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
Avison Young Hospitality Group Debt, Equity and Structured Finance Team Announces Closings
Avison Young | October 10, 2018
ATLANTA – October 10, 2018 – Avison Young Hospitality Group announced today that its capital markets team recently closed seven new hotel debt transactions totaling $148,250,000. The Debt, Joint Venture and Structured Capital team is led by Justin Piasecki and John Bralower from the New York Avison Young offices. "There has been a big void in the hospitality finance space over the past few years due to tight banking regulations," said principal Justin Piasecki. "We made a strategic decision to make sure that we know who all of the first mortgage financing, Mezzanine/Preferred Equity groups are who are focused on the hotel se...
Owned and Managed by Oceangate Investments, TownePlace Suites by Marriott Opens in Kingsville, Texas
TownePlace Suites by Marriott | October 10, 2018
Get ready to be real and be you on long stays. Marriott International's TownePlace Suites by Marriott Kingsville is set to open for business today. On average, a TownePlace Suites opens every six days. Built for travelers looking for a simple and friendly place where they can settle-in, keep their routine, and easily connect to the Kingsville area. The new hotel located at 2574 US Highway 77, will operate as a Marriott franchise, owned and managed by Oceangate Investments. "We are excited to introduce the TownePlace Suites brand to the Kingsville area," said Diane Mayer, vice president and global brand manager, TownePlace Suites. "At To...
Fairfield Inn & Suites by Marriott Opens in Nashville, Tennessee With General Manager Maisa Palacios at the Helm
Fairfield Inn & Suites by Marriott | October 10, 2018
The 104-room Fairfield Inn & Suites by Marriott in Nashville, Tennessee is set to open today with a new décor that provides guests with a feeling of warmth and calm while traveling. Located at 511 Royal Parkway, the Fairfield Inn & Suites Nashville Airport will operate as a Marriott franchise, owned and managed by NNP Investments. Located two miles from Nashville International Airport, the Fairfield Inn & Suites Nashville Airport offers guests convenient access to Gaylord Opryland Resort, the Opry Mills Mall, Gaylord Springs Golf Links, Bridgestone Arena, and the downtown nightlife on Broadway. "Delivering both functi...
Developed by Eagle Hills Jordan, 207-Room Al Manara, a Luxury Collection Hotel, Saraya Aqaba Opens in Jordan
October 9, 2018
The Luxury Collection® Hotels & Resorts, announced today the opening of its first property in the Kingdom of Jordan, the highly anticipated Al Manara, a Luxury Collection Hotel, Saraya Aqaba. Developed by Eagle Hills Jordan, the 207-room hotel is located in the heart of Aqaba's newest beachside destination, Saraya Aqaba, offering guests a contemporary luxury experience in a setting that merges Jordan's rich heritage and history through traditional architecture, sumptuous décor and magnificent surroundings. "The Luxury Collection is thrilled to continue its rapid, global expansion with the opening of Al Manara, the brand's...
The Future of Private Equity and Private Markets
Stuart Pallister | October 9, 2018
By Stuart Pallister Ecole hôteliere de Lausanne, a leading hospitality school, recently staged the 2nd annual private markets research conference. Private equity was a major focus this year particularly as the Norwegian sovereign wealth fund had recently decided against investing in this area. Private equity, or unlisted equity investment, has had an impact on a wide range of industries, including hospitality. A few years ago, Blackstone's $26 billion Hilton deal was hailed as the best leveraged buyout ever. According to a Bloomberg View columnist, the most profitable equity deal in history was 'badly timed but brilliantly execute...
IHG Signs Multiple Development Agreement With GS Star for 15 avid® Hotels to Open in Germany Over the Next Five Years
IHG | October 9, 2018
IHG® (InterContinental Hotels Group), one of the world's leading hotel companies, has announced a Multiple Development Agreement (MDA) with existing partner GS Star GmbH (GS Star) to bring 15 avid® hotels to the German market. This marks a significant milestone launching avid hotels, IHG's newest mainstream brand, in Europe for the first time. Germany is a priority market for IHG with 122 hotels already open or in the development pipeline. Strong growth momentum of 50 new signings since 2015 has been driven by IHG's 11 active MDA partners, which has expanded IHG's mainstream presence in Germany particularly with the Holiday Inn&...
Why You Need to Take a Holistic Approach to Hotel Budgeting
Kristi White | October 9, 2018
By Kristi White As summer's warm breezes and lush, green growth transform into the vibrant colors and crisp air of the fall season, another familiar season arrives in its wake: the often dreaded but always necessary Hotel Budget Season. To develop an accurate and functional budget for 2019, hoteliers must take a holistic approach to the process. This involves starting with a big-picture view that includes your top company initiatives, along with a drill-down into the data to identify significant, sustainable cost-reduction opportunities in conjunction with hotel-wide profit optimization strategies. This is all then compiled into a neat ...
Okada Manila Selects Rainmaker Solution Suite to Drive Guest Bookings, Outperform Competitors and Increase Profitability
Rainmaker | October 9, 2018
Luxury Property Chooses Rainmaker's Industry-Leading Revenue Optimization Suite ALPHARETTA, GA. — October 9, 2018 — The Rainmaker Group (Rainmaker), a leading provider of cloud-based hospitality revenue management software, today announced that Okada Manila has selected a comprehensive solution suite, including guestrev®, grouprev®, revcaster® and revintel®, to optimize hotel revenue and drive competitive advantage at the 993-room world-class luxury property. The agreement marks Rainmaker's expansion in the Asia-Pacific hospitality market. Okada Manila, the largest casino resort in the Philippines, is a popul...
Ninety Four Feet and Their Partners, Along With IHG, to Develop New Holiday Inn and Suites in Ringwood, Australia
IHG | October 8, 2018
IHG continues the expansion of the Holiday Inn brand in Australia with the signing of Holiday Inn & Suites Melbourne Ringwood. It follows the signing of a management agreement with Ninety Four Feet, an Australasian property development, investment, and construction company, and their partners Omni Property Group and Hamilton Marino Builders. Opening in 2020, the 164-room hotel will offer all day dining and bar, conference and meeting facilities, a gym and a swimming pool, along with on-site parking. It sits as part of a mixed-use development that will feature 82 residential units. Ringwood is a growing city on the fringe of the East...
Why More Consolidation Is on the Cards for Hotels
Real Views | October 8, 2018
From mega-mergers to niche acquisitions, consolidation is recalibrating the balance of power in the hotel industry as established operators get bigger and smaller brands seek new ways to differentiate themselves. Today's hotel operators are increasingly looking to diversify their offerings with a range of different concepts, for example serviced apartments or boutique chains alongside their established brands, as well as branching out into new countries. New live-work-play concepts are emerging as "a kick against the idea of the traditional hotel", Tony Ryan, managing director of global mergers & acquisitions at JLL says, pointing t...
Hospitality Financial Leadership: Your Department Managers Really Want to Do Their Monthly Financial Forecasts
David Lund | October 8, 2018
By David Lund You probably read the title and said to yourself, "No way, that's a load of BS. There is no way my managers want to do their financial forecasts. Heck, I can't even get them to submit their accruals or commentaries. We ask them to do their forecasts but rarely do we get them on time or even halfway making any sense. How on earth can I get my department managers to want to do their forecasts?" One of the most powerful distinctions in the world is the difference between wanting to do something and knowing how to do something. There is a saying that goes like this: If you can find the 'want to', the 'how to' is everywhere. Th...
Avison Young Hospitality Group Announces Market Milestone
Avison Young | October 8, 2018
ATLANTA – October 8, 2018 – The team that comprises the Avison Young Hospitality Group announced today that it has now closed more than 1,000 hotel transactions located in every region of the United States. The milestone was achieved by the recent closing of a Hilton/ Marriott hotel portfolio. The Avison Young team has now has closed 1,007 hotel transactions, totaling 138,150 guest rooms. "Very few companies ever reach this market milestone, and we are fortunate to be a part of the Avison Young growth story," said principal Keith Thompson. "We enjoy working with our many clients, and this milestone is a testament to the peop...
Belinda Daniel Named as Director of Sales for Dallas Marriott Las Colinas
IHG | October 5, 2018
DALLAS—October 5, 2018 – Clifton Thiebaud, General Manager of the Dallas Marriott Las Colinas, has announced the recent addition of Belinda Daniel as Director of Sales for the 364-room hotel located on Lake Carolyn in Irving, Texas. Ms. Daniel has been in various sales roles for 18 years, including roles with Olympus America in Irving, IBM Corporation in Dallas before entering the hospitality industry in 2010 as Business Travel Sales Manager at the Dallas/Fort Worth Marriot Hotel & Golf Club at Champions Circle. During her time there she met and exceeded monthly and quarterly goals averaging 128% and was named Sales Mana...
Lodging Econometrics’ Patrick H. Ford Receives Lifetime Achievement Award at The Phoenix Lodging Conference
Lodging Econometrics (LE) | October 5, 2018
October 5, 2018 – PORTSMOUTH, NH - Patrick H. Ford, Chairman, CEO, and Founder of Lodging Econometrics (LE) and New England Hotel Realty (NEHR) of Portsmouth, NH, has received the 2018 Lifetime Achievement Award for the hospitality industry, which was presented at The Arizona Biltmore on September 25, 2018. The Lodging Conference's founder and producer, Harry Javer and hospitality veteran Michael A. Leven, chairman and CEO of Georgia Aquarium, presented the award to Ford. Nearly two thousand industry members were in attendance at this year's conference. The prestigious Lifetime Achievement Award recognizes an individual who ha...
People Power: The Surprising Secret Sauce of Profit
Doll Rice | October 4, 2018
By Doll Rice Revenue management strategies today are built largely on the relevant, impactful and extraordinarily detailed data provided by the increasingly sophisticated software and reporting that is now available. But this is only half of the picture. The successful execution of these tech-driven strategies relies on the human element to fully harness, utilize and implement the insights provided by big data and predictive analytics. Without a talented revenue optimizer translating and applying the strategies from the data and predictive analytics, the hotel will not be as profitable. Ironically, at a time when technology and new soft...
Hyatt and McWHINNEY Developing New Hyatt Place Hotel in Boston’s Seaport District
Hyatt Place | October 3, 2018
The 294-room upscale select service hotel will feature a nautical design, 4,000 square feet of event space, rooftop fitness center, and indoor pool BOSTON (Oct. 3, 2018) – Hyatt and McWHINNEY, a Colorado-based premier real estate investor and developer with expertise in mixed-use, hospitality, commercial and multi-family assets, have begun construction on a Hyatt Place hotel in the rapidly growing Seaport neighborhood along South Boston's waterfront. Hyatt Place Boston Seaport District is expected to open in the spring of 2020 with 294 guestrooms with 6,800 square feet of restaurant space on the ground floor of the hotel. Hotel am...
Simon McGrath Named General Manager of Hilton Manila
Hilton Hotels & Resorts | October 2, 2018
MANILA, Philippines - Simon McGrath has been appointed General Manager of the upcoming Hilton Manila, which will be part of the Resorts World Manila integrated complex in Newport City, Pasay, Philippines. Prior to his appointment, he was the General Manager of DoubleTree by Hilton Johor Bahru in Malaysia, which he opened in 2014. "The tourism sector in Manila has seen healthy growth in recent years. Strong economic growth and infrastructure development in the Philippines – particularly in Manila – has also prompted an increase in both business and leisure travelers. With the growing demand for accommodation, it's an exciting...
Marriott Plans Expansion Across Africa With Five New Signings in Ghana, Kenya, Morocco, South Africa and Mozambique
Marriott International | October 2, 2018
NAIROBI, Kenya, October 2, 2018 -- From the Africa Hotel Investment Forum (AHIF) in Nairobi, Kenya, Marriott International (NASDAQ: MAR) (www.Marriott.com) today announced rapid expansion plans across Africa. Strong demand for select-service brands and conversion opportunities are driving the momentum of growth for the company, amplified by five new hotel signings. The new signings will further consolidate Marriott International's presence in Ghana, Kenya, Morocco and South Africa and mark the company's entry into Mozambique. The signings put Marriott International on track to increase its portfolio by 50 percent with over 200 hotels an...
Hospitality Financial Leadership: Understanding Liabilities
David Lund | October 1, 2018
By David Lund When I do financial leadership workshops with hotel teams we often talk about liabilities. I tell my audience that I know for a fact that each one of them have at least two liabilities. I get some puzzled and Kreskin-like looks from my audience as I tell them I can see two numbers floating magically above their heads. I tell them that I know for a fact that each student also knows the same figures, they are just not aware, yet! You see everyone knows how much vacation they have to take, and they also know how much money is owed to them in wages. They just don't see these two "things" as liabilities but they are excellent e...
Hoteliers – Make the Most of Your 2019 Tech Budget
Magnus Friberg | October 1, 2018
By Magnus Friberg Autumn isn't the only season that is taking shape right now — for hoteliers, budget planning season is fast approaching. Budget management is always top of mind for hoteliers, but no time more than now, as CFO's and Controllers work to predict expenses and allocate spend for the upcoming year. The question on everyone's mind becomes — where will 2019 investments go? Renovations? Technology? Staffing? Marketing? FF&E? During the budgetary process, there are a number of variables to consider. Primarily, hoteliers tend to focus on guest-facing CAPEX initiatives in the form of property updates — think...
Basic, Better, Best: Low Season Revenue Strategies
Ian Chinn | September 27, 2018
By Ian Chinn Low season; it's a term no hotelier likes to hear. In times of lower demand, some hoteliers adopt the 'busy hotel is a successful hotel' strategy, accepting lower-rated business and relying on the in-house spend in food and beverage, spa, ancillary and more, to top up revenue. However, guests paying significantly lower room rates are also typically less likely to spend on the spa, luxury dining or experiences needed to compensate for a cheap room rate. The longer-term ramifications of rate reductions to boost business in times of lower demand are far reaching. Not only does this impact brand perception but it al...
Evolution Hospitality Appoints Murray Lowe as General Manager of Westin Resort & Spa, Whistler
The Westin Resort & Spa, Whistler | September 27, 2018
SAN CLEMENTE, CA, Sept. 27, 2018 - Evolution Hospitality is pleased to announce Murray Lowe has been chosen to lead the Westin Resort & Spa, Whistler team as its new General Manager, following the retirement of Tony Cary-Barnard at the end of the month. The Westin Resort & Spa, Whistler, located at the base of Whistler Mountain, offers travelers an unmatched destination with more than 400 residentially-styled suites, boasting features like warming fireplaces, spacious tubs, modern kitchens and stunning mountain views. The Westin Whistler is the only luxury all-suite resort and destination spa in Whistler. This award-winning hote...
Lightstone Celebrates Topping Out of 286-Key Moxy Hotel in Manahattan’s East Village
Lightstone | September 27, 2018
NEW YORK, Sept. 27, 2018 -- National real estate investor and developer Lightstone announced today the topping out of construction at the company's Moxy hotel in Manhattan's East Village neighborhood. The 286-key hotel is located at 112-120 East 11th Street and is the third of four Moxy hotels that Lightstone is developing in New York City in partnership with Marriott. Moxy East Village is set to open in the fall of 2019. Located just blocks from Union Square and NYU and directly across from Webster Hall, Moxy East Village reflects its vibrant, ever-transforming neighborhood. Designed in collaboration between Stonehill & Tay...
Xenia Hotels & Resorts Acquires 185-Room Fairmont Pittsburgh for $30 Million or $162K Per Key
Xenia Hotels & Resorts, Inc. | September 27, 2018
ORLANDO, Fla., Sept. 27, 2018 -- Xenia Hotels & Resorts, Inc. (NYSE: XHR) ("Xenia" or the "Company") today announced it has acquired Fairmont Pittsburgh, a 185-room luxury hotel located in Pittsburgh, Pennsylvania for a purchase price of $30 million, or approximately $162,000 per key. The acquisition was funded with cash available on the Company's balance sheet. The purchase price represents an estimated 11.0x multiple on 2018 forecasted Hotel EBITDA. Xenia currently forecasts that the hotel will generate approximately $0.9 million of Hotel EBITDA during the remainder of 2018. "We are excited to acquire ...
