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
AHLEI Publishes New Edition of Hotel and Restaurant Accounting Textbook, Workbook
the American Hotel & Lodging Educational Institute (AHLEI) | August 17, 2017
Orlando, Florida, August 2017—The American Hotel & Lodging Educational Institute (AHLEI) has published a new edition of Hotel and Restaurant Accounting, by Raymond Cote, CPA, CCP. This introductory hospitality accounting textbook accentuates the relationship between business principles and accounting in hotel and restaurant operations. Students will learn accounting information that can be applied in hotel and restaurant environments. The eighth edition of Hotel and Restaurant Accounting has been significantly revised, incorporating several chapters and two case studies previously included in the author's Accounting for Hospit...
Hospitality Funding Advises Cambria Hotels Expansion in Sonoma County, California
Hospitality Funding | August 16, 2017
Palm Beach, FL — Hospitality Funding, Inc. arranged funding for the development of a new Cambria hotel & suites in Sonoma County, Calif. Choice Hotels International, Inc. (NYSE: CHH), one of the world's largest hotel companies, signed an agreement with franchise partner Stratus Development Partners, LLC on the new hotel expected to open in 2019. When assessing the transaction, Hospitality Funding considered the following: The four-story, 132-room Cambria property will be located at 5870 Labath Avenue in Rohnert Park. The Cambria hotel & suites Sonoma County is in the heart of wine country and next to Napa Valley, offeri...
HFTP Hospitality DPO Task Force Holds First Meeting in Amsterdam, Moves Ahead on Building Resources
HFTP | August 16, 2017
Group to develop a certification and position guidelines ahead of the EU GDPR compliance deadline Preparing for the new EU General Data Protection Regulations (GDPR), a framework legislated by all EU member states with a required compliance date of May 25, 2018, international nonprofit association Hospitality Financial and Technology Professionals (HFTP®) recruited a team of experts to develop Hospitality Data Protection Officer (HDPO) guidelines and supporting resources for the industry. In addition, the group is designing a certification program specific for HDPOs to demonstrate their competence with the specialized position. A ke...
LaPlaya Beach & Golf Resort to Unveil $8 Million Renovation
LaPlaya Beach & Golf Resort | August 15, 2017
NAPLES, Fla. (August 15, 2017) – LaPlaya Beach & Golf Resort, a Noble House Resort located on the Naples beachfront, is pleased to announce a transformative $8 million renovation to be unveiled in Fall 2017. Inspired by the natural elements surrounding the resort, the transformation will include new guest rooms in the Gulf Tower, a reinvigorated lobby, and a stunning new look for its award-winning signature restaurant, BALEEN. Located on a pristine, private six-acre white sand beach alongside the Gulf of Mexico, LaPlaya Beach & Golf Resort offers a quintessential Naples experience with an award-winning beachside restaurant...
EB-5 Financing Lawyer: EB-5 Construction Financing Term Sheet for Top Developers
Jim Butler | August 15, 2017
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Authors of www.HotelLawBlog.com 15 August 2017 EB-5 financing comes in many colors and shapes JMBM believes that for most developers, EB-5 financing is best structured as mezzanine debt or preferred equity, to optimize the total amount of financing and reduce the cost of the capital stack. Normally, senior construction debt (secured by a first priority lien) will be significantly cheaper than EB-5 money, but senior lenders (particularly if the subject project is a hotel) rarely lend more than 50% to 55% of the total cost of construction. Most of our clients like to use ...
Meliá Hotels International Partners With Duetto to Transform Revenue Strategy
Duetto | August 15, 2017
Meliá goes even deeper into its ongoing digital transformation, to enhance the personalized guest experience Palma de Mallorca, Spain, Aug. 15, 2017 — Duetto, the hospitality industry's leader in Revenue Strategy technology, and Meliá Hotels International have partnered to implement Duetto's cloud-based solutions as part of the company's ongoing digital transformation. Meliá, one of the largest hotel companies in the world with seven brands and more than 370 hotels across 43 countries, has undertaken several initiatives to elevate its Revenue Strategy and digital-marketing and distribution capabilities. Its ad...
Hotel Equities Names Marcie Pruitt Corporate Controller
Hotel Equities | August 14, 2017
ATLANTA, GA (August 14, 2017) –Atlanta-based Hotel Equities (HE) named Marcie Pruitt to the position of Corporate Controller. Her responsibilities include oversight of the accounting and financial functions for the firm, including staff supervision and owner relations. She reports to Carlos Melgar, Vice President of Finance for Hotel Equities. "Marcie brings leadership experience and excellent accounting skills to our expanding accounting team," said Carlos Melgar, Vice President of Finance for Hotel Equities. "A veteran of the hospitality industry, she understands the financials, but also is skilled at building relationships with...
EB-5 Financing Lawyer: FAQs: Essentials of EB-5 Construction Financing for Developers
Jim Butler | August 14, 2017
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Authors of www.HotelLawBlog.com 14 August 2017 Below are some of the most Frequently Asked Questions (FAQs) and answers regarding EB-5 funding for developers (click the link for answer, or scroll down) 1 What is EB-5? 2 Why is there so much interest in EB-5 financing? 3 Is EB-5 funding available for new construction? 4 Can I use EB-5 funding to buy an existing project? 5 Is there any limitation on the kind of project funded with EB-5? 6 How much does EB-5 money cost? 7 How do I know if EB-5 will work for me and my project? 8 What is a regional center and do I need one? ...
HFTP and Naseba Announce HITEC Dubai 2017 Advisory Council
HITEC Dubai | August 14, 2017
The 20-member council met at Jumeirah Group's headquarters in preparation for HITEC Dubai, the region's largest hospitality technology showcase Hospitality Industry Technology Exposition and Conference (HITEC®), the world's largest hospitality technology conference brand, will be coming to Dubai, UAE on November 14-15, 2017 at the Conrad Dubai. Produced in partnership by Hospitality Financial and Technology Professionals (HFTP®), the only organization producing nonprofit hospitality events at an international level, and Naseba, HITEC Dubai is set to be the region's largest hospitality technology showcase hosting ...
HFTP Announces Keynotes for its 2017 Annual Convention
HFTP | August 10, 2017
Greg Land, Steve McClatchy and Dennis Snow selected as keynote speakers Hospitality Financial and Technology Professionals (HFTP®) added three informative and motivating keynote speakers to the education program for its upcoming Annual Convention 2017, an event the association has produced since 1952. This year's HFTP Annual Convention is scheduled for October 25–27, 2017 at Omni Orlando Resort at Championsgate in Championsgate, Florida USA. "This year's event will offer a variety of essential education formats, continuing education, enhanced networking and vendor opportunities as HFTP celebrates its 65th year as ...
Hospitality Financial Leadership – Measuring Labor Productivity Part II
David Lund | August 9, 2017
By David Lund In food and beverage, you want to get obsessed about a similar measurement like you do in the rooms division. In F&B it is "hours per cover served." Right out of the gate you need to understand the definition of a cover and it has recently changed. A cover is now properly labeled as a "customer" and it is now calculated by dividing the total sales in all food and beverage items by the total number of customers. Before it was only food sales and you divided the number of people who consumed a food item by the total food sales. Now it is the total of warm bodies divided by total F&B sales. See Uniform System of Accou...
Q2 2017 Financial Reports Round Up – Part 5: Marriott, IHG, Ryman, Xenia, Belmond
August 8, 2017
Marriott International Reports Second Quarter 2017 Results Highlights Second quarter reported diluted EPS totaled $1.08, a 13 percent increase over prior year results. Second quarter adjusted diluted EPS totaled $1.13, a 35 percent increase over second quarter 2016 combined results. Adjusted 2017 second quarter results exclude merger-related Combined 2016 second quarter results assume Marriott's acquisition of Starwood and Starwood's sale of its timeshare business had been completed on January 1, 2015; Worldwide comparable systemwide constant dollar RevPAR rose 2.2 percent in the 2017 second quarter, while North American comparable s...
Three Hotel Companies Select Aptech PVNG Enterprise Accounting
Aptech Computer Systems, Inc. | August 8, 2017
Hospitality-Focused PVNG Is Easy to Use and Creates More Efficient Operations PITTSBURGH – August 8, 2017 – Aptech Computer Systems, a leading provider of hotel accounting software, hospitality enterprise accounting, budgeting, forecasting, and business intelligence systems, announced three hotel companies selected Aptech's PVNG Enterprise Back Office System. PVNG is a browser-based next generation enterprise hospitality accounting solution with a simple menu structure and easy to navigate platform. Click here for more on Aptech's products and services. Companies installing PVNG Enterprise Accounting include Stagewest Hospit...
EB-5 Financing Lawyer: More than $1.5 Billion of EB-5 Construction Financing Closed for JMBM Clients
Jim Butler | August 8, 2017
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Authors of www.HotelLawBlog.com 29 July 2017 EB-5 is a proven means of financing for development projects. EB-5 financing is an important and viable source of construction financing for hotels, hotel enhanced mixed-use, and other development projects. Eight years ago, when JMBM started helping hotel developers with EB-5 financing, many worried about whether this is a legitimate and reliable financing source. Now, after billions of dollars of development have been funded with EB-5, this type of financing is regarded as mainstream. It is used by many institutional players...
HFTP Announces Advisory Council for its Second Annual HITEC Amsterdam in April 2018
HITEC | August 3, 2017
Pan-European expert advisors will help plan a cutting-edge education program for the returning hospitality technology conference and exposition, a regional counterpart to the highly-successful HITEC Hospitality Financial and Technology Professionals (HFTP®), the only organization producing nonprofit hospitality events at an international level, including the world's largest Hospitality Industry Technology Exposition and Conference (HITEC®), is pleased to announce the advisory council for its second annual HITEC Amsterdam. The next HITEC Amsterdam will take place from April 11–13, 2018 at the RAI Convention Centre in Am...
EB-5 Finance Lawyer: Are Hotels Still the Darling of EB-5 Financing?
Jim Butler | August 3, 2017
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Authors of www.HotelLawBlog.com 25 July 2017 The EB-5 immigrant investor visa program has provided billions of dollars of affordable construction financing for a wide variety of projects ranging from high tech and alternate energy to traditional types of commercial real estate. Over the last decade, EB-5 investors have overwhelmingly chosen real estate projects, particularly those with hotel, multifamily, senior living, and mixed-use components. While the enabling legislation for the program does not limit the type of project financed, it does require that at least 10 n...
Rainmaker to Advocate Industry Education and Innovation as Presenting Sponsor of 2017 Hotel Data Conference
Rainmaker | August 3, 2017
Leading provider of revenue and profit optimization software for the hospitality industry partners with STR and HNN to present industry outlook, forecasts and trends at annual data symposium ALPHARETTA, Ga. – August 3, 2017 – The Rainmaker Group (Rainmaker), the hotel revenue and profit optimization cloud, has joined with the hospitality industry's most respected data resources, Smith Travel Research (STR) and Hotel News Now (HNN), as the presenting sponsor of the 2017 Hotel Data Conference. The market-leading conference, taking place August 9 to 11 at the Omni Nashville Hotel, brings industry experts together for an immersi...
Hotel Thought Leaders, Disruptors Headline RSS 2017
Duetto | August 3, 2017
Hundreds of Industry Executives Explore Hot Topics at the 5th Annual Gathering in Washington, D.C. Washington, D.C. – August 3, 2017 — Thought leaders, including hotel brand executives, asset managers, and technology innovators, examined how hotel marketing and technology must evolve to meet new challenges facing the hospitality industry, at the fifth annual RSS, July 26th in Washington, D.C. Lee McCabe, Vice President at Alibaba Group, delivered the opening keynote address. The closing keynote featured Michael Saylor, noted philanthropist and visionary whose pioneering work in analytics and strategic planning was laid out i...
Avison Young Hospitality Group Announces July Closings
Avison Young | August 2, 2017
ATLANTA – August 2, 2017 – The Avison Young Hospitality Group announced today that it brokered nine hotel transactions in July, including locations in the Pacific Northwest, Southeast and Midwest. Andy Broad, Thierry Roch, Niven Patel, Collin Foran, Wendy Blissett, Victor Kalyanji, Rick George, Mike George and Eric Gunderson represented Avison in the transactions. The hotels include a historic property in Houston's central business district (CBD), two Marriott-branded hotels, three all-suite hotels, two Florida select service hotels and a hotel in San Francisco. "July's closings are indicative of the strength of today's equi...
IHG Appoints Marvin Alballi as Director of Restaurants and Bars – India, Middle East, Africa (IMEA)
August 1, 2017
New Delhi India, 01 August, 2017: InterContinental Hotels Group (IHG®), one of the world's leading hotel companies, has announced the appointment of Marvin Alballi as its new Director of Restaurants and Bars – India, Middle East, Africa (IMEA). In his remit, Marvin will be focused on driving commercial operations across IHG's restaurants and bars (R&B) offering in IMEA, generating greater revenue and profitability for the company's hotels. He will also be responsible for operational excellence and delivering great guest experiences across the region. After studying in Europe and graduating with a degree in hotel and cateri...
Hotel Equities to Manage NYC’s 88-Room Four Points by Sheraton Long Island City
Hotel Equities | August 1, 2017
ATLANTA and NEW YORK CITY–August 1, 2017– Atlanta-based Hotel Equities has been selected to manage the Four Points by Sheraton Long Island City. The hotel recently completed a full renovation of guestrooms, meeting space, restaurant and public space. "Adding another property in New York has been a focus for Hotel Equities," said Joe Reardon, SVP of Business Development and Marketing for Hotel Equities. "The property enjoys the benefits of a vibrant neighborhood scene within proximity to some of the NYC area hot spots." Boasting panoramic views of the Manhattan skyline from its rooftop bar and floor-to-ceiling glass-wrapped m...
EB-5 Finance Lawyer: Tips to Avoid the 6 Most Common Mistakes Developers Make With EB-5
Jim Butler | August 1, 2017
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Authors of www.HotelLawBlog.com 01 August 2017 EB-5 generates billions of dollars of affordable construction financing for developments located in the United States that create new jobs for US citizens. JMBM's EB-5 financing group has closed more than $1.5 billion of EB-5 financing for our clients' development projects, and we sourced more than half of that amount. Although there are many exciting success stories, we see developers frequently blundering into a small number of easily avoided mistakes, which can be very costly. So here is our short list of the mistakes an...
Hospitality Financial Leadership – How to Review a Hotel Budget
David Lund | July 31, 2017
Budget season is fast approaching and I am writing this article to highlight some areas to look at when you are reviewing a hotel financial budget. Maybe you want to make sure you have all your ducks in a row before you submit your 2018 numbers to the corporate office or perhaps you are the one doing the review. This article will give you some ideas of what you need for your review, what to look for and where to find it. The only thing we know for sure about the budget is, it's wrong. ~ Unknown Budgeting is first and foremost a business plan with numbers. It is the culmination of all the wants, wishes, aspirations and ideas laid out in ...
Marriott’s Arne Sorenson and STR’s Randy Smith to Be Inducted into U.S. Travel Hall of Leaders
OTO Development | July 28, 2017
WASHINGTON (July 28, 2017)—Longtime industry leaders Arne Sorenson and Randy Smith have been selected as the 2017 inductees into the U.S. Travel Hall of Leaders, the single highest and most revered honor an individual in the travel community can receive. Sorenson, president and CEO of Marriott International and current Chairman of U.S. Travel's CEO Roundtable, and Smith, co-founder and chairman of data and analytics firm STR, will be honored during a November 14 dinner among more than 100 industry leaders at U.S. Travel's fall board meeting in Washington, D.C. Distinguished individuals are named to U.S. Travel's Hall o...
