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 – Using EFTEs
David Lund | October 30, 2017
By David Lund If You Can't Measure It, You Can't Improve It. Management thinker Peter Drucker is often quoted as saying, "You can't manage what you can't measure." Drucker means that you can't know whether or not you are successful unless success is defined and tracked. In the hotel business payroll is the number one cost. STR recently reported that labor made up 50 percent of revenues for a sample of over 4,000 hotels of all types and sizes. Having an efficient and reliable way to measure payroll is critical in any business. In hotels, the impact of payroll is amplified considerably and the need to have so...
Duetto Brings True Personalization to Booking Process with Launch of PlayMaker
Duetto | October 30, 2017
With Hospitality's Only Revenue Strategy Platform and PlayMaker, Hotels and Casinos Can Increase Conversion Through Customized Merchandising San Francisco, October 30, 2017 — Duetto, hospitality's only Revenue Strategy Platform in the cloud, has introduced PlayMaker, the industry's first application tackling true personalization of the booking path. The new cloud application addresses the industry's greatest challenge by providing consumers a better and more personal shopping experience, increasing their likelihood to convert. By serving both known and unknown shoppers customized merchandising content on direct channels, PlayMaker...
Q3 2017 Financial Reports Round Up Part 2: Hilton, Wyndham, Las Vegas Sands, Pebblebrook
October 26, 2017
Hilton Worldwide reports net income of $181 million for the third quarter 2017. Hilton added 12,000 net rooms in the third quarter and the development pipeline hit a record 335,000 rooms in Q3, a 13% rise over the same quarter in 2016. System-wide comparable RevPAR increased 1.3 percent on a currency neutral basis for the third quarter compared to the prior year Wyndham Worldwide reports net income in the third quarter of 2017 at $203 million compared with $196 million for the third quarter of 2016. Third quarter domestic same-store RevPAR increased 2.3% compared with third quarter 2016. In constant currency, global same-store RevPAR in...
HITEC Amsterdam 2018 Online Registration and Housing Bureau Open Now
HITEC | October 25, 2017
HFTP's second annual HITEC Amsterdam is 11-13 April 2018 at the RAI Amsterdam Hospitality Financial and Technology Professionals (HFTP®), producers of Hospitality Industry Technology Exposition & Conference (HITEC®), announced that attendee online registration for its second HITEC Amsterdam is now open. Also available on the HITEC Amsterdam website is information on travel and hotel reservations. HITEC Amsterdam will take place from 11-13 April 2018 at the RAI Amsterdam Convention Centre in Amsterdam, The Netherlands. "2018 will be the second time HFTP brings HITEC to Europe," said HFTP CEO Frank Wolfe. "Amste...
Public Involvement in Convention Center Hotel Financing
Thomas A Hazinski | October 24, 2017
By Thomas A Hazinski, Brian Harris Research generously supported by the Greater Phoenix Convention and Visitors Bureau Public sector involvement in convention center hotel projects is common due to the high cost of development and lack of private capital for such investments. Event planners expect the presence of a hotel adjacent to a convention center. Consequently, proximate hotels are essential for many convention centers to remain competitive in the convention center industry. As most communities desire the economic impact of group events and the spending of the visitors they attract, many are providing public subsidies to projects...
HITEC Dubai, Officially Endorsed by DTCM, Aims to Facilitate Tourism Vision 2020
HITEC Dubai | October 24, 2017
As part of Dubai's Tourism Vision 2020, approved by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Ruler of Dubai and UAE Vice President and Prime Minister, Dubai plans to attract 20 million visitors per year by 2020. Dubai is renowned for raising the bar and making the impossible happen. EXPO 2020 will bring a huge influx of international visitors into the UAE and the hospitality industry plays a vital role in securing Dubai's position as one of the world's premier tourism hubs. To help realize this vision, HITEC®, the world's largest hospitality technology exposition and conference brand is debuting in the Mid...
Hospitality Financial Leadership – Food Cost and the 80/20 Rule
David Lund | October 23, 2017
By David Lund We have all heard of the 80/20 rule. But I am willing to bet most of you have not heard it in conjunction with the words "food cost." A good friend of mine who was an executive chef explained it to me and I am going to share it with you. So first off, the 80/20 rule states that 80 percent of any result comes from 20 percent of the activity. In food cost, what Chef taught me is the 80 percent of the food cost comes from only 20 items. That's right—the top 20! What he explained was so simple and powerful. Identify the top 20 food items your hotel buys using the dollar value of those items. It takes a bit ...
Hospitality Funding, Inc. Arranged Funding for the Acquisition of the Comfort Suites Arlington, Texas
Hospitality Funding | October 23, 2017
Arlington, Texas – Hospitality Funding, Inc. arranged funding for the acquisition of the Comfort Suites Arlington, Texas. Waramaug LS Hotels LLC acquired the hotel in a joint venture with high net worth investors. When assessing the deal, Hospitality Funding and Waramaug Hospitality considered the following: The property is located near Six Flags Theme and Water Park, Rangers Ballpark, AT&T Stadium, Arlington Convention Center and more The property is a 108-room, all-suite hotel with high ceilings throughout that opened in 2009 The hotel's amenities include complimentary breakfast, a swimming pool, a fitness center, a busi...
Premier Capital Associates Secures Refinance for Quality Inn and Suites in Sequim, WA
Premier Capital Associates | October 19, 2017
BELLEVUE, Wash., October 19, 2017 – Premier Capital Associates, LLC, a national, full-service real estate investment company specializing in debt and advisory services for hospitality real estate, announced today that they secured refinancing for the Quality Inn and Suites at Olympic National Park in Sequim, WA. The total loan amount was approximately $4,600,000. "Giving our clients the financial agility that comes from making use of available equity is the most rewarding part of our relationships. For the Quality Inn and Suites at in Sequim, that meant working closely with our funding sources to get the property the cash they wan...
Hospitality Financial Leadership – “Systems”, Don’t Change The People – Change the System
David Lund | October 16, 2017
By David Lund Every system is perfect for the results it creates. The flip side of this is: Don't change or make the people wrong—it is the system that's wrong and the system needs to be changed. Then we will get another result. Keep working the system five percent at a time. Always be re-programming your system, i.e., what version of Windows are we on? We tend to look at the chaos at work and in our own lives and we want to blame someone or something for it. It is the victim crying out that we have been unjustly punished and sentenced to suffer in the mess we are in. We need to rise above this and look at the system we use; see t...
Unexpectedly Slow – Hoteliers Overestimated 2016 Performance
Robert Mandelbaum | October 16, 2017
By Robert Mandelbaum From 2010 through 2015, U.S. hotels enjoyed above long-run average revenue and profit growth. Over the six-year period, total operating revenue increased at a compound annual growth rate (CAGR) of 5.8 percent, while gross operating profits grew at a CAGR of 8.9 percent. Therefore, when U.S. hoteliers sat down in the fall of 2015 to prepare their budgets for 2016, it is no surprise that they believed the strong upward momentum in revenue and profit growth would continue. Unfortunately, 2016 was a disappointment. Revenue and profits increased, but not at the levels that were budgeted. Occupancy and average daily rate ...
Mövenpick Hotels & Resorts Joins TravelClick’s Market-Leading Demand360® Program
TravelClick | October 16, 2017
Demand360 Network of Global Data Providers Continues to Expand, Empowering More Hoteliers to Develop Strategies that Maximize Revenue NEW YORK – October 16, 2017 – TravelClick, a global provider of innovative, cloud-based and data-driven solutions for hotels to maximize revenue, today announced a partnership with Mövenpick Hotels & Resorts, which is represented in 24 countries with 83 hotels, resorts and Nile cruises in operation, to join TravelClick's Demand360® program, a Hotelligence360® solution. This partnership further expands the Demand360 network of global data providers, giving hoteliers access to e...
4 Ways to Win the Hearts and Contracts of Meeting Planners
Groups360 | October 13, 2017
Every group is different. Every meeting planner is unique. Every event comes with its own set of objectives, attendee patterns, and complications. Then, why does your hotel's group sales managers continue to sell the property the same way, over and over again, no matter the group? Here's the kicker: Meeting planners know they are being sold to. They see it when you insist on trekking them out to the golf course during a site inspection, even when golf isn't relevant to their group. They see it when you fail to ask them the right questions or give biased answers. They see it immediately in your cookie-cutter proposal. Instead of presenti...
CBRE Hotels Arranges Two Hotel Sales in San Diego
CBRE Group, Inc. | October 12, 2017
Comfort Suites San Diego-Miramar and Holiday Inn Express San Diego-Mira Mesa Sold Newport Beach, California – October 12, 2017 – CBRE Hotels has arranged the sale of the 132-room Comfort Suites San Diego-Miramar and the 75-room Holiday Inn Express San Diego-Mira Mesa for an undisclosed amount to Two Pack Hotel LP, an affiliate of Excel Hotel Group. Bob Kaplan, Rod Apodaca, and John Karver of CBRE Hotels acted as exclusive agents for the sellers, LLJ Ventures. The Comfort Suites and Holiday Inn Express are adjacent hotels on 3.72 acres in the Mira Mesa/Scripps Ranch area in the northeastern part of San Diego; conveniently loc...
M3 Unleashes New Mobile App to Increase Hoteliers’ Productivity
M3 | October 10, 2017
Budget and revenue data just a swipe away on both iOS and Android devices (GAINESVILLE, GA – 10/12/17) – It's a familiar story for hoteliers; there are simply not enough hours in the day to get all the work that needs to be done completed. To allow busy hotel owners and managers easier access to property financial data, at home and on the road, M3 has recently introduced its mobile app for both iOS and Android devices. The M3 mobile app enables hoteliers to securely access their data like never before, viewing real-time, mission-critical information like: Key Performance Indexes: Occupancy and ADR Rooms Rented Total Room...
Hotels Should Already be Planning Their 2018 Summer Marketing Campaign, According to Industry Experts
Magnuson Worldwide | October 10, 2017
London UK/Spokane WA - October 10, 2017 - High season might have just drawn to a close but hotels should already be planning their marketing campaign for 2018, hospitality expert Magnuson Worldwide says. In a highly competitive sector, independent hoteliers are often too busy focusing on other areas to really put the time and resources necessary into effective marketing strategies. But they have the power to transform a hotel and deliver greater success. The summer months bring a huge number of opportunities for boutique hotels looking to expand their current customer base, with many local areas playing host to events and festivals. How...
Rainmaker Ends Summer with Record-Setting Performance and Growth
Rainmaker | October 5, 2017
Leading provider of revenue and profit optimization software deploys solutions at more than 150 properties in 14 countries ALPHARETTA, GA – Oct. 5, 2017 – The Rainmaker Group (Rainmaker), a leading provider of cloud-based hospitality revenue management software, today announced that it has ended the summer with record-setting performance and growth, deploying its solutions at more than 150 properties in 14 countries in July and August. The properties include hotels, resorts and casinos throughout North America, Europe, Asia and Australia. Among the company's recent implementations are: FIVE Palm Jumeirah Dubai; Palazzo Versa...
HEDNA Call to Participate in Survey Developed to Tackle Global Hotel Current Analytics Practice & Challenges
Hotel Electronic Distribution Network Association (HEDNA) | October 3, 2017
Results of the open survey will be published to educate hoteliers on implementing analytics best practices to optimize their distribution strategies Washington, DC (October 3, 2017) – HEDNA (the Hotel Electronic Distribution Network Association) today announced, via its most recently formed working group on Hotel Analytics, the launch of a campaign to invite hoteliers to participate in a new global survey on analytics best practice. The working group, co-chaired by David Turnbull (Co-Founder, SnapShot) & Matthew Goulden (CEO, Triometric) aims to establish best practice guidelines that will empower hoteliers to optimize how the...
Hospitality Financial Leadership – How Can You Turn $250 Savings into $1,000,000 In Asset Value
David Lund | October 3, 2017
By David Lund That's right, your eyes and the headline are not fooling you. I learned this from a client in a backward kind of way and now I want to share it with you. It is a powerful way to justify and prove a return on investment (ROI) for financial leadership training. I use this story as well to show my clients what they are leaving on table in the way of profits and asset value if they are not using financial leadership in their hotel. I had just finished a half-day hospitality financial leadership workshop for a client, one of a series of six that they had contracted me to do. The General Manager got up and thanked me and ask...
The Rainmaker Group Wins Prestigious GGB Gaming & Technology Award
Rainmaker | September 28, 2017
Company's grouprev® Solution Takes Silver in 'Best Productivity Enhancement Technology' Category ALPHARETTA, GA. – Sept. 28, 2017 – The Rainmaker Group (Rainmaker), a leading provider of cloud-based hospitality revenue management software solutions, today announced that it has received the prestigious silver medal for its groundbreaking grouprev® solution in the 17th Annual GGB Gaming & Technology Awards. The award will be presented at next week's Global Gaming Expo (G2E) in Las Vegas. The Gaming & Technology Awards, sponsored by Global Gaming Business magazine, recognize excellence in innovation and practica...
Aptech’s Execuvue® Delivers Next-Day Portfolio Analysis for Multiproperty Operators
Aptech Computer Systems, Inc. | September 27, 2017
Execuvue Hospitality Business Intelligence Reports Put Performance Data in Operators' Hands In Time to Make a Financial Difference PITTSBURGH – September 27, 2017 – Accurate, next day financial reporting is essential for proactive profitability-focused operators. Comprehensive operations reports with dynamic drill down capability are like headlights that examine the factors that impact performance. They show managers and owners where their business is, how it got there, and illuminate what they need to change to make it better. "TPG Hotels & Resorts operates a portfolio of more than 50 hotels nationwide. Understanding wh...
Brookfield Asset Management Names Audrey Oswell President and Managing Director of Atlantis, Paradise Island
Atlantis Paradise Island, The Bahamas | September 26, 2017
PARADISE ISLAND, BAHAMAS, SEPTEMBER 26, 2017 – Today, Atlantis, Paradise Island resort in The Bahamas announced the immediate appointment of Audrey Oswell as President and Managing Director. Oswell has held the role of Chief Operating Officer at the resort since the end of 2016 and had previously held the role of Chief Gaming Officer at Atlantis from 2011 to 2013. With this appointment, Oswell becomes the first female President of Atlantis, Paradise Island. According to Andrea Balkan, Managing Partner of Brookfield Asset Management, owners of the resort, "we are extremely pleased that Audrey will elevate her leadership role at the...
Hospitality Financial Leadership – The Third Pillar
David Lund | September 25, 2017
By David Lund In the hotel business, there are three pillars: the guests, the colleagues and the money. They are not equal. They are not equal because we ignore the third pillar and we do so at our own peril and out of a bad habit. We are lazy about what we can do to manage this cagey and slippery bugger. There is a fundamental disconnect in our industry, and it is high time that changed. It is no longer acceptable to throw our hands up in the air and say the numbers are the accounting department's responsibility as if the rest of us are 5-year-olds without a clue what to do. If you are one of those, it is time to move and get some fina...
Paramount Lodging Advisors Sells 12th Consecutive Property in the Indiana Market
Paramount Lodging Advisors | September 22, 2017
Indianapolis, IN -- Paramount Lodging Advisors (PLA) is pleased to announce four transactions in Indiana over the last 14 days – starting with the sale of the Quality Inn South Bend and the Quality Inn Indianapolis. The properties were sold to a single buyer for an undisclosed amount. Managing Directors Bennett Webster and Brent Clemens, Senior Associate Mike Schlictman, and Associate Hussain Waseem represented the seller in these transactions. The 246-room portfolio was ideally positioned next to the University of Notre Dame in South Bend and the I-465 Beltway in Indianapolis. The buyer was looking to substantially supplement the...
