Skip to content

Search

Latest Stories

Verakin Capital crosses $350 million investment milestone in first quarter

It currently has three projects underway in Atlanta, Nashville and Pittsburg, CA

Verakin Capital crosses $350 million investment milestone in first quarter

VERAKIN CAPITAL, A real estate investment group, exceeded its $350 million investment milestone in the first quarter of this year. The company has made collective investments in three hotel properties that are currently in various stages of development; the Moxy in downtown Atlanta, Georgia; Hampton Inn/Home 2 in downtown Nashville, Tennessee; and Courtyard by Marriott in Pittsburg, California, the company said in a statement.

Verakin, led by partners Rupesh and Bimal Patel and Hiten Suraj, is the lead developer of the Courtyard by Marriott, while the company is co-investing in the other two projects alongside RevPar Development and Emerge Hospitality Group, according to the statement.


RevPar Development is a privately-owned hotel development and management company on the East Coast, while Emerge Hospitality Group is a family-owned and -operated hotel ownership, development and management company.

“We are developing both on our own behalf and in joint ventures with like-minded investment groups,” Rupesh Patel said. “We are seeing that newer hotels and brands are faring better than their older counterparts as travel rebounds in many markets and segments. To help satiate our investment growth appetite, we will continue to seek best-in-class partners, such as RevPar Development and Emerge Hospitality Group, who have proven track records as credible institutional investors, developers and operators.”

The Moxy hotel in downtown Atlanta, will feature 181 rooms spread across 13 floors and is scheduled to open mid-2026 before the FIFA World Cup. The centrally located hotel will cater to both business and leisure travelers and will offer three food and beverage options, including a roof top bar and lounge with views of the Mercedes Benz Stadium.

In Nashville, Tennessee, the Hampton Inn/Home 2 hotel will consist of 223-rooms across a 17-story building. The hotel aims to open by mid-2026 and will have retail space, a coffee shop, a speakeasy cocktail lounge on the ground level, a garden terrace pool on the fifth level, a two-level parking deck, 12 levels of guest rooms and a rooftop lobby with a bar.

The Courtyard by Marriott in in Pittsburg, California, will incorporate 117 rooms and will be one of Marriot’s Courtyard Gen 4 prototypes. A standalone Starbucks is currently under construction in the hotel’s parking lot. The Courtyard by Marriott is expected to open in the spring of 2024.

“With these hotels, Verakin now has investments in more than $380 million in assets across the United States,” Patel said.  “While we are equally interested in acquisition opportunities in appropriate markets, we believe ground-up development also is necessary to grow a robust portfolio in today’s marketplace.  We are pleased that our strong relationships continue to be prosperous, and we look forward to expanding upon them as we also look to build our network."

Last year, Verakin partnered with Peachtree Hotel Group on its purchase of three hotels, the Home2 Suites Eugene Downtown University Area in Eugene, Oregon; the Aloft Hillsboro-Beaverton in Hillsboro, Oregon; and the Home2 Suites by Hilton Pittsburgh/McCandless in Pittsburgh.

More for you

Ramada Plaza Orlando's renovated South Tower with Roja design
Photo credit: Ramada Orlando

Ramada Plaza Orlando completes $7M renovation

What’s new at the Ramada Plaza Orlando after the renovation?

Ramada Plaza by Wyndham Orlando Resort & Suites in Orlando, Florida, recently completed a $7 million renovation of its South Tower. The renovated tower, with 164 guest rooms, reopened ahead of the launch of Universal’s EPIC Universe theme park.

Ramada Plaza Orlando is owned by MIC Hotel Corp., led by Swapnil Shah as president.

Keep ReadingShow less
Analyze competitive set data to boost revenue in the USA hospitality market

HotStats: Updated comp sets boost revenue

Why U.S. Hotels Must Regularly Update Their Competitive Sets

HOTELS SHOULD USE an updated competitive set to maximize revenue, control costs and maintain market position, according to HotStats. Those that fine-tune their comp sets consistently outperform others by using real-time insights to guide pricing, labor and revenue strategies.

The comp set should be reviewed at least once a year, HotStats wrote in a recent blog post.

Keep ReadingShow less
Ameyalli Park City by Appellation resort

Appellation, Chopra launch Utah retreat

Introducing Ameyalli Park City by Appellation

APPELLATION HOTEL BRAND co-founders Charlie Palmer and Christopher Hunsberger are working with wellness expert Deepak Chopra to launch a new branded hospitality concept, “Ameyalli Park City by Appellation”, near Park City, Utah. The 78-acre retreat, set to open in 2026 in Midway, will include an 80-key hotel, a wellbeing center and multiple dining venues.

The resort will feature the Ameyalli Center of Excellence, offering health and longevity programming based on Chopra’s seven pillars of wellbeing: emotional regulation, sleep, mindfulness, movement, relationships, nutrition and laughter. Appellation will operate the property.

Keep ReadingShow less
Hyatt CEO Mark Hoplamazian receives Cornell Icon Award and renews RiseHY youth hiring initiative in the hospitality sector

Hyatt’s Hoplamazian is Cornell Hospitality Icon

Who is the CEO of Hyatt and why was he honored?

Mark Hoplamazian, president and CEO of Hyatt Hotels Corp., received the Cornell Hospitality Icon of the Industry Award on June 3 in New York, recognizing his 18 years of leadership. The company also renewed its RiseHY commitment to hire 5,000 additional opportunity youth across the company and its hotels by the end of 2028.

The program provides employment access for individuals disconnected from the economy and supports their workforce participation through ongoing investment, Hyatt said in a statement.

Keep ReadingShow less
Hilton celebrates 1,000th luxury hotel milestone with global expansion

Hilton tops 1,000 luxury hotels

What are Hilton’s newest luxury hotel openings in the U.S.?

HILTON WORLDWIDE HOLDINGS Inc. recently opened its 1,000th luxury and lifestyle hotel globally, with nearly 500 in the pipeline, such as NoMad Detroit. The company plans to add more than 150 luxury and lifestyle hotels worldwide this year, including its first LXR Hotels & Resorts property in India.

It added more than 100 luxury and lifestyle hotels to its pipeline this year, following the NoMad and Graduate brand additions and a new partnership with Small Luxury Hotels of the World, Hilton said in a statement.

Keep ReadingShow less