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
Hospitality Financial Leadership – Flower Power
David Lund | July 30, 2018
By David Lund It was the spring of 1995 and I had recently transferred from one hotel back to the regional base and into a newly created position as the regional operations analyst. The job was tailor-made for me. The position was the brain child of our regional vice president. I was to assist him in the review of operational financial performance for the hotels in our region. In the year that followed I learned so many valuable lessons from our work and his experience, style and, above all else, his common sense. Here's one of my favorite episodes as Regional Operations Analyst During one of our early discussions my new boss told me th...
Paramount Lodging Advisors (PLA) Sells the Four Points by Sheraton & Banquet Center Sacramento International Airport
Paramount Lodging Advisors | July 27, 2018
Sacramento – Paramount Lodging Advisors has successfully sold the 100-room Four Points by Sheraton & Banquet Center Sacramento International Airport. The PLA team members representing this sale were Senior Managing Director, Scott Griemsmann and Associate Subu Thiagarajan. This PLA-arranged sale is one of the highest price per key transactions (PPK) in the Sacramento region and one of the highest PPK Four Points by Sheraton trades in the country. JMK Hotels LLC/The Kehriotis Family purchased the hotel. Future plans for this hotel include a $2-million full-scale renovation to include an exterior refresh, all guestrooms, common ...
HSMAI and Level60 Partner on Revenue Management Curriculum Tools and New Student Certification
HSMAI | July 26, 2018
(McLean, VA, July 26, 2018) The Hospitality Sales and Marketing Association International (HSMAI) is pleased to announce a partnership with Level60 Consulting (Level60) to offer hospitality faculty members a course and classroom tools to teach revenue management, leading to a new HSMAI student certification. Designed expressly for faculty, the course and classroom tools will enable full-time and adjunct professors to customize existing classes or create new classes with the most current principles of revenue management. All instructional materials are provided free of charge and designed to be easily imported into learning management sy...
Revenue Strategy Summit Key Conference Takeaways Shared by hotelAVE
hotelAVE | July 26, 2018
Rethink Sales Deployment: Electronic RFPs continue to grow in volume while group size decreases. Should hotels have reactive vs. proactive sales people to handle this change? Should brands still enforce mandatory responses to all leads as group planners cast wider nets? Should hotels designate a person on the sales team to handle all incoming leads and distribute based on the hotel's needs and likelihood of booking, in other words, a lead catcher? Outlook is Cautiously Positive Despite Forward Group Weakness: In recent past downturns, the industry has had a strong group cushion to mitigate the negative effects in the next downturn. ...
HFTP CEO Frank Wolfe Honored as Most Influential Hospitality Association CEO 2018
HFTP | July 25, 2018
Honor awarded by AI Global Media, a European Digital Media Publication Frank I. Wolfe, CEO for Hospitality Financial and Technology Professionals (HFTP®), was recognized as Most Influential Association CEO 2018 in Hospitality by the European-based corporate finance publication Acquisition International (AI). Published by AI Global Media, AI is a monthly magazine that seeks to inform and shape the global corporate conversation through a combination of high quality editorial rigorous research and an experienced and dedicated worldwide network of advisors experts and contributors. "This is truly an honor, but is really a testament...
Sonnenblick-Eichner Company Arranges $50,000,000 of First Mortgage Financing for Hotel Theodore, Seattle, Washington on Behalf of Provenance Hotels
Sonnenblick-Eichner Company | July 25, 2018
Beverly Hills, CA (July 25, 2018) – Sonnenblick-Eichner Company announced today that it has arranged $50,000,000 of interim first mortgage financing to refinance Hotel Theodore, a 20-story, 153-room, full-service, luxury boutique hotel located at the corner of 7th Avenue and Pine Street, in the heart of downtown Seattle, Washington, one block west of the Washington State Convention Center. The floating rate loan was sized to a debt yield of less than 6% and priced over LIBOR at a spread in the mid-300s. Loan proceeds are being used to refinance the existing acquisition and renovation loan as well as provide a return of equity to the borr...
HFTP Annual Convention 2018 Online Registration Now Open, Keynotes Announced
HFTP | July 24, 2018
HFTP's 2018 Annual Convention is October 24-26 at the Omni Louisville Hotel in Louisville, Kentucky USA Hospitality Financial and Technology Professionals (HFTP®) has opened online registration for its Annual Convention, which it has produced since 1952. Following the traditional event format, the event will offer a variety of educational sessions, networking and vendor opportunities. HFTP has secured two keynote speakers who will discuss topics relating to productivity, engagement, collaboration and communication in the workplace: Colette Carlson and Curt Steinhorst. The HFTP Annual Convention will take place from October 24-26 at ...
Seeing Hotel Industry Threats as Opportunities Opens Up Revenue Strategy
Mark Brandau | July 23, 2018
By Mark Brandau The hospitality universe is constantly shifting and, more importantly, growing. In his opening message at RSS 2018, Duetto CEO Patrick Bosworth encouraged the hoteliers, asset managers and technologists gathered there to see opportunities for better Revenue Strategy, where others might only see obstacles. Properties are fragmented across several different stakeholders. Hotel brands and online travel agencies are racing to consolidate their size and power. Distribution could change significantly if Google, Facebook or Amazon go from having a toe in the water to jumping into the deep end in earnest, as Airbnb has done. "Th...
Hospitality Financial Leadership: Educating Our Leaders Is the Highest Form of Service
David Lund | July 23, 2018
By David Lund If Serving is Beneath You, then Leadership is Beyond You While creating hospitality financial leadership workshops, I learned three very valuable lessons. The third lesson was by far the most powerful and transformating for me and my way of seeing the role I was playing as a financial leader. First lesson: Students like learning, subject matter and material They all responded very positively to the workshops and subject matter. From this revelation I realized that students could now see that this "financial piece" everyone touts as the hard and confusing part of hospitality, was indeed not so difficult. It is very accessib...
The Secret Sauce to Profitability for All-Inclusives: Understanding Total Guest Value
Dan Skodol | July 17, 2018
By Dan Skodol, Vice President of Revenue Analytics at Rainmaker The evolution of all-inclusive resorts reads a lot like the fairytale of Cinderella. From humble beginnings catering to a dollar-stretcher crowd – with mediocre buffet food, mid-level accommodations, and events centered around boisterous pool activities – to today's transformation into a bright, rising star in the hotel industry. From 2011 to 2014, demand for all-inclusives rose from 8 to 14 percent,1 and now they are one of the fastest growing segments in vacation lodging. Hundreds of all-inclusive resorts now span the globe, moving beyond beachside havens to i...
Hospitality Financial Leadership: Credits to Cost of Sales in Food & Beverage
David Lund | July 16, 2018
By David Lund Giving the proper credits to your food and beverage operation is an important task. You want to ensure it is done consistently and fairly. This article examines all the usual credits, different types, the proper way to take them and why we need to take them. The first question to answer is why we need to credit the F&B operation for its goods used in other parts of our business. Someone once asked me why we don't credit maintenance for their costs when used in other departments. Or better still, why don't we credit rooms when staff members stay over because of bad weather or business volumes? Why is F&B so special?...
RSS 2018: Revenue Strategy Begins With Strong Leadership
RSS | July 12, 2018
Industry Leaders and Disruptors Gather to Learn Latest in Innovation and Technology Washington, July 12, 2018 — The sixth annual Revenue Strategy Summit brought together technology innovators and hospitality industry leaders, including brand executives and asset managers, to examine the challenges hotels face in maintaining rate growth and managing a distribution landscape that gets more complicated by the day. The one-day conference, held at the Knight Conference Center at the Newseum in Washington, D.C., combined hotelier-led panel discussions with keynote presentations on voice-activated digital assistants like Amazon's Alexa, ...
HFTP to Host Inaugural, Invitation-Only Club Forum in Sarasota, Florida This Month
HFTP | July 11, 2018
Immediately following HFTP's Florida Regional Conference at the Sarasota Westin Hotel Hospitality Financial and Technology Professionals (HFTP®) is hosting its inaugural HFTP Club Forum on July 28, 2018 at the Sarasota Westin in Sarasota, Florida USA - immediately following HFTP's Florida Regional Conference that is taking place from July 25-27, 2018 at the same location. HFTP's Club Forum is an executive-level event designed to provide club professionals with the opportunity to connect with industry peers, share ideas and discuss hot topics. The invitation-only event will be facilitated by Dr. Larry Ross, emeritus professor...
Is GDPR Legislation Coming to U.S. Hotels?
Jim Butler | July 10, 2018
By Jim Butler and the Global Hospitality Group® 10 July 2018 Privacy legislation is dominating the news cycle these days–and it's unlikely to slow down. Now, as U.S. companies are adjusting to the requirements of the European Union's General Data Protection Regulation, the State of California has introduced new laws that will apply to California companies or companies doing business in California. Senior member of JMBM's Global Hospitality Group® and Co-Chair of the Firm's Cybersecurity & Privacy Group Bob Braun discusses the implications of the new legislation and how it will impact hotels, below. California Adopts th...
Hospitality Financial Leadership: Why Hotel Brands and Franchisers Secretly Love the OTAs
David Lund | July 9, 2018
By David Lund I know we all hear the battle cries every day in our industry, but what's really going on with hotel brands, franchisers, the online travel agents and their war over commissions and fees? In this piece, I am going to expose an angle that I think needs some light. It gets back to a fundamental understanding of how our industry functions based on its evolved structure, with brands and owners. I also believe this is a good lesson in hotel business strategy, to understand what underpins the relationship between the warring parties and what drives the business model with hotel franchisers and brands. The first thing to know abo...
Leisure Real Estate Advisors, LLC Selected to Represent a Hilton-Marriott Portfolio in Salina, KS
Leisure Real Estate Advisors, LLC | July 7, 2018
Leisure Real Estate Advisors, LLC, is pleased to announce its engagement as exclusive marketing agent for the sale of a three property Hilton-Marriott branded portfolio located in Salina, KS. "We are extremely pleased to have received this assignment", says Brent A. Jaynes, co-founder and managing partner of Leisure Real Estate Advisors, LLC. "The Hilton and Marriott names are premium brands and represent institutional grade name recognition", comments Mr. Jaynes. "All of these fine hotels are well positioned within this market and represent very attractive assets to potential investors." The Hilton Garden Inn opened in Sept, 2017 and i...
Spirides Arranges $5 Million Hotel Construction Loan for New Holiday Inn Express in Latta, SC
Spirides Hospitality Finance Company, LLC | July 4, 2018
TAMPA, FL—Spirides Hospitality Finance Company has successfully arranged, and its client has closed on a $5 million senior loan facility from a southeast U.S. headquartered bank to finance the development of a new Holiday Inn Express in Latta, South Carolina. This soon to be built Holiday Inn Express will feature 68 guest rooms and suites in one 4-story building situated on 4 acres of land. It will be located at 1325 Cattle Farm Road at SC Highway 38 just off of Interstate 95 Exit 181 near the City of Latta in Dillon County, SC which is part of the Florence metropolitan area. Exit 181 is one of the primary exits off of Interstate 95 that...
Hospitality Financial Leadership: Top 10 List – How to Create More Hospitality Financial Leadership
David Lund | July 2, 2018
By David Lund 1. You can increase the way you lead your team financially. Create an environment that has your managers working together on the "business" of running your hotel. It all starts by knowing that it is a team effort and it can't be done properly by only the executive. Line level managers need to be included. The idea that someone produces numbers in a vacuum and gives them to a manager to hit is absurd. If you're doing that today, stop it. 2. Know this, what we place our attention on grows. Financial leadership in your hotel is no different. Like service and colleague engagement we must invest time, resources and our efforts ...
Four Traits to Look for in an On-Demand Accounting Partner
Scott Watson | June 25, 2018
By Scott Watson Finding the right match in an accounting partner bears some similarities to finding the right partner in marriage. A solid accounting partner understands your (industry-specific) needs, acknowledges your flaws, and adjusts to any curveballs that come your way. If you think your business could benefit from outsourcing accounting functions, consider these three qualities as non-negotiable when picking a partner: Tailor-made service packages When searching for financial services, many companies are enticed by the promises of an ERP solution, only to find that the one-size-fits-all approach, add-ons, and contracts are anyt...
Hospitality Financial Leadership – The Greatest Illusion – Ever
David Lund | June 25, 2018
By David Lund What are you believing and why? Do you believe the numbers are the hard part of hospitality? Do you believe you were in the wrong line at birth and just did not get the right tools? Well, I invite you to open your mind and think again about what you believe. If you do, you can open a brand-new door that will pay off in spades. This is an article about how people see things, how they think. Because we're human we have the highest power in the universe and that's an imagination. Because we have an imagination we "feel" our thinking. In hospitality, there is a lot of misuse of our imagination and I will examine how this negat...
New “Accessibility” Regulations for Electric Vehicle Charging Stations
Jim Butler | June 25, 2018
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Authors of www.HotelLawBlog.com 21 June 2018 As the number of electric and hybrid vehicles in California continues to grow, we are also seeing the proliferation of electric vehicle charging stations in the parking areas provided by hotels, theaters, stadiums and hotel mixed-use properties. While owners and managers of these facilities are providing a much-needed service to their guests, many are unaware that – at least in California – if their facility provides electric vehicle charging stations, a certain number of them must be accessible to the disabled. T...
HITEC Houston Makes History as HFTP’s Highest Attended Event in 65+ Years
HFTP | June 22, 2018
Over 6,650 attendees gathered at HITEC Houston this week to discuss how to integrate the latest technologies in the hospitality space Hospitality Financial and Technology Professionals (HFTP®) is pleased to announce that HITEC® Houston broke barriers this week as the highest attended event in the association's history with over 6,650 attendees. Produced yearly by HFTP, Hospitality Industry Technology Exposition and Conference (HITEC®) showcases the industry's latest innovations, and provides a top-notch education program for attendees. HITEC Houston took place from June 18-21, 2018 at the George R. Brown Convention C...
HVS Design and JN+A Release 2018 Hotel Cost Estimating Guide
HVS | June 21, 2018
HVS Design and Jonathan Nehmer + Associates (JN+A) are proud to announce the completion of the 2018 Hotel Cost Estimating Guide. The Guide is a comprehensive listing of capital expenditure construction and FF&E costs for hotel renovations in the USA. ...
What Do Top Hotel Executives See on the Horizon for 2018?
Jim Butler | June 20, 2018
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Authors of www.HotelLawBlog.com 20 June, 2018 Meet the Money® is a productive conference with a casual atmosphere; the executives and other hotel industry representatives who attend often speak candidly about their expectations for hotel finance, development and investment throughout the upcoming year. The short video below highlights how some of our attendees feel about 2018—watch and find out what some of the industry's most well-known brands, banks, consultants, mangers and developers have to say about what's on the horizon. For more in-depth data and resea...
