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 Continues Its Expansion in Phuket With Two Holiday Inn Resort Conversions in Partnership With Destination Group
IHG | February 24, 2023
Bangkok, Thailand: IHG Hotels & Resorts, one of the world’s leading hotel companies, announces the growth of the Holiday Inn brand in Thailand, following a franchise agreement with Destination Group a hospitality and restaurant leader in Thailand to rebrand two resorts in Phuket. Independent hotels Surin Phuket Beach Resort and Karon Phuket Beach Resort will undergo renovations and be rebranded into Holiday Inn Resort Phuket Surin Beach and Holiday Inn Resort Phuket Karon Beach in 2023. This brings the Holiday Inn portfolio in Thailand to 17 opened and in the pipeline, and the properties join recent 2022 openings Holiday Inn Reso...
PMG Collaborates With Airbnb to Offer West Eleventh Residences
PMG | February 24, 2023
The 44-story tower will offer 659 turn-key, luxury residences in Miami’s District 11 as the first centrally managed luxury condo tower to grant owners the option to host 365 days on Airbnb MIAMI – National developer PMG, Miami-based Lion Development Group, and Marc Roberts Companies proudly announce the commencement of sales for West Eleventh Residences. Located at 18 NW 11th Street, West Eleventh Residences will offer short-term rental flexibility and a first-time opportunity for owners to enjoy fully centralized management with the ability to host guests 365 days a year on Airbnb*. Situated in Miami’s District 11, one of t...
HRI Hospitality Celebrates Topping Out of New Tempo by Hilton Nashville Downtown
HRI Lodging | February 24, 2023
Hotel to Bring 306 New Rooms to Downtown Nashville in 2024 NASHVILLE, TN. (February 24, 2023) – HRI Hospitality (“HRI”), based in New Orleans, announces the “topping out” of its new hotel project, Tempo by Hilton Nashville Downtown. The 16-story, 306-room hotel is scheduled to open in spring 2024 adjacent to Nashville Yards in the heart of downtown. An official topping out ceremony was held late last week at the construction site of the new hotel. “This topping out represents a significant milestone for the construction of this property and the city of Nashville,” says Michael Coolidge, Chief Investment and Development Offic...
ROOST Baltimore Peninsula Set to Open in Summer 2023 With 81 Apartment-Style Rooms
ROOST Apartment Hotel | February 24, 2023
BALTIMORE, MD – February 24, 2023 – Today, the Baltimore Peninsula development team, led by MAG Partners and MacFarlane Partners, and Method Co., the nationally-acclaimed development and design company rooted in hospitality, announced plans for a new design-centric, 81-room ROOST Apartment Hotel, the concept known for bridging the boutique hotel experience with apartment-style living. The new ROOST Apartment Hotel in Baltimore will be located within Baltimore Peninsula at 2400 Terrapin Way, a 235-acre mixed-use waterfront neighborhood. The team, together with its joint venture partners Sagamore Ventures and the Urban Investment Group with...
Middle East Finishes the Year Strong With Record-High New Hotel Openings in Q4 2022
Lodging Econometrics (LE) | February 23, 2023
February 23, 2023 – PORTSMOUTH, NH According to the Q4 2022 Middle East Construction Pipeline Trend Report from Lodging Econometrics (LE), at the end of the quarter, LE analysts report that the hotel construction pipeline in the region stands at 549 projects/143,637 rooms. Hotel development in the Middle East is ramping up as investors begin to see opportunity in the region again. New project announcements (NPA) in the region continued to trend upward throughout 2022, closing the quarter at 67 projects/19,837 rooms and increasing 56% YOY. Additionally, the Middle East had a record number of new hotels open in the fourth quarter, closing out...
Increasing Non-Airline Revenues With Airport-Connected Hotels
Anwar Elgonemy | February 22, 2023
By Anwar Elgonemy In this article, we take a look at the best practices to overcome the challenges of developing airport-connected hotels. Background Certain customer segments are more likely to stay in airport hotels than others. For example, passengers departing on early flights or arriving on late flights will consider staying closer to the airport to save travel time and costs. “Fly-in-fly-out” meetings, passengers stranded due to over-booking or weather-related cancellations and mechanical delays, and, of course, airline crews, are essential demand segments. But these segments are seeking more than typical airport accommodations...
Deutsche Hospitality to Bring Zleep Hotels to Berlin Airport
Deutsche Hospitality | February 21, 2023
Frankfurt am Main, February 21, 2023 Scandinavian design, sophisticated functionality, top quality and thoughtful sustainability paired with efficient digital offerings. With the Zleep Hotel Berlin Airport, the Scandinavian hotel brand opens its first hotel in the German capital. Together with the project partner, Project Immobilien Group, Deutsche Hospitality will open the 198-room hotel in the first quarter of 2024. Final conceptual corrections of the already finished hotel at Alexander-Meissner-Str. 4, 12526 Berlin have already begun. Peter Haaber, Founder and Managing Director Zleep A/S: "Started in Copenhagen, we are very excite...
Choice Hotels International Reports 2022 Fourth Quarter and Full-Year Results
Choice Hotels International, Inc. | February 20, 2023
Domestic RevPAR accelerated in fourth quarter to 20.4% versus 2019; full-year net income and adjusted EBITDA surpassed 2019 levels by 49% and 28%, respectively ROCKVILLE, Md., Feb. 20, 2023 -- Choice Hotels International, Inc. (NYSE: CHH), one of the world's largest lodging franchisors, today reported its fourth quarter and full-year 2022 results. "2022 was a landmark year for Choice Hotels, in which we drove step function growth with adjusted EBITDA surpassing 2019 levels by 28%. We generated significant organic growth over 2021 and acquired the Radisson Hotels Americas brands in August, which has accelerated our long-term growth po...
Wyndham Hotels & Resorts Reports Strong Fourth Quarter and Full-Year 2022 Results
Wyndham Hotels & Resorts | February 20, 2023
PARSIPPANY, N.J., Feb. 20, 2023-- Wyndham Hotels & Resorts (NYSE: WH) today announced results for the three months and year ended December 31, 2022. Highlights include: Global RevPAR grew 15% compared to fourth quarter 2021 in constant currency, a 300 basis point improvement sequentially, representing 116% of 2019 levels; full-year global RevPAR grew 20% year-over-year in constant currency. U.S. RevPAR grew 5% compared to fourth quarter 2021, a 300 basis point improvement sequentially, representing 115% of 2019 levels; full-year U.S. RevPAR grew 12%. System-wide rooms grew 4% year-over-year, including 1% in the U.S. and 9% i...
Hyatt Reports Fourth Quarter and Full Year 2022 Results
Hyatt Hotels Corporation | February 20, 2023
Record Cash Flow from Operations of $674M; Net Rooms Growth of 6.7% Exceeds Expectations CHICAGO (February 20, 2023) - Hyatt Hotels Corporation ("Hyatt" or the "Company") (NYSE: H) today reported fourth quarter and full year 2022 financial results. Highlights include: Net income was $294 million in the fourth quarter and $455 million for the full year of 2022. Adjusted net income was $278 million in the fourth quarter and $365 million for the full year of 2022. Net income in the fourth quarter and for the full year of 2022 includes a non-cash benefit of $250 million due to the release of a valuation allowance on U.S. federal and ...
What Is an Occupancy Rate?
STR | February 17, 2023
Occupancy rate is one of the global hotel industry’s foundational performance metrics, showing the percentage of rooms occupied in a property, segment or geographic area for any given time. The objective of successful revenue management is to achieve the optimal occupancy level for driving growth in revenue per available room (RevPAR) and profitability. Factors that influence occupancy rate There is a wide range of factors that can impact occupancy levels in a property, market, submarket, etc. For example, the presence of events can lead to surges in demand, which in turn increases occupancy levels. Major concert tours in Dublin...
Radisson Hotel Group Signs First Radisson Collection Hotel in Abuja, Nigeria’s Capital City
Radisson Hotel Group | February 16, 2023
LAGOS, Nigeria, February 16, 2023 -- Radisson Hotel Group (https://www.RadissonHotels.com) is bringing its luxury lifestyle brand, Radisson Collection, to Abuja, Nigeria’s capital city and governmental powerhouse. Radisson Collection Hotel & Conference Center, Abuja Nigeria marks the Group’s 9th hotel and 3rd Radisson Collection in the country, placing it firmly on track to achieve 15 hotels in Nigeria by 2025. Located next to the Presidential Palace in Maitama District, one of the most sought after and exclusive areas in Abuja, the hotel will be a 45-minute drive from the Nnamdi Azikiwe International Airport, the country’s se...
Hilton to Debut in Spain’s Extremadura Region With Signing of Palacio de Godoy Cáceres, Curio Collection
Hilton | February 15, 2023
McLEAN, Va and CÁCERES, Spain – Hilton (NYSE: HLT) has today announced the signing of Palacio de Godoy Cáceres, Curio Collection by Hilton, following a franchise agreement with Scipion Real Estate and management company Panoram Hotel Management. Located in Cáceres’ old town and occupying one of the city’s former palaces, the hotel marks the continued development of Curio Collection by Hilton hotels in historic European buildings. Patrick Fitzgibbon, senior vice president, development, Europe, Middle East and Africa, Hilton, said, “With more than 60 hotels trading or under development in Europe, Middle East and Africa, Curio...
Financial Future Is Bright at the NOUN Hotel
Aptech Computer Systems Inc. | February 15, 2023
Gameday or weekdays its ‘Aptech All the Way’ for the newest boutique hotel in Norman adjacent to the University of Oklahoma PITTSBURGH, February 15, 2023 — When the NOUN Hotel in Norman, Okla., recently opened adjacent to the University of Oklahoma campus, PVNG by Aptech was there to power its Accounts Payable, Accounts Receivable, General Ledger, Statistics, Financials, and Bank Reconciliation processes. Choosing a financial management solution for a new hotel can be a daunting task, but for management of the NOUN the choice was easy due Aptech’s user-friendliness and exceptional support. “Opening a new hotel comes with plent...
Four Seasons and Yuan Lih Construction to Unveil Brand New Luxury Hotel in Taipei
Four Seasons Hotel Taipei | February 14, 2023
Four Seasons Hotels and Resorts, a global leader in luxury hospitality, and Yuan Lih Construction Co., Ltd., the developer that is part of Taipei-based Yuan Lih Group, announce plans for a new luxury hotel in the heart of Taiwan’s capital. Four Seasons Hotel Taipei will be located in the Xinyi District, directly opposite to Taipei 101, one of the most iconic skyscrapers in Asia and one of the tallest towers in the world. Taipei 101 is one of the top tourist attractions in the city and is home to high-end shopping, art galleries, and offices as well as the Taiwan Stock Exchange Corporation and other major banks and organizations. This i...
Hilton Reports Fourth Quarter and Full Year Results
Hilton | February 14, 2023
MCLEAN, VA - Hilton Worldwide Holdings Inc. ("Hilton" or the "Company") (NYSE: HLT) today reported its fourth quarter and full year 2022 results. Highlights include: Diluted EPS was $1.21 for the fourth quarter and $4.53 for the full year, exceeding the high end of guidance Diluted EPS, adjusted for special items, was $1.59 for the fourth quarter and $4.89 for the full year, exceeding the high end of guidance Net income was $333 million for the fourth quarter and $1,257 million for the full year, exceeding the high end of guidance Adjusted EBITDA was $740 million for the fourth quarter and $2,599 million for the full year, excee...
Marriott International Reports Fourth Quarter and Full Year 2022 Results
Marriott International, Inc. | February 14, 2023
Marriott International, Inc. (NASDAQ: MAR) today reported fourth quarter and full year 2022 results. Anthony Capuano, Chief Executive Officer, said, “Our performance in 2022 was terrific. Just two years after experiencing the sharpest downturn in our company’s history, we reported record financial results. Our fee-driven, asset-light business model generated significant cash during the year, allowing us to both invest in the growth of our business and return $2.9 billion to shareholders. “For the fourth quarter, worldwide RevPAR1 grew 5 percent compared to 2019, driven by a 13 percent increase in ADR. With the exception of Greate...
Chartwell and Southstar Break Ground on $500M Mixed-Use Aureum Project in Franklin, Tennessee
Chartwell Hospitality | February 13, 2023
NASHVILLE, Tenn.--Chartwell Hospitality, in a joint venture with co-developer Southstar, broke ground on their $500 million Aureum Project. Aureum is a 22-acre mixed-use project that will offer residents unique living, working, and entertainment options in one premier location known as the “Golden Corner” of Franklin, TN. Aureum’s first phase will consist of 355 residential units for sale and rent which Chartwell Residential will develop. The development will include office space, retail, and entertainment venues, along with two hotels to be developed by Chartwell Hospitality. In addition, Aureum will offer more than five acres of op...
Use a Business Mindset: David Lund on Hotel Finance
David Lund | February 13, 2023
David Lund, a financial consultant for hotels, shares his thoughts on how hotels should approach hotel finance software and tools, and the role technology plays in daily operations, highlighting the skills needed to succeed. With vast experience in hospitality operations, finance, and accounting, David offers his unique view on the hospitality business and advocates financial literacy for hoteliers as one of the most crucial skills to have. How did your journey in hospitality start? I grew up in the shadow of the Algonquin Hotel in my hometown of St. Andrews, New Brunswick, in Canada. I ended up working there right out of high school and w...
IHG Hotels & Resorts Signs InterContinental Resort on Dominica’s Douglas Bay
IHG Hotels & Resorts | February 13, 2023
ATLANTA (Feb. 13, 2023) – IHG Hotels & Resorts (IHG) today announced the signing of a new InterContinental Hotels & Resorts property on the island of Dominica. A conversion and renovation of an existing spacious resort, InterContinental Dominica Cabrits Resort & Spa will mark the brand’s third Caribbean resort hotel upon its planned spring 2023 reopening. Located along Douglas Bay on the island’s northwest side, the 151-room InterContinental Dominica Cabrits Resort & Spa will offer a unique and luxurious stay experience to travelers seeking to unwind, seclude and discover the island’s natural beauty. The resort’s...
Hyatt House Brand to Debut in Tokyo With Plans for Hyatt House Tokyo Shibuya
Hyatt House | February 9, 2023
CHICAGO (February 9, 2023) – Hyatt Hotels Corporation (NYSE: H) announced today that a Hyatt affiliate has entered into a management agreement with Tokyu Land Corporation for Hyatt House Tokyo Shibuya. Slated to open by mid-2024, the 126-room hotel will be an ideal mid- to long-stay living accommodation situated just steps away from the world-famous Shibuya Scramble Crossing. Hyatt House Tokyo Shibuya will mark the entry of the Hyatt House brand in Tokyo, further demonstrating Hyatt’s intentional brand growth in the Asia Pacific region. Hyatt House Tokyo Shibuya will make guests feel genuinely at home with an elevated, spacious, and...
Upscale Projects in China’s Hotel Construction Pipeline Reach New All-Time High
Lodging Econometrics (LE) | February 9, 2023
February 9, 2023 – PORTSMOUTH, NH In the recently released China Construction Pipeline Trend Report from Lodging Econometrics (LE), analysts report that the country's total hotel construction pipeline, at the close of the fourth quarter, stands at 3,581 projects/675,074 rooms. At the close of 2022, hotel development in China continued to move forward despite the country’s economic slowdown. This deceleration, due in part to rigorous COVID restrictions, reduced demand for exports, and a real estate decline, is expected to rebound in 2023 as more cities implement relaxed COVID guidelines and consumer spending and real estate investing in...
Vision Hospitality Group Breaks Ground on Home2 Suites by Hilton EastRidge, TN
Vision Hospitality Group, Inc. | February 9, 2023
EAST RIDGE, Tennessee – February 09, 2023 – Vision Hospitality Group, Inc., in partnership with Wolftever Development, announced the groundbreaking of the Home2 Suites by Hilton East Ridge, Tennessee. The new hotel will deliver a long-awaited, extended-stay lodging option to the growing Jordan Crossing Development collection of restaurants, retail shopping and entertainment venues. The Home2 Suites by Hilton is designed for today’s business and leisure traveler who desires a contemporary, comfortable stay. The property will feature 101 spacious suites with a customizable working area, fully-equipped kitchen, microfiber hypoallerge...
IHG Heralds Two New Signings in Lin-gang, Shanghai, With the First Vignette Collection Hotel Entering Greater China
IHG Hotels & Resorts | February 8, 2023
Shanghai, 8th February 2023 -- InterContinental Hotels Group (IHG®), one of the world's leading hospitality companies, is delighted to announce the recent signings of Crowne Plaza Shanghai Snow World and Shanghai Snow World Hotel, Vignette Collection – the first Vignette Collection hotel in Greater China. The hotels are part of the Shanghai Yaoxue Snow World Complex, a highly anticipated integrated sports-entertainment-tourism resort with the world's biggest alpine-themed indoor ski park, which is expected to become a major tourist destination in Shanghai after opening. As they build this world-class tourism destination, the sig...
