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HOTELS IN THE Americas performed above 2019 levels, although RevPAR is stabilizing amidst decreasing consumer travel spending, according to real estate firm JLL. This has affected resort markets heavily dependent on leisure travel. In contrast, urban travel demand is on the rise, driven by group, corporate, and inbound international travel. According to JLL's Global Real Estate Perspective for February 2024, global hotel RevPAR surpassed 2019 levels by 11.7 percent in the first 11 months of 2023. The global urban market strengthened with increased international travel and the return of business and group demand. London, New York, and Tokyo are expected to lead global RevPAR performance in 2024 as urban travel rebounds. Stabilization has weighed heaviest in resort markets, particularly in the Americas and EMEA, while Asia-Pacific continues to accelerate as intraregional travel grows following border reopenings, the report added. Foreign capital, absent since the onset of COVID, is expected to become more active over the next 12 months. Middle Eastern and Asian investors are likely to lead, with urban markets in Europe and select U.S. cities as primary recipients of capital.

TOURISTS ARE PROJECTED to maintain or increase their travel spending in 2024 compared to the previous year, according to American Express Travel's "2024 Global Travel Trends Report". Approximately 84 percent of respondents from countries including the U.S., Australia, Canada, India, Japan, Mexico, and the U.K. anticipate spending the same or more, with 77 percent prioritizing the quality of their travel experience over cost considerations. "Travelers are focused on creating the right itineraries and building memories, whether that means booking a trip to see a favorite sports team compete or taking a once-in-a-lifetime expedition cruise," said Audrey Hendley, American Express Travel's president. "Our 'Global Travel Trends Report' sheds light on what is driving global travel bookings and provides inspiration for where to go next." About 65 percent of respondents express greater interest in embarking on a major trip in 2024 compared to previous years, the report said. Additionally, 72 percent prefer saving money for a major trip over spending it on social outings with friends. More than half of respondents intend to save for a major trip over a span of six months to two years.

PEACHTREE GROUP, A commercial real estate investment firm with a $6.4 billion portfolio, has secured approximately $660 million in credit investments since Dec. 1, with an additional $350 million expected to close within the next 30 to 45 days. These investments focus on hotels, multifamily, industrial, and student housing, Peachtree said in a statement. "We are witnessing heightened activity in response to the anticipation of sustained elevated interest rates and continued reductions in bank exposure," said Greg Friedman, Peachtree Group's managing principal/CEO. "The pressing need to refinance maturing debt, estimated at $2.8 trillion in U.S. commercial real estate debt by the end of 2028, is a growing concern. Commercial real estate stakeholders are grappling with the challenges of increased capital costs and constrained liquidity, particularly in securing capital for acquisitions, recapitalizations and development initiatives." Peachtree recently closed one of its largest individual credit transactions to date, securing a $102.9 million, three-year loan to recapitalize a 350-room Marriott dual-brand AC Hotel Sunnyvale Moffett Park and TETRA Hotel, Autograph Collection in Sunnyvale, California, the statement added.

MIRAJ PATEL OFFICIALLY became AAHOA's chairman as the association's 35th Annual Convention & Trade Show in Orlando ended on Friday. At 26, he is the youngest person to take on the leadership role. However, Patel also is a second-generation hotelier who began his career in hospitality at a young age, growing up in his family's first 30-room independent property. He served as an AAHOA committee member for several years and joined the AAHOA board of directors in 2019 after being elected as young professional director Western Division. "Serving as the youngest chair in the association's history further demonstrates AAHOA's commitment to fostering the growth and success of the next generation," Miraj said. "I'm always encouraging young professionals not to let age determine success. Many times, people may say you're too young, but that is absolutely not true. There are so many folks who are young but still do whatever it takes to find success. If you never try, you'll never know what you're capable of achieving."

SOUTHERN HOSPITALITY, LED by Nikesh Shah as president, recently broke ground on the first Extended Stay America Select Suites prototype in Wildwood, Florida. The 124-room, 4-story property is slated to open in early 2025, Extended Stay America said in a statement. "As the extended-stay segment leader, we are excited to unveil the Extended Stay America Select Suites prototype as we begin construction on the first property," said Mark Williams, ESA's managing director of franchise development. "The new construction prototype represents the next phase in the strategic growth of our economy extended-stay brand." The Extended Stay America Select Suites prototype aims to provide efficiency and practicality for longer-stay guests, the statement said. The property, spanning slightly over 50,000 square feet and constructed on 1.75 acres, includes apartment-like suites with full kitchens and on-site laundry.

STONEBRIDGE COS. LLC, a Denver-based hotel management firm with a diverse portfolio of full-service, select-service, and extended-stay properties, recently acquired Real Hospitality Group LLC, an Ocean City, Maryland-based hotel management company. Stonebridge is chaired and led by CEO Navin Dimond, while RHG was founded and led by Ben Seidel, president and CEO. Seidel will join Stonebridge as a principal and member of the board of directors, the companies said in a joint statement. However, the terms of the deal were not disclosed. "We're thrilled to join forces with RHG as we embark on this next chapter of our evolution," said Dimond. "The blending of these two companies will create a dynamic, leading hotel management group that will drive innovation and create exciting growth opportunities for our team members."

ROB SMITH WILL become president and CEO of Stonebridge Cos. in July. He succeeds Navin Dimond, who founded the Denver-based hotel management company in 1991 and will now serve as chairman. In his new role, Smith will lead the development and execution of the organization's long-term strategies and report to the board of directors, Stonebridge said in a statement. "I am proud of the success our team has achieved as we've built the distinct Stonebridge brand over more than 30 years-and am confident that the best is yet to come," said Dimond. "Rob epitomizes our culture of leveraging innovation and an entrepreneurial spirit to enhance value for our owners, investors and other stakeholders. His extensive, successful track record makes him the ideal person to advance our growth strategy. I look forward to working closely with Rob to take Stonebridge to the next level of growth."

WITH 67 PROJECTS and 7,772 rooms in its construction pipeline, Charlotte, North Carolina, ranks 15th among the top 25 U.S. markets by project count, according to Lodging Econometrics. LE predicts continued growth in the city's future. Hotels under construction in the city total 11 projects and 1,435 rooms at the end of the first quarter, with 31 projects and 3,466 rooms set to begin construction in the next 12 months, and 25 projects totaling 2,871 rooms in early planning. LE's first quarter hotel development data for Charlotte, released ahead of the Hospitality Industry Technology Exposition and Conference, showed that more than 65 percent of the projects are upscale and upper-midscale brands, totaling 44 projects and 5,007 rooms combined.

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.

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."

THE U.S. LEADS the global full-service hotel pipeline in the first quarter of 2024 with 2,272 projects and 341,854 rooms, accounting for 41 percent of all planned or under-construction hotels worldwide, according to Lodging Econometrics. Dallas and Los Angeles are among the top five cities globally in the pipeline. The global pipeline totals 15,366 projects and 2,382,195 rooms, marking a year-over-year increase of 6 percent in projects and 3 percent in rooms. LE's Q1 2024 Global Hotel Construction Pipeline Trend Report showed a record high in global room counts and a significant rise in full-service projects by the end of the first quarter. In the first quarter, there are 6,195 projects and 1,101,602 rooms under construction worldwide, the report said. Projects set to start within the next 12 months total 3,840 projects and 528,251 rooms, an 8 percent increase in projects and a 5 percent increase in rooms year-over-year. Early planning stage projects and rooms have reached all-time highs at 5,331 projects and 752,342 rooms, rising 12 percent and 9 percent year-over-year, respectively.

AAHOA recently appointed Viral Patel, Central Midwest regional director, and Nilesh Patel, director at large Eastern Division, to its board of directors for 2024-2025 term. "We are thrilled to welcome Viral Patel and Nilesh Patel to the AAHOA board of directors," said Miraj Patel, AAHOA's chairman. "Their proven leadership and deep-rooted commitment to the hospitality industry make them invaluable additions. Undoubtedly, their expertise will greatly benefit AAHOA and the entire hospitality community as we, the board of directors, continue to advocate for our members as we build tomorrow today." AAHOA recently rebranded its Regional Conferences and Trade Shows as "Hotel Owners Conferences & Trade Shows". The event will focus on initiatives like HerOwnership and HYPE roundtables, fostering connections among industry leaders to promote positive change and empower women and the next generation of leaders.

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