous year. It anticipates returning more than $1 billion to shareholders through dividends and share buybacks this year, IHG said in a statement. "Travel demand was strong across all markets, with RevPAR up 16 percent from last year and 11 percent ahead of the 2019 pre-pandemic peak," said Elie Maalouf, IHG Hotels & Resorts' chief executive officer. "Combined with the power of our enterprise and efficient operating model, profit from reportable segments grew by 23 percent, exceeding one billion dollars for the first time, and adjusted EPS grew by 33 percent." This marks one of the company's most significant quarters for development activity, IHG said. The company reported full-year revenue of $4.62 billion, marking a nearly 19 percent increase from $3.89 billion in 2022.

Best Western North Side Inn in Wichita Falls and Best Western SeaWorld San Antonio are now open in Texas. The North Side Inn, owned by Nitin Chanana, offers 94 guestrooms, while the San Antonio property, owned by Aman Patel, features 70 guestrooms and 12 suites, Best Western said in a statement. "After a complete renovation, we are excited to welcome guests to our hotel, with recent updates that keep both leisure and business travelers in mind," said Harry Patel, Best Western North Side Inn's general manager. "With our convenient location that provides quick access to the best of Wichita Falls, the Best Western North Side Inn offers something for everyone." The North Side Inn features a fitness center, a meeting room for up to 25 people, business center services, and an outdoor lounge, Best Western said. The hotel is located near Sheppard Air Force Base, downtown Wichita Falls, the Wichita Falls Multi-Purpose Event Center, and Midwestern State University.

SureStay Plus by Best Western Corydon is now open in Corydon, Indiana. Manish Kumar is its general manager. The newly renovated 76-room hotel has a business center, and 24-hour fitness facilities. It will open an outdoor pool later this year, BWH Hotels said in a statement. "We are proud to welcome travelers to the SureStay Plus by Best Western Corydon and cannot wait for them to experience the SureStay Hotels difference," said Dave Panas, SureStay's managing director of operations. "Guests will appreciate having all the necessities for a comfortable stay - including a complimentary hot breakfast each day - and the warm service of the hotel's caring team." The property is located near Squire Boone Caverns, Marengo Cave (a U.S. National Landmark), Turtle Run Winery, Corydon Capital State Historic Site, Hayswood Nature Reserve, and the Red Barn Antique Mall, the statement added.

U.S. HOTELS ARE likely to report improved RevPAR growth in the second half of the year, following a weak first quarter, according to CBRE. International tourism and other economic factors are expected to provide a boost to performance. A 2 percent increase in RevPAR growth is forecasted for 2024, down from the 3 percent estimated in February. RevPAR is now expected to grow by 3 percent for the remainder of the year, driven by international tourists, holiday travel, and limited supply growth. It is projecting GDP growth of 2.3 percent and average inflation of 3.2 percent in 2024. The performance of the lodging industry is closely tied to the strength of the economy, as there is typically a strong correlation between GDP and RevPAR growth, CBRE said in a statement.

SAVANNAH-BASED IMAGE Hotels recently acquired the Courtyard by Marriott North Charleston Airport/Coliseum in South Carolina. The hotel development and management company, which was founded in 1978, is led by Jay Patel as chairman and CEO and Kal Patel as president and COO. "We are thrilled to add the Courtyard by Marriott in North Charleston to our growing portfolio and to expand our footprint into South Carolina," said Kal Patel. "We expect the hotel to appeal to travelers coming to Charleston seeking a popular brand with modern amenities." The hotel, near Charleston International Airport, provides access to the North Charleston Coliseum and Performing Arts Center, Charleston Tanger Outlets, Charleston Area Convention Center, South Carolina Aquarium, and various shopping, dining, and entertainment options, Image Hotels said in a statement.

THE AMERICAN HOTEL & Lodging Association and Questex recently updated the lineup of speakers and events for The Hospitality Show, scheduled for Oct. 28 to 30 in San Antonio, Texas. The Show will offer networking opportunities and showcase new products from more than 400 technology and operations vendors, AHLA and Questex said in a joint statement. Confirmed speakers include Geoff Ballotti, president and CEO of Wyndham Hotels & Resorts; Liam Brown, group president for the U.S. and Canada at Marriott International; Kevin Jacobs, CFO and president of Global Development at Hilton Hotels & Resorts; Brian Kirkland, chief information officer of Choice Hotels International; Kristie Goshow, chief commercial officer of KSL Resorts; Kevin Korab, president of Guest Worldwide; Scott Strickland, chief commercial officer of Wyndham Hotels & Resorts; and Greg Land, global segment leader for travel and hospitality at Amazon Web Services.