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
Hyatt Unveils Plans for First Locations for Upper-Midscale, Extended-Stay Brand, Hyatt Studios
Hyatt Hotels Corporation | August 16, 2023
Hyatt leverages a developer-driven approach to accelerate speed-to-market for its recently announced brand CHICAGO (August 16, 2023) Hyatt Hotels Corporation (NYSE: H) today announced significant updates to Hyatt Studios, the latest select service brand in the Hyatt portfolio, including executed franchise agreements for the first locations in Mobile, Alabama and Marysville, California, emphasizing Hyatt’s strategy of entering untapped markets where its brand presence is yet to be established. Hyatt Studios, Hyatt’s first upper-midscale extended-stay brand in the Americas, is expected to be a key accelerator for Hyatt, buil...
Hilton Set to Bring Its Hilton Hotels & Resorts and Canopy by Hilton Brands to Abha City
Hilton Hotels & Resorts | August 16, 2023
Hilton has signed two new properties under its flagship Hilton Hotels & Resorts and lifestyle Canopy by Hilton brands: Hilton The Point Residences and Canopy by Hilton The Point Set to open in 2026, the two hotels will bring Hilton’s world-class hospitality to the Aseer Region ABHA, Saudi Arabia – Hilton (NYSE: HLT) announced it has signed two hotels under its flagship Hilton Hotels & Resorts and lifestyle Canopy by Hilton brands in Abha city’s iconic The Point development. The properties have been signed with Red Sea Aseer Fund, a fund made up of unitholders from Red Sea Markets and the Tourism Development Fund, an...
IHG Hotels & Resorts Launches New Midscale Conversion Brand Garner™– an IHG Hotel
IHG Hotels & Resorts | August 16, 2023
Delivering an unrivaled commitment to quality and choice, new brand will be franchise-ready in early September ATLANTA (Aug. 16, 2023) – IHG Hotels & Resorts (IHG), one of the world’s leading hotel companies, today launched its new midscale conversion brand, Garner™ - an IHG Hotel. The brand will be the leading choice for guests wanting great value stays at high-quality properties, and for owners seeking higher returns in the midscale segment. With a promise to deliver ‘easy going stays that get you on your way,’ Garner is designed for value-driven travellers of all ages who want a reliable and relaxed experience. The b...
Hilton to Debut Luxury Conrad Hotels & Resorts Brand in Riyadh
Conrad Hotels & Resorts | August 15, 2023
Hilton signed agreement with Mashareq Investment for the development of Conrad Riyadh Laysen Valley RIYADH, Saudi Arabia – Hilton (NYSE: HLT) has announced the signing of an agreement with Mashareq Investment to open Conrad Riyadh Laysen Valley at the beginning of 2025. The Conrad Hotels & Resorts property will be the second for the brand in Saudi Arabia, joining Conrad Makkah. Conrad Riyadh Laysen Valley will mark the brand’s entry into the heart of Riyadh, bringing bold design and world-class guest experiences to the Saudi capital. The 170-key hotel will feature an indoor pool, fitness centre, boutique spa, seven meeting roo...
Hilton Partners With Al Akaria Real Estate Co. to Develop Canopy by Hilton Porta Jeddah
Canopy by Hilton | August 15, 2023
JEDDAH, Saudi Arabia – Hilton (NYSE: HLT) has announced the signing of Canopy by Hilton Porta Jeddah, following the group’s ongoing commitment to expansion throughout Saudi Arabia. The hotel is set to be developed in partnership with Al Akaria Real Estate Co. and is expected to open its doors in 2028. Canopy by Hilton Porta Jeddah will feature 183 guest rooms and 55 residences, as well as world-class F&B outlets including a specialty restaurant, a rooftop concept (a signature feature of Canopy hotels), as well as a fully equipped fitness centre, an outdoor swimming pool, and nearly 300 square metres of meeting space. The propert...
Marriott International Signs Agreement With New Development Group to Bring EDITION Hotels Brand to Dali in Southwestern China
EDITION Hotels | August 15, 2023
Marriott International, Inc. recently announced that it has signed an agreement with New Development Group to introduce the EDITION Hotels brand to Dali, a well-known travel destination in Southwestern China for its picturesque natural scenery, diverse ethnic culture, and vibrant nightlife. EDITION is a collection of individualized hotels, seamlessly balancing great design and true innovation to deliver a luxury lifestyle experience. Nestled on a hillside halfway up the Cangshan Mountain, The Dali EDITION, which marks the brand’s third property in China, is expected to open in December 2025 and establish a new benchmark for the luxury ho...
Pacific Pearl Hotels Modernizes Its Financial Management Solution Systemwide
Aptech Computer Systems Inc. | August 15, 2023
Independent hotel management company is leveraging the PVNG enterprise accounting solution from Aptech, and soon plans to add Aptech’s business intelligence solution, Execuvue, at select hotels PITTSBURGH, August 15, 2023 — When Pacific Pearl Hotels began investigating new accounting software for its growing portfolio of independent hotels, it conducted a deep dive into the leading accounting and financial management programs on the market. Enterprise accounting solution PVNG by Aptech won hands down for its wide scope of features, transparency, and ease of use. “Our staff is delighted with the results PVNG is providing, as well a...
Six Senses Bringing New Property to the Greek Peloponnesian Riviera
Six Senses | August 14, 2023
BANGKOK – August 14, 2023 – Six Senses Porto Heli will bring the brand’s trademark wellness and sustainability ethos to the elegant Ermioni in the beautiful Greek Peloponnese, with the famous islands of Spetses and Hydra within view. The beauty spot is surrounded by protected coves and bays enjoying the clear waters of the Aegean and is known for its yacht-filled marinas, palatial summer villas, sun-kissed Mediterranean landscape, fine dining, and boutique stores. Historically, the Peloponnese has been the main field of action for Greece since prehistoric times, hosting important archaeological sites, including Olympia, Epidaurus, and ...
New $150M Hannah St. Hotel Coming to Melbourne’s Southbank Under Collection by TFE Hotels Brand
TFE Hotels | August 10, 2023
SOUTHBANK: Melbourne’s inner city, already set to benefit from the $1.7 billion Melbourne Arts Precinct Transformation Project in 2028, will receive another boost to tourism with the announcement that diversified property developer Time & Place, along with joint venture partners MaxCap Group, and Australia's TFE Hotels, will open a $150m boutique hotel in Southbank in September 2025. The deal has seen the joint venture partnership, alongside construction and property specialist Hickory, create a unique hotel brand - the Hannah St. Hotel. This new hotel not only aligns with its neighbourhood concept for The Queensbridge Building pre...
Projects in the Early Planning Stage of Latin America’s Hotel Construction Pipeline Rise at Q2 2023
Lodging Econometrics (LE) | August 10, 2023
August 10, 2023 – PORTSMOUTH, NH – According to the Q2 2023 Latin America Hotel Construction Pipeline Trend Report from Lodging Econometrics (LE), the region’s total construction pipeline includes 552 projects/88,477 rooms. At the close of the quarter, there are 227 projects/38,675 rooms presently under construction, projects scheduled to start construction in the next 12 months stand at 158 projects/25,091 rooms, and projects currently in early planning stand at 167 projects/24,711 rooms. Projects in the early planning stage experienced the most growth at Q2, increasing 17% by projects and 21% by rooms, year-over-year (YOY). Twe...
Hyatt and Hongkong Land Announce Plans for Hyatt Centric East CBD Chengdu
Hyatt Centric | August 9, 2023
The lifestyle hotel is set to open in 2025 in the city’s iconic upscale commercial complex, the Ring Chengdu Chicago (August 9, 2023) – Hyatt Hotels Corporation (NYSE: H) and Hongkong Land today announced that a Hyatt affiliate has entered into a management agreement with Hongkong Land for a new Hyatt Centric hotel – Hyatt Centric East CBD Chengdu. Expected to open in 2025, the hotel’s opening in the capital of Sichuan province will mark the entry of the Hyatt Centric lifestyle brand into China’s southwest region. Hyatt’s thoughtful expansion of the Hyatt Centric brand further bolsters Hyatt’s commitment to enhancing its ...
IHG Hotels & Resorts Expands Presence in the UAE With Signing of a voco Hotel in Sharjah
IHG | August 9, 2023
Sharjah, United Arab Emirates, August 09, 2023: IHG® Hotels & Resorts, one of the world's leading hospitality companies, and Sharjah Asset Management, the investment arm of the Government of Sharjah, have announced the signing of a management agreement to bring a voco hotel to Sharjah, UAE. The new hotel is poised to contribute to the growth and advancement of Sharjah's tourism industry, attracting visitors from around the world. As the first IHG hotel in the Emirate, the voco hotel aims to open in 2027. It will comprise 191 rooms, helping boost Sharjah's offering as one of the top destinations in the region. The hotel will be locate...
What Is “Hospitality Financial Leadership”?
David Lund | August 7, 2023
Book Sample – The Prosperous Hotelier By David Lund A few years ago, finding the three words "hospitality financial leadership” together in one sentence was not possible. I know because I tried to Google them in 2014 and came up with a grab-bag of ideas on leadership, consulting, courses and more. Even the words “financial leadership” revealed surprisingly little – some tidbits about CEOs and their roles, but nothing any broader. Yet, in my opinion, financial leadership is the cornerstone of any manager, executive or leader’s business acumen. It enables an individual to see the importance of being plugged into the strategy ...
Pipeline in Canada Is Up; Toronto and Vancouver With Impressive Pipelines at Q2 2023
Lodging Econometrics (LE) | August 7, 2023
August 7, 2023 – PORTSMOUTH, NH – As seen in the recently released Canada Construction Pipeline Trend Report from Lodging Econometrics (LE), the total construction pipeline in Canada continued to expand at the close of the second quarter with 275 projects/37,359 rooms, up 5% by projects and rooms year-over-year (YOY). Analysts at LE report that, at the Q2 close, projects presently under construction in Canada stand at 52 projects/7,021 rooms. Projects scheduled to start construction in the next 12 months are at 88 projects/10,086 rooms. Early planning has the most substantial shift in projects YOY, showing a 30% increase by projects a...
Braemar Hotels & Resorts Unveils the Cameo Beverly Hills, a Rebranding of the Mr. C Beverly Hills
Braemar Hotels & Resorts | August 3, 2023
DALLAS, Aug. 3, 2023 -- Braemar Hotels & Resorts Inc. (NYSE: BHR) ("Braemar" or the "Company") today announced the rebranding and planned conversion of its Mr. C Beverly Hills ("Mr. C") in Los Angeles, California to the Cameo Beverly Hills. Beginning August 4, 2023, Cameo Beverly Hills will be available for booking on Hilton's website at hilton.com and join Hilton Honors, Hilton's award-winning guest loyalty program. Following an extensive renovation, which is expected to be completed by the end of 2025, the hotel will join LXR Hotels & Resorts ("LXR"). One of Hilton's iconic luxury brands, LXR is a collection of unique, indep...
Wyndham and LuxUrban Ink Deal to Expand Trademark Collection Portfolio in the U.S.
LuxUrban Hotels Inc. | August 3, 2023
16 LuxUrban hotels across New York, Washington D.C., Miami, New Orleans and Los Angeles to join Wyndham's Trademark Collection, with the opportunity for additional hotels to join thereafter LuxUrban will continue to manage hotels as they join the industry's #1 hotel rewards program and leverage Wyndham's best-in-class sales, marketing, technology and distribution platform PARSIPPANY, N.J. and MIAMI, Aug. 3, 2023 -- Wyndham Hotels & Resorts, the world's largest hotel franchising company with approximately 9,100 hotels across more than 95 countries, and LuxUrban Hotels, Inc. (NASDAQ: LUXH), a leading hotel operator with a growi...
Three Franchise Companies in the U.S. Dominate the Hotel Construction Pipeline and Openings Through 2025
Lodging Econometrics | August 3, 2023
August 3, 2023 – PORTSMOUTH, NH – According to the most recent United States Construction Pipeline Trend Report from Lodging Econometrics (LE), in the second quarter of 2023, the franchise companies with the largest pipelines in the U.S. are Marriott International (Marriott) with 1,511 projects/181,632 rooms, Hilton Worldwide (Hilton) with record high project and room counts of 1,470 projects/164,848 rooms, and IHG Hotels & Resorts (IHG) with 811 projects/80,516 rooms. These three franchise companies comprise 68% of all projects in the total U.S. hotel construction pipeline. The leading brands for each of these three companies are...
The Mogharebi Group Advises Sunstone Development on Acquisition of Budget Inn Near Disneyland Park in Anaheim
The Mogharebi Group | August 3, 2023
Anaheim, CA (August 3, 2023) – The Mogharebi Group has arranged the sale of the 60-year-old Budget Inn, a 24-key limited-service hotel located at 1042 Ball Road in Anaheim, announced Mogharebi’s Executive Vice President Otto Ozen. The buyer was local private investor Sunstone Development which intends to explore long-term alternative strategies for the site including full-service hotel uses. The off-market transaction completes Sunstone’s 1.1-acre land assemblage at the gateway to Disneyland Park that included the purchase of the adjacent 44-key Days Inn by Wyndham last year. Sunstone recognized that together, these properties comb...
IHG Hotels & Resorts in Partnership With Aqarat, Introduces Vignette Collection to the UAE and Kuwait
IHG | August 2, 2023
Dubai and Kuwait City mark opening of IHG’s new collection brand in UAE and Kuwait, expanding one of the world’s largest luxury and lifestyle portfolios Dubai, UAE, August 02, 2023: IHG Hotels and Resorts, one of the world’s leading hotel companies with more than 6,000 hotels, across 18 distinct brands, has announced the signing of franchise agreements with subsidiaries of Aqarat, a global hotel owner, in relation to two new Vignette Collection hotels which will launch IHG’s new collection brand to the Middle East later this summer. The hotels will be managed by United Hospitality Management (UHM), a leading luxury hotel operator. ...
Atlanta and Dallas Among Top Markets for New Hotel Openings Through 2025
Lodging Econometrics (LE) | August 2, 2023
August 2, 2023 – PORTSMOUTH, NH – According to the United States Construction Pipeline Trend Report by Lodging Econometrics (LE) for Q2 2023, the five markets with the largest hotel construction pipelines are Dallas with a record-high 184 projects/21,501 rooms, Atlanta with 141 projects/17,993 rooms, Phoenix with 119 projects/16,107 rooms, Nashville with 116 projects/15,346 rooms, and Los Angeles with 112 projects/17,797 rooms. The markets with the most projects currently under construction at the Q2 close are New York with 47 projects/8,201 rooms, and Phoenix with 29 projects/6,064 rooms. Dallas has the most projects scheduled to st...
Marriott International Reports Second Quarter 2023 Results and Raises Full Year Outlook
Marriott International, Inc. | August 1, 2023
Second quarter 2023 comparable systemwide constant dollar RevPAR increased 13.5 percent worldwide, 6.0 percent in the U.S. & Canada, and 39.1 percent in international markets, compared to the 2022 second quarter; Second quarter reported diluted EPS totaled $2.38, compared to reported diluted EPS of $2.06 in the year-ago quarter. Second quarter adjusted diluted EPS totaled $2.26, compared to second quarter 2022 adjusted diluted EPS of $1.80; Second quarter reported net income totaled $726 million, compared to reported net income of $678 million in the year-ago quarter. Second quarter adjusted net income totaled $690 million, c...
IHG Signs With Ginger Tree Goveia to Bring voco Goa Arpora to India
IHG | August 1, 2023
The new 110-keys hotel aligns with IHG’s growth strategy for the Indian market 1st August, 2023, New Delhi: IHG® Hotels & Resorts, one of the world’s leading hotel companies, has announced the signing of a management agreement with Ginger Tree Goveia to bring a new hotel to Goa, India. voco Goa Arpora is set to open its doors in January 2025 as the next stride forward in IHG’s ambitious regional growth strategy for the premium brand. Earlier this year, IHG announced the signing of two voco hotels in the country across Jim Corbett and Gurugram. The latest signing marks the rapid expansion of – voco – IHG’s seventh brand...
HVS U.S. Hotel Development Cost Survey 2023
Luigi Major, MAI | July 27, 2023
By Luigi Major, MAI Each year, HVS researches and compiles development costs from our database of actual hotel construction budgets. This source provides the basis for our illustrated total development costs per room/per product type. INTRODUCTION After reaching an all-time low in 2020, attributed to the impact of the COVID-19 pandemic, the national lodging market quickly rebounded to an all-time revenue per available room (RevPAR) high in 2022. While occupancy levels in 2022 remained below 2019 levels, ADR exceeded 2019 levels that year, propelled by a combination of inflation and a surge of leisure travel in the post-COVID-19 era. Dat...
U.S. Pipeline Remains Steady; 2025 Supply Growth Forecast Is 1.5%
Lodging Econometrics (LE) | July 27, 2023
July 27, 2023 – PORTSMOUTH, NH According to the Q2 2023 United States Construction Pipeline Trend Report by Lodging Econometrics (LE), at the close of the second quarter, the hotel construction pipeline stands at 5,572 projects/660,061 rooms, with projects up 7% year-over-year (YOY) and rooms up 6% YOY. The construction pipeline grew incrementally quarter-over-quarter (QOQ), as developers and franchise companies push through short-term challenges while envisioning long-term prospects. Inflation, higher interest, rates and the general “wait and see” attitude of developers have prevailed in the economy in recent months; however, develo...
