Minor Hotels to Debut in Singapore With Avani Hotels & Resorts Lifestyle Brand
Avani Hotels & Resorts | September 3, 2024
Brandt Hospitality Group Getting Great Results From Accounting Software Partner
Aptech | June 5, 2024
Finance & Development
Loyalty Program Membership, Contribution, Liability, and Costs Continue to Grow
CBRE Hotels | November 4, 2024
By Rachael Rothman CFA, ISHC, Robert Mandelbaum, and Christine Bang Strong loyalty programs help hotel brands lower customer acquisition costs, increase direct-to-consumer access, and offset occupancy shortfalls during shoulder periods and weaker economic conditions. After analyzing publicly available data from five large hotel companies, we found that while growth in several key metrics slowed in 2023, loyalty members' overall contribution to occupancy increased, though marginal contribution per member contracted. Benefits The average number of loyalty program members at the subject five companies increased 11.3% in 2023, slower tha...
Choice Hotels International Reports Strong Third Quarter 2024 Results
Choice Hotels International, Inc. | November 4, 2024
NORTH BETHESDA, Md., Nov. 4, 2024 -- Choice Hotels International, Inc. (NYSE: CHH), one of the world's leading lodging franchisors, today reported its third quarter 2024 results. Highlights include: Total revenues reached $428.0 million for third quarter 2024, a quarterly record and a 1% increase compared to the same period of 2023. Net income increased 15% to $105.7 million for third quarter 2024, representing diluted earnings per share (EPS) of $2.22, a quarterly record and a 23% increase compared to the same period of 2023. Third quarter 2024 adjusted net income, excluding certain items described in Exhibit 7, increased 1...
Marriott International Reports Third Quarter 2024 Results
Marriott International | November 4, 2024
Third quarter 2024 comparable systemwide constant dollar RevPAR increased 3.0 percent worldwide, 2.1 percent in the U.S. & Canada, and 5.4 percent in international markets, compared to the 2023 third quarter; Third quarter reported diluted EPS totaled $2.07, compared to reported diluted EPS of $2.51 in the year-ago quarter. Third quarter adjusted diluted EPS totaled $2.26, compared to third quarter 2023 adjusted diluted EPS of $2.11; Third quarter reported net income totaled $584 million, compared to reported net income of $752 million in the year-ago quarter. Third quarter adjusted net income totaled $638 m...
Loews Corporation Reports Net Income of $401 Million for the Third Quarter of 2024
Loews Corporation | November 4, 2024
NEW YORK, Nov. 4, 2024-- Loews Corporation (NYSE: L) today released its third quarter 2024 financial results. Third Quarter 2024 highlights:Loews Corporation reported net income of $401 million, or $1.82 per share, in the third quarter of 2024, compared to $253 million, or $1.12 per share, in the third quarter of 2023. Excluding the prior year third quarter's $37 million charge for the termination of Loews's defined benefit pension plan, net income grew 38% year-over-year due to increases at CNA, Boardwalk and investment income at the parent company, offset by a decrease at Loews Hotels. The following are key highlights: CN...
Accor Signs With Alphanam Group for New Sofitel Sapa HOTEL & RESIDENCES in Singapore
Accor | November 4, 2024
(November 4, 2024) HANOI, Vietnam – Accor, a global leader in hospitality, is proud to announce the signing of Sofitel Sapa HOTEL & RESIDENCES, a landmark luxury development set to bring Sofitel’s signature French elegance and cultural refinement to the breathtaking highlands of Northern Vietnam. This exciting new project will be a combination of 176 rooms and 436 branded residences. It is expected to open its doors in 2030, marking another milestone in the expansion of Sofitel’s portfolio in Southeast Asia. Perched in the stunning landscapes of Sapa, a region known for its terraced rice fields, mist-covered mountains, and vib...
Hospitality Financial Leadership: What Are CAP Rates and How to Use Them
David Lund | November 4, 2024
A capitalization rate, or cap rate, is a measure of the income return on an asset, such as hotel or rental property, relative to its purchase price. It is calculated by dividing the net operating income (NOI) of the asset by its purchase price. That’s what this piece is all about. It also must be said from the get-go that understanding cap rates is not so difficult. “Normally” NOI is calculated using all income less all operating expenses but does not include costs for debt, depreciation, amortization, reserve for capital expense or income taxes. That’s the typical basis for the calculation of the hotel’s value, est...
Australia Household Spending Slips in Sept, Confounding Rebound Hopes
November 1, 2024
By Wayne Cole SYDNEY (Reuters) - Australian household spending fell in September as consumers cut back on clothing and cars, data showed on Friday, further confirmation that billions of dollars in recent tax cuts were being saved rather than spent. That should be a downside surprise to the Reserve Bank of Australia (RBA) which had expected consumption to pick up in the second half of this year and could see it adopt a more dovish tone at a policy meeting next week. "The data looks very weak over the last three months and surprisingly soft," said Gareth Aird, head of Australian economics at CBA. "If the data is close to accurate th...
Hilton Expands Presence in Italy With Two New Hotel Signings
Hilton | November 1, 2024
ROME and McLEAN, Va. – Hilton (NYSE: HLT) today announced plans to expand its presence in Italy, with the signing of DoubleTree by Hilton Naples Oriente and Hampton by Hilton Rome St Peter´s, set to open next year. Alan Mantin, vice president, development Southern Europe, Hilton, said, “We continue to experience significant growth across Italy - with more than 2,000 rooms in our pipeline - and are pleased to announce two additional signings across our full and focused service brands. With nearly 60 million visitors to Italy in 2023, we are excited to offer travellers further accommodation options in the vibrant cities of Rome and Na...
Thai Finance Minister Says Wants to Beat Govt Forecast of 3% Growth in 2025
October 31, 2024
By Orathai Sriring and Kitiphong Thaichareon BANGKOK (Reuters) -Thailand's economic growth rate is expected to increase to 3% in 2025, supported by spending, exports, investment and tourism, the government said on Thursday, and the finance minister said he was already working to beat that forecast. Southeast Asia's second-largest economy is seen growing 2.7% this year, the finance ministry said, a solid increase from 2023's subdued 1.9% expansion. "The growth trend is still ongoing. The government is trying everything to drive the economy," Finance Minister Pichai Chunhavajira told reporters at a business event. "Hopefully, next y...
Ensuring Your Deal Closes: Three Areas to Focus On
Eric Guerrero | October 31, 2024
Both buyers and sellers want a seamless hotel transaction closing, but a variety of potential pitfalls can slow a deal’s closing. Below, we review three key areas of a hotel sale that may present obstacles: financing, PIP costs, and property insurance premiums. We also provide recommendations that help you to anticipate and prevent issues. Financing Securing debt at a reasonable market rate with good terms is still one of largest obstacles in closing a deal. In order to obtain a good loan, a buyer must have a strong balance sheet with a credible global cash-flow and solid track record of success in owning and operating other hotels. Bu...
IHG Signs With BIG CEE for Crowne Plaza Podgorica in Montenegro
IHG Hotels & Resorts | October 31, 2024
31.10.24 (London, UK): IHG Hotels & Resorts (IHG), one of the world’s leading hotel companies, announces the signing of Crowne Plaza Podgorica – its seventh hotel in Montenegro, and second in the capital city. The converted property, owned by BIG CEE, is set to open by the end of 2024. The 122-key hotel is situated within the Capital Plaza mixed-use development and surrounded by the regional headquarters of several banks and multinational companies including Deloitte, PWC and The World Bank. Other features include residential properties and luxurious commercial, retail and restaurant spaces, making it an ideal destination for loc...
Latin America Hotel Construction Surges, Pipeline Expands Over 10% Annually
Lodging Econometrics | October 31, 2024
Lodging Econometrics’ (LE) Q3 2024 Latin America Construction Pipeline Trend report signals growth for the region’s hospitality industry. The pipeline currently stands at 642 projects and 104,513 rooms, representing robust year-over-year (YoY) increases of 11% in project count and 10% in room count. Digging deeper into the pipeline data, LE’s report highlights several positive indicators. At the close of Q3 2024, Latin America had 269 projects with 47,151 rooms under construction, reflecting a 10% YoY rise in both metrics. Additionally, the number of projects scheduled to start construction within the next 12 months grew to 183 pro...
Blue Diamond Resorts To Unveil Royalton CHIC Barbados in Spring 2026
Blue Diamond Resorts | October 31, 2024
Blue Diamond Resorts, boasting the Caribbean’s most diverse portfolio of all-inclusive brands, is excited to announce its expansion into Barbados with the introduction of Royalton CHIC Barbados, a posh and vibrant adults-only all-inclusive resort set to open in Spring 2026. Located just 30 minutes from Barbados International Airport on the island’s coveted Gold Coast, known for its tranquil Caribbean waters, this exciting new property promises to redefine the island's luxury travel scene by blending the vibrant energy of Barbados with the effervescence and exclusivity of Royalton CHIC Resorts, including the brand’s signature ‘Part...
UK’s Reeves Commits to Lower Property Taxes for Retail, Hospitality and Leisure
October 30, 2024
LONDON (Reuters) -British finance minister Rachel Reeves on Wednesday committed to lower business rates for high street stores to help "level the playing field" with their online rivals. Predominantly bricks-and-mortar retailers have for years complained that business rates - a property tax charged on most commercial properties to fund local services - are archaic and hand an unfair cost advantage to online retailers such as Amazon. Labour had pledged in its election manifesto to redress the balance to help revive town centres. Delivering her first budget plan, Reeves said that from 2026-27 permanently lower tax rates for retail, hos...
Spain’s Economy Beats Forecasts With 0.8% Quarterly Growth
October 30, 2024
MADRID (Reuters) -The Spanish economy grew at a faster-than-expected rate in the third quarter to again outpace its European peers thanks to a strong tourism season and exports, preliminary data showed on Wednesday. Spain's gross domestic product grew 0.8% in the third quarter from the previous three months, the same pace of expansion as in the second quarter, the National Statistics Institute (INE) said. Year-on-year it grew 3.4%, an acceleration from the 3.2% registered in the previous three months. Analysts polled by Reuters had expected GDP to grow 0.6% quarter-on-quarter and 3.0% year-on-year. "Today's data show how strong and b...
Record Passenger Traffic Lifts Spanish Airport Operator Aena’s Profit
October 30, 2024
MADRID (Reuters) - Spanish airport operator Aena said on Wednesday its net profit in the first nine months of the year rose 27% from the same period last year as the post-pandemic travel boom pushed passenger traffic to new records. Aena booked a net profit of 1.44 billion euros ($1.56 billion) out of revenues rising 16% to 4.39 billion euros. The revenue and profit data were in line with forecasts from analysts polled by LSEG, who expected 4.4 billion euros in revenues and 1.46 billion euros in net profit during the January to September period. The company reported a record 283 million passengers across its terminals in Spain, Latin Am...
Top Chinese Airlines’ Profits Fall as Flagging Economy Pressures Fares
October 30, 2024
By Lisa Barrington and Sophie Yu SEOUL/BEIJING (Reuters) - China's top three state-owned airlines reported profit declines in the third quarter despite record summer passenger numbers and fuller planes than last year, as a slowdown in domestic economic growth pushes flyers to seek cheaper fares. Beijing-headquartered Air China on Wednesday reported a net profit of 4.14 billion yuan ($581.34 million) in the quarter, down from 4.24 billion yuan a year earlier. China Eastern Airlines on the same day posted a net profit of 2.63 billion yuan, down 28.2% year on year. The country's largest airline China Southern said on Monday there was...
Caesars Entertainment Posts Surprise Quarterly Loss, Misses Wall Street Estimates
October 30, 2024
(Reuters) - Caesars Entertainment posted a surprise third-quarter loss on Tuesday, missing market expectations, as sales were hurt by new competition and construction-related disruptions in regional markets, sending its shares down 4% after the bell. Quarterly loss per share came in at 4 cents, compared to Wall Street expectations of a profit of 12 cents, according to data compiled by LSEG. Caesars' bottom-line in the U.S. regional market has faced increased pressure due to new entrants and expanded offerings from existing competitors. In the past, the casino operator flagged high competition in Indianapolis from Churchill's Terre Ha...
Managing Significant Change Through Hotel Projects
Stewart Kiely | October 30, 2024
Ownership and influential stakeholders are entitled to make changes to hotel projects. It’s their dream and foresight that you are delivering. However, deciding to make a significant change in the direction of a project requires a careful, balanced approach to maintain stakeholder alignment and ensure project success. Here’s a quick synopsis of how to navigate such a scenario: 1. Stay calm, think clearly and stay professional Change is part of the project landscape. It’s important to remain calm, professional, and open-minded. As the project director, your attitude will set the tone for the team and stakeholders. 2. Understand...
Perth Airport Partners With Accor To Operate First Hotel Under Pullman Hotels & Resorts Brand
Accor | October 30, 2024
Perth Airport has partnered with Australia’s largest hotel operator, Accor, to operate the first hotel on the airport estate under the Pullman Hotels & Resorts brand. The new state-of-the-art Pullman Perth Airport is slated to open in 2027 and will feature 240 rooms and suites across eight floors, a rooftop restaurant and bar, lobby lounge café, gymnasium, sauna, meeting facilities, and co-working spaces. Dan Sweet, Perth Airport’s Chief Property Officer said Perth Airport has recently announced a $5 billion capital investment program – the largest ever private infrastructure development in Perth – which will deliver new termin...
Canadian Hotel Development Reaches Historic Heights
LODGING ECONOMETRICS | October 30, 2024
The latest Lodging Econometrics (LE) data from Q3 2024 reveals unprecedented growth in Canada’s hotel development pipeline, with key indicators suggesting an expansion phase is underway. The total pipeline has reached a historic peak of 327 projects (40,799 rooms), with year-over-year growth rates of 19% in projects and 8% in rooms indicating strong developer confidence. Current under construction activity shows remarkable acceleration, with 81 active projects (10,596 rooms) representing a 45% surge in projects and a 29% increase in rooms year-over-year. The early planning phase has experienced the most dramatic growth, with 177 project...
IHG Signs With Plaipol to Develop InterContinental Phang-Nga Bay Resort in Thailand
IHG Hotels & Resorts | October 29, 2024
Bangkok, Thailand – 29 October 2024: The growth of IHG Hotels & Resorts (IHG), one of the world’s leading hotel companies, continues at pace in Thailand with its latest signing adding to an increasingly-impressive portfolio of luxury resorts. Opening in 2028, InterContinental Phang-Nga Bay Resort will be located in Samet Nangshe – a one-of-a-kind picturesque destination in Phang-Nga. The result of a management agreement between IHG and first-time partner Plaipol Co., Ltd. – a leading gold business owner in Thailand – the 150-key property will be the ideal choice for travellers seeking a relaxing getaway in an idyllic...
Ennismore and TWG Partner To Bring 21c Museum Hotels to Indianapolis
Ennismore | October 29, 2024
Ennismore, the fastest-growing lifestyle and leisure hospitality company, and TWG, a national developer of multifamily housing and mixed-use projects, are thrilled to announce the signing of 21c Museum Hotel Indianapolis. Dedicated to making art and culture accessible to all, the multi-venue contemporary art museum will showcase globally renowned and regionally relevant artists in site-specific installations and rotating curated exhibitions throughout the year. At 21c Museum Hotel Indianapolis, art will be integrated into every aspect of the guest experience. From the moment guests arrive, they can expect to find installations designed...
Dallas Leads Nation’s Hotel Boom: Nearly 200 Projects Set to Transform Texas Hospitality Landscape
Lodging Econometrics | October 29, 2024
PORTSMOUTH, NH - October 29, 2024 According to the Q3 2024 U.S. Hotel Construction Pipeline Trend Report from Lodging Econometrics (LE), at the close of the quarter, the five markets with the largest hotel construction pipelines are led by Dallas with a record-high of 194 projects and 22,803 rooms, followed by Atlanta with a record-high 166 projects accounting for 19,174 rooms, Nashville with a record-high 130 projects and 16,966 rooms, Phoenix with 123 projects/15,999 rooms, and Austin with a record-high 119 projects accounting for 13,962 rooms. These top five markets combined account for 732 projects/88,904 rooms. At Q3, five U.S. ...
