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NEWCRESTIMAGE HAS SOLD most of its hotel portfolio, along with some other properties, in a $822 million transaction with Summit Hotel Properties. Dallas-based NewcrestImage will remain invested in Summit and will own and operate two historic hotels it recently acquired and plans to make new acquisitions in the future. The definitive contribution and purchase agreement includes 27 hotels with 3,709 guestrooms for $776.5 million, or $209,000 per key. It also includes $24.8 million for two parking structures and $20.7 million for the various financial incentives through Summit's joint venture with Singapore-based sovereign wealth fund GIC, made in 2019 to acquire hotels in the U.S. "NewcrestImage has assembled a collection of high-quality distinctive Marriott, Hilton, Hyatt, and IHG hotel properties throughout the Sun Belt region, which will be a great addition to Summit's portfolio," said Mehul Patel, NewcrestImage's managing partner and CEO. "As we will become one of Summit's largest shareholders, we have confidence in Summit as one of the industry's leading owners with a highly regarded public platform. We believe the two portfolios create an excellent combination of hotels that have tremendous growth potential and are well-positioned to create long-term shareholder value as the lodging recovery continues."

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.

The Holiday Inn & Suites Atlanta Perimeter-Dunwoody opened March 24 with a ribbon cutting in Chamblee, Georgia. It is owned by Atlanta Hospitality Investment LLC, led by Mohammad Hossain as managing member, and operated by YM Hospitality led by Jay Patel as chairman and Nick Patel as CEO in Stockbridge, Georgia. A key feature of the 143-room hotel is its rooftop bar and restaurant, Spice & Sky, with a globally inspired menu from Atlanta chef, Archna Becker. The space is designed for year-round dining both inside and out, however. About 15 minutes from downtown Atlanta, nearby attractions include Murphey Candler Park, Perimeter Mall, Stone Mountain Park and LEGOLAND Discovery Center. Amenities include a heated indoor pool, a fitness center and 4,500 square feet of event space.

EV HOTELS, A new technology-centric hotel brand founded by Ken Patel, is entering the "metaverse" by way of a partnership with "metavestor" club BAPESWORLD. Patel said his will be the first hotel company to play in the still fluidly defined metaverse, essentially a combination of online gaming, virtual reality, cyber meeting spaces and ecommerce. When completed, EV Hotels will include a "crypto trade floor" in partnership with EV Hotel has partnered with cryptocurrency and NFT exchange Chicago Digital Exchange where the crypto trading community can meet in person to share information and expertise. Individual traders and companies will be able to buy membership trading rights through CDX that will include discounted exchange fees and other exchange amenities at the EV Hotel trading floors. Under the new agreement, BAPES will be featured in the "non-fungible tokens" lobby where it will have NFTs for sale for in-person and in the metaverse. "Ventures like this are new to the hospitality and digital world, and that is why I am excited to announce the partnership between EV Hotel and BAPE," Patel said. "This sort of partnership usually does not come to market, and to have metaverse in the same sentence with hospitality is unheard of. The world's first hotel brand to hit the metaverse. What we are doing is to create an experience that brings hospitality back and gives it life again. Innovation is a team sport, and this venture merges the capabilities of our respective teams."

IN 2020 AND 2021, U.S. hotel operators did a praiseworthy job controlling expenses to offset the significant declines in revenue. Based on data from CBRE's Trends in the Hotel Industry survey of annual operating statements from thousands of properties across the U.S., not only have we seen a reduction in the variable expenses associated with the drop in business volume (i.e., occupied rooms, restaurant covers), but also in cuts among what were previously thought to be fixed expenses. During this time period, insurance costs were out of operators' control. Per the 11th edition of the Uniform System of Accounts for the Lodging Industry (USALI), insurance expenditures are classified as a non-operating expense and reported on the summary operating statement below gross operating profits. The insurance expense line item includes property insurance for building, contents, and business income from all perils, as well as general liability and excess liability insurance. The insurance expense category does not include workers compensation insurance, which is allocated to the operated and undistributed departments. To analyze recent changes in hotel insurance costs, and the factors that influence those changes, we examined the operating statements of 3,156 U.S. hotels that reported insurance expenses for the Trends survey each year from 2015 through 2021 (estimated). The following paragraphs summarize the findings from our analysis.

The Country Inn & Suites by Radisson Pierre is now open in Pierre, South Dakota. It is owned by Pramukhraj Pierre ownership group led by Yogin Patel as principal. The 53-room, recently renovated hotel is near Pierre Regional Airport, the South Dakota State Capitol, the LaFramboise Island Nature Area on the Missouri River, the Steamboat Park amphitheatre and the South Dakota Discovery Center. Hotel guests will find themselves within walking distance of as well as numerous downtown restaurant options. Those seeking to explore the outdoors have no shortage of activities to choose from, with seasonal fishing, cross-country skiing, biking, hiking and birdwatching options available via the nearby and. Other easily accessible attractions include, among others. Amenities include a fitness center and meeting rooms.

The Home2 Suites by Hilton Whitestown Indianapolis NW is now open in Whitestown, Indiana. It is owned by the Jetha Group with Sumeet Jetha as president of operations and managed by Hotel Equities. The 107-room hotel is near Grand Park Sports Campus, Indiana Motor Speedway, Amerisource Bergen, Indy Car Exchange and Indianapolis International Airport. Amenities include a combined laundry and fitness area, indoor pool and Digital Key check-in. During its opening weekend, Home2 Suites Whitestown Indianapolis donated all of its proceeds to So Big, an organization that provides assistance to women facing unexpected pregnancies. "We are excited to open our doors to travelers visiting metro Indianapolis and serving our community," said Keith Adkins, the hotel's general manager. "Whitestown and the surrounding area is a great place to visit and stay for a while with an abundance of amenities at your door step, including nearby shopping and dining."

The AC Hotel by Marriott Greenville Downtown is open in Greenville, South Carolina. It is owned by Auro Hotels led by Dharmendra D.J. Rama as president and CEO. The 8-story, 196-room upscale hotel is in Camperdown Plaza near Falls Park, the Reedy River, the Peace Center Performing Arts center, Kroc Center Greenville, the Shoeless Joe Jackson Museum and Sirrine Stadium. It includes seven restaurants and bars, including the tapas bar Paloma, the rooftop Juniper and The Press Room speakeasy. "The opening of the AC Hotel Greenville Downtown and Paloma marks an exciting milestone for Auro Hotels," Rama said. "This project is a once-in-a-lifetime opportunity due to its location, scale, level of detail and amenities, as well as a unique opportunity to celebrate our hometown of Greenville. The hotel, along with the thoughtfully-curated food and beverage concepts, will be treasured by visitors and the local community for generations." Also, the hotel features more than 100 works by 35 local artists and 29,000 square feet of meeting and event space.

OMICRON, THE LATEST COVID-19 variant of concern, led to new restrictions on some international travel over the Thanksgiving weekend. Members of the travel industry are urging federal officials to be cautious, but not to impose bans that they say will not stop the spread of the new variant. On Nov. 26, the World Health Organization issued new guidance on the Omicron variant, which emerged out of South Africa. Researchers are still investigating the variant's transmissibility, severity and the effectiveness of current vaccines against it. "Preliminary evidence suggests there may be an increased risk of reinfection with Omicron (ie, people who have previously had COVID-19 could become reinfected more easily with Omicron)," the WHO said in its statement. "WHO is working with technical partners to understand the potential impact of this variant on our existing countermeasures, including vaccines. Vaccines remain critical to reducing severe disease and death, including against the dominant circulating variant, Delta. Current vaccines remain effective against severe disease and death."

THE DEBUT PROPERTY of Vision Hospitality Group's lifestyle The Tribute Portfolio, the Kinley Cincinnati Downtown, is now open in Cincinnati, Ohio. Two more are planned to follow in Vision Hospitality's hometown of Chattanooga, Tennessee, and in Louisville, Kentucky. The 94-room hotel is in the city's Over-the-Rhine neighborhood with nearby attractions including the William Howard Taft National Historic Site, the Cincinnati Art Museum and Cincinnati Music Hall. Vision Hospitality, led by Mitch Patel as CEO, renovated the historic Denton Building, constructed in 1916 by Cincinnati architect Alfred Oscar Elzner, to house the hotel. Kinley Cincinnati Downtown décor features artwork showing local history local art pieces curated in partnership with the Cincinnati Art Underground. It includes the restored mural "Allegro" painted by artist Barron Krody for the 1971 series entitled Urban Walls: Cincinnati.

The GLō Tulsa East Route 66 is now open in Tulsa, Oklahoma, the first of Best Western Hotels & Resorts' new-build boutique brand to open in the state. It is owned by Champion Hotels Group, led by founder Champak "Champ" Patel, and Jain Hotels led by CEO Jayesh Jain. The 70-room hotel is near the Tulsa Port of Catoosa and Tulsa International Airport. Other nearby attractions include the Tulsa Zoo, Oklahoma Aquarium, ONEOK Field, BOK Center, The Gathering Place, LaFortune Park, Rogers Point park and the Catoosa Activity Center. Hotel amenities include a meeting area and workspaces as well as a fitness center. "This hotel is the perfect addition to the Catoosa and Tulsa area," Patel said. "We are thrilled to introduce the GLō brand to Oklahoma," Jain said. "This property provides the ideal boutique look and feel with the modern amenities and service offerings today's travelers expect."

THE U.S. SENATE and House passed a $1.5 trillion government-funding package last week that includes some much-needed relief for the hospitality industry, two associations said. However, the spending bill also missing some elements industry advocates have pressed Congress and the administration to pass. The omnibus spending bill passed on a 68-31 vote in the Senate and is now awaiting President Biden's signature, according to government focused news agency RollCall. com. At 2,700-pages, the omnibus contains all 12 fiscal 2022 spending bills and has been in negotiations for five months. The bill includes the Restoring Brand USA Act that will provide $250 million in relief funding to the destination marketing organization that promotes travel to the U.S. The U.S. Travel Association welcomed that fact in a statement from Roger Dow, USTA president and CEO.

Red Roof PLUS+ Galveston Beachfront is now open in Galveston, Texas. The beachside hotel, a former Travelodge by Wyndham, recently underwent a $1.1 million renovation. Wayside Investment Group, led by President Miraj Patel, owns the 66-room hotel. Nearby attractions include Galveston Island Historic Pleasure Pier, The Spot restaurant, Galveston Beach, Schlitterbahn Waterpark Galveston and Moody Gardens. Amenities include a swimming pool. The COVID-19 pandemic took its toll on the hotel's opening as Galveston Island temporarily shut down.

Delta Hotels by Marriott Indianapolis Airport is open in Indianapolis. The hotel is owned by Blue Sky Hospitality Solutions led by President and CEO Naveen Shah. The 240-room hotel is near Indianapolis International Airport and eight miles from downtown Indianapolis. Other nearby attractions include Lucas Oil Stadium, The Indianapolis Zoo, the Indianapolis Children's Museum, Eli Lilly, Rolls Royce, Indiana University and Purdue University. The hotel has 5,193 square feet of meeting space, including a 4,370-square-foot ballroom and two smaller boardrooms. "This marks our second Delta Hotel in the Indianapolis marketplace, allowing for shared economies of scale and best practices," Shah said. "Our familiarity with the market and the brand will allow the hotel to ramp up quickly as Marriott continues the global expansion of Delta."

Home2 Suites by Hilton Cookeville in Cookeville, Tennessee, is now open. It is owned by NHK Hotels LLC and operated by Image Hotel Management, both led by Neil Patel as CEO. "On Aug. 14, 1986, Neil Patel, CEO and founder of Image Hotel Management, opened his first hotel, Executive Inn, in Cookeville," said Karen Patel, managing partner of Image Hotel Management. "Thirty-seven years later, we are delighted to open our Home2 Suites here and continue our partnership with Hilton Hotels." The 102-room hotel is near Tennessee Tech University, Cookeville Regional Medical Center, Cummins Falls, Burgess Falls, and Fall Creek Falls state parks, Image said in a statement. Hotel amenities include full kitchens, an indoor saline pool and a fitness center. The property includes a "backyard" with outdoor seating, a seasonal fire pit, pet pit stop, putting green, and yard games. The Cumberland Room offers 1,500 square feet of conference space with a spacious pre-function area and catering kitchen.

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.

BEST WESTERN HOTELS & Resorts is the most recent large hotel company to meet with AAHOA leaders over the association's 12 Points of Fair Franchising. The two parties discussed their ongoing relationship and the needs of the industry. Members of the Best Western team included Larry Cuculic, president and CEO; John Kelly, board chairman; Danny Lafayette, board vice-chairman; Phil Payne, board secretary-treasurer; and board directors Mike Merchant, Ishwar Naran, Viral "Victor" Patel and Stephen Wahrlich, according to AAHOA. Best Western has a portfolio of 19 brands, and approximately 4,500 hotels across all chain scale segments, and it joins G6 Hospitality, parent company for the Motel 6 and Studio 6 brands, in reviewing the 12 points. "Best Western Hotels & Resorts has been a longtime partner of AAHOA - a span of time that includes more than three decades - and we always welcome the opportunity to continue the dialogue for the betterment and prosperity of the entire industry," said Nishant "Neal" Patel, AAHOA chairman. "Our recent meeting underscores how open communication, collaboration, and partnership are key to maintaining a fruitful relationship that benefits both organizations and, ultimately, the industry as a whole."

HYATT HOTEL CORP. plans to acquire Dream Hotel Group's lifestyle hotel brands, including the Dream Hotels, The Chatwal Hotels and Unscripted Hotels brands, for approximately $300 million. The deal will add more than 1,700 rooms to Hyatt's lifestyle portfolio and increase Hyatt's room count in New York City by more than 30 percent. The acquisition includes a portfolio of 12 managed or franchised lifestyle hotels, with another 24 signed long-term management agreements for hotels expected to open in the future, Hyatt said in a statement on Nov. 29. The transaction, expected to close in the coming months, continues Hyatt's asset-light growth strategy following acquisitions of Two Roads Hospitality in 2018 and Apple Leisure Group in 2021. Post-acquisition, Hyatt will pay a base purchase price of $125 million, with up to an additional $175 million over the next six years. It would generate management fees of about $12 million a year on the first dozen hotels.

A GROUP OF InterContinental Hotels Group franchisees have filed a lawsuit against the company in connection with a cyber-attack that "significantly disrupted" its booking channels and other applications in mid-September. The lawsuit claims that IHG should have taken more steps to prevent the breach in light of warnings it received after a previous breach. IHG implemented a response plan, including notifying the relevant regulatory authorities, working with its technology suppliers and engaging external specialists to investigate the incident, according to the company. The breach affected IHG's reservations and customer care call centers, as well as internal systems, such as Merlin and the IHG Help Desk, according to a statement from AAHOA on the breach. The association said franchisees, including some of its members, saw a complete shutdown in guestroom bookings during this outage. On Sept. 15, several IHG franchisees filed a lawsuit against IHG in the U.S. District Court for the Northern District of Georgia Atlanta Division alleging the company should have done more to prevent the breach. The lawsuit references a similar breach the company experienced in 2017 as an example that IHG should have taken further steps to secure its system.

The Best Western Plus Brooklyn-Prospect Park is now in Brooklyn, New York. It is owned by Mahesh Ratanji and is near several major attractions. The 67-room property provides easy access to the area's top attractions, including Barclays Center, Flatbush Avenue, Luna Park, Brooklyn Bridge Park, Brooklyn Zoo, Brooklyn Museum, Brooklyn Botanic Garden, Brooklyn Brewery and many more. The hotel is also nearby popular Brooklyn neighborhoods like Brooklyn Heights, Williamsburg, Dumbo, Red Hook, Coney Island and Sheepshead Bay. The new construction hotel provides amenities including a 24-hour fitness center and a business center. The hotel guestrooms are designed in bright colors and has 55-inch flat-screen televisions, mini fridges and coffee makers. Free wireless internet is available throughout the property.