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
Avison Young Hospitality Group Announces Recent Closings
Avison Young | May 10, 2017
ATLANTA – May 10, 2017 – The Avison Young Hospitality Group announced today that it has brokered the transaction of a full service Crown Plaza in North Charleston, South Carolina and a full service hotel in the Upper Midwest. Chris Stark, Michael Bernath, Rick George and Mike George represented Avison Young in both deals. The Avison Young Hospitality Group currently has 17 additional hotel transactions scheduled to close in the next five weeks and a total of 43 over the next several months. The planned closings are located across all U.S. regions and include most major hospitality brand families. "These last two closings rep...
The Rainmaker Group Maintains Leadership Position in Hospitality Pricing Optimization and Intelligence Sector with Record Setting Growth in Q1 2017
Rainmaker | May 10, 2017
Leading provider of revenue management and profit optimization solutions platform for the hospitality industry experiences record setting increases in first quarter ALPHARETTA, GA – May 10, 2017 – The Rainmaker Group (Rainmaker), the industry leader in profit optimization and intelligence solutions for the gaming and hospitality market, today announced record setting growth during the first quarter of 2017, welcoming more than 200 additional properties to its rapidly expanding global client base. In addition to growing the number of users for its comprehensive platform of pricing optimization and intelligence solutions, man...
Duetto Provides Revenue Strategy Solutions for Live! Casino & Hotel Maryland
Duetto | May 9, 2017
GameChanger Brings Cloud-Based Open Pricing, Loyalty Pricing and Business Mix Optimization to More Than 500 Rooms at Integrated Casino Resort New York, May 9, 2017 – Duetto, the market leader in hotel profit optimization technology, announced today that it is implementing its cloud-based Revenue Strategy solutions for Live! Casino & Hotel Maryland. Under the agreement, Duetto will provide the benefits of Open Pricing, loyalty pricing and business mix optimization for the company's 250-room boutique Live! Lofts property, and for the flagship Live! Hotel, scheduled to open in the first quarter of 2018. Duetto's GameChanger appli...
The CMO Survey February 2017: Rethink Everything
Deloitte | May 8, 2017
Marketing's role has changed. And it's likely to keep changing. How are marketing leaders navigating the disruption? Many marketing organizations were built for activities that look very different from those required in today's fast-paced, digital world. So marketing leaders are changing the game, building key capabilities in-house and rethinking what is outsourced to match new demands and harness new opportunities. Gain insights from the key findings below, interact with the survey data, and view the full results. Key findings: Marketers are planning huge spending increases: 90 percent increase for social, 127 percent for mobile...
The Plasencia Group Closes Sale of DoubleTree by Hilton Salt Lake City Airport Hotel
The Plasencia Group | May 4, 2017
Tampa, Fla. (May 4, 2017) – The Plasencia Group is pleased to announce the sale of the DoubleTree by Hilton Salt Lake City Airport hotel, located in Salt Lake City, Utah. The firm represented the owner of the hotel, SLC Hotel Partners, LLC, an affiliate of Laurus Corp., a real estate investment and development company, in the sale of the 288-guestroom hotel to ASAP Holdings, a global investment management company. "As the preeminent full service lodging asset in the Salt Lake City Airport district, the DoubleTree has performed exceptionally well since its recent renovations," commented Joe Corcoran, Vice President of The Plasenci...
Paramount Lodging Advisors Team Sells the Comfort Suites in Lafayette, IN
Paramount Lodging Advisors | May 3, 2017
LAFAYETTE, IN -- Paramount Lodging Advisors (PLA) has successfully represented the seller in the transaction of the Comfort Suites in Lafayette, IN. Managing Director Brent Clemens and associates Hussain Waseem and Mike Schlictman were the designated agents representing the seller in this transaction. The 62-room property was sold on Ten-X, marking the 113th successful transaction on the platform. "We are proud to have executed this deal for our client. This transaction furthers our ties in Indiana as we build on our history of success here in the Midwest. Ten-X continues to be a strong platform to help achieve our clients' goals for th...
Deloitte Perspectives: Restoring Balance and Protecting Value: Leveraging the Franchise Lifecycle Model
Rebecca Chasen | May 3, 2017
The traditional franchisor-franchisee relationship is evolving in response to a riskier legal and regulatory environment. So how can franchisors prepare for this new reality? An evolving relationship The franchisor-franchisee relationship is a model most people understand, and it has historically led to mutually beneficial success. The franchisor owns the brand and related intangibles such as recipes, processes, and technology. It sets the standards, provides support services, and takes a fee in return. The franchisee owns and operates the assets, employs the staff, puts in the hours, and earns a return as an entrepreneur. But this trad...
The Paper Can’t Talk – “Give the Money the Proper Voice”
David Lund | May 1, 2017
By David Lund In the hotel business, we have three equal pillars. The guest, the colleague and the money. We need to realize that the 3rd pillar, the money, the owner, the P&L, the paperwork, whatever you want to call it, it needs a proper voice. The right voice, a voice that speaks to the leadership and the highest purpose that a corner stone of our business warrants. Far too often the voice of the money is scary stingy or down right mean. If the paper is going to have a voice we want to ensure it's the proper one. The voice that will get and give equity with all of our constituents. You're probably thinking that the director of fi...
Avison Young Hospitality Group Announces Recent Closings
Avison Young | April 27, 2017
ATLANTA – April 27, 2017 – The Avison Young Hospitality Group announced today that it has closed nine separate transactions and has 39 hotel transactions under sale agreement. The closings took place across the United States, including the Eastern Seaboard, Upper and Central Midwest and East and West Coast. The hotel sales ranged from full service, upscale hotels and select service hotels to extended stay hotels. One of the transactions involved an independent hotel near Pebble Beach in Monterey County, California. "Our recent closings represent where the hospitality market is today," said Keith Thompson, principal at Avison...
Downtown Grand Hotel & Casino Cashes In on Total Guest Value with Profit Optimization Solution from The Rainmaker Group
Rainmaker | April 27, 2017
Downtown Las Vegas casino resort turns to gaming and hospitality revenue management leader for total guest revenue optimization ALPHARETTA, GA – April 27, 2017 – Downtown Grand Hotel & Casino (Downtown Grand), a newly renovated urban resort located in the heart of downtown Las Vegas, has bolstered its revenue management processes and profitability through the successful implementation of The Rainmaker Group's (Rainmaker) guestrev® solution. Downtown Grand recently deployed guestrev® to more accurately and strategically set rates and pricing for various guest and player segments, by analyzing total guest value to ...
Thorofare Capital Funds $11.25M Loan for Acquisition of Historic Hotel in Los Angeles’ Westwood Village
Thorofare Capital | April 26, 2017
Los Angeles, CA (April 26, 2017) - Thorofare Capital has provided West Hollywood, CA-based Shamina Investments with a $11.25 million floating-rate whole loan for its acquisition and renovation of the 53-room Claremont Hotel Westwood in Los Angeles' upscale Westwood neighborhood. The Claremont is located at 1044 Tiverton Avenue in Westwood Village, an historic commercial, entertainment and shopping district, adjacent to UCLA in West Los Angeles. The seller, a local family, has owned the property since they built it in 1939. It was the first and currently remains the oldest hotel in Westwood. A portion of the loan proceeds will go towards...
Flow Through – Understanding How it Works and How to Include Flow Thru in Your Financial Statements
David Lund | April 25, 2017
By David Lund Flow Thru, this is my abbreviation, is a catch all phrase that measures how much made it through your business comparing one period to another. What made it through, from revenues to profit. Another term to describe this measurement is retention. A good analogy to grasp the concept of flow thru is to compare it to your paycheck. Imaging I give you a $1000 a week raise. The question then is how much will end up on your pay vs. how much got eaten up by higher taxes and other deductions. The same goes for additional revenues in your business. If revenues are $50,000 higher this month than the same month last year, how much of...
HFTP Administers Updated CHAE Exam for Hospitality Professionals
HFTP | April 24, 2017
HFTP certificants have reported higher salaries and various career advancement opportunities Hospitality Financial and Technology Professionals (HFTP®) recently launched the newly updated Certified Hospitality Accountant Executive (CHAE®) certification exam. The new CHAE exam is now available for applicants, and was designed to give applicants the ability to utilize their financial knowledge and skills acquired. The CHAE Application is available for download on the HFTP website, and the policy and procedures includes detailed information on the application process and the requirements necessary to sit for the exam. The CHAE is a...
Duetto to Provide Revenue Strategy Solutions for First Central Hotel Suites, Dubai
Duetto | April 24, 2017
Agreement for Cloud-Based Price Optimization and Revenue Intelligence Solutions at 500-Room Property in the Heart of Dubai, Marks Duetto's Entrance in the Middle East London, April 24, 2017 – Duetto, the market leader in hotel profit optimization technology, announced today that it will implement its cloud-based Revenue Strategy application, GameChanger, and Revenue Intelligence solution, ScoreBoard, for First Central Hotel Suites, a leading hotel in the heart of Dubai. Under the agreement, Duetto will provide the property with unprecedented market intelligence, the benefits of Open Pricing, and the ability to fully optimize reve...
PressReader and Marriott International Partner to Redefine the Stay Experience
PressReader | April 19, 2017
PressReader is bringing more than 6,000 newspapers and magazines to every Marriott International and Marriott-owned hotel room in Europe. Guests can now download titles like The Guardian, Le Monde, Corriere della Serra, the Washington Post, Vogue, GQ and thousands more to their smartphones, tablets, or laptops without any subscription. They'll also receive extended access to the entire PressReader library for up to 48 hours after checking out. Simply visit the desktop platform or download the app using hotel Wifi to start reading. "We're reimagining how newspaper and magazine content is distributed to our guests. Through PressReader, we...
HFTP Announces 2017 CHTP of the Year Recipient
HITEC | April 19, 2017
Clint DeMill, CHTP to be honored at HITEC Toronto this June Hospitality Financial and Technology Professionals (HFTP®), will honor Clint DeMill, CHTP as the 2017 Certified Hospitality Technology Professional (CHTP®) of the Year at HITEC Toronto this June. The CHTP of the Year award honors the individual that scored the highest on the CHTP certification exam within a given year. HITEC Toronto, HFTP's second and largest HITEC of 2017, will take place from June 26-29 at the Metro Toronto Convention Centre in Toronto, Ontario Canada. DeMill began his hospitality career at a mountain resort in Utah USA in 1996. He later moved to ...
HFTP’s Entrepreneur 20X Returns at HITEC Toronto with More Opportunities to Participate
HITEC | April 18, 2017
HFTP is accepting submissions for participants, judges and mentors until April 24, 2017 Hospitality Financial and Technology Professionals (HFTP®), producer of the Hospitality Industry Technology Exposition and Conference (HITEC®), will host its second Entrepreneur 20X (E20X) of 2017 on Monday, June 26 from 1:00 to 4:00 p.m. at HITEC Toronto, the world's largest hospitality technology event. HFTP is currently accepting applications for participants, judges and mentors for E20X Toronto. Startups interested in competing in the hospitality technology innovation competition, and industry professionals who would like to serve as ...
Duetto Provides Revenue Strategy Solutions for Oxford Corporate
Duetto | April 18, 2017
Duetto Brings Cloud-Based Profit Optimization and Revenue Intelligence Solutions to Hotels in 16 Cities in the Western U.S. New York, April 18, 2017 – Duetto, the market leader in hotel profit optimization technology, announced today that it is implementing its cloud-based Revenue Strategy solutions for Oxford Corporate, which owns and manages 18 hotels under the OXFORD hotel, Oxford Suites, Oxford Inn, and Cimarron Inn brands, in California, Oregon, Washington and Idaho. A deep integration with property management system RoomKeyPMS enables Oxford to fully optimize revenue and easily analyze company-wide performance with Duetto's ...
Do Your Hotel Financial Statements Pass The Test? Part 2
David Lund | April 17, 2017
By David Lund Do your hotel financial statements give you the information you need to effectively manage your hotel? Are you able to see if your profits are where they should be in an enhanced top line statement? Do your statements measure flow thru? Do you record your rooms business by proper segments and track the rooms occupied, rate and revenue in each segment? Do you record customers served in F&B and do you separate meal periods? Do you record liquor, beer, wine and mineral sales on your financials separately? Do you measure labor productivity in your financials? Do you record hours of work in your financials? Do you have payr...
The Rainmaker Group Brings Simple, Smart Revenue Optimization Tools to the Mid-Market with Debut of Next Generation revcaster® Platform
Rainmaker | April 11, 2017
Leading provider of hotel revenue management and profit optimization solutions introduces enhanced solutions toolbox designed for the limited service market ALPHARETTA, GA – April 11, 2017 – The Rainmaker Group (Rainmaker), the market leader in profit optimization solutions for the gaming and hospitality industry, today announces the official launch of its next generation revcaster® platform at AAHOA 2017. An affordable, easy-to-use and flexible solution developed specifically to meet the needs of limited service and mid-market hotels, the new revcaster® platform brings actionable insights on market, demand, and prop...
The Luggage: Humility in the Hospitality Industry
David Lund | April 10, 2017
By David Lund "Servants don't know a good master till they have served a worse." ― Aesop, Aesop's Fables The Empress Hotel in Victoria, British Columbia, saw massive renovation in 1988. The renovation was so big the hotel was closed for 6 months. One man died in the construction falling down the garbage chute and it is said that the hotel rose 6 inches taller as so much weight was taken out of her. The Indian gum wood piles expanded giving the old girl a lift. I have said many times, you have not really worked in the hotel business until you have worked in a hotel that's closed. We take for granted the little things like th...
Paramount Lodging Advisors Team Arranges Sale of the Heartland Inn Coralville, IA
Paramount Lodging Advisors | April 5, 2017
CORALVILLE, IA—Paramount Lodging Advisors (PLA) has successfully sold the Heartland Inn located in Coralville, IA. Managing Directors Adam Montufar, Bennett Webster, and Brent Clemens represented the seller in this transaction. The 169-room Heartland Inn is situated walking distance from the University of Iowa Campus. In addition to its ideal location, the hotel has sustained consistent, prosperous overall performance for the past several years. "We are extremely pleased with the execution of this transaction. It had a variety of unique complexities that all parties diligently worked through. The collaborative effort between our C...
Flying-by-The-Seat-of-Your-Pants – AKA No Hospitality Financial Leadership
David Lund | April 4, 2017
by David Lund In most hotels, the system for forward looking financial management is nonexistent. We rely on the top line coming in and if it does we expect a certain profit picture to emerge. When revenues are good this works, sometimes. When revenues don't materialize because of an event or something that produces headwinds in our business, we almost always fall flat on our face of the desired profitability. That's flying-by-the-seat-of-your-pants. We seemingly have no way of knowing what's really going to happen financially in our business. We roll the dice every month. When we are in a fly-by-the-seat-of-your-pants hotel and we have...
LaSalle Hotel Properties Announces Two Asset Sales; Under Contract to Sell a Third Hotel for a Combined Total of $218.9 Million
LaSalle Hotel Properties | April 3, 2017
BETHESDA, Md.--LaSalle Hotel Properties (NYSE: LHO) today announced it has sold two hotel assets and is under contract to sell a third hotel for a combined $218.9 million of proceeds: Lansdowne Resort for $133.0 million. The Company acquired the resort in June 2003 for $115.8 million. Alexis Hotel for $71.6 million. The Company acquired the hotel in June 2006 for $38.0 million. Hotel Triton is under contract for $14.25 million. The Company expects the sale to close in April 2017. The Company acquired the hotel in August 2013 for $10.9 million. The Company will use proceeds from the asset sales to redeem the $68.8 million outstandin...
