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 Hotels & Resorts Signs First Kimpton in Hungary in Historic Capital, Budapest
IHG Hotels & Resorts | November 9, 2021
IHG Hotels & Resorts one of the world’s leading hotel companies, has today announced the signing of Kimpton Budapest in Hungary. The hotel is signed under a management agreement with the owner of the property MAM BUDA PROJECT Kft., a subsidiary of Market Asset Management Zrt., and is set to open in early 2025. This will be the first Kimpton Hotels & Restaurants property in Hungary, located in heritage Jozsef Bem square in central Budapest, on the Buda side of the river Danube. When open, the 127-key hotel will offer spacious and thoughtfully designed rooms with a touch of playfulness alongside exceptional amenities and destinatio...
Davidson Hospitality Group Adds Lake Tahoe Resort Hotel to Management Portfolio
Davidson Hospitality Group | November 9, 2021
ATLANTA – November 9, 2021 – Davidson Hospitality Group announces the signing of Lake Tahoe Resort Hotel in South Lake Tahoe, Calif. to be operated under the company’s Davidson Resorts operating vertical. A year-round playground in the West Coast’s premier ski destination, the 399-suite landmark resort is situated at the base of Heavenly Mountain Resort in the Sierra Nevada, steps from the Heavenly Gondola and within moments of hiking, biking, lake activities, golf and world-class entertainment. Lake Tahoe Resort Hotel is the third ski destination property to join the leading hospitality management company’s Davidson Resorts po...
Wyndham Hotels & Resorts Signs With Braun Hospitality for Five Microtel Inn & Suites Hotels in Oregon
Microtel | November 8, 2021
PARSIPPANY, N.J. – November 8, 2021 – Wyndham Hotels & Resorts – the world's largest hotel franchising company with approximately 9,000 hotels across nearly 95 countries – announced today an agreement with developer Matt Braun of Braun Hospitality, LLC for five new Microtel Inn & Suites by Wyndham hotels in Oregon. These hotels join the approximately 300 Microtel hotels across the United States, and over 80 Microtel properties in the company's U.S. pipeline. The agreement provides for new Microtel Inn & Suites by Wyndham properties in the exciting Oregon growth markets of Florence, Ashland, Salem, Bend and Hood River. B...
Hospitality Financial Leadership – Profit and Loss Metrics
David Lund | November 8, 2021
By David Lund ...
Choice Hotels International Reports 2021 Third Quarter Results
Choice Hotels | November 5, 2021
ROCKVILLE, MD – November 5, 2021 – Choice Hotels International, Inc. (NYSE: CHH), one of the world's largest lodging franchisors, today reported its results for the three months ended September 30, 2021. "Our impressive third quarter results are a testament to the success of our long-term growth strategy and the investments we have made to position us to further increase our share of travel demand and benefit from trends that favor leisure travel, limited-service hotels and longer stay occasions," said Patrick Pacious, president and chief executive officer, Choice Hotels. "Today, we are in an even stronger position to cap...
ISO Legacy Hotel Group Reflagging Best Western Plus Campus Inn to Radisson
IGO Legacy Hotel Group | November 5, 2021
RIVER FALLS, WISCONSIN – November 5, 2021 – IGO Legacy Hotel Group, ownership partners of the Best Western Plus Campus Inn, are excited to announce plans to rebrand their River Falls property to Radisson. The hotel has been owned and operated by IGO Legacy Hotel Group under the Best Western Plus flag since purchasing the property in March 2017. Since this acquisition, the hotel has undergone extensive improvements including a major renovation of both public spaces and guest rooms and painting of the exterior. Additional anticipated changes associated with the rebrand include overflow parking lot and signage improvements. “...
Noble House Hotels & Resorts to Unveil Corazón Cabo Resort & Spa in Cabo San Lucas, Mexico
Corazón Cabo Resort & Spa | November 5, 2021
CABO SAN LUCAS, MEXICO – November 5, 2021 – Occupying prime real estate along the coveted shores of Medano Beach in Cabo San Lucas is Corazón Cabo Resort & Spa, the newest addition to Noble House Hotels & Resorts’ elite collection. Slated to debut in early 2022, this $100 million reveal will feature a new-build tower with 204 rooms and suites, contemporary meeting space, the highest and most lavish rooftop bar in Cabo, two infinity edge pools, and various dining options. Currently, guests can experience the modern guestrooms, pools, lobby and posh rooftop bar, while next year’s grand reveal will encompass the complete unveil...
Accor Partners With Keylin to Debut Mövenpick Brand in Brisbane
Mövenpick | November 5, 2021
Brisbane – November 5, 2021 – Accor, together with private development group Keylin, have announced plans to open Brisbane’s first Mövenpick hotel. The internationally acclaimed hotel brand will make its Brisbane debut at 447 Gregory Terrace in Spring Hill, the city’s oldest suburb, bordering the Brisbane CBD and the 65-ha Victoria Parklands. The 96-room Mövenpick Hotel Brisbane Spring Hill will open in 2024 and promises to indulge and delight guests with its opulent art deco inspired interiors, restaurant, bars, 25-meter swimming pool, fitness centre, daily Chocolate Hour and an assortment of other Mövenpick’s signature offe...
MGM Resorts International Reports Third Quarter 2021 Financial and Operating Results
MGM Resorts International | November 4, 2021
LAS VEGAS – November 4, 2021 – MGM Resorts International (NYSE: MGM) ("MGM Resorts" or the "Company") today reported financial results for the quarter ended September 30, 2021. "We delivered another strong quarter led by our domestic operations resulting in new historical Adjusted Property EBITDAR records for our Las Vegas Strip and U.S. regional segments. These results demonstrate the continued robust demand for our gaming entertainment offerings across the U.S. and the effectiveness of our operating model," said Bill Hornbuckle, Chief Executive Officer and President of MGM Resorts International. "The completion of our asset l...
Hyatt Reports Third-Quarter 2021 Results
Hyatt Hotels Corporation | November 4, 2021
CHICAGO – November 4, 2021 – Hyatt Hotels Corporation ("Hyatt" or the "Company") (NYSE: H) today reported third-quarter 2021 financial results. Net income attributable to Hyatt was $120 million, or $1.15 per diluted share, in the third quarter of 2021, compared to a net loss attributable to Hyatt of $161 million, or $1.59 per diluted share, in the third quarter of 2020. Adjusted net income attributable to Hyatt was $241 million, or $2.31 per diluted share, in the third quarter of 2021, compared to Adjusted net loss attributable to Hyatt of $150 million, or $1.48 per diluted share, in the third quarter of 2020. Refer to the table on page 1...
Summit Hotel Properties Acquires NewcrestImage 27-Hotel Portfolio for $822M
Summit Hotel Properties | November 4, 2021
AUSTIN, TX – November 4, 2021 – Summit Hotel Properties, Inc. (NYSE: INN) (the "Company" or "Summit") today announced that it has entered into a definitive contribution and purchase agreement to acquire a 27-hotel portfolio totaling 3,709 guestrooms, two parking structures and various financial incentives through its existing joint venture with GIC for total consideration of $822 million (the "Transaction") from affiliates of NewcrestImage. The total consideration for the Transaction is comprised of $776.5 million, or $209,000 per key, for the 27-hotel portfolio, $24.8 million for the two parking structures and $20.7 million for the var...
Hard Rock Hotels Plans 384-Key Hard Rock Marbella in Costa del Sol, Spain
Hard Rock | November 3, 2021
HOLLYWOOD, FL – November 3, 2021 – Hard Rock Hotels today announced plans for the new Hard Rock Hotel Marbella located in the heart of Puerto Banús in Costa del Sol, Spain. Previously the Andalucía Plaza Hotel, the property is undergoing a complete transformation to convert the site into a Hard Rock Hotel with 384 rooms, including 50 suites. Stoneweg Hospitality and Bain Capital Credit acquired the property earlier this year and renovations are slated to take place through June 2022. "After the much-anticipated opening of Hard Rock Hotel Madrid this past summer, and the ongoing success of Hard Rock Ibiza and Tenerife, we ar...
Marriott International Reports Third Quarter 2021 Results
Marriott International | November 3, 2021
Marriott International, Inc. (NASDAQ: MAR) today reported third quarter 2021 results. Anthony Capuano, Chief Executive Officer, said, “We were pleased to see continued meaningful improvement in global trends in the third quarter, despite the impact of the Delta variant during the second half of the quarter. For the quarter, worldwide RevPAR[1] was down 26 percent compared to the 2019 third quarter, a significant improvement from the second quarter RevPAR decline of 44 percent compared to the same quarter in 2019. Third quarter occupancy topped 58 percent, driven largely by continued strength in leisure demand. Average daily rate, which ...
Nobu to Expand Footprint in Saudi Arabia With Nobu Hotel, Restaurant & Residences Al Khobar
Nobu Hospitality | November 2, 2021
NEW YORK – November 2, 2021 – Nobu, the global lifestyle brand founded by Nobu Matsuhisa, Robert De Niro and Meir Teper, today revealed plans to launch a Nobu Hotel, Nobu Restaurant and Nobu Residences in the Eastern Province city of Al Khobar, Saudi Arabia by 2024. The future mixed-use development will be developed by Al Khobar Sands Realestate Co. Ltd, jointly owned by Retal Urban Development Company, a subsidiary of the Al Fozan Group and Assayel Arabia, a subsidiary of Ali Zaid Al Quraishi and Brothers Company (AZAQ). Both Al Fozan Group and AZAQ have a solid footprint across Saudi Arabia in a multitude of industries with commitment ...
Five Tips to Tackle Hotel Costs
HotStats | November 1, 2021
Between the rising cost of labor, decreased demand and ever-changing COVID-19 protocols, hotels have taken numerous hits to profitability. Conditions likely are going to remain challenging for some time to come, but Chris Cylke, COO of asset manager RevPAR International, has a quintet of tips for hoteliers to manage costs more effectively. 1. Review Contracts should be reevaluated, Cylke advised. That may sound like a replay from the early days of the pandemic, but the time has come to once again renegotiate. “Due to the limited availability of goods and labor, costs are rapidly rising, but rebidding contracts ensures that each vendor ...
IHG® Partners With The Red Sea Development Company to Open 210-Key InterContinental Resort Red Sea
IHG Hotels & Resorts | November 1, 2021
IHG® Hotels & Resorts, one of the world’s leading hotel companies, has announced the signing of a Management Agreement with The Red Sea Development Company (TRSDC), an affiliate of Saudi Arabia’s Public Investment Fund (PIF) to open the InterContinental Resort Red Sea in the Kingdom of Saudi Arabia. Situated within the premium Red Sea Development destination, the new InterContinental Resort is scheduled to open during Phase One of The Red Sea Project’s development. Activity for the first phase of development is well underway and is on track to be completed by the end of 2023. Speaking on the announcement, Haitham Matta...
Canada’s Hotel Construction Pipeline Continues to Show a Slight Decline at Q3’21 Close
Lodging Econometrics | November 1, 2021
PORTSMOUTH, NH – November 1, 2021 – Analysts at Lodging Econometrics (LE) report that, in the third quarter of 2021, Canada’s hotel construction pipeline stands at 257 projects/34,167 rooms. Pipeline projects declined slightly at the close of Q3’21, down 7% by projects and 5% by rooms, year-over-year (YOY). Projects under construction stand at 70 projects/9,039 rooms, down 20% by projects and 12% by rooms YOY. Projects scheduled to start construction in the next 12 months stand at 85 projects/10,449 rooms, down 17% by projects and 13% by rooms YOY. Projects in the early planning stage show an increase in Q3, with 102 projects/14,67...
Swire Properties Sells EAST, Miami to Trinity and Certares
Swire Properties Inc. | October 28, 2021
MIAMI, FL – October 28, 2021 – Swire Properties Inc., one of South Florida’s leading international developers, announced today that it has completed the sale of the 352-key EAST, Miami hotel to a joint venture among funds managed by Trinity Fund Advisors LLC, an affiliate of Trinity Real Estate Investments LLC (“Trinity”), and funds managed by Certares Real Estate Management LLC (“Certares”). The deal represents a significant real estate transaction in Miami’s hospitality sector, having attracted numerous competitive offers. Swire Hotels, a division of Swire Properties Limited, will continue to manage and operate EAST, Miami u...
Wyndham Hotels & Resorts Reports Third Quarter 2021 Results
Wyndham Hotels & Resorts | October 28, 2021
PARSIPPANY, N.J. – October 28, 2021 – Wyndham Hotels & Resorts (NYSE: WH) today announced results for the three months ended September 30, 2021. Highlights include: U.S. RevPAR exceeded 2019 levels by 7%, growing 59% versus 2020. System-wide rooms grew 60 basis points sequentially, including 40 basis points of growth in the U.S. and 80 basis points of growth internationally. Diluted earnings per share of $1.09 compared to $0.29 in third quarter 2020; adjusted diluted EPS of $1.16 compared to $0.36 in third quarter 2020. Net income of $103 million compared to $27 million in third quarter 2020; adjusted net income of $109 ...
Hilton Reports 2021 Third Quarter Results
Hilton | October 28, 2021
MCLEAN, VA – October 28, 2021 – Hilton Worldwide Holdings Inc. ("Hilton" or the "Company") (NYSE: HLT) today reported its third quarter 2021 results. The following results reflect the material impact that the novel coronavirus ("COVID-19") pandemic has had on Hilton's business. Highlights include: Diluted EPS was $0.86 for the third quarter, and diluted EPS, adjusted for special items, was $0.78 Net income was $240 million for the third quarter Adjusted EBITDA was $519 million for the third quarter System-wide comparable RevPAR increased 98.7 percent on a currency neutral basis for the third quarter from the same period in 2...
Banyan Tree Valle de Guadalupe Resort, Spa and Winery to Open Summer 2023
Banyan Tree Group | October 28, 2021
Singapore – October 28, 2021 – Banyan Tree Group will now manage Banyan Tree Valle de Guadalupe Resort, Spa and Winery, set to open on the hills of Mexico’s emerging food and wine region in Baja California during the 2023 harvest season. The 30-villa ultra-luxury resort will mark Banyan Tree Group’s fourth hotel in Mexico. Situated 90-minutes from the U.S. border, Valle de Guadalupe is a rapidly growing tourism market that continues to gain international recognition as one of Mexico’s emerging destinations and one that Banyan Tree Group is focused on for development. Banyan Tree Valle de Guadalupe will join the global brand’s ico...
Six Senses Southern Dunes, The Red Sea to Open in Saudi Arabia
Six Senses Hotels Resorts Spas | October 28, 2021
BANGKOK – October 28, 2021 – Six Senses Southern Dunes, The Red Sea will take guests on a journey into seldom-experienced nature, wildlife and culture, setting new standards in sustainability and desert hospitality as Saudi Arabia drops its pin on the global tourism map. The Concept Untouched and enticing, this part of the world remains relatively unknown. In ancient times, however, it was a busy trading route, used by the Nabataeans to transport luxury goods like silk, incense and textiles. Along the way, they would set up camp and gather around the fire under a starlit night. In 106 CE, the Nabatean Empire was annexed by the Roman...
Marriott Leads With the Largest U.S. Hotel Construction Pipeline at Q3’21 Close
Lodging Econometrics | October 28, 2021
PORTSMOUTH, NH – October 28th, 2021 – According to the third quarter report by analysts at Lodging Econometrics (LE), the franchise companies leading the U.S. construction pipeline with the greatest number of new construction projects are Marriott International with 1,286 projects/166,174 rooms, Hilton Worldwide with 1,223 projects/139,742 rooms, and InterContinental Hotels Group (IHG) with 769 projects/77,558 rooms. The construction pipelines for these three franchise companies comprise an impressive 68% of the total construction pipeline projects. The leading brands by project count in the construction pipeline for each of these thre...
The Indigo Road Hospitality Group Celebrates Beginning of Construction on The Flatiron Hotel Project in Ashville, NC
The Indigo Road Hospitality Group | October 27, 2021
CHARLESTON, SC — October 27, 20201— The Indigo Road Hospitality Group is celebrating the beginning of construction on the Flatiron Hotel project in Asheville, NC. Flatiron Preservation Group, LLC, comprised of the principals of GarageCap and JPW Development, successfully received project permits to commence in July 2021. The targeted completion date for the adaptive reuse project is spring 2023. “The hard hats are on and work is underway at the Flatiron Hotel project,” said Larry Spelts, president of the Lodging & Lifestyle Adventures of Indigo Road. “A community known for its intense civic pride, Asheville is also known fo...
