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
MGM Growth Properties to Be Acquired by VICI in Stock-for-Stock Transaction Valuing MGP at $17.2 Billion
MGM Resorts International | August 4, 2021
LAS VEGAS - Aug. 4, 2021 - MGM Resorts International today announced that it has entered into a definitive agreement with VICI Properties Inc. ("VICI") (NYSE: VICI) and MGM Growth Properties LLC ("MGP") (NYSE: MGP) whereby VICI would redeem a majority of MGP operating partnership units held by MGM Resorts for $43 per unit, or approximately $4.4 billion in cash, and acquire 100% of the outstanding class A shares of MGP in a stock-for-stock transaction. "In 2016 we started on our journey to become asset light and this announcement, together with our recently announced Springfield and CityCenter transactions, reflects the culmination of those...
Hyatt Reports Second-Quarter 2021 Results
HYATT HOTELS CORPORATION | August 4, 2021
CHICAGO - August 4, 2021 - Hyatt Hotels Corporation today reported second-quarter 2021 financial results. Net loss attributable to Hyatt was $9 million, or $0.08 per diluted share, in the second quarter of 2021, compared to net loss attributable to Hyatt of $236 million, or $2.33 per diluted share, in the second quarter of 2020. Adjusted net loss attributable to Hyatt was $117 million, or $1.15 per diluted share, in the second quarter of 2021, compared to Adjusted net loss attributable to Hyatt of $183 million, or $1.80 per diluted share, in the second quarter of 2020. Refer to the table on page 11 of the schedules for a summary of special it...
Sandals Resorts International Plans April 2022 Opening for Sandals Royal Curaçao
Sandals® Resorts | August 4, 2021
MONTEGO BAY, JAMAICA – August 4, 2021 – Sandals Resorts International (SRI) unveils new details for its flagship brand’s highly anticipated 16th resort and the company’s first venture into Curaçao, the newly named Sandals Royal Curaçao. Situated on 44 acres within the Santa Barbara private estate, an exclusive 3,000-acre protected preserve, Sandals Royal Curaçao will authentically intertwine natural world wonders - desert, ocean, mountains, and shoreline - with the resort experience. Here, couples will discover the beauty and geographic diversity of Curaçao, known for its adventurous terrain, pristine beaches, limestone ca...
Keswick Hall Set to Reopen Following Completion of New Guest Accomodations and Amenities
Keswick Hall | August 4, 2021
Charlottesville, VA – August 4, 2021 – Keswick Hall, one of Virginia’s top destinations since 1912, will reopen this summer 2021, following the completion of a new guest wing, infinity pool and cabanas, red clay tennis courts and reimagined resort grounds. In addition, the renewed Keswick Hall will feature a new signature restaurant, Marigold, helmed by acclaimed Chef Jean-Georges Vongerichten. For this project, owners Molly and Robert Hardie tapped the architecture firm Hart Howerton, distinguished lighting design firm, L’Observatoire International and renowned landscape architects, Nelson Byrd Woltz to work together to redefine the ...
Red Roof® Launches New Hometowne Studios Prototype
Red Roof | August 4, 2021
“Welcome to the Future of Franchising:” The industry’s most cost-efficient, design-forward economy extended stay concept is unveiled at AAHOACON 2021 Columbus, OH - August 4, 2021 - Red Roof®, the leader in economy lodging, unveiled a new prototype for its groundbreaking HomeTowne Studios by Red Roof brand at the 2021 AAHOACON conference of hotel franchisees. The new HomeTowne Studios (HTS) prototype was shaped by input from hotel owners, longtime franchisees, and valued guests. It features modern room design aesthetics, a cost-effective development footprint, and a layout that sets new standards for improved operational effi...
Deutsche Hospitality Signs With Commerz Real Institutional European Hotel Fund to Open IntercityHotel in Lübeck in 2023
INTERCITYHOTEL | August 3, 2021
Lübeck, known as the “City of Seven Spires” for the Gothic churches that punctuate its skyline, is set to become home to an IntercityHotel by 2023. The new build hotel will extend over six storeys and will include 176 rooms, a spacious lobby, a restaurant, a bar and various conference facilities. As is the case with all new generation IntercityHotels, interior design will be by the Italian architect Matteo Thun. The project is being realised as part of the existing cooperation agreement between Deutsche Hospitality and the “Commerz Real Institutional European Hotel Fund”, via which Commerz Real, a property subsidiary of Commerzbank, ...
IHG Signs With Forte Group for Holiday Inn & Suites Ballarat Goldfields in Victoria
IHG Hotels & Resorts | August 3, 2021
An eye-catching, design-led Holiday Inn & Suites is coming to Ballarat, heralding an exciting chapter for IHG Hotels & Resorts' expansion into regional Victoria and a new partnership with hotel owners, Forte Group. Holiday Inn & Suites Ballarat Goldfields will be one of the most striking hotels in regional Australia and a coveted MICE destination, boasting a highly visible location from the Western Freeway which links Ballarat to Melbourne CBD. Designed by international, award-winning Hachem Architecture, the 110-room hotel is expected to open in 2024 and will be one of the region’s premier business, leisure and MICE desti...
Riu Palace Maspalomas Reopens in Gran Canaria Following Renovation
RIU | August 3, 2021
RIU Hotels & Resorts announces the reopening of the Riu Palace Maspalomas in Gran Canaria. Following an impressive 5-month refurbishment, the hotel has moved up into the 5-star category and is now an Adults Only establishment. Guests at the Riu Palace Maspalomas can now enjoy an exclusive holiday experience with the renowned RIU service at this elegant and modern establishment that has new restaurants, bars and services. With this reopening, all of RIU’s hotels in Spain are operative and all of those in Gran Canaria have been refurbished. The Riu Palace Maspalomas is a symbol of elegance for the hotel chain. It was the first hotel fr...
Marriott International Reports Second Quarter 2021 Results
Marriott International | August 3, 2021
Marriott International, Inc. (NASDAQ: MAR) today reported second quarter 2021 results. Anthony Capuano, Chief Executive Officer, said, “The rate of global lodging recovery accelerated during the second quarter and momentum has continued into July. We are particularly pleased with the resilience of RevPAR [1] in markets where consumers feel safe traveling. Worldwide occupancy continued to build, reaching 51 percent for the quarter. We also saw strong improvement in global average daily rate in the second quarter, which was down only 17 percent compared to the second quarter of 2019. “The swift resurgence of lodging demand once the v...
Chatham Lodging Trust Announces Second Quarter 2021 Results
Chatham Lodging Trust | August 3, 2021
WEST PALM BEACH, Fl — August 3, 2021 — Chatham Lodging Trust (NYSE: CLDT), a lodging real estate investment trust (REIT) that invests in upscale, extended-stay hotels and premium-branded, select-service hotels, today announced results for the second quarter ended June 30, 2021. Second Quarter 2021 Operating Results Portfolio Revenue Per Available Room (RevPAR) – Increased 170 percent to $87, compared to the 2020 second quarter. Average daily rate (ADR) rose 32 percent to $127, and occupancy jumped 105 percent to 68 percent for the 39 comparable hotels owned as of June 30, 2021. All Chatham hotels remained open throughout the pa...
Wyndham Hotels & Resorts Reports Second Quarter 2021 Results
Wyndham Hotels & Resorts | July 29, 2021
PARSIPPANY, N.J. - July 29, 2021 - Wyndham Hotels & Resorts (NYSE: WH) today announced results for the three months ended June 30, 2021. Highlights include: Second quarter diluted earnings per share was $0.73 compared to diluted loss per share of $1.86 in second quarter 2020; second quarter adjusted diluted EPS was $0.95 compared to adjusted diluted EPS of $0.10 in second quarter 2020. Second quarter net income was $68 million compared to a net loss of $174 million in second quarter 2020; second quarter adjusted net income was $89 million compared to adjusted net income of $9 million in second quarter 2020. Second quarter adjus...
Hilton Reports Second Quarter 2021 Results
Hilton | July 29, 2021
MCLEAN, Va. - July 29, 2021 - Hilton Worldwide Holdings Inc. ("Hilton" or the "Company") (NYSE: HLT) today reported its second 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 $0.46 for the second quarter, and diluted EPS, adjusted for special items, was $0.56 Net income was $128 million for the second quarter Adjusted EBITDA was $400 million for the second quarter System-wide comparable RevPAR increased 233.8 percent on a currency neutral basis for the second quarter from the same period in 2...
Hilton Signs With Lighthouse Investments and ESI Ventures for Conversion of Seattle’s Hotel 1000
Hilton | July 28, 2021
SEATTLE, Wa. – July 28, 2021 – Hilton (NYSE: HLT) has signed an agreement with the new owners of Hotel 1000 in Seattle. Lighthouse Investments and ESI Ventures with equity financing from Kildare Partners acquired Hotel 1000 last month and plan to transition the property to LXR Hotels & Resorts, in August. LXR Hotels & Resorts feature a selection of unrivaled luxury properties that thrive independently, each providing a unique and locally immersive experience. The collection was developed based on demand for top-tier properties that retain their unique identity and market prominence in the luxury space, and that are backe...
Agilysys Reports Fiscal 2022 First Quarter Revenue of $38.7M
Agilysys | July 28, 2021
Reports Record Recurring Revenue of $23.2M Inclusive of Subscription Record Revenue of $10.2M Reports Adjusted EBITDA of $6.9M and Positive GAAP EPS of $0.06 With Quarterly Free Cash Flow of $7.7M and Cash Balance Increase of $4.7M to $103.9M Alpharetta, GA – July 28, 2021 – Agilysys, Inc. (Nasdaq: AGYS), a leading global provider of next-generation cloud-native SaaS and on-premise hospitality software solutions and services, today reported operating results for its fiscal 2022 first quarter ended June 30, 2021. (Please click here for complete financial information.) Summary of Fiscal 2022 First Quarter Financial Results ...
Accor Partners With Dakota Development and DESCO, Arizona for SLS Scottsdale
SLS Hotels & Residences | July 27, 2021
LOS ANGELES, July 27, 2021 -- Accor a world-leading lifestyle hospitality company, in collaboration with Dakota Development and DESCO, Arizona, LLC, today announced SLS Scottsdale will open its doors in June 2023. The world-class property will bring 235 hotel rooms including 30 luxury suites spanning just under 222,100 square feet above and below grade of refined hotel, dining, bar and event space to Scottsdale. A much-coveted two floors of entertainment space alongside sbe's top culinary and mixology experiences will ensure this phenomenal new property speaks to the most discerning guest. The arrival of SLS Scottsdale's opening is a ...
Avison Young 2021 Transactions
Avison Young | July 27, 2021
ATLANTA – July 28, 2021 – Avison Young Hospitality Group announced that the firm closed its 50th hotel transaction for 2021. Of the 50 closings, 29 were Hilton and or Marriott branded assets and the remaining transactions were among other brand families. Geographically, the hotels were located from the Pacific Northwest, California, across the Midwest and along Eastern seaboard states ending with Connecticut Keith Thompson said, “The closings represent broad segment diversity from upper upscale, midscale to economy and even a couple of independent hotels. It was good to see corporate-driven hotels transacting at a more brisk pace tha...
IHG Hotels & Resorts Debuts Hotel Indigo With a Four-Hotel Agreement in Egypt
IHG Hotels & Resorts | July 27, 2021
IHG® Hotels & Resorts, one of the world’s leading hotel companies, is expanding its presence in Egypt with four new Hotel Indigo branded properties. As part of a Management Agreement signed with real-estate specialists Mountain View, IHG will introduce the world’s first globally branded boutique hotel brand, Hotel Indigo, to Egypt with Hotel Indigo Mountain View North Coast, Hotel Indigo Mountain View icity New Cairo, Hotel Indigo Mountain View icity 6th of October City and Hotel Indigo Mountain View Ain El Sokhna. The signing ceremony was held in the presence of His Excellency Dr. Mostafa Madbouly, Prime Minister of Egypt, and Dr...
The Carlton Tower Jumeirah Opens Following an Extensive 18-Month Transformation
The Carlton Tower Jumeirah | July 27, 2021
LONDON, ENGLAND – July 27, 2021 – Global luxury hospitality company Jumeriah Group today announced its European flagship hotel, The Carlton Tower Jumeirah, opened in the heart of London’s fashionable Knightsbridge district following an extensive 18-month revitalization estimated at $137 million. Previously known as Jumeirah Carlton Tower, The Carlton Tower Jumeirah launches under a new name to reflect the significance of the most extensive transformation in all its history. Originally designed 60 years ago by Henry End, also responsible for the interiors of New York’s Plaza Hotel, the five-star property was thoughtfully redesig...
Hospitality Financial Leadership: GOPPAR Characteristics
David Lund | July 26, 2021
By David Lund If you only use RevPAR index, then you are missing the bulk of the story From time immemorial, revenue per available room, or RevPAR, has been the go-to key performance indicator in the hotel industry. A simple calculation of average daily rate and occupancy rate, it is often thought of as the barometer of health for a hotel by those who work in the industry and those who make a living analyzing it. Right or wrong, it has obtained monolithic stature. Is it time for it to be shattered? Most scholarly studies note limitations in the research. These are weaknesses within a research design that may influence outc...
IHG Signs With Bob & Son, Ltd for Atwell Suites Austin Airport
IHG Hotels & Resorts | July 26, 2021
IHG Hotels & Resorts announced today that its newest brand - Atwell Suites - continues to grow with the latest property planned for Austin, Texas. The Atwell Suites Austin Airport is owned and managed by Bob & Son, Ltd and is the third hotel underway for the brand, joining hotels currently under construction in Miami and Denver. There are currently more than 20 properties in IHG’s US pipeline for this design-led, dynamic, all-suites hotel brand optimized for longer stays of up to six nights. Karen Gilbride, Vice President, avid hotels and Atwell Suites, IHG, commented: “As Austin continues to be a popular destination due to ...
IHG Signs With AKME Wisniewski Szklarska Poreba to Bring Holiday Inn to Szklarska Poreba, Poland
IHG Hotels & Resorts | July 23, 2021
IHG Hotels & Resorts, one of the world’s leading hotel companies, today announces the signing of Holiday Inn Resort Szklarska Poreba in Poland, in partnership with AKME Wisniewski Szklarska Poreba. Expected to open in 2022, Holiday Inn Resort Szklarska Poreba will be located in the Happiness Valley vicinity offering the perfect base for guests wishing to explore the local Karkonosze mountains. The hotel will be an ideal place for visitors from Poland and internationally, for which the proximity of Wroclaw airport, excellent rail and road links - are a great convenience. The newly built Holiday Inn Resort hotel will feature 87 room...
Two New Hilton Hotels Join Downtown Memphis Development
Embassy Suites by Hilton | July 23, 2021
MEMPHIS, TN and MCLEAN, VA – July 23, 2021 – Two new Hilton hotels are coming to downtown Memphis as Tempo by Hilton and Embassy Suites by Hilton will open at The Walk on Union, the city’s largest mixed-use project currently in progress, in 2023. Located in downtown Memphis on the corner of Union Avenue and 4th Street, The Walk on Union sits across the street from AutoZone Park, a Minor League Baseball stadium and home to the Memphis Redbirds. In addition to 349 guest rooms across the two hotels, the property will feature more than 4,600 square feet of meeting and conference space, bringing additional opportunity to the...
Driftwood Hospitality Rebranding Former Red Lion Hotel Paper Valley to Hilton Appleton Paper Valley
Hilton Hotels & Resorts | July 23, 2021
APPLETON, WIS. – July 23, 2021 – Today, Driftwood Hospitality and Hilton Hotels & Resorts announce the rebranding of the former Red Lion Hotel Paper Valley to Hilton Appleton Paper Valley. After a property refresh, the hotel will open its doors under Hilton’s flagship brand in late 2021. Located in a premier location in the heart of downtown Appleton, the 388-room hotel is poised to welcome leisure and business travelers with well-appointed accommodations, while boasting 38,000 square feet of flexible, customizable event space making it the ideal location for downtown meetings and celebrations. Connected to the Fox Cities Exhibiti...
First Dual-Branded voco and Holiday Inn Hotel Planned for Downtown Chicago
IHG Hotels & Resorts | July 22, 2021
IHG Hotels & Resorts announced today plans for the first dual-branded voco Hotel in the US in downtown Chicago. A Chicago landmark for over four decades, the property has long been recognized as a Holiday Inn. The hotel is currently undergoing a complete renovation that will include transforming a portion of the existing building into a voco Hotel. voco, a premium brand from IHG that focuses on expressive design and provides hotel owners the ability to retain their property's individuality, continues to grow with 19 properties open globally and 29 properties in the global pipeline*. Other US properties now open or coming soon are locat...
