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Finance
New York EB-5 Investment Immigration Convention
Jim Butler | July 18, 2016
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Author of www.HotelLawBlog.com More than 700 people are gathering the next two days in New York City for one of the largest EB-5 financing conferences in the country. We are proud to be a platinum sponsor of this program, and I am looking forward to my panel on how to finance hotel construction and development with EB-5. Hosted by EB-5 Investors Magazine, this event will be held July 17-18, 2016 at the Sheraton Hotel in Times Square. The first day is comprised of three tracks of workshops and Monday is a full day of panels on EB-5 topics of current interest. Dr. Arthur ...
Duetto to Provide Revenue Strategy Solutions for River Spirit Casino
Duetto | June 30, 2016
Tulsa's Largest Resort Will Leverage Open Pricing at New 27-Story Hotel Anchoring $365 Million Expansion Tulsa, OK, June 30, 2016 – Duetto, the market leader in hotel and casino profit optimization technology, announced today that it will provide Revenue Strategy solutions for the gaming property and the new 27-story hotel under construction at River Spirit Casino Resort in Tulsa, Okla. Duetto's GameChanger application will enable River Spirit to manage pricing and demand for the 483 rooms and suites being added to the property, making it the largest casino resort in Tulsa. Tom Allen, General Manager of Resort Operations at River ...
HFTP’s Frank Wolfe, CAE to Remain CEO Until May 2022
HFTP | June 28, 2016
Poised to extend its global reach, Hospitality Financial and Technology Professionals (HFTP®) has opted to maintain its momentum by retaining 25-year HFTP veteran Frank Wolfe, CAE at the helm of the association's management. Wolfe will remain as the association's CEO through May 2022, a position he's held since 1994. The HFTP Global Board of Directors has tasked Wolfe with broadening his role as the association's ambassador, demonstrating the organizations' resources and educational opportunities for hospitality finance and technology, and how it supports the hospitality industry at large. "Frank's contr...
JQH Files for Chapter 11 Bankruptcy to Restructure Financial Footing
John Q. Hammons Hotels & Resorts | June 28, 2016
SPRINGFIELD, Mo.--(June 28, 2016)--John Q. Hammons Hotels & Resorts (JQH) today announced that the family of companies, the Revocable Trust of John Q. Hammons, and their related affiliates have filed voluntary petitions to restructure under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court of the District of Kansas at Kansas City. JQH held a press conference this morning in Springfield to announce the filing. JQH is a leading private, independent owner and manager of hotels in the United States, including operating more than 1 million square feet of superb meeting space. According to JQH's CEO Jacquie Dowd...
Duetto to Provide Revenue Strategy Solutions for Posadas
Duetto | June 27, 2016
Duetto Brings Open Pricing to Mexico's Biggest Hotel Operator, Adding More than 145 Hotels as it Continues to Expand in Latin America New York, June 27, 2016 – Duetto, the market leader in hotel profit optimization technology, announced today that it will implement its Revenue Strategy solutions for Posadas, bringing new insights on pricing and demand to more than 145 hotels encompassing approximately 23,500 rooms in Mexico. Posadas is Mexico's largest hotel chain and is known for superior locations and guest experience, high-quality facilities, and outstanding guest technology. "We are very happy to announce this agreement with P...
HSMAI Region Europe to Co-Locate ROC Conference With Premiere HITEC Amsterdam in March 2017
HFTP | June 24, 2016
Thu, 23 June 2016 Hospitality Financial and Technology Professionals (HFTP®), global leaders in the hospitality industry and producers of the world's largest Hospitality Industry Technology Exposition and Conference (HITECSM), is pleased to announce its partnership with HSMAI Region Europe. As part of the partnership, HSMAI Region Europe will co-locate its Revenue Optimization Conference (ROC) with the premiere HITEC Amsterdam, 28-30 March at the RAI Convention Centre. "HFTP is proud to co-locate with HSMAI Region Europe in Amsterdam next year," said HFTP CEO Frank Wolfe, CAE. "HFTP is currently expanding internat...
Hotel AG Hires Chelsea Wang to Open San Francisco Office
Hotel AG | June 23, 2016
ATLANTA, June 23, 2016 – Hotel AG announced today the firm has hired Chelsea Wang to open the Hotel AG San Francisco office. Chelsea Wang has extensive experience in the hospitality industry in the areas of hotel business development, management, and acquisition. Prior to joining Hotel Assets Group, Chelsea served as an In-House counsel for over six years providing services in hotel management, acquisition, leasing and contract negotiation. She has been a commercial real estate broker for five years specializing in franchised/independent hotel acquisition, new construction and foreign investment development. She has the expertise ...
Groundbreaking Development in Group Revenue Management: Rainmaker’s Group Pricing Solution Now Integrated with Cvent Lead Scoring
Rainmaker | June 20, 2016
ATLANTA – June 20, 2016 – Sales managers overtasked by the complex challenges of the group bid process have a revolutionary new tool at their disposal. In partnership, The Rainmaker Group and Cvent, Inc. have integrated Cvent's Lead Scoring technology with Rainmaker's innovative grouprev® group pricing solution. The new interface makes it simple, for the first time, for sales managers to quickly prioritize group booking requests, enabling them to respond faster and win the blend of business that delivers the greatest economic benefit to the hotel. Going live shortly with Tropicana Las Vegas - a DoubleTree by Hilton, the ...
Aptech Computer Systems Launches Mobile Targetvue for Company Performance Access at HITEC
Aptech Computer Systems, Inc. | June 20, 2016
At HITEC Visit Aptech in Booth #719 June 20-23 at New Orleans' Ernest N. Morial Convention Center Web-Based Targetvue Budget Access Drives Productivity for 'Anywhere' Performance Analysis at A Glance Pittsburgh, PA – June 20, 2016 – Aptech Computer Systems will launch the newest version of its Targetvue Budgeting and Forecasting system at HITEC 2016, booth 719 in New Orleans. The latest Targetvue version provides an intuitive look and feel for the enterprise budget and forecast system. Aptech will also demonstrate its PVNG enterprise back office system with graphical user interface that simplifies hotel accounting. Aptech ...
HFTP Announces 22 Mentors for Entrepreneur 20X Pitch Competition at HITEC 2016
HITEC? | June 15, 2016
AUSTIN, TX USA (June 15, 2016) — Hospitality Financial and Technology Professionals (HFTP®), producers of Hospitality Industry Technology Exposition and Conference (HITECSM), is excited to announce the hospitality technology professionals that will offer their time and expertise as industry mentors at the returning Entrepreneur 20X (E20X) start-up pitch competition. This year at HITEC 2016 will be the first-ever year the mentoring sessions have been available to participants. The 17 participating, unfunded startup companies will have one-on-one consultations with a paired mentor the morning of Monday, June 20. The meet-ups wil...
Why You May Need to Change Your “Competitive Set” Now; STR Adopts New Guidelines
Jim Butler | June 14, 2016
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Author of www.HotelLawBlog.com To maintain the confidentiality of hotel data, STR imposes certain restrictions on the hotels for which it will provide competitive set data. The Marriott-Starwood merger is shaking up the world of competitive sets with the result that many owners will need to revise the competitive sets specified in their hotel management agreements. As Bob Braun explains in the article below, considering the need to identify appropriate hotels for new competitive sets, and negotiation of amendments to hotel management agreements, it would probably be wis...
Hotel Management Software-Winsar Infosoft
Winsar Infosoft Private Limited | June 14, 2016
WINHMS is a state-of-art next generation product from the stables of Winsar Infosoft, India catering to the needs of the entire gamut of the Hospitality Industry, including Hotels, Motels, Resorts, Clubs, Serviced Apartments and other Hospitality Management businesses. It helps to achieve better results by increasing efficiency in both front and back office operations. Unique ERP architecture ensures higher visibility of MIS, seamless interdepartmental communication, powerful audit trails and arresting all revenue leaks. Superior technical design, internationally accepted norms, powerful and user-friendly features empowers you to provid...
5 Basic Things a Young Hotel Revenue Manager Must Know!
Revxpert | June 11, 2016
When I started in revenue management, it meant learning the hard way. No one, from my seniors to the higher management, really knew what revenue management is all about and what to expect from me and my team really. At that time, our learnings were all on-the-job. B-side is that it was easier then, since expectations were less due to lack of knowledge on revenue management and global distribution channels. Management today knows what to expect from a revenue manager and as a new revenue manager, if you do not perform, you may have to compromise. Learning only through experience doesn't reap good results anymore. Expectation are higher, ...
HVS Design and JN+A Release 2016 Hotel Cost Estimating Guide
Warren G Feldman | June 10, 2016
By Warren G Feldman HVS Design and Jonathan Nehmer + Associates (JN+A) are proud to announce the completion of the 2016 Hotel Cost Estimating Guide. The Guide is a comprehensive listing of capital expenditure construction and FF&E costs for hotel renovations in the USA. ...
HFTP Announces Keynotes and New Updates for its 2016 Annual Convention
HFTP | June 8, 2016
AUSTIN, TEXAS, USA (June 8, 2016) — Hospitality Financial and Technology Professionals (HFTP®) is making some key updates to its 2016 Annual Convention, which it has produced since 1952. The event, which offers essential educational and networking opportunities for hospitality finance and technology professionals, has expanded on the offered session formats and changed vendor interaction. The popular element that does remain is the informative and motivating keynotes, which will be present each day at the convention. The HFTP Annual Convention is scheduled for October 19–21, 2016 at Caesar's Palace Las Vegas Hotel and Ca...
Family-Owned MHG Hotels Grows by Watching Its Numbers
MHG Hotels | June 8, 2016
Hampton Inn, Choice, Holiday Inn, Marriott Courtyard Property Operator Has Daily Revenue, Expense and Other Hotel Data on The Desk by 9AM June 8, 2016 – MHG Hotels is a family business success story. The owner-operator started with one motel, and now operates 11 properties that include Wyndham, Marriott Courtyard and Springhill Suites, Holiday Inn and Choice brands. "We were doing well small, but the time was right for the Patel family to grow with brands," said Gary Maass, director of operations for MHG Hotels LLC. "We wanted a bigger view of the hotel industry and to expand our place in it. Hospitality is growing and we are gro...
Aztec Group Arranges $14.2M Re-Financing for the Marriott Courtyard Hotel in Raleigh, North Carolina
Aztec Group Inc. | June 6, 2016
Miami, Florida -- Aztec Group, Inc., Florida's leading real estate investment and merchant banking firm for the past 34 years, is pleased to announce that Managing Director, Boaz Ashbel, has arranged a $14.2 million refinance loan for the Courtyard by Marriott Hotel in Raleigh, North Carolina on behalf of Concord Hospitality Enterprises Company ("Concord"). The non-recourse loan was placed with a community bank and was very competitively priced. The hotel features 109 guestrooms, bistro, terrace lounge with fireplace, market, business center, meeting space, indoor climate-controlled pool, and fitness center. It is located with...
Paramount Lodging Advisors Sells Two Limited Service Hotels in Pittsburgh
Paramount Lodging Advisors | June 2, 2016
Paramount Lodging Advisors (PLA) is pleased to announce the sale of the Holiday Inn Express Harmarville and the Comfort Inn Meadowlands. PLA exclusively represented the seller with Managing Directors Bennett Webster and Brent Clemens, and Associate Omari Head leading the efforts on the transaction of the two properties. "This deal concludes three successful transactions in Pittsburgh in the prior three months. We continue to be pleased with the interest levels and believe there remains substantial pent up demand for limited and select service product in Allegheny and Washington County," noted Head. "These deals now bring our Ten-X Comme...
Pebblebrook Hotel Trust Completes Separate Sales of Viceroy Miami, The Redbury Hotel and an Excess Land Parcel Adjacent to Revere Hotel Boston Common
Pebblebrook Hotel Trust | June 2, 2016
BETHESDA, Md.--(June 1, 2016)--Pebblebrook Hotel Trust (NYSE: PEB) (the "Company") today announced that it has closed on the separate sales of Viceroy Miami in Miami, Florida for $64.5 million, The Redbury Hotel in Los Angeles, California for $40.9 million and an excess land parcel adjacent to Revere Hotel Boston Common in Boston, Massachusetts for $6.0 million. In May 2011, the Company acquired the 148-room, luxury, full-service Viceroy Miami for $36.5 million. The sale price of $64.5 million reflects a 17.7x EBITDA multiple and a 4.2% net operating income capitalization rate (after an assumed annual capital reserve of 4.0% of total ho...
Successful Louisville Transaction, Times Two: Paramount Lodging Advisors Completes Sale of IHG Kentucky Hotel Package
Paramount Lodging Advisors | May 31, 2016
Paramount Lodging Advisors (PLA) has closed on its third and fourth hotel transactions within the Louisville region over the past six months. PLA Managing Directors Adam Montufar, Bennett Webster, and Brent Clemens orchestrated the sale of both the Holiday Inn Express and Candlewood Suites in Radcliff, KY. The two hotels total 146 rooms and are located Southwest of Louisville, proximate to Fort Knox Army Base. The PLA team members exclusively represented the seller in this double transaction. "Paramount Lodging worked as the liaison between our group and the buyers. They did a fantastic job facilitating the tours of potential buyer...
Small hotels to benefit from the free-to-use Hospitality Technology product
eZee Technosys Pvt. Ltd. | May 30, 2016
Suite introduced by eZee, Surat, India - 31st May, 2016 Initiating a paradigm shift in the hotel industry, eZee Technosys launches eZee Ultimate allowing hoteliers across the globe to avail their top-notch hospitality technology platform- free of cost. The rise in the adoption of hospitality technology has changed the hospitality industry in the last decade. Hotel management operations, booking management and overall guest management has been greatly influenced by the technological advancements. Sadly, the technology adoption hasn't percolated to hospitality businesses of all sizes. Software vendors' apathy to small hotels, resistance t...
Fulcrum Hospitality LLC Appoints Veteran Hospitality Leader as Executive Vice President
Fulcrum Hospitality LLC | May 27, 2016
Prominent lodging industry expert Larry Kaminsky has joined Fulcrum's senior leadership team. New York, NY June 1, 2016 – This morning, Fulcrum Hospitality LLC ("Fulcrum") announced the appointment of hospitality industry veteran Larry Kaminsky to its senior leadership team as Executive Vice President. Mr. Kaminsky brings a 20-plus year background in hotel asset management and finance to Fulcrum's existing team of hospitality executives, and furthers Fulcrum's mission of dedicating senior-level leaders on every one its respective hotel engagements. Mr. Kaminsky was formerly the Senior Vice President of Asset Management at LaSalle ...
onefinestay’s Greg Marsh to Deliver the Keynote Address at the Fourth Annual Revenue Strategy Summit (RSS) – July 7, 2016 at the Renaissance W
the Revenue Strategy Summit (RSS) | May 27, 2016
RSS Anticipates 300+ Participants, Discussing Innovation and Disruption in Today's Dynamic Marketplace Washington, DC – May 27, 2016 — Greg Marsh, co-founder of luxury vacation home pioneer onefinestay, will deliver the keynote address at the fourth annual Revenue Strategy Summit, (RSS), a gathering of thought leaders and practitioners who will examine the forces reshaping the hospitality industry and how marketing and technology must evolve to meet new demands. Scheduled for July 7th at the Renaissance Washington, D.C. Downtown Hotel, RSS combines education, networking and high-level information exchange among an anticipate...
Hospitality Focus on Construction Costs
The Author | May 27, 2016
By Elaine Sahlins The feasibility of a new hotel is driven by a number of factors, foremost among them – the availability of sites, the costs to build, the price and accessibility of financing, and the demand for hotel rooms at a rate point that supports all these and other elements. With several of these items falling into place in many markets across the U.S., hotel construction continues to accelerate. Cushman & Wakefield's Hospitality & Gaming practice provides consulting and valuation services for new and existing hotel properties across the country. In recent years, the majority of new hotel projects we have worked o...
