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
Marriott International Signs Agreement With Zhong An Commercial Group to Bring W Hotels to Hangzhou, China
Marriott International, Inc. | August 2, 2024
Marriott International, Inc. recently announced that it has signed an agreement with Zhong An Commercial Group, part of China New City Group, to bring the W Hotels brand to Hangzhou. Anticipated to open in 2031, W Hangzhou will be located at the northwest intersection of Minhe Road and Liyi Road in Qianjiang Century City, Hangzhou’s developing new CBD. With its bold, detail-driven design, elevated service, and engaging always-on programming, the hotel is poised to become a new symbol of luxury hospitality in Hangzhou. "We are thrilled to collaborate with Zhong An Commercial Group to introduce W Hotels to Hangzhou, inviting guests to indu...
Sandals Resorts International (SRI) Launches Development of Beaches Exuma in The Bahamas
Beaches Resorts | August 1, 2024
BEACHES EXUMA SET TO DELIGHT FAMILIES WITH GRAND DEBUT MONTEGO BAY, Jamaica, August 1, 2024 – Sandals Resorts International (SRI) today announces its acceleration of plans to expand the family-friendly Beaches Resorts brand with the development of Beaches Exuma, its fourth resort, and the first Beaches in The Bahamas. To make this new resort possible and as part of a coordinated growth plan across the Sandals and Beaches Resorts portfolio, Sandals Emerald Bay will close on August 15, 2024, and undergo a transformation that is anticipated to begin in Fall 2024 before reopening as the new Beaches Exuma. “Exuma was made for families and w...
IHG’s IHG InterContinental Brand to Return to the Philippines at Hann Reserve
IHG Hotels & Resorts | July 31, 2024
Clark Freeport Zone, Pampanga, Philippines – 31 July 2024: IHG Hotels & Resorts (IHG), one of the world’s leading hospitality companies, announces the return of InterContinental Hotels & Resorts – the world’s first and largest international luxury hotel brand – to the Philippines in a franchise agreement with Hann Philippines Inc., an emerging leader in the local luxury integrated resort (IR) sector with its Hann Resorts brand. InterContinental Clark will sit at the heart of the 450-hectare luxury estate in New Clark City. The development will feature three 18-hole championship golf courses designed by Nicklaus Desig...
Newly Released 2026 Hotel Openings Forecast From Lodging Econometrics Expects Significant Growth in U.S. Hotel Supply Through 2026
Lodging Econometrics | July 30, 2024
July 30, 2024 – PORTSMOUTH, NH As seen in the Q2 2024 U.S. Hotel Construction Pipeline Trend Report from Lodging Econometrics, at the end of the second quarter, there are 6,095 projects with 713,151 rooms in the pipeline. This new all-time high represents a 9% year-over-year increase in projects and an 8% YOY increase in rooms compared to Q2 2023 totals. At the close of the second quarter, there are 1,171 projects comprising 147,611 rooms under construction, marking a 10% increase in projects and a 4% increase in rooms YOY. Projects slated to start construction in the next 12 months total 2,350 projects with 268,378 rooms, reflecting ...
How Dashboards Put Your Finance Team in the Driver’s Seat
Jill Wilder | July 30, 2024
By: Jill Wilder, President of Aptech I recently heard an interesting metaphor about a specific hotel accounting system feature: Having a dashboard moves you from driving with your eyes in the rearview mirror to facing forward. You wouldn't drive a car solely using the rearview mirror, you would want to look forward and have a full, clear picture of what is in front of you. It's the same with your hotel's accounting software; just like the driver of a car, a hotel's finance team needs a dashboard right in front of them to make quick, educated decisions. The hotel and resort industry market size worldwide reached 1.5 trillion USD last ye...
Accor – First Half 2024: Solid Performances in Line With Growth Targets
Accor | July 25, 2024
REVPAR up 6% in the first half compared to H1 2023 - Net unit growth accelerated to 4.1% over the last 12 months Revenue up 11% to €2,677M EBITDA up 13% to €504M Earnings per share up 11% to €0.90 Once again in this first half-year, Accor posted solid performances, in line with the medium-term outlook we presented to our investors last year. This demonstrates the strength of our model, the operational and financial discipline of our teams, and the strong momentum of the Group and its brands. Activity in the second quarter remained strong in all regions and for all our brands, our pace of development accelerated and our le...
Wyndham Hotels & Resorts Reports Strong Second Quarter Results
Wyndham Hotels & Resorts | July 25, 2024
Company Raises Full-Year 2024 EPS Outlook - Company Grows Development Pipeline by 7% and System Size by 4% PARSIPPANY, N.J (July 25, 2024) – Wyndham Hotels & Resorts (NYSE: WH) today announced results for the three months ended June 30, 2024. Highlights include: Global RevPAR grew 2% in constant currency. System-wide rooms grew 4% year-over-year. Opened over 18,000 rooms globally, including over 7,000 in the S., which represented a year- over-year increase of 16%, and the first ECHO Suites Extended Stay by Wyndham. Awarded 180 development contracts globally, including 96 contracts in the S., which represented an increase of...
Hilton Signs With Acre Hotels to Debut Hampton by Hilton at London Heathrow
Hilton | July 25, 2024
LONDON, UK – Hilton (NYSE: HLT) has announced the signing of Hampton by Hilton London Heathrow Bath Road, marking the brand’s debut at Europe’s busiest airport, as part of a franchise agreement with Acre Hotels Ltd, part of the Westcombe Group. Conveniently located near the M4 motorway, the hotel will be a short 7-minute drive from Heathrow Airport Terminals 2 and 3, with easy access to Central London in 30 minutes via the Elizabeth Line. The 157-room hotel will offer onsite parking and Hampton by Hilton’s signature amenities including flexible communal spaces, complimentary Wi-Fi and a hot breakfast, and a retail market for o...
Hyatt Signs With CR Land for New Park Hyatt Hotel in Xi’an
Park Hyatt Hotels | July 24, 2024
Park Hyatt Xi’an will be ideally located in the Xi’an CCBD commercial complex along the city’s central axis, creating a new landmark in the city CHICAGO / SHANGHAI (July 24, 2024) -- Hyatt Hotels Corporation (NYSE: H) and China Resources Land (CR Land, HKEX: 1109) announced that Hyatt has entered into a management agreement with CR Land for a Park Hyatt hotel in Xi’an, Shaanxi province, China. This project will be ideally located in the CCBD, one of the key mix-use commercial complexes along Xi’an’s central axis. Park Hyatt Xi’an will provide worldly travelers a sophisticated home-away-from-home in the ancient capital of China....
United Center Joint Venture Reveals Plans for The 1901 Project on Chicago’s West Side
THE UNITED CENTER | July 23, 2024
CHICAGO, July 23, 2024 -- United Center next-generation owners Michael Reinsdorf and Danny Wirtz today jointly announced plans for the largest private investment on Chicago's West Side: a catalytic mixed-use development project that includes housing, retail, entertainment and public open space on more than 55 acres of privately owned land surrounding the iconic arena campus. Spearheaded by the Reinsdorf and Wirtz families, The 1901 Project will transform the West Side with a jolt of new development, bridging neighborhoods and enhancing opportunities for residents, businesses and all of Chicago. "The 1901 Project represents a con...
Agilysys Announces Fiscal 2025 First Quarter Record Revenue of $63.5M
Agilysys | July 23, 2024
Includes Subscription Revenue Growth of 32.0% Quarter Adjusted EBITDA of $12.1M and Adjusted EPS of $0.30 ALPHARETTA, GA – July 22, 2024 - Agilysys, Inc. (NASDAQ: AGYS), a leading global provider of hospitality software solutions that deliver High Return Hospitality, today reported results for its fiscal 2025 first quarter ending June 30, 2024. Summary of Fiscal 2025 First Quarter Financial Results Total net revenue increased 13.3% to a record $63.5 million compared to total net revenue of $56.1 million in the comparable prior-year period. Recurring revenue (comprised of subscription and maintenance charges) was a record ...
Accor Signs Dual-Branded Project Banping Island in Wenzhou
Accor | July 23, 2024
Accor Greater China today announced the signing of a unique dual-branded project on Banping Island in Wenzhou, featuring the debut of Peppers Edge – a new regional brand extension of Peppers, a premium guesthouse concept originating from Australia. The 235-room Peppers Edge hotel will be joined by a 135-room MGallery luxury resort hotel. MGallery and Peppers Edge Wenzhou Banping Island are expected to open in late 2027. The resort will provide both leisure and business guests with an intimate and personalized style of hospitality, centered around environmental sensitivity, memorable experiences connected to nature and community, ...
Marriott International Strengthens Leadership Position in Branded Residences, Announces Owner Recognition Platform
Marriott International | July 22, 2024
Strong Developer Value and Elevated Owner Experiences Continue to Fuel Growth for Marriott Branded Residences Portfolio Today, Marriott International, Inc. (NASDAQ: MAR) announces the continued growth and global leadership of Marriott Branded Residences, along with enhanced Residence Owners benefits through ONVIA, the company’s newly integrated Owner recognition platform. For nearly 25 years, Marriott International has offered whole-ownership, private branded residences that are consistent with the level of design and service experienced at its renowned hospitality offerings. Leading the branded residential segment, Marriott has...
Raffles Hotels & Resorts to Debut Storied Brand in Tokyo
Accor | July 22, 2024
TOKYO, 22 July 2024 – Raffles Hotels & Resorts, a leading luxury hotel brand of Accor, alongside World Trade Center Building, Inc. and Tokyo Tatemono Co., today announced plans to debut the storied brand in Tokyo. Part of the redevelopment of the Tokyo’s iconic World Trade Center (WTC) in the Hamamatsuchō district, the hotel is expected to open in 2028, giving guests the opportunity to explore Japan’s capital city through the enchanted world of Raffles. “We are delighted to grow the Raffles global family with Raffles Tokyo, which will feature the brand’s world-renowned hallmarks including personalised Butler Service and an i...
Bob W Forms £400M Joint Venture With OCIM To Convert Hotels and Offices Into Serviced Apartments
Bob W | July 19, 2024
Major joint venture established to raise capital for the acquisition and conversion of obsolete assets into serviced apartments Joint venture is targeting a GDV in excess of £400 million for initial development pipeline Partnership is targeting UK and key European markets to deliver up to 2,000 apartments exclusively for Bob W brand Comes amid growing demand for more flexible, high-quality accommodation options LONDON 19 July 2024 – A new joint venture between Bob W, the tech-powered hospitality operator, and Osborne+Co Investment Management (OCIM), the in-house investment management arm of global build-to-suit developer a...
Dar Global Collaborates With The Trump Organization To Develop Trump Tower Dubai
| July 19, 2024
DUBAI, UAE, July 19, 2024 -- Dar Global, the luxury international real estate developer, has announced a prestigious collaboration with The Trump Organization to establish the iconic Trump Tower Dubai. This extraordinary development, situated in a prime location in Dubai, is set to establish new standards in luxury hospitality and residential living in the region. Both the location and design will be unveiled towards the end of 2024. Trump Tower Dubai, a beacon of elegance and sophistication, promises to captivate and thrill with its unparalleled offerings. The development will include the renowned Trump Hotel and branded residential ...
USALI Global Finance Committee Members Provide Hotel Reporting Guidance Following New California Bill Banning Hidden Fees
HFTP | July 19, 2024
Written by HFTP Publications — Contributor “Whether buying tickets to a concert or sporting event or booking a vacation or a hotel, Californians deserve to know exactly how much they’re being asked to pay, and not be surprised later by hidden junk fees,” said California Senator Nancy Skinner (D-Berkeley) in regard to a proposed bill she coauthored called Senate Bill 478 (SB 478), which has since been enacted and just took effect in the state earlier this month. Designed to protect consumers from hidden fees, businesses and sellers must, as of July 1, 2024, list the price of any good or service to include all mandatory charges ...
The Americas and Asia Pacific Show Growth in Hotel Pipeline Activity
CoStar Group | July 19, 2024
WASHINGTON – 19 July 2024 – Two of the world regions, the Americas and Asia Pacific, showed a year-over-year increase in hotel pipeline activity at the end of the second quarter, according to June 2024 data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. June 2024 (% change in comparison with June 2023): Europe In construction: 165,858 rooms (-2.4%) Final Planning: 93,241 rooms (-20.9%) Planning: 160,651 rooms (+8.0%) Total Under Contract: 419,750 rooms (-3.8%) Among countries in the region, Germany (27,302) led in construction act...
The Cordish Companies Celebrates ‘Topping Off’ for New $270+ Million Live! Casino & Hotel Louisiana Project
Live! Casino & Hotel Louisiana | July 18, 2024
World-Class Gaming, Hotel, Dining, and Entertainment Destination to Feature First Land-Based Casino in Shreveport-Bossier Market New Development Projected to Generate More Than $200 Million in City and State Gaming Tax Revenue in First Five Years of Operation; Create Approximately 1,500 New Jobs for the Region Property Will Feature 30,000 SF of Best-in-Class Dining and Entertainment Venues Bossier City, LA (July 18, 2024) – LRGC Gaming Investors, LLC, an affiliate of The Cordish Companies, today marked a significant milestone in the construction of the first land-based casino in the Shreveport-Bossier market during the “TOPPING OF...
U.S. Hotel Construction Activity Highest Since February 2023
CoStar Group | July 18, 2024
WASHINGTON – 18 July 2024 – The volume of U.S. hotel rooms under construction reached its highest level in 16 months, according to CoStar’s latest June 2024 data. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. U.S. Hotel Pipeline June 2024 (percentage change from June 2023) In construction: 157,713 rooms (+5.5%) Final Planning: 266,619 rooms (+9.8%) Planning: 333,827 rooms (+38.7%) “The number of rooms in construction has grown year over year for four consecutive months,” said Isaac Collazo, STR’s VP, analytics. “While upscale and upper m...
The Perry Hotel Naples Slated for Fall Opening in Florida With 160 Guestrooms
The Perry Hotel Naples | July 17, 2024
NAPLES, FL (July 17, 2024) – The Perry Hotel Naples, a 160-room hotel located along the Cocohatchee River in North Naples, Florida, is slated to open this fall. It will be the second location for The Perry, a boutique hotel brand that launched in Key West in 2017. The $80-million project is a new-build, featuring seven floors, a modern industrial design, spacious guest rooms, most with balconies, a ground-floor pool and adjacent activity lawn, a poolside tapas eatery, a lobby coffee bar, a fitness center, and an open-air deck featuring a rooftop pool, a chic poolside bar highlighting craft cocktails, and rooftop Tigress Restaurant, a full-...
Aptech Teams With BirchStreet Systems To Bring Procure-to-Pay Processing to Twenty Four Seven Hotels
Aptech | July 17, 2024
Aptech provides hotels with invoice-level, vendor and general ledger spend while BirchStreet Systems manages the remainder of the P2P workflow process PITTSBURGH, July 17, 2024 — Aptech has teamed with Birchstreet Systems to deliver efficiency and automation where it is most needed – the procure-to-pay (P2P) process. Based on customer demand, this collaboration brings together the best in cloud-based enterprise accounting and P2P software to deliver better control over purchase orders, invoicing, budgeting, order delivery, flexible payment options, invoice imaging, and financial review efficiency with drill down from P&L to invo...
IHG Hotels & Resorts Accelerates Presence in Spain With Four New Signings
IHG | July 11, 2024
11.07.24 (London, UK) – IHG Hotels & Resorts (IHG), one of the world’s leading hotel companies, today announces the signing of four new properties in Spain, adding over 500 rooms across key mature markets in desirable destinations. The latest agreements demonstrate owner and guest appetite for brands across each of IHG's Luxury and Lifestyle (Hotel Indigo), Premium (voco hotels), and Essentials (Holiday Inn Express) collections, in what is one of the company's priority growth markets in Europe. (Mrs) Willemijn Geels, Vice President, Development, Europe, IHG Hotels & Resorts, commented: “We are thrilled to expand our presenc...
HFTP, AHLA and GFC Unveil Groundbreaking 12th Revised Edition of the Uniform System of Accounts for the Lodging Industry (USALI™)
AHLA | July 11, 2024
The USALI is the worldwide, authoritative standard for lodging financial and operating reporting. The adoption date for this newest edition is January 1, 2026. AUSTIN, TEXAS (July 11, 2024) – A newly-revised edition of the Uniform System of Accounts for the Lodging Industry (USALI™) is now available, published by Hospitality Financial and Technology Professionals (HFTP®). The publication is available for purchase and download here. The revision process for the 12th Revised Edition has been overseen by the Global Finance Committee (GFC), jointly sponsored by the American Hotel & Lodging Association (AHLA) and HFTP. The G...
