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
Benchmarking 101: The Bottom Line on Utility Costs
HotStats | September 22, 2020
In the age of COVID, numerous operating costs have decreased, as hoteliers have done all they can to reduce expenses to help offset the extreme reduction in revenue. Still, there’s never zero cost. Even a closed hotel has expenses. So, too, do hotels operating at reduced capacity. One of the areas that hoteliers should always be mindful of is utilities, which in the 11th edition of the Uniform System of Accounts for the Lodging Industry (USALI) are recorded in the Property & Maintenance schedule. Utilities include electricity, gas, propane, oil and water/sewer. Utilities can have a massive impact on a hotel’s profit. And even...
Hall Arts Hotel Joins Curio Collection by Hilton
HALL Group | September 22, 2020
DALLAS (September 21, 2020) – Announced today, HALL Arts Hotel is now a member of Curio Collection by Hilton, a group of hand-selected, four and five star independent properties offering travelers local discovery and authentic experiences. Guests of HALL Arts Hotel that are also Hilton Honors members can take advantage of all the services and experiences that come with the Hilton name and its renowned Hilton Honors program. Opened in December 2019 and developed by Craig and Kathryn Hall, proprietors of California’s award-winning HALL, WALT and BACA Wines and founders of Dallas-based real estate company HALL Group, HALL Arts Hotel is th...
Caesars Entertainment and VICI Properties Enter Into $400 Million Mortgage
Caesars Entertainment, Inc. | September 21, 2020
RENO, Nev. and LAS VEGAS, Sept. 21, 2020 -- Caesars Entertainment, Inc., (NASDAQ: CZR) ("Caesars," or "Caesars Entertainment") announced today its subsidiary's entry into a $400 million mortgage with a subsidiary of VICI Properties Inc. (NYSE: VICI) ("VICI Properties" or "VICI") that is secured by the CAESARS FORUM Conference Center in Las Vegas, in accordance with the previously announced letter of intent (the "LOI") entered into on June 15, 2020. The five-year mortgage will initially bear interest at a rate of 7.7% and will be pre-payable beginning in year three, subject to certain conditions (and may be prepaid earlier in the cas...
How Much Does It Cost to Give Great Customer Service?
Shep Hyken | September 16, 2020
By Shep Hyken I recently wrote an article in Forbes about how to get customers to pay more. The focus, of course, was on customer service and experience. Research has irrefutably proven that customers will pay more for a better experience. Research also has irrefutably proven that customers will leave you for your competition if you don’t give them the service they expect. One of my Forbes readers, Daniel Rodriguez, sent in an interesting comment. He said, “What’s interesting is that better service is correlated to a higher willingness for the customer to pay, but that doesn’t mean that a business has to spend more on CS to...
IHG’s voco™ Brand Arrives in the Americas With First Locations Planned for New York City, Florida and Missouri
IHG | September 16, 2020
IHG® (InterContinental Hotels Group), one of the world’s leading hotel companies, today announced that its highly anticipated upscale voco™ brand has arrived in the Americas with first locations planned for New York City; St. Augustine, Florida; and Columbia, Missouri. Initially launched outside of the Americas in 2018 with the first hotel in Australia, the voco brand combines the informality and charm of an independent hotel with the quality and reassurance of a global and respected brand. With a focus on conversion opportunities, voco Hotels allows guests to enjoy an upscale experience with the freshness of a one-of-a-kind hotel under...
Evaluating Hotel Performance: 6 Key Factors
EHL Insights | September 15, 2020
The clear-cut measurability of KPIs is alluring. Occupancy percentages, profit indicators, return on investment. These are the type of traditional performance measures on which many hoteliers rely when it comes to evaluating hotel performance. Unfortunately, taken in isolation, they are now thought to provide misleading signals, failing to adequately support the needs of today’s organizations. In order to capture the full picture of hotel performance, additional factors must be borne in mind. Does your hotel take safety seriously? Does it embrace innovation? Are you providing service excellence to your hotel guests? A more holistic view ...
Accor Bringing Fairmont Brand to Australia With 2023 Opening in Queensland
Accor | September 10, 2020
Australia, 10 September 2020 – Accor will bring the luxury Fairmont brand to Australia for the first time, with the announcement that the Fairmont Port Douglas is set to open in Far North Queensland in 2023. Set on the edge of two UNESCO World Heritage sites – the Great Barrier Reef and the Daintree Rainforest - the hotel has been sustainably designed to give back to the environment. “We are excited to bring the extraordinary Fairmont brand to Australia and are confident that Fairmont Port Douglas will deliver a new level of luxury and sophistication to one of the country’s most glamourous resort towns,” said Simon McGrath, Ch...
Radisson Hotel Group Signs Master Franchise Agreement With Atlantica Hotels in Brazil
Radisson Hotel Group | September 9, 2020
Minneapolis MN - September 9, 2020 - Radisson Hotel Group is proud to announce it has signed a Master Franchise Agreement with Atlantica Hotels in Brazil. The two companies have held a longstanding relationship for nearly 20 years. Atlantica Hotels was previously a licensee for Radisson Hotel Group’s brands in Brazil, including Radisson Blu, Radisson RED, Radisson and Park Inn by Radisson. The Master Franchise Agreement will cover all seven of Radisson Hotel Group’s brands. The signing of this agreement will extend this relationship for another 20 years while growing Radisson Hotel Group’s presence throughout the country. “After 20 ...
Paramount Lodging Advisors (PLA) Leads the Successful Sale of the Houston Area Candlewood Suites
Paramount Lodging Advisors | September 9, 2020
Paramount Lodging Advisors (PLA) is pleased to announce the sale of the Candlewood Suites in Kingwood, TX. PLA was exclusively engaged to represent the seller in the transaction of the 73-room property. The marketing efforts were led by Managing Director Kami Burnette and Associate Mason McDavid. The 77-room property is in the heart of Kingwood and is ideally located near the Kingwood Medical District. Future plans include converting the property to an Extended Stay America branded hotel. “This is an unprecedented environment with numerous headwinds including COVID-related travel restrictions and frozen capital markets. We are excit...
How Turning to Benchmarking Can Stave Off Financial Ruin
HotStats | September 1, 2020
When the winds of crisis whip, and a hotel’s cash begins flying away, it’s easy to panic. During a crisis, it might feel like the whole market has been pulled out from under you. However, there is hope even in the worst financial crisis. With hotel benchmarking, it’s possible to fight off financial ruin, even in the middle or during the aftermath of financial turmoil. Wondering how? In this article, we dive into ways hoteliers can use benchmarking to keep a hotel out of the red and steer operations to long-term profit amid a nightmarish market. First, What Happens During a Financial Crisis? Every financial crisis will be diff...
Federal Per Diem: Fiscal 2020/21 & Historical Trends
Chelsey Leffet | September 1, 2020
By Chelsey Leffet Government per-diem rates are set for a number of locations, many applying to multiple regions or localities in each state. A per-diem rate is made up of three components: a lodging allowance, meals allowance, and incidental expense allowance[1]; however, this article and the data presented below focus solely on the lodging allowance. The per-diem lodging rates, which provide a maximum amount that a federal traveler can reimburse, are based on the costs of mid-priced hotels, and are set annually by the U.S. General Services Administration (GSA). The following article examines the per-diem trends of the top lodging markets...
Shiji Group and MCR Announce Agreement on the $46 Million Purchase of StayNTouch
Shiji Group | August 31, 2020
Shiji Group announces it's definitive agreement to sell StayNTouch for $46 Million to MCR, the fifth-largest hotel owner-operator in the United States. Shiji Group, a global hospitality technology provider, today announces it has reached a definitive agreement to sell StayNTouch to MCR, the fifth-largest hotel owner-operator in the United States, for the purchase price of $46 Million, including potential earnouts. The much anticipated announcement follows months of negotiations between the two parties after the U.S Administration, in March of 2020, ordered Shiji to divest of StayNTouch, a leading cloud hotel property management system ...
Walt Disney World Swan and Dolphin Resort Celebrated Topping Off of New 14-Story Tower
The Walt Disney World Swan and Dolphin Resort | August 31, 2020
LAKE BUENA VISTA, Fla. – Aug. 31, 2020 – The newest addition to the Walt Disney World Swan and Dolphin Resort has reached a key construction milestone with the topping off of the project’s top floor. The achievement was honored with the installation of a steel beam on the 14th story. As the beam was raised, it carried a tree and an American flag, as is construction industry tradition. The new tower is scheduled to open summer 2021 as a 349-room hotel to complement the iconic Walt Disney World Swan and Dolphin’s two original hotels. The occasion also marks a change to the project’s name. The new tower will now be called The Walt D...
The St. Joe Company Bringing New Hotel and Restaurant to Panama City’s Downtown Waterfront District
The St. Joe Company | August 28, 2020
PANAMA CITY BEACH, Fla. - The St. Joe Company (NYSE: JOE) (“St. Joe”) and the City of Panama City, Florida (“the City”) execute a long-term land lease to bring a new hotel and restaurant to Panama City’s downtown waterfront district. Under the terms of the lease St. Joe will lease a City-owned parcel to develop, construct and operate a waterfront hotel and standalone restaurant on a portion of the Panama City Marina property fronting beautiful St. Andrews Bay, which has a deep water channel to the Gulf of Mexico. This agreement comes after nearly two years of planning, discussions and public meetings between St. Joe, the City an...
Service Properties Trust to Transfer 103 Hotels to Sonesta From IHG
Service Properties Trust | August 25, 2020
NEWTON, Mass. - Service Properties Trust (Nasdaq: SVC), or SVC, today announced that it will transfer the branding and management of 103 hotels to Sonesta International Hotels Corporation, or Sonesta, from InterContinental Hotels Group plc (NYSE: IHG), or IHG. As previously announced, SVC sent notices of termination to IHG for failure to pay SVC’s minimum returns and rents due for July and August 2020 totaling $26.4 million, plus accrued interest, and IHG had until August 24, 2020 to avoid termination by making payment to SVC. SVC did not receive any payment from IHG by August 24, 2020, nor does SVC expect to receive any payments from IHG ...
The Lake House on Canandaigua Opens in New York Following First Phase of Development
The Lake House on Canandaigua | August 25, 2020
Canandaigua, NY (August 14, 2020) – The Lake House on Canandaigua, a new Finger Lakes hotel created by the Sands Family, has officially opened its doors to guests following its first phase of development. The hotel, designed by New York-based firm Studio Tack in collaboration with family-owned design house The Brooklyn Home Company, presents a residentially inspired and design-forward hospitality experience, creating a new destination for travelers seeking an active wellness retreat in Western New York. The property currently offers room availability to guests in its Main House with dining accommodations at the reimagined Sand Bar. Add...
Why Professional Asset Management Adds Value to Hotel Investors?
Ajay Mehtani | August 24, 2020
By Ajay Mehtani & Dipti Mohan The role of a professional Asset Manager has traditionally been underplayed in India, even though the expertise brought in by a quality Asset Manager can yield great results for Investors. This is already a proven fact in several mature markets where Hotel Investors extensively use their services. The role of the Asset Manager has become even more crucial in the current times of uncharted waters. How do professional Asset Managers add value to Hotel Investors? Asset Managers work with owners to maximize the asset value and potential by optimizing operational efficiencies to deliver better ROI. ...
Hospitality Financial Leadership: What Everyone Needs to Know About Hotel Financial Skills 1-10
David Lund | August 24, 2020
By David Lund On the eve of starting my financial leadership course for the third year with Royal Roads University it occurs to me that most people have it somewhat wrong when it comes to how they think about the financials inside the hotel business. It’s almost like they think that a mechanic is the only person who can drive a car. On that note many great drivers possess great knowledge about how the car works but they’re not mechanics; it’s not a requirement to be a great driver. You would never take your Ferrari to the driver for a repair, but man can they drive it. The exact same goes for financial skills and understanding. You ...
Middle East Hotel Construction Pipeline Continues to Show Signs of Decline* at Close of Q2 2020
Lodging Econometrics (LE) | August 20, 2020
August 20, 2020 – PORTSMOUTH, NH – According to the latest published Construction Pipeline Trend Report for the Middle East, analysts at Lodging Econometrics (LE) state at the end of the second quarter of 2020, the hotel construction pipeline in the Middle East decelerated once again to 591 projects/169,538 rooms. The Middle East’s pipeline is down 7% by projects and 6% by rooms year-over-year (YOY). This is the fourth consecutive quarter the pipeline has declined since reaching its cyclical peak by projects in Q2 2019. However, projects currently under construction stand at an all-time high of 363 projects/117,458 rooms. Projects ...
IHG Signs With Riteway and Medha Projects to Develop Holiday Inn Resort in India
IHG | August 19, 2020
InterContinental Hotels Group® (IHG), one of world’s leading hotel companies, has signed a management agreement with Riteway and Medha Projects to bring a Holiday Inn Resort to the state of Karnataka. Offering 126 well appointed rooms, Holiday Inn Resort Sakleshpur Western Ghats is expected to open its doors to guests in Q1 2023. Underscoring industry confidence despite challenging times, this is the second signing announced by IHG in India in last three months. Located on the Western Ghats mountain range, in the state of Karnataka, Sakleshpur is in close proximity to Bengaluru, and is a great destination for leisure travellers looki...
Aimbridge Hospitality Portfolio Expansion Continues
Aimbridge Hospitality LLC | August 18, 2020
DALLAS, Aug. 18, 2020 - Aimbridge Hospitality, the leading, global, third-party hotel management company with more than 1,400 branded and independent properties across 49 states and 20 countries, is continuing to expand with new additions to its portfolio across all verticals. Since March 2020, Aimbridge Hospitality has added more than 40 properties with over 5,000 guest rooms to its portfolio in addition to over 30 properties in the pipeline as of August 15, 2020. CEO Dave Johnson said, "We are excited about our robust portfolio growth and look forward to a continued positive trajectory." The new additions to Aimbridge's managed po...
The Owner’s Obligation – Cash
Robert Mandelbaum | August 17, 2020
By Robert Mandelbaum The COVID-19 virus has had an extreme negative impact on the U.S. lodging industry. According to CBRE’s June 2020 edition of Hotel Horizons®, lodging demand in the U.S. will decline by 37.0 percent in 2020. This will cause a 38.0 percent drop in the national occupancy level, along with a 22.5 percent fall in average daily room rates (ADR). The net result is a projected 51.9 percent fall off in revenue per available room (RevPAR) for the year. Using historical data from the CBRE Trends® in the Hotel Industry database of operating statements, the most likely consequence of a 51.9 percent RevPAR decline is a G...
LNW Hospitality Celebrates Topping Out of Dual-Branded Courtyard by Marriott & Residence Inn by Marriott on Jekyll Island, GA
LNW Hospitality | August 14, 2020
August 14, 2020 - LNW Hospitality and New Castle Hotels, the developers of the new dual-branded Courtyard/Residence Inn coming to Jekyll Island, announced the formal topping out of the building. This important construction milestone, the completion of the support structure of the roof, was marked by a ceremony on site. The 209-key property, scheduled to open in the spring of 2021, features 120 Courtyard by Marriott rooms and 89 Residence Inn by Marriott rooms. Sitting on 5.8 acres of oceanfront land, this hotel will provide an exceptional guest experience. Amenities include the largest pool on Jekyll Island, a large hot tub, a splash pad ...
Radisson Collection to Debut in China With First Destination Resort in Nanjing
Radisson Hotel Group | August 5, 2020
Shanghai, China - August 5, 2020 - Radisson Collection, Radisson Hotel Group’s anthology of iconic lifestyle hotels, will arrive in China for the first time next year when it opens an outstanding low-rise resort, which will form a key part of a brand new integrated tourism complex in the Jiangsu Horticultural Exposition Park. Scheduled to launch in Q2 2021, Radisson Collection Resort, Nanjing will be set on the banks of a lake, amid an enchanting landscape of floral gardens. This elegant retreat will feature 151 spacious and stylish rooms and suites, ranging from 43 to 336 square meters. Suite guests will also enjoy exclusive amenities at...
