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
Hilton Reports Third Quarter Results; Exceeds Expectations
Hilton | October 26, 2022
MCLEAN, VA - Hilton Worldwide Holdings Inc. ("Hilton" or the "Company") (NYSE: HLT) today reported its third quarter 2022 results. Highlights include: Diluted EPS was $1.26 for the third quarter, and diluted EPS, adjusted for special items, was $1.31 Net income was $346 million for the third quarter, exceeding the high end of guidance Adjusted EBITDA was $732 million for the third quarter, exceeding the high end of guidance System-wide comparable RevPAR increased 29.9 percent, on a currency neutral basis, for the third quarter compared to the same period in 2021 System-wide comparable RevPAR increased 5.0 percent, on a curren...
IHG Signs With HOC Hospitality Investments for First Vignette Collection Hotel in Zimbabwe, Africa
IHG Hotels & Resorts | October 26, 2022
DUBAI, UNITED ARAB EMIRATES, 26 OCTOBER 2022: IHG® Hotels & Resorts, one of the world’s leading hotel companies, has announced the signing of a Management Agreement with HOC Hospitality Investments Ltd., for a new build Vignette hotel in Victoria Falls, Zimbabwe. The signing marks the brand’s foray into Middle East and Africa region, as the 10th Vignette hotel, coinciding with its first Anniversary. Vignette Collection is a family of one-of-a-kind exclusive hotels curated for guests seeking rich and varied independent stay experiences. Where luxury meets purpose, Vignette Collection hotels weave responsibility, community, and lo...
Olympia Hotel Management to Operate a New Hotel on the Campus of the University of Maine
Olympia Hotel Management (OHM) | October 26, 2022
Orono, Maine. October 26, 2022. Olympia Hotel Management (OHM) has announced that it has been selected to operate a new hotel on the campus of the University of Maine (UMaine) in Orono. The groundbreaking ceremony was held on October 1, 2022, and the hotel is expected to be completed in early 2024. The property is being developed by Radnor Property Group LLC, a real estate development company with a strong presence in higher education public-private partnership (P3) projects in the northeast, and Harrison Street, one of the leading investment management firms exclusively focused on alternative real assets. Two historic University b...
The U.S. Hotel Construction Pipeline Shows Positive Growth Year-Over-Year at Q3 2022 Close
Lodging Econometrics (LE) | October 26, 2022
October 26, 2022 – PORTSMOUTH, NH According to the third quarter Construction Pipeline Trend Report for the United States from Lodging Econometrics (LE), the U.S. construction pipeline stands at 5,317 projects/629,489 rooms, up 10% by projects and 6% rooms Year-Over-Year (YOY). At the close of Q3, there are 987 projects/135,050 rooms under construction in the U.S. Projects scheduled to start construction in the next 12 months, stand at 2,074 projects/236,894 rooms, up 14% by projects and 13% by rooms YOY, respectively. Project counts in the early planning stage reached record highs, in Q3, standing at 2,256 projects/257,545 rooms, a 1...
Accor Inks Deal With Panthers Group for New Five-Star Pullman Sydney Penrith
Pullman Hotels & Resorts | October 25, 2022
Accor has signed an agreement with Panthers Group for a new five-star Pullman hotel at the Penrith Panthers precinct in Western Sydney. The upper upscale 153-room Pullman Sydney Penrith hotel, which is slated to open in the fourth quarter of 2023, forms part of Panthers Group’s landmark transformation of the Penrith Panthers precinct to create a new state-of-the-art business and entertainment destination. The hotel is adjoined to the new 1,250 square metre Western Sydney Conference Centre (WSCC), which remains on track to open in Q4 2023 too, and will boast a range of onsite facilities, including a restaurant and bar with private dining r...
IHG Hotels & Resorts Signs First Americas Vignette Collection Hotel in Mexico’s Yucatan Peninsula
IHG Hotels & Resorts | October 24, 2022
IHG has signed the first Vignette Collection hotel in the Americas region – El Gran Encomendero – in Mexico’s Yucatan Peninsula. IHG has signed the first Vignette Collection hotel in the Americas region – El Gran Encomendero – in Mexico’s Yucatan Peninsula. IHG has signed the first Vignette Collection hotel in the Americas region – El Gran Encomendero – in Mexico’s Yucatan Peninsula. ATLANTA (October 24, 2022) – IHG Hotels & Resorts (IHG), one of the world’s leading hotel companies, today announced the signing of its newest Vignette Collection hotel in Mexico’s Yucatan Peninsula. The signing of E...
Marriott International Signs Agreement With Grupo Puntacana and Mac Hotels to Bring W Hotels Brand to the Dominican Republic
Marriott International | October 24, 2022
Marriott International, Inc., today announced the signing of a management agreement with Grupo Puntacana and MAC Hotels to begin construction on the W All-Inclusive Punta Cana in Uvero Alto, an adults-only, all-inclusive luxury property in the Dominican Republic. This hotel is expected to be the first W Hotels property in the market and one of the first W All-Inclusive resorts globally. W All-Inclusive Punta Cana Uvero Alto is anticipated to feature 349 guest rooms with balconies and plunge pools, as well as several suites. With immersive and dynamic adult-focused programming, plans for the resort include a spa with 11 treatment rooms, a r...
Hotel Franchising Gives Operators Support and Confidence in Tough Times, Finds HVS Study
HVS | October 21, 2022
21 October 2022, London: The pandemic has prompted many hoteliers, both independent and chain operators, to recognise the value of brand affiliation prompting a growing interest in hotel franchising across Europe, says a new report from global hotel consultancy HVS. “The past few years has opened the eyes of many operators to the benefits of having strong support and communication in tough times, as well as the importance of maintaining consumer confidence. Large brands have been major instigators in negotiating with industry associations and local governments to provide support to their franchisees and this has persuaded many independ...
Deutsche Hospitality Celebrates Topping Out of First Zleep Hotel in the Czech Republic
Deutsche Hospitality | October 20, 2022
Scandinavian design encounters the Czech capital: Zleep Hotels celebrated the next milestone in its European expansion on 12 October 2022 with a topping-out ceremony for Zleep Hotel Prague. This first hotel in the Czech Republic will feature 166 rooms as well as a lobby, reception, and snack bar in Scandinavian design. Zleep Hotel Prague is to be completed by 2024 as part of a mixed-use development project consisting of an international school, residential units, offices and a retail area. It is located in the Waltrovka development zone, a project being carried out by the Penta Group that includes modern residential and commercial buildings a...
Cameron Mitchell Restaurants and Crawford Hoying Bring Premier Boutique Hotel to Downtown Dublin, Ohio
Cameron Mitchell Restaurants | October 20, 2022
Dublin, Ohio (October 20, 2022) – Award-winning, Columbus-based Cameron Mitchell Restaurants (CMR) and noted mixed-use developer Crawford Hoying have announced their partnership in bringing a first-of-its kind, upscale hotel to Central Ohio. The boutique hotel will feature a new signature CMR restaurant, several unique food and beverage options, multiple outdoor spaces, and an event and conference center -- each embodying CMR’s extraordinary genuine hospitality and culinary excellence. Located Southeast of the 161 roundabout at Riverside Drive and West Granville Road, the hotel will be part of a mixed-use expansion of Bridge Park in do...
Accor Brings Mövenpick’s Swiss Hospitality to Central Jakarta
Accor | October 20, 2022
JAKARTA, INDONESIA, 20 OCTOBER 2022 – Accor, the largest international hotel operator in Southeast Asia expands its footprint in Indonesia with the signing of its second Mövenpick property in Jakarta. Scheduled to open its doors in the third quarter of 2023, Mövenpick Jakarta Pecenongan is perfectly located in Central Jakarta, just moments from major landmarks, including the Merdeka Presidential Palace and National Monument. This striking 23-storey hotel is being completely transformed in line with the unique style and international standards of Mövenpick Hotels & Resorts. The premium brand from Accor, celebrates Swiss hospitalit...
Development Launched for the Okura Resort & Spa Phu Quoc at Long Beach Resort in Vietnam
Trading Construction Works Organization | October 19, 2022
TOKYO--Hotel Okura Co., Ltd., is pleased to announce that the Okura Resort & Spa Phu Quoc will open in 2027 at the premier resort of Long Beach on Phu Quoc Island in Vietnam. The company has contracted with Trading Construction Works Organization to manage the new property. The 20-km long white sandy Long Beach is the only location in Vietnam where people can watch the sun set over the ocean, offering spectacular views as the day comes to an end. The new hotel will feature 200 guest rooms, each with standard area of approximately 50 square meters. It will have five dining facilities and lounges, including a restaurant offering Japan...
Extended Stay America Signs Deal With Concord Hospitality and Whitman Peterson for 15 Extended Stay America Premier Suites
Extended Stay America | October 18, 2022
New construction properties will be located in major cities across the Western United States Charlotte, NC, October 18, 2022 — Extended Stay America announced today it signed a development agreement with a partnership comprised of Concord Hospitality and Whitman Peterson to develop 15 new Extended Stay America Premier Suites hotels. The properties will be located in major markets throughout the Western United States, including Denver, Colorado; Phoenix, Arizona; Las Vegas, Nevada; and Salt Lake City, Utah. "We are extremely excited to be announcing the addition of 15 new properties to our Extended Stay Premier Suites brand through this...
Accor Expands in Indonesia With Signing of Two New Hotels at Yogyakarta International Airport
Accor | October 18, 2022
JAKARTA - Accor is expanding its presence in Indonesia with the signing of two hotels at the new Yogyakarta International Airport. The opening of Novotel and ibis New Yogyakarta International Airport Kulon Progo will mark the arrival of two highly respected and trusted hotel brands to the gateway of Yogyakarta, one of the country’s largest cities and most culturally-rich destinations. This dual-branded project is strategically located only five minutes’ drive from the airport and about 45 minutes from Yogyakarta city centre. It will feature a total of 413 keys in a single development, with two distinctive wings connected by an elegant...
Driftwood Capital Breaks Ground on Oceanfront Element by Westin® Hotel in Melbourne, Florida
Driftwood Capital | October 17, 2022
Melbourne, Fla. (October 17, 2022) – Driftwood Capital (Driftwood), a vertically integrated commercial real estate firm providing superior risk-adjusted returns in hospitality, is pleased to announce it has broken ground on the Element by Westin®, a new 130-key extended-stay hotel located on prime oceanfront property in Melbourne, Fla., one of the beach towns along Florida’s popular “Space Coast.” The property is being built on the 2.56-acre site of a former parking lot located at 2605 N. Highway A1A in Melbourne, Fla., adjacent to The Crowne Plaza Melbourne, another property owned and operated by Driftwood Capital. It is the first...
Hilton Columbus Downtown Opens Second Tower and Becomes Largest Hotel in Ohio
Hilton | October 17, 2022
COLUMBUS, Ohio – Hilton (NYSE: HLT) announced today that Hilton Columbus Downtown has officially opened the doors to its second tower, making the hotel now the largest in Ohio. The hotel signifies the continued growth of Columbus and the ability to welcome major events and conventions in the city. Hilton Columbus Downtown, part of Hilton Hotels & Resorts, Hilton’s flagship brand, boasts 1,000 guest rooms, over 75,000 square feet of meeting and ballroom space, and four new food & beverage concepts across both towers. Construction of the LEED Gold Certified tower was made possible by a joint venture of Smoot Construction and...
A Review of Equity Yields and Discount Rates in a Post-COVID Environment
Katy Black | October 13, 2022
By Katy Black Equity yields and discount rates remain at or below pre-COVID levels; however, rising debt costs will result in changing investor return expectations. HVS continually tracks the discount rates and equity yields for the assets on which we consult. In the case of hotels that were sold near the date of our valuation, we were able to derive the equity yield rate and unlevered discount rate by inserting the ten-year projection, total investment (purchase price and estimated capital expenditure and/or PIP), and debt assumptions into a valuation model and solving for the equity yield. Equity yield is the rate of return that an...
Waldorf Astoria Set to Debut in Vietnam With Landmark Signing of Waldorf Astoria Hanoi
Hilton | October 13, 2022
This latest signing continues the brand’s entry into the world’s most sought‑after destinations, and signals optimism in the future of luxury travel MCLEAN, Va. – Waldorf Astoria Hotels & Resorts, Hilton’s (NYSE: HLT) iconic luxury hotel brand, today announced its entry into Vietnam with the signing of Waldorf Astoria Hanoi. The hotel, owned by BRG Group and managed by Hilton, continues the brand’s entry into the world’s most sought-after destinations such as Sydney, Tokyo, Jakarta, and Kuala Lumpur. Scheduled to open in 2025, Waldorf Astoria Hanoi will join Hilton’s pipeline of nine other hotels and resorts that wil...
White Lodging Breaks Ground on Kimpton in San Antonio, Texas
Kimpton Hotels & Restaurants | October 13, 2022
SAN FRANCISCO (October 13, 2022) – Today, Kimpton Hotels & Restaurants, part of IHG Hotels & Resorts’ Luxury & Lifestyle Collection, announced it will open its first hotel in San Antonio, Texas in late 2024. Located in the Central Business District and at the intersection of the city’s vibrant La Villita and Southtown neighborhoods, the 347-room hotel will be part new-build and part adaptive reuse of an 1850s-original schoolhouse. The property’s juxtaposition of the historic and the modern will embrace the city’s spirit of authenticity and the neighborhood’s creative energy. Owned and operated by White Lodging and ...
IHG Signs New voco Hotel in Paris – voco Paris Porte de Clichy
IHG Hotels & Resorts | October 12, 2022
IHG Hotels & Resorts (IHG), one of the world’s leading hotel companies, is delighted to announce the signing of a new voco hotel in Paris - voco Paris Porte de Clichy. One of IHG's newest and most successful brands, the global expansion of IHG’s fastest growing upscale brand has happened at a faster pace than any other IHG brand. With each hotel standing out from the crowd and giving people a different choice, guests feel comfortable to relax. France continues to be a prime national market for IHG in Europe with 64 open hotels and a further 18 hotels in the pipeline. With conversions playing an instrumental role in this growth, vo...
Agilysys to Report Fiscal 2023 Second Quarter Results October 25th and Host Conference Call and Webcast
Agilysys | October 12, 2022
ALPHARETTA, GA. — October 12, 2022 — Agilysys, Inc. (AGYS), a leading global provider of hospitality software solutions and services that deliver High Return Hospitality, announced today that it will release its fiscal 2023 second quarter results after the market closes on Tuesday, October 25th, 2022 and host a conference call and webcast at 4:30 p.m. ET that day. Both the call and webcast are open to the public. All participants should register for the call using the participant registration URL: https://register.vevent.com/register/BIc5caabb8028c469696a4afbc87dc28da. Once registered, participants will receive a confirmation email...
University of Virginia Breaks Ground on new Hotel and Conference Center in Charlottesville
Pyramid Global Hospitality | October 11, 2022
BOSTON, THE WOODLANDS, Texas – Oct. 11, 2022 – The University of Virginia (UVA) and its partners have broken ground on a new 223,000-square-foot Hotel and Conference Center in Charlottesville, which is targeting a spring 2025 debut. The hospitality center, whose official name will be revealed at a future date, will be managed by Pyramid Global Hospitality. Those present at the October groundbreaking celebration included Jim Ryan, president of UVA; Jennifer “J.J.” Wagner Davis, executive vice president and COO of UVA; Tim Rose, CEO of the UVA Foundation; Colette Sheehy, UVA’s senior vice president for operations and state govern...
SH Hotels & Resorts & Boscalt Hospitality Partner to Reimagine Rome’s Landmark Hotel Majestic
Baccarat Hotels & Resorts | October 11, 2022
NEW YORK, NY, October 11, 2022 – SH Hotels & Resorts, the hotel brand management company founded by hospitality visionary Barry Sternlicht, Chairman and CEO of Starwood Capital Group, and Boscalt Hospitality, the real estate hospitality firm investing in key European cities founded by Liza Masias and Jaume Tapies, today announced their plans to reimagine the Eternal City’s landmark Hotel Majestic under the French luxury house Baccarat. Set to open in late 2025 following a complete restoration, the property will epitomize Baccarat’s unparalleled beauty to enchant the senses with lavish finishes and flourishes and exquisite attentio...
IHG Signs With Al Ajlan Company for InterContinental Hotel & Residences in Riyadh
IHG Hotels & Resorts | October 11, 2022
DUBAI, UNITED ARAB EMIRATES, 11 OCTOBER 2022: IHG® Hotels & Resorts, one of the world’s leading hotel companies, has announced the signing of a Management Agreement with Al Ajlan Company for InterContinental Hotel & Residences in the Riyadh North area. Set to open by 2028, the prestigious 400-key hotel and serviced apartments will form part of a state-of-the art masterplan comprising of high-end retail, offices and entertainment. The hotel will reflect the modern luxury philosophy and will strengthen IHG’s offering in the segment. Saudi Arabia represents significant potential for tourism and hospitality industry, as part of ...
