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
Hospitality Financial Leadership: The 6 Quadrants of GOPPAR
David Lund | March 7, 2022
By David Lund GO PAR is the new and exciting measurement everyone is talking about in the hotel business. But let’s be honest. It is a bit of a stretch to comprehend. It is a little more complicated than REVPAR. Why you ask? Well, REVPAR has two components: occupancy and rate. That is all you need to square the calculation. GO PAR has six components and I am going to lay them all out here. A big part of the struggle people have is the idea that GO PAR is an accounting thing. It is true that the calculation is based on accounting theory but stick with me here, it is a straightforward concept. GO PAR like REVPAR is easy to square. Yo...
International Visitors Spent $10.4 Billion in December 2021
NTTO | February 8, 2022
Data recently released by the National Travel and Tourism Office (NTTO) show that in December 2021: • International visitors spent $10.4 billion on travel to, and tourism-related activities within, the United States, an increase of 108% when compared to December 2020. • Americans spent nearly $8.3 billion traveling abroad, yielding a balance of trade surplus of $2.1 billion for the month—the second month in a row during which the United States enjoyed a balance of trade surplus for travel and tourism. • International visitors spent nearly $80.1 billion on U.S. travel and tourism-related goods and services year to date (Janua...
OTH Hotels Resorts Makes Its Accounting Operation Paperless With PVNG From Aptech
Aptech Computer Systems Inc. | February 8, 2022
The enterprise accounting solution is enabling this third-party management company to drive efficiencies and self-manage their finance processes affordably PITTSBURGH, PA — February 8, 2022 — With revenue volumes among its portfolio of independent, branded and soft-brand hotels and resorts on the rise, third-party management company OTH Hotels Resorts needed a way to streamline its financial processes without incurring costly support fees. Unable to self-administer changes directly into its existing accounting system, the young hotel company — founded in January 2020 — was paying exorbitant administrative costs just to modify a s...
How Refinancing SBA Loans Can Open New Doors for Hotel Owners
Alexander Cohen | January 26, 2022
By Alexander Cohen Just as travel was again on the upswing, a new variant of COVID-19, along with the global rise of cases has created yet another revenue setback for hotel owners and a slowdown in business meetings, conventions, and vacations. Thankfully, there is a new financing opportunity that can help hotel owners save money, access cash for improvements, and stay afloat during these uncertain times for the industry. A recent rule change from the Small Business Administration (SBA) allows hotel borrowers to refinance their floating-rate SBA 7a loan to a fixed-rate SBA 504 loan. This opportunity is phenomenal for nearly an...
Hospitality Financial Leadership: Why Managing the Budget in Your Hotel Is Like Playing Baseball
David Lund | January 24, 2022
By David Lund That’s a big statement because if you are involved in the budget in your hotel and you have played baseball then you are probably saying to yourself that I am off my rocker. The budget is a mean and unruly nasty guest that comes every year and sometimes does not leave completed for weeks, even months. And, it is certainly not fun and engaging like a good game of baseball can be. Alas, like all things, there is more than one way to look at the budget, and I did say “managing” in the title. So, let’s dig a little deeper and see what I am talking about. Much of life is how we choose to do battle and manag...
Hospitality Financial Leadership: Top 10 List for Controlling Labor Costs
David Lund | November 22, 2021
By David Lund Managing labor costs is a never-ending battle in any hotel. No wonder it adds up to on average 50 percent of the total revenue in hotels around the world. To say labor cost is important is an understatement so in this piece, I will highlight the key controls and features to make sure you are on the right track with this all-important aspect of hospitality. Use the list to come up with new action plans to tackle labor costs in your operation and bonne chance! Number 10 – Updated Daily Occupancy Forecast If the people in the departments inside your hotel do not have an up-to-date and accurate fore...
HFTP and GFC Get Ready for the USALI 12th Revised Edition; Plan to Release Exposure Drafts for Review by Industry Stakeholders
HFTP | November 17, 2021
Hospitality Financial and Technology Professionals (HFTP®) and the Global Finance Committee (GFC) are preparing for the Fall 2022 release of the 12th Revised edition of the Uniform System of Accounts for the Lodging Industry (USALI). The revision to the current 11th Edition (released in 2014) has gone through a well-considered, in-depth process. Ahead of publishing the newest edition, the HFTP and the GFC has invited leading industry stakeholders to participate in the review of exposure drafts, requesting comments for consideration ahead of the 12th edition publication. “The exposure draft process allows HFTP and the GFC...
Paramount Lodging Advisors Exceeds $1 Billion in Hotel & Hotel Note Auctions
Paramount Lodging Advisors | November 15, 2021
CHICAGO, IL — November 15, 2021 — Paramount Lodging Advisors (PLA) is pleased to announce a new milestone in hotel real estate transactions. PLA has surpassed $1 Billion in hotel and hotel note auctions. PLA has overseen more than 300 auctions and maintains a 95% closure rate. These statistics place Paramount Lodging Advisors as the most active and successful hotel broker on hotel auction platforms in the United States. Throughout the COVID pandemic period alone – the PLA team has overseen nearly 40 hotel and hotel note auctions culminating in transactions over $200MM in asset value. The PLA closure rate on hotel auction platforms ha...
Hospitality Financial Leadership – Profit and Loss Metrics
David Lund | November 8, 2021
By David Lund ...
Choice Hotels International Reports 2021 Third Quarter Results
Choice Hotels | November 5, 2021
ROCKVILLE, MD – November 5, 2021 – Choice Hotels International, Inc. (NYSE: CHH), one of the world's largest lodging franchisors, today reported its results for the three months ended September 30, 2021. "Our impressive third quarter results are a testament to the success of our long-term growth strategy and the investments we have made to position us to further increase our share of travel demand and benefit from trends that favor leisure travel, limited-service hotels and longer stay occasions," said Patrick Pacious, president and chief executive officer, Choice Hotels. "Today, we are in an even stronger position to cap...
MGM Resorts International Reports Third Quarter 2021 Financial and Operating Results
MGM Resorts International | November 4, 2021
LAS VEGAS – November 4, 2021 – MGM Resorts International (NYSE: MGM) ("MGM Resorts" or the "Company") today reported financial results for the quarter ended September 30, 2021. "We delivered another strong quarter led by our domestic operations resulting in new historical Adjusted Property EBITDAR records for our Las Vegas Strip and U.S. regional segments. These results demonstrate the continued robust demand for our gaming entertainment offerings across the U.S. and the effectiveness of our operating model," said Bill Hornbuckle, Chief Executive Officer and President of MGM Resorts International. "The completion of our asset l...
Hyatt Reports Third-Quarter 2021 Results
Hyatt Hotels Corporation | November 4, 2021
CHICAGO – November 4, 2021 – Hyatt Hotels Corporation ("Hyatt" or the "Company") (NYSE: H) today reported third-quarter 2021 financial results. Net income attributable to Hyatt was $120 million, or $1.15 per diluted share, in the third quarter of 2021, compared to a net loss attributable to Hyatt of $161 million, or $1.59 per diluted share, in the third quarter of 2020. Adjusted net income attributable to Hyatt was $241 million, or $2.31 per diluted share, in the third quarter of 2021, compared to Adjusted net loss attributable to Hyatt of $150 million, or $1.48 per diluted share, in the third quarter of 2020. Refer to the table on page 1...
Five Tips to Tackle Hotel Costs
HotStats | November 1, 2021
Between the rising cost of labor, decreased demand and ever-changing COVID-19 protocols, hotels have taken numerous hits to profitability. Conditions likely are going to remain challenging for some time to come, but Chris Cylke, COO of asset manager RevPAR International, has a quintet of tips for hoteliers to manage costs more effectively. 1. Review Contracts should be reevaluated, Cylke advised. That may sound like a replay from the early days of the pandemic, but the time has come to once again renegotiate. “Due to the limited availability of goods and labor, costs are rapidly rising, but rebidding contracts ensures that each vendor ...
Wyndham Hotels & Resorts Reports Third Quarter 2021 Results
Wyndham Hotels & Resorts | October 28, 2021
PARSIPPANY, N.J. – October 28, 2021 – Wyndham Hotels & Resorts (NYSE: WH) today announced results for the three months ended September 30, 2021. Highlights include: U.S. RevPAR exceeded 2019 levels by 7%, growing 59% versus 2020. System-wide rooms grew 60 basis points sequentially, including 40 basis points of growth in the U.S. and 80 basis points of growth internationally. Diluted earnings per share of $1.09 compared to $0.29 in third quarter 2020; adjusted diluted EPS of $1.16 compared to $0.36 in third quarter 2020. Net income of $103 million compared to $27 million in third quarter 2020; adjusted net income of $109 ...
Hilton Reports 2021 Third Quarter Results
Hilton | October 28, 2021
MCLEAN, VA – October 28, 2021 – Hilton Worldwide Holdings Inc. ("Hilton" or the "Company") (NYSE: HLT) today reported its third quarter 2021 results. The following results reflect the material impact that the novel coronavirus ("COVID-19") pandemic has had on Hilton's business. Highlights include: Diluted EPS was $0.86 for the third quarter, and diluted EPS, adjusted for special items, was $0.78 Net income was $240 million for the third quarter Adjusted EBITDA was $519 million for the third quarter System-wide comparable RevPAR increased 98.7 percent on a currency neutral basis for the third quarter from the same period in 2...
Agilysys Reports Fiscal 2022 Second Quarter Revenue of $37.9M
Agilysys | October 27, 2021
Reports Record Recurring Revenue of $24.0M Inclusive of Record Subscription Revenue of $11.1M Reports Adjusted EBITDA of $6.3M and Positive GAAP EPS of $0.02 With Quarterly Free Cash Flow of $3.2M and Cash Balance Increase of $2.5M to $106.4M Alpharetta, GA – October 26, 2021 - Agilysys, Inc. (Nasdaq: AGYS), a leading global provider of next-generation SaaS and on-premise hospitality software solutions and services, today reported operating results for its fiscal 2022 second quarter ended September 30, 2021. (Please click here for complete financial information) Summary of Fiscal 2022 Second Quarter Financial Results Total net...
Hospitality Financial Leadership: New Deal Between Hotel Owners and Brands That Manage Hotels
David Lund | October 25, 2021
By David Lund A lot has been speculated about what could and should change because of the pandemic. There is one aspect of the hotel business that desperately needs to change and the Covid crisis is not to blame. However, it will most certainly speed things up. There is a need to have a new way of measuring performance in the hotel and hospitality industry. To get to a new point first see where the industry is today. The one aspect of the business that has garnered the most attention in the past 30 years is the measurement of REVPAR. That number and the index of that number’s performance has been the most studied and reported on...
Aptech Customer Service Hailed as ‘Unparalleled’ and ‘Flawless’ by The Battery
Aptech Computer Systems, Inc. | October 19, 2021
User of Aptech’s PVNG enterprise accounting solution says the 50-year-old financial management company’s support team is extremely responsive, intelligent, and knowledgeable PITTSBURGH, PA — October 19, 2021 — Finding the right hotel accounting software can be challenging but finding a hospitality financial management partner that offers “unparalleled” and “flawless” customer service is a real coup. The Battery, a private social club with a handful of guestrooms in San Francisco, has done just that with Aptech. Serving 5,000 members, The Battery is leveraging PVNG from Aptech to manage its enterprise accounting. In ad...
JMBM’s Global Hospitality Group® Announces $210 Million in Completed C-PACE Transactions for Clients
the Global Hospitality Group | October 14, 2021
LOS ANGELES – October 14, 2021 – The Global Hospitality Group® of Jeffer Mangels Butler & Mitchell LLP (JMBM) is pleased to announce that their team has completed $210 million in C-PACE (Commercial Property Assessed Clean Energy) financing transactions in the past 12 months, for hotel, retail and multi-family real estate clients. Led by Senior Partner David A. Sudeck, the Group has worked on both the lender and borrower side of these transactions, and has represented some of the leading names in PACE financing. "David and his team have been structuring these transactions since the beginning of the C-PACE program, and have...
Hospitality Financial Leadership: Money Never Looks After Itself
David Lund | October 11, 2021
By David Lund I do not know about your experience, but for me growing up in the hotel world, and especially my first decade working in F&B and rooms, the adage, “Look after the guests and the money will look after itself,” was literally beat into my head. But not so fast, now I know the truth and it is this: The money never looks after itself. You, me and everyone else must have a plan and a system to “look after the money.” That’s what this piece is all about. What is the plan to look after the money in the hotel and better still – What exactly is the system we need to use and follow to make it work? My pledge to you...
U.S. Hotel Profitability Dipped in August
STR | September 30, 2021
HENDERSONVILLE, Tennessee — September 30, 2021 — With the end of the summer travel surge, estimated gross operating profit for U.S. hotels came in lower than the previous month, according to STR‘s August 2021 monthly P&L data release. August GOP was lower on a per-available-room basis as well as when indexed to the comparable month from 2019. Estimated GOP was 111% of 2019 levels in July but just 94% in August. The only key profitability metric to increase month over month was labor per available room. GOPPAR: US$49.31 TRevPAR: US$146.22 EBITDA PAR: US$32.13 LPAR (Labor Costs): US$47.99 “Lower profita...
Access Point Financial Forms Strategic Alliance With Pike Hill Lodging Partners and Expands Executive Leadership Team
Access Point Financial | September 21, 2021
Expanded relationship streamlines availability of flexible and comprehensive financial services, with Pike Hill co-founders Tim Peterson and Ankur Shah also joining APF as Co-Heads of Capital Markets and Corporate Development. ATLANTA, GA – September 21, 2021 – Access Point Financial, LLC (APF), a leading direct lender and specialty finance company focused exclusively on the hospitality industry, today announced the expansion of its platform via the forming of a strategic relationship with Pike Hill Lodging Partners (Pike Hill). The enhanced collaboration is notably set to provide industry professionals with access to the combined expert...
Meet Turnbull Capital Group at The Lodging Conference
Turnbull Capital Group | September 20, 2021
The Principals of Turnbull Capital Group are aligned with some of the most creative debt and preferred equity providers in the hospitality industry and have exclusively transacted hotels and resorts for 37 years, 20 years as the visionary and Founder of CBRE Hotels. The Lodging Conference Founder Mr. Morris Laskey (deceased) and Dr. Donald W. Wise were professional and personal friends for over 30 years. When The Lodging Conference launched with its first ever event in 1995 at the Phoenician Scottsdale Luxury Collection Resort, Dr. Wise was a speaker on the finance panel for this very first inaugural event. This has always been ...
It’s Time for Hotel Finance Teams to Re-Evaluate Their Budget ‘Drivers’
Jill Wilder | September 14, 2021
By Jill Wilder As we are all aware, budgeting for 2022 will present some challenges, without a crystal ball we are going to need to use our knowledge to form new ways to plan for our future. While historical drivers helped hoteliers in previous years with their future planning, it’s a whole new ballgame today, as the very way a hotel operates is radically different from even a year ago. As in the past, just comparing departmental profits from previous months is just one piece of the puzzle. To have better, more accurate budgeting numbers for the year ahead, hoteliers need to re-evaluate their drivers and establish a new baseline data set...
