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Marriott Results Illustrate Competence, Says GlobalData
GlobalData | May 12, 2020
Following the recent announcement of Marriott’s Q1 results; Ralph Hollister, Analyst, Travel & Tourism at GlobalData, a leading data and analytics company, offers his view on the situation: “Marriott significantly missed already lowered estimates for first-quarter profit. Alike its competitors, bookings plunged in the later stages of Q1 as restrictions on movement became more draconian around the globe. Factors that contributed to the loss that were specific to Marriott included guaranteed reserves of $148m, as well as impairment charges and bad-debt expenses. “Although adjusted earnings of $0.26 per share severely lagged e
Duetto Launches Enterprise Rate Guidelines Feature for Hotels
Duetto | May 12, 2020
San Francisco, May 12, 2020 — Duetto, hospitality's innovative software as a service provider of revenue strategy solutions, has introduced several new features to its GameChanger pricing application. Designed by and for hoteliers, the new add-ons have been specifically built to answer the needs of hoteliers trying to gear up for re-opening or a resumption of business after running on low occupancies in recent months. The two new features have been developed to enable revenue leaders to centralize control over their revenue strategy, while still empowering properties with pricing flexibility for their localized strategy. Enterprise
As You Re-Open Your Hotels, Clear Sky Software’s Housekeeping Inventory System Can Help
Clear Sky Software | May 12, 2020
CHARLOTTE, North Carolina – May 12, 2020 – Clear Sky Software, Inc. – The Hotel Industry is experiencing the most difficult business environment in our lifetime so keeping a watch on your bottom line will be important like never before. As you prepare to re-open your hotels, an increased dedication to safety and cleanliness is going to be your focus. Hotels who fail to do this will not give guests the confidence they need to return to your properties. The housekeeping department is going to be front-and-center in this objective. Without a good housekeeping inventory system, you risk running out of cleaning products you need or ordering
Hospitality Financial Leadership: Chapter 7 – Lunch
David Lund | May 11, 2020
By David Lund The chapter below is an excerpt from my new book. It’s fiction but some of the characters and story lines are based on people I have worked with and events that have taken place in the hotels I have worked in. The book is a fable about a hotel manager who has some very bad habits. He must change in order to survive and the book takes him and you through the lessons needed to be a great hospitality financial leader. I’m writing ahead each month so I’m not sure how the book will end. I hope you enjoy it and if you missed any earlier chapters you can find them on my website blog tab. I have had lunch with Cedrick tw
Crisis Management for the Pandemic and Beyond
Anne Sweeney | May 11, 2020
By Anne Sweeney Anne Sweeney gained experience in crisis management through her work in corporate communications at Pan American World Airways. I saved the world today. Everybody’s happy now, the bad thing’s gone away. — The Eurythmics It’s called crisis management and damage control — not make the bad thing go away. From major corporations with high-powered communications staffs to the boutique or restaurant on the corner, businesses are struggling to deal with the cataclysmic effects of COVID-19. This global disaster, made profoundly more dangerous by a lack of preparedness, misinformation, coverups, lies and politicizat
Choice Hotels International Reports 2020 First Quarter Results
Choice Hotels | May 11, 2020
97% of domestic hotels remain open; Choice Hotels' brands experience RevPAR index gains versus competition in Q1 and April ROCKVILLE, Md., May 11, 2020 -- Choice Hotels International, Inc. (NYSE: CHH), one of the world's largest lodging franchisors, today reported its results for the three months ended March 31, 2020. "The safety and well-being of guests, franchisees and associates is our top priority during these challenging times. We sincerely thank those who have been working to keep all of us safe through the COVID-19 crisis, particularly healthcare workers and first responders. The strength of our brands and dedication of our fr
Canada’s Hotel Construction Pipeline Remains Strong With Double Digit Increases Year-Over-Year*
Lodging Econometrics | May 11, 2020
May 11, 2020 – PORTSMOUTH, NH - Analysts at Lodging Econometrics (LE) report that at the close of the first quarter of 2020, the total construction pipeline in Canada remains strong with 304 projects and an all-time high of 40,291 rooms. The construction pipeline is up an impressive 15% by projects and 22% by rooms, year-over-year (YOY). A driving force of the pipeline’s double-digit growth is the surge in projects in the early planning stage at an all-time high of 103 projects/15,964 rooms, up 29% and 41% YOY, respectively. Projects under construction, also at record highs, are at 101 projects/12,563 rooms, up 9% by projects and 20%
Hotel Asset Management – In Good Times and Bad
Hank Fonde | May 11, 2020
By Hank Fonde The practice of asset management for hotels entering the third decade of the 21st Century has evolved into an intricate process of analyzing layers of data and operating results, and then acting based upon the conclusions. The process requires great focus. Asset management is the practice of managing the value of the owner’s investment. And now that process becomes more urgent, but also more important than ever before. When we began writing this article, it seemed that a relevant analogy would be to create a theme based on the year 2020 with perfect vision on increasing asset value. What a convenient theme that would ha