Brandt Hospitality Group Getting Great Results From Accounting Software Partner
Aptech | June 5th, 2024
Hospitality Financial Leadership: Why Prioritizing Employee Development Has the Best ROI for Owners Too
David Lund | March 27th, 2023
Oakmont Corporation Breaks Ground on Four Seasons Resort and Residences Cabo San Lucas at Cabo Del Sol
Cove Club at Cabo Del Sol | May 24, 2021
CABO SAN LUCAS, MX (May 24, 2021) – California-based Oakmont Corporation and Four Seasons Hotels and Resorts, an international leader in luxury hospitality, celebrates two major milestones for the new Four Seasons Resort and Residences Cabo San Lucas at Cabo Del Sol. The prominent oceanfront development along the famed Los Cabos Corridor has secured more than $100 million in reservations from its initial, private pre-sale launch of the residences, and just began construction on site. “It is an honor to be in partnership with Four Seasons Hotels and Resorts, an iconic brand we know will bring an unparalleled level of luxury to the Golde...
Hospitality Financial Leadership: How to Create an Accounting Policy Manual
David Lund | May 24, 2021
By David Lund After recently completing a policy manual for a client, I want to share what worked for this hotel company and what could work for you. I also want to clear the air on policy vs. procedure. I know it is a big challenge to get a policy manual together for a hotel or hotel company. The big brands have resources to get the job done but the smaller brands and management companies do not have the same bandwidth. It is a project that always gets kicked down the calendar to another month or quarter. Check out an article here that I have written on why creating a hotel accounting policy manual is so challenging. Confusing detai...
Ryman Hospitality Properties, Inc. Reports First Quarter 2021 Results
Ryman Hospitality Properties | May 14, 2021
NASHVILLE, Tenn. - May 14, 2021 - Ryman Hospitality Properties, Inc. (NYSE: RHP), a lodging real estate investment trust (“REIT”) specializing in group-oriented, destination hotel assets in urban and resort markets, today reported financial results for the first quarter ended March 31, 2021. First Quarter 2021 Highlights and Recent Developments: Through the end of first quarter 2021, rebooked 1.6 million room nights, or approximately 60% of total room nights cancelled as a result of COVID-19 Average monthly cash burn for the first quarter of 2021 was approximately $17.9 million, better than the expected range of $23-26 millio...
Sunstone Hotel Investors Reports First Quarter 2021 Results
Sunstone Hotel Investors, Inc. | May 14, 2021
IRVINE, CA – May 14, 2021 – Sunstone Hotel Investors, Inc. (the “Company” or “Sunstone”) (NYSE: SHO), the owner of Long-Term Relevant Real Estate® in the hospitality sector, today announced results for the first quarter ended March 31, 2021. First Quarter 2021 Operational Results (as compared to First Quarter 2020): Resumption of Hotel Operations: 15 of the Company’s 17 hotels were in operation for the entirety of the first quarter 2021. Net Loss: Net loss was $55.3 million as compared to $162.5 million. 17 Hotel Portfolio RevPAR: 17 Hotel Portfolio RevPAR decreased 69.5% to $42.19. Adjusted EBITDAre: Adjusted ...
Summit Hotel Properties Reports First Quarter 2021 Results
Summit Hotel Properties | May 14, 2021
AUSTIN, Texas - May 14, 2021 - Summit Hotel Properties, Inc., has announced results for the first quarter ended March 31, 2021. "Hotel demand, particularly leisure demand, improved significantly during the latter part of the first quarter driving March RevPAR to a new high of more than $65 since the onset of the pandemic, which exceeded February's previous high by nearly 30%," said Jonathan P. Stanner, the Company's President and Chief Executive Officer. "We also completed the contribution of six hotels to our existing joint venture with GIC for $172 million subsequent to quarter end which generated net proceeds of $83 million. The trans...
Marriott International Reports First Quarter 2021 Results
Marriott International | May 14, 2021
BETHESDA, MD — May 14, 2021 — Marriott International, Inc. (NASDAQ: MAR) today reported first quarter 2021 results, which were materially impacted by the COVID-19 global pandemic and efforts to contain it (COVID-19). Tony Capuano, Chief Executive Officer, said, “We were pleased to see demand improve meaningfully during the first quarter. We are welcoming more and more guests to our hotels as consumers are traveling again once they feel it is safe. While recovery trajectories vary from region to region, the resiliency of demand has been most keenly demonstrated in mainland China, where occupancy is near the pre-pandemic level. Occupan...
Choice Hotels International Reports 2021 First Quarter Results
Choice Hotels International, Inc. | May 13, 2021
ROCKVILLE, Md. - May 13, 2021 - Choice Hotels International, Inc., one of the world's largest lodging franchisors, today reported its results for the three months ended March 31, 2021. "The strategic decisions we have made in recent years and our targeted actions amid the pandemic to support our franchisees drove impressive first quarter results that position the company to further capitalize on growth opportunities in 2021 and beyond," said Patrick Pacious, president and chief executive officer, Choice Hotels. "Our results are a testament to the success of our long-term growth strategy to invest in brands built for the customer of tomor...
Wynn Resorts, Limited Reports First Quarter 2021 Results
May 13, 2021
LAS VEGAS - May 13, 2021 - Wynn Resorts, Limited (NASDAQ: WYNN) (the "Company") today reported financial results for the quarter ended March 31, 2021. Operating revenues were $725.8 million for the first quarter of 2021, a decrease of 23.9%, or $227.9 million, from $953.7 million for the first quarter of 2020. Net loss attributable to Wynn Resorts, Limited was $281.0 million, or $2.53 per diluted share, for the first quarter of 2021, compared to net loss attributable to Wynn Resorts, Limited of $402.0 million, or $3.77 per diluted share, in the first quarter of 2020. Adjusted Property EBITDA (1) at our integrated resort properties increase...
Hotel Sector Has Weathered the Pandemic Storm but Financing Remains Tough as Lenders Become Cautious
HVS | May 12, 2021
London - May 12, 2021 - Hotels have weathered the pandemic storm well with support from lenders, with a bounce back of trade expected, although for some this may take three to four years to achieve. This was one of the key conclusions heard at a webinar on hotel financing held yesterday [11 May 2021] attended by over 400 senior industry executives organised by global hotel consultancy HVS, legal expert Bird & Bird, publishing group EP Business in Hospitality and restructuring advisory firm AlixPartners. The webinar, moderated by Bird & Bird’s James Salford, kicked off by polling the audience, finding that most expected a 0.5% ...
Hotel Investment Guide: How to Buy and Sell Hotel Real Estate?
Catherine Rey | April 28, 2021
By Catherine Rey It’s not on the average person’s to-do list to buy a hotel, or sell one, for that matter. Therefore finding trusted guidance and information on how to buy and sell hotel real estate can be difficult or outdated. Whether you’re interested in this topic because you’re doing research on how to go about buying a hotel property in the future, or whether you’re actively buying or selling a hotel at the moment and need to answer some burning questions, or you’re simply curious about the hotel real estate market and the hotel industry itself - this guide will put you on the right track. This article aims to answer t...
A Year Later, the Hotel Industry Recalibrates, Reassesses
HotStats | April 27, 2021
Just over a year after the World Health Organization declared COVID-19 a pandemic, the global hotel industry is—slowly—stirring from hibernation and seeing at least modest gains in traveler demand. The wait has been long, and it remains a work in progress. But making headway is all you can ask for after a 12-month headache. In the U.S., which saw performance calve last March, before bottoming out in April, small gains continued to be made in most key performance indicators in March 2021—though the strides only shined a light on the decrepitude that was 2020. Consider gross operating profit per available room, which was up 328.9...
Arbor Lodging Management Is Emerging Strong From Pandemic With Aptech Financial Solutions
Aptech Computer Systems Inc. | April 27, 2021
Leveraging Execuvue and Targetvue for business intelligence and budgeting and forecasting since 2020, this hotel management group is retrieving relevant data in real time and making smarter business decisions that impact its profitability and growth PITTSBURGH — April 27, 2021 — Prior to the 2020 pandemic, Arbor Lodging Management made a critical financial decision; the hotel management group operating Marriott, Hilton, Hyatt, and InterContinental Hotel Group brands partnered with Aptech, the industry standard for hospitality financial management. With 12 new hotels entering its system in January 2020, Aptech’s Execuvue business intell...
PACE Financing on a Roll: $6 Million Loan for Kimpton La Peer Hotel in West Hollywood
David Sudeck | April 26, 2021
By Jim Butler, David Sudeck Hotel finance lawyer: PACE Financing is now mainstream Over the past five years, PACE financing has gained wider acceptance, and moved from a novel technique to a mainstream practical solution for financing. For more background on what PACE financing is, why it can be attractive, why it is becoming more popular and how JMBM’s attorneys can help, see PACE Financing – Now an accepted tool for hotel lenders and borrowers. Our lawyers are at the leading edge of this important new trend. And we think that sharing some of our client’s successes with PACE financing may help others evaluate this t...
Avison Young Closes Hotel Loan Portfolio
Avison Young | March 25, 2021
ATLANTA – March 25, 2021 – Avison Young Hospitality Group announced today that the firm has closed on a hotel loan portfolio led by Avison Young principal, Andrew Broad. The portfolio consisted of multiple hotel loans in the Carolinas secured by upper midscale Marriott branded hotels. Andrew Broad, Principal said, “This portfolio loan sale represents what could be the next transaction market cycle. MCR Development was the purchaser of the portfolio and we have deep history with them. In the 2021 hotel transaction market, the greatest character traits a buyer can have is, credibility, capability, and the willingness to do what they sa...
Knighthead Funding Originates $61 Million Loan to Refinance Dorado Beach, a Ritz-Carlton Reserve, in Dorado Beach, Puerto Rico
Knighthead Funding LLC | March 17, 2021
Greenwich, CT (March 17, 2021) – Knighthead Funding has provided a $61 million first mortgage loan secured by Dorado Beach, a Ritz-Carlton Reserve, in Dorado Beach, Puerto Rico. The five-year, floating-rate, non-recourse loan from Knighthead Funding refinances maturing debt. As the first Ritz-Carlton Reserve Hotel in the Americas and one of only five in the world, Dorado Beach, a Ritz-Carlton Reserve, is one of the most luxurious properties under the Ritz-Carlton Reserve flag. Opened in 2012, Dorado Beach, a Ritz-Carlton Reserve, is situated in the exclusive gated neighborhood of Dorado Beach, on the former Laurence Rockefeller estate...
Fitch Maintains 14 US CMBS Single Borrower Hotel Transactions on Negative Watch Due to Pandemic
Fitch Ratings | February 22, 2021
Fitch Ratings - Chicago - 22 Feb 2021: Fitch Ratings has maintained 79 classes from 14 U.S. CMBS single borrower transactions on Rating Watch Negative (RWN). Fitch originally placed the classes on RWN on March 19, 2020. KEY RATING DRIVERS The 14 transactions represent the entire portfolio of Fitch-rated single borrower hotel transactions. The transactions were issued in 2019 (four) and 2018 (10). The majority are secured by an individual hotel property; the underlying properties are located in Florida (six deals), Hawaii (four), Arizona (two) and California (one). There is one transaction secured by a portfolio of La Quinta hotels. Three tr...
Hotel Lawyer: PACE Financing – Now an Accepted Tool for Hotel Lenders and Borrowers
Jim Butler | February 22, 2021
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Authors or www.HotelLawBlog.com Hotel finance lawyer: PACE Financing is now mainstream About five years ago, my partner David Sudeck, a senior member of JMBM’s Global Hospitality Group®, spoke at a hotel industry conference about the attractive features of PACE financing as an innovative financing technique. David has extensive experience with virtually all kinds of real estate financing from senior debt to joint ventures. At the time, he had just finished working on a hotel financing that included components of a senior construction loan from a private lender, Mello ...
Podcast: Why Every Hotel Leader Needs to be a Financial Leader
David Lund | February 15, 2021
By David Lund Listen to the podcast with Sarah Dandashy (Ask a Concierge). The financial side of hospitality isn’t as sexy (to some) as other parts, but it is, of course, what determines success and that’s super sexy! In the hotel world, knowing the numbers translates to individual and organizational success. KEY POINTS Financial leadership should pertain to every hotel department. Knowing the basics of your numbers is the first step. A multi-functional leadership model is more successful than silos. Click below to listen to David’s podcast. ...
Pebblebrook Hotel Trust Executes Contract to Sell Sir Francis Drake
Pebblebrook Hotel Trust | February 3, 2021
BETHESDA, Md. -- February 3, 2021 -- Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that it had executed a contract to sell the 416-room Sir Francis Drake in San Francisco, CA to a third party, which the Company expects will generate $157.6 million of proceeds after customary closing costs. Based on the hotel's net operating income for the year ended December 31, 2019, such proceeds after customary closing costs reflect a 7.2% net operating income capitalization rate. The net operating income capitalization rate is after an assumed annual capital reserve of 4.0% of total hotel revenues. The sale of Sir Francis...
Agilysys Reports Fiscal 2021 Third Quarter Revenue of $36.7M
Agilysys | January 27, 2021
Reports Record Recurring Revenue of $22.8M Inclusive of Subscription Revenue Growth of 18% Reports Positive Adjusted EBITDA of $7.6M Quarterly Free Cash Flow of $7.8M and Cash Balance Increase of $6.9M to $92.6M Alpharetta, GA – January 26, 2021 - Agilysys, Inc. (Nasdaq: AGYS), a global provider of next-generation hospitality software solutions and services, today reported operating results for its fiscal 2021 third quarter and period ended December 31, 2020. Summary of Fiscal 2021 Third Quarter Financial Results Total net revenue was $36.7 million, compared to total net revenue of $42.0 million in the comparable prior-year peri...
Sonnenblick-Eichner Company Arranges $30,500,000 of First Mortgage Financing for Little Palm Island Resort & Spa, Florida Keys, Florida
Sonnenblick-Eichner Company | January 12, 2021
Beverly Hills, California – – Sonnenblick-Eichner Company announced today that it has arranged $30,500,000 of interim first mortgage financing for Little Palm Island Resort & Spa, an iconic 30-suite, full service, luxury resort located in Little Torch Key, Florida. The loan refinanced a recently matured fixed rate loan and closed within 30 days of application. Mast Capital and RWN Management provided the financing. The Resort is located on an exclusive 4.12-acre private island in the world famous Florida Keys. Accessibility to the Resort is by private boat from Little Torch Key, located approximately 3 miles to the north. Am...
Turnbull Capital Group and Dr. Donald W. Wise Present a World Class Team of Professionals to Discuss: Where Are Hotel Asset Values Today?
Turnbull Capital Group | January 12, 2021
Dr. Donald W. Wise, Co-founder and Senior Managing Director of Newport Beach-based Turnbull Capital Group, and Gretta Brooks, Founder & CEO of Plano-based SalesBoost, LLC, are pleased to announce their fourth Webinar in a series on the discovery of hotel and resort values today. This Webinar is moderated by Dr. Donald W. Wise, Founder of CBRE Hotels in the 1984 and Founder of the lodging and hospitality lending group at Walker & Dunlop in 2007. The Webinar is Wednesday January 13th at 9:00 AM PST - 12:00 PM EST ~ we have added Ms. Tanya Pierson, MAI, Senior Managing Director, HVS and 35-year friend Mr. William H Reynolds Jr.,...
Spirides Provides $13.5 Million Hotel Construction Loan for New Comfort Suites in Lake Buena Vista-Orlando, FL
Spirides Hospitality Finance Company | January 11, 2021
TAMPA, FL—Spirides Hospitality Finance Company has successfully provided and the borrower has officially closed a $13.5 million construction and permanent mortgage loan made by a Southeast U.S. headquartered bank to finance the development of a new Comfort Suites in Lake Buena Vista, Orlando, Florida. This new 127-suite, 5-story Comfort Suites will be built on 2.5 acres of land located at 11942 Ravello Resort Drive. Located in Lake Buena Vista and just off of Interstate 4, the site is a short drive from the entrance to Walt Disney World’s Disney Springs shopping, dining, and entertainment complex near the City of Orlando, in Orange C...
2021 Hotel Financing Predictions
Brian Holstein | January 7, 2021
By Brian Holstein Positive Big Picture It is obvious that hotel operating performance will be much better in 2021 than 2020. It is, perhaps, less obvious that hotel lending has already begun staging a comeback that will accelerate throughout the year while continuing to stay ahead of actual hotel performance. Hotel CMBS Lending Rebounds Prior to Hotel Performance Leverage for hotel CMBS loans is currently available in the 55% +/- LTV range as lenders are beginning to close hospitality loans prior to the full return of cash flow. They are using the same forward-looking underwriting tactics that were prevalent in The Great Recession...
