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
Riding the CFO Roundabout: Securing Hospitality’s Financial Leadership Future
Bill Conn | April 4, 2024
By Bill Conn CFOs are on the move. Since 2022, the hospitality sector has witnessed a dramatic shift in its financial leadership environment. Data shows that during the first six months of 2023, 103 CFO (Chief Financial Officer) changes occurred in Fortune 1000 companies.[1] This number represents a 30% increase from the 79 changes in the same period in 2022. From a hospitality perspective, this CFO “carousel” and the high demand in 2023 for CFOs and other finance executives is unlike anything the industry has ever experienced. The demand for top talent has risen across all disciplines, but 2023 was definitely the year of the CFO. Sur...
Accor Signs With EBU Estate Developers for New Sofitel Jaipur Jawahar Circle in India
Accor | April 3, 2024
Jaipur, India – April 3rd, 2024 - Accor, a world-leading hospitality group, is proud to announce the signing of a partnership agreement with EBU Estate Developers Private Limited for the development of a Sofitel hotel in India, the Sofitel Jaipur Jawahar Circle. This new-build luxury hotel is scheduled to open its doors in 2028 and promises to redefine hospitality in the vibrant city of Jaipur. Strategically located at Jaipur’s Jawahar Circle, the hotel will feature 275 exquisitely designed and spacious rooms, each offering the utmost comfort for guests. Joining Sofitel, the only French luxury hotel brand with a truly international foo...
ONYX Hospitality Group Expands Shama Portfolio With Signing of Shama Rayong
ONYX Hospitality Group | April 3, 2024
London - 3 April 2024 - ONYX Hospitality Group, the leading hospitality management company, is delighted to announce the expansion of its renowned Shama brand with the launch of Shama Rayong, capitalising on the demand for serviced apartments. The signing ceremony took place on 1st April 2024 at Amari Bangkok, with the new property expected to welcome its first guests from Q1 2026. Shama Rayong marks a significant milestone for the brand and expanding its footprint in Thailand. The company recognises the increasing demand for serviced apartments, particularly in the post-pandemic era, and is confident that this new addition will be a w...
High Cost of Borrowing Contributes to 19% Fall in European Hotel Transactions in 2023, Says HVS Report
HVS | April 3, 2024
03 April 2024, London: High inflation and interest rate rises had a major impact on the European hotel investment market last year, slowing transaction activity and taking volumes 19% lower than in 2022, the second lowest level of investment in the past decade, according to the HVS European Hotel Transaction Report from global hotel consultancy HVS London and its hotel brokerage arm HVS Hodges Ward Elliott. Transaction volume across Europe reached €10.7bn, with 388 hotels* changing hands – and an average price per hotel that was 9% lower than in the previous year, although significantly ahead of the transaction volume in the year...
Cornell Study Shows How Tax Reform Could Boost Hospitality Investment
AHLA | April 3, 2024
WASHINGTON (April 3, 2024) – The Tax Relief for American Families and Workers Act of 2024, H.R. 7024, could provide substantial tax relief to hotels across the country, incentivizing investments in renovations and property upgrades, according to a Cornell University study commissioned by the American Hotel & Lodging Association. The study, conducted by Cornell’s Center for Hospitality Research, highlights how hotels of all sizes and service levels stand to benefit from H.R. 7024’s provisions to extend 100% bonus depreciation and expand deductibility of business interest. The bipartisan bill to temporarily extend these provisi...
Gaining Control of Utility Costs
Robert Mandelbaum | April 2, 2024
By Robert Mandelbaum, Joe Snider Over the past four years, utility costs at U.S. hotels have increased at a pace greater than total operating revenue. As a result, utility department expenses increased from 2.9 percent of total revenue in 2019 to an estimated 3.3 percent in 2023. As hotels have struggled to recover from the pandemic, any rise in cost ratios is an area of concern for owners and operators. The good news is that the pace of growth appears to be slowing down. Year-over-year growth rates for utility expenditures have declined on a dollar per-available-room (PAR) basis from a high of 21.4% in 2022 to an estimated 4.0% in 2023...
Sonnenblick-Eichner Company Arranges $19,500,000 of First Mortgage Financing for Texican Court, Irving, Texas
Sonnenblick-Eichner Company | April 2, 2024
Los Angeles, California – Sonnenblick-Eichner Company on behalf of Valencia Hotel Group, has arranged $19.5 million of first mortgage debt to refinance the Texican Court hotel in Irving, Texas. The non-recourse five-year, fixed-rate loan was funded by a Wall Street investment bank. The loan is interest-only for the entire term at an interest rate of 7.74%, which included a buydown of the rate required by the lender. Built in 2019, the 152-room upscale boutique hotel features a retro-aesthetic design of the mid-century motor court with elements inspired by “Old Texas” architecture. Amenities include a full restaurant, poolside bar,...
Midnight Auteur Unveils Plans for Inaugural Boutique Hotel in Savannah, Georgia
Midnight Auteur | March 28, 2024
The cocktail-centric hospitality company, Midnight Auteur, unveils its first boutique hotel in the Hostess City of the South, opening early 2025 Savannah, GA (March 28, 2024) — Midnight Auteur, a new vertically integrated hospitality company created by the founders of the renowned Death & Co brand and the celebrated Ramble Hotel in Denver, today unveiled a first look at their forthcoming luxury boutique hotel, Municipal Grand, scheduled to open in Savannah’s North Historic District neighborhood in early 2025. Municipal Grand marks Midnight Auteur’s first official venture in the luxury boutique hotel space. Midnight Auteur was bor...
IHG Hotels & Resorts Signs Management Agreement With Samty Corporation to Open voco Hiroshima in 2027
IHG | March 27, 2024
voco Hiroshima will be the second voco hotel in Japan after Osaka The project was approved by the Minister of Land, Infrastructure, Transport and Tourism as a "Private Sector Guided Facilities Development Project The new hotel will offer a premium hotel experience that is anything but ordinary Tokyo, March 27, 2024: IHG Hotels & Resorts (IHG) today announced that it has signed its first management contract with Samty K.K. to open voco Hiroshima in mid 2027. Part of the urban development next to Hiroshima Station, the 301-room new-build hotel will incorporate a design that will allow visitors to feel the history of the area...
Egypt and the Big 5 Dominate Hotel Development in Africa
the Africa Hospitality Investment Forum (AHIF) | March 26, 2024
LAGOS, Nigeria, March 26, 2024/ -- When it comes to hotel development across Africa in 2024, just five words tell the story, “Egypt and the Big 5”. In this context, “the Big 5” does not refer to Africa’s major wildlife attractions, (lion, leopard, rhinoceros, elephant and buffalo) but to the global hotel chains – Accor, Hilton, IHG, Marriott International and Radisson Hotel Group. This year’s African Hotel Chain Development Pipeline report, widely acknowledged as the industry’s most authoritative source, documenting and analysing the number of hotels being planned and built across the continent, reports a market share of 28% ...
Hotel Investment in the Alps Heats Up
JLL | March 26, 2024
Climate change is driving record transaction levels in high-altitude, luxury hotels Long famed for its ski resorts, mountain towns in the French Alps have recently seen an uplift in investor interest. The Savoie and Haute-Savoie regions alone have seen hotel transaction volumes double over the past two years, breaking records with more than €800 million ($875 million) of hotel deals closed, JLL data shows. “Due to the warming climate, and limited new supply of ski resorts, more snow-sure locations at higher altitudes are commanding premium values,” says Matthieu Subit, JLL’s Vice President of Hotels and Hospitality for EMEA Cap...
IHG Hotels & Resorts Introduces New Suites Brand Prototype Variations with Enhanced Flexibility
IHG | March 26, 2024
Supplemental design options maximize space and revenue potential for any market or site plan ATLANTA (March 26, 2024) – IHG Hotels & Resorts (IHG), one of the world’s leading hotel companies with more than 6,300 hotels across 19 global brands, today announces the availability of new prototype options for its three suites brands – Staybridge Suites, Candlewood Suites and Atwell Suites. By expanding design choice, IHG provides greater flexibility for developers across a range of site configurations and market types while also maintaining the experiences guests expect in the rapidly growing suites space. The new options empha...
Compass by Margaritaville, Brand’s Boutique Hotel Collection, Announces Expansion
Compass by Margaritaville | March 26, 2024
Orlando, FL (March 26, 2024) – Following the highly-anticipated opening in Naples, Margaritaville announces an expansion of the brand’s Compass by Margaritaville collection of boutique hotels. Offering the same lifestyle guests know and love in a smaller, more intimate footprint, openings include: Naples, FL (Opened March 2024) – The brand’s first conversion (formerly Staybridge Suites) and all-suite property with 119 suites in one of the Sunshine State’s most desirable locations, features an outdoor pool experience, live entertainment, cozy fire tables, multiple social gathering areas, a complimentary breakfast buffet,...
Ennismore and Dubai Holding To Bring Iconic Delano to Dubai Later This Year
ENNISMORE | March 20, 2024
Ennismore, the fastest-growing lifestyle and leisure hospitality company, announced that its iconic Delano brand will be coming to the UAE for the first time. Opening later this year at the waterfront destination Bluewaters Dubai, Delano Dubai will be a luxurious destination in its own right, appealing to discerning individuals who define luxury by attention to detail, craftsmanship and personalised experiences. The launch of Delano Dubai forms part of a landmark deal signed between Ennismore and Dubai Holding in 2023 to introduce a unique luxury lifestyle experience in Dubai, and follows the opening of Banyan Tree Dubai at Bluewaters...
Marriott International Signs Agreement With Hainan Qianrui Industrial Development to Bring W Hotels to Sanya
Marriott International | March 19, 2024
Marriott International, Inc. recently announced it has signed an agreement with Hainan Qianrui Industrial Development Co., Ltd. to bring the W Hotels brand to Sanya, the popular tourist hub located on China’s southerly island province of Hainan Marriott International, Inc. recently announced it has signed an agreement with Hainan Qianrui Industrial Development Co., Ltd. to bring the W Hotels brand to Sanya, the popular tourist hub located on China’s southerly island province of Hainan. Located in Sanya Bay, W Sanya is slated to open in the second quarter of 2028. With its bold, detail-driven design, elevated service, and engaging always-...
Baccarat Hotel & Residences Maldives Set to Open In 2027
Baccarat Hotels & Resorts | March 19, 2024
Miami, FL (March 19, 2024) – SH Hotels & Resorts, the hospitality management company founded by visionary Barry Sternlicht, Chairman and CEO of Starwood Capital Group, today announced plans to redefine luxury and sophistication in the Maldives with the forthcoming debut of Baccarat Hotel & Residences Maldives in 2027. Spanning five interconnected islands across more than 111 acres in the South Malé Atoll, this one-of-a-kind resort will set a new standard of unprecedented luxury in one of the world’s most coveted travel destinations. “We are excited to unveil Baccarat Hotel & Residences Maldives, which fuses the timeless el...
Otelier Launches Rec: The Automated Financial Reconciliation Tool to Drive Profits
Otelier | March 19, 2024
Otelier Rec, a software tool that can automate reconciliation workflows to save hotels thousands of dollars per month, is the newest addition to Otelier’s unified performance optimization platform. ATLANTA, MARCH 19, 2024 – Otelier, the hospitality performance optimization platform that puts data and efficiency at the heart of hotel operations, has launched an innovative new product, called Otelier Rec, that automates financial reconciliation workflows, saving hotels potentially thousands of dollars per month. Rec tackles the increasingly difficult challenge of identifying and resolving discrepancies in financial records, preventin...
Hyatt Announces Robust Pipeline in India and Southwest Asia for 2024
Hyatt Hotels Corporation | March 15, 2024
Growth in brand footprint to over 55 hotels across leisure and business destinations in the region as brand portfolio expands with JdV by Hyatt as the ninth Hyatt brand in India CHICAGO (March 15, 2024) – Hyatt Hotels Corporation (NYSE: H) today announced plans for the aggressive expansion of Hyatt’s brand portfolio in India and Southwest Asia region, with a robust pipeline of eight new hotels that are expected to open across various leisure and city destinations in 2024. This growth is timed to coincide with the expected rebound of leisure and business travel in the country and the sub-continent. In 2024, Hyatt’s brand expansio...
Moss Awarded Construction of Nora Hotel in the Nora District of West Palm Beach, Florida
Moss | March 15, 2024
WEST PALM BEACH, Fla.--Moss has been selected to build a luxury 201-room boutique hotel in downtown West Palm Beach. The hotel is the first vertical development in the thoughtfully master planned Nora District being developed by New York-based BD Hotels, NDT Development, Place Projects, and Wheelock Street Capital. The 5-story, 203,214-square-foot hotel will be located on North Railroad Avenue, anchoring 150,000 SF of highly curated commercial, restaurant, retail, office and wellness spaces that blend a walkable streetscape with a dynamic public realm. Amenities within the hotel include a rooftop pool deck complete with a restaurant, ...
Marriott International Signs Agreement to Bring JW Marriott to Greece With Vasilakis SA
Marriott International | March 13, 2024
JW Marriott Crete Resort & Spa will introduce the brand’s mindful ethos and serene spaces to the sought-after island destination Marriott International, Inc. announced it has signed an agreement in collaboration with Vasilakis SA to bring the JW Marriott brand to Greece. Anticipated to open in 2025, JW Marriott Crete Resort & Spa will span 100 acres of coastal beauty and will be a haven for travelers who seek a luxury escape paired with exceptional service and holistic well-being experiences. SWOT Hospitality, known for its expertise in managing luxury hotels across Greece, will collaborate with Vasilakis SA and Marriott Interna...
Virginia’s Massanutten Resort To Expand Offerings With New Hotel and Indoor WaterPark
Massanutten Resort | March 13, 2024
Massanutten Resort Caters to Increased Demand with New Indoor WaterPark and Hotel Massanutten, Va. – March 13, 2024 – Massanutten Resort, a premier four-season resort located in the heart of Virginia’s Shenandoah Valley, today shared updates on the major enhancement of its Indoor WaterPark, along with a planned new-build hotel slated to break ground this Spring. The first phase of an overarching, multi-year master plan that will see Massanutten further diversify its award-winning offerings – including a new 55+ active adult lifestyle community and more - the WaterPark expansion and new hotel are both expected to be completed by e...
Industry-Leading Finance Technology To Be On Display at ‘Hunter Hotel Investment Conference’
Aptech | March 13, 2024
As a Silver Sponsor, Aptech will showcase the latest in enterprise accounting, business intelligence, and budgeting/forecasting automation in Booth #812 PITTSBURGH, March 13, 2024 — With relationship building always top of mind, Aptech will be exhibiting at the 35th Annual Hunter Hotel Investment Conference to display its integrated enterprise accounting, business intelligence, and budgeting/forecasting software for hotels. To be held March 19 to 21 at the Atlanta Marriott Marquis, the event is designed to foster networking and create connections. In addition to learning about upcoming investment trends and connecting to the indust...
Marriott International Brings Newly Debuted Marriott Hotels All-Inclusive to The Dominican Republic With New Resort Signing
Marriott International | March 12, 2024
Plantation, Fla. March 12, 2024 – Marriott International in the Caribbean and Latin America announced today the latest addition to its All-Inclusive by Marriott Bonvoy portfolio with the signing of Marriott Miches Beach, An All-Inclusive Resort, currently the Sunrise Miches Beach Resort in Dominican Republic. Set to undergo a conversion process commencing in the second quarter of 2024, the resort is slated to open its doors under the Marriott Hotels brand in the first quarter of 2025. Nestled on a sprawling 62-acre site in the enchanting locale of Miches, within a 60-minute ride distance of the Punta Cana International Airport, the reso...
Zel to Open Its Second Hotel in Spain on The Costa Brava This Summer
Meliá Hotels International | March 12, 2024
The brand created by Meliá Hotels International and Rafael Nadal will bring its innovative "Mediterranean House" concept to the crystal-clear waters of Tossa de Mar Palma de Mallorca, March 12, 2024. Zel, the hotel brand created by Meliá Hotels International and Rafael Nadal, has announced new expansion plans, as previously announced at Fitur by Meliá's Chairman and CEO, Gabriel Escarrer. He announced the brand's upcoming destinations, with the second Zel project set to open on the Costa Brava this summer, followed by new hotels in Madrid, Sayulita (Mexico), and Punta Cana (Dominican Republic) in 2025. Zel opened its first hotel in Mall...
