Brandt Hospitality Group Getting Great Results From Accounting Software Partner
Aptech | June 5, 2024
Hospitality Financial Leadership: Why Prioritizing Employee Development Has the Best ROI for Owners Too
David Lund | March 27, 2023
Finance
HFTP and HTNG Sign Partnership Agreement to Strengthen Resources for the Hospitality Industry
HFTP | September 6, 2018
Two hospitality technology organizations to work together to cross-promote education and resources Hospitality Financial and Technology Professionals (HFTP®) and Hospitality Technology Next Generation (HTNG) announced during Hospitality Upgrade's Annual CIO Summit that they established a partnership geared toward strengthening the progression of the technology in the hospitality industry. The agreement is based on both organizations' desire to use each group's complementary strengths and resources to advance technology in the hospitality and travel industries. "For years, HFTP and HTNG have worked in parallel in sup...
Blockchain and Real Estate: Don’t Let Bitcoin Blind You to the Usefulness of Blockchain
Savills Vietnam | September 6, 2018
Bitcoin and crypocurrencies may not interest you, but the underlying blockchain technology should. Imagine that, early this year, you sold a property for $10m and opted to take payment in Bitcoin. Perhaps your $10m of Bitcoin was transferred to you on January 6, when a Bitcoin was worth $17,135.84. If you didn't use those funds by, say, the next Tuesday, your store of Bitcoin would have fallen in value by 16%. If you waited another week to spend those coins, you would find they'd plummeted 55% in value. Of course, had the sale taken place exactly a year earlier, you could have watched your $10m of Bitcoin turn into more than $200m by t...
Hospitality Financial Leadership – Igniting Your Financials by Putting Hours of Work in Your P&L
David Lund | September 4, 2018
By David Lund In hospitality we all know that payroll is by far the largest expense and therefore it has the biggest negative impact on profitability. Turn this around and know that finding ways to be more efficient with payroll can have a big impact on labor costs and a positive impact on your hotel's bottom line. If you don't have hours of work in your monthly P&L, you are missing a massive opportunity to better understand payroll and productivity leading to ways to manage your business better. You know what they say, you can't manage what you can't measure. Putting hours of labor into your financial statements is just good housek...
Spirides Arranges $2.33 Million Hotel Debt Refinancing for Hampton Inn Laurinburg, NC
Spirides Hospitality Finance Company, LLC | September 4, 2018
TAMPA, FL—Spirides Hospitality Finance Company has successfully arranged, and its client has closed on a $2.33 million debt refinancing with a permanent loan from a southeast U.S. headquartered lender to refinance existing debt for the Hampton Inn by Hilton in Laurinburg, North Carolina. Hampton Inn Laurinburg, NC features 50 guest rooms with an interior corridor in one 3-story building and is situated on 6 acres of land. The hotel is located just off of Interstate 74 at 115 Hampton Circle, Laurinburg, Scotland County, North Carolina. It is located one mile from St. Andrews College and is near the Scottish Heritage Center. Scottish immig...
HFTP Announces 2018 CHAE of the Year Recipient: Elijah Spiritoso, CHAE
HFTP | August 30, 2018
Spiritoso will be honored at HFTP's upcoming 2018 Annual Convention in October Hospitality Financial and Technology Professionals (HFTP®) will honor Elijah Spiritoso, CHAE as the 2018 Certified Hospitality Accountant Executive (CHAE®) of the Year at its upcoming Annual Convention this October. The CHAE of the Year award honors the individual that scored the highest on the CHAE certification exam within a given year. HFTP's Annual Convention will be held from October 24-26, 2018 at the Omni Louisville Hotel in Louisville, Kentucky USA - online registration is open now. Spiritoso started in hospitality as a busboy for a local ...
Thorofare Capital Funds $16 Million Bridge Loan to Refinance Sheraton Silver Spring Hotel in Silver Spring, MD
Thorofare Capital | August 28, 2018
Los Angeles, CA (August 28, 2018) — Thorofare Capital (Thorofare), through its bridge lending platform, has provided an affiliate of Integrated Capital LLC with a $16 million short-term senior loan for the refinance of the Sheraton Silver Spring Hotel in the Washington D.C. metro area submarket of Silver Spring, MD. Located at 8777 Georgia Avenue, the 229-room, 16-floor full-service hotel was built in 1971 and renovated in 2017. It is managed by Atlanta-based Davidson Hotels & Resorts, one of the largest privately held management companies in the lodging industry. Proceeds from Thorofare's 12-month, interest only, non-recourse...
The Rainmaker Group Appoints Hospitality Veteran as New Head of Sales
Rainmaker | August 28, 2018
ALPHARETTA, GA. — August 28, 2018 — The Rainmaker Group (Rainmaker), a leader in revenue management solutions for the hospitality and gaming industry, is proud to announce the appointment of Matt Curry as their new Head of Sales. Curry joined Rainmaker in 2016 to lead sales and business development for the multifamily housing division. Upon divesting that side of the business to RealPage in late 2017, he transitioned to Rainmaker's hospitality business to lead product strategy and development, integrations, and customer support. "Matt's background paired with his proven leadership and commitment to Rainmaker makes this move ...
Fairmas wins hotel Ritz Paris as financial planning software customer
Fairmas GmbH | August 28, 2018
Ritz Paris uses FairPlanner from Fairmas to optimize financial planning The traditional luxury hotel Ritz Paris, one of the two privately owned Ritz hotels apart from The Ritz London, is now using the financial planning software FairPlanner from Fairmas GmbH based in Berlin. By integrating FairPlanner into their existing IT software environment, Ritz Paris is standardizing and automating the processing of their financial data for budget and forecast planning, with the aim of making the hotel's financial planning process more efficient. By utilizing FairPlanner, the hotel management is digitizing processes that are hardly visible to ...
“Designing to a Budget” Rather Than “Budgeting a Design”
DRB Development Solutions | August 23, 2018
One of the most common mistakes made by Owners is failing to provide a budget for the design team to achieve. Too often we find that an Owner has provided the designers a concept or idea of what the project is to achieve, seeking some spectacular look or feel. Then Owners let the design team create that image and feeling. I am sure there often is a "notional discussion" of a budget but in my experience that is never really heard by the designers or resurrected by the Owners until after the first pricing exercise. Please do not get me wrong, this reactionary practice has kept our firm very busy for more than 35 years. We are repeatedly c...
Loyalty Begins With a Smile
Alan Young | August 22, 2018
How a trip to Budapest reignited my love of travel By Alan E. Young, CEO, Puzzle Partner Loyalty begins with a smile. It sounds simple enough however it can be a challenge to receive a smile in today's hectic, overly self-indulgent environment. We focus on selfies, Facebook, Instagram and have slowly lost touch with what is most important, creating face to face relationships that can last the test of time. The hotel industry faces this challenge daily. While reading an article on Skift titled, "Google Finds Customer Service Beats Loyalty Programs," I saw this as such a basic point. Of course, great service will trump a loyalty program e...
Paramount Lodging Advisors Launches Subsidiary, Paramount Capital Advisors
Paramount Capital Advisors | August 21, 2018
Paramount Lodging Advisors (PLA) is pleased to announce the launch of Paramount Capital Advisors (PCA). PCA expands Paramount's reach and expertise into the Capital Markets arena. PCA provides strategic advisory in debt financing and equity placements for institutional and individual real estate investors in the hospitality sector. Since launching the platform in July 2018, PCA's capital advisory team has successfully closed over $75,000,000 in transactions. PCA's capital advisory services further benefits Paramount Lodging Advisors' clients by providing a more extensive suite of services, such as customized capital solutions for acquis...
Tambourine: Use Data to Get More This Budget Season
Tambourine | August 20, 2018
This budget season, you'll need to prove how much hotel revenue you brought in or risk losing your funds. A successful hotel marketing budget not only requires the guts to ask for what you need, but the data to back it up. We're constantly pushing hotel marketers to attach numbers to their success and to keep track of hotel marketing metrics that matter, instead of simply touting website visitors, social media followers, ad impressions and email open rates. Nowhere does data become more critical than during budget season. Your owners care about bottom line results and hold your marketing team accountable for revenue just as much as they...
Hospitality Financial Leadership: Who Inspired You?
David Lund | August 20, 2018
By David Lund Who inspired you – Who was the one person in your career you would have done anything for? Be you for a moment and re-live the experience you had when your career really took off. That place in your past that had you really growing and learning your craft at a rapid rate. You had someone in your world that was an inspiration, a bright light to follow. Some would call this person a mentor or a guide or adviser or a guru. This person took it upon themselves to help you find your way. And how exactly did they do this, what was their method or system to help you? "Show me a successful individual and I'll show you someone...
Owners, Asset Managers Emphasize Need for Leadership in Revenue Strategy
Mark Brandau | August 17, 2018
By Mark Brandau Hotel owners and asset managers led the charge at RSS 2018 for revenue-focused leadership that would help them and the major brands whose flags they carry. A more holistic Revenue Strategy that maximizes profitability is within reach, RSS attendees said, but it requires greater collaboration among all stakeholders, as well as all departments of a property. Highlights from RSS show that hoteliers recognize and emphasize the needs in the industry for greater alignment, leadership development and investment in technology. Aligning the Hotel Industry for Revenue Strategy The prevailing sentiment about Revenue Strategy, share...
Jacaruso Enterprises Appears on the Inc. 5000 for the 2nd Consecutive Year, Ranking No. 1058
Jacaruso Enterprises | August 16, 2018
NEW YORK, August 15, 2018 – Inc. magazine today revealed that Texas based Jacaruso Enterprises is No. 1058 on its 37th annual Inc. 5000, the most prestigious ranking of the nation's fastest-growing private companies. The list represents a unique look at the most successful companies within the American economy's most dynamic segment—its independent small businesses. Microsoft, Dell, Domino's Pizza, Pandora, Timberland, LinkedIn, Yelp, Zillow, and many other well-known names gained their first national exposure as honorees on the Inc. 5000. "We are truly blessed to be recognized among such an incredible group of companies," s...
Anna Rench Joins McNeill Hotel Company as Vice President of Asset Management and Acquisitions
PDK PR | August 14, 2018
Germantown, TN, August 14, 2018 – McNeill Hotel Company, a growing nationally-recognized hotel owner, developer, and manager, announced today that it has hired accomplished industry executive Anna Rench to serve as the company's Vice President of Asset Management and Acquisitions. Mark Ricketts, President and Chief Operating Officer, made the announcement. In this newly created position, Anna will be responsible for the asset management of the company's existing portfolio that is currently comprised of 17 select service properties, as well as sourcing new opportunities for continued platform growth. Prior to joining McNeill, Anna ...
Hospitality Financial Leadership: Why Your Average Joe Should Never Use an OTA – And… Why He Will Never Stop Using Them!
David Lund | August 13, 2018
With two large shortcomings I can't see why the average person who has a basic understanding of how the travel world works would ever use an online travel agency. In making this statement it occurs to me that—obviously—most people don't know the basics. If they did know the two things I'm going to talk about here, the OTA world would be dead on its feet. The real question is why hoteliers do not get together and create a presence in the online world and inform people so many more customers can make a favorable decision. Then hotels in turn could increase their own traffic and reduce commission costs. This is the $64,000 ques...
All-Inclusive Hotels: Looking Beyond RevPAR
Dan Skodol | August 13, 2018
By Dan Skodol, Vice President of Revenue Analytics at Rainmaker When people think of all-inclusive resorts, they may conjure up images tied to bland buffet food, endless banana daiquiris, and conga lines of partying singles dancing around the poolside – all for one budget-conscious package price. Today's all-inclusives still tempt travelers with comprehensive packages that include meals, lodging, and entertainment options. But the all-inclusive business model has evolved significantly from its 1950s origins.1 Today, gourmet meals are often made from sustainable, locally sourced ingredients, and served along with handcrafted cockta...
Q2 U.S. Lodging Market Update
Daniel H. Lesser | August 8, 2018
By Daniel Lesser Barring any black swan event(s), the near-term outlook for lodging remains very positive. Domestic and foreign investment, and institutional capital continue to be deployed into single assets and portfolios of all types and locations of US hotels. The second-longest recovery period in history endures, with a national unemployment rate at an 18-year low and robust consumer confidence across most sectors. As a result, the U.S. economy continues to exhibit very strong growth. Gross domestic product (GDP) is forecast to rise as much as 3% this year with relatively mild inflation. Thus far, interest rate increases by the Fed...
Lightstone’s Business Intelligence Platform Gives Execs Portfolio Performance in the Palm of Their Hand
Lightstone | August 7, 2018
Cloud-Based BI System Delivers Near Real-Time Enterprise Data to Lightstone Mobile Devices for Fast-Moving Management Team Lightstone is a national real estate investor/developer with 28 hospitality properties nationwide. The company's current portfolio emphasizes select services hotels, branded by Marriott, Hilton, IHG, and Starwood. How big do you think its asset management team is? "I am responsible for overseeing hotel performance across our 28-property REIT and I am always on a plane," said Marc Dober, vice president, asset management for Lightstone. "We buy and develop hotels to grow our business. Business is based on numbers; bu...
Tambourine Shares Three Easy Ways to Tighten the Bond Between Marketing and Revenue Management
Tambourine | August 6, 2018
The days of hotel marketers and revenue managers working in separate silos are over. Opening up dialogue and combining intelligence between these two departments are the first steps towards becoming a profit powerhouse. Here are three tips from industry leaders to optimize the connection between departments and keep them working in sync: 1. Give Each Other a Seat at the Strategy Table Bring revenue managers to marketing strategy meetings and vice versa. Each should be on hand when planning future pricing and marketing campaigns. Feedback between the departments should be fluid and open. "If marketing and revenue management teams don't c...
Hospitality Financial Leadership: Light Bulb Moments
David Lund | August 6, 2018
By David Lund I have had a few of these. The ones that stand out the most for me are the ones that I experienced from my father. Growing up I was not what you would call a high achiever. My grades in school were not great by any measure. I had friends and my social network was solid. I had a girlfriend in junior high school and that was probably what saved me from being somewhat of a delinquent. I was always curious about the things you were not supposed to do. I always thought my dad was somehow disappointed in me and my behavior and choices. Two light bulbs I experienced through my dad. The first one came when I graduated from high sc...
Food for Thought: The Future of Revenue Management and Maybe Starbucks + More
Martin Soler | August 1, 2018
By Martin Soler It is always interesting to stop and look back at where the industry is going. We can imagine a future from our current stand point but as things happen that future is rarely what we imagined. And while it may have some parts of it, there are always twists and turns we didn't predict. Our industry has the advantage of being one of the few that can't entirely be replaced by tech or other solutions. As long as we live, we'll need a place to sleep, but that doesn't mean things wont change. Amazon's founder famously said they focused on what wont change and tried to build for that, the trick is pinpointin...
PortAventura Extends Revenue Strategy Partnership With Duetto
PortAventura World Parks & Resort | July 31, 2018
Europe's largest family leisure and holiday destination resort signs 5-year agreement with Revenue Strategy Platform provider. San Francisco, 31 July, 2018 —Spain's PortAventura has re-contracted with Duetto, hospitality's only Revenue Strategy Platform, after seeing a 12% uplift in revenue in 2017. The five-year contract will see all hotels in the PortAventura portfolio continue to use Duetto's Open Pricing application, GameChanger, and its solution for intelligent reporting, ScoreBoard. PortAventura, which operates four 4-star and one 5-star themed hotels with 2,100 rooms, has been working with Duetto for the past two years. The...
