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 Releases Half Year 2022 Results
IHG | August 9, 2022
REPORTABLE SEGMENTS1: Reported Underlying1 2022 2021 % change2 % change Revenue1 $840m $565m +49% +53% Revenue from fee business1 $664m $505m +31% +33% Operating profit1 $377m $188m +101% +91% Fee margin1 55.9% 44.1% +11.8%pts Adjusted EPS1 121.7¢ 40.4¢ +201% GROUP RESULTS: Total revenue $1,794m $1,179m +52% Operating profit $361m $138m +162% Basic EPS 117.4¢ 26.2¢ +348% Interim dividend per share 43.9¢ - ¢ NM Net debt1 $1,718m $2,458m (30)% KEY METRICS: $11.7bn total gross r...
Hotels Are Finding Room for Co-Living Spaces
JLL | August 9, 2022
Co-living projects are on the rise in converted hospitality properties amid a hunt for rental growth Hotels are increasingly being turned into co-living spaces in markets where institutional investors are hunting for cheaper alternatives to residential conversions and high rental growth potential. In June, a US$200 million joint venture between asset manager PGIM Real Estate and co-living operator Weave acquired Rosedale Hotel in Kowloon, Hong Kong, with the intention of converting the 435-key property into a co-living property. Meanwhile, in Singapore, real estate management firm LHN Group has invested S$90.5 million (US$65.5 million)...
Nobu Hospitality Expands Its Footprint in Asia Pacific With Nobu Danang
Nobu Hospitality | August 9, 2022
Today, in partnership with Viet Capital Real Estate (VCRE) and Phoenix Holdings, leading luxury lifestyle and iconic hotel and dining brand, Nobu Hospitality, announces the first Nobu Hotel, Restaurant, and Residences in Vietnam whilst both groups explore further development within Vietnam. Crafted as a luxury beachfront urban resort, the Nobu Danang destination will provide a vibrant lifestyle situated in the heart and beachfront of Danang. Guests will find elegantly designed interwoven spaces, realigning the traditional beach hotel with a destination urban resort embracing the needs and desires of guests whether there for vacation, enter...
Ennismore Continues Expansion Across New Zealand With Four New Lifestyle Hotel Signings
Ennismore | August 9, 2022
New Zealand, 09 August 2022 - Ennismore, the fastest-growing lifestyle hospitality company, announces its continued expansion across New Zealand and Australia, with the signing of four new hotels in New Zealand with CP Group. The partnership will see the opening of four new hotels including a JO&JOE in Auckland, two TRIBE hotels in Auckland, and a Hyde in Queenstown, creating 170 new career opportunities. The hotels will open across 2023-24. The new hotels will be located in the heart of New Zealand’s distinct and exhilarating cities and will join Ennismore’s expanding collective in the Pacific region, which already includes TRIBE P...
Quantifying the Franchise Relationship During COVID-19
Robert Mandelbaum | August 8, 2022
By Robert Mandelbaum In 2020, the average hotel in CBRE’s annual Trends® in the Hotel Industry survey experienced a 108 percent decline in earnings before interest, taxes, depreciation and amortization (EBITDA), resulting in an EBITDA margin of -5.5 percent. For hotels, EBITDA represents the cash flows from operations that are used to fund debt service and provide returns to investors. This is by far the greatest decline in EBITDA since CBRE began tracking the performance of the U.S. lodging industry in the 1930s. Facing such traumatic declines in profitability and insolvency, hotel owners reached out to their lenders, investors...
The Lux Collective and Jumbo Group Sign Hotel Management Agreement to Build the First LUX* Urban Resort in Guangzhou, China
The Lux Collective | August 5, 2022
China, 5 August 2022 – Global hospitality group The Lux Collective and Jumbo Group in China have signed a hotel management agreement in July 2022 to build the first LUX* urban resort in Guangzhou, China – LUX* Guangzhou. This latest signing marks The Lux Collective’s first foray into one of the top three first-tier cities in China and will boost its brand presence in a highly important strategic source market. The new hotel is expected to open in June 2024. "We are honoured to partner with the Jumbo Group in China to manage and operate this exciting new luxury hotel in Guangzhou, creating a refreshing urban oasis. Our strategic entry...
The Unbound Collection by Hyatt Brand to Debut in India with Plans for Noor-Us-Sabah Palace in Bhopal
Unbound Collection by Hyatt | August 2, 2022
CHICAGO (August 2, 2022) – Hyatt Hotels Corporation (NYSE: H) today announced plans for the debut of The Unbound Collection by Hyatt brand in India with the signing of a management agreement for Bhopal's Noor-Us-Sabah Palace. One of Bhopal’s oldest and most sought-after hotels, Noor-Us-Sabah Palace will undergo extensive refurbishment to join The Unbound Collection by Hyatt brand as a 60-room heritage hotel and is expected to open in 2025. “At Hyatt, we are focused on thoughtful growth based on locations that matter most to our guests, World of Hyatt members and customers, and introducing Hyatt’s brands across India has been a p...
Driftwood Capital Completes Staybridge Suites Hotel in Downtown Wilmington, Delaware
Driftwood Capital | August 1, 2022
Wilmington, Del. (August 1, 2022) – Driftwood Capital, a vertically integrated commercial real estate firm providing superior risk-adjusted returns in hospitality, is pleased to announce the completion of the new $31 million Staybridge Suites hotel in downtown Wilmington, Delaware. Located at 1220 N. Market Street in Downtown Wilmington, the 11-story property features 134 suite-style accommodations, a lounge, fitness center, sundries shop and a business center with meeting spaces designed for today’s business and leisure travelers. A former office building converted to a hotel, the property is located in a designated Opportunity Zone, an...
For the Fourth Consecutive Quarter, Dallas Leads the U.S. Hotel Construction Pipeline at the Close of Q2 2022
Lodging Econometrics (LE) | August 1, 2022
August 1, 2022 – PORTSMOUTH, NH In the recently released Q2 2022 United States Construction Pipeline Trend Report from Lodging Econometrics (LE), at the close of the second quarter, the top five markets with the largest hotel construction pipelines are Dallas, with a record-high count of 173 projects accounting for 20,707 rooms; Atlanta, with 140 projects/18,131 rooms; Los Angeles, with 124 projects/20,365 rooms; New York, with 113 projects/19,238 rooms; and Phoenix, with 108 projects/14,964 rooms. According to LE analysts, many major markets and popular U.S. tourist destinations have seen a significant increase in demand throughout the f...
Accor: Half-Year 2022 Very Strong Rebound of the Activity With Q2 Above 2019 Level
Accor | July 28, 2022
Q2 REVPAR ABOVE 2019 LEVEL SIGNIFICANT IMPROVEMENT IN PROFITABILITY AND CASH FLOW GENERATION REVENUE UP 109% TO €1,725 MILLION (+97% LFL) EBITDA POSITIVE AT €205 MILLION NET PROFIT GROUP SHARE POSITIVE AT €32 MILLION Sébastien Bazin, Chairman and Chief Executive Officer of Accor, said: “Once again this quarter, Accor reported a very strong growth in business, exceeding pre-crisis levels for the first time. This marked rebound in all regions and for all of our brands. The summer will confirm these trends and the fall promises to be strong with the recovery of major seminars and conventions. Nevertheless, the Group remain...
Cambria Hotels Expands to Denver With Groundbreaking of Cambria Hotel Denver Downtown RiNo
Cambria Hotels | July 28, 2022
ROCKVILLE, Md., July 28, 2022 -- Cambria Hotels, an upscale brand franchised by Choice Hotels International, Inc. (NYSE: CHH), continues its nationwide expansion with the groundbreaking of the Cambria Hotel Denver Downtown RiNo. Expected to open in December 2023, the seven-story, 153-room Cambria will be the brand's second hotel in the Colorado capital joining Cambria Hotel Denver International Airport when it debuts and adds to Cambria's growing portfolio of properties in travelers' favorite urban destinations. Located at 3601 Brighton Blvd., the future Cambria will be ideally situated in the heart of Denver's River North (RiNo...
Marriott, RIDA Development, and Ares Management Break Ground on Gaylord Pacific Resort and Convention Center
Marriott International, Inc. | July 28, 2022
Marriott International, Inc. today announced the commencement of construction on the Gaylord Pacific Resort and Convention Center (the “Gaylord Pacific”). A ceremony was held this morning on the 500+ acre Chula Vista Bayfront, site of the anticipated 1.8 million-square-foot Gaylord Pacific. The event was attended by the Gaylord Pacific’s developers RIDA Development Corporation (“RIDA Development”) and Ares Management (“Ares”), finance partners, officials from the City of Chula Vista, Port of San Diego, and State of California, Marriott executives, group customers, and other project supporters. “We are thrilled to announce t...
Wyndham Hotels & Resorts Reports Second Quarter 2022 Results
Wyndham Hotels & Resorts | July 27, 2022
PARSIPPANY, N.J., July 27, 2022 -- Wyndham Hotels & Resorts (NYSE: WH) today announced results for the three months ended June 30, 2022. "We kicked off our high-demand summer season with the strongest Memorial Day we've ever experienced, as guests traveled further, stayed longer and spent more at our hotels than they did pre-pandemic," said Geoffrey A. Ballotti, president and chief executive officer. "Our business experienced another strong quarter performing above both last year and 2019 as international recovery accelerated and our development teams grew our pipeline to a record level. Our second quarter results once again demon...
Hilton Reports Second Quarter Results; Exceeds Expectations and Raises Full Year Outlook
Hilton | July 27, 2022
MCLEAN, VA - Hilton Worldwide Holdings Inc. ("Hilton" or the "Company") (NYSE: HLT) today reported its second quarter 2022 results. Highlights include: Diluted EPS was $1.32 for the second quarter, and diluted EPS, adjusted for special items, was $1.29 Net income was $367 million for the second quarter, exceeding the high end of guidance Adjusted EBITDA was $679 million for the second quarter, exceeding the high end of guidance System-wide comparable RevPAR increased 54.3 percent, on a currency neutral basis, for the second quarter compared to the same period in 2021 System-wide comparable RevPAR was down 2.1 percent, on a cu...
Should Hotels Complete a Reserve Fund Study
Larry and Adam Mogelonsky | July 27, 2022
By Larry and Adam Mogelonsky One of the obligations of moving from a home to a condominium is to take your turn on the board of directors. Don’t let anyone fool you into believing that this is a simple, 10-hours-a-month task. The time investment is significantly higher, and even though there is no financial remuneration, your fellow unit owners will treat you as if you’re a paid servant. Perhaps this situation strikes closer to home for many of you already. As we’ll examine later on in this article, everything is up for grabs as inflation rolls through various sectors of the economy. This is a critical-yet-still-underappreciated v...
IHG to Debut Crowne Plaza as the Flagship Hotel for Straits City in Butterworth Penang
IHG Hotels & Resorts | July 27, 2022
Penang, Malaysia – 27 July 2022: IHG Hotels & Resorts, one of the world’s leading hotel companies, today announced a landmark partnership with STC Property Management Sdn Bhd, the Developer of Straits City. The Master Plan development is by The Straits Trading Company Limited (SGX: S20.SI) and Malaysia Smelting Corporation Berhad. The partnership will bring the first Crowne Plaza Hotels & Resorts to Penang, the flagship hotel for Straits City – a sustainable high-end mixed-use development located at the waterfront of Butterworth Penang. Envisioned as the Future City, the expansive development incorporates green technologie...
As Travel Returns, U.S. Hotel Construction Pipeline Growth Follows
Lodging Econometrics (LE) | July 27, 2022
July 27, 2022 – PORTSMOUTH, NH According to the recently released United States Construction Pipeline Trend Report from Lodging Econometrics (LE), the total U.S. construction pipeline stands at 5,220 projects/621,268 rooms at the close of 2022’s second quarter, up 9% Year-Over-Year (YOY) by projects and 4% YOY by rooms. At Q2 ‘22, there are 965 projects/130,914 rooms currently under construction, down 17% YOY by projects and 18% YOY by rooms. Projects scheduled to start in the next 12 months, at 2,009 projects/232,163 rooms, are up 9% YOY by projects and 9% YOY by rooms. Projects and rooms in early planning reached a record high i...
Agilysys Fiscal 2023 First Quarter Revenue Rises 22.7% to Record $47.5M
Agilysys | July 27, 2022
Alpharetta, GA – July 27, 2022 - Agilysys, Inc. (NASDAQ: AGYS), a global provider of next-generation hospitality software solutions and services, today reported operating results for its fiscal 2023 first quarter and period ended June 30, 2022. Summary of Fiscal 2023 First Quarter Financial Results Total net revenue increased 22.7% to a record $47.5 million, compared to total net revenue of $38.7 million in the comparable prior-year period. Recurring revenue (which comprised of subscription and maintenance charges) were a record $27.7 million, or 58.4% of total net revenue compared to $23.2 million, or 59.9% of total net revenue ...
IHG Signs With SRDF Ventures Private Limited to Develop New Crowne Plaza Resort in City of Pushkar
IHG Hotels & Resorts | July 26, 2022
IHG® Hotels & Resorts, one of the world’s leading hotel companies has signed a management agreement with SRDF Ventures Private Limited to develop a new Crowne Plaza Resort in the city of Pushkar – a key tourism destination in Rajasthan and a town known for its cultural fairs and religious festivities. Crowne Plaza Resort Pushkar will be a new-built property featuring 125 rooms and is expected to be operational by early 2026. With currently two operating hotels and two under development in Rajasthan, Crowne Plaza Resort Pushkar will be the fifth hotel from IHG to open in the state, along the NH8 highway. With this signing, the ...
IHG Strengthens Portfolio in Rajasthan With a Crowne Plaza Resort Signing in Pushkar
IHG Hotels & Resorts | July 25, 2022
July 25th 2022, New Delhi: IHG® Hotels & Resorts, one of the world’s leading hotel companies has signed a management agreement with SRDF Ventures Private Limited to develop a new Crowne Plaza Resort in the city of Pushkar – a key tourism destination in Rajasthan and a town known for its cultural fairs and religious festivities. Crowne Plaza Resort Pushkar will be a new-built property featuring 125 rooms and is expected to be operational by early 2026. With currently two operating hotels and two under development in Rajasthan, Crowne Plaza Resort Pushkar will be the fifth hotel from IHG to open in the state, along the NH8 hi...
Virgin Hotels Plans December 2022 Debut of Virgin Hotels Glasgow
Virgin Hotels Glasgow | July 21, 2022
GLASGOW, Scotland, July 21, 2022 -- Virgin Hotels, the luxury lifestyle hotel brand by Virgin Group founder Sir Richard Branson, announces reservations are live for Virgin Hotels Glasgow for bookings starting the 1st of December. Reservations can be made directly on the hotel's website https://virginhotels.com/glasgow/. Situated on the banks of River Clyde, the hotel will feature 240 Chambers spanning across 15 floors, and hosts four dining and drinking options including, playful and sophisticated Commons Club, Virgin Hotels' flagship restaurant and bar that acts as a modern-day social club; Highyard, for entertaining, co-working...
Capital Square and Method Co. Break Ground on New ROOST Apartment Hotel in Charleston
ROOST Apartment Hotel | July 21, 2022
CHARLESTON, S.C., July 21, 2022 -- Capital Square, one of the nation's leading sponsors of tax-advantaged real estate investments and an active developer of multifamily communities, and Method Co., a real estate management, development and design company rooted in hospitality, today held a groundbreaking ceremony for a new design-forward, 50-unit development bridging the boutique hotel experience with apartment-style living, located at 529 King Street in Charleston's historic downtown. The $61 million project designed by acclaimed Morris Adjmi Architects will feature 52,700 square feet of space comprising a mix of studio, one-, two...
Meyer Jabara Hotels and Vivid Capital Bring People Together to Get Deals Done
Meyer Jabara Hotels | July 21, 2022
More than 70 hotel developers, owners, brokers, consultants, franchise reps, financiers, designers, and construction experts met downtown Nashville to discuss new hotel projects at their joint commercial real estate networking event [Danbury, Conn., and Nashville, July 21, 2022] — Hotel development is alive and well and business partners are eager to get deals done. That was the take-away from the 2nd quarter Commercial Real Estate Networking Event held at the TownePlace Suites by Marriott Nashville Downtown/Capitol District, co-hosted by Meyer Jabara Hotels and Vivid Capital. More than 70 hotel developers, owners, consultants, franch...
Loews Hotels & Co Tops Off the $550 Million Loews Arlington Hotel and Arlington Convention Center
Loews Hotels & Co | July 20, 2022
ARLINGTON, Texas, July 20, 2022 -- Loews Hotels & Co, a wholly owned subsidiary of Loews Corporation (NYSE: L), today topped off the $550 million Loews Arlington Hotel and Convention Center and announced the new signature restaurant. Executives from the company were joined by Arlington Mayor Jim Ross, Managing Partner and Majority Owner of the Texas Rangers Ray Davis, Benjamin Berg, Founder & CEO of Berg Hospitality, along with members of the Arlington City Council and other community and business leaders, to recognize and celebrate this milestone. Loews Hotels & Co "Loe...
