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Finance
HSMAI Releases Report on Revenue Management Leadership
HSMAI | November 7, 2016
The Hospitality Sales & Marketing Association International (HSMAI) announces the release of Portrait of Revenue Management Leadership. The report examines the results of a recent survey of hotel management executives on their current work, the challenges facing the discipline, and the evolving skills and duties of senior revenue management professionals. MCLEAN, VA NOVEMBER, 2016 --The Hospitality Sales & Marketing Association International (HSMAI) announces the release of Portrait of Revenue Management Leadership. The report examines the results of a recent survey of hotel management executives on their current work, the chall...
HFTP’s 2016–2017 Global Executive Committee and Board of Directors Begin Term
HFTP | November 7, 2016
The new HFTP Global Board was installed last month during the association's 2016 Annual Convention AUSTIN, TEXAS, USA (November 7, 2016) — The 2016-2017 Global Executive Committee and Board of Directors for Hospitality Financial and Technology Professionals (HFTP®) have officially begun their term. The association leaders represent a wide variety of segments within the hospitality industry, including: clubs, consulting, hotels, finance, technology and more. The HFTP Global Executive Committee and Board of Directors volunteer their time and professional expertise to help guide and progress the association to the forefront of th...
Hotel AG Announces Recent Closings
Hotel AG | November 7, 2016
ATLANTA – November 7, 2016 – Hotel AG announced today that over the last several weeks the firm has closed the following hotel transactions - a new Home 2 Suites in Nashville, Tennessee; a Holiday Inn Express in the Washington, DC metro area; a select service hotel west of Huntsville, Alabama; a Carlson hotel in Georgia; and a full service hotel located in Pennsylvania. The brokers involved in these transactions were Chris Stark, Victor Kalyanji, Wendy Blissett and Brad Sinclair. Currently, Hotel AG has 42 hotels totaling $600 million in value in various stages of contract with many closings scheduled over the next 7 weeks. ...
Stefan Huber Named Managing Director of El San Juan Hotel
El San Juan Hotel | November 4, 2016
SAN JUAN, Puerto Rico – November 4, 2016 – El San Juan Hotel is pleased to announce Stefan Huber's appointment as Managing Director & General Manager of the Isla Verde beach hotel which, under his direction, will reopen its doors in early 2017 following a multimillion dollar, property-wide renovation. A seasoned hospitality veteran, Huber returns to the El San Juan Hotel, where he served as Director of Housekeeping from 1985 to 1987. Huber refined his skills at the Ocean Reef Club, The Fairmont Dallas, The Inn & Spa at Loretto, and most recently, the InterContinental Dallas. "Stefan's exemplary management acumen, pro...
HFTP’s Premier HITEC Amsterdam to Co-Locate with HTNG’s Insight Summit Europe in March 2017
HFTP | November 3, 2016
AUSTIN, TEXAS, USA (November 2, 2016) — Global hospitality association Hospitality Financial and Technology Professionals (HFTP®), producers of the Hospitality Industry Technology Exposition and Conference (HITEC®), is partnering with Hotel Technology Next Generation (HTNG) to co-locate the HTNG Insight Summit Europe with the premier HITEC Amsterdam. Both events will take place in Amsterdam, The Netherlands. HTNG's Insight Summit Europe will be held from March 27-28, 2017, while HFTP's HITEC Amsterdam will take place March 28-30 at the RAI Convention Centre. "HFTP is proud to continue its lasting relationship with HTN...
Pebblebrook Hotel Trust Completes Sale of the DoubleTree by Hilton Hotel Bethesda-Washington DC for $50.1M
Pebblebrook Hotel Trust | November 3, 2016
BETHESDA, Md.--November 3, 2016--Pebblebrook Hotel Trust (NYSE: PEB) (the "Company") today announced that it has closed on the sale of the 270-room, upscale, full-service DoubleTree by Hilton Hotel Bethesda-Washington DC (the "DoubleTree Bethesda") in Bethesda, Maryland for $50.1 million. The sale price of $50.1 million reflects an 11.6x EBITDA multiple and a 7.4% 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 September 30, 2016. "We are pleased with the sale of the DoubleTree Bethesda," noted...
Eight Companies with 175+ Properties Sign to Implement Aptech’s Hotel Software Solutions
Aptech Computer Systems, Inc. | November 2, 2016
Multi-Brand Operators and Standalone Independents Optimize Profitability with Execuvue® Business Intelligence, Targetvue Budgeting, and PVNG and Profitvue® Enterprise Back Office PITTSBURGH – November 2, 2016 – Aptech Computer Systems announced it signed agreements with 8 hotel companies with a total of 175+ properties in the past six months. Six companies integrated and centralized multi-brand data collection and analysis with Aptech's Execuvue business intelligence hotel software. Other operators installed Profitvue® enterprise back office and Targetvue budgeting and forecasting for faster response to market a...
Pebblebrook Hotel Trust Reported Q3 2016 Net Loss of $35.5 million, a Decline of $73.8 million Over the Same Period of 2015
Pebblebrook Hotel Trust | November 1, 2016
BETHESDA, Md.-- Pebblebrook Hotel Trust (NYSE: PEB) (the "Company") today reported results for the third quarter ended September 30, 2016. The Company's results include the following: Third Quarter Nine Months Ended, September 30 2016 2015 2016 2015 ($ in millions except per share and RevPAR data) Net income (loss) ($35.5) $38.2 $55.5 $72.0 Same-Property RevPAR(1) $231.34 $231.60 $216.92 $210.54 Same-Property RevPAR growth rate (0.1%) 3.0% Same-Property Wholly Owned EBITDA(1) $80.7 $80.6 $220.7 $208.9 Same-Property Wholly Owned EBITDA growth rate 0.2% 5.6% Same-Property Wholly Owned EBITDA Margin(1) 38.6% 38.6% 36.3% 35.5% Same-Property...
HFTP’s Annual Convention Delivers Thought-Provoking Discussion for Hospitality, Finance and Technology Professionals
HFTP | October 28, 2016
The professional association's yearly event had a reformatted program that offered important industry information in a variety of session styles AUSTIN, TEXAS, USA (October 28, 2016) — More than 555 Hospitality Financial and Technology Professionals (HFTP®) members and hospitality industry professionals came together, from around the globe, for HFTP's 64th Annual Convention last week. This year's Annual Convention was revamped, with a completely new format, to progress the event to keep up with evolving business practices. The three-day event was held from October 19–21, 2016 at Caesars Palace Las Vegas Hotel & Casin...
ADA Defense Lawyer: Philadelphia Court Hits Uber and Lyft for ADA Violations
Jim Butler | October 24, 2016
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Author of www.HotelLawBlog.com Uber and Lyft are back in the headlines again, but not for the usual ride share issues. This time it is for alleged violations of the ADA. Here is what my partner Marty Orlick, Chair of our ADA Compliance & Defense Group, has to say on this development. The City of Brother Love is Showing Love to Persons with Disabilities Under the ADA, but not to Lyft or Uber by Martin H. Orlick, Chair, JMBM's ADA Compliance & Defense Group From coast to coast, Uber and Lyft have come under increasing fire from disability rights organizations and ...
Paramount Lodging Advisors Arranges the Sale of the Former Residence Inn located NW Indianapolis, IN
Paramount Lodging Advisors | October 18, 2016
Paramount Lodging Advisors (PLA) is pleased to announce the successful sale of the property at 3553 Founders Road, formerly known as the "Residence Inn" located in Indianapolis. Scott Griemsmann, Senior Managing Director and Adam Montufar, Managing Director, exclusively represented the owners in the transaction. "We continue to experience significant demand for lodging investment opportunities in the greater Indianapolis metro. This is our fourth successful sale in the market in the last year with an existing listing currently available in Castleton," commented Montufar. The two-story, 88-room, hotel opened in 1984 and was converted to ...
ADA Compliance & Defense Lawyer: ADA Website Accessibility Lawsuits Escalate
Jim Butler | October 18, 2016
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Author of www.HotelLawBlog.com Click here for the latest articles on ADA Compliance & Defense. JMBM's ADA Defense & Compliance team takes the ADA seriously, and we recommend that our clients take a proactive approach in identifying and solving potential problems before they become lawsuits. For many years now, we have called attention to the importance of making website ADA-compliant, but hotels, resorts, restaurants, banks, retailers and other owners and operators of commercial real estate continue to be vulnerable to one of the more recent and serious waves of...
Budget Season: Planning Ahead for 2017
Natalie Francoeur | October 18, 2016
By Natalie Francoeur As we help our hotel clients wade through budget season each year, we all wonder if other hoteliers have the same concerns that we do. What are the owner's expectations? Are their expectations reasonable? Can the operations team meet these expectations? There seem to be some perpetual issues that creep up annually – how do we manage the increasing cost of providing healthcare coverage to employees; what will be the impact of new hotel supply in our markets, etc. But each year, there also seem to be a different set of issues that come to the forefront, usually based on changes in laws or regulations, current tr...
Hotel Fights Back: Judge Dismisses High Frequency Litigant’s ADA Pool Lift Case
Jim Butler | October 17, 2016
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Author of www.HotelLawBlog.com Click here for the latest articles on ADA Compliance & Defense. JMBM's ADA Defense & Compliance team takes the ADA seriously, and we recommend that our clients take a proactive approach in identifying and solving potential problems before they become lawsuits. But sometimes serial plaintiffs just go too far with claims that cannot be justified and which violate the purpose and spirit of the ADA. Today, my partner Marty Orlick talks about a recent case that offers property owners and operators some relief against this type of harass...
Bedrooms to Showrooms: Blurring the Boundaries Between Hotels and Retail
JLL Real Views | October 17, 2016
By Kelsey Burgess Ever stayed in a hotel room where the mattress is so comfortable you wished you could take it home? It's a concept that retailer West Elm is exploring with its new chain of boutique hotels all kitted out with the brand's bedroom furniture ranges, light fixtures and linen along with locally commissioned artwork to give each room an individual touch. And while there won't be price tags hanging from the handles, guests will be able to buy any furnishings that catch their eye through the company's website or app, enabling them to bring the best of their travel experience into their home environments. For West Elm, which pl...
The One Thing You Can Control With TripAdvisor Reviews
ALICE | October 12, 2016
The influence of reviews on traveler's booking behaviors is well established. Some 95% of travelers consult reviews before making a purchase. And data from TripAdvisor reveals almost all of their visitors consult some 6-12 reviews before purchasing a trip. Review sites' direct impact on a hotel's bottom line has also been well documented. One recent study by Cornell University found that if a hotel increased its review score by 1 point on a 5-point scale, it could increase its prices by 11.2 percent without sacrificing occupancy or market share. TripAdvisor is the undisputed king when it comes to online hotel reviews. The site reaches o...
The William Vale Installs Aptech Computer Systems
Aptech Computer Systems, Inc. | October 12, 2016
Brooklyn's Newest Full-Service Hotel Implements Profitvue® Enterprise Back Office Pittsburgh, PA – October 12, 2016 – Aptech Computer Systems announced that The William Vale, in Brooklyn NY, installed Profitvue to manage financial processes and property accounting. The visually-striking 183-room William Vale is a new-build property that opened in summer 2016. Aptech is the leading provider of hospitality software for business intelligence, budgeting, and enterprise financial accounting. Click here for more on Aptech's products and services. "We installed Profitvue to manage pre-opening accounting in December 2015 and us...
JMBM’s Global Hospitality Group® Announces EB-5 Financing and Closing of Two Recent Deals for Great Wolf Resorts and Wurzak Hotel Group
Jim Butler | October 10, 2016
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Author of www.HotelLawBlog.com Los Angeles—The Global Hospitality Group® of Jeffer Mangels Butler & Mitchell LLP is pleased to announce the recent closing of two hotel deals for their clients, Great Wolf Resorts and Wurzak Hotel Group. Jim Butler, Chair of the Global Hospitality Group®, and David Sudeck, a senior member, led the transactions and associated EB-5 financing. Great Wolf Resorts recently closed the purchase of property in LaGrange, Atlanta, for a resort that will include a 93,000 square foot water park, several restaurants, and 456 suites. ...
Paramount Lodging Advisors Sells Quality Inn & Suites Houston – Westchase
Paramount Lodging Advisors | October 5, 2016
Paramount Lodging Advisors (PLA) is pleased to announce the sale of the Quality Inn & Suites Houston - Westchase. PLA exclusively represented the special servicer seller, with Managing Directors Adam Montufar, Brent Clemens, Bennett Webster and Associate Subu Thiagarajan leading the efforts. "We are extremely pleased with result of this auction and were pleasantly surprised by the more than 460 executed confidentiality agreements," stated Thiagarajan. "This transaction marks another successful trade for PLA on Ten-X and our 19th total sale on behalf of the seller. We were informed the confidentiality agreement count set a record for...
Upselling: Icing on the Revenue Management Cake
New Castle Hotels & Resorts | October 5, 2016
by Don Urbahn, Vice President Revenue Management, New Castle Hotels & Resorts Have you ever been pleasantly surprised to find your favorite dessert hiding in the refrigerator following a satisfying and wholesome meal? You know that feeling of delight, even though you're really not hungry? In the discipline of hotel revenue management, upselling is just like that unexpected dessert. It's icing on the cake of a solid, satisfying, profitable ADR. Here are a few ways smart hoteliers can ensure a steady stream of sprinkles and cherries. At time of reservation: Take the time to understand the potential guest and their reason for travel....
EB-5 Regional Center Program Extended Until December 9, 2016 by Continuing Resolution
Jim Butler | October 5, 2016
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Author of www.HotelLawBlog.com Déjà vu all over again? Last Thursday, President Obama signed the Continuing Resolution, or CR, passed by Congress for the principal purpose of avoiding the shutdown of the Federal government by continuing to fund government operations and most of its agencies at 2016 levels through December 9, 2016. It is hoped that at that time, Congress and the President will be able to agree upon the budget for the entire fiscal year ending September 30, 2017. As last year, the Continuing Resolution is a temporary solution, continuing fun...
Paramount Lodging Advisors Assists in the Sale of the Detroit Metro Airport Marriott
Paramount Lodging Advisors | September 28, 2016
Paramount Lodging Advisors (PLA) is pleased to announce the sale of the Detroit Metro Airport Marriott. PLA exclusively represented the seller in the transaction, with PLA Managing Directors Bennett Webster, Brent Clemens, and Adam Montufar leading the marketing efforts on the 249-room full-service hotel. "Our team was pleased with the activity on the sale. The marketing process resulted in approximately 190 confidentiality agreements and nearly 20 offers," noted Montufar. "We remain bullish on Detroit and the broader Metro area and we look forward to continued success in the market. We believe Detroit is one of the few top-20 MSA's tha...
5 Ways for Hotels to Counter Growing Pressure from Review Sites, the Sharing Economy and the Expanding Technology Stack
ALICE | September 27, 2016
Hotels are under increasing pressure to evolve. Review sites, the sharing economy, and even the rise of dedicated hotel technology are making adaptability a hotel's most valuable asset. Here's five ways hotels can respond. With TripAdvisor's growing impact on bookings, hotels are under a microscope like never before Guests are evaluating and sharing service observations publicly, divulging insights that previously lived anonymously in the hotel's review systems and on paper rating cards. Because some 80% of guests consult 6-12 TripAdvisor reviews before booking, these ratings now have a direct bearing on ADR. Previously, a hotel's marke...
Revenue Management: A Brief History
Howard Hian | September 26, 2016
By Howard Hian When I began in the hotel business in the early 1970s in San Diego, revenue management wasn't even a phrase. In its primitive state, it was a loose practice. When more tourists visited, a hotel would simply raise room rates. In summer how we loved the people from Arizona! Then there were weekends and special events (anyone remember the Cool Jazz Festival?). Sometimes minimum stays were even required over holidays. Wow! Someone much earlier in the history of economic theory called it "supply and demand". Then about 15 years ago or so, some suit dreamed up the position of Revenue Manager. Usually, the front desk or re...
