Mehulkumar B. Patel
About Mehulkumar B. Patel
Independent director since 2022 (age 49 as of the 2025 annual meeting), appointed upon substantial completion of INN’s acquisition of a 27‑property portfolio from NewcrestImage, where he is Chairman and CEO . He previously served as the youngest-ever Chairman of AAHOA (2013–2014), sits on multiple hotel brand councils (Hyatt Place/Hyatt House; Hampton Inn & Suites), and is an owner and director of American Bank (North Dallas). He holds a degree in Computer Information Systems from the University of Texas at Arlington .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Asian American Hotel Owners Association (AAHOA) | Chairman | 2013–2014 | Industry leadership; youngest chairman in AAHOA history |
| La Quinta Brand Council | Member | Prior to 2013–2014 (not specified) | Brand governance input for franchise owners |
| IHG Owners Association | Member | Prior to 2013–2014 (not specified) | Owner advocacy, operating standards engagement |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| NewcrestImage (privately owned) | Chairman & CEO | 2013–present | Dallas-based firm formed to combine Newcrest Management and Image Hospitality |
| American Bank (North Dallas) | Owner; Director | Current | Community bank board service |
| Hyatt Hotels Corp. | Brand Councils (Hyatt Place, Hyatt House) | Current | Advisory to franchisor brands |
| Hilton Worldwide | Brand Council (Hampton Inn & Suites) | Current | Advisory to franchisor brand |
Board Governance
- Independence: Board determined Patel is independent under NYSE and SEC standards .
- Committee assignments: None (current committee rosters exclude Patel) .
- Attendance and engagement: In 2024, each director attended at least 75% of aggregate Board and assigned committee meetings; Board met 10 times (4 in person, 6 via video), with regular independent-director executive sessions .
- Board diversity/structure context: 88% of nominees independent; CEO is sole management director; three fully independent committees; annual majority voting; director resignation policy for uncontested elections .
Fixed Compensation
| Component (2024) | Amount | Detail |
|---|---|---|
| Annual cash retainer | $60,000 | Standard non‑employee director retainer |
| Committee membership fees | $0 | Not a member of any committee in 2024 |
| Committee chair fees | $0 | Not a committee chair |
| Meeting fees | $0 | Retainer-only design; no meeting fees |
| Equity grant (fully vested shares) | 18,213 shares; $109,642 grant-date fair value | Granted May 28, 2024; fixed-value ~$110,000 divided by 10‑day VWAP; fully vested at grant |
Program features:
- Directors may elect to receive cash fees in stock; none did so in 2024 .
- Share ownership requirement: 5× annual cash retainer; Company states all non‑employee directors are at or above required level .
Performance Compensation
| Performance-linked elements for directors | Status |
|---|---|
| Annual incentives tied to metrics | Not applicable for directors; INN pays directors via retainer and full‑value equity (immediate vesting) |
| Options/PSUs/RSUs (director) | None; Company does not grant option-like awards and directors held no options/RSUs in 2024 |
Other Directorships & Interlocks
| Type | Organization | Role/Interlock Detail |
|---|---|---|
| U.S. public company boards | None | INN proxy indicates no other U.S. public boards for Patel |
| Private company board | American Bank | Owner and director (North Dallas community bank) |
| Industry bodies/brand councils | Hyatt Place/Hyatt House; Hampton Inn & Suites | Active brand council service; prior La Quinta Brand Council and IHG Owners Association |
| Ownership interlock (major holder link) | Bright Force Investment, LLC (wholly‑owned subsidiary of NewcrestImage Holdings) | Beneficial owner of ~1.6M shares and ~12.94M OP units; NewcrestImage affiliation provides a network link between Patel’s employer and a major INN holder |
Expertise & Qualifications
- Hospitality real estate operator with portfolio acquisition/disposition experience; long-standing brand governance roles .
- Former AAHOA Chairman; multi-brand council perspectives on franchise standards and owner economics .
- Technology background (Computer Information Systems, UT Arlington) .
Equity Ownership
| Item | Detail |
|---|---|
| Total beneficial ownership | 525,570 shares; “less than one percent” of outstanding shares |
| Ownership structure | Includes 479,295 shares held through a family company; Patel disclaims beneficial ownership except to extent of pecuniary interest |
| Shares pledged as collateral | None; anti‑pledging policy states no director or executive officer has pledged securities |
| Ownership guidelines compliance | Each non‑employee director at or above 5× cash retainer per board disclosure |
Governance Assessment
- Independence and board role: Patel is independent and not on audit/comp/nom‑gov committees, limiting direct influence over pay, audit, and nomination processes—neutral for board effectiveness .
- Attendance/engagement: Met minimum engagement standard (≥75%); Board and committees held robust meeting cadence with independent executive sessions, supporting oversight quality .
- Ownership alignment: Holds meaningful equity; Company asserts directors meet rigorous ownership guideline (5× retainer); no hedging/pledging permitted, reinforcing alignment .
- Potential conflicts and related-party exposure:
- Affiliation with NewcrestImage (Chairman/CEO); Bright Force (NewcrestImage subsidiary) is a major beneficial owner via common stock and OP units, creating an interlock that investors should monitor for transaction approvals and capital allocation decisions .
- Company’s related‑person framework places such transactions under Nominating & Corporate Governance Committee review; INN reported no related‑person transactions in 2024, mitigating immediate conflict risk .
- Brand council roles with major franchisors (Hyatt, Hilton) indicate industry ties; while valuable for market insight, these are supplier-adjacent relationships to monitor for impartiality when negotiating brand standards or property economics .
- RED FLAGS to watch:
- Ongoing influence of a significant holder (Bright Force/NewcrestImage) in governance or strategic transactions; ensure continued strict adherence to related‑party policies and independent committee oversight .
- Any future transactions between INN and NewcrestImage or affiliates should be scrutinized for fairness and process integrity under Item 404 and INN’s related‑person policy .
Overall signal: Independent status, attendance, and strong ownership alignment are positives. The NewcrestImage/Bright Force linkage is the key governance sensitivity; current disclosures show no related‑party transactions in 2024 and robust committee oversight, but investors should continue monitoring transaction processes, committee composition, and voting outcomes for signs of entrenchment or conflicts .