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
Marriott International and PT. Pakuwon Jati Tbk. Sign Agreement to Open Five More Properties in Indonesia
Marriott International | September 11, 2024
Marriott International, Inc. and PT. Pakuwon Jati Tbk. announced a signed agreement to develop five additional properties, comprising more than 1,300 rooms across Indonesia. This announcement further elevates the two companies’ joint efforts to expand their footprint in the country. The multi-deal agreement was signed by Rajeev Menon, President, Asia Pacific excluding China, Marriott International and Eiffel Tedja, Director of PT. Pakuwon Jati Tbk., Chairman of the Board of Marriott International, David Marriott and Chairman of Pakuwon Group, Alexander Tedja, were also present to witness the signing ceremony for this exciting collaborati...
IHG Signs With Satyadeo Hotels To Develop Holiday Inn Resort Pushkar
IHG | September 9, 2024
9th, September 2024, India: IHG® Hotels & Resorts, one of the world’s leading hotel companies, has signed a management agreement with Satyadeo Hotels Pvt Ltd to develop Holiday Inn Resort Pushkar, Rajasthan. Scheduled to open in January 2029 in the prominent tourist and spiritual destination of Pushkar, the resort will bring world-class hospitality to guests visiting the city. A pioneer brand with a rich heritage, Holiday Inn has continued to evolve through the years, keeping the guest at the heart of all innovation and earning its status as one of the world’s most loved, trusted and recognized hotel brands. In India, the Hol...
Hospitality Financial Leadership: Why You Want to Use a Rolling Forecast
David Lund | September 9, 2024
Rolling forecasts are nothing new but I must point out that most hotels don’t use them, and they really should. It’s an incredibly useful tool that is literally worth its weight in gold. That being said, it doesn’t weigh much but once you start to use one it’s an indispensable tool that you must have each month, and its impact and importance usually gains weight and momentum into the final few months of the year. Like the plot in a good mystery, it can take a sudden turn and produce an unexpected ending. To start out we need to define how we produce a rolling forecast and point out the best practices around its creation. Then, we w...
Radisson Hotel Group Rebrands prizeotel to Prize by Radisson and Signs Two New Properties in Central Europe
Radisson Hotel Group | September 6, 2024
Radisson Hotel Group reveals the rebranding of prizeotel, the successful affordable high design brand, to Prize by Radisson and announces two new Prize by Radisson hotel signings, accelerating its expansion across key destinations in Germany together with its market entry in Poland. Radisson Hotel Group reaffirms its commitment to significantly grow its portfolio by announcing the rebranding of prizeotel to Prize by Radisson as well as the signing of two Prize by Radisson hotels across Central Europe. This strategic milestone and rebranding underscores Radisson Hotel Group's dedication to broadening the brand’s presence in vibrant, c...
Investment Strategies in the Hospitality Industry: Essential Insights
EHL Group | September 4, 2024
If you’re an entrepreneur, seasoned investor, or work in hospitality and have some money to spare, you might wonder whether investing in the hospitality industry could be a lucrative strategy. It’s an in-demand industry, with the global market forecast to grow from around 5.5 trillion US dollars in 2024 to over 11.6 trillion US dollars in 2029. Domestic and foreign travel are also returning to pre-pandemic levels, with the number of people looking to book trips to global destinations showing no sign of slowing. These predictions suggest there are good returns to be made by those who invest wisely. With that in mind, let’s explo...
Minor Hotels to Debut in Singapore With Avani Hotels & Resorts Lifestyle Brand
Avani Hotels & Resorts | September 3, 2024
Singapore, September 3, 2024: Minor Hotels, a global hospitality leader with over 550 hotels, resorts and residences in 56 countries, has announced plans to launch its Avani Hotels & Resorts lifestyle brand in Singapore, marking the group’s entry into the country. Scheduled to open in the first quarter of 2027, the 13-story upscale property aligns with Minor Hotels' expansion strategy to strengthen its footprint in major global destinations. To develop the 200-key hotel, Minor Hotels has partnered with Singapore’s Kajima Development and Abu Dhabi-based Alwathba Investment. With a prime address at 24 Peck Seah Street, guests will...
USALI 12th Revised Edition, Deep Dive: Other Reporting Guidance
USALI | September 3, 2024
Just released, the Uniform System of Accounts for the Lodging Industry (USALI) 12th Revised Edition has been meticulously updated by the Global Finance Committee (GFC) with guiding principles to enhance transparency in reporting, broaden data sets to better inform decision-making, and align with contemporary practices. To support its release, GFC members are also presenting a series of monthly “USALI 12th Revised Edition, Deep Dive” webinars. Accompanying the webinars are correlating blog posts, including this one for the webinar “USALI 12th Revised Edition Deep Dive: Other Reporting Guidance.” Learn more and register to a...
Developer Morris Bailey Executes Agreement to Start Phased Development of 80 Acres Adjacent to Monmouth Park Racetrack in Oceanport, NJ
Morris Bailey of JEMB Realty | August 30, 2024
Team Launches Design and Development Process Revealing Plans for Residential, Hotel, Retail, Entertainment and Community Uses Partnership Between Bailey, the State of New Jersey and Darby Development Represents Culmination of Decade-Long Discussions Around Reimagining the Broader Racetrack Experience OCEANPORT, N.J., Aug. 30, 2024 -- Morris Bailey, Chairman of JEMB Realty – a multi-generational real estate firm with vast office, residential and entertainment experience – and Resorts Casino in Atlantic City, today commenced the design and development process to create a vibrant, phased mixed-use community on 80 acres adjacent to ...
The Hotel Group and Hogback Development Company Purchase Land to Develop Marriott StudioRes in Moses Lake, Washington
The Hotel Group | August 30, 2024
MOSES LAKE, WA – August 30, 2024 – The Hotel Group, an affiliate of Hotel Equities, in partnership with co-owners Hogback Development Company, is thrilled to announce it has acquired land to develop a Marriott StudioRes in Moses Lake, WA. StudioRes is Marriott International's new midscale, extended stay lodging brand appealing to investors for its focus on the short-term rental market and building/design efficiencies. The smart, modern, all-studio hotel will feature spacious suites providing an exceptional option for travelers seeking convenience, comfort, and flexibility- especially for longer stays- in the central Washington market. ...
IHG Hotels & Resorts and Hotel Management International Partner To Rebrand Three Hotels to ANA Crowne Plaza
IHG | August 29, 2024
29 August 2024 – Tokyo, Japan: IHG ANA Hotels Group Japan (IHG) today announced a landmark partnership with Hotel Management International Ltd (HMI), who operate a diverse portfolio of properties across Japan, to rebrand three hotels to the ANA Crowne Plaza brand expanding IHG’s footprint into three new destinations. Totalling 539 rooms, the three Crown Palais hotels will undergo extensive renovations as they convert to ANA Crowne Plaza Kochi, ANA Crowne Plaza Chiryu and ANA Crowne Plaza Hamamatsu. They will join an extensive footprint, of more than 20 ANA Crowne Plaza hotels across Japan and more than 400 Crowne Plaza hotels worldwid...
Marriott Signs With Fametro Group for Conversion of Iconic Tropical Hotel Manaus to a Tribute Portfolio Hotel
Marriott International, Inc. | August 29, 2024
Slated for a phased opening starting at the end of 2024, the property will revive the iconic Amazonian charm of the former Tropical Hotel Manaus, now under the Tribute Portfolio Hotel brand. Marriott International, Inc. and the Fametro Group, led by Wellington Lins and Maria do Carmo Seffair, announced a signed agreement to convert an iconic property in the capital city of the Amazonas to a Tribute Portfolio Hotel, a collection brand within the Marriott Bonvoy portfolio known for providing hotels that are designed to reflect the character and community of their surrounding locations. “As the capital city of the Amazonas, Manaus serv...
Hilton Plans Expansion to New Country in the Caribbean and Latin America With Dual Brand Signing in Guyana
Hilton | August 29, 2024
GEORGETOWN, Guyana and MIAMI – Today, Hilton (NYSE: HLT) announced the signing of the dual brand Hilton Georgetown and DoubleTree Suites by Hilton Georgetown, as the company’s first hotels in Guyana. Owned by an affiliate of Assets Group and managed by Hilton, the properties’ combined 411 keys will form part of an oceanfront, mixed-use business and entertainment complex in the country’s capital. With this strategic signing, Hilton continues its rapid expansion in the Caribbean and Latin America (CALA) region, where it currently has more than 225 open hotels welcoming guests. “We believe in investing in Guyana, a country poised...
Australia’s Hotel Capital Markets See Bifurcation Across 1H 2024
JLL | August 28, 2024
In the current hotel investment environment, we’re witnessing just how crucial strong underlying real estate fundamentals are when it comes to desirability amongst investors and resultant pricing. Like what’s being experienced across the broader CRE sector, certain assets are standing out amongst the pack. As we discussed in our previous article, year-to-date Australian transaction volumes remain subdued as the cost of debt drives a bifurcation of hotel capital markets, with the mid-markets (≤A$40 million) segment of the market having been the most active for the year to date and seeing the greatest depth in capital. Hotel fundame...
InterContinental Hotels & Resorts To Return to Serbia Following 20 Year Absence
IHG Hotels & Resorts | August 28, 2024
28.08.24, London, UK: IHG Hotels & Resorts, one of the world’s leading hotel companies, proudly announces the return of its InterContinental Hotels & Resorts brand to Serbia after 20 years, in partnership with Delta Holding. Expected to open by the end of 2026, InterContinental Belgrade will feature 203 rooms, including 28 Premium Rooms, 15 Junior Suites, 2 Superior Suites, 2 Executive Suites and a Presidential Suite with panoramic views of the city, providing luxury stays designed for both leisure and business guests. The hotel’s timeless architecture and unique features will include a breathtaking sky pool, rooftop restaur...
Dusit Hotels and Resorts and Generator and Freehand Hotels Enter Strategic Development Partnership
Dusit Hotels and Resorts | August 28, 2024
By leveraging each other’s strengths, both companies aim to break new ground and plant flags in destinations where they have yet to have a presence. Bangkok, Thailand, 28 August 2024 – Dusit Hotels and Resorts, the hotel arm of Dusit International, one of Thailand’s leading hotel and property development companies, and Generator and Freehand Hotels, an award-winning developer and operator of experiential hostels and boutique hotels in Europe and the USA, have entered a strategic partnership to synergise their development resources to pursue sustainable international growth for their respective brands. Under the partnership,...
Ennismore Signs With Alfasi Group To Develop The Hoxton in Melbourne
Ennismore | August 28, 2024
Ennismore, the fastest-growing lifestyle and leisure hospitality company, and Alfasi Group, a design-driven property developer, are delighted to announce the signing of The Hoxton in Melbourne as part of the Matchworks Precinct located at 560 Church Street, Cremorne. Set to open in 2027, the hotel will bring The Hoxton’s imitable style to Australia for the first time, marking a huge milestone for the brand’s global growth. The hotel will feature 198 guestrooms in the classic Hoxton categories, including Cosy, Roomy, and Biggy. Known for its vibrant, open-door lobbies, the hotel will celebrate its locality through art, design, ret...
Choice Hotels Awards First Contract Under Recently Reintroduced SOAR Program to Support Hotel Ownership Opportunities for Historically Underrepresente
Suburban Studios | August 27, 2024
Conversion Agreement Signed with Choice's Suburban Studios Extended Stay Brand NORTH BETHESDA, Md., Aug. 27, 2024-- Choice Hotels International, Inc., one of the world's largest hotel companies, announced its first contract under the recently reintroduced SOAR (Supporting Ownership Access and Representation) program, designed to create hotel ownership opportunities for underrepresented entrepreneurs. Damon Healey of Eternal Companies, a real estate investment and asset management firm, executed a contract to convert two hotels in Georgia to Suburban Studios, one of Choice's four extended stay brands. The pair of properties opened on May 30....
Valencia Hotel Group Breaks Ground on Caravan Court, By Valencia Hotel Collection, Coming to Arlington, Texas in 2026
Valencia Hotel Collection | August 26, 2024
HOUSTON, TX – Valencia Hotel Group is thrilled to announce that construction is underway for the development of Caravan Court, the eighth property in the Valencia Hotel Collection, set to debut in Arlington, Texas in 2026. Featuring 145 rooms and 7 suites, Caravan Court will be a modern reinvention of the classic motor court hotel, blending mid-century aesthetics with contemporary luxury. Valencia Hotel Group, in partnership with Sam Mahrouq and Walid Joulani of Division Hotel Management LLC, will build the Caravan Court Property on the site of the former Caravan Motel and Dollar Car Sales. Located on the historic Division Street, the Carav...
USALI 12th Revised Edition, Deep Dive: Part II All-Inclusive Hotels
HFTP | August 26, 2024
Just released, the Uniform System of Accounts for the Lodging Industry (USALI) 12th Revised Edition has been meticulously updated by the Global Finance Committee (GFC) with guiding principles to enhance transparency in reporting, broaden data sets to better inform decision-making, and align with contemporary practices. To support its release, GFC members are also presenting a series of webinars. Be sure to register for the monthly “USALI 12th Revised Edition, Deep Dive” webinars running through September 2024. Accompanying the webinars are correlating blog posts, including this one for the webinar “USALI 12th Revised Edition Deep D...
Hilton Signs New Agreement for Iconic Hilton Munich Park Hotel
Hilton | August 26, 2024
MUNICH, GERMANY – Hilton today announced the signing of a new long-term agreement for Hilton Munich Park with a joint venture company of Commerz Real AG and Hines. Hilton will continue to manage the property following a visionary redevelopment by the owners as part of the mixed-use Tucherpark project in Munich. Hilton Munich Park will be integral to the new Tucherpark, a circular city project being developed by the Commerz Real and Hines joint venture. This innovative project will blend residential, retail, office, and hospitality spaces, creating a dynamic new destination and community. The reimagined Hilton Hotels & Resorts pro...
IHG Hotels & Resorts Seals Two-Hotel Deal in Quang Binh, Vietnam
IHG Hotels | August 26, 2024
Ho Chi Minh City, Vietnam – 26 August 2024: IHG Hotels & Resorts (IHG), one of the world’s leading hotel companies, today announces a two-hotel deal with Hai Thanh Hung Investment Joint Stock Company and Vietnam Royal Investment and Construction Co., Ltd (VRIC) in Quang Binh province. The multiple property agreement includes 68-villa property voco Quang Binh Resort and 232-room Crowne Plaza Quang Binh City Centre. voco hotels, IHG’s fastest growing premium brand, will welcome guests next year as voco Quang Binh Resort joins voco Ma Belle Danang in Vietnam which is quickly becoming a popular choice for leisure and busine...
Everhome Suites Continues To Expand With Three New Locations Breaking Ground in Key Markets
Everhome Suites | August 21, 2024
Choice Hotels reinforces its leadership and first-mover advantage in extended stay with groundbreakings in Texas, Kansas, and Kentucky NORTH BETHESDA, Md., Aug. 20, 2024 -- Choice Hotels International, Inc. (NYSE: CHH), one of the world's largest lodging franchisors, continues to strengthen its leadership position in extended stay with three new Everhome Suites breaking ground in San Antonio, Texas; Bowling Green, Kentucky; and Wichita, Kansas. All three were developed in collaboration with Highside Companies. These groundbreakings, along with eight others earlier this year, demonstrate Choice's first-mover advantage in the category, con...
U.S. and China Account for 64% of Worldwide Hotel Projects in the Pipeline at Q2 2024
Lodging Econometrics | August 21, 2024
August 21, 2024 – PORTSMOUTH, NH Lodging Econometrics' (LE’s) Q2 2024 Global Construction Pipeline Trend Report states that the total pipeline ascended to a record-high 15,453 projects with 2,395,726 rooms, up 6% by projects year-over-year (YOY) and 4% by rooms. Worldwide, at the close of the second quarter, there are 6,265 projects/1,115,989 rooms under construction, up 2% by projects and 1% by rooms YOY. Projects and rooms scheduled to start construction in the next 12 months grew 8% YOY to close the quarter at 3,972 projects/545,764 rooms. Projects in the early planning stage continue to grow, with a 10% increase in projects and ...
IHG Hotels & Resorts Signs New 700-Key InterContinental Orlando
IHG Hotels & Resorts | August 20, 2024
ATLANTA (August 20, 2024) – IHG Hotels & Resorts, one of the world’s leading hotel companies, today announced the signing of a new InterContinental Hotels & Resorts property in Orlando, Fla. Developed in partnership with owner Flag Luxury Group and Unicorp National Developments, InterContinental Orlando will welcome guests with elevated amenities and culturally rich experiences that exemplify the InterContinental brand’s evolution while providing insider expertise to all the destination has to offer. The hotel is set to open in 2028. Located on Orlando’s renowned International Drive, InterContinental Orlando will exude appr...
