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
Rainmaker Continues to Expand Global Footprint
Rainmaker | June 19, 2018
Company acquires several key hospitality customers in international markets ALPHARETTA, GA. — June 19, 2018 —The Rainmaker Group (Rainmaker), a leading provider of cloud-based hospitality revenue and profit optimization software, is excited to announce the continued expansion of their global presence by adding four new countries to their catalog of customers. Over the last few months, Rainmaker has added customers in four countries: New Zealand, St Maarten, Suriname, and Singapore. The acquired properties span three different property types: gaming, resort, and all-inclusive. The rapid growth of their customer base into glo...
LaSalle Hotel Properties Board of Trustees Reaffirms Support for Blackstone Transaction
LaSalle Hotel Properties | June 18, 2018
BETHESDA, Md.--Jun. 18, 2018 -- LaSalle Hotel Properties (NYSE:LHO) ("LaSalle" or the "Company") today announced that its Board of Trustees (the "Board") has determined that the proposal from Pebblebrook Hotel Trust (NYSE:PEB) ("Pebblebrook") received on June 11, 2018 to acquire the Company (the "Pebblebrook Proposal") does not constitute, and could not reasonably be expected to lead to, a "Superior Proposal" as defined in LaSalle's definitive agreement with affiliates of Blackstone Real Estate Partners VIII (the "Blackstone Merger Agreement"). Under the terms of the Blackstone Merger Agreement, which the Company entered into on May 20,...
Hospitality Financial Leadership: The Busy Hotel Executive
David Lund | June 18, 2018
By David Lund Coaching people around the financials in hotels is what I do. I accomplish this by one-on-one coaching, usually on the phone or through Skype, or in workshops where as a group we explore and debunk the mystery around the numbers. Many people are fond of saying the numbers are the hard part of hospitality. That's not true. What is true is we do not exercise these muscles. We do not even know we have a financial muscle in many cases. This story is about one of those people and how I was able to help her. Names and places are changed to keep anonymity. Tina emailed me with a somewhat cryptic and erratic message that almo...
HFTP Announces Entrepreneur 20X Sponsorship Agreement With Amadeus at HITEC Houston
Amadeus | June 15, 2018
E20X Houston will take place Monday, June 18, 2018 starting at 1:00 p.m. at HITEC Houston Hospitality Financial and Technology Professionals (HFTP®), producers of Hospitality Industry Technology Exposition and Conference (HITEC®), is pleased to announce its Entrepreneur 20X (E20X) sponsorship agreement with Amadeus for HITEC Houston. The successful E20X pitch competition, featuring hospitality technology startups, will take place at HITEC Houston in the afternoon on June 18, 2018. HITEC Houston will take place from June 18-21, 2018 at the George R. Brown Convention Center in Houston, Texas USA. HFTP's Entrepreneur 20X progra...
Paramount Lodging Advisors Team Sells Hampton Inn in Victoria, TX
Paramount Lodging Advisors | June 14, 2018
Victoria, TX—Paramount Lodging Advisors (PLA) has arranged the sale of the Hampton Inn Victoria, TX. Managing Director Kami Burnette and Senior Associate Hussain Waseem sold the property via the Real Insight Marketplace platform. The 68-room hotel is located just north of downtown Victoria and is proximate to all broader area Victoria demand. Future plans under new ownership include a significant renovation to meet Hampton's Forever Young standard. "The increasing commodities pricing is stabilizing the region and have presented a profitable opportunity for the new owner to add a premium brand to his hotel portfolio," stat...
HITEC Houston Tuesday General Session Announced: “Technology and the Power of the C-Suite”
HFTP | June 14, 2018
AUSTIN, TEXAS, USA (June 14, 2018) — Hospitality Financial and Technology Professionals (HFTP®) added a new general session – "Technology and the Power of the C-Suite" – to the HITEC Houston education program. The session features C-level hospitality executives from brands, ownership groups and technology companies who will debate the future of emerging technology trends, funding for IT development and the nature of competition in a digital marketplace. The general session will take place from 8:30 to 10:00 a.m. on Tuesday, June 19, 2018. Immediately before the session, Tammy Farley and Jing Zhu will be inducted in...
The Rainmaker Group Partners with Torarica Group of Hotels
the Torarica Group | June 14, 2018
Company to Implement Rainmaker's Industry-Leading Revenue Optimization Solutions at All Three Properties ALPHARETTA, GA. — June 14, 2018 —The Rainmaker Group (Rainmaker), a leading provider of cloud-based hospitality revenue and profit optimization software, today announced that the Torarica Group has selected Rainmaker's guestrev®, revintel® and revcaster® solutions to drive revenue at all three of their Suriname properties: Torarica Hotel & Casino, Eco Resort, and Royal Torarica Hotel. The company was looking for a set of tools to help them formalize their revenue management processes and become more sophis...
Hotel Capital Acquires The Tremont Chicago Hotel at Magnificent Mile and Mike Ditka’s Restaurant
Hotel Capital, LLC | June 13, 2018
Hotel Capital LLC, a private equity real estate investment firm, is excited to announce a direct equity investment and acquisition of The Tremont Chicago Hotel at Magnificent Mile located in Chicago, Illinois. The Tremont Chicago Hotel and Mike Ditka's Steakhouse was acquired by Hotel Capital from seller Marriott International, Inc. The Tremont Chicago Hotel is a 16-story, 122-room, boutique hotel and is located in the heart of the Gold Coast between the world-renowned Magnificent Mile and Rush Street. The hotel will retain The Tremont name and undergo a multi-million dollar renovation which will include upgrades to the lobby, all new g...
Pinnacle Hotel Management Integrates Accounting, Budgeting/Forecasting and Business Intelligence to Support Growth
Pinnacle | June 13, 2018
At HITEC in Houston Visit Aptech in Booth # 1519 JUNE 18-21, 2018 George R. Brown Convention Center 24-Property Pinnacle Automates Data Gathering and Input from Multiple Flag PMSes; Daily Revenue vs Expense Trends Deliver 'Ah Ha' Moments for Management June 13, 2018 – Monica Nichols, Director of Finance for Pinnacle Hotels says, "After 14 years in the hotel industry I have seen an incredible evolution in the hospitality business intelligence we utilize. Transitioning from basic financial statements to much more detailed variance and analytical reports has had a very positive influence on how Pinnacle manages and operates its prope...
IDeaS Breaks the Rules With New Superior Agile Pricing Approach
IDeaS | June 13, 2018
Agile Rates enables simultaneous dynamic pricing of independent and linked hotel products using deep learning to maximize profitability from all priceable products. Tweet this: @IDeaS_RevOpt expands dynamic pricing capabilities with introduction of Agile Rates. www.ideas.com/news MINNEAPOLIS—June 13, 2018—Hoteliers unanimously agree: the distribution landscape is more complicated than ever before. As the consumer buying experience evolves and adapts to new interfaces like voice-enabled artificial intelligence, hotels seek the same level of sophisticated innovation in their revenue technology. Dynamic pricing and personalize...
Welcome Group, Inc. Commences Construction on Southern California’s First AC Hotel by Marriott in El Segundo
Welcome Group Inc. | June 12, 2018
Construction for Marriott's new hotel, AC Hotel El Segundo/LAX has commenced, Welcome Group, Inc. announced today. The groundbreaking marks the third Southern California location by AC Hotels by Marriott, the company's boutique-lifestyle brand, and what will be a hotel unlike any other in the area. The design-centric hotel is set for completion in late spring of 2019 and will feature open-concept floorplans and aesthetic influenced by Spanish design. The project, led by Welcome Group, Inc., will consist of 180 rooms and span six floors. Amenities will include a rooftop bar, a craft beverage and food program, meeting space and multiple p...
ZS and Rainmaker Announce Partnership to Help Hoteliers Improve and Capitalize on Revenue Management
Rainmaker | June 12, 2018
Leveraging their combined experience, the firms will drive innovation for the hospitality industry ALPHARETTA, GA. — June 12, 2018 —The Rainmaker Group (Rainmaker), a leading provider of cloud-based hospitality revenue and profit optimization software, and ZS Associates (ZS), a global consulting firm are excited to announce their new partnership. The two firms will combine ZS's strategies, methodologies and frameworks with Rainmaker's powerful technologies and advanced science to drive innovation in hospitality revenue management. "We are pleased to have ZS as a partner and know our joint knowledge of the industry will be a ...
Hospitality Financial Leadership – Business Acumen and Women
David Lund | June 11, 2018
By David Lund I may have caught your attention with this potentially explosive title, so I hope you will read this and either help change this inside your hospitality business or personally get your hospitality business acumen on, whether you're a woman or not. In my experience in the last 35+ years I know three things are true about women and business acumen. By the way, I think the word "acumen" is the wrong word simply because it has the word men in it. To my way of thinking it is a non-starter right out of the gate because it sounds sexist. To me the words to describe any manager who has their stick together with the numbers side of...
The Rainmaker Group Partners With Sonesta Resorts St. Maarten and The Maho Group in Caribbean
Rainmaker | June 11, 2018
Company to provide revenue and profit analytics to Sonesta St Maarten properties affected by Hurricane Irma ALPHARETTA, GA – June 11, 2018 – The Rainmaker Group (Rainmaker) has partnered with The Maho Group, operating the Sonesta Resorts in St. Maarten, to assist them in their re-opening phase and recovery in the wake of the impacts from Hurricane Irma. By providing revenue and profit analytics as well as pricing optimization for group and transient business, Rainmaker will assist Sonesta's aim of bringing tourism back to St Maarten and building the fastest possible path back to financial stability. Mike Cowles, CEO of R...
HFTP Introduces Startups, Judge’s Panel and Mentors for Entrepreneur 20X at HITEC Houston
HFTP | June 6, 2018
E20X Houston will feature six expert judges, nine mentors and 16 startups Hospitality Financial and Technology Professionals (HFTP®), producers of Hospitality Industry Technology Exposition and Conference (HITEC®), is pleased to announce the selected hospitality technology startups, expert judges panel and industry mentors that will participate in Entrepreneur 20X (E20X) at HITEC Houston. Sponsored by Amadeus, the E20X pitch competition will take place in room 342 on Monday, June 18, 2018 from 1:00 to 4:00 p.m. inside the George R. Brown Convention Center in Houston, Texas USA; all registered HITEC attendees are welcome to atten...
Can I Book My Next Trip on Amazon? An Open Letter to Jeff Bezos
Alan E. Young | June 6, 2018
By Alan E. Young Dear Mr. Bezos, Amazon has long-since established itself as the fabric that holds together a world of consumers looking for an easy, effective and value-oriented environment to purchase almost anything - except for travel. As a veteran of the hospitality and travel technology industry, I believe Amazon should extend its footprint and offer travel and hotel products to deepen its relationship with customers and position itself as the ultimate end-to-end travel ecosystem. Though Amazon has offered flash deals and travel-related services in the past and Amazon Destinations tested the waters briefly, you have never really t...
U.S. Hotel Deal Pace Going Strong
JLL | June 6, 2018
South Florida single-asset hotel trades to reach $2 billion by year-end, matching 2015 peak NEW YORK, June 5, 2018 – In the first trimester of 2018, U.S. hotel transaction volumes reached more than $11.9 billion – a 93.0 percent increase over last year, according to preliminary figures released by JLL. Deal pace is driven by South Florida and West Coast markets including Hawaii, resort properties, and portfolios of prime full service hotels. The exceptional transactions activity to date is underpinned by the acceleration in performance growth. Cap rates sharpened further due to the high profile of assets transacted and ongoi...
HFTP Launches New F&B Bytes Site, an Addition to Its Online News Portfolio
HFTP | June 5, 2018
A daily, online news source for professionals working in the food and beverage industry Hospitality Financial and Technology Professionals (HFTP®) continues to build on its online news series with the addition of its F&B Bytes website. Powered by Hsyndicate, an electronic media-hub based in The Netherlands, F&B Bytes is an aggregated content destination where users will find the latest food and beverage news all in one place. Recognized as a global educator in the hospitality industry, HFTP now offers hospitality professionals online news resources specific to technology, clubs, finance, GDPR, F&B and its association at ...
La Corsha Hospitality Group Migrates to Aptech PVNG Enterprise Accounting
La Corsha Hospitality Group | June 5, 2018
At HITEC in Houston Visit Aptech in Booth #1519 JUNE 18-21, 2018 George R. Brown Convention Center 10-Property La Corsha Converts from Aptech's Profitvue Hotel Accounting Software to PVNG Web-Based Enterprise Accounting to Simplify Multi-Company Financials, Reporting and Data Access PITTSBURGH – June 5, 2018 – Aptech Computer Systems announced La Corsha Hospitality Group implemented the PVNG Enterprise Accounting System across 10 properties. La Corsha converted from Aptech's Profitvue hotel accounting software to web-based PVNG to enable remote accounting operations and greater financial reporting flexibility. La Corsha (LCH...
Aztec Group Arranges $42 Million Construction Financing for Concord Hospitality’s Marriott Autograph Collection Hotel in West Palm Beach, FL
Aztec Group | May 31, 2018
Miami – May 31, 2018 – Aztec Group announced today that the firm has arranged $42 million in financing for the development of a new luxury Marriott Autograph Collection Hotel along the Intercoastal in downtown West Palm Beach, Fla. Boaz Ashbel, Managing Director of Aztec Group, organized the financing through Florida Community Bank, N.A. ("FCB") on behalf of the hotel's owner and operator, Concord Hospitality Enterprises Company. The hotel will offer 208 guestrooms, a full-service restaurant, state-of-the-art fitness center, more than 4,000 square feet of meeting space, surface structured parking and a rooftop swimming pool ...
GDPR: What You Need to Know About the EU’s New Data Privacy Rules
Jim Butler | May 31, 2018
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Authors of www.HotelLawBlog.com 31 May 2018 The European Union's General Data Privacy Regulation, rules protecting the privacy of personal information, has gone into effect and impacts every company that does business in the EU. This will impact hotel owners, developers, brands, operators and managers–any company with a hotel property in the EU or that collects information from EU citizens must adhere to the new regulations. What does that mean for your business, and where should you start the process of compliance? Senior member of JMBM's Global Hospitality Group...
Hotel Tech Sales Has Changed: Decisions Are Made Before Buyers Even Call
Alan E. Young | May 31, 2018
By Alan E. Young According to a recent survey by Forbes, B2B customers progress more than 70% of the way through the decision-making process before engaging a sales representative. This stands as an alarming realization for some companies, as they may find themselves resorting to aggressive last-minute sales tactics and discounts in an attempt to seal the deal within that final 30%. And, yet — for those who truly understand the value that content brings (holistic, value-focused and cadence-savvy content, specifically) brings, these findings come as no surprise. Further to that, they are seen in a favorable light, because that 70% ...
Hospitality Financial Leadership: The General Manager’s Yardstick
David Lund | May 29, 2018
By David Lund I have seen a lot of different management styles over my 35 years in hospitality. The one I am going to write about in this piece was not the typical General Manager. This is clearly an opinion piece and it is also what I think is a best practice for a top down governance of a business. It is also easily adaptable for just about anyone especially if they like a bit of control. Before I get into describing this one particular GM's management style I am going to outline what I would say is the "typical GM" and what their modus operandi is. The typical GM I have seen, worked with, and gotten to know over the last three and a ...
RoomKeyPMS Integrates With revintel, Rainmaker’s Business Intelligence (BI) Solution
Rainmaker | May 29, 2018
Vancouver, May 29, 2018 – RoomKeyPMS and Rainmaker, a leading hotel revenue and profit optimization platform, today announced the integration between our cloud-based property management system (PMS) and revintel, Rainmaker's business intelligence (BI) solution. "We continue to add leading technology products to our suite of interfaces that allow our hotel customers to utilize RoomKeyPMS at the center of a growing technology eco-system", said Tim Major, CEO of RoomKeyPMS. "We recognize the ever-increasing need for revintel's business intelligence solution to extract knowledge from ever growing volumes of data analytics and provide ...
