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
Accor Signs Deal With RSG Group to Open Fairmont Dubai Skyline in 2024
Accor | November 7, 2022
Accor, a world-leading augmented hospitality group with over 425 hotels across India, Middle East, Africa and Turkey, lands key addition to the Fairmont Hotels & Resorts portfolio with signing of Fairmont Dubai Skyline. Set to open in 2024, Fairmont Dubai Skyline will become the third Fairmont property in Dubai and seventh in the United Arab Emirates. Group is partnering with RSG Group of Companies, a multi-billion-dirham organization spanning the Middle East, USA, and South Asia, across diverse sectors including Real Estate, Automotive, Industrial Equipment, Investments and Property Development. Abu Sabah, Founder, Owner and Chairm...
Choice Hotels International Reports 2022 Third Quarter Results
Choice Hotels | November 7, 2022
ROCKVILLE, Md., Nov. 7, 2022 -- Choice Hotels International, Inc. (NYSE: CHH), one of the world's largest lodging franchisors, reported its results today for the three months ended September 30, 2022. "Our third quarter results and the acquisition of the Radisson Hotels Americas business are a significant leap forward in the evolution of both Choice Hotels' competitive position and future growth potential. For 11 consecutive quarters, our RevPAR growth has outperformed the hotel industry, confirming that our strategy of focusing our investments and growth on RevPAR accretive hotel segments and locations is working. Our future growth is...
GuestTek Announces Its Banking Relationship With Bank of Montreal
GuestTek | November 7, 2022
7 November 2022, Calgary, Alberta, Canada –– GuestTek Interactive Entertainment Ltd., the global leader in providing innovative and interactive technology solutions for the hospitality industry, is pleased to announce the refinancing of USD $25.0 million to a senior secured credit facility with Bank of Montreal for long-term operations and corporate growth. With principal operations located in Canada, Europe, Asia, and the United States, GuestTek’s focus on hospitality means we fully understand and deliver on the technology needs of today’s hotel guests, while engineering the in-room technologies desired by tomorrow’s guests. Our...
Hilton Partners With Ebène Square Ltd. for First Hilton Garden Inn Property in Mauritius
Hilton | November 4, 2022
Set to open in 2026, Hilton Garden Inn Phoenix Mauritius will provide affordable and upscale accommodation with best‑in‑class amenities for business and leisure travelers PHOENIX, Mauritius - As one of Hilton’s (NYSE: HLT) fastest-growing brands in Africa and the Indian Ocean, Hilton Garden Inn today announced the signing of Hilton Garden Inn Phoenix Mauritius, in partnership with Ebène Square Ltd. The new hotel will join Hilton’s more than 40 properties operating and 66 under development across Africa and the Indian Ocean – expanding its portfolio on the island of Mauritius. Once open, the 135-room hotel will feature gue...
Hilton Announces Signing of 213-Key DoubleTree by Hilton Ben Guerir, Morocco
Hilton | November 4, 2022
Strategically located in the Mohammed VI Green City, the highly anticipated property is the first internationally branded hotel in Ben Guerir, Morocco BEN GUERIR, Morocco – Hilton (NYSE: HLT) today announced the signing of DoubleTree by Hilton Ben Guerir, Morocco. Scheduled to open in 2023, the signing signals the debut of DoubleTree by Hilton and the entry of global hospitality brands into the city of Ben Guerir. DoubleTree by Hilton Ben Guerir is owned by Sociéte Hôtelière de Ben Guerir, an affiliate of Mohammed VI Polytechnic University (UM6P). It will feature 213 guest rooms including studios and one-bedroom apartments. ...
Total Spend Can Be Your Friend
Matt C. Panosh | November 4, 2022
By Matt C. Panosh I have always thought that stock traders would make great hotel revenue managers. They are highly competitive people, they understand optionality and risk, but most importantly, they know that when market volatility is large, the price of a financial instrument contains little or no information. Traders would have known instinctively what the pandemic should have taught hoteliers: asset valuations highly dependent on the average daily rate (ADR) contain risk; therefore, revenue diversification is not only desirable, but necessary. Unfortunately, the salary discrepancy between Wall Street trader and hotel revenue manager i...
Hyatt Reports Third Quarter 2022 Results
Hyatt Hotels Corporation | November 3, 2022
CHICAGO (November 3, 2022) - Hyatt Hotels Corporation ("Hyatt" or the "Company") (NYSE: H) today reported third quarter 2022 financial results. Highlights include: Net income was $28 million in the third quarter of 2022 compared to net income of $120 million in the third quarter of 2021. Adjusted net income was $72 million in the third quarter of 2022 compared to Adjusted net income of $241 million in the third quarter of 2021. Diluted EPS was $0.25 in the third quarter of 2022 compared to $1.15 in the third quarter of 2021. Adjusted Diluted EPS was $0.64 in the third quarter of 2022 compared to $2.31 in the third quarter of 2021. ...
Hilton Debuts in Punjab With the Signing of DoubleTree by Hilton in Amritsar
Hilton | November 3, 2022
AMRITSAR, India – Hilton (NYSE: HLT) today announced the signing of an agreement with Wondergrain Exports Private Limited to launch DoubleTree by Hilton Amritsar. Scheduled to open in early 2026, the hotel will mark the debut of the DoubleTree by Hilton brand in Punjab, and bring its distinct brand of upscale comfort to guests and travellers in this region. Navjit Ahluwalia, senior vice president and country head, India, Hilton, said, “We are excited to partner with Woodgrain Exports Private Limited to debut the DoubleTree by Hilton brand in Amritsar. With its strategic location in the heart of one of the renowned pilgrimage centers ...
IHG Partners With Shenzhen Tian An Yuncheng Investment Development Group to Develop voco Hotel in Guangdong
IHG Hotels & Resorts | November 3, 2022
Shanghai - InterContinental Hotels Group (IHG®), one of the world's leading hotel companies, today announced a new partnership with Shenzhen Tian An Yuncheng Investment Development Group Co., Ltd to develop the first voco™ hotel in Guangdong province - voco Shenzhen Bantian Cloud Park. Scheduled to open in 2027, the hotel will be built on Phase 3 of Bantian Tian An Cloud Valley, one of the major platforms along the Guangzhou-Shenzhen Sci-Tech Innovation Corridor. This signing resonates with China's national strategy to develop the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), enhancing IHG’s presence in Guangdong and further ...
Marriott International Reports Outstanding Third Quarter 2022 Results
Marriott International | November 3, 2022
Marriott International, Inc., (NASDAQ: MAR) today reported third quarter 2022 results. Anthony Capuano, Chief Executive Officer, said, “We are very pleased to report another quarter of outstanding results. Global RevPAR1 more than fully recovered, rising nearly 2 percent above 2019. In the third quarter, RevPAR compared to 2019 improved sequentially from the second quarter in every region around the world. “In the U.S. & Canada, our largest region, RevPAR exceeded 2019 levels by 3.5 percent in the third quarter. Occupancy in the region has been rising throughout the year, reaching 72 percent in September, just 2 percentage poin...
Avison Young Announces Recent Hotel Closings
Avison Young | November 3, 2022
ATLANTA – November 3, 2022 – Avison Young Hospitality Group announced that over the last two weeks the firm has closed several hotel transactions listed below. Brad Sinclair and Michael Bernath closed the sale on the 106-room Home2 Suites in York PA Brad Sinclair and Michael Bernath closed the sale on the 100-room Hampton Inn & Suites in York PA Mike George and Rick George closed the sale on the 120-room Holiday Inn Cary North Carolina Rick George and Mike George closed the sale on a Hampton Inn in central Illinois Chris Martin closed the sale on the 100-room Comfort Inn & Suites in Tallahassee Florida The team c...
Marriott Signs With AB Living to Bring St. Regis Brand to Costa Mujeres
Marriott International | November 2, 2022
Marriott International, Inc., today announced it has signed an agreement with AB Living to bring the legendary St. Regis brand to Costa Mujeres. Solidifying the brand’s position as a global leader in luxury leisure hospitality, The St. Regis Costa Mujeres Resort is expected to welcome its first guests in early 2025. “The signing of The St. Regis Costa Mujeres Resort represents a pivotal moment for St. Regis, as the brand continues its dynamic resort growth in the world’s most glamorous leisure destinations,” said George Fleck, Vice President and Global Brand Leader, St. Regis Hotels & Resorts. “We are thrilled to expand St. R...
Bass Pro Shops Founder Johnny Morris Unveils Plans for New Valhalla Island Oceanfront Resort
Bass Pro Shops | November 2, 2022
MARATHON, Fla. – Johnny Morris presented plans for the oceanfront Valhalla Island Resort development before an audience that included Florida Gov. Ron DeSantis and key leaders of the Florida Keys recreational fishing and conservation communities. Valhalla Island is the largest resort property anywhere in the Florida Keys. It includes more than 175 acres and more than a mile of breathtaking beachfront property, located just 15 minutes from the Marathon International Airport, a two-hour drive from Miami and just over an hour from Key West. Plans for the resort involve maintaining over 50% of the property’s green space. His passion for f...
BWH Hotel Group Launches Home by BWH Brand
BWH Hotel Group® | November 1, 2022
The New Developer-Friendly Brand Enters Midscale Segment with a Strong Pipeline Phoenix, Arizona (November 1, 2022) – At the company’s 2022 Annual Convention, BWH Hotel Group announced the launch of HOME by BWH. Competing in the midscale extended-stay segment, HOME by BWH was created to address the needs of both travelers and hotel developers in today’s hospitality landscape. “We know that extended-stay is an important market segment and there is tremendous demand for more options in this category, so we are extremely proud to bring a new product offering to developers and our valued guests,” said Larry Cuculic, President an...
Wyndham Unveils 24th Brand – ECHO Suites Extended Stay by Wyndham
Wyndham Hotels & Resorts | November 1, 2022
PARSIPPANY, N.J., Nov. 1, 2022 -- Wyndham Hotels & Resorts, the world's largest hotel franchising company with approximately 9,100 hotels across more than 95 countries, today unveiled the name of its 24th brand, ECHO Suites Extended Stay by Wyndham. Officially the fastest growing brand in Wyndham's development pipeline, the brand, which continues exceeding expectations while receiving strong interest from developers, has 120 hotels in its pipeline across the U.S. (as of September 30th), well ahead of the Company's previously-shared end-of-year goal. "In six short months, ECHO Suites Extended Stay by Wyndham has secured its p...
IHG Signs With Dana Bay Tourism Company to Open InterContinental Al Khobar Dana Bay
IHG Hotels & Resorts | November 1, 2022
DUBAI, UNITED ARAB EMIRATES, 01 NOVEMBER 2022: Reaffirming its commitment to the Kingdom’s Vision 2030, IHG® Hotels & Resorts, one of the world’s leading hotel companies in the world, has signed a Management Agreement with Dana Bay Tourism Company to open InterContinental Al Khobar Dana Bay and expand its luxury footprint in the Kingdom. IHG Hotels & Resorts recently celebrated the 75th anniversary of the InterContinental Hotels & Resorts brand. From one hotel to more than 200, InterContinental has grown with the advent of technology and evolving hotel operations, but its pioneering spirit of luxury travel endures. ...
Spirides Provides $6.3 Million Debt Refinancing + Cash Out for Holiday Inn Express in Latta, SC
Spirides Hotel Finance Company | November 1, 2022
TAMPA, FL—Spirides Hotel Finance Company has successfully provided, and the borrower has officially closed a $6.3 million mortgage loan from a southeast U.S. headquartered bank to refinance the existing mortgage debt plus take $1.5 million cash out of the Holiday Inn Express in Latta, South Carolina. The $1.5 million cash taken out of the loan proceeds will be used by the borrower as an owner’s cash equity down payment to build another hotel in North Carolina where they already own the land. This Holiday Inn Express features 68 guest rooms and suites in one 4-story building situated on 4 acres of land. It is located at 2513 Cattle ...
Marriott International Signs Agreement to Bring The Ritz-Carlton to Australia’s Gold Coast
Marriott International | October 31, 2022
Marriott International, Inc., today announced the signing of an agreement with Australian property developers Pelligra Group and Giannarelli Group to bring Australia’s third Ritz-Carlton hotel to the Gold Coast by 2026. The Ritz-Carlton, Gold Coast,, will serve as an integral component of a $480 million new waterfront development at Mariner’s Cove, set to reinvigorate Australia’s sixth largest city as a luxury travel destination. “Marriott International is recognized as the global leader in the upper upscale and luxury segments. Today’s signing with Pelligra Group and Giannarelli Group is a profound indication of strong investor ...
Three Franchise Companies Account for 66% of the Projects in the U.S. Construction Pipeline at Q3 2022 Close
Lodging Econometrics (LE) | October 31, 2022
October 31, 2022 – PORTSMOUTH, NH According to the quarterly United States Construction Pipeline Trend Report from Lodging Econometrics (LE), the franchise companies with the largest construction pipelines at the end of Q3 2022 are led by Marriott International with 1,385 projects/168,725 rooms. Following Marriott is Hilton Worldwide with 1,351 projects/152,383 rooms, and InterContinental Hotels Group (IHG) with 787 projects/79,382 rooms. Combined, these three companies account for 66% of the projects and 64% of the rooms in the total pipeline. Each company has seen growth year-over-year. These three franchise companies also have the ...
At the Close of Q3 2022, Dallas Has the Largest Hotel Construction Pipeline in the U.S. With 174 Projects
Lodging Econometrics (LE) | October 31, 2022
October 31, 2022 – PORTSMOUTH, NH According to the third quarter United States Construction Pipeline Trend Report from Lodging Econometrics (LE), the U.S. market with the largest hotel construction pipeline by projects is Dallas with a record high count of 174 projects, accounting for 20,676 rooms. Following Dallas is Atlanta with 139 projects/17,843 rooms, Los Angeles with 118 projects/19,062 rooms, Phoenix with 113 projects/15,508 rooms, and New York with 102 projects/17,805 rooms. U.S. markets with the most projects currently under construction are New York with 69 projects/11,781 rooms and Atlanta with 25 projects/3,798 rooms. Fol...
Wyndham Hotels & Resorts Reports Third Quarter 2022 Results
Wyndham Hotels & Resorts | October 27, 2022
Company Raises Full-Year 2022 Outlook Board Increases Share Repurchase Authorization by $400 Million Company Grows System-Wide Rooms by 4% and Development Pipeline by 10% PARSIPPANY, N.J., Oct. 27, 2022 -- Wyndham Hotels & Resorts (NYSE: WH) today announced results for the three months ended September 30, 2022. Highlights include: Global RevPAR grew 12% compared to third quarter 2021 in constant currency. U.S. RevPAR grew 2% compared to third quarter 2021 and represents 110% of 2019 levels. System-wide rooms grew 4% year-over-year, including 1% of growth in the U.S. and 9% of growth internationally. Development pipeline ...
RIU Hotels & Resorts to Debut in the UK With 2023 Opening of Riu Plaza London Victoria
RIU | October 27, 2022
RIU Hotels & Resorts will open in the spring of 2023 its first hotel in the United Kingdom, the Riu Plaza London Victoria. The visitors to this year’s World Travel Market (WTM) will be able to learn all the details of this new project, as well as more of RIU’s new developments, at the company’s stand UKI301. Located in one of London’s premium neighbourhoods, the building has been refurbi...
Japan’s Palace Hotel Brand Expands to Taiwan With Planned Ambassador Palace Hotel Taipei
Palace Hotel Tokyo | October 27, 2022
TOKYO (October 27, 2022) – An iconic independent Japanese hotel brand, known for its rich history and homegrown hospitality, is embarking on its first-ever luxury project overseas with a Taiwanese property that also has a notable past and deep roots in the local culture. After over five decades in operation, the landmark Ambassador Hotel Taipei has closed its doors to undergo a complete redesign. Once razed and rebuilt by The Ambassador Hotel Co. Ltd., its brand-new iteration is slated to be unveiled in 2028 as Ambassador Palace Hotel Taipei, a world-class property to be managed by Palace Hotel Co., Ltd. “It’s fitting that our first l...
Rosewood Hotels & Resorts Signs With Gruppo Statuto to Debut Rosewood Milan in 2025
Rosewood Hotels & Resorts | October 27, 2022
Rosewood Hotels & Resorts, a global leader in luxury travel and lifestyle experiences, has been appointed by real estate firm Gruppo Statuto to manage Rosewood Milan, which will open in 2025 in the heart of the city. The new property marks the brand’s fourth hotel in Italy, following the recent announcements of Rosewood Rome and Rosewood Hotel Bauer in Venice. These three projects will join Rosewood’s beloved Italian estate resort, Rosewood Castiglion del Bosco in Tuscany, and demonstrate Rosewood’s strategic growth trajectory across Europe and within Italy particularly. Rosewood Milan will be well-situated on the edge of t...
