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
How Has the Hotel Development Scene Evolved?
Kimberly Yoong | November 13, 2020
By Kimberly Yoong [embed]https://youtu.be/lTSbErjkg10[/embed] Hotel development, in a nutshell, involves the process of sourcing and negotiating hotel management or franchise contracts as well as investment opportunities, in order to drive the organic growth of a hotel business. As the tourism industry boomed, the term had earned itself somewhat ‘vogue’ status, especially amongst aspiring hoteliers. In an EHL webinar, EHL alumni Chris Anklin, Regional Vice President of Development at Hyatt Hotels Corporation and Ananth Ramchandran, Vice President of Global Corporate Finance & Strategy, Capital Investments & Transactions and ...
Kalahari Resorts and Conventions Opens America’s Largest Indoor Waterpark Resort
Kalahari Resorts and Conventions | November 12, 2020
ROUND ROCK, Texas - Kalahari Resorts and Conventions Round Rock is the new home of America’s Largest Indoor Waterpark Resort with 223,000 square feet of wet-and-wild fun. The all-under-one-roof experience offers world-class dining, a luxurious spa, live entertainment, diverse shopping experiences, a thrilling indoor theme park and a state-of-the-art convention center. The Round Rock resort is Kalahari’s fourth property and the brand’s first foray into Texas and the Southwest market. The new resort created approximately 1,000 jobs in 2020 and expects to hire additional associates as demand grows in 2021. “Everything is bigger in Te...
Access Point Financial Secures $9.2 Million Loan for Delta by Marriott, Green Bay
Access Point Financial | November 12, 2020
Recognized leader in hospitality-focused lending completes full loan funding in just 15 days amid coronavirus outbreak GREEN BAY, WIS. - November 12, 2020 – Access Point Financial, LLC (APF), a leading direct lender and specialty finance company focused exclusively on the hospitality industry, today announced the completion of an agreement with Lodging Opportunity Fund REIT (LOF REIT) to refinance the Delta by Marriott in Green Bay, WI. LOF REIT worked with Access Point Financial to secure a $9.2 million loan on the property. The REIT chose APF as its lending partner due to the company’s ability to be nimble when working with a limi...
The Wellem Joins The Unbound Collection by Hyatt in Düsseldorf
The Unbound Collection by Hyatt | November 10, 2020
The property is named after Jan Wellem, who together with his wife Anna Maria Luisa of the House of Medici significantly impacted Düsseldorf to become the center of culture and fine arts that it is today. In the spirit of its namesake, The Wellem is home to an impressive collection of contemporary art displayed throughout the property and within guest suites, including works from internationally renowned artists such as Jeff Koons, HA Schult, and Julian Schnabel. Guests have access to the hotel’s exclusive private Art Concierge, who can introduce guests to the masterpieces on display within the property and also offer tours at the nearby m...
6 Ways Hotel Benchmarking Can Help the Hotel Industry Rebound
HotStats | November 10, 2020
The hotel industry won’t emerge from the financial chasm caused by COVID-19 overnight, but recent data already points to a rebound. Benchmarking could help quicken the pace of recovery. As the hotel industry continues to thrash its way through the pandemic, hotel benchmarking has the power to not only keep hotels afloat, but also help lift the sector to solid financial ground once again. How Hotel Benchmarking Is Reviving the Hotel Industry It’s no secret that the pandemic broadsided the hotel industry. Consider U.S. hotels, which recorded a gross operating profit per available room (GOPPAR) of $-9.87 in the third quarter, a 110% d...
Hyatt Signs With First Hotel Reisen AB for Hotell Reisen Sweden
The Unbound Collection by Hyatt | October 30, 2020
Located in Stockholm, the hotel will join The Unbound Collection by Hyatt brand, continuing to fuel Hyatt’s brand growth in Europe CHICAGO (October 30, 2020) – Hyatt Hotels Corporation (NYSE:H) announced today that a Hyatt affiliate has entered into a franchise agreement with First Hotel Reisen AB to open the first Hyatt property in Sweden. Hotell Reisen is currently undergoing extensive refurbishment and will be available on Hyatt's booking system on an unbranded basis as of December 1, 2020 with plans to join The Unbound Collection by Hyatt brand in early 2021. In the Nordics, the hotel will join the planned Grand Hansa Hotel in H...
IHG Signs With K.W. Group to Bring Holiday Inn and Holiday Inn Express Brands to Phuket’s Kata Beach
IHG | October 30, 2020
Double signing marks new partnership with Thailand hospitality experts IHG® (InterContinental Hotels Group), one of the world’s leading hotel companies, has signed a management agreement with K.W. Group to bring both the Holiday Inn and Holiday Inn Express brands to Phuket’s Kata Beach. Scheduled to open in 2022, the two hotels will be eye-catching additions to The Beach Plaza Phuket, the largest mixed-use development in Kata Beach, located just five minutes from the sea. Holiday Inn Phuket Kata Beach will have 134 rooms and offer guests a range of dining options and meeting facilities as well as a swimming pool and gym. Holi...
The U.S. Hotel Construction Pipeline Is Down Slightly in Q3 2020 but Remains Robust
Lodging Econometrics (LE) | October 26, 2020
October 26, 2020 – PORTSMOUTH, NH – According to the latest U.S. Hotel Construction Pipeline Trend Report by Lodging Econometrics (LE), the total U.S. hotel construction pipeline, at the end of Q3 2020, stands at 5,282 projects/655,026 rooms, down 7% by projects and 6% by rooms, year-over-year (YOY). As expected, the hotel construction pipeline is off more substantially in Q3 '20 as compared to Q2 '20. This is due largely in part to an acceleration of new hotel openings in Q2 '20 as a result of a cyclical high number of projects under construction in Q1 '20 that were delayed and later opened in Q2 '20. Secondly, new project announcements ...
Aptech to Showcase Its Hospitality-Specific Finance & Accounting Software at HFTP’s CYBER HITEC
Aptech Computer Systems, Inc. | October 26, 2020
Five reasons why hoteliers should purchase their finance and accounting software from a technology supplier with 50 years of hospitality experience; See why Aptech is the industry standard for hospitality financial management at CYBER HITEC PITTSBURGH, OCT. 26, 2020 — In today’s economic climate, hoteliers are looking for ways to reduce costs across the board. To know where to cut, they must have the ability to access, view, compare, and dynamically analyze the performance data of their single hotel or multi-property, multi-branded portfolios. Without access to this vital information, operators may find themselves unable to make effect...
Radisson Hotel Group Launches New Brand, Radisson Individuals
Radisson Hotel Group | October 20, 2020
Brussels - October 20, 2020 - Radisson Hotel Group announces the launch of a new brand, Radisson Individuals. Radisson Individuals is a conversion brand that offers independent hotels and local, regional chains the opportunity to be part of the global Radisson Hotel Group platform, benefit from the Group’s international awareness and experience, with the freedom to maintain their own uniqueness and identity. Radisson Individuals hotels are selected for their own characteristics and personalities, offering guests an opportunity to discover new locations around the world, while always delivering Radisson Hotel Group’s high standards of qu...
The St. Regis Cap Cana Resort & Residences Celebrates Groundbreaking in the Dominican Republic
St. Regis Hotels & Resorts | October 14, 2020
St. Regis Hotels & Resorts today celebrated the groundbreaking of The St. Regis Cap Cana Resort & Residences, expected to be the first St. Regis hotel in the Dominican Republic. Slated to open in 2023, the resort is expected to feature 200 luxurious guest rooms and suites with spectacular ocean views and 67 residences, in addition to the iconic St. Regis Butler Service, bespoke amenities and a world-class golf course designed by Jack Nicklaus. President of the Dominican Republic The Honorable Luis Abinader Corona, Executive Vice President for Pioneer Funds Yamil Isaías, President of Campagna Ricart & Associates Dino Campagna, ...
Aimbridge Hospitality Adds 16 Extended Stay America Properties to Management Portfolio
Aimbridge Hospitality | October 13, 2020
PLANO, Texas, Oct. 13, 2020 - Aimbridge Hospitality, the leading, global, third-party hotel management company, announces it has added 16 Extended Stay America properties to its growing portfolio. Aimbridge now manages 36 Extended Stay America properties, with more in the pipeline. This portfolio of Extended Stay America properties has received $5 million of capital improvements in the last two yearsalone and will continue to receive capital improvements into the future from the new ownership group consisting of Lodging Advisory Group and ServiceStar Capital Management, LLC. Lodging Advisory Group (LAG) will serve as the portfolio's...
Hospitality Financial Leadership: Chapter 11 – Being
David Lund | October 12, 2020
By David Lund The chapter below is an excerpt from my new book. It’s fiction but some of the characters and story lines are based on people I have worked with and events that have taken place in the hotels I have worked in. The book is a fable about a hotel manager who has some very bad habits. He must change in order to survive and the book takes him and you through the lessons needed to be a great hospitality financial leader. I’m writing ahead each month so I’m not sure how the book will end. I hope you enjoy it and if you missed any earlier chapters you can find them on my website blog tab. The first two days at the Norton...
Mohegan Gaming & Entertainment (MGE) Plans Major Expansion of Premier Northwestern U.S. Property
Mohegan Gaming & Entertainment | October 9, 2020
UNCASVILLE, Conn., Oct. 9, 2020 - Mohegan Gaming & Entertainment, manager of ilani in Ridgefield, Wash., is pleased to announce major updates to its premier northwestern U.S. property as the brand continues its upward momentum in developing integrated entertainment resorts (IER) worldwide. In partnership with the Cowlitz Tribe, Howard S. Wright and Friedmutter Group, ilani will feature additions to its exterior and interior designs, including two new restaurant venues, expanded gaming space, as well as a 14-story hotel tower. The expansion is an extension of MGE's global growth strategy and the Cowlitz Tribe's long-term vision for its...
Budgeting Season Is Here: Oy Vey! But It Doesn’t Have to Be
HotStats | October 9, 2020
By now, most hoteliers are in the throes of budget season. Only this year’s version is unlike any before. COVID-19 has made it so. Hearing from hoteliers and other industry stakeholders, this year’s budget planning is not only cumbersome, but many, including one owner I spoke to, told me they have no idea where to even start. To borrow a line from hands down one of the greatest films of the 20th century, The Big Lebowski, “This is our concern, dude.” Luckily, for all of us, The Dude is not preparing budgets. Still, it may be anyone’s guess as to what 2021will bring as the virus shows no signs of ceasing, the potential of a s...
Choice Hotels Signs With Fredric Washington to Develop Six Hotels in Florida
Choice Hotels International | October 6, 2020
ROCKVILLE, Md., Oct. 6, 2020 - Choice Hotels International, Inc.'s (NYSE: CHH) one-of-a-kind emerging markets franchise development program has awarded a contract to Fredric Washington to develop six hotels. This new contract with an African American entrepreneur represents the largest minority multi-unit franchise agreement executed in the program's history. "Choice Hotels has a longstanding, deep commitment to diversity, equity and inclusion, and we strive to make every associate, franchisee and guest feel welcome, wanted and respected — that's our brand promise," said Patrick Pacious, president and chief executive officer, Choice H...
DoubleTree by Hilton Opens Beachfront Property in Mazatlán, Mexico
DoubleTree by Hilton | October 5, 2020
MAZATLÁN, Sinaloa, México - Hilton (NYSE: HLT) today announced the opening of DoubleTree by Hilton Mazatlán. The 18-story, 281-room full service hotel just minutes from Mazatlán’s famous Boardwalk is the latest addition to DoubleTree by Hilton, one of Hilton’s 18 market-leading brands. Located in the heart of the “Golden Zone” of Mazatlán, known for having the best restaurants, shops and nightlife, DoubleTree by Hilton Mazatlán features bright and vibrant accommodations with direct beach access and breathtaking views over the Mazatlán Pacific coastline. “We are thrilled to welcome DoubleTree by Hilton Mazatlán as the n...
The Unbound Collection by Hyatt Welcomes Grand Wuji Hotel in Nanjing, China
The Unbound Collection by Hyatt | September 30, 2020
CHICAGO (September 29, 2020) – Hyatt Hotels Corporation (NYSE: H) today announced the opening of the wellbeing-focused Grand WUJI Hotel in Nanjing, the capital of Jiangsu Province, which marks the fourth property in China for The Unbound Collection by Hyatt as the brand expands its footprint globally in markets that matter most to guests and World of Hyatt members. “We are very excited to welcome guests to experience an extraordinary journey at Grand WUJI Hotel,” said Mr. Jenkin Li, general manager of the hotel. “At Grand WUJI Hotel, the essence of a healthy lifestyle is integrated into every detail of the guest experience. The res...
Aptech Offers Hoteliers Six Budgeting Tips for 2021
Aptech Computer Systems Inc. | September 29, 2020
At a time when revenues are at their lowest, it’s critical that operators understand where to trim costs and how to track spending per occupied room using historical drivers PITTSBURGH, Sept. 29, 2020 — With operating budgets thrown out the window by second quarter this year, hoteliers are scrambling to find useful historical data to help guide them through the 2021 budgeting and forecasting process. Aptech, a provider of budgeting and forecasting, enterprise accounting, and business intelligence solutions for hotels, is advising operators to rely on historical drivers rather than bottom line revenues to help them better plan for the d...
Turnbull Capital Group and Dr. Donald W. Wise Present a World Class Team of Professionals to Discuss: Where Are Hotel Asset Values Today?
Turnbull Capital Group | September 29, 2020
Dr. Donald W. Wise, Co-founder and Senior Managing Director of Newport Beach-based Turnbull Capital Group, and Gretta Brooks, Founder & CEO of Plano-based SalesBoost, LLC, are pleased to announce their third Webinar in a series on the discovery of hotel and resort values today. This Webinar is moderated by Dr. Donald W. Wise, Founder of CBRE Hotels in the 1984 and Founder of the lodging and hospitality lending group at Walker & Dunlop in 2007. The panel features a world-class crew of veterans: Mr. Gregory Mount, Founder, the Victory Hotel Group Ms. Suzanne Mellen, MAI, CRE, FRICS, ISHC, Senior Managing Director...
Property Taxes Post COVID-19
Brian F. Bisema | September 28, 2020
By Brian Bisema, Suzanne Mellen After realizing record-high RevPAR levels with over 100 consecutive months of growth, the lodging industry continued to strengthen through 2019, albeit at a significantly more tempered rate. Then, in the first quarter of 2020, COVID-19 struck. The unimaginable pandemic erased years of RevPAR gains virtually overnight, leaving owners and operators scrambling to strategize the forthcoming steps. While logistics pertaining to reopening hotels, new sanitation standards, and controlling variable operational expenses are on the forefront of hoteliers’ minds, fixed expenses, particularly an asset’s property tax...
Virgin Hotels Las Vegas Sets January 2021 Opening Date
irgin Hotels Las Vegas | September 25, 2020
Today, Virgin Hotels Las Vegas, part of Curio Collection by Hilton™, announced the property’s grand opening date at a press event featuring property partners and investors at the porte-cochere. The revitalized property will open as Virgin Hotels Las Vegas with opening date, Jan. 15, 2021, being revealed on a digital mobile billboard. During his heartfelt speech, Richard “Boz” Bosworth, President and CEO of JC Hospitality, owner of Virgin Hotels Las Vegas, stressed the resilience of the hospitality, gaming and entertainment industry, the city of Las Vegas as a whole and expressed how he looks forward to bringing employees back t...
Service Properties Trust Sends Notice of Payment Shortfall to Marriott for Agreement Covering 122 Hotels
Service Properties Trust | September 25, 2020
Marriott Failed to Meet the Termination Threshold of 80% of Owner’s Priority Return through August. Failure to Pay the Shortfall Will Trigger SVC Termination Rights NEWTON, Mass. - Service Properties Trust (Nasdaq: SVC), or SVC, today sent a letter to Marriott International, Inc. (NYSE: MAR), or MAR, requesting MAR advance $11.0 million to cover the shortfall between the payments SVC has received to date from MAR and 80% of the priority returns due to SVC for the eight months ended August 2020. MAR has 10 days from receipt of the letter to make the payment, or SVC will have the right to terminate its agreement with MAR. SVC’s agreem...
Radisson Signs Radisson Blu Hotel, Sheffield in the UK
Radisson Blu | September 24, 2020
Radisson Hotel Group is pleased to announce the signing of Radisson Blu Hotel, Sheffield, expanding the brand’s UK presence in collaboration with the local city council as part of its flagship Heart of the City II development. The brand-new hotel, opening in 2023, will be housed in the striking Victorian architecture of Pinstone Street featuring 154 light, airy and spacious rooms with a prominent location including views of the Peace Gardens. The stylish property will also offer multi-functional and flexible meeting and events spaces as well as a modern gym for guests. The property will feature a high-end rooftop restaurant and bar lookin...
