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
Wyndham Launches Days Inn by Wyndham Brand in Turkey
Days Inn by Wyndham | May 25, 2021
STANBUL, May 25, 2021 -- Wyndham Hotels & Resorts, the world's largest hotel franchising company by number of properties with over 8,900 hotels across nearly 95 countries, is further strengthening its position as Turkey's largest international hotel chain with the upcoming opening of the newly built Days Hotel by Wyndham Istanbul Maltepe, its first property in the country under the well-known economy brand. Located close to Maltepe's business district, several nearby recreational areas and with convenient access to Istanbul's city center, the 80-room hotel is slated to open later this summer as travel demand is expected to pick up. ...
Marriott International Signs Agreement to Debut The Ritz-Carlton Brand in Ningbo
Marriott International | May 25, 2021
Marriott International today announced the signing of an agreement with the Ningbo Central Plaza Construction and Development Co. Ltd to bring Marriott Bonvoy’s iconic Ritz-Carlton brand to the heart of Ningbo. Expected to open in 2025, The Ritz-Carlton, Ningbo is set to elevate luxury in the destination with its legendary service. “We are pleased to announce the signing of The Ritz-Carlton, Ningbo. This hotel will redefine the luxury hotel experience in the vibrant coastal city through The Ritz-Carlton brand’s refined style and legendary services,” said Gavin Yu, Senior Vice President of Development, Greater China, Marriott Intern...
Europe’s Hotel Construction Pipeline Remains Healthy and Continues to Grow in the First Quarter of 2021
Lodging Econometrics (LE) | May 25, 2021
May 25, 2021 – PORTSMOUTH, NH – According to the latest Europe Hotel Construction Pipeline Trend Report from Lodging Econometrics (LE), analysts at LE report that at the start of 2021, Europe’s hotel construction pipeline increased 5% by projects and 6% by rooms year-over-year (YOY). Europe ends the first quarter of 2021 with 1,928 projects/310,523 rooms, a record high project and room count for the region. As the hotel construction pipeline remains strong in Europe, vaccination rates also continue to rise and European governments are beginning to ease restrictions on travel and tourism. On May 19, the European Union (EU) announced t...
Cambria Hotel New Haven Breaks Ground in Connecticut
Cambria Hotels® | May 24, 2021
ROCKVILLE, Md., May 24, 2021- Cambria Hotels, an upscale brand franchised by Choice Hotels International, Inc. (NYSE: CHH), continues its expansion around the country with the official start of construction on a Cambria hotel in New Haven, Connecticut. The six-story, 130-room upscale hotel is expected to open in Summer 2022. Located at 20 Dwight Street in the coastal city of New Haven, the Cambria Hotel New Haven is a short walk to Yale University, Yale New Haven Hospital Saint Raphael Campus, Yale New Haven Children's Hospital, and Yale School of Medicine. The hotel is also near New Haven Green, West River Memorial Park, Hammonasset B...
Oakmont Corporation Breaks Ground on Four Seasons Resort and Residences Cabo San Lucas at Cabo Del Sol
Cove Club at Cabo Del Sol | May 24, 2021
CABO SAN LUCAS, MX (May 24, 2021) – California-based Oakmont Corporation and Four Seasons Hotels and Resorts, an international leader in luxury hospitality, celebrates two major milestones for the new Four Seasons Resort and Residences Cabo San Lucas at Cabo Del Sol. The prominent oceanfront development along the famed Los Cabos Corridor has secured more than $100 million in reservations from its initial, private pre-sale launch of the residences, and just began construction on site. “It is an honor to be in partnership with Four Seasons Hotels and Resorts, an iconic brand we know will bring an unparalleled level of luxury to the Golde...
Hospitality Financial Leadership: How to Create an Accounting Policy Manual
David Lund | May 24, 2021
By David Lund After recently completing a policy manual for a client, I want to share what worked for this hotel company and what could work for you. I also want to clear the air on policy vs. procedure. I know it is a big challenge to get a policy manual together for a hotel or hotel company. The big brands have resources to get the job done but the smaller brands and management companies do not have the same bandwidth. It is a project that always gets kicked down the calendar to another month or quarter. Check out an article here that I have written on why creating a hotel accounting policy manual is so challenging. Confusing detai...
Colebrook Financial Announces Receivable Loan to Latitude Vacation Club
Colebrook Financial Company | May 20, 2021
Caribbean Resort Offers Latitude Vacation Club+ Featuring Ancora Cap Cana Marina Resort and Villas in the Dominican Republic Middletown, CT (May 20, 2021) –Latitude Vacation Club has entered into an agreement with Colebrook Financial Company, a leading lender to the timeshare and travel club industries to provide a receivable loan. Latitude Vacation Club’s home resort, Ancora Cap Cana Marina Resort & Villas is inside Cap Cana, a gated community of 33,000 acres—twice the size of Manhattan-- located 10 minutes from Punta Cana’s International Airport. This is a first-time development for Cecil Latta, well known for his sales an...
iVvy Announces AUD$7M (U.S. $5.4M) Pre-IPO Investment Round to Accelerate Global Growth
iVvy | May 20, 2021
New funding to accelerate U.S. and European growth of iVvy’s venue management platform as it disrupts the fast-recovering hospitality and event industries QUEENSLAND, Australia, May 20, 2021 – iVvy, an innovative, cloud-based event and venue management platform, has raised $7 million Australian dollars (US$5.4 million) in a pre-IPO round to further accelerate the growth of the company’s leading sales and catering software, particularly in the U.S. and European markets. iVvy plans to list on the Australian Securities Exchange within the next 12 months. The pre-IPO round was led by Thorney Investment Group, one of Australia’s mo...
Core Hospitality Signs Agreement With Marriott International to Bring Fairfield by Marriott to Denmark
Core Hospitality | May 20, 2021
Fairfield by Marriott Copenhagen Nordhavn is slated to open on Copenhagen’s waterfront in 2023 Denmark, May 2021: Danish management company Core Hospitality has signed an agreement with Marriott International to debut Fairfield by Marriott in Denmark. Expected to open in 2023, Fairfield by Marriott Copenhagen Nordhavn will be located in the city’s North Harbour district, just five kilometres from the city centre. Thoughtfully considered for the European market, the 222- guestroom hotel is set to offer the brand’s renowned warm service, along with amenities including 24/7 retail outlet, bar, gym and bike rental. “It’s an honour...
Agilysys Reports Fiscal 2021 Fourth Quarter Revenue of $36.3M
Agilysys | May 19, 2021
Reports Record Recurring Revenue of $22.9M and Adjusted EBITDA of $7.1M and Quarterly Free Cash Flow of $13.0M and Cash Balance Increase of $6.6M to $99.2M Announces Fiscal 2022 Revenue Guidance of $160M to $170M with Adjusted EBITDA of 15% Alpharetta, GA – May 19, 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 2021 fourth quarter and fiscal year ended March 31, 2021. Summary of Fiscal 2021 Fourth Quarter Financial Results • Total net revenue was $36.3 million, compared...
Avison Young 2021 Transactions
Avison Young | May 19, 2021
ATLANTA – May 19, 2021 – Avison Young Hospitality Group announced today that the firm has closed its 22nd hotel transaction of the 2021 year. The closed hotel transactions were across many brand families and located from California through the midwest and eastern seaboard states. Included in the sales were extended stay, upscale, full service, select service, and limited-service hotels. Of most notable was an eastern seaboard Marriott portfolio transaction led by Avison Young brokers, Mike George and Andrew Broad. Additionally, Brad Sinclair, Michael Bernath, Thierry Roch, and Wendy Blissett have all closed multiple transactions thus...
Should You Be Looking at Commercial PACE (C-PACE) Financing Now?
Jim Butler | May 18, 2021
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Authors of www.HotelLawBlog.com Why so many are looking at Commercial PACE (C-PACE) financing now? Is C-PACE financing for you? Commercial PACE financings have topped $800 million and are still growing. Should you be considering it for your hotel or other commercial real estate? Join us for a condensed, 30-minute program to help you evaluate whether this financing program is right for your property, how it can be used, and what to expect in the next few years. This free webinar will take place on Tuesday, June 22, 2021 at 10:30 AM PDT / 1:30 PM EDT. Register now. Led...
Deal-Making Activity in the Travel & Tourism Sector Dropped by 34.3% During April 2021, Finds GlobalData
GlobalData | May 17, 2021
A total of 71 deals (comprising mergers & acquisitions (M&A), private equity, and venture financing) were announced in the global travel and tourism sector during April, which is a decline of 34.3% over 108 deals announced in March, according to GlobalData, a leading data and analytics company. Aurojyoti Bose, Lead Analyst at GlobalData, comments: “The travel and tourism sector is still reeling under the impact of the COVID-19 pandemic. Although the rebound in deal activity in March brought in some cheers, it could not be sustained for long with April again reversing the trend.” The announcement of private equity, venture fi...
Hilton Signs 11 New Hotels for Tempo by Hilton and Motto by Hilton
Hilton | May 17, 2021
MCLEAN, Va. - Today, Hilton (NYSE: HLT) announced 11 new hotel signings for Tempo by Hilton and Motto by Hilton, representing nearly 20% of the global hospitality company’s lifestyle pipeline. The new properties will be located in the United States, Latin America and Europe, with key signings in New York City, Rotterdam, Tulum, Boston, Mexico City and Seattle. With these newly signed properties, Hilton’s lifestyle category supply is expected to double within the next five years as well as expand to an additional 17 countries/territories over the next 10 years including the first lifestyle property in Africa. While relatively new t...
Hospitality Financial Leadership: The Infamode Machine
David Lund | May 17, 2021
By David Lund There has been a great deal of progress and technology that helps hotels and businesses in general keep better financial information. This story is about the early days and how things changed rapidly in my world. With those changes came opportunities. I also remember how some struggled with all the changes. It in turn makes me think of the current situation in our world and I can take some solace from knowing there is still more to come. I can recall working in the early days and using green columnar pads to enter food and beverage purchase information. There were no personal computers at work. For those of you who are stu...
Ryman Hospitality Properties, Inc. Reports First Quarter 2021 Results
Ryman Hospitality Properties | May 14, 2021
NASHVILLE, Tenn. - May 14, 2021 - Ryman Hospitality Properties, Inc. (NYSE: RHP), a lodging real estate investment trust (“REIT”) specializing in group-oriented, destination hotel assets in urban and resort markets, today reported financial results for the first quarter ended March 31, 2021. First Quarter 2021 Highlights and Recent Developments: Through the end of first quarter 2021, rebooked 1.6 million room nights, or approximately 60% of total room nights cancelled as a result of COVID-19 Average monthly cash burn for the first quarter of 2021 was approximately $17.9 million, better than the expected range of $23-26 millio...
Sunstone Hotel Investors Reports First Quarter 2021 Results
Sunstone Hotel Investors, Inc. | May 14, 2021
IRVINE, CA – May 14, 2021 – Sunstone Hotel Investors, Inc. (the “Company” or “Sunstone”) (NYSE: SHO), the owner of Long-Term Relevant Real Estate® in the hospitality sector, today announced results for the first quarter ended March 31, 2021. First Quarter 2021 Operational Results (as compared to First Quarter 2020): Resumption of Hotel Operations: 15 of the Company’s 17 hotels were in operation for the entirety of the first quarter 2021. Net Loss: Net loss was $55.3 million as compared to $162.5 million. 17 Hotel Portfolio RevPAR: 17 Hotel Portfolio RevPAR decreased 69.5% to $42.19. Adjusted EBITDAre: Adjusted ...
Summit Hotel Properties Reports First Quarter 2021 Results
Summit Hotel Properties | May 14, 2021
AUSTIN, Texas - May 14, 2021 - Summit Hotel Properties, Inc., has announced results for the first quarter ended March 31, 2021. "Hotel demand, particularly leisure demand, improved significantly during the latter part of the first quarter driving March RevPAR to a new high of more than $65 since the onset of the pandemic, which exceeded February's previous high by nearly 30%," said Jonathan P. Stanner, the Company's President and Chief Executive Officer. "We also completed the contribution of six hotels to our existing joint venture with GIC for $172 million subsequent to quarter end which generated net proceeds of $83 million. The trans...
Marriott International Reports First Quarter 2021 Results
Marriott International | May 14, 2021
BETHESDA, MD — May 14, 2021 — Marriott International, Inc. (NASDAQ: MAR) today reported first quarter 2021 results, which were materially impacted by the COVID-19 global pandemic and efforts to contain it (COVID-19). Tony Capuano, Chief Executive Officer, said, “We were pleased to see demand improve meaningfully during the first quarter. We are welcoming more and more guests to our hotels as consumers are traveling again once they feel it is safe. While recovery trajectories vary from region to region, the resiliency of demand has been most keenly demonstrated in mainland China, where occupancy is near the pre-pandemic level. Occupan...
DiamondRock Hospitality Company Brings Margaritaville Beach House to Key West, Florida
DiamondRock Hospitality Company | May 14, 2021
BETHESDA, Md. - May 14, 2021 - DiamondRock Hospitality Company and Margaritaville Holdings announced Margaritaville Beach House Key West will open in the fall of 2021. Located on the largest beach in Key West, Margaritaville Beach House Key West will welcome guests in the fall of 2021 after a $3 million investment to bring the Margaritaville state of mind to life throughout the recently renovated resort. Enhancements will include amenities and design aesthetics to drive incremental revenue and a fun, relaxing guest experience. The resort will feature signature Margaritaville food and beverage concepts, an expanded retail outlet, and f...
Choice Hotels International Reports 2021 First Quarter Results
Choice Hotels International, Inc. | May 13, 2021
ROCKVILLE, Md. - May 13, 2021 - Choice Hotels International, Inc., one of the world's largest lodging franchisors, today reported its results for the three months ended March 31, 2021. "The strategic decisions we have made in recent years and our targeted actions amid the pandemic to support our franchisees drove impressive first quarter results that position the company to further capitalize on growth opportunities in 2021 and beyond," said Patrick Pacious, president and chief executive officer, Choice Hotels. "Our results are a testament to the success of our long-term growth strategy to invest in brands built for the customer of tomor...
Wynn Resorts, Limited Reports First Quarter 2021 Results
| May 13, 2021
LAS VEGAS - May 13, 2021 - Wynn Resorts, Limited (NASDAQ: WYNN) (the "Company") today reported financial results for the quarter ended March 31, 2021. Operating revenues were $725.8 million for the first quarter of 2021, a decrease of 23.9%, or $227.9 million, from $953.7 million for the first quarter of 2020. Net loss attributable to Wynn Resorts, Limited was $281.0 million, or $2.53 per diluted share, for the first quarter of 2021, compared to net loss attributable to Wynn Resorts, Limited of $402.0 million, or $3.77 per diluted share, in the first quarter of 2020. Adjusted Property EBITDA (1) at our integrated resort properties increase...
Development Launched for the 133-Key Rosewood Mexico City with Plans for 2024 Opening in Mexico
Rosewood Hotels & Resorts | May 13, 2021
HONG KONG - May 13, 2021 - Expanding its strong footprint in Mexico, Rosewood Hotels & Resorts® has been appointed by premier real estate development firm Grupo Sordo Madaleno to operate Rosewood Mexico City, a new hotel expected to open in 2024 in the flourishing Polanco district. Positioned in the heart of the vibrant capital, Rosewood Mexico City is conveniently located within walking distance of renowned luxury shopping district, Avenida Presidente Masaryk as well as esteemed cultural institutions including Museo Soumaya and Museo Jumex. Rosewood Mexico City will join the global brand's iconic collection of properties across Mex...
Hyatt Launches Development of 188-room Alila Shanghai Hotel in the Jing’an District of Shanghai, China
Alila | May 12, 2021
SHANGHAI / HONG KONG – May 12, 2021 – Hyatt announced today that a Hyatt affiliate has entered into an agreement with an affiliate of Fungseng Prosperity Holdings Limited (“Fungseng Prosperity”) to develop a 188-room Alila hotel in the Jing’an District of Shanghai. A high-profile conversion project, Alila Shanghai is expected to debut in 2023 and will be the first Alila branded urban hotel in China, offering a relaxing and nature-infused luxury retreat in the heart of the bustling metropolis. Designed as an “urban utopia,” Alila Shanghai will offer guests an elevated retreat experience that balances the bustling spirit of ...
