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
EB-5 Finance Lawyer: Tips to Avoid the 6 Most Common Mistakes Developers Make With EB-5
Jim Butler | August 1, 2017
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Authors of www.HotelLawBlog.com 01 August 2017 EB-5 generates billions of dollars of affordable construction financing for developments located in the United States that create new jobs for US citizens. JMBM's EB-5 financing group has closed more than $1.5 billion of EB-5 financing for our clients' development projects, and we sourced more than half of that amount. Although there are many exciting success stories, we see developers frequently blundering into a small number of easily avoided mistakes, which can be very costly. So here is our short list of the mistakes an...
Hospitality Financial Leadership – How to Review a Hotel Budget
David Lund | July 31, 2017
Budget season is fast approaching and I am writing this article to highlight some areas to look at when you are reviewing a hotel financial budget. Maybe you want to make sure you have all your ducks in a row before you submit your 2018 numbers to the corporate office or perhaps you are the one doing the review. This article will give you some ideas of what you need for your review, what to look for and where to find it. The only thing we know for sure about the budget is, it's wrong. ~ Unknown Budgeting is first and foremost a business plan with numbers. It is the culmination of all the wants, wishes, aspirations and ideas laid out in ...
HFTP and OpenTravel – Announce Newest Partnership in Systems Standards Horizon
OpenTravel | July 26, 2017
AUSTIN, TEXAS, USA (July 25, 2017) - The nonprofit groups, Hospitality Financial and Technology Professionals (HFTP®) and Open Travel Alliance (OpenTravel) have announced a partnership to accelerate the support of travel industry distribution standards, as well as the creation and adoption of hospitality technology standards across the entire spectrum of the global consumer travel experience. Of top priority to both organizations are mobile standards for use within the industry, which are first on the work list. To facilitate the intended projects, OpenTravel will co-locate its corporate office with HFTP Global headquarters in Austi...
Rainmaker Continues Strong Growth Trajectory with Record Setting First Half of 2017
Rainmaker | July 26, 2017
Leading provider of revenue and profit optimization software for the hospitality industry continues high growth momentum during first half of 2017 ALPHARETTA, GA – July 26, 2017 – The Rainmaker Group (Rainmaker), the hotel revenue and profit optimization cloud, experienced record setting growth through the first half of 2017, adding to its momentum in becoming the de facto standard in hotel revenue management software and services. Since January 2017 Rainmaker has expanded its reach in the number of properties using its platform, with a 41% increase in grouprev® and 21% increases in both guestrev® and revintel®....
Provenance Hotels Chooses IDeaS G3 RMS to Advance Revenue Strategy in 2017
Provenance Hotels | July 26, 2017
Growing hospitality management company transitions portfolio to IDeaS G3 RMS MINNEAPOLIS – July 26, 2017 – IDeaS Revenue Solutions, the leading provider of revenue management software solutions and advisory services, is delighted to announce the expansion of its relationship with innovative hospitality management company, Provenance Hotels. With increasingly elevated revenue management opportunities achieving consistent market share growth of 3 percent – and a partnership with IDeaS that spans back to 2012 – it was an easy decision for Provenance Hotels to continue their long-standing relationship with IDeaS. Wit...
Hospitality Financial Leadership – Outsourcing Your Accounting and Why this is a Stupid Idea
David Lund | July 24, 2017
By David Lund Stupid sounds like a harsh word. Webster's dictionary defines stupid as, "Given to unintelligent decisions or acts," along with a few other more colorful options. Outsourcing your hotel accounting is an unintelligent move, that is my opinion and I am going to make my case right here. When I refer to outsourcing, I am talking about a third party provider, not a centralized function. Any good decision comes down to more pros than cons I often work with clients on decisions and we often make two lists. Good things that can come from a decision and how we can amplify them, then the bad things that could and would happen and h...
Duetto Brings Revenue Strategy Solutions to Outrigger Hotels and Resorts
Duetto | July 20, 2017
Hawaii-Based Hospitality Company Rolling Out Game-Changing Price Optimization and Revenue Intelligence Capabilities to 2,800 Rooms San Francisco, July 20, 2017 – Duetto, the market leader in hotel profit optimization technology, announced today that it has partnered with Outrigger Enterprises Group to implement its cloud-based Revenue Strategy solutions at seven Outrigger hotels, totaling close to 2,800 rooms. The agreement will enable Outrigger hotels to fully optimize revenue and easily analyze company-wide performance with Duetto's GameChanger and ScoreBoard applications. "We are very happy to announce this partnership with Out...
Hospitality Financial Leadership – Ego is Not Part of the Recipe
David Lund | July 18, 2017
By David Lund "If you want to be more than a flash in the pan, you must be prepared to focus on the long term. We will learn that though we think big, we must act and live small to accomplish what we seek. Because we will be action and education focused, and forgo validation and status in their pursuit, our ambition will not be grandiose but iterative—one foot in front of the other, learning and growing and putting in the time." Ryan Holidays – Ego is the Enemy In the financial leaders' world, ego will not serve them well. Ego will put distance between them and their audience. Ego would have a leader being the star of the sh...
Revenue Strategy Forum Hong Kong Prepares Hoteliers for the Next Wave of Challenges
Duetto | July 17, 2017
Annual conference hosted by Hotel ICON and Duetto explores tactics hotels need to thrive in volatile competitive landscape Hong Kong, July 17, 2017 — The smartest minds in hotel revenue management will convene 11 October for the third annual Revenue Strategy Forum (RSF) Hong Kong, to discuss ways hotels can optimize their pricing and distribution in the face of an increasingly dynamic marketplace and new industry challenges. Hotel ICON will host the daylong conference, which will feature insights from leading hospitality executives and the founders of co-host Duetto. Third Year for RSF Conference In an era of rapid change with new...
TravelClick Releases New Demand360 Platform with Customizable Alerts
TravelClick | July 12, 2017
NEW YORK – July 12, 2017 – TravelClick, a global provider of innovative, cloud-based and data-driven solutions for hotels, today announced a re-launch of the Company's industry-leading Demand360® product with the powerfully reimagined Demand360 Quick View. This next-generation platform enables hoteliers to focus on driving outcomes by identifying the most actionable data. With a quick glance, hoteliers can identify their biggest areas for opportunity and spend their time on taking action rather than sorting through data. Upon logging in, hoteliers can instantly see their revenue per available room (RevPAR) rank compared...
Hospitality Financial Leadership - The Lily Pad
David Lund | July 10, 2017
By David Lund When you get promoted to a department head and executive committee position it's an exciting time in your career. This story is about my experience as a first-time controller. It all started when the phone in my office rang. At the time, I was the assistant controller at the world famous Banff Springs Hotel, The Castle in the Rockies. It was my "BIG" boss, the General Manager and Regional Vice President, on the line. It was about 10 a.m. and he asked me if I could come to the sister hotel in his region, Kananaskis for lunch. I said, "I think so, I just need to ask the controller here if it's ok." He replied, "Don't worry a...
Hospitality Financial Leadership – Measuring Labor Productivity Part 1
David Lund | July 5, 2017
By David Lund "It's not always that we need to do more but rather that we need to focus on less." — Nathan W. Morris In hospitality, the measurement and management of productivity is hit and miss and miss again. Time and time again hotels are using ineffective measures to try and capture labor productivity measurements. It is important from the beginning to establish the goals for measuring productivity in your operations. This article will focus on rooms and Part 2 will be F&B. The goal in measuring productivity in the rooms division is to see, monitor and ultimately improve on the number of hours of work it takes to service ...
HFTP and OpenTravel Announce Partnership for Industry Initiatives
OpenTravel | June 30, 2017
The non-profit hospitality groups, Hospitality Financial and Technology Professionals (HFTP®) and the Open Travel Alliance (OpenTravel) announced today that they are strengthening their existing partnership with multiple initiatives going forward. The agreement comes as HFTP closes its largest attended HITEC® (Hospitality Industry Technology Exposition and Conference) in Toronto this week. Both HFTP and OpenTravel will join together to conduct research on the international impact of standards on global travel, as well as other initiatives. "Both HFTP and OpenTravel share common goals, which is to develop and provide resourc...
HITEC’s Canadian Debut Draws Largest Conference Attendance in 45 Year History
HITEC | June 30, 2017
More than 6,500 hospitality technology professionals representing over 65 countries gathered at HITEC Toronto Hospitality technology professionals from around the world gathered this week in Toronto, Ontario Canada to explore the industry's best practices and latest innovations at the world's largest and oldest Hospitality Industry Technology Exposition and Conference (HITEC®). Produced yearly by international association Hospitality Financial and Technology Professionals (HFTP®), this year marked the 45th anniversary since HFTP brought its HITEC brand to life in 1972. HITEC Toronto was held from June 26-29, 2017 at the...
the D Las Vegas Increases Profitability and Efficiency with Revenue and Profit Optimization Solutions from The Rainmaker Group
Rainmaker | June 27, 2017
Las Vegas-based casino hotel focuses on total guest value with solutions from market leader in gaming and hospitality revenue optimization technology ALPHARETTA, GA – June 27, 2017 – the D Las Vegas (the D), a downtown Las Vegas-based casino hotel boasting unique and high-energy gaming experiences, is enhancing its profitability through the use of The Rainmaker Group's (Rainmaker's) guestrev® and revcaster® revenue optimization solutions. the D has gone live with both solutions, which are designed to help them leverage total guest value to maximize profit, as well as to gain deeper insights into competitor pricing th...
New Frontiers of Disruption to Highlight RSS 2017
RSS | June 27, 2017
300+ Participants Anticipated at the 5th Annual Gathering of Hotel Industry Innovators July 26 in Washington, D.C. Washington, DC – June 27, 2017 — Lee McCabe, Vice President of Alibaba Group, and Michael Saylor, President and CEO of Microstrategy, will deliver keynote addresses at the fifth annual Revenue Strategy Summit, (RSS), a gathering of thought leaders and practitioners who will examine disruptive forces reshaping the hospitality industry and how marketing and technology must evolve to meet new demands. Scheduled for July 26th at the Renaissance Washington, D.C. Downtown Hotel, RSS combines education, networking and ...
Atlas Hospitality Group Arranges Sale of Lone Oak Lodge Monterey
Atlas Hospitality Group | June 27, 2017
IRVINE, California–June 27, 2017–Atlas Hospitality Group, the market leader in California hotel sales, arranged the sale of the 46-room Lone Oak Lodge in Monterey, California. The Lone Oak Lodge sits close to Pacific Coast Highway on the high barriers-to-entry Monterey Peninsula, about two hours south of San Francisco. The boutique property benefits from its proximity to the Monterey Bay Aquarium, Cannery Row, Fisherman's Wharf and Pebble Beach. Atlas Hospitality Group Associate Joshua Miehl and Executive Vice President Oliver Shah represented the seller. The buyer was a local private investor. The Lone Oak Lodge sold for on...
Hospitality Financial Leadership – What’s the System?
David Lund | June 21, 2017
By David Lund When we are creating financial leadership in our hotel we're focused on the system we use. When I say "system" in this context I am not talking about a computer system. We may use a computer and software when we construct the forecasts and budgets. What I'm talking about in this article is the Financial Communication System. What's my system for creating financial information in my hotel? How does it work and how can I enhance the system and get a better result? This article focuses on creating and maintaining an effective business system in your hotel. "Systems are everything to a business. Don't change the pe...
Pebblebrook Hotel Trust Completes $118 Million Sale of the 252-Room Dumont NYC
Pebblebrook Hotel Trust | June 21, 2017
BETHESDA, Md.--Pebblebrook Hotel Trust (NYSE: PEB) (the "Company") today announced that it has closed on the sale of the 252-room, upper upscale Dumont NYC in New York, New York for $118.0 million. The sale price of $118.0 million reflects a 25.2x EBITDA multiple and a 3.3% net operating income capitalization rate (after an assumed annual capital reserve of 4.0% of total hotel revenues) based on the trailing twelve-month operating performance for the period ended May 31, 2017. "We are very excited to announce the sale of the Dumont NYC," noted Jon E. Bortz, Chairman, President and Chief Executive Officer of Pebblebrook Hotel Trust. "Wit...
HITEC Toronto Entrepreneur 20X Judges and Mentors Announced
HITEC | June 21, 2017
Hospitality Financial and Technology Professionals (HFTP®), producer of the Hospitality Industry Technology Exposition and Conference (HITEC®), is pleased to announce the expert judges' panel and industry mentors that will offer their time and expertise in the Toronto version of Entrepreneur 20X (E20X). All registered HITEC attendees and exhibitors, including Exhibits Only registrants, are welcome to attend the action-packed pitch competition that will take place on Monday, June 26 from 1:00 to 4:00 p.m. at HITEC Toronto. "HFTP, with the help of Somers Communications, works hard each year to bring together experienced i...
The Rainmaker Group Continues Support of HSMAI Initiatives as Platinum Sponsor of 2017 Revenue Optimization Conference (ROC)
Rainmaker | June 21, 2017
Leading provider of revenue and profit optimization solutions for the hospitality and gaming industry to welcome attendees of ROC 2017 with presentation of educational session and sponsorship of volunteer opportunities Toronto – June 21, 2017 – The Rainmaker Group (Rainmaker), the market leader in revenue and profit optimization solutions for the gaming and hospitality industry, will work alongside HSMAI as a Platinum Partner in this year's Revenue Optimization Conference (ROC), taking place at the Metro Toronto Convention Centre on Wednesday, June 28. As part of this key partnership with HSMAI, Rainmaker will sponsor a numb...
Top Hotel Management Company Implements Aptech’s Execuvue® Business Intelligence System
TPG Hotels & Resorts | June 20, 2017
Visit Aptech in Booth #1211 at HITEC in Toronto JUNE 26-29 at the Metro Toronto Convention Centre PITTSBURGH – June 20, 2017 – Aptech Computer Systems, a leading provider of hospitality enterprise accounting, budgeting, forecasting, and business intelligence systems, announced today that TPG Hotels & Resorts has deployed Execuvue Enterprise Business Intelligence System. TPG Hotels & Resorts is a top-ranked hospitality management company and fully accredited operator of the industry's most respected brands including Marriott (Starwood), Hilton, Hyatt, IHG and others. "With a national portfolio of more than 50 hotels o...
The Rainmaker Group to Showcase Hospitality Revenue and Profit Optimization Cloud at HITEC 2017
Rainmaker | June 20, 2017
Leading provider of revenue and profit optimization solutions for the hospitality and gaming industry to demonstrate comprehensive new cloud-based platform Toronto – June 20, 2017 – The Rainmaker Group (Rainmaker), the market leader in revenue and profit optimization solutions for the gaming and hospitality industry, is set to demonstrate its full suite of cloud-based solutions to attendees of HITEC 2017, taking place June 26th – 29th in Toronto, Canada. In addition to demonstrations of the proven Rainmaker revenue management, intelligence and rate-shopping solutions platform, which includes guestrev®, grouprev&re...
Hotelsoft Expands Its Development Center, Beefs Up Offerings
Hotelsoft | June 20, 2017
SAN FRANCISCO – June 20, 2017 - Hotelsoft Inc. (www.hotelsoft.com), a Silicon Valley startup focused on the hospitality industry recently moved its development center to a larger state of the art 16,000 sqft facility in Bengaluru (click to link), India to accommodate its growing dev team and the support staff. Company continues to operate from of its head-quarters in Fremont, CA. Hotelsoft's flagship product Hotelsoft One™ is a next generation integrated software that offers following applications to chain scale and independent hotels: Revenue Management System Business Intelligence Rate Shop The company has expanded it...
