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HIHOTELS BY HOSPITALITY International, a leader in franchising of conversion and new-build hotels for economy lodging, has opened four properties including Scottish Inns in Austin, Forest Hill and Hankamer, Texas and a Passport Inn in Paradise, Pennsylvania. These properties are owned by Dinesh Patel, Anu Investment Corp., Priteshkumar "Pat" Bhakta and Saraswati Group, Inc., respectively. The Scottish Inns & Suites in Austin is a former Rodeway Inn and is owned by Dinesh Patel. The 35-room hotel is located in downtown Austin just off Interstate 35 and East Highway 290. It is near the 6th St. Entertainment District and the University of Texas campus, and is near the Austin Zoo and Austin Convention Center, hihotels said in a statement. The Scottish Inns hotel in Forest Hill, Texas, a 46-room new construction, is owned by Anu Investment Corp. The property is located along Mansfield Highway, just a half mile from I-20 and 10 miles from downtown Fort Worth.

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.

HOTEL INVESTMENT GROUP has purchased the property in San Marcos, California, on which they will build a Home2 Suites by Hilton. The San Diego-based company is led by Darshan Patel as CEO. Construction on the 110-room Home2 Suites is slated to begin in summer 2022 at the 1.66-acre property and is estimated to be complete by late 2023. It will be pet-friendly with a pool, fitness center and ?? square feet of meeting rooms. "The hospitality industry is finally starting to rebound from the challenges of the last two years, putting us in a prime position to continue expanding HIG's portfolio," Patel said. "Bringing a Home2 Suites to San Marcos will provide a much-needed extended-stay hotel option for the medical community at Palomar Hospital and for customers visiting the area's premier golf courses and nearby LEGOLAND California."

Tara Investments of Charlotte, North Carolina, recently sold its Hyatt Place in downtown Greenville, South Carolina. The deal was brokered by Hunter Hotel Advisors and Apple Hospitality REIT bought the property. Mayank Patel, Hunter's senior vice president, oversaw the sale. Tara Investment is led by Anish Patel as managing partner. "We are very happy to announce the consummation of this transaction for our client," Mayank said. "The Hyatt Place is another example of Tara's premium grade developments, strategically located in Greenville's captivating downtown allowing the hotel to take advantage of strong business and leisure demand," Apple Hospitality bought the 130-room hotel in a continued effort to add newer vintage, high RevPAR assets to their select-service portfolio.

The Hyatt House Denver/Aurora is now open in Aurora, Colorado. It is owned by with Chattanooga based Vision Hospitality Group, led by Mitch Patel president and CEO, and BMC Investments Co., LLC. The 140-room extended-stay hotel is nearthe Anschutz Medical Campus, Children's Hospital Colorado, Rocky Mountain Regional VA Medical Center, minutes from Buckley Air Force Base, Aurora Sports Park, Aurora Reservoir and it is 17 miles from Denver International Airport. Amenities include The Commons and the Outdoor Commons social gathering areas, a fitness center and more than 1,800 square feet of meeting space. Additional services including guest laundry and complimentary grocery shopping for extended-stay guests. The property will be managed by Humanist Hospitality, the hotel management division of Vision Hospitality. "We know our property compliments the businesses in the market along with travelers looking for a hotel in the Aurora area, whether they are staying for a few days or an extended time," said General Manager Deacon Cottrell.

DALLAS-BASED NEWCRESTIMAGE formed a joint venture with Dabu Hotels, and Countrywide Hospitality to acquire the 130-room Best Western Plus at Lake Powell in Page, Arizona, operated by Terrapin Hospitality, a statement said. The company said that the Arizona property is located in a leisure destination area that is visited by more than 4.5 million visitors. Nearby attractions are the Grand Canyon, Lake Powell, Monument Valley, Glen Canyon Dam, Antelope Canyon, and Horseshoe Bend, the statement added. "This hotel is a key stop for travelers who are making the 'grand circle' tour of western national parks such as Zion Park and Bryce National Park," said Mehul Patel, managing partner and CEO of NewcrestImage. "We are always looking to acquire well-positioned properties such as this one, and we are excited to partner with strong investment partners like Dabu Hotels and Countrywide Hospitality."

COSTAR GROUP, A real estate marketplace and analytics provider, granted STR's hotel data subscribers access to its full product suite, enabling users to leverage multisegmented market analytics and forecasts. The services include a tenant database of 7.8 million spaces, an inventory of 6.7 million properties, a pipeline tracking 79,000 projects and a transactions database with 4.2 million sales comparables, CoStar said in a statement. "Today, CoStar becomes the product for tens of thousands of hotel users worldwide," said Andy Florance, CoStar Group's founder and CEO. "With access to the full product offering, hotel owners, operators and brand representatives will gain comprehensive insights across all commercial asset categories, enabling them to refine their sales strategy and identify new investment opportunities." STR's latest benchmarking solution debuted within the CoStar product in May 2023, the statement added. This comprehensive, multilingual tool offers enriched STAR Reports, detailed property and portfolio insights, and advanced visualizations to streamline revenue and performance management, operations, sales, marketing, and finance.

INTEGRITY INTERNATIONAL GROUP, led by Tony Matharu, has acquired two properties in London: Atlas House and Crescent buildings. Atlas House, a Grade II-listed building, is situated at the junction of King Street, Queen Street, and Cheapside, while the Crescent is located adjacent to Tower Suites by Blue Orchid Hotels. Both Atlas House and the Crescent will join the Blue Orchid Hospitality brand, part of Integrity, Integrity said in a statement. Meanwhile, the company recently restructured its Garage Hotels Group, the statement said. "The recent acquisition of Atlas House and the Crescent portfolio demonstrates our continued commitment to invest in and breathe new life into London property, particularly those buildings at the end of their previous lives, ensuring that London remains the best place to live, work, visit, and invest," Matharu said. "The team at Integrity International Group has unrivalled expertise in ac

THE AMERICAN HOTEL & Lodging Association has launched Responsible Stay, an industry initiative to make meetings, events and guest experiences in U.S. hotels more environmentally and socially responsible. AHLA contends that the initiative is meant to unite major hotel companies, including at least two Asian American-owned companies, around sustainability priorities. Responsible Stay is focused on four areas: Energy efficiency: Optimizing energy efficiency through operational improvements and adoption of clean energy technologies Waste reduction: Investing in waste reduction programs and new, innovative alternatives to reduce, reuse and recycle waste across properties Water conservation: Ensuring the reduction of water usage by implementing water-efficient practices in core areas like laundry, food and beverage, and landscaping Responsible sourcing practices: Sourcing responsibly and prioritizing sustainability in supply chains to prevent harmful environmental and social impacts Under the initiative, AHLA and its members will strengthen environmental programs, education and resources to provide a "responsible stay" for guests, protect the future of the planet and support communities across the country, the statement added.

DHRUV MANAGEMENT IS to construct a HomeTowne Studios by Red Roof in Tampa, Florida, as well as a new HomeTowne Studios in Bradenton, Florida, with its affiliate Dhruv Development. Dhruv Management is led by Vijay Patel and Dhruv Development is led by Amit Patel. Dhruv Management owns and operates two Red Roof hotels in Alabama and Florida and has four more properties in various stages of development through Dhruv Development. "We are excited to partner with Red Roof on our latest extended-stay hotels with the HomeTowne Studios in Tampa and Bradenton," said Amit Patel. "Red Roof is not just a franchisor; they are heavily invested in any franchisee partnership from the moment they sign a deal. Their assistance has been invaluable, from securing approvals to moving dirt. Thanks to Red Roof's continued commitment to hospitality fundamentals, we are confident in the future of this hotel."

SATORI COLLECTIVE, A real estate investment management firm specializing in hotel properties, sold the 124-suite Holiday Inn Express & Suites at Alpharetta-Windward Parkway to Bukhari Group Hospitality. The sale resulted in an approximate 24 percent internal rate of return and a double equity multiple for the company, Satori said in a statement. Satori Collective is led by Andy Chopra as co-founder and managing partner. Bukhari Group Hospitality is led by Syed Bukhari, while his son Mehboob Bukhari is in charge of the hotel operations. "We acquired this all-suite property in 2013 and promptly executed a thorough, multi-million dollar value-add renovation, repositioning it as a Holiday Inn Express & Suites by IHG," said Samir Yajnik, CIO of Satori Collective. "Over the past decade, we stayed true to our vision and were rewarded by unlocking the hotel's financial potential. Our initial underwriting and research proved accurate, as evidenced by the realized upside from enhanced brand quality and the hotel's unparalleled location in the thriving Alpharetta market."

Mit Shah today is CEO of Atlanta-based Noble Investment Group, a multi-million dollar company founded in his lifetime of experience growing up in the hotel business. It's a story he shares with many Indian American hoteliers, but he said it's a story that bears repeating, a story of the American dream. Shah retells his story here for Asian Hospitality's Leadership Series, the first episode for 2024. Along with his family history, he also discussed Nobel's investment practices, the economy in general and lessons learned from hosting interviews with industry leaders for the Bharat Shah Leadership Speaker Series, named after his father, at the Hunter Hotel Conference in Atlanta. "My parents were immigrants to the United States. In the 1960s they came here for a better life and education. As they were doing that, they had friends that found themselves in this industry and buying small properties throughout the country," Shah said, adding that his parents bought their first hotel, the Winkler Motor Inn in Winston Salem, North Carolina in 1979. "I was 10 years old at the time, my younger brother was six years old at the time and that was the family business, a very common story that we hear throughout our industry. It's an important story to continue to tell because it's deeply rooted in the American dream."

The Extended Stay America Suites in Baytown, Texas, owned by Wayside Investment Group led by Miraj Patel as president, has reopened following renovations. Work done on the three-story, 82-room property included upgrades to guestrooms, public spaces, a refinished exterior, and new signage, with the aim of providing more current amenities and services to long-term guests, Wayside said in a statement. "We are thrilled to partner with Extended Stay America for the reopening of our Baytown property, replicating the current prototype in a comprehensive renovation that highlights our commitment to enhancing guest experiences and adding value through asset repositioning," said Patel. The property is near Space Center Houston, Pirates Bay Waterpark, Baytown Nature Center and The Museum of Fine Arts, Houston, Wayside said.

REAL ESTATE INVESTMENT, development and management firm VMV Capital recently broke ground on the Extended Stay America Premier Suites Duncan in Duncan, South Carolina. It is the first such property for VMV, led by Vinny Patel as CEO. The four-story, 88-room hotel is in Spartanburg County between Greenville and Spartanburg near many businesses, including BMW, Michelin, and Spartanburg Regional Healthcare System, according to VMV. Other attractions include the Trapped in the Upstate Escape Rooms, Greer Heritage Museum and several parks. Construction is under way and the hotel is expected to open in summer 2023. Hotel amenities will include a fitness room and an onsite guest laundry.

Red Roof Inn Stroudsburg in Stroudsburg, Pennsylvania, is now open. The owner, 100 Park Ave LLC, led by Urvish Shah, recently invested $500,000 in renovations for the 58-room property situated near the Pocono Mountains. The pet-friendly hotel is in Stroudsburg's entertainment district, close to Shawnee Mountain Ski Area, Camelback Ski Resort, Delaware Water Gap National Recreation Area, Lafayette College, Pocono International Raceway and Jack Frost Ski Resort. Lehigh Valley International Airport is nearby. Two other Red Roof properties recently opened: Red Roof Inn Charlotte-Airport in Charlotte, North Carolina, owned by Shree Shradhaa Saburi LLC, led by Kiran Patel, and Red Roof Inn Doswell-Kings Dominion in Doswell, Virginia, owned by SJ Hotel LLC, led by Nilang Maniarah.

THREE LARGE HOTEL companies took advantage of last week's 2021 AAHOA Convention & Trade Show at the Kay Bailey Hutchison Convention Center in Dallas to announce new brand prototypes and refurbishments. They include two new extended-stay concepts and investments in existing midscale brands. Red Roof Inn introduced its new HomeTowne Studios prototype that the company said features a cost-effective development footprint, and a layout that offers improved operational efficiency. Also, G6 Hospitality, parent company for Motel 6 and Studio 6, introduced its Studio 6 Suites to meet what it sees as increased demand of extended-stay brands. Also, Wyndham Hotels & Resorts announced it would invest more than $40 million over the next three years in its Microtel and La Quinta by Wyndham brands. The company's Microtel Lift Incentive Program aims to encourage renovations that will bring existing properties parallel to the new build prototypes followed by the brands.

NEWCRESTIMAGE RECENTLY ACQUIRED the TownePlace Suites by Marriott Dallas Las Colinas in Irving, Texas. It is the most recent acquisition for the Dallas-based investment firm led by Mehul Patel as managing partner and CEO, and the company plans to fully renovate the property, which opened in 1998 and was last renovated in 2014. The 3-floor, 135-suite property offers three types of guestroom: studio, one-bedroom, and two bedroom, according to NewcrestImage. It is near two major airports, Dallas Fort Worth International Airport and Love Field, and two major convention centers, the Irving Convention Center and the Gaylord Texan Convention Center. Amenities at the hotel include a fitness center and an outdoor pool. "This extended-stay property is in the heart of a high-traffic corridor that's a popular destination for both corporate and leisure travelers," Patel said. The acquisition of the TownePlace Suites is important to Marriott, said Loren Nalewanski, the company's vice president franchising for the Element, Residence Inn, Fairfield, TownePlace and SpringHill Suites brands. "Our industry is built on strong partnerships between brands and owners," Nalewanski said. "This acquisition enhances the long, valued, and successful partnership between Marriott and NewcrestImage, which has owned and operated 30 Marriott-branded properties since 2013."

DUETTO, A REVENUE management software provider, recently introduced BlockBuster, a revenue optimization solution, and rebranded its acquired space optimization tool, MiceRate, as OpenSpace, integrating new functions. BlockBuster coordinates revenue, sales and catering teams to optimize business quotes, while OpenSpace automates revenue management for rooms, event spaces, and ancillary services, Duetto said in a statement. "The addition of OpenSpace, combined with our investment in group management, positions us as a one-stop-shop for hoteliers looking to maximize revenue across their entire property," said David Woolenberg, Duetto's CEO. "Now, our customers can leverage Duetto to optimize pricing, manage inventory, and streamline bookings for individual guests, groups, and function spaces - all in a single, unified solution. These enhancements will streamline the group booking process, improve internal communication, and ensure a more seamless experience for both hoteliers and their customers."

COMMERCIAL REAL ESTATE direct lender and Peachtree Group affiliate, Stonehill, completed $1.2 billion in investments in 2022. Most were through loan originations and commercial property assessed clean energy financing primarily in the hospitality and retail sectors, a statement said. The investment includes $813 million in loans and $163 million as CPACE financing and the remaining $269 million was distributed across the industrial, land, mixed-use, multifamily, office and senior living real estate sectors, the company said. Stonehill said that its 2023 target is $1.5 billion and expects to invest $300 million in the first quarter. "Economic volatility coupled with uncertainty surrounding interest rates has severely decreased overall financing availability with capital providers. However, Stonehill not requiring capital markets execution has allowed it to remain active and to fill the gap in lending supply," said Mat Crosswy, Stonehill president and principal. In May 2022, Stonehill formed Stonehill CRE with Daniel Siegel as president to expand its commercial lending business. It focuses on heavy transitional assets and sectors of the credit market that are traditionally undersupplied. "We have spent years working on our capital formation, specifically so that we can be active and grab market share during periods of economic uncertainty. Also, by building our CPACE division in 2019, which completed $235 million in CPACE financing for the year, and now with Stonehill CRE, we are better positioned to provide lending solutions to a multitude of the market's current inefficiencies," said Crosswy.

STONEBRIDGE COS. JUST acquired five properties, totaling a 1,200-key portfolio across the U.S. in late November. The Denver-based hotel operator plans to execute capital improvements at each property, with three having undergone recent renovations. With a current nationwide portfolio of more than 14,000 rooms, the company is actively pursuing additional expansion opportunities, Stonebridge said in a statement.