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
The Rainmaker Group Kicks Off 2018 With Record-Setting Performance
Rainmaker | March 27, 2018
Company experiences astounding sales increase of 187 percent year-over-year ALPHARETTA, GA – March 27, 2018 – The Rainmaker Group (Rainmaker), a leading provider of cloud-based hospitality revenue and profit optimization software, today announced that it has kicked off 2018 with record-breaking performance and growth. In January alone, the company experienced a sales increase of 187 percent year-over-year. In addition, the company's service revenue, which includes pricing services and revenue best practices consulting, showed an increase of 107 percent. In January and February, Rainmaker expanded its reach in both the number...
Hospitality Financial Leadership – Creating and Using Your Own Labor Productivity Tools
David Lund | March 26, 2018
By David Lund With major wage increases in many jurisdictions, it is more important than ever to have a system for planning and measuring labor productivity in your hotel. This article explains how you can do this and it is not just for the big boys, you can utilize this system in any size operation. I am working with a client who is just in the throes of getting this going in one of his hotels. It is a bit of work but well worth the effort as the results are going to pay off big time. I want to share what is working for him because I know it will work for you as well. The first thing to create is a baseline for current productivity in ...
How Long Do Economic Cycles Last?
Hans Detlefsen | March 26, 2018
By Hans Detlefsen In June of 1857 the U.S. economy entered its 30th consecutive month of expansion. But banks were already starting to feel the impact of bad loans piling up. As the gold rush slowed, the pace of migration westward across the country also slowed. Railroad stocks began to decline. Land speculators lost big when new railroad construction projects did not materialize as they had hoped. When international newspapers reported that the British government had circumvented rules pertaining to gold reserves, U.S. depositors wondered whether something like that could happen here. Banks came under increasing pressure to meet withdr...
Rainmaker VP to Speak at Tribal Casino & Hotel Development Conference
Rainmaker | March 22, 2018
Presentation to focus on the tracking mechanisms casinos can use to increase profitability ALPHARETTA, GA – March 22, 2018 – The Rainmaker Group (Rainmaker), a leading provider of cloud-based hospitality revenue and profit optimization software, today announced that Angie Dobney, vice president of casino and gaming sales, will be a featured speaker at the 11th Annual Tribal Casino & Hotel Development Conference. The conference will be held March 26-27 at the Pechanga Resort & Casino in Temecula, Calif. Rainmaker is a gold-level sponsor of the event. Dobney will participate in a panel discussion entitled, How Tracking...
Avison Young Hospitality Group First Quarter Review
Avison Young | March 20, 2018
ATLANTA – March 20, 2018 – The Avison Young Hospitality Group announced today that it expects to end the first quarter of 2018 having closed one hotel every week. The most notable sales included a full-service Marriott Hotel in the Chicago MSA and a Homewood Suites in downtown Nashville. The balance of closings included four other Hilton/Marriott select service hotels located throughout several regions and additional brand family closings. Avison Young Hospitality brokers involved in the sales were Brad Sinclair, Andy Broad, Chris Stark, Michael Bernath, Rick George, Wendy Blissett, Rex Cagle, Thierry Roch and John James. "F...
Hotel Equities Selected to Operate New-Build Courtyard by Marriott in Winston-Salem, North Carolina
Hotel Equities | March 20, 2018
ATLANTA - (March 20, 2018) – Atlanta-based Hotel Equities announced its selection as the management firm for a new-build Courtyard by Marriott as part of a development project in downtown Winston-Salem, North Carolina. Developed by Commercial Realty Advisors, LLC of Winston-Salem and Clarendon Properties of Wilmington, NC, the 126-room property is scheduled to break ground in May. Located at 640 W. 4th Street in the heart of Winston-Salem, NC, the Courtyard will feature a rooftop bar with views of the surrounding downtown area. As the home of Wake Forest, University as well as the corporate headquarters of the prominent banking fi...
Finding & Recruiting Talent in Hospitality: Never More Than Two Degrees of Separation
David Lund | March 19, 2018
By David Lund Finding good people in our industry is a tough job, especially in certain economies. It is extra tough when you are looking for a particular skill set. Hospitality does not have the reputation for paying well. We have the reputation for long hours and working on weekends and holidays. Not exactly the millennial's picture-perfect career profile. Hospitality is special and either you get it and you drank the Kool-Aid or you don't. According to salary.com a hospitality degree is number four on the top eight college degrees with the worst return on investment. How is that for a hard pill to swallow. There is hope and there are...
Maxim Hotel Brokerage Announces Several California, Nevada, Arizona and Portfolio Hotel Closings
Maxim Hotel Brokerage | March 19, 2018
Newport Beach, CA – March 19, 2018 -- Maxim Hotel Brokerage is pleased to announce the sale of seven hotels and a casino in five separate transactions since December, 2017. 97-room Courtyard by Marriott Ventura Simi Valley, California; Maxim Hotel Brokerage represented the seller and original developer, Pacifica Madera LP. The purchaser was a Chinese owned, but locally based hotel management and ownership company. 120-room Fairfield Inn by Marriott Las Vegas Airport; Maxim represented the seller, Gan Eden LLC in the sale to a privately held ownership group. Twenty Four Seven Hotels will take over management. 490-room portfolio...
Two Roads Hospitality Appoints Craig A. Waterman as Vice President of Openings & Transitions
Two Roads Hospitality | March 15, 2018
Denver, Co., March 15, 2018 – International lifestyle company Two Roads Hospitality has appointed Craig A. Waterman as Vice President of Openings & Transitions. In this role, Waterman will oversee new and transitioning projects across the company's portfolio. Waterman joined Two Roads Hospitality in 2014 as General Manager of Hotel Kabuki, a Joie de Vivre property in San Francisco, and Regional Director of Operations, overseeing the Northern California, Arizona and Hawaii regions. "Craig has contributed to the success of many Two Roads Hospitality properties, ensuring operational excellence, guiding seamless transitions, and m...
Australia Gives Go Ahead for AccorHotels Acquisition of Mantra Group
AccorHotels | March 13, 2018
AccorHotels welcomes the Australian Competition and Consumer Commission (ACCC) decision to clear the acquisition of Mantra group Ltd. The acquisition still requires approval from Mantra shareholders as well as approvals from the Federal Court and the Foreign Investment Review Board. Mantra is one of Australia's largest hotel and resort marketers and operators with 127 properties and over 20,000 rooms in hotels, resorts and serviced apartments across Australia, New Zealand, Indonesia and Hawaii, under three key brands: Peppers (28 properties), Mantra (75 properties) and BreakFree (24 properties). Mantra has more than 5,500 employees. The...
Aptech Computer Systems Announces Strategic Partnership With Inova Payroll
Aptech | March 13, 2018
Partnership Brings New Level of Convenience and Expanded Service to Customers of Both Companies Pittsburgh, PA., March 13, 2018 – Aptech Computer Systems, Inc., one of the leading hospitality accounting and business intelligence technology companies, announced a strategic partnership with Inova Payroll, a national payroll and human resources service provider. Aptech customers who select Inova's payroll and HCM technology will be able to view payroll expenses in Aptech's accounting systems, PVNG and Profitvue, and see labor information in Aptech's hospitality business intelligence application, Execuvue®. "This partnership bring...
Hospitality Financial Leadership – How to Read Hotel Financial Statements and The Link
David Lund | March 12, 2018
By David Lund The first thing you need to know about reading a hotel financial statement is there are basically two different statements you will want to get comfortable with. The two are the income statement—some call it the P&L or profit and loss statement—and the second is the balance sheet. Now I know what you are thinking, balance sheets are for the accounting types and they are complicated. Nothing could be further from the truth and I am going to give you a new understanding and share a secret about the balance sheet and the relationship to the P&L. Let's start with the income statement Something to note here:...
U.S. Travel Unveils Tool to Measure Tourism’s Impact on State Economies
U.S. Travel | March 8, 2018
Increases or decreases in visitors can have a significant impact on public services WASHINGTON (March 8, 2018)—Amid calls by some state lawmakers to cut state and destination marketing budgets, the U.S. Travel Association today released the Travel Economic Impact Calculator (TEIC), a tool designed to show the direct impact of an increase or decrease in traveler spending on a state's economy—and how travel-generated tax revenues directly supports public sector jobs—like firefighters, police officers and public school teachers. Travel promotion plays an integral role in driving tourism to destinations. Increased inv...
HFTP Renews Sponsorship Agreement With Keystep Solutions for 2018 London Interest Meeting
HFTP | March 8, 2018
Hospitality Financial and Technology Professionals (HFTP®) is pleased to announce Keystep Solutions as the exclusive sponsor of the upcoming HFTP London Interest Meeting. Keystep Solutions is a family owned British company specializing in access control systems – they include: electronic keycard locks, access readers, energy-saving room switches and lift controllers. The event will take place Monday, 12 March 2018 at the Rosewood Hotel in London. Guests are invited to join HFTP and top European hospitality executives for an evening of interesting speakers and discussion. Those interested in attending the complimentary event ca...
Rate and Bookings Growth Continue Positive Trend for Hoteliers in Early 2018
TravelClick | March 8, 2018
Both Group and Transient Travel Segments Experience Boost During First Quarter NEW YORK – March 8, 2018 – TravelClick, a leading global provider of data and revenue-generating solutions for hoteliers, today released new data from the Company's February 2018 North American Hospitality Review (NAHR). According to this data, North American hoteliers are continuing to experience healthy gains across both average daily rates (ADR) and bookings for all travel segments, up 0.6 percent and 1.3 percent, respectively, in the first quarter of the year. Transient bookings are particularly strong in Q1, up 1.9 percent across the segment ...
AD1 Global, ASI Global and EB5 Florida Hotels to Break Ground on 120-Room Fairfield Inn & Suites in Tamarac, Florida
AD1 Global | March 8, 2018
AD1 Global, Tamarac elected officials and co-developers ASI Global and EB5 Florida Hotels are holding an official ground breaking ceremony on March 19th at the Colony West Golf Club to commemorate the new Fairfield Inn. The new 120-room Fairfield Inn & Suites by Marriott, located at 6800 NW 88th Ave, which will include a pool and splash pad, will be another amenity for the city to offer its visitors. The project also entails the construction of a clubhouse, banquet facilities and golf cart barn. "We are proud to be a partner of the great city of Tamarac," said Daniel Berman, AD1 Global President. "We believe this project will have a...
TravelClick and Google Expand Partnership to Help Hoteliers Maximize Revenue in an Increasingly Competitive Market
TravelClick | March 6, 2018
Partnership Gives Hotels an Edge with Early Access to New Beta Products and Unique Data NEW YORK – March 6, 2018 – TravelClick, a leading global provider of data and revenue-generating solutions for hoteliers, today announced the Company's expanded relationship with longtime partner Google to enable hoteliers to drive more direct bookings and revenue. This partnership helps independent and small to mid-sized hotel chains to better identify, attract and convert guests when using the combined Google and TravelClick solutions. "In a world where hundreds of thousands of hotels compete daily to win reservations, Google's meta sea...
Panache Management, LLC Selects Aptech Business Intelligence and Enterprise Back Office
Panache Management, LLC | March 6, 2018
Execuvue® BI and PVNG Enterprise Back Office will Handle Financial Analysis and Centralized Accounting for 8 Panache Management, LLC Hotels PITTSBURGH – March 6, 2018 – Aptech Computer Systems announced that Panache Management, LLC selected Aptech's Execuvue Hospitality Business Intelligence and PVNG Enterprise Accounting Systems. Panache will implement the solutions to streamline property data gathering, performance analysis, and centralize financial reporting for its eight hotels. Panache Management, LLC manages hotel brands with equity-interest. Its portfolio includes Hilton, Marriott, InterContinental, Choice, and bo...
Hospitality Financial Leadership – Who Has ALL the Risk and Why?
David Lund | March 5, 2018
By David Lund In the hotel business, we have lots of stakeholders: brands, managers, executives, and owners. But one has by far the biggest risk. The risk in this sense is holding a large hand of cards and the game is suddenly over and you must cash out all of those face cards and tens. What happens in the hotel business when the phones stop ringing? Who must pay the piper? It has been seven great years in most markets in North America that the hotel sector has been strong and growing year over year. Some markets have produced several years of strong single and even double-digit RevPAR growth. With the great RevPAR growth comes solid pr...
Pebblebrook Hotel Trust Introduces 6th Annual Pebby Award Winners
Pebblebrook Hotel Trust | March 5, 2018
HOLLYWOOD, Calif.--Pebblebrook Hotel Trust (NYSE: PEB) (the "Company") today announced the winners of its sixth annual Pebby Awards. The Pebby Award winners were chosen for their outstanding accomplishments in 2017, as determined by the Company. "Our Pebby awards seek to honor the tremendous achievement and extraordinary leadership by our hotel management teams in 2017," noted Jon Bortz, Chairman, President and Chief Executive Officer of Pebblebrook Hotel Trust. "Although many of our properties turned in exceptional performances this year, these award winners stood a head above the rest in accomplishing the sustained operational excelle...
TravelClick Launches Artificial Intelligence-Powered Campaign Advisor
TravelClick | March 1, 2018
NEW YORK – March 1, 2018 – TravelClick, a leading global provider of data and revenue-generating solutions for hoteliers, today announced the launch of Campaign Advisor on the Company's Guest Management Solutions (GMS) platform. Powered by data from billions of customer touchpoints across the entire guest journey, Campaign Advisor allows hoteliers to better target their marketing and drive more direct bookings. Campaign Advisor's AI-powered, predictive algorithm maximizes bookings for hotels by determining the best send time for each guest. Hotels can set allotted windows of time to send marketing campaigns, and Campaign Adv...
How the Blockchain Will Change the World of Hotel Distribution
Harvey Norman | February 26, 2018
By Harvey Norman Lowering costs is one of the biggest challenges that face the hospitality industry while considering opportunities for maximizing revenues. Hotel managers need to think of innovative ways to cut down on costs without affecting the quality of their services. Adopting the blockchain platform as a means of distribution is expected to lower the costs hotels endure directly and indirectly. But switching from the current system and traditional distribution channels is another challenge that lies ahead of hotel managers and their marketing teams. The Cost of Blockchain: As hoteliers consider the benefits of switching their dis...
Hospitality Financial Leadership – Create the Monthly Financial Circle!
David Lund | February 26, 2018
By David Lund It's A Circle – Create the Monthly Financial Circle! Practice is what we are missing. Practice with the financial piece is somehow a foreign concept. "Everything we do is practice for something greater than where we currently are." – Adam Kirk Smith If you and I worked in banquets and we were both rookies, we would show up every day and listen, work and learn, and in a relatively short period of time, we would both be pretty good at setting up, servicing and tearing down the banquet. How is this different from learning the financial piece? It is not, that's the illusion. It looks different because it is money a...
