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David Lund | March 27, 2023
Finance
Paramount Lodging Advisors’ Interns Awarded Highest Honors At DePaul University’s Real Estate Department Fall Reception
Paramount Lodging Advisors | September 23, 2016
CHICAGO, IL – The Paramount Lodging Advisors (PLA) team is proud to recognize the achievements of DePaul University interns Lindsey White and Daniel Jackson. Both DePaul University students were awarded the most prestigious scholarships from DePaul University's Real Estate Department and the Kellstadt Graduate School of Business. Lindsey was granted the DePaul Real Estate Alumni Association Scholarship, which was given to an undergraduate student whom exemplified high-achievement in the real estate program. Lindsey will graduate early in 2018, when she is sure to take the commercial real estate industry by storm. Daniel received T...
12 Reasons Travel and Hospitality Brands Should Boost Their B2B Content Marketing in 2017
Alan E. Young | September 22, 2016
By Alan Young It's hard to believe that summer is just about over and we are entering the homestretch of 2016 --and planning time for 2017. I am sure you already see the paradigm shift in the travel and hospitality technology industry ---and it is truly tougher than ever to break through the noise. There's a reason why CMOs at the largest tech brands report that content marketing is the second most important initiative, only behind measuring ROI. In fact, 75% of marketers are increasing investment in content marketing in 2017. These days, if you want your business to succeed, it's not enough to just produce and deliver your product &nda...
How Foreign Investors Can Avoid Hidden Traps Of U.S. Taxation On U.S. Investments
Jim Butler | September 15, 2016
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Authors of www.HotelLawBlog.com Asians love the U.S. as a place to live, buy homes, invest, go to school, and run their businesses. Over the past five years, we have seen an unprecedented increase in foreign investment in the US — particularly as a new flood of Chinese investors joins the tide of Japanese, Korean, Malaysian and other Asian investors. My partner Scott Harshman counsels foreign investor clients from all over the world. He tells them that it is urgent to get an early grip on potential U.S. tax consequences and structures when first contemplating thei...
Paramount Lodging Advisors Opens St. Louis Office and Welcomes New Agent
Paramount Lodging Advisors | September 8, 2016
ST. LOUIS, MO—Paramount Lodging Advisors (PLA) is pleased to welcome aboard new team member, Beau Mullenix. Beau will be working out of PLA's new St. Louis office. Beau's focus is on individual and portfolio transactions across the country with a vast knowledge of the Midwest and West region hotel markets. He brings with him over 16 years of experience as an owner/operator in the Hotel Industry with an expertise in overseeing all aspects of property management. This includes superior financial results, P&L analysis, budgeting, capital improvements, and quality assurance. Prior to Paramount, Beau held positions in several manag...
Paramount Lodging Advisors Arranges the Sale of 649 Jones Street Formerly “Halcyon Hotel” Located in San Francisco, California
Paramount Lodging Advisors | September 7, 2016
Paramount Lodging Advisors (PLA) is pleased to announce the successful sale of the property at 649 Jones Street, formerly known as the "Halcyon Hotel" located in San Francisco. Scott Griemsmann, Senior Managing Director and Subu Thiagarajan, Broker Associate of the West Coast office represented the owners in the transaction. The property sold for a purchase price of $7 million/$259,259 per room. "This is a tremendous price for the owners and the purchasers achieved a very specific goal with the purchase," commented Griemsmann. The four-story, 27-room, SRO hotel opened in 1912 and was converted to alternative housing in 2013. The hotel r...
Measuring The Value of Forecasting Accuracy in Today’s Evolving Hotel Market
Aptech Computer Systems, Inc. | September 6, 2016
Automated Forecasting and Budgeting Gives Operators and Owners Tools to Effectively Optimize Profitability September 6, 2016 – The hospitality industry is expanding rapidly. Hotel companies break ground on new build projects every week. Many operators are renovating older properties and reopening them as new brands from Marriott, Hilton, IHG and others. This expansion is based on investor capital; and investors demand a return. How do management companies deliver this return? Profitability. "Forecasts provide extended vision to anticipate financial results on both top and bottom line, enabling hotel operators to make operational ...
M3 Unleashes Budget & Forecasting for Hoteliers
M3 Accounting + Analytics | August 31, 2016
Powerful web-based tool seamlessly integrates data from accounting and analytics platforms M3 Accounting + Analytics has experienced exponential growth over the past five years, but that has not stopped the Gainesville, Georgia based company from being attuned to their customers' needs. Through the years, many M3 customers have utilized the budget and forecasting modules embedded into M3's accounting tool, which is now installed in over 4,500 individual properties nationwide. After exhaustive feedback from M3's Advisory Board, user groups and selected customers, M3 has put in place a powerful new tool that combines the best of both wor...
Howard Karawan Appointed President and Managing Director of Atlantis, Paradise Island Resort in The Bahamas
Atlantis, Paradise Island resort, The Bahamas | August 30, 2016
PARADISE ISLAND, THE BAHAMAS (August 30, 2016) – Brookfield Asset Management is pleased to announce the appointment of Howard C. Karawan as President and Managing Director of Atlantis, Paradise Island resort in The Bahamas. Karawan will succeed Paul Burke, who recently resigned from the position to pursue new career endeavors in the United States. Karawan will assume his new position on September 19, 2016. A luxury hospitality and gaming veteran with over 30 years of experience, Karawan will make his return to Atlantis after previously holding the position of President and Chief Marketing Officer for Kerzner International, the pri...
U.S. Lodging Industry Fees and Surcharges Forecast to Increase to a New Record Level in 2016 – $2.55 Billion
Bjorn Hanson, PhD | August 30, 2016
By Bjorn Hanson, PhD, Clinical Professor NYU School of Professional Studies Jonathan M. Tisch Center for Hospitality and Tourism Following the 2015 record of $2.45 billion, total fees and surcharges collected by U.S. hotels are forecast to increase to another record level of $2.55 billion in 2016. Although the amount will establish a record level of fees and surcharges, the percent increase will be the lowest since 2009. The increase for 2016 reflects a combination of approximately 2.0 percent more occupied hotel rooms than in 2015, more categories of fees and surcharges, and higher amounts charged, but lower fees and surcharges for hig...
HFTP to Honor 2016 CHAE Recipient Kelly Montgomery at Annual Convention in October
HFTP | August 30, 2016
AUSTIN, TEXAS, USA (August 30, 2016) — Hospitality Financial and Technology Professionals (HFTP®) will honor Kelly Montgomery, CHAE as the 2016 Certified Hospitality Accountant Executive (CHAE) of the Year at its 2016 Annual Convention. The CHAE of the Year award honors the individual that scored the highest on the CHAE certification exam within a given year. HFTP's 2016 Annual Convention event will be held at Caesars Palace Las Vegas Hotel & Casino from October 19-21, 2016 in Las Vegas, Nevada USA. Montgomery held her first job in hospitality as a hostess at the Hyatt in San Diego, while attending San Diego State Universi...
Hotel AG Announces Recent Closings
Hotel AG | August 24, 2016
ATLANTA – August 24, 2016 – Hotel AG announced today the firm has closed 16 hotel transactions since its last press release. The transactions were located across 11 states and five regions of the US including West Coast, South Central, North Central, Northeast and Southeast. The transactions were comprised of several brands such as Marriott, Hilton, IHG, among other brands and 2 independent hotels located in Pennsylvania and San Francisco. Hotel AG brokers involved in these transactions were Brad Sinclair, Andy Broad, Michael Bernath, Eric Gunderson, Rick George, Niven Patel, Wendy Blissett, Rex Cagle and Thierry Roch. H. Ke...
Cost Segregation Studies for Hospitality Assets
Tim Sauer | August 22, 2016
By Tim Sauer HVS prides itself on being a trusted advisor for hotels owners and investors, and we are constantly looking for opportunities to maximize our clients' cash flows and returns. The following article highlights the basics of cost segregation studies and their potential benefits for our clients. While HVS does not offer this service, we have consulted with cost segregation professionals to maximize its potential benefits in a hospitality context. The Internal Revenue Code (aka the "IRS Code") requires that the cost of commercial property be expensed over its designated recovery period. This annual expense, known as depreciation...
HFTP to Provide Food Assistance to Residents of Southern Nevada USA via its Successful Social Responsibility Program: HFTP Helps
HFTP | August 22, 2016
Donations for the silent auction fundraiser are currently being accepted – HFTP will donate one hundred percent of the proceeds to the charity AUSTIN, TEXAS, USA (August 22, 2016) – As part of its ongoing social responsibility efforts, global hospitality association Hospitality Financial and Technology Professionals (HFTP®) will hold its second HFTP Helps silent auction fundraiser at this year's Annual Convention in Las Vegas, Nevada USA. Created to support the local communities that host HFTP's Annual Convention each October, this year's HFTP Helps fundraiser will benefit Three Square, Southern Nevada's only food bank. ...
Hotel Lawyer: Why NOW May Be the Best Time for Developers to Start EB-5 Financing
Jim Butler | August 22, 2016
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Author of www.HotelLawBlog.com 22 August 2016 Is there a serious risk that EB-5 will expire September 30, 2016? Anything is possible when Congress is in session, but none of the experts we talk to believe that the EB-5 program will be allowed to lapse. As discussed below, certain key provisions of the EB-5 program dealing with regional centers will "sunset" or expire on September 30, 2016. And, as part of the effort to extend the regional center program or make it permanent, there are some proposals to modify potentially significant aspects of the EB-5 program. No one s...
Achieving Total Revenue Management with Your Existing RMS
Bernard Ellis, VP Industry Strategy - Hospitality at Infor | August 19, 2016
Four Steps to Getting There by Bernard Ellis Technology is often blamed for raising the biggest barrier to embracing a "total revenue management" approach. But chances are that you have systems in place that are already up to the task, if only you would set them up to succeed. You may need to make PMS configuration changes and refine certain business practices, but it will be more than worth it. It seems like every time RevPAR growth slows down, as it is now in the US, hoteliers instinctively turn first to investigate their revenue management systems, which surely must have blown a fuse or broken a fan belt or something. Upon ...
USALI Changes Offer New Benchmarks
Robert Mandelbaum | August 16, 2016
By: Robert Mandelbaum Every ten years or so, the Financial Management Committee (FMC) of the American Hotel & Lodging Association revises the Uniform System of Accounts for the Lodging Industry (USALI). The USALI serves as the industry standard for reporting hotel revenues and expenses. Revisions to the USALI are necessary in order to keep up with changes in industry practice, as well as changes in accounting rules and regulations. In preparing the 11th revised edition of the USALI that was used by hoteliers to prepare their 2015 operating statements, the FMC addressed some industry changes that had occurred since the 10th edition t...
BirchStreet Procure-to-Pay Solution is Fully Deployed Across Starwood Hotels & Resorts North American Properties
BirchStreet | August 8, 2016
BirchStreet Deployment in North America is Complete NEWPORT BEACH, Calif. and STAMFORD, Conn. – August 9, 2016 – BirchStreet Systems announced that Starwood Hotels & Resorts Worldwide has fully deployed BirchStreet's Procure-to-Pay Platform across its owned and managed North American properties. As the hospitality industry leader in Procure-to-Pay (P2P) automation, the cloud based BirchStreet platform helps its customers increase efficiency and visibility in all purchasing related activities, drive compliance and financial controls, and improve operations resulting in increased profitability. As of July 5, 2016, Starwood...
R.I.P. Startups: Why 90% of Travel Technology Startups Fail
Alan E. Young | August 5, 2016
By Alan E. Young One of the hardest truths for entrepreneurs to accept is that as many as nine out of ten startups will fail. In an ecosystem full of enthusiasm and optimism, this harsh reality can be difficult to swallow. However, the fact remains that only a small percentage of travel technology startups actually manage to become viable businesses in the long-term. My biggest frustration is companies that are 'walking zombies'. They do not know they are dead and cling on long after they should have called it quits. At the same time, companies can greatly increase their chances for success by focusing their attention on the things that...
What if Airbnb Built a Hotel?
ALICE | August 4, 2016
What if Airbnb built a hotel? Ian Schrager said on stage at this year's BLLA conference that, in some ways, Airbnb is the boutique hotel of one. So, what if Airbnb became the boutique hotel of many? If Airbnb builds a hotel they will leverage their platform to provide accommodations and services more uniquely tailored to guests and with much greater cost efficiency. What might that look like…? 100% Direct Booking... In the case of most hotels there is no significant advantage for the traveler to book direct, rather than through an OTA, and hotels have lost customer loyalty and revenue as a result. However, just as Airbnb now fac...
HFTP Announces New Global Chapters and Expansion into Mexico and United Arab Emirates
HFTP | August 3, 2016
Three new HFTP chapters, representing three different countries, were officially chartered last month AUSTIN, TEXAS, USA (August 3, 2016) — Further expanding its global presence, Hospitality Financial and Technology Professionals (HFTP®) hit the chapter charter trifecta last month with the addition of three officially chartered chapters representing three different countries: Mexico, United States (USA) and United Arab Emirates (UAE). The new chapters include HFTP's Los Cabos chapter, Dubai chapter and Buffalo-Niagara chapter. This will be the first time HFTP has expanded into Mexico and the UAE. "We are pleased to welcom...
Duetto Brings its Revenue Strategy Solutions to Dream Hotel Group
Duetto | July 28, 2016
Ten Luxury Hotels in Unique Destinations Benefit from Open Pricing to Drive Better Pricing Decisions New York, July 28, 2016 – Duetto, the market leader in hotel profit optimization technology, announced an agreement to implement its Revenue Strategy solutions for Dream Hotel Group, bringing new insights on pricing and demand to the company's Dream, Time, and Unscripted hotels totaling close to 2,000 rooms in urban and resort destinations in New York, California, Florida and Phuket, Thailand. The agreement further accelerates rapid adoption of GameChanger, Duetto's cloud-based predictive analytics platform, which provides hotels ...
Concord Hospitality Positions for Future Growth
Concord Hospitality Enterprises Company | July 28, 2016
Data-Focused Strategy and Centralized Budgets Deliver Accurate Daily Performance Forecasts to Optimize Profitability for Concord's 90+ Chain and Independent Properties July 28, 2016 – Concord Hospitality increases its portfolio size yearly providing excellent service and profitable results to ownerships. The company operates a portfolio of more than 90 properties that include Marriott, Starwood, Hyatt, Choice, IHG, and Hilton brands. In 2015 Concord implemented a new data analysis, budgeting and hotel forecasting system to support its continued growth strategy. Concord's Chief Information Officer Brian Cornell said, "Accurate fore...
Pebblebrook Hotel Trust Reports Q2 2016 Net Income Increased 180%
Pebblebrook Hotel Trust | July 26, 2016
Adjusted EBITDA Rose 6.7 Percent; Adjusted FFO Per Diluted Share Climbed 12.5 Percent BETHESDA, Md.-- Pebblebrook Hotel Trust (NYSE: PEB) (the "Company") today reported results for the second quarter ended June 30, 2016. The Company's results include the following: Second Quarter Six Months Ended, June 30 2016 2015 2016 2015 ($ in millions except per share and RevPAR data) Net income (loss) $74.4 $26.6 $91.1 $33.8 Same-Property RevPAR(1) $223.96 $218.51 $209.58 $199.75 Same-Property RevPAR growth rate 2.5% 4.9% Same-Property EBITDA(1) $83.8 $82.3 $145.8 $136.1 Same-Property EBITDA growth rate 1.9% 7.1% Same-Property EBITDA Margin(1) 36....
Unique Vacations, Inc., Worldwide Representative of Sandals Resorts, Partners with Duetto for its Revenue Strategy Solutions
Duetto | July 26, 2016
19 All-Inclusive Resorts with more than 5,200 Rooms throughout the Caribbean to Benefit from Duetto's Advanced Analytics New York, July 26, 2016 – Duetto, the market leader in hotel profit optimization technology, announced an agreement to implement its Revenue Strategy solutions at Unique Vacations Inc. (UVI), an affiliate of the worldwide representative for Sandals Resorts, Beaches Resorts and Grand Pineapple Beach Resorts, bringing new insights on pricing and demand to its the award-winning resorts throughout the Caribbean. The agreement further accelerates rapid adoption of Duetto's GameChanger, a cloud-based predictive analy...
