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Hospitality Financial Leadership: Moving Part 1
David Lund | November 23, 2020
By David Lund In the hotel business if you want to get ahead you better be ready to move. It’s the way in which you can multiply your opportunities and increase your chance for greater personal prosperity. That’s the way it was explained to me many years ago and it has certainly been my experience. On the flip side, moving is not easy and it can take its toll on you and the people in your relationships. One aspect of moving is the accumulated experience it allows you to gain. The work exposure as well as life itself. Learning how to survive and excel in different work environments and locations is seducing and intoxicating. Once you
Zoltan Payerli Appointed General Manager at Nobu Hotel Chicago
Nobu Hotel Chicago | November 23, 2020
CHICAGO, November 23, 2020 – Nobu Hotel Chicago proudly announces the appointment of Zoltan Payerli to General Manager. A Chicago native with more than 14 years of experience in the luxury hospitality industry, Payerli is poised to lead operations at Nobu Hotel Chicago, part of the thriving global luxury brand Nobu Hospitality and the first Midwest location. As general manager, Payerli is responsible for directing hotel operations while ensuring the exceptional Nobu Hotel standard of service and guest experience is maintained throughout. Under the appointment, Payerli has led the hotel through its 2020 opening, which culminated last month
The Middle East Hotel Construction Pipeline Continues to Decline
Lodging Econometrics | November 23, 2020
November 23, 2020 – PORTSMOUTH, NH - According to the latest published Construction Pipeline Trend Report for the Middle East, analysts at Lodging Econometrics (LE) state at the end of the third quarter of 2020, the hotel construction pipeline in the Middle East declined again to 579 projects/168,042 rooms. The Middle East’s pipeline is down 7% by projects and 6% by rooms year-over-year (YOY). This is the fifth consecutive quarter the pipeline has declined since reaching its cyclical peak by projects in Q2 2019. Projects currently under construction stand at 359 projects/117,274 rooms, down slightly from the peak projects and rooms
Access Point Financial Provides FF&E Financing for Aloft Omaha Aksarben Village
Access Point Financial | November 23, 2020
Recognized leader in hospitality-focused lending closes loan for the property’s furniture, fixtures, and equipment during construction OMAHA, Neb. - November 23, 2020 – Access Point Financial, LLC (APF), a leading direct lender and specialty finance company focused exclusively on the hospitality industry, today announced the completion of an agreement with Center 60 Hospitality to finance the furniture, fixtures and equipment at the recently built Aloft Omaha Aksarben Village in Omaha, Nebraska. Center 60 Hospitality sourced Access Point Financial to secure a $450,000 loan to finance the hotel's furniture, fixtures, and equipme
The Loyalty Question 2.0
Shep Hyken | November 19, 2020
By Shep Hyken If you have been following my work, you may remember something I refer to as The Loyalty Question. It goes like this: What am I doing right now to make sure the customer comes back the next time they need whatever it is we sell? Most people think customer loyalty is about a lifetime. That’s a pretty big goal—making a customer stay for a lifetime. But if you break it down into smaller parts—as in the next time—it becomes much easier. As you ask yourself the loyalty question, think about the next time every time. Eventually, it can become a lifetime. That question is still relevant, now more than ever, but le
Third-Quarter Brand Performance Update: Summer Helps Industry Gain From Q2 Shutdown Lows
Rod Clough | November 19, 2020
By Rod G. Clough Third-quarter results for public company brands showed marked improvement from the lows of the second quarter, which included widespread lockdowns, strict gathering restrictions, and extreme curtailing of corporate travel. Moreover, during this early-in-the-crisis period, the public at large was generally more willing to reduce or eliminate any travel plans and stay at home. As the summer took hold, COVID-fatigue began to sink in, and more and more travelers emerged from their homes to book vacation travel. More time could be spent outdoors, and restaurants and other leisure-related venues reopened with adjustments for COV
Caesars Entertainment and VICI Properties Complete Sale of Bally’s Atlantic City
Caesars Entertainment | November 19, 2020
NEW YORK - Caesars Entertainment, Inc. (NASDAQ: CZR) (“Caesars Entertainment” or “Caesars”) and VICI Properties Inc. (NYSE:VICI) (“VICI Properties” or “VICI”) today announced they have completed the previously disclosed transaction to sell Bally’s Atlantic City to Bally’s Corporation (NYSE: BALY), previously known as Twin River Worldwide Holdings Inc., for $25.0 million. The proceeds of the transaction were split 75% to VICI and 25% to Caesars, while the annual base rent payments under the Regional Master Lease between Caesars and VICI remain unchanged.
STR: U.S. Hotel Results for Week Ending 14 November
STR | November 19, 2020
HENDERSONVILLE, Tennessee—U.S. weekly hotel occupancy slipped further from previous weeks, according to the latest data from STR through 14 November. 8-14 November 2020 (percentage change from comparable week in 2019): Occupancy: 43.2% (-32.7%) Average daily rate (ADR): US$90.58 (-28.6%) Revenue per available room (RevPAR): US$39.11 (-52.0%) After ranging between 48% and 50% occupancy from mid-July into the later portion of October, the last three weeks have produced levels of 44.4%, 44.1% and 43.2%. Aggregate data for the Top 25 Markets showed lower occupancy (39.7%) but higher ADR (US$96.31) than all other markets.