Four Trends for Beyond Revenge Travel 2.0
Larry and Adam Mogelonsky | March 2, 2022
Although Pre-Pandemic Profitability Will Remain Elusive, the Industry Will Make Strides Toward Recovery in 2022
Fran Worrall | January 5, 2022
Coronavirus
Wynn Resorts, Limited Reports First Quarter 2020 Results
| May 7, 2020
LAS VEGAS--May 7, 2020--Wynn Resorts, Limited (NASDAQ: WYNN) (the "Company") today reported financial results for the quarter ended March 31, 2020. Operating revenues were $953.7 million for the first quarter of 2020, a decrease of 42.3%, or $697.8 million, from $1.65 billion for the first quarter of 2019. Net loss attributable to Wynn Resorts, Limited was $402.0 million, or $3.77 per diluted share, for the first quarter of 2020, compared to net income attributable to Wynn Resorts, Limited of $104.9 million, or $0.98 per diluted share, in the first quarter of 2019. Adjusted Property EBITDA (1) was $(5.3) million for the first quarter of 20...
Hilton Reports First Quarter 2020 Results
Hilton | May 7, 2020
MCLEAN, Va. - Hilton Worldwide Holdings Inc. ("Hilton" or the "Company") (NYSE: HLT) today reported its first quarter 2020 results. The following results reflect the material impact that the novel coronavirus ("COVID-19") pandemic had on Hilton's business, the effects of which were not significant until March 2020. Highlights include: Diluted EPS was $0.06 for the first quarter, and diluted EPS, adjusted for special items, was $0.74 Net income was $18 million for the first quarter Adjusted EBITDA was $363 million for the first quarter System-wide comparable RevPAR decreased 22.6 percent on a currency neutral basis for the first ...
IHG – First Quarter Trading Update to 31 March 2020
IHG | May 7, 2020
Highlights Group Q1 comparable RevPAR1 down 24.9%; March down 55%; April expected to be down around 80% ~15% (~1,000 hotels) of the estate closed as at the end of April; ~10% (~440 hotels) in the Americas, ~50% (~560 hotels) in EMEAA and ~2% (10 hotels) in Greater China Occupancy levels in comparable open hotels in the low-to-mid 20% range 4.6% YoY net system size growth to 882k rooms 6k rooms opened, including 1k in March Signed 14k rooms (104 hotels) in the quarter, including 4k in March, taking the pipeline to 288k rooms Delivering on our cost reduction and cash conservation actions across the System Fund and Fee Bus...
STR: Canada Hotel Results for Week Ending 2 May
STR | May 7, 2020
HENDERSONVILLE, Tennessee—Showing further COVID-19 impact, the Canadian hotel industry recorded steep year-over-year declines in the three key performance metrics during the week of 26 April through 2 May 2020, according to data from STR. In comparison with the week of 28 April through 4 May 2019, the industry reported the following: Occupancy: -75.8% to 16.6% Average daily rate (ADR): -37.5% to CAD101.69 Revenue per available room (RevPAR): -84.9% to CAD16.91 Among the provinces and territories, Newfoundland and Labrador experienced the largest decline in occupancy (-87.8% to 6.8%). British Columbia posted the steepest ...
ProfitSword Joins Special Edition of In Clear Focus Podcast to Provide Insight on How COVID-19 Is Transforming the Business Intelligence Landscape
ProfitSword, LLC | May 7, 2020
Leading provider of business intelligence technology for the hospitality and senior living industries offers guidance over how the pandemic has affected strategic business planning abilities for both markets and how industry professionals can best adapt moving forward. ORLANDO, Fla. – (May 7, 2020) – ProfitSword, the leading developer of business intelligence and data integration software for the hospitality and senior living industries, has announced its taking part in a special edition of the “In Clear Focus” Podcast with the goal of providing industry professionals with the latest expert insight over how the COVID-19 pandemic ha...
The Real Effect of COVID-19
H. Keith Thompson | May 7, 2020
Public interviews versus private interviews By H. Keith Thompson, Principal Avison Young Hospitality Group Publicly accessible interviews seldom tell the real story. The real story is only garnered through private conversations that are kept confidential. The reason is simple; no CEO wants to discuss publicly the real time performance, cash position, losses and contingency plans inherent in their company’s strategy. They have peers, competitors, investors and lenders who simply do not want this level of confidential information available for public consumption. Their public message is one of hope and optimism, but more times than not ...
Tourism Tidbits: After the Virus Passes: Travel Tips for Tourism Professionals
Dr. Peter E. Tarlow | May 6, 2020
By Dr. Peter Tarlow During the last three months, tourism has basically come to a halt. Organizations and business cancelled meetings one after another, hotels suffered from low to no occupancy, airlines faced their biggest challenge ever, and trade show ceased to exist. Yet despite the hardships of the last few months, slowly but surely tourism will be reborn and its leaders will once again have to create new ways not only for the pubic to travel but to lead by example and travel. Remember that the word hospitality is related to the word for hospital. A hospital takes care of our bodies and hospitality addresses the soul. Both are essenti...
The District of Columbia, Destination DC and Tourism Partners Discuss Importance of Recovery Plans Once Travel Is Safe
Destination DC | May 6, 2020
WASHINGTON, May 6, 2020 - Destination DC (DDC), the official destination marketing organization for DC, and partners today announced the current impact of COVID-19 on the tourism industry and steps toward recovery once travel is safe. Muriel E. Bowser, mayor of the District of Columbia, joined DDC President and CEO Elliott L. Ferguson, II today for the update. "When the time comes and we are able to safely reopen our city, I know our community will be eager to support the businesses, sites and restaurants that have made DC one of the top destinations in the world," said Mayor Muriel Bowser. "The reopening of our city won't all ha...
STR: Florida, Texas Lead Weekend Hotel Occupancy Gains
STR | May 6, 2020
HENDERSONVILLE, Tennessee—Led by Florida and Texas, 13 STR-defined submarkets showed greater than 10-point weekend vs. weekday occupancy gains for the week ending 2 May, according to data from STR. “The first ‘real weekend’ with eased COVID-19 restrictions showed an obvious jump in hotel demand, especially in popular, warm-weather leisure spots,” said Jan Freitag, STR’s senior VP of lodging insights. “Whether or not this becomes a trend remains to be seen, but the fact that there were people instantly willing to head out for leisure activity and stay in hotels is a positive sign for the industry. We have maintained througho...
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 “house...
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 company”) today announced it has signed amendments to its existing co-brand credit card agreements with JPMorgan Chase & Co. (“Chase”) 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...
There’s Light at the End of the Tunnel: Implement Technology Today to Retain and Attract Top Talent Tomorrow
Robb Monkman | May 5, 2020
Employee communication and safety technologies are bringing light to the dark cloud of COVID-19 and a silver lining is emerging with added loyalty By Robb Monkman Sometimes when things seem the darkest, moments of beauty emerge in the most unexpected places. During this time of quarantine, rivers are cleaning up, vegetation is growing, the air is becoming cleaner, there are fewer reports of crime, families are bonding, workers are resting, and nations are banding together for the good of mankind. While hospitality is possibly one of the hardest hit industries, it too is finding a silver lining amidst the darkness. Proactive hotel com...
Hospitality Financial Leadership: What Will the Post Pandemic Hotel World Look Like?
David Lund | May 4, 2020
By David Lund Having been around awhile I have seen the changes that have come as a result of major global events. The starkest example is our pre- and post-911 world. It showed us that the idea of getting on an airplane means we need to prove we do not have any threatening objects with us, like guns, knives and explosives and we need to prove we are who we say we are. We even must prove we’re not a threat and that we’re on the right security list. Talk about a big change in the way we travel – not to mention the changes in technology and investment. I think the other side of this pandemic is going to see some profound changes ...
Hotel Industry 2020 – The New Normal
Robert Rauch | May 4, 2020
By Robert Rauch and Sarah Andersen Welcome to the Twilight Zone or the surreal existence of those of us in hospitality with empty hotels. They are slowly and not so surely picking up but we will return to a “new normal” soon. What will it look like? The “light and warmth of hospitality,” coined by Conrad Hilton, will not be apparent upon entrance to a hotel post COVID-19. Expect acrylic covered front desks, masks and gloves, signage advising guests to use caution, frequent disinfecting of public spaces, wide open lobbies with limited seating and restaurants and bars that have six feet of separation in every direction. The good news...
U.S. Travel Industry Releases Guidance for “Travel in the New Normal”
U.S. Travel Association | May 4, 2020
WASHINGTON -- May 4, 2020 -- Following a collaboration between medical experts and a broad array of businesses and organizations, the U.S. travel industry submitted to the White House and governors a document containing detailed guidance for travel-related businesses to help keep their customers and employees safe as the country emerges from the COVID-19 pandemic. Entitled "Travel in the New Normal," the document describes vigorous measures the travel industry will follow to reduce the risk of COVID-19 and help to communicate across each and every step of a traveler's journey. The goal: to allow travel to safely resume as states and munic...
In Focus: The Impact of COVID-19 on Hospitality
Russell Kett | May 1, 2020
The impact that COVID-19 is having on the hospitality industry is palpable. There is no time more important than right now to come together, share information, and discuss what this means for our future. Katherine Doggrell is joined by Russell Kett, Chairman at HVS. We recognize there are difficult times ahead but are confident that the hospitality industry will recover. As we move forward, we will continue to provide you with our latest insights and information. HVS stands ready to support you whether you are a developer, owner, operator, lender, or investor. Our expertise covers the full range of hospitality assets and spans the full...
PurpleCloud Donates Free Covid Response (CR) Task Platform to Provide Hotels With Enhanced Cleaning and Safety Protocols
PurpleCloud | May 1, 2020
Atlanta, May 1, 2020 - PurpleCloud today announced the release of PurpleCloud CR (Covid Response), a streamlined free version of its hotel task optimization platform, designed to help hospitality organizations meet today’s enhanced cleaning and safety protocols. PurpleCloud Technologies CEO and Co-Founder Adria Levtchenko made the announcement. PurpleCloud CR is pre-loaded with expert materials to help hospitality teams jumpstart housekeeping programs, which will be especially useful as hotels ramp up occupancy or reopen in the future. The platform includes comprehensive training materials that operate on tablets, smartphones or computer...
Web Traffic Shows Early Signs of Positive Trend Across All Regions
Sarah McCay Tams | May 1, 2020
By Sarah McCay Tams, Director of Content, EMEA at Duetto The latest edition of our bi-weekly Pulse Report published earlier today, providing hoteliers from around the world with a snapshot on key market metrics for April 6-19. Providing an in-depth look at On the Books, New Bookings, Cancellations and Web Traffic data, the latest edition of the Report included the latest demand signals for Latin America as well as APAC, EMEA and North America. The Duetto Team added the Latin American data to the report following suggestions from subscribers. “We added Latin America into our second iteration of the Pulse Report because we got a r...
Social Distancing: Short and Long-Term Implications for the Foodservice Industry
Hospitality Insights | May 1, 2020
How social distancing is impacting the foodservice industry, and what new trends and innovations operators can expect to see in the coming weeks, months and years. Social distancing: not just a trend, but a new pattern In light of the COVID-19 pandemic, government-mandated closures and social distancing measures have heavily impacted the foodservice industry on a global level, forcing many businesses to re-strategize as they fight for short-term survival. But what will happen in the long run? Experts predict that the new containment measures – and in particular, social distancing – will last well beyond the next few weeks, as government...
