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
Restaurant Revenue Management Practices: Altering Customer Perceptions
Dr. Reza Etemad-Sajadi | May 10, 2018
By Dr. Reza Etemad-Sajadi Revenue management is all about pricing strategies to allocate the right capacity to the right customer, at the right place, at the right time. Airlines and hotels use such practices, and their customers seem to see the benefits. However, for the restaurant industry, things are different. Based on our research, we found that the majority of revenue management practices in the restaurant business are perceived as unfair (see Table 1). Customers though seem to accept price variations between lunch and dinner, as well as cancellations due to late arrivals. The practice which is perceived to be most unfair is the...
IHG Expands in Western China With Signing of 10 New Deals Under 7 Brands
IHG | May 9, 2018
InterContinental Hotels Group (IHG®), one of the world's leading hotel companies, has today announced the signing of ten new deals under seven of its brands in Western China. The ten hotels will span several different tiered cities and well-known destinations in Sichuan, Chongqing, Shaanxi, Yunnan, Gansu, Guizhou Province etc. Building on the momentum of its existing and successful multi-brand hotel portfolio in the area, IHG will further strengthen its leadership and tap into the large potential of this fast-growing market. Boasting distinctive natural beauty and rich cultural heritage, the western area of China has been a worldwid...
Marriott Leads All Franchise Companies for Largest U.S. Construction Pipeline
Lodging Econometrics | May 9, 2018
The Marriott International Construction Pipeline currently has 1,383 Projects/177,926 Rooms, the largest of any franchise company in the U.S. Their largest brands are: Fairfield Inn with 293 Projects/28,418 Rooms, TownePlace Suites with 206 Projects/21,193 Rooms and Residence Inn with 200 Projects/24,978 Rooms. These three brands comprise over 50% of Marriott's Total Pipeline. Marriott has 1/3 all rooms Under Construction in the U.S., with 502 Projects/68,316 Rooms currently in the ground. Additionally, they have 695 Projects/86,761 Rooms Scheduled to Start Construction in the Next 12 Months and 186 Projects/228,849 Rooms in Early...
Marshall Hotels & Resorts Takes Over Management of 63-Room Hotel Indigo in Birmingham, Alabama
Marshall Hotels & Resorts, Inc. | May 9, 2018
BIRMINGHAM, Ala., May 9, 2018—Marshall Hotels & Resorts, a leading hotel management and services company that operates properties nationwide, today announced that it has taken over management of the 63-room Hotel Indigo in Birmingham, Ala. The former Hotel Highland Downtown, originally built as a medical arts building in 1931, marks the company's first entry into Alabama. "The Hotel Indigo represents our ideal portfolio addition—a unique hotel in a strong secondary market that can benefit from either capital improvements and/or improved management," said Mike Marshall, president and CEO, Marshall Hotels & Resorts. "T...
Hilton Garden Inn Opens in Qidong, Jiangsu Province Marking First International Hotel Brand to Enter the City
Hilton Garden Inn | May 8, 2018
May 8, 2018 QIDONG, China and MCLEAN, Va. - Hilton (NYSE: HLT) and Hilton Garden Inn, today announced the opening of Hilton Garden Inn Qidong. The 181-room Hilton Garden Inn Qidong is conveniently located within Central Park Mall, a stylish leisure and recreational hub in the city's central business district. The hotel is owned by Jiangsu Hui Long Tang Culture Investment Development Co. Ltd and is managed by Hilton. "We are extremely proud to be the first international hotel brand to enter Qidong city, and we look forward to extending Hilton Garden Inn's award-winning, service-driven culture to the area," said John Greenleaf, global hea...
Chartres Lodging Group and Kokua Hospitality Select Aptech for Business Intelligence, Budgeting/Forecasting, Enterprise Accounting
Chartres Lodging Group, LLC | May 8, 2018
Going to BITAC May 15 – 17, 2018? You can meet with Aptech's team at the Innisbrook Resort in Tampa, FL Execuvue® BI, Targetvue Budgeting/Forecasting and PVNG Enterprise Back Office will Support By-The-Numbers Decision Making and Reporting PITTSBURGH – May 8, 2018 – Aptech Computer Systems announced Chartres Lodging Group, LLC and Kokua Hospitality, LLC have selected Aptech's suite of financial solutions; Execuvue Hospitality Business Intelligence, Targetvue, and PVNG to streamline the companies' data collection, analysis, forecasting, and reporting processes. Chartres Lodging Group, an investment and advisory comp...
Hospitality Financial Leadership: Beverage Cost or Contribution Margin?
David Lund | May 7, 2018
By David Lund We all heard about it every month. The beverage cost! And it usually was not very pretty. Seemingly always too high, and it typically created lots of finger pointing and much pontificating. Beverage cost was always a slightly complex beast and often misunderstood. That was largely because this poor cousin to food cost was shrouded in a bit of mystery and mystique, like a secret lost cocktail recipe. Let's have a closer look at the black sheep of the family. Many people are simply confused by beverage cost and, while it is an important standard to maintain, the real game to understand is contribution margin. What makes the ...
Hotel Equities Opens New 82-Room Fairfield Inn & Suites® by Marriott in Terrell, Texas
Hotel Equities | May 4, 2018
Atlanta, GA – May 03, 2018 – Atlanta-based Hotel Equities announces the opening of the Fairfield Inn & Suites by Marriott-Terrell, TX located at 351 Market Center Drive, Terrell, Texas 75160. Arnika Addison serves as General Manager for the hotel, which is located less than 30 miles east of Dallas, just off U.S. Route 80, and is convenient for business travelers and tourists alike. "We are pleased to open the Fairfield Inn & Suites for business in this booming area of Terrell, Texas," said Joe Reardon, Sr. Vice President of Business Development and Marketing for Hotel Equities. "Hotel Equities was engaged in the...
Marriott Leads U.S. Construction Pipeline With 1,383 Projects Followed by Hilton and IHG
Lodging Econometrics (LE) | May 4, 2018
According to the recent United States Construction Pipeline Trend Report from Lodging Econometrics (LE), the franchise companies with the largest construction pipelines are: Marriott with 1,383 Projects/177,926 Rooms, Hilton with 1,337 Projects/149,075 Rooms and IHG with 923 Projects/94,296 Rooms. These 3 franchise companies comprise 69% of all projects in the Total Pipeline. The largest brands for each of these companies are: Marriott's Fairfield Inn with 293 Projects/28,418 Rooms and TownePlace Suites with 206 Projects/21,193 Rooms; Hilton's Home2 Suites with 377 Projects/39,474 Rooms and Hampton Inn & Suites with 316 Projects/32,...
U.S. Markets With the Largest Construction Pipelines & Highest 2018 Growth Rates
Lodging Econometrics (LE) | May 4, 2018
According to analysts at Lodging Econometrics (LE), the five U.S. markets with the largest hotel construction pipelines by project count are: New York with 169 Projects/29,641 Rooms, Dallas with 159 Projects/19,149 Rooms, Houston with 148 Projects/16,158 Rooms, Nashville 119 Projects/15,992 Rooms and Los Angeles which has 115 Projects/17,155 Rooms in its pipeline. The top market in the U.S. by Census growth rate for 2018 is Nashville which is expected to grow its Census by 8.8% if all 27 Projects/3,703 Rooms of expected openings occur by the end of the year. Following is New York with a 7.3% growth rate for opening 50 Projects/8,437 Roo...
Owned by Inns of Ocean City and Managed by Palmer-Gosnell Hospitality, Residence Inn by Marriott Opens in Ocean City, Maryland
Residence Inn by Marriott | May 3, 2018
Ocean City, MD – May 3, 2018 – The 150-suite Residence Inn by Marriott in Ocean City, Maryland is scheduled to open today. Located at 300 Seabay Lane, the all-suite Residence Inn Ocean City will operate as a Marriott franchise, owned by Inns of Ocean City, LLC and managed by Palmer-Gosnell Hospitality of Vienna, Virginia. Located within walking distance to the world-famous Ocean City boardwalk and pristine beaches, the Residence Inn Ocean City offers its guests convenient access to Jolly Roger Amusement Park, the Roland E. Powell Convention Center, Fager's Island and numerous golf courses. Rates vary depending on length of s...
IHG to Rebrand and Operate 13 UK Hotels Through Agreement With Foncière des Régions Following Acquisition From Starwood Capital Group
IHG | May 3, 2018
IHG to become largest luxury hotel operator in the UK, deal to include first UK properties for Kimpton Hotels & Restaurants InterContinental Hotels Group ("IHG") [LON:IHG, NYSE:IHG (ADRs)] has today announced plans to expand its luxury and upscale estate in the UK. IHG has entered into a conditional agreement with Foncière des Régions ("FdR"), to rebrand and operate 12 high quality open hotels (2.2k rooms) and one pipeline hotel (185 rooms) into its portfolio across the UK. This deal will establish IHG as the leading luxury hotel operator in the UK, taking it to more than 2k rooms in this valuable, fast grow...
Barnes Capital and IHG® to Develop a 150-Room Holiday Inn in Melbourne’s Coburg Suburb
IHG | May 3, 2018
IHG® has signed a deal with Barnes Capital to open a striking Holiday Inn® in Coburg, Melbourne's up-and-coming northern suburb, in 2020. When it opens in 2020, Holiday Inn Melbourne Coburg will enjoy views across the town and its surrounding landscape, including Coburg Lake Reserve. It will feature a gym and large meeting facilities, as well as a bar and all-day dining, establishing it as the destination to sip, dine and unwind. The 150-room new-build hotel will show off a bold, new design statement for Holiday Inn, created by architects Hachem, with its mirrored glass design destined to become a landmark in the heart of Coburg...
Hilton and Hotelaria Brasil Sign Strategic Development Agreement to Open the First Hampton by Hilton Hotel in Brazil
Hampton by Hilton | May 3, 2018
SAO PAULO, Brazil and MCLEAN, Va. – May 3, 2018 – Hilton (NYSE: HLT) and Hotelaria Brasil today announced the signing of a strategic development agreement for Hotelaria Brasil to initially develop five franchised Hampton by Hilton hotels in Brazil – marking the brand's debut in the country. The announcement underscores Hilton's commitment to expand throughout the Caribbean and Latin America, and reinforces the upper-midscale brand's momentum with 139 openings worldwide in 2017, including Hampton hotels in the Dominican Republic, Colombia, Mexico and Uruguay. As part of the agreement, the companies have confirmed the fi...
IHG Signs With Focus Ventures to Develop Dual-Branded Hotel Indigo and Holiday Inn in the Heart of Melbourne’s Retail District
IHG | May 2, 2018
IHG® will open its first Australian dual-branded hotel by 2022 with the signing of Hotel Indigo® Melbourne Little Collins and Holiday Inn® Melbourne Bourke Street Mall, in the heart of the CBD. Currently trading as The Walk Arcade, the site is arguably Melbourne CBD's most strategic retail destination and will allow the hotels to form a symbiotic relationship and capitalise on Melbourne's booming corporate and leisure demand. The property will front onto Bourke Street Mall on one side and Little Collins St on the other, allowing Holiday Inn to make the most of the pedestrianised retail haven and Hotel Indigo to bring the edg...
Hilton Names Martin Rinck as Global Head of Luxury and Lifestyle Group
Hilton | May 2, 2018
MCLEAN, Va. – Hilton (NYSE: HLT) today named Martin Rinck as Global Head, Luxury & Lifestyle Group. In his new role, Rinck will be responsible for all strategic development, brand innovation and leadership initiatives for the world's fastest growing luxury hotel portfolio, including Waldorf Astoria Hotels & Resorts and Conrad Hotels & Resorts. Rinck will also oversee the continued growth of Hilton's newest lifestyle brand, Canopy by Hilton. "We are excited that Martin has agreed to lead our Luxury & Lifestyle Group, and are confident that his industry knowledge, strong leadership skills and extensive hospitality ex...
The U.S. Construction Pipeline Showed Healthy Growth in the First Quarter
Lodging Econometrics | May 2, 2018
The U.S. Construction Pipeline kicked off the first quarter of 2018 with 5,255 Projects/636,174 Rooms, up 4% by projects and 6% by rooms Year-Over-Year (YOY), according to analysts at Lodging Econometrics (LE). In comparison to the highest Pipeline level recorded by LE, the current quarter is just 628 Projects/149,373 Rooms, or 11% beneath the peak which occurred in Q208. We expect the Pipeline to continue its modest growth through 2018. There are 1,592 Projects/205,449 Rooms Under Construction, up 5% by projects YOY. Projects Scheduled to Start Construction in the Next 12 Months, at 2,297 Projects/272,459 Rooms are down 5% by pr...
The Juggle is Real for Today’s Travel Managers
IHG | May 1, 2018
A poll of attendees at IHG Expo 2018 reveals top considerations for travel managers 1 in 3 travel managers say traveller satisfaction is top priority Three quarters of travel managers find catering to millennials complex 52% believe personalisation will have the biggest impact on corporate travellers Duty of care, cost management and policy compliance have long been key focus areas for travel managers. However, a snap poll at this year's IHG Expo, an annual event run by InterContinental® Hotels Group (IHG®) for travel buyers, bookers and managers, revealed that they are not the only priorities when putting together a trave...
IDeaS Expands Partnership With Preferred Hotels & Resorts to Over 100 Properties
IDeaS | April 30, 2018
Luxury independent hotels worldwide use IDeaS technology to elevate revenue strategy MINNEAPOLIS – APRIL 30, 2018 – IDeaS Revenue Solutions (IDeaS) is proud to announce that more than 100 Preferred Hotels & Resorts properties have installed IDeaS revenue management technology. With nearly three decades of innovation in hospitality technology, IDeaS' solutions equip this group of independent hotels worldwide with a clear view of their data across more than 100 word-wide hotels with 22,000 guest rooms. Through pricing, forecasting and optimization strategies, Preferred Hotels & Resorts' properties have leveraged IDeaS ...
MDR Hotels and R.D. Olson Construction Break Ground on New Build Dual-Brand Marriott Hotel in Marina del Rey
R.D. Olson Construction | April 30, 2018
Irvine, Calif. – April 30, 2018 – R.D. Olson Construction, an award-winning general contracting firm in California, commenced ground-up construction on a waterfront dual-brand hotel by Marriott in Marina del Rey, California. Located on Via Marina and Tahiti Way near world-famous beaches, seaside dining and waterfront activities, the hotel will include a Courtyard and Residence Inn by Marriott overlooking the harbor. The 2-acre property will feature two podium-type buildings with 288 guest rooms in total and is close to Venice Beach, Redondo Beach Pier, Los Angeles International Airport and major freeways. "We are honored to ...
Hospitality Financial Leadership: Hotel Current Assets – What You Need to Know
David Lund | April 30, 2018
By David Lund When we cross the bridge in the hospitality financial world to the greater business world, the concept of an asset and how it is used comes full circle. I am going to explore what is unique about hospitality assets and how we record and use them. I am only going to talk about current assets in this article. First of all, an asset is something you have paid for or earned previously that can be used to generate more income. That is the critical test: Can you use this item to make more money, to create more economic activity? If you bought it or created it previously and can use it to generate more income, it is an asset. Ite...
AccorHotels Acquires Mövenpick Hotels & Resorts for U.S. $567 Million
AccorHotels | April 30, 2018
PARIS, 30 April 2018--AccorHotels has today announced that it has signed an agreement with Mövenpick Holding and Kingdom Holding to acquire Mövenpick Hotels & Resorts, for a cash amount of CHF560 million (€482 million). The transaction implies a 14.9X 2019e EBITDA multiple before synergies (including transaction costs), and less than 10X pro forma 2019e EBITDA after run rate synergies and committed development pipeline. The transaction will have an accretive impact on Group earnings from the first year. Founded in 1973 in Switzerland, Mövenpick Hotels & Resorts operates in 27 countries with 84 hotels (more th...
Medical Tourism: India and Malaysia Lead the Market with Use of Cryptocurrency
Allied Market Research | April 30, 2018
Small countries including India and Malaysia have seen a spike in the medical tourism market owing to the low-cost of treatments compared to the U.S. and the intensive care facilities offered by the hospitals. The medical tourism market has grown exponentially in recent years due to affordability and accessibility of healthcare services along with the support from tourist department and government. In addition, the countries such as India, Brazil, Malaysia, and Thailand provide the latest medical technologies to the patients, which boosted the medical tourism market. In its recent report on Global Medical Tourism Market, Allied Market R...
The CEO’s Role as Thought Leader in the New Era of Engagement
Alan Young | April 30, 2018
It is critical for CEO's to champion a trustworthy voice for their company's brand and execute a consistent content cadence By Alan Young Gone are the days in which CEO's can expect to remain a faceless, behind-the-scenes force of the company. Think Richard Branson, Elon Musk, Jeff Bezos – and the growing list of rock star C-level execs. Within a dynamic industry landscape, CEO's across all verticals are stepping up to become the driving market force behind their brand, openly advocating for their company's values, culture, and intellectual capital. A company's brand is often an extension of their chief executive...