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STONEHILL, A COMMERCIAL real estate direct lender and Peachtree Group affiliate, is now ranked as the 8th largest U.S. commercial real estate hotel lender by the Mortgage Bankers Association's 2022 loan originations rankings, a two-spot increase from its 2021 ranking. Stonehill deployed $1.2 billion in real estate investment, with $813 million for hotels in 2022, the company said in a statement. Meanwhile, Stonehill is also ranked as the 16th largest U.S. commercial real estate retail lender by MBA, having deployed $163 million in 2022, the statement added. "Our performance is a testament to our commitment to understanding our sponsors' business plans and accomplishing the transactions by having stable capital despite market turbulence," said Mat Crosswy, Stonehill's president and managing principal. Stonehill expanded its commercial lending business to originate and make investments across all real estate sectors by forming Stonehill CRE in 2022. This CRE group focuses on heavy transitional assets and sectors of the credit market that are traditionally undersupplied, the statement further said.

THE AMERICAN HOTEL & Lodging Association has announced the dates, cities, and registration information for its "On the Road" State Hotel Conferences for 17 states in 2023. The conferences will provide hoteliers, suppliers, and service providers opportunities to connect with their peers as well as hospitality and policy leaders to learn about the latest news and information affecting the hotel and lodging industry, AHLA said in a statement. Anyone who works in the hotel industry can attend these half-day, free events, it added. "AHLA's 'On The Road' State Hotel Conferences are designed to help local hoteliers connect with their peers, gain insights on national and local market business performance trends and learn from top hospitality leaders, service providers and policy experts," said Chip Rogers, AHLA president and CEO. "The events are also a vital tool to help AHLA build coalitions, grow our grassroots network and rally hoteliers around the industry's goals and initiatives. We are excited to bring AHLA's successful On The Road State Hotel Conference series to a record number of cities in 2023." AHLA will host these conferences in partnership with its state or city lodging association partners. Since starting with four events in 2021, AHLA's On The Road State Hotel Conferences have brought together thousands of hoteliers in cities across the nation. Last year, 11 events were held.

GOPPAR FOR U.S. hotels in February exceeded the levels of the pre-pandemic comparable time period and was the highest since October 2022, according to STR's February 2023 Profit & Loss data. EBITDA was the only key bottom-line metric on a per-available-room basis to come in lower than February 2019, STR said in a statement. GOPPAR reached $77.37 for the month, up 1.6 percent over the same month in 2019, TRevPAR stood at $217.20, up 3.7 percent, and EBITDA PAR was $51.63, down 0.6 percent against February 2019. Labor costs were $73.70, a 2.9 percent increase. "The profit-and-loss metrics followed typical industry trends, improving from the prior month," said Raquel Ortiz, STR's director of financial performance. "Both GOPPAR and GOP margins were the highest since last fall, while profit margins came in just one percentage point below 2019. Profit margins for limited-service hotels are further behind in recovery than full service, likely due to increasing labor costs that bear heavier weight on the bottom line." "An increase in top-line group demand is beginning to show in the bottom line, as catering and banquet revenues are inching closer to 2019 levels and meeting space rentals and services charges surpassed that threshold. On a per-operating-room basis, nearly all F&B revenues outpaced the pre-pandemic comparables," Ortiz added. Of the major markets, 10 realized both GOPPAR and TRevPAR levels higher than the 2019 comparables, the statement said. "February was a slower month for markets that are more dependent on groups and conventions, such as Atlanta, San Francisco and Minneapolis," Ortiz further said. "Warmer markets have remained at the top, with Phoenix showing the highest TRevPAR recovery and second highest GOPPAR recovery for the month, helped by peak season and Super Bowl LVII."

FOLLOWING NEARLY TWO decades with Noble Investment Group and a 40-year career in real estate and hospitality, Jim Conley will retire and become a senior advisor to the firm. The company has appointed Katherine Seitz as its new compliance officer. Conley joined Noble in 2006 as chief financial officer before becoming the firm's first compliance officer. In this role, he led the oversight and administration of Noble's regulatory and compliance functions and helped oversee the impact of Noble's core ESG initiatives and its duties as a signatory to the United Nations Principles of Responsible Investment, the company said in a statement. "Jim is a trusted friend and respected colleague who has been an important part of our organization's longstanding success," said Mit Shah, Noble CEO. "We are deeply grateful for his profound commitment to our team and to upholding Noble's ethical standards of performance." Conley said Noble is his family and their journey together had been most fulfilling. "I take immense pride in our team's accomplishments and our distinguished record as an institutional fiduciary. I am equally enthusiastic about the firm's future and its next generation of leadership," Conley said. Seitz assumes responsibility for managing and directing Noble's regulatory, compliance and ESG programs. She joined Noble from Carter's Inc., where she was corporate counsel. She has practiced law and served as in-house counsel focusing on real estate and corporate services for nearly twenty years, the statement added.

Peachtree Group has named Jarred Bussert as vice president of information technology. In this newly created role, Bussert will be responsible for the company's IT infrastructure, including all business applications, information security and data integrity, the company said in a statement. "Jarred's experience and achievements demonstrate his commitment to supporting business strategies with technology infrastructure," said Greg Friedman, Peachtree's managing principal and CEO. "As Peachtree continues to grow, I am pleased to attract talented leaders to our best-in-class team. His leadership will be instrumental in building a successful and high-performing organization." Bussert has extensive enterprise-wide technical and IT leadership experience. Before joining Peachtree, he was vice president, information technology for Majors Management, an Atlanta-based retail operator. Bussert started his career with RaceTrac Petroleum holding numerous leadership positions, leaving as director, information systems. He has an MBA and Master of Technology from Georgia Tech and received his bachelor's degree from the University of Georgia.

IHG Hotels & Resorts' first-quarter 2024 RevPAR in the Americas declined by 0.3 percent year-over-year. This was driven by a 1.9 percent decrease in U.S. RevPAR, countered by an 11.3 percent increase in Canada, Latin America, and the Caribbean combined. Occupancy dropped to 63.1 percent, down by 1.1 percentage points, while ADR in the Americas rose by 1.5 percent. Meanwhile, IHG's global RevPAR increased by 2.6 percent in the first quarter and the company opened 6,200 rooms (46 hotels) globally, marking an 11.1 percent year-over-year increase after adjusting for Iberostar, IHG said in a statement. "Global RevPAR in the first quarter of 2024 continued to grow, up 2.6 percent, reflecting the strength of our globally diverse footprint," said Elie Maalouf, IHG Hotels & Resorts' CEO. "There was an impressive performance in EMEAA, which was up nearly 9 percent. The Americas, having already recovered very strongly, was broadly flat due to some adverse calendar timing, and Greater China grew by 2.5 percent and will continue to benefit from returning international inbound travel this year. Global occupancy moved up to 62 percent and ADR increased by a further 2 percent as pricing remained robust, reflecting the complete return of leisure, business and group travel."

FIVE PROPERTIES IN the hihotels by Hospitality International portfolio have won the brand's 2023 awards for meeting and exceeding the company's standards of operations. All are Asian American owned. The hihotels 2023 winners are: President's Award - Scottish Inns & Suites in Hitchcock, Texas, owned by Nareshkumar Patel and Tejal Patel. Given to a franchisee who has been loyal to hihotels by Hospitality International, consistently demonstrated a willingness to accept positive change within the hotel industry, and received positive communication from their guests. Gander Award - Red Carpet Inn in Rochester, Minnesota, owned by Veena Patel. Given to a franchisee who embraces their local community in offering sponsorship for local events or teams, participates in charitable events, or embraces the needs of the local community. Named after Gander the service dog from Operation Fetch, a non-profit that performs planned acts of community kindness to further appreciation, education and awareness about service dogs PTSD, and dogs for visible and invisible wounds.

THE U.S. HOUSE of Representatives recently passed a Congressional Review Act resolution to overturn the National Labor Relations Board's October ruling on its definition of joint-employer status. The American Hotel & Lodging Association welcomed the resolution, but President Biden has promised to veto it. The NLRB ruling, issued Oct. 26 and due to take effect Feb. 26, defines a joint employer to be any company that shares or codetermines one or more essential terms and conditions of employment. Those include ages, benefits, and other compensation; hours of work and scheduling; the assignment and supervision of duties to be performed; work rules and tenure of employment. The final rule rescinds the 2020 rule that was promulgated by the prior board and applies the new definition of joint employer to any entity that can control the essential terms of employment whether or not such control is exercised and without regard to whether any such exercise of control is direct or indirect. House Joint Resolution 98 would nullify the NLRB's rule.

HILTON RECENTLY INTRODUCED a new North American prototype and refreshed global brand identity for its Hampton Inn and Hampton Inn & Suites brands. The prototype is scheduled for its inaugural hotel opening in early 2025, Hilton said in a statement. "With a legacy of leadership and performance spanning four decades, Hampton by Hilton continues to stand as a beacon of humanity, connecting people from around the globe and delivering a reliable and friendly stay in each one of our hotels," said Shruti Gandhi Buckley, Hampton by Hilton's senior vice president and brand leader. "As we unveil our new North American prototype and refreshed visual identity, we embark on an exciting new chapter for Hampton. This is a celebration of our core values and signifies a renewed commitment to our owners, guests and team members." The prototype is designed to adapt to various market conditions and site restrictions while improving the guest experience, the statement said. Informed by guest and owner insights, as well as design trends, these updates aim to enhance guest functionality and comfort while optimizing costs for owners in terms of building, operating, and renovating.

EXTENDED-STAY HOTELS reported mixed results in November compared to the broader hotel industry, as supply and demand showed gains and occupancy declined less than the total hotel industry, according to The Highland Group. However, the 2.2 percent net increase in extended-stay room supply for the month, consistent with September and October figures, represents a slight uptick compared to the average over the last 17 months. Also, relatively low ADR growth led to a modest increase in extended-stay hotel RevPAR. Supply growth stayed below 4 percent for the 26th consecutive month in November, well under the long-term average, The Highland Group said. The 13 percent increase in economy extended-stay supply and decline in mid-price segment rooms mainly result from conversions, as new construction in the economy segment is estimated at about 3 percent of rooms open compared to one year ago.

BY THE FOURTH quarter of last year, group business in 10 of the top markets in the U.S. had recovered 110 percent compared to the same time in 2019, according to the Hospitality Group and Business Performance Index from Knowland and Amadeus. The top 20 markets have achieved 100 percent of 2019 levels of occupancy and ADR, with 10 surpassing 110 percent or more. Group business reached the 110 percent health index in the fourth quarter because it used 95.5 percent of the group rooms sold in 2019, coupled with a 14.8 percent increase in ADR, according to the index. Overall growth for the year 2023 stood at 103 percent, with 92.5 percent of group rooms sold in 2019 and an accompanying average rate increase of 11.7 percent. Meetings and event business rebounded to 91.9 percent in the fourth quarter compared to 2019, with an end-of-year recovery rate of 91.2 percent. The volume of smaller groups led to stability in the market, according to Knowland. Currently, 70 percent of events have 200 attendees or less and smaller meetings, those with less than 25 attendees, saw the most growth, experiencing a 19 percent increase since 2019.

WYNDHAM HOTELS & RESORTS released fourth quarter and full year 2023 earnings that included record-high rooms growth. Geoff Ballotti, Wyndham's president and CEO, said the strong results reinforce the company's decision to refuse Choice Hotels International's ongoing efforts to buy Wyndham out. In its earning call, Wyndham reported that system-wide rooms grew organically by 3.5 percent year-over-year, a record high. The company opened a record 66,000 organic rooms, a 3 percent year-over-year increase. Its development pipeline grew 1 percent sequentially and by 10 percent year-over-year to 240,000 rooms, another record, including 98 new contract signings for its ECHO Suites brand, a 60 percent YoY growth in that part of the pipeline. Wyndham's shareholders, who will be key to determining the success or failure of Choice's efforts to acquire the company, saw several benefits from last year's performance. Fourth quarter diluted earnings per share was 60 cents with a net income of $50 million. The company returned $515 million to shareholders for the full-year through $397 million of share repurchases and quarterly cash dividends of $0.35 per share. Its board of directors also authorized a 9 percent increase in the quarterly cash dividend to $0.38 per share beginning with the dividend expected to be declared in first quarter of 2024.

EXTENDED-STAY HOTELS DISPLAYED varied performance in December compared to the overall hotel industry, with supply, demand, and room revenues showing relative gains, according to The Highland Group. Occupancy experienced a milder decline than the broader hotel sector while low ADR growth and an unexpected decline in economy extended-stay RevPAR resulted in a total extended-stay hotel RevPAR decrease versus a slight RevPAR increase in the overall hotel industry. The 2.4 percent net increase in extended-stay room supply in December represents a modest rise compared to the average over the past 18 months and a slight gain over the most recent three months, the report said. Supply shifts overview December marked nine consecutive quarters with 4 percent or less supply growth, significantly below the long-term average, according to The Highland report. The 13 percent surge in economy extended-stay supply and the reduction in mid-price segment rooms are primarily attributed to conversions, with new construction in the economy segment accounting for approximately 3 percent of rooms compared to a year ago.

The Best Western Plus Heritage Rail Inn & Suites is now open in York, Pennsylvania. The hotel, owned by Sagar Shah and his family, recently completed a $3 million renovation. It features 73 rooms and 55 suites, along with amenities such as retro games, a fitness center, a yoga and wellness room, a business center and a meeting room, Best Western said in a statement. "Following a top-to-bottom renovation, we are excited to welcome guests to our reimagined hotel," said Shah. "The redesigned property pays homage to the rich history of York, Pennsylvania, while also providing the modern comforts and conveniences for which the Best Western brand is known." The property is situated near the Colonial Courthouse, Appell Center for the Performing Arts, and York County Historical Center, the statement added, noting that a new lobby bar, The Heritage Rail Tavern, will open soon.

CHOICE HOTELS INTERNATIONAL appears to be moving on from its failed attempt to acquire Wyndham Hotels & Resorts, according to statements from its executive team during the company's first quarter earnings call May 8. The quarter saw overall positive performance for the company, including record growth in its pipeline and $63.7 million adjusted net income, a 9 percent rise over the same period of last year. The main portion of the call was dedicated to reporting the highlights of the quarter. For example, Choice's EBITDA during the quarter grew to $124.3 million, a first quarter record and a 17 percent increase compared to the same period of 2023. Its global pipeline as of March 31 increased 10 percent to a company record of more than 115,000 rooms, including a 36 percent increase in the global pipeline for conversion rooms. Its domestic rooms pipeline increased by 11 percent since Dec. 31, highlighted by a 59 percent increase for conversion rooms.

HYATT HOTELS CORP. reported strong early 2024 performance, with RevPAR and revenue growth, fueled by pipeline expansion driving its core hotel business and global franchise network. Systemwide RevPAR surged by 5.5 percent compared to 2023, while all-inclusive resorts net package RevPAR soared by 11 percent. Meanwhile, U.S. RevPAR increased by approximately 2 percent, excluding the Easter impact, indicating normalized growth. Net rooms grew by about 5.5 percent, with net income at $522 million and adjusted net income at $75 million, Hyatt said in a statement. Adjusted EBITDA stood at $252 million, dropping by 9 percent compared to Q1 2023, mainly due to the Super Bowl in Phoenix, increased real estate taxes, higher wages, and transaction costs from ongoing asset sales.

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.

U.S. EXTENDED-STAY HOTELS showed positive growth in April after a difficult first quarter, according to The Highland Group. Monthly room revenue growth was the highest in nearly a year, demand saw its strongest increase in 16 months, and ADR and RevPAR turned positive after two and four months of decline, respectively. "The performance of extended-stay hotels in April re-established the segment's long-term trend of increasing its market share of total hotel supply, demand and room revenues," said Mark Skinner, partner at The Highland Group. The extended-stay room supply grew 2.8 percent in April, slightly above the average monthly increase over the last two years, the report said. However, April marked 31 consecutive months of 4 percent or less supply growth, with annual supply change under 2 percent for two years-both metrics well below the long-term average.

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