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Will Ancillary Revenues Become Primary Revenues in the COVID Era?
Ajay Mehtani | May 6, 2020
By Ajay Mehtani HVS ANAROCK spoke about ancillary revenues in early 2019 and the concept of focusing on Revenue Per Square Feet at our HOPE conference again in Bengaluru in August last year – thus, initiating a dialogue with the industry on the concepts of Total Revenue Management. When the times are good, Ancillary Revenues seem very small and we let the opportunity pass by, as the effort does not add up to the return! Yes, any new product or innovation starts small. For instance, let’s take the example of the food delivery industry. Frost & Sullivan estimated the global food delivery industry to be worth $82 billion in terms o
A Crisis Management Framework to Leverage Your Housekeeping Department in COVID-19
Global Asset Solutions | May 6, 2020
By Alex Sogno With many hotels already closed, the first step of reacting to this crisis has been completed. This critical action hits pause on numerous cash outflows. Therefore, we suggest a financial restructuring framework [1] as a crisis response approach to look for what to do next. Now is the time to stabilize your employees, develop and implement your reopening plan to come out of these challenging times stronger than before. While often not at the forefront of hotel owners’ or asset managers’ minds, housekeeping is arguably one of the most important departments. After all, the housekeeping team takes care of the “houseâ€
The Carver Companies Provide Task Force Teams to Help Hotels With Re-Opening
the Carver Companies | May 6, 2020
ATLANTA, GA – May 6, 2020 – The Carver Companies, the hospitality infrastructure powerhouse, announced that their Carver Hotel Group division has re-opening teams ready to assist hotels preparing for business after being closed due to the pandemic. As the world of hospitality works towards re-opening, the hotel industry is anticipating the demand for Task Force consultants to be greater than ever. “At The Carver Companies, we want to let the hospitality arena know that we've spent the past six weeks preparing for the increased demand,†said The Carver Companies’ Chief Development Officer Charlene "Charley" Carter. “If your h
Majority of Corporate Travel Programs to Seek Lower Hotel Rates as COVID-19 Restrictions are Lifted
HRS | May 5, 2020
HRS Survey of Travel and Procurement Leaders Finds that 62 Percent See Opportunities for Rate Savings in 2020 and beyond, with 58 Percent Planning to Consolidate Hotel Suppliers COLOGNE, Germany -- May 5, 2020 --HRS today announced the results of its most recent Flash Survey of corporate travel program managers and procurement executives. The global survey, which ran from April 30 through May 4, gives the industry guidance on the delicate balance between hotel suppliers and managed travel programs as the business travel ecosystem looks towards recovering from the COVID-19 pandemic. Key findings from the survey: 62% of respondents f
MGM Resorts International Reports First Quarter Financial and Operating Results
MGM Resorts International | May 5, 2020
The health and safety of our employees, guests, and communities are our top priority The Company has proactively reduced its cash outflows to $270 million per month during closures, excluding MGM China and MGP, and is well-positioned given its strong liquidity and recent $750 million senior notes offering Sports Betting, Japan and Macau remain priority long-term strategic initiatives LAS VEGAS, May 5, 2020 -- MGM Resorts International (NYSE: MGM) ("MGM Resorts" or the "Company") today reported financial results for the quarter ended March 31, 2020. "The year started strong with results ahead of expectations, however the
Wyndham Hotels & Resorts Reports First Quarter 2020 Results
Wyndham Hotels & Resorts | May 5, 2020
Company Completes Amendment to Credit Facility Waiving Covenant Testing until Second Quarter of 2021 PARSIPPANY, N.J., May 5, 2020 -- Wyndham Hotels & Resorts (NYSE: WH) today announced results for the three months ended March 31, 2020. Highlights include: Diluted earnings per share increased 5% to $0.23, and adjusted diluted EPS decreased 4% to $0.50. Net income was $22 million for the first quarter, a 5% increase over the prior-year quarter; adjusted net income was $47 million, an 8% decrease over the prior-year quarter. Adjusted EBITDA decreased 4% compared with the prior-year quarter, to $107 million. System-wide roo
Marriott Raises $920M Through Amendments to Co-Brand Credit Card Agreements With JPMorgan Chase and American Express
Marriott International, Inc. | May 5, 2020
Marriott International, Inc. (“Marriott†or “the companyâ€) today announced it has signed amendments to its existing co-brand credit card agreements with JPMorgan Chase & Co. (“Chaseâ€) and American Express. These amendments will provide the company with $920 million of cash, further enhancing its liquidity, with $570 million coming from Chase and $350 million coming from American Express. The $570 million from Chase includes $500 million of prepayment of certain future revenues and $70 million from the early payment of a previously committed signing bonus under the co-brand credit card agreement. The $350 million from Americ
U.S. Travel Reacts to SBA Decision on EIDL Eligibility
U.S. Travel Association | May 5, 2020
WASHINGTON (May 5, 2020)—U.S. Travel Association Executive Vice President for Public Affairs and Policy Tori Emerson Barnes issued the following statement on the Small Business Administration's decision to reopen the Economic Injury Disaster Relief application portal only to agriculture-related businesses: "Excluding major segments of the economy from emergency relief funding not only hurts small businesses and workers, but jeopardizes the strength of the broader economic recovery." "Non-profit entities—such as destination marketing organizations and arts and culture groups—are essential for driving consumer demand to their region