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
Multi-Platinum Artist FLO RIDA Will Perform at the HITEC Houston Opening Party, Presented by Samsung
HFTP | May 25, 2018
HITEC Opening Party taking place Monday, June 18 from 6:30 to 9:30 p.m. at House of Blues Houston Hospitality Financial and Technology Professionals (HFTP®), producers of Hospitality Industry Technology Exposition and Conference (HITEC®), is pleased to announce a partnership with Samsung for the upcoming HITEC Houston Opening Party this June. HITEC Houston attendees are invited to the Opening Party, which will be a lively event filled with entertainment and food. Multi-platinum entertainer Flo Rida – one of the most downloaded artists of all time with 29 Billboard Hot 100 hits, over two billion YouTube views and over 80 mi...
The Rainmaker Group Now Integrates With Hotel Property Management System, RoomKeyPMS
Rainmaker | May 24, 2018
ALPHARETTA, GA. — May 24, 2018 —The Rainmaker Group (Rainmaker), a leading provider of cloud-based hospitality revenue and profit optimization software, today announced that the integration between RoomKeyPMS and revintel®, Rainmaker's business intelligence (BI) solution, is now officially live. An early adopter of this new integration is The Spectator Hotel, a boutique property in Charleston, SC, managed by Charlestowne Hotels. "We're excited to finally have a best-of-breed BI platform in our toolkit and look forward to rolling this out to additional Charlestowne properties," said Johnathan Capps, Vice President of Reve...
Golden Entertainment Selects Comprehensive Rainmaker Suite to Drive Guest Bookings and Increase Profitability
Rainmaker | May 22, 2018
Company to Implement Rainmaker's Industry-Leading Revenue Optimization Solutions at Two Properties ALPHARETTA, GA. — May 22, 2018 —The Rainmaker Group (Rainmaker), a leading provider of cloud-based hospitality revenue and profit optimization software, today announced that Golden Entertainment Inc. (NASDAQ: GDEN) has selected a comprehensive Rainmaker suite to drive competitive advantage at two of the company's Nevada properties. The agreement marks Rainmaker's expansion in the U.S. gaming market. Golden Entertainment wanted an integrated cloud-based revenue management suite that would streamline operations, drive guest booki...
Pebblebrook Responds to LaSalle – Blackstone Merger
Pebblebrook Hotel Trust | May 21, 2018
BETHESDA, Md--Pebblebrook Hotel Trust (NYSE: PEB) (the "Company") today responded to LaSalle Hotel Properties' ("LaSalle") announcement that it has entered into a merger agreement with Blackstone at a price of $33.50 per share, a significantly lower price than Pebblebrook has been willing to pay. Pebblebrook is proposing to merge with LaSalle at a fixed exchange ratio of 0.9200 Pebblebrook common share for each LaSalle common share, with the option for LaSalle shareholders to elect to receive cash up to a maximum of 20% in the aggregate (subject to pro rata cutbacks). Based on Pebblebrook's closing share price on May 18, 2018, this impl...
Hospitality Financial Leadership: The Three Dimensions of Delegation
David Lund | May 21, 2018
By David Lund Delegation has three dimensions that are powerful tools. Delegation is also quite often misunderstood. In this article I am going to explain my thoughts on how to use delegation to be more productive, to grow your own abilities and to help you see the way forward using delegation to develop others. First off let's examine what delegation is all about and clear up some misunderstandings. I for one was not a fan of being delegated to early in my career and I did not understand how to use it properly. I thought I was being "put upon" by being delegated to. It was not until I had my first post as an assistant controller that I...
Cost vs Price vs Value of a Hotel Room
Hotelivate Private Limited | May 21, 2018
Frequently confused, often used interchangeably and seldom understood – The cost, price and value of a hotel are not the same thing! It is rather surprising that industry stakeholders routinely seem to obfuscate these distinct terms and their implications on the worth of an asset. This article aims to set the record straight and explain the specific differences when performing a hotel's monetary assessment. In a bid to avoid 'death by jargon', I'm also going to tell you a story… COST The total cost of a hotel is simply the accumulation of all expenditures incurred during the tenure of its development. This could include (bu...
HSMAI Recognises Tech Innovation of Smart Space by IDeaS
HSMAI Europe | May 16, 2018
- HSMAI Region Europe Awards recognises Smart Space by IDeaS - Industry's leading solution helps hoteliers make informed decisions about M&E business LONDON, May 16, 2018 – Smart Space by IDeaS was honoured by HSMAI, the world's leading hospitality sales and marketing association, for its innovative role in allowing hoteliers to analyse the trends and performance of their meetings and events (M&E) space. April's HSMAI Europe's Best Tech Innovator of the Year awards recognised Smart Space, with the judging panel acknowledging the platform's role in connecting revenue managers and event sales managers with unprecedented vis...
Hospitality Financial Leadership: Why Teaching Accounting in Hotel School Is a Waste of Time
David Lund | May 14, 2018
By David Lund I have a dream. My dream is that the numbers, the numbers that so many managers agonize over in our industry, are just as accessible as guest service and employee engagement. Let me put this another way for more clarity: I want you and the other leaders and managers in your hotel to be just as comfortable dealing with the numbers as you are dealing with guests and colleagues. You might be thinking that is a tall order. Well, I do not think so. I have seen many managers overcome their fear and confusion with the numbers. I also believe a big part of why the numbers scare so many people off is because we "seemingly" do not k...
Hotel Lawyer Jeffrey T. Myers Joins JMBM’s Global Hospitality Group®
May 14, 2018
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Authors of www.HotelLawBlog.com 07 May 2018 LOS ANGELES—Jeffer Mangels Butler & Mitchell LLP (JMBM) is pleased to announce that hospitality lawyer Jeffrey T. Myers has joined the Firm as a Partner in JMBM's Global Hospitality Group® and Real Estate Department. Myers' practice focuses on the development, financing, acquisition, and operation of hotels, resorts and other hospitality properties. His clients include developers, capital providers, commercial lessors, and tenants. He has assisted clients in a full range of hospitality projects including hotels, ...
Proposition 65 Defense Lawyer: Is Your Hotel Ready for the New Prop 65 Regulation Deadline? / Jim Butler
Jim Butler | May 14, 2018
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Authors of www.HotelLawBlog.com 07 May 2018 Advice from a Proposition 65 Compliance & Defense lawyer for hotels. For many years, businesses operating in California have been plagued by "bounty hunter" and government lawsuits brought under Proposition 65 — the California law that requires warnings about hazardous substances. The technical disclosure requirements have bedeviled many legitimate businesses for some time. From our continuous interaction with members of the hotel industry, it appears to us that many are not aware of new requirements they must meet b...
Avison Young Hospitality Group Discusses 2018 Hospitality Market Trends
Avison Young | May 10, 2018
Principal H. Keith Thompson highlights key developments during 2018 By: H. Keith Thompson, principal, Avison Young Hospitality Group Thursday May 10, 2018 The last five months have been unusual for the hotel transaction market. Some of the hotel real estate investment trust (REIT) stocks began to compress in late January, resulting in fewer REIT purchases than the first five months of the same time period in recent years. This market change began after the ALIS hotel investor conference in late January, which is somewhat countercyclical, given there is usually an uptick in stocks after investment conferences. Clearly, market analysts he...
Restaurant Revenue Management Practices: Altering Customer Perceptions
Dr. Reza Etemad-Sajadi | May 10, 2018
By Dr. Reza Etemad-Sajadi Revenue management is all about pricing strategies to allocate the right capacity to the right customer, at the right place, at the right time. Airlines and hotels use such practices, and their customers seem to see the benefits. However, for the restaurant industry, things are different. Based on our research, we found that the majority of revenue management practices in the restaurant business are perceived as unfair (see Table 1). Customers though seem to accept price variations between lunch and dinner, as well as cancellations due to late arrivals. The practice which is perceived to be most unfair is the...
Chartres Lodging Group and Kokua Hospitality Select Aptech for Business Intelligence, Budgeting/Forecasting, Enterprise Accounting
Chartres Lodging Group, LLC | May 8, 2018
Going to BITAC May 15 – 17, 2018? You can meet with Aptech's team at the Innisbrook Resort in Tampa, FL Execuvue® BI, Targetvue Budgeting/Forecasting and PVNG Enterprise Back Office will Support By-The-Numbers Decision Making and Reporting PITTSBURGH – May 8, 2018 – Aptech Computer Systems announced Chartres Lodging Group, LLC and Kokua Hospitality, LLC have selected Aptech's suite of financial solutions; Execuvue Hospitality Business Intelligence, Targetvue, and PVNG to streamline the companies' data collection, analysis, forecasting, and reporting processes. Chartres Lodging Group, an investment and advisory comp...
Hospitality Financial Leadership: Beverage Cost or Contribution Margin?
David Lund | May 7, 2018
By David Lund We all heard about it every month. The beverage cost! And it usually was not very pretty. Seemingly always too high, and it typically created lots of finger pointing and much pontificating. Beverage cost was always a slightly complex beast and often misunderstood. That was largely because this poor cousin to food cost was shrouded in a bit of mystery and mystique, like a secret lost cocktail recipe. Let's have a closer look at the black sheep of the family. Many people are simply confused by beverage cost and, while it is an important standard to maintain, the real game to understand is contribution margin. What makes the ...
IDeaS Expands Partnership With Preferred Hotels & Resorts to Over 100 Properties
IDeaS | April 30, 2018
Luxury independent hotels worldwide use IDeaS technology to elevate revenue strategy MINNEAPOLIS – APRIL 30, 2018 – IDeaS Revenue Solutions (IDeaS) is proud to announce that more than 100 Preferred Hotels & Resorts properties have installed IDeaS revenue management technology. With nearly three decades of innovation in hospitality technology, IDeaS' solutions equip this group of independent hotels worldwide with a clear view of their data across more than 100 word-wide hotels with 22,000 guest rooms. Through pricing, forecasting and optimization strategies, Preferred Hotels & Resorts' properties have leveraged IDeaS ...
Hospitality Financial Leadership: Hotel Current Assets – What You Need to Know
David Lund | April 30, 2018
By David Lund When we cross the bridge in the hospitality financial world to the greater business world, the concept of an asset and how it is used comes full circle. I am going to explore what is unique about hospitality assets and how we record and use them. I am only going to talk about current assets in this article. First of all, an asset is something you have paid for or earned previously that can be used to generate more income. That is the critical test: Can you use this item to make more money, to create more economic activity? If you bought it or created it previously and can use it to generate more income, it is an asset. Ite...
AccorHotels Acquires Mövenpick Hotels & Resorts for U.S. $567 Million
AccorHotels | April 30, 2018
PARIS, 30 April 2018--AccorHotels has today announced that it has signed an agreement with Mövenpick Holding and Kingdom Holding to acquire Mövenpick Hotels & Resorts, for a cash amount of CHF560 million (€482 million). The transaction implies a 14.9X 2019e EBITDA multiple before synergies (including transaction costs), and less than 10X pro forma 2019e EBITDA after run rate synergies and committed development pipeline. The transaction will have an accretive impact on Group earnings from the first year. Founded in 1973 in Switzerland, Mövenpick Hotels & Resorts operates in 27 countries with 84 hotels (more th...
Medical Tourism: India and Malaysia Lead the Market with Use of Cryptocurrency
Allied Market Research | April 30, 2018
Small countries including India and Malaysia have seen a spike in the medical tourism market owing to the low-cost of treatments compared to the U.S. and the intensive care facilities offered by the hospitals. The medical tourism market has grown exponentially in recent years due to affordability and accessibility of healthcare services along with the support from tourist department and government. In addition, the countries such as India, Brazil, Malaysia, and Thailand provide the latest medical technologies to the patients, which boosted the medical tourism market. In its recent report on Global Medical Tourism Market, Allied Market R...
The CEO’s Role as Thought Leader in the New Era of Engagement
Alan Young | April 30, 2018
It is critical for CEO's to champion a trustworthy voice for their company's brand and execute a consistent content cadence By Alan Young Gone are the days in which CEO's can expect to remain a faceless, behind-the-scenes force of the company. Think Richard Branson, Elon Musk, Jeff Bezos – and the growing list of rock star C-level execs. Within a dynamic industry landscape, CEO's across all verticals are stepping up to become the driving market force behind their brand, openly advocating for their company's values, culture, and intellectual capital. A company's brand is often an extension of their chief executive&#...
Rainmaker Closes Record-Breaking Q1 With Largest Sales Quarter in Company History
Rainmaker | April 26, 2018
Alpharetta, GA – April 26, 2018 - The Rainmaker Group (Rainmaker), a leading provider of cloud-based hospitality revenue and profit optimization software reports high Q1 growth with the largest hospitality sales quarter in the company's history in addition to going live with several notable new brands. Also in Q1, Rainmaker appointed several new employees to fuel sales growth and product innovation, was honored by the City of Alpharetta with the Business of Excellence Award for the fifth consecutive year and hosted OPTIMIZE 2018, Rainmaker's annual user conference, in Miami, FL. "We're proud to kick off 2018 with such a strong sal...
Fairmas expands with company representation in Amsterdam
Fairmas GmbH | April 26, 2018
Ellen Huerst represents Berlin-based hotel software developer Fairmas in Benelux April 25, 2018: Ellen Huerst, co-founder of PowerYourRoom, takes over the representation of Fairmas GmbH in the Benelux region with immediate effect. With this, Fairmas GmbH is taking another important step in the direction of expansion with the aim to further increase its international presence in the highly specialized niche market of the hotel industry. Since its foundation in Berlin in 2003, Fairmas GmbH has been developing financial planning and management reporting software tailored to the needs of the hotel industry. The success of the Fairmas produc...
Participate in HFTP’s Entrepreneur 20X at HITEC Houston
HITEC | April 25, 2018
HFTP is accepting submissions for startups until May 4 and judges and mentors until May 18 Hospitality Financial and Technology Professionals (HFTP®), producers of Hospitality Industry Technology Exposition and Conference (HITEC®), is currently accepting applications for participants, judges and mentors for Entrepreneur 20X (E20X) at HITEC Houston. Those interested can apply via the HITEC website – startups can apply here, and volunteers can apply here. E20X Houston will take place on Monday, June 18 from 1:00 to 4:00 p.m. at the Gorge R. Brown Convention Center in Houston, Texas. E20X participants will be selected from th...
Frasers Hospitality Partners With Duetto to Bring Revenue Strategy to Serviced Residences
Frasers Hospitality | April 25, 2018
Companies Plan Further Collaboration to Innovate New Extended-Stay Features for GameChanger App Singapore, 25 April, 2018 — Frasers Hospitality, which operates nearly 150 serviced-residence and luxury boutique hotels across Asia, Australia, Europe and the Middle East, has partnered with Duetto to adopt its Revenue Strategy approach and cloud-based technology. Frasers is implementing Duetto's Open Pricing application, GameChanger, across its global portfolio, and the two companies are working together to innovate new features and strategies for room rates in the extended-stay segment of hospitality. "Serviced residences are one of ...
Evolution Of Asset Management In India’s Hotels
Hotelivate Private Limited | April 25, 2018
Not too long back, hotel ownership and hotel management in Asia were like Siamese twins – co-joined at birth, despite being distinctly different from each other. Four domestic chains largely dominated the hotel ownership landscape – IHCL (Taj), EIH (Oberoi) and ITC (ITC Hotels, WelcomHotel) and the government-owned ITDC (Ashok). Most of these started as a single hotel entity but thereafter grew organically and, in the fullness of time, some of these companies have been able to create enviable brands that have the strong recall at a global level. However, business was carried out via a rather linear equation wherein the ownin...
