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Prithvi Raj Singh Oberoi, also known as 'Biki,' a stalwart of Indian hospitality and chairman emeritus of the Oberoi Group, passed away on Nov. 14 at the age of 94. Oberoi served as the executive chairman of EIH Limited, the flagship company of the Oberoi Group, and as the chairman of Oberoi Hotels Private Limited, the major shareholder of EIH Limited. "It is with profound grief and sorrow that we wish to inform you of the peaceful passing of our beloved leader, P.R.S. Oberoi, chairman emeritus earlier today," the Oberoi Group said in a statement. "His passing is a significant loss for the Oberoi Group and the hospitality industry in India and overseas." Oberoi is acknowledged as a key figure in the Indian hotel industry, contributing to the globalization of Oberoi hotels by establishing a presence in major cities. He received notable accolades, including the Padma Vibhushan, India's second-highest civilian honor, awarded in January 2008 for exceptional service to the country.

U.S. EXTENDED-STAY hotels registered an increase in occupancy and ADR in the first quarter of this year, according to hotel investment advisors the Highland Group. Record high demand, low supply growth and rising overall ADR are driving the strong performance. Economy and mid-price extended-stay hotels recovered RevPAR to their nominal 2019 values and the former is leading the recovery, the U.S. Extended-stay Hotels: First Quarter 2022 report said. However, the upscale extended-stay segment is lagging the overall recovery but reporting slightly better recovery performance as demand is at an all-time high, the report added. "there were 564,257 extended-stay hotel rooms open at the end of the first quarter. However, the 17,165 net gain in rooms open over the last year was the lowest annual increase since 2014, excluding 2020. Room nights available increased 3.1 percent over 2021, but supply growth dropped 50 percent from 2016 across all three segments," the report said.

The Hiatus Clearwater Beach, Curio Collection by Hilton is now open in Florida. 3H Group Inc., led by Hiren Desai as president and CEO, is The owner of The property, while hotel management firm LBA Hospitality will manage The operations of The beachside hotel. The 88-room boutique-style hotel is The first Curio property to join The LBA portfolio and expands The partnership between LBA Hospitality and owner/developer 3H Group, The companies said in a joint statement. "In January 2022, when LBA took over management of The 3H portfolio of hotels, I thought I would take a little break," said Desai. "I told my family and colleagues I was going to take a little hiatus, and They had different ideas in store for me. My broTher, Nick Desai-also a co-owner of 3H Group-said, 'You can take a hiatus, but take it in Clearwater Beach.'" New York City-based Celano Design Studio Co. designed The Hiatus' interior, The statement added. Guestrooms and suites feature balconies with Clearwater Beach views, while The seventh-floor rooftop restaurant and reception area offer Gulf and beach vistas.

MOST ECONOMY AND MID-PRICE extended-stay hotels' performance in September was down compared to August, according to a report from hotel investment advisors The Highland Group. However, The bottom-up recovery and room supply distribution geographically are hindering The upscale segment's recovery. Relative to oTher classes of hotels, mid-price extended-stay hotels recorded The largest gain in September, The U.S. Extended-Stay Hotels Bulletin: September 2021 report said. Occupancy, ADR and RevPAR indices for upscale extended-stay hotels were about The same in September as in August but The decline in absolute ADR resulted in The segment's revenue recovery falling below 95 percent. Economy and mid-price segments both reported about a three-point gain in ADR recovery index in September compared to The month before. The upscale segment's ADR remained unchanged, The report said. "The mid-price extended-stay segment's gains in both ADR and occupancy pushed it slightly ahead of The upscale segment in terms of RevPAR growth. Because The overall hotel industry lost far more RevPAR than extended-stay hotels, its RevPAR growth in September 2021 compared to last year was 85 percent more than extended-stay hotels," The report added.

HOTEL CONSTRUCTION DROPPED in December, falling 61,000 rooms below the peak reached in early 2020, according to STR. the number of projects under construction and in final planning is particularly down from the same time last year while many more are in the planning phase. there were 158,906 rooms in the construction phase in December, down 19.2 percent from the same month in 2020, according to STR. there were 185,231 rooms in final planning, down 20.6 percent from 2020, but there were 284,502 rooms, up 38.9 percent from the previous December. "This past year was the second in a row with far fewer rooms in construction and final planning, but the rise in planning activity could be an indicator that the pandemic's impact on the pipeline will be different than what we saw during the Great Recession," said Alison Hoyt, STR's senior director of consulting. "During the previous recession, construction declines persisted from 2008 through 2010, but with massive jump in planning today, the construction downturn may not last as long as more rooms advance to later phases of the pipeline."

U.S. HOTELS HIT a new Thanksgiving holiday performance record in the fourth week of November, according to STR. All performance metrics were up during the week when compared to same period in 2019. Occupancy was 53 percent for the week ending Nov. 27, down from 59.7 percent for the week before and an increase of 4.6 percent from the same Thanksgiving period two years ago. ADR for the week was $128.41, up from $126.66 the week before and increased 14.3 percent when compared to two years ago. RevPAR decreased to $68 for the week from $75.60 the week before but increased 19.6 percent for the same period in 2019. Among STR's top 25 markets, Dallas saw the largest occupancy increase during the fourth week, up 12.2 percent to 54.8 percent, over the same period two years ago. Phoenix reported the largest ADR increase when compared to 2019, up 35.1 percent to $143.30. Oahu Island experienced the steepest occupancy decline, down 25.3 percent to 58.5 percent over 2019.

MOST RECOVERY INDICES of U.S. extended-stay hotels declined slightly in October compared to the month before, according to hotel investment advisors Highland Group. Economy extended-stay hotels continue to lead the RevPAR recovery during the month with a 20 percent gain over the same period two years ago. the mid-price segment has more than recovered RevPAR every month since July and upscale extended-stay hotels continue to lag mainly due to the relatively high concentration of rooms in urban locations, according to "U.S. Extended-stay Hotels Bulletin: October 2021" report from to the Highland Group. According to the report, the 4 percent increase in extended-stay room supply in October was the lowest monthly gain in 2021. Mid-price and upscale supply growth should be well below pre-pandemic levels in the near future as the impact to supply growth from reopening hotels closed during the pandemic is almost over, the report added. the recent Highland Group report said that U.S. extended-stay hotels saw all-time highs in third quarter.

THE FIRST TWO months of 2022 saw up and down performance by Baird/STR Hotel Stock Index, according to STR. In January, THE index sank, THEn in February it rose again, regaining lost ground. In January, THE index dropped 3.8 percent after rising 12.7 percent in December. THE index still outperformed both THE S&P 500, which dropped 5.3 percent that month, and THE MSCI US REIT Index, which dropped 7 percent. THE hotel brand sub-index fell 4.3 percent from December and THE hotel REIT sub-index declined 2.2 percent. "Despite THE significant stock market volatility to start THE year, both THE hotel brands and hotel REITs outperformed THEir respective benchmarks in January, which continued THE momentum from THE end of 2021," Michael Bellisario, senior hotel research analyst and director at Baird, said at that time. "Positively, Omicron-related concerns are slowly subsiding, and investors are looking forward again. At THE same time, leisure demand remains robust, optimism regarding a more normalized travel environment is building, and THE broader growth-to-value rotation has benefitted hotel stocks as inflation pressures remain front and center."

WHEN IT COMES to growing hotel revenue, size does not matter. Economy hotels and micro-inventory properties are experiencing one of the biggest booms in recent years, thanks partly to a massive resurgence in small group travel, changing economic trends, and the staying power of global "return to travel". CBRE noted economy and midscale hotels recovered to 2019 performance levels by 2021, and properties with fewer rooms may benefit from lower operating costs when compared to their big-box brethren-though they also tend to have fewer resources with which to hire revenue professionals. Revenue managers are driving the charge for better operating returns. Many are taking the lessons they learned from their success at larger hotels and applying these truths to the industry's smaller properties. these revenue managers leverage new technology and strategies, options that small hotels with smaller, cross-functional staff haven't fully embraced. However, competition among economy hotels and properties tends to be fierce, requiring new action, especially with recent economic pressures and a downward 2023 RevPAR forecast of 0.2 percent in recent data shared by Tourism Economics . Modern revenue management practices and technology can provide these hotels with many benefits and significant competitive advantages. Small hotels need to avoid the erratic rate shifts of the past and capitalize on new trends as they emerge. By embracing strong revenue management systems and discipline in these properties, operators can realize greater control over a typically inconsistent space. Room Enough for Revenue the most common misconception about revenue management's place in hospitality is that it is the domain of large or full-service hotels. This is simply not the case today. No two hotels are the same, in practice, with key differences always existing between the layout of a property, its location, third-party partnerships, and so on. Every hotel has different revenue pot

HILTON RECENTLY DONATED nearly $500,000 to support local relief efforts in response to the wildfires that consumed more than 2,500 acres of land and took the lives of over 100 residents in Maui, Hawaii. the new donation supplements the $325,000 previously pledged by Hilton, the Hilton Global Foundation and members of the broader Hilton community since early August, the company said in a statement. At a recent gathering in Las Vegas, more than 9,000 Hilton hotel sales and operational leaders from Focused Service and All Suites brands across the Americas raised nearly $175,000 for Maui relief efforts, Hilton said. the donations will benefit the Hawaii Community Foundation's Maui Strong Fund and United Way Maui. the company has been operational in Hawaii for more than 60 years, the statement added. "Hilton stands in solidarity with the people of Maui and the Hawaiian community," said Katherine Lugar, executive vice president of corporate affairs at Hilton. "Lahaina holds a special place in our hearts, and we're dedicated to aiding our team members and relief efforts in every possible manner. the collective efforts of our team members, hotel owners, community partners, and guests have been truly inspiring. Our thoughts remain with those in Maui."

REAL ESTATE INVESTMENT competition She Has a Deal 2022 SHaDPitch Today's Woman competitor Amina Gilyard James recently acquired the Quality Inn in the Raleigh neighborhood of Memphis, Tennessee. James said the competition prepared her company for the acquisition. the 70-room hotel is near downtown Memphis, Beale Street and AutoZone Park, home of the Triple-A Memphis Redbirds and the Memphis International Airport, according to SHaD. Amenities in the property include a business center and indoor heated pool and hot tub. James' firm Duke Ventures plans to invest $500,000 to refresh the property with new paint, FF&E and additional cosmetic improvements. "the SHaDPitch competition and its curriculum provide an invaluable inside look at the hotel industry," James said. "It provided a roadmap and extensive network that gave me foundational knowledge of the hotel acquisition and ownership space. SHaD prepared my company, Duke Ventures LLC, to make the smartest investment possible. We're proud of the deal we made and optimistic about what the future holds for this property and our investors."

AS MANY AS 60 percent of Americans are likely to stay in hotels this year, more than last year, according to two surveys commissioned by the American Hotel & Lodging Association. the survey findings apply to business and leisure travelers, with most saying they are travelling as much as or more than they did pre-pandemic. Hotels are the top lodging choice among travelers for business and leisure in the next three months, the new national Hotel Booking Index survey research commissioned by AHLA and conducted by Morning Consult has revealed. According to the surveys, conducted on Dec. 16 to 19 and Dec. 28 to Jan. 2, 52 percent of adults would choose to stay in hotels in the next three months, while 76 percent of potential business travelers would be most likely to stay in a hotel during the same period. Besides, business travelers indicate that nearly 70 percent of their employers have either returned to the pre-pandemic normal or increased amounts of business travel. the survey said that 51 percent of business travelers said that share of employees expected or encouraged to travel for work is now the same as before the pandemic, while another 20 percent said it's more than before. About 53 percent of business travelers said that the average length of business trips is now the same as before the pandemic, while another 20 percent said it's more than before.

THERE WAS A slight dip in U.S. hotel performance in THE fifth week of July compared to THE week before, which was THE traditional summer travel peak, according to STR. Performance metrics for hotels were lower during THE week compared to THE week before, but higher when compared to 2019. Occupancy was 71.9 percent for THE week ending July 30, down from 72.8 percent THE week before and dropped 3.8 percent from 2019. ADR was $158.32 for THE week, a slight dip from $158.79 THE week before and increased 18.3 percent from three years ago. RevPAR reached $113.90 during THE week, down from $115.59 THE week before and up 13.9 percent from 2019. Nashville reported THE largest occupancy increase during THE post summer travel peak week, up 4.2 percent to 77.8 percent, over 2019 among STR's top 25 markets. THE highest occupancy were in San Diego (87.4 percent), Boston (85.5 percent), and Oahu Island (85.3 percent) during THE week under review.

DALLAS LEADS THE U.S. hotel construction pipeline for THE fourth consecutive quarter, according to Lodging Econometrics. Among brands, Marriott International led THE pipeline. Dallas had a record 173 projects with 20,707 rooms in THE second quarter of this year, followed by Atlanta with 140 projects containing 18,131 rooms, Los Angeles with 124 projects with 20,365 rooms, New York, with 113 projects with 19,238 rooms and Phoenix with 108 projects containing 14,964 rooms, Marriott had 1,355 projects with 167,034 rooms, up 4 percent by projects year-over-year, tops THE pipeline during THE period. THE Q2 2022 U.S. Construction Pipeline Trend Report said that major markets and popular tourist destinations in THE U.S. reported highest occupancy rates since THE pandemic began in early 2020 in THE second quarter mainly due to robust leisure travel, group, and international travel. New York City with 78 projects with 13,063 rooms, Atlanta with 25 projects containing 3,905 rooms, Dallas with 25 projects with 3,725 rooms, Phoenix with 23 projects with 4,955 rooms and Los Angeles with 22 projects with 3,606 rooms are THE top five markets with THE most projects under construction during THE end of June. THEy account for 22 percent of rooms under construction in THE U.S.

BANYAN INVESTMENT GROUP recently acquired the Castle Hotel, part of the Autograph Collection by Marriott, in Orlando, Florida. the hotel recently underwent an $8.2 million renovation on its guestrooms, public spaces and exterior. the 213-room hotel is on Universal Boulevard near the city's key attractions, Disney's Magic Kingdom and Universal Studios, according to Atlanta-based Banyan, led by Rakesh Chauhan, managing partner and CEO. Also nearby is the site of Epic Universe, a 750-acre, $1 billion theme park expected to open in 2025, which will be the largest Universal Park in the U.S. and second largest globally. the Castle Hotel, which is designed to look like a medieval fortress, also is close to the 270-acre Lockheed Martin regional headquarters that employs 8,000 people. Also nearby are the Orlando International Airport, including the recently opened $2.8 billion, 15-gate international Terminal C, as well as the Orlando Convention Center. Brightline High Speed Rail plans to open two stations in the area.

ALL PERFORMANCE METRICS of U.S. hotels improved in the fourth week of July and RevPAR reached an all-time high on a nominal basis during the week, according to STR. Occupancy was the highest since early August 2019 in the week. Occupancy was 72.8 percent for the week ending July 23, up from 72 percent the week before and dropped 6 percent from 2019. ADR was $158.79 for the week, up from $157.23 the week before and increased 16.4 percent from three years ago. RevPAR reached $115.59 during the week, up from $113.28 the week before and increased 9.3 percent from 2019. Among STR's top 25 markets, Orlando reported the only occupancy increase, up 2.2 percent to 81.8 percent, over 2019. San Diego (87.1 percent) led the markets in absolute occupancy during the week, followed by Oahu Island (86.2 percent) and Seattle (85.7 percent). San Diego also posted the largest ADR gain, increased 40.5 percent to $286.50, over 2019.

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."

ATLANTA-BASED EV Hotels, a new technology-centric hotel brand founded by Ken Patel, has partnered with Spanish firm CLERHP to construct a luxury resort in the new Larimar City & Resort project in Punta Cana, the Dominican Republic. the 400-room hotel will be built on an area of nearly eight acres, the company said in a statement. Larimar City & Resort will be on the Promenade on the Farrallón de Verón, which has a view of Punta Cana, said Leonardo Padron Hermes, CEO of Blacklions International Group, a company associated with CLERHP in the development of real estate projects in the Dominican Republic. the area includes restaurants, clubs, shops and an 18-hole golf course. "After many years of working behind the scenes to develop a hotel brand that both innovates and revolutionized the industry, it is truly rewarding to now see EV make an impact across the globe. And believe me, we are just getting started," Patel said. "Larimar City & Resort will be one of the best tourist attractions around the globe and our team at EV is excited to be part of this Smart-City. Growth doesn't come with a single action. It is the consequence of persistence, courage, and hard work. What we are accomplishing here is to create an experience that brings hospitality back and gives it life again. Innovation is a team sport."

HOTEL INVESTMENT AND management company Banyan Investment Group announced the initial closing of $20 million Banyan Lodging Enhanced Value Fund, also known as BLEV or "Believe." the fund gives investors an opportunity to purchase hotels that have been impacted by the COVID-19 pandemic, a statement said. the group said that the first Closing delivered more than half of capital sought to acquire pandemic-impacted hotels. According to prospective investors, BLEV will reach its $35 million hard cap early next year, well before the formal end of its offering period. "the hospitality industry continues to reel from the COVID pandemic and its uneven recovery, and many markets continue to suffer from a sustained, record decline in hotel performance, a lack of liquidity in the capital markets and value dislocation," said Andy Chopra, managing partner and CIO at Banyan Investment Group. "We believe the impact caused by the pandemic has created a number of investment opportunities, ranging from newer assets selling at below replacement costs to discounts resulting from owners facing liquidity crises. BLEV will take advantage of these prevailing headwinds as we move further into a post-pandemic world." the fund will be used to form joint venture partnerships with institutional investors and/or syndicates of retail investors, with a total investible equity in the range of $350,000,000. the BLEV will focus on high-barrier-to-entry hotel locations, targeting properties with significant discounts and expects to deliver superior, risk-adjusted returns for investors when the hospitality industry re-stabilizes.

NOBLE INVESTMENT GROUP recently acquired two hotels in Savannah, Georgia. The hotels are The Hampton Inn Savannah Historic District and Holiday Inn Express Savannah Historic District. Chattanooga, Tennessee-based Noble, led by Mit Shah as CEO, acquired The hotels because of Their position in Savannah's historic district. The city recently was named Travel + Leisure magazine's No. 3 Top City in The U.S. and included on TIME's list of The World's Greatest Places of 2021. The 7-floor, 143-room Holiday Inn Express has 2,765 square feet of meeting space, a rooftop pool and The Port Royal Tavern in The lobby. The 147-room Hampton Inn has an outdoor pool, a fitness center and a business center. In The historic district, The hotels are near museums, historic landmarks, mansions, and monuments from The Revolutionary and Civil War eras. Both hotels are on East Bay Street across The Savannah River from The Savannah Convention Center and River Street shopping and entertainment area.