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The Most Expensive Summer Destinations in the United States
August 6, 2020
Montauk, New York, an upscale village in Town of East Hampton, is the most expensive summer destination in the United States, according to the latest survey conducted by CheapHotels.org. The survey compared U.S. destinations based on the cost of lodging during August 2020. Only hotels or inns rated at least 3 stars and located close to the beach or in the city center were considered. Montauk topped the rankings at an average rate of $348 per night for the least expensive double room. Nantucket, a tiny island 30 miles south of Cape Cod, Massachusetts that is famous for lighthouses and dune-backed beaches, ranks second; and Long Beach Isl
Fitch Ratings: New Single-Borrower Hotel CMBS Ratings Unlikely Due to Sector Performance
Fitch Ratings | August 6, 2020
Significant hotel sector performance deterioration as a result of the coronavirus pandemic and recession make the assignment of ratings to new US commercial mortgage-backed securities (CMBS) single-asset single-borrower (SASB) hotel transactions unlikely at this time, Fitch Ratings says. The duration of the pandemic is uncertain, which limits the visibility of short-term performance and precludes the assignment of Stable Outlooks. Fitch discusses hotel sector pressures in its latest report New Ratings Unlikely for U.S. Single-Borrower Hotel CMBS due to Coronavirus-Related Volatility. A sustainable recovery in the lodging sector depends on
STR: U.S. Hotel Results for Week Ending 1 August
STR | August 6, 2020
HENDERSONVILLE, Tennessee—U.S. hotel performance data for the week ending 1 August showed slightly higher occupancy and room rates from the previous week, according to STR. 26 July through 1 August 2020 (percentage change from comparable week in 2019): Occupancy: 48.9% (-34.5%) Average daily rate (ADR): US$100.04 (-25.3%) Revenue per available room (RevPAR): US$48.96 (-51.1%) U.S. occupancy has risen week over week for 15 of the last 16 weeks, although growth in demand (room nights sold) has slowed. Aggregate data for the Top 25 Markets showed lower occupancy (41.4%) and ADR (US$97.58) than all other markets. Norf
STR: Canada Hotel Results for Week Ending 1 August
STR | August 6, 2020
HENDERSONVILLE, Tennessee—STR data for 26 July through 1 August 2020 shows a continued steady rise in Canada’s hotel performance but the same significant level of year-over-year declines. In comparison with the week of 28 July through 3 August 2019, the industry reported the following: Occupancy: -49.2% to 38.4% Average daily rate (ADR): -28.8% to CAD129.74 Revenue per available room (RevPAR): -63.8% to CAD49.86 Two provinces reached a 40% occupancy level: British Columbia (48.2%) and Manitoba (43.1%). Ottawa (37.2%), Edmonton (34.5%) and Vancouver (33.5%) were the only major markets at or above the 30% mark. The lo
The Kessler Collection Opens Grand Bohemian Hotel Charlotte, North Carolina
The Kessler Collection | August 6, 2020
CHARLOTTE, N.C., Aug. 5, 2020 - The Kessler Collection, a portfolio of 11 artistically-inspired boutique hotels, debuts its second property in North Carolina with the opening of Grand Bohemian Hotel Charlotte today, August 5, 2020. Located in the heart of uptown Charlotte, the highly anticipated 254-room hotel takes center stage as the area's newest luxury icon, boasting 32 suites, a Poseidon Spa, versatile outdoor and indoor event spaces, Starbucks Coffee shop, vibrant art collection curated by Richard C. Kessler, executive lounge, open-kitchen restaurant, fast-casual eatery and rooftop bar providing unparalleled views of the 'Queen City.'
Hilton Reports Second Quarter 2020 Results
Hilton | August 6, 2020
MCLEAN, Va. - Hilton Worldwide Holdings Inc. ("Hilton" or the "Company") (NYSE: HLT) today reported its second quarter 2020 results. The following results reflect the material impact that the novel coronavirus ("COVID-19") pandemic had on Hilton's business. Highlights include: Diluted EPS was $(1.55) for the second quarter, and diluted EPS, adjusted for special items, was $(0.61) Net loss was $432 million for the second quarter Adjusted EBITDA was $51 million for the second quarter System-wide comparable RevPAR decreased 81.0 percent on a currency neutral basis for the second quarter from the same period in 2019 Approved 18,4
Hotels to Healthcare (H2H) Medical Travel in India: A Cost Comparison of Procedures With the United States
August 6, 2020
By Fred DeMicco, Jackie Guzman Introduction Medical Tourism is traveling to another country to receive medical care or treatment. There are many different reasons why one might do this, such as to save money or to seek a treatment that is not available in one’s home country. Immigrants sometimes return to their country of birth for a medical procedure because they feel more comfortable there or because they have family there that will help them during the recovery process. Medical tourism is a growing industry and in 2017 alone, between 14 and 16 million people traveled outside their home country to receive a medical treatment. It i
To Capitalize or Expense? The Answer Isn’t Always Clear
Arlene Ramirez | August 6, 2020
By Arlene Ramirez A quote in the 2008 novel “Paper Towns” by John Green reads: “The rules of capitalization are so unfair to words in the middle of a sentence.” This droll observation is not at the crux of this blog — well, not that kind of capitalization — but it may be similarly comic for those in financial accounting within the hospitality industry. Many times, what to capitalize and what to expense in the hospitality industry is unclear: The rules can seem as complicated as a student’s first grammar course. As it turns out, it does not have to be this way. Though there are no special rhymes or mnemonics like there a