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
Hyatt Signs With The Red Sea Development Company for Grand Hyatt in The Kingdom of Saudi Arabia
Hyatt Hotels Corporation | October 27, 2021
DUBAI, UNITED ARAB EMIRATES (27 October 2021) – Hyatt announced today that a Hyatt affiliate has entered into a management agreement with The Red Sea Development Company for a 430-room Grand Hyatt hotel on Shaura Island, the hub of the ambitious Red Sea Project on Saudi Arabia’s west coast. The luxury resort hotel will represent the largest of 11 hotels set to open on the island and will occupy a prime position within this innovative tourist development. Grand Hyatt The Red Sea will be the second Grand Hyatt hotel in the Kingdom and the seventh Grand Hyatt hotel in the Middle East, marking an important milestone in Hyatt’s growth strat...
Agilysys Reports Fiscal 2022 Second Quarter Revenue of $37.9M
Agilysys | October 27, 2021
Reports Record Recurring Revenue of $24.0M Inclusive of Record Subscription Revenue of $11.1M Reports Adjusted EBITDA of $6.3M and Positive GAAP EPS of $0.02 With Quarterly Free Cash Flow of $3.2M and Cash Balance Increase of $2.5M to $106.4M Alpharetta, GA – October 26, 2021 - Agilysys, Inc. (Nasdaq: AGYS), a leading global provider of next-generation SaaS and on-premise hospitality software solutions and services, today reported operating results for its fiscal 2022 second quarter ended September 30, 2021. (Please click here for complete financial information) Summary of Fiscal 2022 Second Quarter Financial Results Total net...
Mint House, a New Category of Hospitality, Adds to Portfolio With Multi-City Expansion
Mint House | October 26, 2021
NEW YORK – October 26, 2021 – Mint House, a tech-enabled residential hospitality company offering spacious, apartment-style accommodations across the U.S., announced today its plans for further expansion with new locations in Dallas, TX, Seattle, WA and New Orleans, LA. The openings, scheduled for Fall 2021, are part of Mint House's expansion plan of adding 3,000 units in 30 markets within the next 12 months, including Brooklyn, Atlanta, D.C., and Charlotte—firmly positioning the disruptive hospitality brand to fundamentally change the way we live, work and play while away from home. The expansion marks the first locations in...
IHG Signs With Borealis Hotel Group to Open Holiday Inn Express Rome – Airport
IHG Hotels & Resorts | October 26, 2021
IHG Hotels & Resorts, one of the world’s leading hotel companies, has signed a franchised agreement with Borealis Hotel Group to open Holiday Inn Express Rome - Airport. Planned to open in 2023, the 224-room hotel will add a simple and smart option for travellers on the go by providing the perfect place to rest, relax and recharge, whether for business or leisure. The project will be developed in Parco Leonardo by Fonte (Leonardo Caltagirone Group), one of Italy’s largest developers, and will showcase the fresh and contemporary style of the brand’s Next Generation design, a first for the Holiday Inn Express brand in Italy. This a...
Hospitality Financial Leadership: New Deal Between Hotel Owners and Brands That Manage Hotels
David Lund | October 25, 2021
By David Lund A lot has been speculated about what could and should change because of the pandemic. There is one aspect of the hotel business that desperately needs to change and the Covid crisis is not to blame. However, it will most certainly speed things up. There is a need to have a new way of measuring performance in the hotel and hospitality industry. To get to a new point first see where the industry is today. The one aspect of the business that has garnered the most attention in the past 30 years is the measurement of REVPAR. That number and the index of that number’s performance has been the most studied and reported on...
IHG Signs With Dinesh Kumar Choudhary for Holiday Inn Express & Suites Jaipur Karoli Bagh
IHG Hotels & Resorts | October 22, 2021
New Delhi– October 22, 2021 –IHG® Hotels & Resorts, one of the world’s leading hotel companies, has signed a management agreement with notable real estate developer, Dinesh Kumar Choudhary (HUF) for a new hotel – Holiday Inn Express & Suites Jaipur Karoli Bagh located at Gopalpura Byepass, in the capital of Rajasthan. The brownfield hotel featuring 141 keys is expected to be operational by the first quarter of 2023. Jaipur is the largest city in Rajasthan and one of the most popular leisure destinations, both for domestic and international travellers. It is an integral part of the Golden Triangle, a prominent tourist...
Shopoff Realty Investments and Contour Secure Entitlement Approvals for Dream Las Vegas on the Las Vegas Strip
Shopoff Realty Investments | October 22, 2021
LAS VEGAS – October 22, 2021 – Joint-venture partners, Shopoff Realty Investments (Shopoff), and Contour, announced today that they have successfully secured necessary entitlements for the full development of Dream Las Vegas, paving the way for the next step in completion of a new full-service luxury lifestyle resort and casino. The property is situated on a prime 5.25-acre lot positioned on the south end of the world-famous Las Vegas Strip, at 5051 S. Las Vegas Blvd. "After working closely with Clark County Board of County Commissioners, McCarran Airport and the Clark County Department of Comprehensive Planning we are plea...
Radisson Hotel Group Set to Double Its West and Central Africa Portfolio by 2025
Radisson Hotel Group | October 21, 2021
CAPE TOWN, South Africa – October 21, 2021 – Radisson Hotel Group, one of the world’s leading hotel companies, has identified West & Central Africa as key markets in its African development strategy, growing its portfolio from one hotel in 2008 to the current portfolio of 25 hotels in operation and under development. With its robust expansion strategy, the Group is on track to cement its leadership and double its portfolio to 50 hotels by 2025. Despite the pandemic, West & Central Africa remains a strategic territory for Radisson Hotel Group’s expansion. In 2020, the Group was able to increase its West & Central African...
Curator Hotel & Resort Collection Welcomes Four New Member Hotels to Growing Portfolio
Curator Hotel & Resort Collection | October 20, 2021
BETHESDA, MARYLAND – October, 20 2021 – Announced today, Curator Hotel & Resort Collection (“Curator”) added four new properties to its inspiring collection of unique, independent hotels and resorts. The new additions mark the Collection’s first properties in the popular travel destinations of coastal New Jersey and the Red Rock Country of Arizona. Launched in November 2020 by a group of visionary hotel owners and operators, Curator Hotel & Resort Collection unites independent, lifestyle hotels to improve operating performance and profitability without compromising what makes them unique. Hotels that are typically consid...
Hilton Signs With Baron Nathiagali for DoubleTree by Hilton Nathiagali, Pakistan
DoubleTree by Hilton | October 20, 2021
ISLAMABAD, Pakistan – October 20 2021 – Hilton (NYSE: HLT) today announced the signing of an agreement with Baron Nathiagali (Pvt) Limited to open the upscale DoubleTree by Hilton Nathiagali. Located in the picturesque Galiyat mountain resort town of Nathiagali and approximately 85 kilometres from Islamabad, the new-build hotel is expected to open in 2025. Carlos Khneisser, vice president, development, Middle East & Africa, Hilton, said: “Nathiagali is a well-known destination in Pakistan, renowned for its beautiful mountains and pine forests – an area of significant natural beauty with great potential for future tourism. ...
Aptech Customer Service Hailed as ‘Unparalleled’ and ‘Flawless’ by The Battery
Aptech Computer Systems, Inc. | October 19, 2021
User of Aptech’s PVNG enterprise accounting solution says the 50-year-old financial management company’s support team is extremely responsive, intelligent, and knowledgeable PITTSBURGH, PA — October 19, 2021 — Finding the right hotel accounting software can be challenging but finding a hospitality financial management partner that offers “unparalleled” and “flawless” customer service is a real coup. The Battery, a private social club with a handful of guestrooms in San Francisco, has done just that with Aptech. Serving 5,000 members, The Battery is leveraging PVNG from Aptech to manage its enterprise accounting. In ad...
New Hotel to Rise in Los Angeles’ Miracle Mile
CGI+ Real Estate Investment Strategies | October 19, 2021
The transit-oriented development will bring first institutional-quality hotel to the area Woodland Hills, CA (October 19, 2021) -- CGI+ Real Estate Strategies has received full entitlements and will begin development on a major hotel/multifamily/retail multi-use project at the intersection of Wilshire Boulevard and La Brea Avenue in Los Angeles’s Miracle Mile District. The transit-oriented development at 639 S. La Brea, which takes up nearly half a city block along the west side of La Brea, is immediately adjacent to Metro’s Wilshire/La Brea subway station now under construction. The eight-story development is the result of nearly...
Deutsche Hospitality and the Porsche Design Group Launch Unique Hotel Concept
Steigenberger Porsche Design Hotels | October 15, 2021
Zeitgeist, Design and Service Excellence Deutsche Hospitality and the Porsche Design Group are joining forces to present the Steigenberger Porsche Design Hotels brand, an innovative hotel concept in the Luxury Lifestyle Segment. Steigenberger Porsche Design Hotels will bring together design, technology and lifestyle at the very highest level. The result will be a unique brand experience created from the design philosophy and values of the exclusive Porsche Design lifestyle brand. This will be combined with the excellence and experience of Steigenberger, which boasts a representative tradition stretching back for more than 90 years. Invest...
JMBM’s Global Hospitality Group® Announces $210 Million in Completed C-PACE Transactions for Clients
the Global Hospitality Group | October 14, 2021
LOS ANGELES – October 14, 2021 – The Global Hospitality Group® of Jeffer Mangels Butler & Mitchell LLP (JMBM) is pleased to announce that their team has completed $210 million in C-PACE (Commercial Property Assessed Clean Energy) financing transactions in the past 12 months, for hotel, retail and multi-family real estate clients. Led by Senior Partner David A. Sudeck, the Group has worked on both the lender and borrower side of these transactions, and has represented some of the leading names in PACE financing. "David and his team have been structuring these transactions since the beginning of the C-PACE program, and have...
Olympics Impact on Hotel Development
STR | October 14, 2021
Every industry experiences change, growth and evolution over time. The tourism and hospitality sectors are no exception, especially when major events come to town. In a previous article, we analyzed UEFA Euro 2020’s impact on hotel inventory and how landing a major event is like “hitting the jackpot” with a significant influx of visitors needing accommodation for a specified time period. Most of the time, hosting a “mega event” means opportunity to ensure the accommodation infrastructure can support the event. With that in mind, we took a look at how hotel supply has grown around the Summer Olympics during the past two decade...
Q3 2021 Major U.S. Hotel Sales Survey
Daniel Lesser | October 14, 2021
By Daniel Lesser The U.S. economy is expected to grow roughly six percent for the year, however with one quarter to go in 2021, this year has done its best to be as tumultuous and volatile as the last. It feels like we’ve been on this road for a while, with the same kinds of bumps to navigate including COVID, deepening supply chain issues, higher energy prices, a recent cutback in consumer spending, and the scarcity of materials. What everyone had hoped would be a more normalized environment has turned out to be anything but that. After a rapid rebound in U.S. economic growth during Q2 2021, news of the fast-spreading Delta coronaviru...
Marriott International Signs Agreement With Hotéis Deville to Debut Westin Hotels & Resorts in Brazil
Marriott International | October 14, 2021
Marriott International, Inc. today announced it has signed a franchise agreement with Hotéis Deville to introduce the first Westin Hotels & Resorts in São Paulo, Brazil. Slated to feature 187-rooms and suites, the property expects to welcome its first guests in the spring of 2024. “We are delighted to announce this exciting new-build project in a prime location within the city to be developed by Hotéis Deville,” said Laurent de Kousemaeker, Chief Development Officer, Caribbean and Latin America, Marriott International. “São Paulo is a key South American gateway city with great opportunity for new quality branded upper...
IHG Hotels & Resorts Signs With Yongchang Industry Co. for voco Gangnam
IHG Hotels & Resorts | October 13, 2021
IHG Hotels & Resorts is proud to announce the signing of voco Gangnam. The 151-key hotel – scheduled to open in Q2 2022 – is the second voco property IHG has signed in South Korea this year, following voco Pyeongtaek City. voco Gangnam will be the first voco to open and it further supplements a portfolio of nine hotels in the country which strongly reinforces the company’s continued expansion in South East Asia & Korea. voco Gangnam is perfectly located at the heart of Seoul’s energetic Gangnam district – one of its main tourist areas and economic hubs, renowned for its trendy restaurants, upscale and designer-brand sh...
Baird/STR Hotel Stock Index Rose 5.2% in September
Baird | October 12, 2021
HENDERSONVILLE, Tennessee, and MILWAUKEE — October 12, 2021 — The Baird/STR Hotel Stock Index rose 5.2% in September to a level of 5,167. Year to date through the first nine months of 2021, the stock index was up 13.0%. “Hotel stocks rebounded strongly in September and finally broke their streak of six consecutive months of relative underperformance,” said Michael Bellisario, senior hotel research analyst and director at Baird. “Delta variant concerns mostly subsided during the month, and hotel stocks benefited from higher interest rates and the broader market rotation that lifted all travel-related stocks.” “The post-Lab...
Loews Hotels & Co Breaks Ground on New $550 Million Loews Arlington Hotel and Convention Center
Loews Hotels & Co | October 12, 2021
ARLINGTON, Texas – October 12, 2021 – Loews Hotels & Co, a wholly owned subsidiary of Loews Corporation, has officially broken ground on the new $550 million Loews Arlington Hotel and Convention Center. Executives from the company were joined by Arlington Mayor Jim Ross, former Mayor Jeff Williams, Chairman & Managing Partner of the Texas Rangers Ray Davis, The Cordish Companies' Director of Communications, Cari Furman, along with members of the Arlington City Council and other community and business leaders, to recognize and celebrate this milestone. The addition of the Loews Arlington Hotel and Convention Center, a fu...
IHG Signs With Pelligra Group for Hotel Conversion to Holiday Inn Dandenong
IHG Hotels & Resorts | October 11, 2021
IHG Hotels & Resorts is excited to be continuing its push into suburban and regional Victoria with the signing of Holiday Inn Dandenong with hotel owners, the Pelligra Group. This will be IHG’s fifth hotel with the Pelligra Group, making them one of IHG's largest owners in Australasia. It signifies the continued, successful partnership between the two groups, building on other open or signed hotels which include Holiday Inn Melbourne Airport, the newly opened Holiday Inn Werribee, and upcoming Holiday Inn Melbourne Richmond and Crowne Plaza Melbourne Carlton. Formerly the Ramada Encore by Wyndham Dandenong, the hotel will undergo ...
Hospitality Financial Leadership: Money Never Looks After Itself
David Lund | October 11, 2021
By David Lund I do not know about your experience, but for me growing up in the hotel world, and especially my first decade working in F&B and rooms, the adage, “Look after the guests and the money will look after itself,” was literally beat into my head. But not so fast, now I know the truth and it is this: The money never looks after itself. You, me and everyone else must have a plan and a system to “look after the money.” That’s what this piece is all about. What is the plan to look after the money in the hotel and better still – What exactly is the system we need to use and follow to make it work? My pledge to you...
Hyatt and EuroAtlantic Announce Plans for Hyatt Place Düsseldorf Mercedesstrasse at Tadao Ando Campus & Tower
Hyatt Hotels Corporation | October 7, 2021
MUNICH – October 7, 2021 – Hyatt announced today that a Hyatt affiliate has entered into a franchise agreement with EuroAtlantic Group for Hyatt Place Düsseldorf Mercedesstrasse at Tadao Ando Campus & Tower. The hotel will mark the second Hyatt Place hotel in Germany, joining Hyatt Place Frankfurt Airport. Together with Hyatt House Frankfurt Eschborn, Hyatt’s select service brands continue a strong growth trajectory across Germany and Europe, expanding in markets that matter most to guests and World of Hyatt members. Slated to open in 2024, the 300-room hotel will feature the Hyatt Place brand’s intuitive design, approach...
The REIT M&A Boom Continues With Record-Breaking Year
JLL | October 7, 2021
CHICAGO, IL – October 6, 2021 – Outperforming strong expectations and driven both by strategic and private capital, 2021 has already been a record year for REIT M&A, which hit $108 billion in transaction volume as of September 30, 2021. JLL’s Capital Markets M&A and Corporate Advisory group’s new M&A and Strategic Transactions Monitor report details the positive themes in the public capital markets space contributing to this unprecedented M&A surge. REITs have shown strong earnings growth in 2021, with 63% of REITs beating consensus FFO estimates in the second quarter of 2021. This has contributed to REITs out...
