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
IHG Strengthens Egypt Portfolio With Two New Signings in Cairo
IHG Hotels & Resorts | May 15, 2023
Cairo, Egypt - 15th May 2023: IHG Hotels & Resorts, one of the world’s leading hotel companies, has strengthened its partnership with one of the leading developers in Egypt, Arkan Palm for Real Estate Investment, to build two more hotels in the capital city — InterContinental West Cairo 205 scheduled for a January 2028 opening and the voco West Cairo 205 Suites, set to open by June 2026. The hotels will be strategically located as part of Arkan Palm for Real Estate Investments new mixed-use development — 205 an Arkan Palm Development — in West Cairo, one of the prime areas in Egypt. The one million sqm development will fea...
Hotel Construction Pipeline Growth in China Picks Up With the Return of Travel
Lodging Econometrics (LE) | May 15, 2023
May 15, 2023 – PORTSMOUTH, NH According to the latest China Construction Pipeline Trend Report from Lodging Econometrics (LE), China's total hotel construction pipeline stands at 3,659 projects/680,959 rooms at the end of Q1‘23, down 1% by projects and 3% by rooms year-over-year (YOY). While project counts may be down YOY, domestic and international travel gained significant momentum during the first quarter. The reopening of borders and national holidays has largely aided in the increased demand for travel accommodations, which is expected to continue this upward trajectory through the second quarter. As a matter of fact, in Q1, the coun...
Travel and Tourism Sector Deal Activity Down by 43% YoY in January-April 2023
GlobalData | May 11, 2023
A total of 219 deals* were announced in the global Travel and Tourism sector during January to April 2023, which is a 43% decline over 384 deals announced during the same period in 2022, finds GlobalData, a leading data and analytics company. Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Deal activity in the travel and tourism sector suffered a significant setback across several key markets and regions as deal-makers seemed to have become cautious amid recession fears, geopolitical tensions, and uncertain economic conditions.’ North America, the traditionally dominant region in terms of travel and tourism related deal ac...
HVS Webinar: Private Equity Steps Up Its Interest in Hotel Assets
Russell Kett | May 11, 2023
By Russell Kett Organised by HVS with, Bird & Bird, AlixPartners and EP Business in Hospitality, the latest in our series of webinars kicked off with positive feedback from an audience poll in which 41% of attendees said they expected investment in hotels to grow by 10% or more over the next 12 months with city centre, full service hotels and resort leisure hotels the sectors most likely to attract investor interest. AlixPartners’ managing director Graeme Smith outlined the significant funds being raised by private equity although the rising price of labour, energy and the cost of living had prompted investment activity to...
The Backend of the Latin America Hotel Construction Pipeline Grows and Renovations & Brand Conversions Tick Upward
Lodging Econometrics (LE) | May 11, 2023
May 11, 2023 – PORTSMOUTH, NH According to Lodging Econometrics’ (LE’s) Construction Pipeline Trend Report for Q1 2023, the hotel construction pipeline in Latin America, quarter-over-quarter, has increased 2% by projects and 3% by rooms. The Latin America hotel construction pipeline, at the close of Q1 2023, stands at 546 projects/90,139 rooms, however, down slightly 3% by projects and 2% by rooms year-over-year (YOY). Of the 546 projects/90,193 rooms, 226 projects/40,034 rooms are under construction throughout Latin America. Projects scheduled to start construction in the next 12 months stand at 160 projects/25,887 rooms, up 8% by p...
Choice Hotels Breaks Ground on Cambria Hotel Pearl District—Portland and Cambria Hotel Hillsboro
Cambria Hotels | May 10, 2023
ROCKVILLE, Md., May 10, 2023 -- Choice Hotels International, Inc. (NYSE: CHH) continues its nationwide expansion of Cambria Hotels in the Pacific Northwest with the official start of construction on Cambria Hotel Pearl District—Portland and Cambria Hotel Hillsboro. Expected to open in Spring 2025, the new properties will be added to Cambria's growing portfolio of hotels in travelers' favorite destinations. "The groundbreaking of the Cambria Hotels in Hillsboro and Portland represents another proud moment for the brand. This milestone marks Cambria's entry into the Pacific Northwest and commemorates yet another fantastic destination...
Hilton Signs With Zemi Hotels & Resorts for Zemi Miches All-Inclusive Resort, Curio Collection
Hilton | May 10, 2023
PUNTA CANA, Dominican Republic and MCLEAN, Va.– Today, Hilton (NYSE: HLT), announced the signing of a management agreement for the first all-inclusive Curio Collection by Hilton property in the Dominican Republic, the new-build Zemi Miches All-Inclusive Resort, Curio Collection by Hilton. Enviably located north of Punta Cana in the coastal town of Miches, the brand-new 502-room all-inclusive resort will welcome travelers to an area known for its pristine beaches, sprawling mountain landscapes and lush natural surroundings. The property is owned by Zemi Hotels & Resorts, S.R.L. and will be managed by Hilton. Expected to open in 2...
Arch Amenities Group Introduces Wage Insights, a Tool That Provides Salary and Wage Benchmarking Data for Hotels and Wellness Centers
Arch Amenities Group | May 9, 2023
ROCKVILLE, Maryland (May 9, 2023) – Arch Amenities Group, a full-service, global provider of wellness, amenity management and meeting services for commercial and residential properties, hotels, private clubs and pools, today announced the launch of its proprietary survey and salary benchmarking tool, Wage Insightssm. Wage Insights obtains and leverages data across the hospitality and wellness sectors to enable hotels and wellness centers to better formulate their employee compensation and growth strategies. Barry Goldstein, Arch Amenities Group chief executive officer, called the Wage Insights survey and reporting tools “some of the...
Choice Hotels International Reports First Quarter 2023 Results
Choice Hotels International, Inc. | May 9, 2023
ROCKVILLE, Md., May 9, 2023-- Choice Hotels International, Inc. (NYSE: CHH), one of the world's largest lodging franchisors, today reported its first quarter 2023 results. Highlights of first quarter 2023 results include: Total revenues reached $332.8 million for first quarter 2023, a first-quarter record and a 29% increase compared to the same period of 2022. Net income exceeded the top end of the company's guidance and reached $52.8 million for first quarter 2023, representing diluted earnings per share (EPS) of $1.02. As a result of one-time items, including Radisson Hotels Americas integration costs, and the timing of net r...
GWCCA Plans Spring 2024 Opening of Signia by Hilton Atlanta
Georgia World Congress Center Authority | May 8, 2023
976-room hotel overlooking Mercedes-Benz Stadium will feature six signature food and beverage experiences, spa and beauty bar ATLANTA, MAY 8, 2023 – Signia by Hilton Atlanta, the city’s largest downtown ground-up hotel development project in 40 years, is now accepting reservations for stays beginning March 15, 2024. Owned by Georgia World Congress Center Authority, the new 976-room hotel will offer direct access to the Georgia World Congress Center via a pedestrian walkway and is located next to Mercedes-Benz Stadium and State Farm Arena, perfect for sports and entertainment fans. “With six signature food and beverage experiences an...
Rosewood Hotels & Resorts to Debut in Korea With 2027 Opening of Rosewood Seoul
May 5, 2023
Rosewood Hotels & Resorts® has been appointed by Eleven D&C Co., Ltd., one of Korea’s leading real estate developers, to manage Rosewood Seoul, a new build ultra-luxury hotel set to open in 2027. Situated beside Yongsan Park in the heart of the city, the hotel will exist within The Parkside Seoul, a revolutionary development occupying the former site of the United Nations Command. The mixed-use neighborhood will also include high-end retail and residences connected by expansive outdoor spaces, creating a new environment for activity and human interaction. The location of Rosewood Seoul holds significant cultural, historical, and g...
The Cordish Companies and Caesars Entertainment Unveil Details for Major Pompano Beach Mixed-Use Development – The Pomp
Caesars Entertainment, Inc. | May 5, 2023
POMPANO BEACH, Fla., May 4, 2023 -- The Cordish Companies and Caesars Entertainment announced today their Pompano Beach development, The Pomp, will be anchored by a dynamic Live! dining and entertainment district. Located 35 miles north of Miami and less than 10 miles north of Fort Lauderdale, the 223-acre project is one of the largest developments in South Florida. Once complete, The Pomp will bring together entertainment, dining, hotel, retail, residential, office and lifestyle amenities, alongside the successful Harrah's Pompano Beach casino, in one world-class destination. "It's incredibly exciting for The Cordish Companies t...
Hyatt Reports First Quarter 2023 Results
Hyatt Hotels Corporation | May 5, 2023
CHICAGO (May 4, 2023) - Hyatt Hotels Corporation ("Hyatt" or the "Company") (NYSE: H) today reported first quarter 2023 financial results. Highlights include: Net income was $58 million in the first quarter of 2023 compared to net loss of $73 million in the first quarter of 2022. Adjusted net income was $45 million in the first quarter of 2023 compared to Adjusted net loss of $36 million in the first quarter of 2022. Diluted EPS was $0.53 in the first quarter of 2023 compared to $(0.67) in the first quarter of 2022. Adjusted Diluted EPS was $0.41 in the first quarter of 2023 compared to $(0.33) in the first quarter of 2022. ...
IHG Signs With Wailoaloa Hotel Pte for Conversion of Pullman Nadi Bay to Crowne Plaza
IHG Hotels & Resorts | May 5, 2023
IHG Hotels & Resorts is thrilled to announce a signing announcement that will see its flagship Crowne Plaza brand enter Fiji, in a major win for the group. Crowne Plaza Fiji Nadi Bay Resort & Spa will open in late 2023 following the signing of an agreement with Wailoaloa Hotel Pte Ltd, that will see IHG’s foothold in Fiji grow to five hotels and round out its geographical presence on the island. Crowne Plaza Fiji Nadi Bay Resort & Spa will convert from its previous life as Pullman Nadi Bay this year to become a world-class representation of the Crowne Plaza brand, following a multi-million-dollar refurbishment and extensio...
IHG Shares Q1 2023 Trading Update
IHG Hotels & Resorts | May 5, 2023
Highlights Q1 group RevPARa +33% vs 2022, with Americas +18%, EMEAA +64% and Greater China +75% Q1 group RevPAR +6.8% vs 2019, with Americas +11.1%, EMEAA +9.7% and Greater China (9.1)% Average daily rate +11% vs 2022, +10% vs 2019; occupancy +10%pts vs 2022, (2)%pts vs 2019 Gross system size growth +5.8% YOY, +0.9% YTD; opened 8.4k rooms (45 hotels) in Q1, ahead of 2022 Net system size growth +4.2% YOY on an adjustedb basis, +0.4% YTD Global system of 915k rooms (6,179 hotels); 66% across midscale segments, 34% across upscale and luxury Signed 16.5k rooms (108 hotels) in Q1, in-line with 2022; global pipeline of 287k...
New Project Announcements and Record Early Planning Project Counts Fuel Canada’s Hotel Construction Pipeline
Lodging Econometrics (LE) | May 5, 2023
May 5, 2023 – PORTSMOUTH, NH As reported in the recently released Construction Pipeline Trend Report for Canada by Lodging Econometrics (LE), at the close of Q1 2023, the country’s hotel construction pipeline currently stands at 283 projects/37,683 rooms. Canada’s total construction pipeline increased 10% by projects and 5% by rooms year-over-year (YOY). Accelerated by the return of travel demand, new project announcements (NPAs) in Canada saw significant growth in the first quarter. NPAs surpassed totals for each of the previous five quarters, to stand at 27 projects/3,806 rooms at the Q1 close. As a result of the growing number of ...
Incentive Management Fees Return With Recovery
Robert Mandelbaum and Tim Dick, Ph.D. | May 4, 2023
By Robert Mandelbaum and Tim Dick, Ph.D. Most management contracts include an incentive management fee in addition to the base management fee. The incentive fees are designed to make management more conscious of the bottom line since owners achieve their returns and pay their debts from profits, not revenue. Incentive management fees are earned by the operator once a designated profit threshold is achieved. Given the depressed performance of hotels during the 2020 industry downturn, unsurprisingly almost no hotel owners paid an incentive fee to their managers that year. Fortunately for U.S. hotel operators, incentive fees have risen con...
Amhola Capital Ireland and Radisson Partner to Bring First prizeotel to Ireland
Radisson Hotel Group | May 4, 2023
Brussels/Dublin - 4 May 2023 - Radisson Hotel Group announces the signing of its first affordable, high-design prizeotel property in the UK & Ireland region. Scheduled to open in Q1 2025 in Dublin, this landmark property follows a series of exciting signing and opening announcements for the prizeotel brand as it targets accelerated growth across EMEA in 2023. Located on the prominent James Street in Dublin, prizeotel Dublin will be situated in the “Liberties” area, one of Dublin’s oldest and most historic neighborhoods just outside of the medieval walled city, dating back to the twelfth century. Remnants of the old city...
Radisson Hotel Group Signs Agreement With La Vie Hotels & Resorts to Add Over 30 Hotels to Group’s Portfolio
Radisson Hotel Group | May 4, 2023
Adelaide - 4 May 2023 - Radisson Hotel Group and La Vie Hotels & Resorts have strengthened their partnership through the signing of a Master Collaboration Agreement to add over 30 hotels to the Group’s portfolio over the next 10 years. Alongside the Master Collaboration Agreement with La Vie, the Group will also further enhance its operating model in Australasia for new franchised hotels with the launch of a centralized franchising services model. The two leading hospitality companies have penned a Master Collaboration Agreement that will see Radisson Hotel Group become La Vie’s Hotels & Resort’s preferred partner,...
IHG Signs With Saudi Arabia’s KAFD to Debut Kimpton Brand in the Middle East
IHG Hotels & Resorts | May 4, 2023
Riyadh, Saudi Arabia – 4th May 2023: IHG Hotels & Resorts, one the of the world’s largest hotel groups, with 6000 hotels across 18 brands, has signed a management agreement with The King Abdullah Financial District Management and Development Company (KAFD DMC), a subsidiary of Saudi Arabia’s Public Investment Fund (PIF), to bring the first Kimpton hotel in the region to Riyadh, Saudi Arabia. Offering guests a personalized luxury experience, the Kimpton brand has a heartfelt approach to hospitality that has translated to unique, design-led hotels across the globe. The new Kimpton Riyadh will join existing Kimpton properties acro...
Resch Property Group and The Sprigler Company to Develop The Elsby Hotel in New Albany, Indiana
Resch Property Group | May 3, 2023
NEW ALBANY, IN (May 3, 2023) – In Spring 2025, The Elsby Hotel will debut as a full-service, 82-room boutique hotel in the heart of New Albany, IN. Located at 117 East Spring Street in New Albany’s Downtown Historic District, the hotel is an adaptive reuse of the Elsby Building, a 100-plus year-old building that previously housed office space. It was purchased in June 2021 by co-owners Steve Resch, of Resch Property Group and Resch Construction, and Chad Sprigler, of The Sprigler Company, both based in New Albany. With a total development budget of $29 million, renovation and new construction will begin in late Spring 2023. Jacob Resch...
Marriott International Reports First Quarter 2023 Results and Raises Full Year Outlook
Marriott International, Inc. | May 2, 2023
Marriott International, Inc. (NASDAQ: MAR) today reported first quarter 2023 results. Anthony Capuano, President and Chief Executive Officer, said, “We are off to a great start in 2023. First quarter worldwide RevPAR[1] grew 34 percent year over year, with meaningful gains in both occupancy and average daily rate. International markets were particularly robust, with RevPAR growth of 63 percent. The lifting of travel restrictions throughout Asia Pacific, particularly in Greater China, significantly boosted first quarter demand in the region. “In the U.S. & Canada, we saw solid demand across the leisure and group segments in the...
Vision Hospitality Group Celebrates Groundbreaking of Embassy Suites by Hilton in Downtown Chattanooga
Vision Hospitality Group | May 2, 2023
CHATTANOOGA, TENN (May 2, 2023), Vision Hospitality Group Inc. held a groundbreaking ceremony today commencing construction on the seven-story 184-suite Embassy Suites by Hilton Chattanooga Downtown. Ideally located on the corner of Broad Street and 4th Street in the heart of Downtown Chattanooga, the Embassy Suites Chattanooga Downtown will feature a rooftop bar, a street-level bar and coffee area in an open lobby style, a leasable restaurant space, and 5,000 total square feet of meeting space. Centrally located in the heart of the city, the property is blocks from the Tennessee Aquarium, Hunter Museum of American Art, National Med...
Private Equity Steps Up Its Interest in Hotel Assets, Hears Webinar
HVS | May 2, 2023
2 May 2023, London: A webinar held last week [27th April 2023] heard a topical discussion from a line-up of expert speakers on the increasing participation of private equity in the hotel investment landscape, the outlook for these investors and what private equity investors are looking for in the hotel sector. The webinar, organised by global hotel consultancy HVS, Bird & Bird, AlixPartners and EP Business in Hospitality, kicked off with positive feedback from an audience poll in which 41% of attendees said they expected investment in hotels to grow by 10% or more over the next 12 months with city centre, full service hotels and ...
