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 Announces Recent Closings
Avison Young | April 27, 2017
ATLANTA – April 27, 2017 – The Avison Young Hospitality Group announced today that it has closed nine separate transactions and has 39 hotel transactions under sale agreement. The closings took place across the United States, including the Eastern Seaboard, Upper and Central Midwest and East and West Coast. The hotel sales ranged from full service, upscale hotels and select service hotels to extended stay hotels. One of the transactions involved an independent hotel near Pebble Beach in Monterey County, California. "Our recent closings represent where the hospitality market is today," said Keith Thompson, principal at Avison...
Downtown Grand Hotel & Casino Cashes In on Total Guest Value with Profit Optimization Solution from The Rainmaker Group
Rainmaker | April 27, 2017
Downtown Las Vegas casino resort turns to gaming and hospitality revenue management leader for total guest revenue optimization ALPHARETTA, GA – April 27, 2017 – Downtown Grand Hotel & Casino (Downtown Grand), a newly renovated urban resort located in the heart of downtown Las Vegas, has bolstered its revenue management processes and profitability through the successful implementation of The Rainmaker Group's (Rainmaker) guestrev® solution. Downtown Grand recently deployed guestrev® to more accurately and strategically set rates and pricing for various guest and player segments, by analyzing total guest value to ...
Thorofare Capital Funds $11.25M Loan for Acquisition of Historic Hotel in Los Angeles’ Westwood Village
Thorofare Capital | April 26, 2017
Los Angeles, CA (April 26, 2017) - Thorofare Capital has provided West Hollywood, CA-based Shamina Investments with a $11.25 million floating-rate whole loan for its acquisition and renovation of the 53-room Claremont Hotel Westwood in Los Angeles' upscale Westwood neighborhood. The Claremont is located at 1044 Tiverton Avenue in Westwood Village, an historic commercial, entertainment and shopping district, adjacent to UCLA in West Los Angeles. The seller, a local family, has owned the property since they built it in 1939. It was the first and currently remains the oldest hotel in Westwood. A portion of the loan proceeds will go towards...
IHG Signs with Grucaba SAC for New-Build Holiday Inn Property in Lima, Peru
IHG | April 25, 2017
InterContinental Hotels Group (IHG), one of the world's leading global hotel companies, announces the signing of a new-build Holiday Inn® hotel in Lima, the capital of Peru. The 19-story, 200-room property will be owned by Grucaba SAC and managed by IHG. The hotel will be situated on Avenida Ricardo Palma in the Miraflores District, an affluent residential area south of downtown Lima known for its upscale dining and shopping. Jorge Apaez, Chief Operating Officer Mexico, Latin America, and Caribbean, IHG®, said: "This signing of the Holiday Inn Lima hotel reinforces our commitment to growing the IHG portfolio in Peru. We are extr...
Hotel Equities Names Jim Holliday Regional Director of Sales
Hotel Equities | April 25, 2017
ATLANTA (April 25, 2017) – Atlanta-based Hotel Equities (HE) recently named Jim Holliday as Regional Director of Sales for the firm. Mr. Holliday reports to Roger Miller, Vice President of Sales & Marketing. Based in Atlanta, Mr. Holliday will focus on the hotels in the firm's Full Service and Resort Division as he works to assist, support and direct the sales efforts throughout the firm's growing portfolio. Additionally, he will help facilitate training for the Directors of Sales at their respective hotels. With more than 25 years of hospitality industry experience, Mr. Holliday came to Hotel Equities from the AAA Five Diamon...
Flow Through – Understanding How it Works and How to Include Flow Thru in Your Financial Statements
David Lund | April 25, 2017
By David Lund Flow Thru, this is my abbreviation, is a catch all phrase that measures how much made it through your business comparing one period to another. What made it through, from revenues to profit. Another term to describe this measurement is retention. A good analogy to grasp the concept of flow thru is to compare it to your paycheck. Imaging I give you a $1000 a week raise. The question then is how much will end up on your pay vs. how much got eaten up by higher taxes and other deductions. The same goes for additional revenues in your business. If revenues are $50,000 higher this month than the same month last year, how much of...
HFTP Administers Updated CHAE Exam for Hospitality Professionals
HFTP | April 24, 2017
HFTP certificants have reported higher salaries and various career advancement opportunities Hospitality Financial and Technology Professionals (HFTP®) recently launched the newly updated Certified Hospitality Accountant Executive (CHAE®) certification exam. The new CHAE exam is now available for applicants, and was designed to give applicants the ability to utilize their financial knowledge and skills acquired. The CHAE Application is available for download on the HFTP website, and the policy and procedures includes detailed information on the application process and the requirements necessary to sit for the exam. The CHAE is a...
Duetto to Provide Revenue Strategy Solutions for First Central Hotel Suites, Dubai
Duetto | April 24, 2017
Agreement for Cloud-Based Price Optimization and Revenue Intelligence Solutions at 500-Room Property in the Heart of Dubai, Marks Duetto's Entrance in the Middle East London, April 24, 2017 – Duetto, the market leader in hotel profit optimization technology, announced today that it will implement its cloud-based Revenue Strategy application, GameChanger, and Revenue Intelligence solution, ScoreBoard, for First Central Hotel Suites, a leading hotel in the heart of Dubai. Under the agreement, Duetto will provide the property with unprecedented market intelligence, the benefits of Open Pricing, and the ability to fully optimize reve...
PressReader and Marriott International Partner to Redefine the Stay Experience
PressReader | April 19, 2017
PressReader is bringing more than 6,000 newspapers and magazines to every Marriott International and Marriott-owned hotel room in Europe. Guests can now download titles like The Guardian, Le Monde, Corriere della Serra, the Washington Post, Vogue, GQ and thousands more to their smartphones, tablets, or laptops without any subscription. They'll also receive extended access to the entire PressReader library for up to 48 hours after checking out. Simply visit the desktop platform or download the app using hotel Wifi to start reading. "We're reimagining how newspaper and magazine content is distributed to our guests. Through PressReader, we...
HFTP Announces 2017 CHTP of the Year Recipient
HITEC | April 19, 2017
Clint DeMill, CHTP to be honored at HITEC Toronto this June Hospitality Financial and Technology Professionals (HFTP®), will honor Clint DeMill, CHTP as the 2017 Certified Hospitality Technology Professional (CHTP®) of the Year at HITEC Toronto this June. The CHTP of the Year award honors the individual that scored the highest on the CHTP certification exam within a given year. HITEC Toronto, HFTP's second and largest HITEC of 2017, will take place from June 26-29 at the Metro Toronto Convention Centre in Toronto, Ontario Canada. DeMill began his hospitality career at a mountain resort in Utah USA in 1996. He later moved to ...
Hilton Appoints Qian Jin Area President for Greater China and Mongolia
Hilton | April 18, 2017
SHANGHAI, April 18, 2017-- Hilton (NYSE: HLT) has named Qian Jin as the company's first area president for Greater China and Mongolia. It comes at a time when Hilton prepares to celebrate its 100th hotel opening in Greater China, with more than 230 hotels in the pipeline. Beginning this week, Qian Jin brings with him extensive experience in the hospitality industry, having most recently served as president of Wanda Hotels & Resorts, one of Hilton's largest owners in Greater China. He reports to Martin Rinck, area president of Asia Pacific Hilton, and serves on the regional executive committee. "It gives me great pleasur...
HFTP’s Entrepreneur 20X Returns at HITEC Toronto with More Opportunities to Participate
HITEC | April 18, 2017
HFTP is accepting submissions for participants, judges and mentors until April 24, 2017 Hospitality Financial and Technology Professionals (HFTP®), producer of the Hospitality Industry Technology Exposition and Conference (HITEC®), will host its second Entrepreneur 20X (E20X) of 2017 on Monday, June 26 from 1:00 to 4:00 p.m. at HITEC Toronto, the world's largest hospitality technology event. HFTP is currently accepting applications for participants, judges and mentors for E20X Toronto. Startups interested in competing in the hospitality technology innovation competition, and industry professionals who would like to serve as ...
Duetto Provides Revenue Strategy Solutions for Oxford Corporate
Duetto | April 18, 2017
Duetto Brings Cloud-Based Profit Optimization and Revenue Intelligence Solutions to Hotels in 16 Cities in the Western U.S. New York, April 18, 2017 – Duetto, the market leader in hotel profit optimization technology, announced today that it is implementing its cloud-based Revenue Strategy solutions for Oxford Corporate, which owns and manages 18 hotels under the OXFORD hotel, Oxford Suites, Oxford Inn, and Cimarron Inn brands, in California, Oregon, Washington and Idaho. A deep integration with property management system RoomKeyPMS enables Oxford to fully optimize revenue and easily analyze company-wide performance with Duetto's ...
Do Your Hotel Financial Statements Pass The Test? Part 2
David Lund | April 17, 2017
By David Lund Do your hotel financial statements give you the information you need to effectively manage your hotel? Are you able to see if your profits are where they should be in an enhanced top line statement? Do your statements measure flow thru? Do you record your rooms business by proper segments and track the rooms occupied, rate and revenue in each segment? Do you record customers served in F&B and do you separate meal periods? Do you record liquor, beer, wine and mineral sales on your financials separately? Do you measure labor productivity in your financials? Do you record hours of work in your financials? Do you have payr...
IHG Notifies Guests of Payment Card Incident at IHG-Branded Franchise Hotel Locations in the Americas Region
IHG | April 17, 2017
ATLANTA, April 17, 2017-- IHG values the relationship it has with its guests and understands the importance of protecting payment card data. Many IHG-branded locations are independently owned and operated franchises, and certain of these franchisee operated locations in the Americas were made aware by payment card networks of patterns of unauthorized charges occurring on payment cards after they were legitimately used at their locations. To ensure an efficient and effective response, IHG hired a leading cyber security firm on behalf of franchisees to coordinate an examination of the payment card processing systems of franchise hotel loc...
What Hoteliers Need To Know About Indonesia
Larry Mogelonsky | April 12, 2017
By Larry Mogelonsky, MBA, P. Eng. (www.hotelmogel.com) Right now, we are all still talking about the rapid growth of China and to a lesser extend India, Russia and Brazil under the collective banner of BRIC. Their evolution into capitalistic territories has presented countless lucrative prospects for hospitality organizations both big and small. But there should be a fifth name in this acronym which is often overshadowed despite what's happening on the ground and despite it being the fourth most populous country in the world. From what I've read of recent, the archipelago nation of Indonesia has as many opportunities for the hotel indus...
The Rainmaker Group Brings Simple, Smart Revenue Optimization Tools to the Mid-Market with Debut of Next Generation revcaster® Platform
Rainmaker | April 11, 2017
Leading provider of hotel revenue management and profit optimization solutions introduces enhanced solutions toolbox designed for the limited service market ALPHARETTA, GA – April 11, 2017 – The Rainmaker Group (Rainmaker), the market leader in profit optimization solutions for the gaming and hospitality industry, today announces the official launch of its next generation revcaster® platform at AAHOA 2017. An affordable, easy-to-use and flexible solution developed specifically to meet the needs of limited service and mid-market hotels, the new revcaster® platform brings actionable insights on market, demand, and prop...
Hotel Equities Names Joe Luck Regional Vice President of Business Development
Hotel Equities | April 10, 2017
ATLANTA, GA (April 10, 2017) – Atlanta-based Hotel Equities (HE) recently named Joe Luck the Regional Vice President of Business Development for the firm. Mr. Luck will be based out of Hotel Equities Regional Office in Dallas with a focus on current prospective owners for third party management and development opportunities. "We're excited about Hotel Equities continued growth in Texas, the Midwest and West Coast said Joe Reardon, SVP of Business Development and Marketing for HE. "Joe Luck brings great knowledge and a strong following due to his years of brand and owner relations. He has a great reputation in our industry in relat...
The Luggage: Humility in the Hospitality Industry
David Lund | April 10, 2017
By David Lund "Servants don't know a good master till they have served a worse." ― Aesop, Aesop's Fables The Empress Hotel in Victoria, British Columbia, saw massive renovation in 1988. The renovation was so big the hotel was closed for 6 months. One man died in the construction falling down the garbage chute and it is said that the hotel rose 6 inches taller as so much weight was taken out of her. The Indian gum wood piles expanded giving the old girl a lift. I have said many times, you have not really worked in the hotel business until you have worked in a hotel that's closed. We take for granted the little things like th...
Paramount Lodging Advisors Team Arranges Sale of the Heartland Inn Coralville, IA
Paramount Lodging Advisors | April 5, 2017
CORALVILLE, IA—Paramount Lodging Advisors (PLA) has successfully sold the Heartland Inn located in Coralville, IA. Managing Directors Adam Montufar, Bennett Webster, and Brent Clemens represented the seller in this transaction. The 169-room Heartland Inn is situated walking distance from the University of Iowa Campus. In addition to its ideal location, the hotel has sustained consistent, prosperous overall performance for the past several years. "We are extremely pleased with the execution of this transaction. It had a variety of unique complexities that all parties diligently worked through. The collaborative effort between our C...
Hilton Appoints Greg Hartmann as Senior Vice President – Luxury, Lifestyle, Resort and Corporate Development
Hilton | April 4, 2017
MCLEAN, Va. - Hilton (NYSE:HLT) has named Greg Hartmann as senior vice president - luxury, lifestyle, resort and corporate development. He previously led the Strategic Advisory & Asset Management Services Practice as managing director for the Hotels & Hospitality Group in North America for Jones Lang LaSalle (JLL) for the past six years. Prior to that, Hartmann spent 24 years with HVS as a managing partner and then founded the STR Analytics division of STR. Hartmann will report to Ian Carter, president, global development, architecture, design & construction, Hilton. "We are extremely excited to have Greg join our team,...
Flying-by-The-Seat-of-Your-Pants – AKA No Hospitality Financial Leadership
David Lund | April 4, 2017
by David Lund In most hotels, the system for forward looking financial management is nonexistent. We rely on the top line coming in and if it does we expect a certain profit picture to emerge. When revenues are good this works, sometimes. When revenues don't materialize because of an event or something that produces headwinds in our business, we almost always fall flat on our face of the desired profitability. That's flying-by-the-seat-of-your-pants. We seemingly have no way of knowing what's really going to happen financially in our business. We roll the dice every month. When we are in a fly-by-the-seat-of-your-pants hotel and we have...
LaSalle Hotel Properties Announces Two Asset Sales; Under Contract to Sell a Third Hotel for a Combined Total of $218.9 Million
LaSalle Hotel Properties | April 3, 2017
BETHESDA, Md.--LaSalle Hotel Properties (NYSE: LHO) today announced it has sold two hotel assets and is under contract to sell a third hotel for a combined $218.9 million of proceeds: Lansdowne Resort for $133.0 million. The Company acquired the resort in June 2003 for $115.8 million. Alexis Hotel for $71.6 million. The Company acquired the hotel in June 2006 for $38.0 million. Hotel Triton is under contract for $14.25 million. The Company expects the sale to close in April 2017. The Company acquired the hotel in August 2013 for $10.9 million. The Company will use proceeds from the asset sales to redeem the $68.8 million outstandin...
Noble House Plans Summer Launch for Hotel Zoe Fisherman’s Wharf Following $16 Million Renovation and Rebranding
Noble House Hotels & Resorts | March 31, 2017
SAN FRANCISCO (March 31, 2017) – Hotel Zoe Fisherman's Wharf, San Francisco's newest luxury boutique hotel located in the heart of Fisherman's Wharf, will complete a comprehensive $16 million renovation and rebranding with a grand opening scheduled for this summer. Inspired by the luxurious yachts found in exotic ports throughout the Mediterranean, Hotel Zoe Fisherman's Wharf will emerge this summer as San Francisco's newest inviting hotel, offering a unique and luxurious experience to its guests with elements inspired by local partnerships. Conveniently located in the center of Fisherman's Wharf, the 221-guestroom hotel is very c...
