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
Andaz Turks & Caicos at Grace Bay Celebrates Major Construction Milestone With ‘Topping Off’ Ceremony
Andaz Turks & Caicos | August 20, 2024
PROVIDENCIALES, TURKS & CAICOS (AUGUST 20, 2024) – Andaz Turks & Caicos at Grace Bay, developed by Vista Development Inc., announces today a key milestone thanks in large part to its construction partner BYD TCI Construction. The project recently celebrated the topping off with a ceremony at the site of the future resort and luxury residences. Marking the completion of the building’s fundamental framework and roof, the event included remarks from key project representatives along with a celebration of Andaz Turks & Caicos’ team who delivered the milestone significantly ahead of schedule. Attendance included Andaz Turks &am...
Luxury Projects Dominate as Middle East Hotel Pipeline Expands Slightly YOY
Lodging Econometrics | August 20, 2024
August 20, 2024 – PORTSMOUTH, NH The Q2 2024 Middle East Hotel Construction Pipeline Trend Report from Lodging Econometrics reveals that hotel construction projects in the region have reached 607 projects with 147,088 rooms at the quarter's close. This represents a 2% increase in projects year-over-year, while room numbers are up less than one percent YOY. As of Q2, 300 projects with 80,867 rooms are currently under construction throughout the Middle East. Projects scheduled to start construction in the next 12 months have seen a significant rise YOY, with 145 projects and 34,706 rooms, marking a 42% YOY increase in projects and a 45%...
HVS U.S. Hotel Development Cost Survey 2024
Luigi Major, MAI | August 19, 2024
By Luigi Major In 2023, the national lodging market continued to achieve high performance levels. While occupancy growth was minimal, compared to the level achieved in 2022, average daily rate (ADR) and revenue per available room (RevPAR) reached all-time highs. This robust performance reflects a strong recovery and growth trajectory following the disruptions caused by the COVID-19 pandemic. Data for 2024 illustrate that the hotel industry has continued to experience minimal improvements in key performance metrics. Despite occupancy remaining relatively flat, both ADR and RevPAR have shown continued growth thus far this year. These healthy...
Marriott International Announces Long-Term Licensing Agreement With Sonder
Marriott International, Inc. | August 19, 2024
Today, Marriott International, Inc. (NASDAQ: MAR) announced a long-term licensing agreement with Sonder Holdings Inc. (NASDAQ: SOND, “Sonder”), which is expected to add over 9,000 rooms to Marriott’s portfolio by year-end and approximately 1,500 rooms to its pipeline. Under this agreement, Sonder’s open and pipeline portfolio, which primarily consists of apartment-style accommodations in urban markets, is expected to be added to the Marriott system under a new collection called “Sonder by Marriott Bonvoy.” With over 9,000 rooms expected to be added to its portfolio later this year, Marriott now expects full year 2024 net rooms ...
Kinseth Hospitality Companies To Develop New 123-Key AC Hotel by Marriott in Cedar Rapids, IA
Kinseth Hospitality | August 16, 2024
Cedar Rapids, IA, August 16, 2024-- Kinseth Hospitality Companies and Kingston Hotel Associates are excited to announce the development of their newest hotel addition to Cedar Rapids, the AC Hotel by Marriott. Strategically located in the vibrant Kingston Yard district, this modern hotel promises to be a significant new hub for both business and leisure travelers. Kingston Hotel Associates has closed on the land and full architectural plans are underway. The AC Hotel by Marriott Cedar Rapids will boast 123 well-appointed rooms, designed with the brand’s signature sleek and stylish approach to comfort. Each room is equipped with state-of...
Chef-Driven Hotel Brand Appellation To Open Urban Resort in Morgan Hill, Silicon Valley’s Next Culinary Capital
Appellation | August 15, 2024
Hotel MOHI by Appellation Opens 2025, Boasting 76 Guestrooms, Lush Pool Oasis and Spa, Field-to-Fork Cuisine & Unparalleled Weddings & Event Space MORGAN HILL, Calif., Aug. 15, 2024 -- Appellation, the groundbreaking culinary-first hotel brand by celebrated American chef Charlie Palmer and luxury hospitality veteran Christopher Hunsberger, joins forces with visionary vintner Frank Léal of Léal Hospitality to announce Hotel MOHI by Appellation. Set to debut in fall 2025 in Silicon Valley's charming Downtown Morgan Hill, the opening will mark the first full-service luxury boutique hotel in the destination. Léal Hospital...
LE Forecasts Over 1,100 New Hotels to Open in Europe by 2026
Lodging Econometrics | August 15, 2024
August 15, 2024 – PORTSMOUTH, NH In the Q2 2024 Europe Hotel Construction Pipeline Trend Report from Lodging Econometrics (LE), analysts report the region’s total pipeline stands at 1,680 projects/249,454 rooms at the quarter’s close. Hotel projects currently under construction in Europe at Q2 stand at 755 projects/117,908 rooms, representing 45% of the projects and 47% of the rooms in the total pipeline. Projects planned to start construction in the next 12 months account for 412 projects/59,850 rooms, making up 25% of the projects and 24% of the rooms. Projects in the early planning stage comprise 513 projects/71,696 rooms, acco...
Record-Breaking Hotel Construction Pipeline in China: Q2 2024 Highlights and Future Forecasts
Lodging Econometrics | August 14, 2024
August 14, 2024 – PORTSMOUTH, NH As seen in Lodging Econometrics’ (LE’s) Q2 2024 Hotel Construction Pipeline Trend Report for China, the country’s hotel construction pipeline has reached unprecedented heights at the close of the second quarter. The pipeline stands at a record-high 3,815 projects with 699,786 rooms, marking a 4% increase in projects and 3% in rooms year-over-year (YOY). According to the Q2 report, projects under construction have hit a new all-time high of 2,743 projects with 498,551 rooms, accounting for 72% of the projects in China’s total pipeline and growing 3% by projects and 4% by rooms YOY. Projects sche...
Lamington Group Continues Growth With Net-Zero room2 York To Open in 2026
Lamington Group | August 13, 2024
August 2024…// B-Corp real estate investor and developer, Lamington Group, is delighted to unveil details of its next project under the award-winning, eco hometel brand, room2, with a York property set to start site development this summer, and open in early 2026. This will be the brand's first in the North of England and continues the group’s leading commitment to take real action on climate change by building and operating net-zero carbon properties. Located inside the city’s castle walls, room2 York, will offer 116 guest rooms, a meeting space, laundry room, gym, and new Winnie’s cafe and bar concept specialising in home co...
India Projected to Lead Asia Pacific, Excluding China, in New Hotel Openings Through 2026
Lodging Econometrics | August 12, 2024
August 12, 2024 – PORTSMOUTH, NH In the Q2 2024 Asia Pacific, excluding China (APEC), Hotel Construction Pipeline Trend Report from Lodging Econometrics (LE), the total pipeline in APEC has hit a record 2,056 projects with 406,118 rooms, marking a 6% increase in projects and a 1% rise in rooms year-over-year (YOY). Currently, 864 projects with 199,784 rooms are under construction in the APEC region. Projects scheduled to start construction in the next 12 months have risen to 358 with 65,853 rooms, up 23% by projects and rooms YOY. Projects and rooms in the early planning stage have soared to a record-high 834 projects with 140,481 roo...
Hospitality Financial Leadership The Number 1 Financial Mistake Hoteliers Make
David Lund | August 12, 2024
Now that’s a big statement to put out there, but I’m very confident that I’m pretty close to 100% correct with my observations. The reason why I’m so sure is that I know most hoteliers are not financial people and they are oblivious to the issue I am going to explain. On top of that – I see this all the time. It’s also pretty clear that most hoteliers don’t have an accounting background and knowing this fact prompts me to write this piece and hopefully clear up the picture for others. The catalyst for my article is the many discussions I've had with my clients over the years around this topic. Here is the...
Choice Hotels International Reports Second Quarter 2024 Results
Choice Hotels International, Inc. | August 8, 2024
Raises Midpoint of Full-year 2024 EPS Guidance Global Rooms Pipeline up 22% and Openings up 20% Year-over-Year NORTH BETHESDA, Md., Aug. 8, 2024-- Choice Hotels International, Inc. (NYSE: CHH), one of the world's leading lodging franchisors, today reported its second quarter 2024 results. Highlights include: Total revenues reached $435.2 million for second quarter 2024, a quarterly record and a 2% increase compared to the same period of 2023. Net income increased 3% to $87.1 million for the second quarter of 2024, representing diluted earnings per share (EPS) of $1.80, a 9% increase compared to the same period of 2023. Sec...
Rosewood Hotels & Resorts Announces Expansion in the Caribbean With Rosewood Exuma
Rosewood Hotels & Resorts | August 8, 2024
In partnership with Miami-based Yntegra Group, Rosewood Exuma will open in 2028 to unveil the brand’s elevated approach to experiential travel Exuma, a pristine archipelago of 365 islands in the Bahamas, has long been a haven for sophisticated globetrotters and seafarers. Today, Rosewood Hotels & Resorts is pleased to name the destination as the latest addition to the brand’s Caribbean portfolio with the announcement of Rosewood Exuma, a private island experience that will fuse together the best of both ultra-luxury and adventure travel. Imagined in partnership with Yntegra Group, a Miami-based private investment company, the new dev...
Kimpton Partners With JMA Ventures and Machete Group to Develop New Kimpton Orlando
Kimpton Hotels & Restaurants | August 8, 2024
ATLANTA (Aug. 8, 2024) – Kimpton Hotels & Restaurants, part of IHG Hotels & Resorts’ fast-growing luxury and lifestyle portfolio, announces today a new partnership with JMA Ventures and Machete Group to develop the boutique luxury brand’s first location in Orlando. The new hotel will be located adjacent to the Kia Center arena, as part of Westcourt’s new mixed-use sports and entertainment development that will offer a variety of expansive experiences for visitors and locals alike. This collaboration marks a significant milestone in Westcourt's commitment to offering guests the most-elevated hotel stay directly in the heart o...
Latin America Hotel Construction Pipeline Expands With 11% YOY Growth – Updated New Openings Forecast
Lodging Econometrics | August 8, 2024
August 8, 2024 – PORTSMOUTH, NH The Q2 2024 Latin America construction pipeline trend report from Lodging Econometrics (LE) indicates a positive growth trajectory for the region’s hospitality sector, with stable growth in new hotel openings forecast through 2026. This projected growth is supported by the region’s expanding construction pipeline, currently standing at 612 projects (97,597 rooms), marking an 11% increase in projects and a 10% increase in rooms year-over-year. At the end of the second quarter, Latin America has 253 projects with 44,319 rooms under construction, reflecting an 11% YOY increase in projects and a 15% inc...
Hard Rock International Announces Development of REVERB by Hard Rock Pensacola To Open in 2029
REVERB by Hard Rock® | August 7, 2024
PENSACOLA, Fla., Aug. 7, 2024 -- Today, Hard Rock International announces development plans for REVERB by Hard Rock® Pensacola to break ground in 2026 and open in 2029. REVERB by Hard Rock® is a unique hotel brand designed to be an energetic cultural hub for connection, creation and inspiration among music fans, locals and travelers alike. This will mark the company's sixth REVERB property joining the portfolio, with Atlanta and Hamburg, and Kalamazoo, Tampa, and Scottsdale also being developed. REVERB by Hard Rock® Pensacola will feature more than 125 hotel technology-enhanced rooms, a full-service restaurant, rooftop bar, lo...
Hilton Reports Second Quarter Results
Hilton | August 7, 2024
MCLEAN, VA - Hilton Worldwide Holdings Inc. ("Hilton," "the Company," "we," "us" or "our") (NYSE: HLT) today reported its second quarter 2024 results. Highlights include: Diluted EPS was $1.67 for the second quarter, and diluted EPS, adjusted for special items, was $1.91 Net income was $422 million for the second quarter Adjusted EBITDA was $917 million for the second quarter System-wide comparable RevPAR increased 3.5 percent, on a currency neutral basis, for the second quarter compared to the same period in 2023 Approved 62,700 new rooms for development during the second quarter, bringing our development pipeline to a recor...
Hyatt Reports Second Quarter 2024 Results
Hyatt Hotels Corporation | August 6, 2024
CHICAGO (August 6, 2024) - Hyatt Hotels Corporation ("Hyatt" or the "Company") (NYSE: H) today reported second quarter 2024 results. Highlights include: Comparable system-wide hotels RevPAR increased 4.7% compared to the same period in 2023 Comparable system-wide all-inclusive resorts Net Package RevPAR increased 3.0% compared to the same period in 2023 Net Rooms Growth was approximately 4.6% Net Income was $359 million and Adjusted Net Income was $158 million Diluted EPS was $3.46 and Adjusted Diluted EPS was $1.53 Adjusted EBITDA1 was $307 million Pipeline of executed management or franchise contracts was appro...
Hilton Accelerates Expansion Across Portugal With Three New Hotels
Hilton | August 6, 2024
London, UK – Hilton (NYSE: HLT) has today announced plans to open three new hotels in Portugal in 2025 and 2026 under three brands – Canopy by Hilton, Tapestry Collection by Hilton and DoubleTree by Hilton – as part of the company’s plans to continue expanding its presence in the country. Patrick Fitzgibbon, senior vice president, development EMEA, Hilton said: “Last year tourist numbers soared to record highs in Portugal and with demand expected to continue, it’s an incredibly attractive hotel investment market. We’re thrilled to have signed three new properties across three of our world-class brands, further expandin...
IHG Shares Half Year Results to 30 June 2024
IHG Hotels & Resorts | August 6, 2024
Strong performance with operating profit from reportable segments +12% and Adjusted EPS +12%; record signings; on track to return over $1bn to shareholders; confident in long-term growth drivers 1Definitions for non-GAAP measures can be found in the ‘Key performance measures and non-GAAP measures’ section, along with reconciliations of these measures to the most directly comparable line items within the Interim Financial Statements. Trading and revenue H1 Global RevPAR1 +3.0% (Q2 +3.2%), Americas +1.7% (Q2 +3.3%), EMEAA +7.5% (Q2 +6.3%) and Greater China -2.6% (Q2 -7.0%); US RevPAR positive from April, and +2.5% for Q2 ...
Hotel Owners/Operators Beware: You May Be Responsible for More Than 25 Tax Types Paid Regularly to Multiple Jurisdictions
Sam Guevara | August 6, 2024
By: Sam Guevara, Principal, Practice Leader of Tax Technology at Ryan Operators of hotels face a daunting challenge in keeping up and complying with the myriad of tax types, rates, and rules in the locations in which they operate. Failure to comply with local and state taxes can result in liens, loss of licenses, or portions of your operations being temporarily shut down, all potentially impacting revenue, sales of properties, or refinancing. A Typical Weekend Stay Take for example a typical weekend visit by a couple at one of your properties. This couple used an online travel agency (OTA) to book a room and rented a car upon arriving a...
USALI 12th Revised Edition, Deep Dive: Annual Mandatory Brand and Operator Costs – Schedule 16
HFTP | August 5, 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 which precedes the webinar “USALI 12th Re...
Ennismore and Kasada Sign First Hyde Hotel in Africa
ENNISMORE | August 5, 2024
Hyde Johannesburg marks a major milestone for Ennismore as the brand’s first hotel in Africa. This acquisition marks Kasada’s 1st investment in Johannesburg. Ennismore, the fastest-growing lifestyle and leisure hospitality company, and Kasada, the leading independent real estate private equity platform dedicated to delivering attractive, sustainable value across the hospitality sector in Africa, are delighted to announce the signing of Hyde Johannesburg. The opening marks a series of significant milestones, including Ennismore’s first hotel in Johannesburg, the first Hyde hotel in Africa, and Kasada’s first investment in Johan...
Hyatt Launches Development of Andaz Jakarta Sudirman in Indonesia
Hyatt Hotels Corporation | August 2, 2024
Andaz Jakarta Sudirman is set to debut in 2028 in one of Jakarta’s tallest buildings CHICAGO (August 2, 2024) – Hyatt Hotels Corporation (NYSE: H) announced today that a Hyatt affiliate has entered into a management agreement with PT Central Sudirman Development, for the first Andaz hotel in Jakarta, Indonesia. Slated to open in early 2028, the hotel will be an integral part of Two Sudirman Jakarta, a mixed-use two-tower development poised to be amongst the tallest skyscrapers in the country. Located in the heart of the central business district, the hotel will be the first Andaz-branded urban hotel in Indonesia complementing An...
