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
Upper Upscale Projects in Europe’s Hotel Construction Pipeline Reach Record-Highs at Q4
Lodging Econometrics (LE) | February 20, 2024
February 20, 2024 – PORTSMOUTH, NH – The recent Europe Hotel Construction Pipeline Trend Report from Lodging Econometrics (LE) reveals that the region’s total pipeline stands at 1,706 projects/254,937 rooms at the end of Q4 ‘23. At year-end, the hotel construction pipeline in Europe includes 755 projects with 115,300 rooms currently under construction, with an additional 418 projects/64,835 rooms scheduled to start construction in the next 12 months. Furthermore, 533 projects/74,802 rooms are in the early planning stage. Notably, announced renovation and conversion projects have seen a significant uptick, rising 21% in projects and...
MGM Resorts International Reports Record Fourth Quarter and Full Year 2023 Results
MGM Resorts International | February 19, 2024
Las Vegas Strip Resorts achieved record full year and fourth quarter net revenue and Adjusted Property EBITDAR MGM China achieved record full year and fourth quarter Adjusted Property EBITDAR $2.3 billion in share repurchases in 2023 and $629 million during the quarter MGM Resorts senior secured credit facility expanded to $2.3 billion, providing increased liquidity LAS VEGAS, Feb. 19, 2024 -- MGM Resorts International (NYSE: MGM) ("MGM Resorts" or the "Company") today reported financial results for the quarter and year ended December 31, 2023. "Our Las Vegas Strip Resorts and MGM China set new all-time records for full ye...
Wyndham Hotels & Resorts Reports Strong Fourth Quarter Results With Record Openings, Retention and System Growth
Wyndham Hotels & Resorts | February 19, 2024
Increases Quarterly Dividend by 9% Reiterates Full-Year 2024 Outlook PARSIPPANY, N.J., Feb. 19, 2024 -- Wyndham Hotels & Resorts (NYSE: WH) today announced results for the three months and year ended December 31, 2023. Highlights include: • System-wide rooms grew organically by 3.5% year-over-year, a record high. • Opened a record 66,000 organic rooms, representing a year-over-year increase of 3%. • Global retention rate - including all terminations - improved another 30 basis points to a record 95.6%. • Development pipeline grew 1% sequentially and by 10% year-over-year to a record 240,000 rooms. • Grew ECHO Suites p...
Destination by Hyatt Brand Set to Debut in the Caribbean With Cas En Bas Beach Resort
Destination by Hyatt | February 19, 2024
Idyllically situated on the northern tip of St. Lucia, Cas en Bas Beach Resort will offer a distinctly modern and personalized getaway in a tropical paradise CHICAGO (February 19, 2024) – Hyatt Hotels Corporation (NYSE:H) and Wellington Estates today announced the planned debut of Cas en Bas Beach Resort, marking the introduction of the Destination by Hyatt brand in the Caribbean. Expected to open in late 2024, Cas en Bas Beach Resort will invite global escapists to discover St. Lucia through a cosmopolitan Caribbean perspective including one-of-a-kind programming, hyper-personalized amenities, and dynamic culinary offerings. Nestl...
Marriott International Signs Agreement With Morogoro Mishama Company to Bring Le Méridien to Zanzibar
Marriott International | February 19, 2024
Le Méridien Zanzibar Resort will invite travelers around the world to ‘Savour the Good Life’ through the brand’s rich European heritage and chic signature programming ZANZIBAR, Tanzania, February 19, 2024 -- Marriott International announced a signed agreement with Morogoro Mishama Company that will introduce Le Méridien Hotels & Resorts to the shores of Zanzibar in 2025. To support the growing demand for premium hospitality accommodations in Tanzania, Le Méridien Zanzibar Resort will feature 75 guestrooms as well as the brand’s glamourous, signature programming and experiences that will help guests discover the culture, coor...
BWH Hotels Prioritizes Growth and Development in Latin America
BWH Hotels | February 16, 2024
Phoenix, Arizona (February 16, 2024) As the hospitality industry in Latin America continues to see rapid growth, BWH Hotels is dedicated to expanding current offerings in the region through a series of new development projects in the pipeline. As a leading global hospitality company, BWH Hotels is comprised of three families of hotels – WorldHotels™, Best Western® Hotels & Resorts, and SureStay® Hotels. With properties all over the world, there are 19 brands across every chain scale segment, from economy to luxury, allowing BWH Hotels to strongly impact the hospitality sector in Latin America. Industry projections indicate a gro...
Hyatt to Expand All-Inclusive Portfolio in Mexico With Plans for First Breathless Resort & Spa Branded Property in Puerto Vallarta
Hyatt Hotels Corporation | February 14, 2024
Breathless Puerto Vallarta Resort & Spa will mark the first Breathless Resort & Spa in Puerto Vallarta, and fourth Breathless Resort & Spa branded property in Mexico, further strengthening the Inclusive Collection’s presence in the region CHICAGO (February 14, 2024) – Hyatt Hotels Corporation (NYSE: H) in collaboration with Grupo Hotelero Santa Fe, S.A.B. de C.V., announce that their affiliates have entered into an agreement to expand Hyatt’s Inclusive Collection portfolio in Mexico with plans for a Breathless Resort & Spa branded property to open next year in Puerto Vallarta. Breathless Puerto Vallarta Resort &...
Extended Stay America Announces First Select Suites Groundbreaking
Extended Stay America | February 14, 2024
CHARLOTTE, NC, February 14, 2024 — Extended Stay America, the leading mid-priced extended-stay hotel brand, announces the groundbreaking of the first new construction Extended Stay America Select Suites prototype in Wildwood, Florida. The franchised property is being developed by Southern Hospitality. “As the extended stay segment leader, we are excited to unveil the Extended Stay America Select Suites prototype as we begin construction on the first property,” said Mark Williams, Managing Director, Franchise Development, Extended Stay America. “The new construction prototype represents the next phase in the strategic growth of our ec...
National Hotel Miami Beach Embracing Flexible Financial Management Tools to Streamline Back-Office Operations
Aptech | February 14, 2024
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The Role of USALI and Operational Benchmarking in Financial Management
Arlene Ramirez | February 13, 2024
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Freed Developments Announces 5-Star Luxury Hotel and Residences Project, an $800M Skyscraper Set to Transform the Toronto Skyline
Freed Developments | February 13, 2024
New Freed Developments project will feature first-ever Freed Hotel and the first Katsuya Restaurant by Sam Nazarian's Disruptive Group by sbe in Canada Freed Hotel will feature exclusive artwork by Takashi Murakami titled "Together with the Flower Parent and Child" TORONTO, Feb. 13, 2024 - Visionary real estate developer Peter Freed of Freed Developments announces first-ever Freed Hotel and Residences tower located at Adelaide and Duncan, just west of University. This $800M skyscraper will bring both Katsuya by Sam Nazarian's Disruptive Group by sbeand artwork by renowned Japanese artist Takashi Murakami to Toronto.D...
Marriott International Reports Strong Fourth Quarter and Full Year 2023 Results
Marriott International, Inc. | February 13, 2024
Fourth quarter 2023 comparable systemwide constant dollar RevPAR increased 7.2 percent worldwide, 3.3 percent in the U.S. & Canada, and 17.4 percent in international markets, compared to the 2022 fourth quarter; Fourth quarter reported diluted EPS totaled $2.87, compared to reported diluted EPS of $2.12 in the year-ago quarter. Fourth quarter adjusted diluted EPS totaled $3.57, compared to fourth quarter 2022 adjusted diluted EPS of $1.96; Fourth quarter reported net income totaled $848 million, compared to reported net income of $673 million in the year-ago quarter. Fourth quarter adjusted net income totaled $1,055 million, co...
Hilton Reports Fourth Quarter and Full Year Results
Hilton | February 12, 2024
MCLEAN, VA (February 12, 2024) - Hilton Worldwide Holdings Inc. ("Hilton," "the Company," "we," "us" or "our") (NYSE: HLT) today reported its fourth quarter and full year 2023 results. Highlights include: Diluted EPS was $0.57 for the fourth quarter and $4.33 for the full year Diluted EPS, adjusted for special items, was $1.68 for the fourth quarter and $6.21 for the full year Net income was $150 million for the fourth quarter and $1,151 million for the full year Adjusted EBITDA was $803 million for the fourth quarter and $3,089 million for the full year System-wide comparable RevPAR increased 5.7 percent and 12.6 percent, on...
White Lodging Plans Late 2024 Opening of Kimpton Santo Hotel in San Antonio
IHG Hotels & Resorts | February 12, 2024
First Kimpton Hotel in San Antonio reveals name, announces leadership appointments SAN ANTONIO, TX (February 12, 2024) – Kimpton Hotels & Restaurants, part of IHG Hotels & Resorts’ luxury and lifestyle portfolio, announces today the name of its first hotel in San Antonio, Kimpton Santo, set to open in late 2024. White Lodging, the hotel’s owner and operator, also confirmed leadership appointments of Lynn Snyder, who will serve as the property’s general manager, and Jeremy Lander, as its director of sales and marketing. The inspiration behind Kimpton Santo’s name stems from the soulful essence of San Antonio’s namesak...
Asia Pacific, Excluding China, Hotel Construction Pipeline Surges to Record Highs in Q4 2023
Lodging Econometrics (LE) | February 12, 2024
February 12, 2024 – PORTSMOUTH, NH – According to the recent Construction Pipeline Trend Report from Lodging Econometrics (LE), the total hotel construction pipeline in the Asia Pacific excluding China (APEC) increased 4% year-over-year (YOY) and closed 2023’s fourth quarter with a record-high 1,977 projects and 402,156 rooms. At the close of the quarter, projects currently under construction account for 47% of the projects in the region’s total pipeline, with 922 projects/212,607 rooms. Projects scheduled to start construction in the next 12 months increased 8% YOY to stand at 342 projects/65,079 rooms at the Q4 close. Projects in...
TFE Hotels Partners With Limitless Developments for New Adina Chermside Brisbane
ADINA APARTMENT HOTELS | February 8, 2024
BRISBANE: TFE Hotels, the Australian-based leader in high-quality apartment-style hotels, today announced the signing of the WMK-designed, Adina Apartment Hotel Chermside Brisbane, a new build hotel set to open in 2025. The 148-key hotel will be in the heart of one of Brisbane’s most vibrant and fastest growing suburbs, Chermside, and aims to offer a perfectly located and modern experience for guests. Facilities will include an all-day dining restaurant; café/bar, lobby lounge, a meeting room, gym, rainwater harvesting capabilities, and hotel car parking. “The signing of Adina Chermside Brisbane is a significant milestone for TFE H...
Radisson Hotel Group Debuts in Montenegro With the Signing of Radisson Blu Hotel & Resort, Kolasin
RADISSON HOTEL GROUP | February 8, 2024
Radisson Hotel Group announces at HOTCO 2024 its debut in Montenegro with the signing of Radisson Blu Hotel & Resort, Kolasin. The 188-room hotel consisting of spacious standard rooms and a range of contemporary suites, including junior and presidential, is scheduled to open during the ski season in Q4 2024. Standing tall at an altitude of 1450m, the resort is situated within the prime location of the renowned ski centre “Bielasica 1450” on the Bielasica mountain, offering 42km of ski slopes and endless hiking trails. Kolasin, Montenegro’s main ski and mountain zone, is easily accessible by road from within the country and surroun...
Q4 2023 Major U.S. Hotel Sales Survey
Daniel Lesser | February 7, 2024
At the dawn of 2024, a U.S. presidential election looms amidst numerous geopolitical challenges including two major ongoing wars in Europe and the Middle East which threaten global economic growth. The good news is, thus far it appears the U.S. economy has avoided recession with many now perceiving continued growth, albeit subdued. Inflation has cooled, the economy continues to add jobs, interest rates appear to have peaked and are anticipated to gradually decline for the next two years. Furthermore, a roaring stock market continues to fuel American consumer expenditures resulting in strong demand for travel including lodging. Despite a re...
Rocco Forte Hotels and Capri Group Sign a Management Agreement for Palazzo Sirignano in Naples
February 6, 2024
The new Rocco Forte hotel is expected to open in 2027 February 2024: Rocco Forte Hotels will launch its first hotel in Naples, after signing a management agreement with fashion company Capri Group. The 5-star hotel, expected to open in 2027, will be located in Palazzo Caravita di Sirignano, adjacent to the Villa Pignatelli museum. The Colella family, owners of fashion brands Gutteridge and Alcott, acquired the property in 2018 and since its acquisition, CEO Nunzio Colella has stated his ambition to provide Naples with a hotel experience that matches the individuality and charm of the city. Previously a noble residence, the building h...
H.I.G. Realty Establishes a €1 Billion Resort Hotel Platform in Southern Europe Under the Ella Hotels & Resorts Brand
H.I.G. Capital | February 6, 2024
LONDON--H.I.G. Capital (“H.I.G.”), a leading global alternative investment firm with $60 billion of capital under management, is pleased to announce that several of its affiliates have combined their hotel assets to create Ella Hotels & Resorts (“Ella”). Ella is a luxury, lifestyle and hotel group operating a collection of sustainable “eco-chic” resorts across Southern Europe. Following a phased development and refurbishment plan, Ella’s portfolio will be comprised of 13 hotels with a total of 4,500 rooms, located in five of Greece’s key tourist destinations. It is projected that Ella's current portfolio will command a ...
Minor Hotels to Expand Luxury Anantara Portfolio in Oman With Upcoming Coastal Property
Minor Hotels | February 6, 2024
New Anantara Resort in Bandar Al Khairan, Muscat to Launch in 2026 Dubai, February 6, 2024: Minor Hotels, an international hotel owner, operator and investor with more than 540 hotels in 56 countries in Asia Pacific, the Middle East, Africa, the Indian Ocean, Europe and the Americas, announces the continued expansion of its luxury Anantara brand in Oman with the upcoming development of a new resort in Bandar Al Khairan, Muscat. Located on the rugged Omani coast just 45 minutes from the capital, the new-build 121-key property is slated to launch in 2026. The resort in Bandar Al Khairan, to be operated by Anantara, will feature 51 ...
The Luxury Collection Announces Signing of Salterra, A Luxury Collection Resort & Spa, Turks and Caicos
Marriott International | February 6, 2024
Nestled along a pristine shoreline and drawing inspiration from the nearby Salinas salt flats, the resort will reflect the natural allure and rich heritage of South Caicos, underscored by a commitment to sustainability. Plantation, Fla. February 6, 2024 – The Luxury Collection, part of Marriott Bonvoy's portfolio of over 30 extraordinary hotel brands, is pleased to announce the signing of Salterra, a Luxury Collection Resort & Spa, Turks & Caicos, marking the hospitality brand’s first property in the Turks and Caicos Islands. Located on the pristine beaches of South Caicos Island, the new property invites guests to discover world...
IHG Signs With Yuvaan Developers Private Limited for Holiday Inn Guwahati in India
IHG | February 5, 2024
The new-build hotel will feature 150 keys will open its doors to guests in 2028 5th February 2024, New Delhi: IHG® Hotels & Resorts, one of the world’s leading hotel companies, has announced a management agreement with Yuvaan Developers Private Limited for Holiday Inn Guwahati in India’s North-East region. Scheduled to open in January 2028, the new-build 150-key hotel signifies a significant stride towards IHG’s expansion strategy in secondary markets, in line with the growing demand for quality branded accommodation in the country. Guwahati, a gateway destination to northeastern India, is now a thriving economic hub featur...
Hospitality Financial Leadership – Material and Immaterial Expenses
David Lund | February 5, 2024
By David Lund There is a critical understanding that all hospitality financial leaders need to clearly understand and communicate when it comes to expenses. It is a simple distinction that is many times missed or not clearly understood. That is what this piece is all about: Clearing up the mystery and setting the expense record straight. Here’s the scoop! That was quite a mouthful, and I do not want to downplay the importance of the need to understand the difference and impact of material and immaterial expenses on the monthly profit and loss statement. The materiality refers to the significance of the expense item in the context of t...
