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EB-5 Financing Lawyer: Why You Do NOT Want to Form Your Own Regional Center
Jim Butler | August 22, 2017
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Authors of www.HotelLawBlog.com 04 August 2017 How should developers pursue EB-5 financing? Although the EB-5 immigrant visa program has been around since 1990, the current trend of using it as a source of financing for hotel and other real estate started 20 years later – around 2010. We worked on one of the first hotel EB-5 financings for the W Hotel & Residences in Hollywood, and we have since worked on more than 100 EB-5 projects all over the country. Now, the use of EB-5 financing for construction has gone mainstream. High profile EB-5 financing closings ...
Hospitality Financial Leadership – Creating Hotel Financial Policies
David Lund | August 22, 2017
By David Lund Having a policy manual that covers all the important aspects of your business that relate directly to the financial function is a mission-critical building block for your hotel company. Not too many people would argue with that statement. Why then do most small hotel companies still not have a financial policy manual for its hotels and what do they need to do to create one? In this article, I will lay out why this project is on the backburner, how to construct a policy and a process for getting this project completed in short order. There are two main reasons why the creation and completion of this policy manual are so elu...
Cayman Islands Newest Addition, the Kimpton Seafire Resort & Spa, Manages Uniform Inventory with InvoTech Systems
InvoTech Systems, Inc. | August 21, 2017
InvoTech Uniform System Provides Cost Saving Benefits to New Caribbean Resort with Efficient Inventory Control and Accountability LOS ANGELES, CA – August 22, 2017 InvoTech Systems Inc. announces the recent implementation of its Uniform System at the Kimpton Seafire Resort & Spa, located on the Cayman Islands, west of the Caribbean Sea. InvoTech Systems is the leading provider of advanced Linen Management, Laundry and Uniform Systems that increase profitability for hotels, resorts, casino operators, sports arenas, convention centers and theme parks. The InvoTech System installed at the Kimpton Seafire Resort & Spa manages ...
EB-5 Financing Lawyer: The 5 Questions Every Developer is Asking About EB-5 Financing
Jim Butler | August 18, 2017
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Authors of www.HotelLawBlog.com 18 August 2017 EB-5 financing has gone mainstream for hotel development The use of EB-5 financing has exploded over the past 8 years as an important funding source for new development – particularly for hotel developments. It is clearly now part of the "mainstream." It is used by many institutional players, including government entities such as port authorities, major hotel brands like Marriott and Hilton, and some of America's most successful and respected companies, such as Great Wolf Resorts, the Related Companies, and Silverste...
Demystifying the Digital Marketplace: Managing the Cost of Sales
August 17, 2017
By Maureen O'Hanlon HSMAI's Sales Advisory Board recently discussed Demystifying the Digital Marketplace, (available at no cost to HSMAI members, code "HSMAI2016"), and were joined in their discussion by Cindy Estis Green, co-author of the report and co-founder of Kalibri Labs. Part 1 of "DDM" is at a micro level, and describes the key players and current models. Part 2 focuses on hotel performance. Part 3, coming soon, will focus on what actions hoteliers can take to better manage their acquisition costs and reduce the cost of sales. Why should sales people care? How do changing distribution trends impact direct sales? Simply...
HFTP Announces 2017 CHAE of the Year Recipient Guus Martinus Heijmans, CHAE
HFTP | August 17, 2017
Heijmans will be honored at HFTP's upcoming 2017 Annual Convention in October Hospitality Financial and Technology Professionals (HFTP®) will honor Guus Martinus Heijmans, CHAE as the 2017 Certified Hospitality Accountant Executive (CHAE®) of the Year at its upcoming Annual Convention this October. The CHAE of the Year award honors the individual that scored the highest on the CHAE certification exam within a given year. HFTP's Annual Convention will be held from October 25-27, 2017 at the Omni Orlando Resort at Championsgate in Championsgate, Florida USA. Heijmans' accounting journey began from an F&B internship tha...
JMBM’s Global Hospitality Group Announces the Publication of an EB-5 Handbook for Developers
JMBM's Global Hospitality Group | August 17, 2017
LOS ANGELES--August 17, 2017--JMBM's Global Hospitality Group® and EB-5 Finance Group™ are pleased to announce the publication of The Developer's EB-5 Handbook for EB-5 Construction Financing, a "must-read" resource for developers who are considering using EB-5 financing to complete or enhance their capital stack for construction projects. This is the much talked-about and often (inappropriately) maligned EB-5 program, also known as the immigrant investment visa program. While there are many pending developments that could affect the EB-5 program, this is still a good time to learn how the program works and w...
AHLEI Publishes New Edition of Hotel and Restaurant Accounting Textbook, Workbook
the American Hotel & Lodging Educational Institute (AHLEI) | August 17, 2017
Orlando, Florida, August 2017—The American Hotel & Lodging Educational Institute (AHLEI) has published a new edition of Hotel and Restaurant Accounting, by Raymond Cote, CPA, CCP. This introductory hospitality accounting textbook accentuates the relationship between business principles and accounting in hotel and restaurant operations. Students will learn accounting information that can be applied in hotel and restaurant environments. The eighth edition of Hotel and Restaurant Accounting has been significantly revised, incorporating several chapters and two case studies previously included in the author's Accounting for Hospit...
Hospitality Funding Advises Cambria Hotels Expansion in Sonoma County, California
Hospitality Funding | August 16, 2017
Palm Beach, FL — Hospitality Funding, Inc. arranged funding for the development of a new Cambria hotel & suites in Sonoma County, Calif. Choice Hotels International, Inc. (NYSE: CHH), one of the world's largest hotel companies, signed an agreement with franchise partner Stratus Development Partners, LLC on the new hotel expected to open in 2019. When assessing the transaction, Hospitality Funding considered the following: The four-story, 132-room Cambria property will be located at 5870 Labath Avenue in Rohnert Park. The Cambria hotel & suites Sonoma County is in the heart of wine country and next to Napa Valley, offeri...
HFTP Hospitality DPO Task Force Holds First Meeting in Amsterdam, Moves Ahead on Building Resources
HFTP | August 16, 2017
Group to develop a certification and position guidelines ahead of the EU GDPR compliance deadline Preparing for the new EU General Data Protection Regulations (GDPR), a framework legislated by all EU member states with a required compliance date of May 25, 2018, international nonprofit association Hospitality Financial and Technology Professionals (HFTP®) recruited a team of experts to develop Hospitality Data Protection Officer (HDPO) guidelines and supporting resources for the industry. In addition, the group is designing a certification program specific for HDPOs to demonstrate their competence with the specialized position. A ke...
LaPlaya Beach & Golf Resort to Unveil $8 Million Renovation
LaPlaya Beach & Golf Resort | August 15, 2017
NAPLES, Fla. (August 15, 2017) – LaPlaya Beach & Golf Resort, a Noble House Resort located on the Naples beachfront, is pleased to announce a transformative $8 million renovation to be unveiled in Fall 2017. Inspired by the natural elements surrounding the resort, the transformation will include new guest rooms in the Gulf Tower, a reinvigorated lobby, and a stunning new look for its award-winning signature restaurant, BALEEN. Located on a pristine, private six-acre white sand beach alongside the Gulf of Mexico, LaPlaya Beach & Golf Resort offers a quintessential Naples experience with an award-winning beachside restaurant...
EB-5 Financing Lawyer: EB-5 Construction Financing Term Sheet for Top Developers
Jim Butler | August 15, 2017
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Authors of www.HotelLawBlog.com 15 August 2017 EB-5 financing comes in many colors and shapes JMBM believes that for most developers, EB-5 financing is best structured as mezzanine debt or preferred equity, to optimize the total amount of financing and reduce the cost of the capital stack. Normally, senior construction debt (secured by a first priority lien) will be significantly cheaper than EB-5 money, but senior lenders (particularly if the subject project is a hotel) rarely lend more than 50% to 55% of the total cost of construction. Most of our clients like to use ...
Meliá Hotels International Partners With Duetto to Transform Revenue Strategy
Duetto | August 15, 2017
Meliá goes even deeper into its ongoing digital transformation, to enhance the personalized guest experience Palma de Mallorca, Spain, Aug. 15, 2017 — Duetto, the hospitality industry's leader in Revenue Strategy technology, and Meliá Hotels International have partnered to implement Duetto's cloud-based solutions as part of the company's ongoing digital transformation. Meliá, one of the largest hotel companies in the world with seven brands and more than 370 hotels across 43 countries, has undertaken several initiatives to elevate its Revenue Strategy and digital-marketing and distribution capabilities. Its ad...
EB-5 Financing Lawyer: FAQs: Essentials of EB-5 Construction Financing for Developers
Jim Butler | August 14, 2017
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Authors of www.HotelLawBlog.com 14 August 2017 Below are some of the most Frequently Asked Questions (FAQs) and answers regarding EB-5 funding for developers (click the link for answer, or scroll down) 1 What is EB-5? 2 Why is there so much interest in EB-5 financing? 3 Is EB-5 funding available for new construction? 4 Can I use EB-5 funding to buy an existing project? 5 Is there any limitation on the kind of project funded with EB-5? 6 How much does EB-5 money cost? 7 How do I know if EB-5 will work for me and my project? 8 What is a regional center and do I need one? ...
HFTP and Naseba Announce HITEC Dubai 2017 Advisory Council
HITEC Dubai | August 14, 2017
The 20-member council met at Jumeirah Group's headquarters in preparation for HITEC Dubai, the region's largest hospitality technology showcase Hospitality Industry Technology Exposition and Conference (HITEC®), the world's largest hospitality technology conference brand, will be coming to Dubai, UAE on November 14-15, 2017 at the Conrad Dubai. Produced in partnership by Hospitality Financial and Technology Professionals (HFTP®), the only organization producing nonprofit hospitality events at an international level, and Naseba, HITEC Dubai is set to be the region's largest hospitality technology showcase hosting ...
HFTP Announces Keynotes for its 2017 Annual Convention
HFTP | August 10, 2017
Greg Land, Steve McClatchy and Dennis Snow selected as keynote speakers Hospitality Financial and Technology Professionals (HFTP®) added three informative and motivating keynote speakers to the education program for its upcoming Annual Convention 2017, an event the association has produced since 1952. This year's HFTP Annual Convention is scheduled for October 25–27, 2017 at Omni Orlando Resort at Championsgate in Championsgate, Florida USA. "This year's event will offer a variety of essential education formats, continuing education, enhanced networking and vendor opportunities as HFTP celebrates its 65th year as ...
Hospitality Financial Leadership – Measuring Labor Productivity Part II
David Lund | August 9, 2017
By David Lund In food and beverage, you want to get obsessed about a similar measurement like you do in the rooms division. In F&B it is "hours per cover served." Right out of the gate you need to understand the definition of a cover and it has recently changed. A cover is now properly labeled as a "customer" and it is now calculated by dividing the total sales in all food and beverage items by the total number of customers. Before it was only food sales and you divided the number of people who consumed a food item by the total food sales. Now it is the total of warm bodies divided by total F&B sales. See Uniform System of Accou...
Three Hotel Companies Select Aptech PVNG Enterprise Accounting
Aptech Computer Systems, Inc. | August 8, 2017
Hospitality-Focused PVNG Is Easy to Use and Creates More Efficient Operations PITTSBURGH – August 8, 2017 – Aptech Computer Systems, a leading provider of hotel accounting software, hospitality enterprise accounting, budgeting, forecasting, and business intelligence systems, announced three hotel companies selected Aptech's PVNG Enterprise Back Office System. PVNG is a browser-based next generation enterprise hospitality accounting solution with a simple menu structure and easy to navigate platform. Click here for more on Aptech's products and services. Companies installing PVNG Enterprise Accounting include Stagewest Hospit...
EB-5 Financing Lawyer: More than $1.5 Billion of EB-5 Construction Financing Closed for JMBM Clients
Jim Butler | August 8, 2017
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Authors of www.HotelLawBlog.com 29 July 2017 EB-5 is a proven means of financing for development projects. EB-5 financing is an important and viable source of construction financing for hotels, hotel enhanced mixed-use, and other development projects. Eight years ago, when JMBM started helping hotel developers with EB-5 financing, many worried about whether this is a legitimate and reliable financing source. Now, after billions of dollars of development have been funded with EB-5, this type of financing is regarded as mainstream. It is used by many institutional players...
HFTP Announces Advisory Council for its Second Annual HITEC Amsterdam in April 2018
HITEC | August 3, 2017
Pan-European expert advisors will help plan a cutting-edge education program for the returning hospitality technology conference and exposition, a regional counterpart to the highly-successful HITEC Hospitality Financial and Technology Professionals (HFTP®), the only organization producing nonprofit hospitality events at an international level, including the world's largest Hospitality Industry Technology Exposition and Conference (HITEC®), is pleased to announce the advisory council for its second annual HITEC Amsterdam. The next HITEC Amsterdam will take place from April 11–13, 2018 at the RAI Convention Centre in Am...
EB-5 Finance Lawyer: Are Hotels Still the Darling of EB-5 Financing?
Jim Butler | August 3, 2017
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Authors of www.HotelLawBlog.com 25 July 2017 The EB-5 immigrant investor visa program has provided billions of dollars of affordable construction financing for a wide variety of projects ranging from high tech and alternate energy to traditional types of commercial real estate. Over the last decade, EB-5 investors have overwhelmingly chosen real estate projects, particularly those with hotel, multifamily, senior living, and mixed-use components. While the enabling legislation for the program does not limit the type of project financed, it does require that at least 10 n...
Rainmaker to Advocate Industry Education and Innovation as Presenting Sponsor of 2017 Hotel Data Conference
Rainmaker | August 3, 2017
Leading provider of revenue and profit optimization software for the hospitality industry partners with STR and HNN to present industry outlook, forecasts and trends at annual data symposium ALPHARETTA, Ga. – August 3, 2017 – The Rainmaker Group (Rainmaker), the hotel revenue and profit optimization cloud, has joined with the hospitality industry's most respected data resources, Smith Travel Research (STR) and Hotel News Now (HNN), as the presenting sponsor of the 2017 Hotel Data Conference. The market-leading conference, taking place August 9 to 11 at the Omni Nashville Hotel, brings industry experts together for an immersi...
Hotel Thought Leaders, Disruptors Headline RSS 2017
Duetto | August 3, 2017
Hundreds of Industry Executives Explore Hot Topics at the 5th Annual Gathering in Washington, D.C. Washington, D.C. – August 3, 2017 — Thought leaders, including hotel brand executives, asset managers, and technology innovators, examined how hotel marketing and technology must evolve to meet new challenges facing the hospitality industry, at the fifth annual RSS, July 26th in Washington, D.C. Lee McCabe, Vice President at Alibaba Group, delivered the opening keynote address. The closing keynote featured Michael Saylor, noted philanthropist and visionary whose pioneering work in analytics and strategic planning was laid out i...
Avison Young Hospitality Group Announces July Closings
Avison Young | August 2, 2017
ATLANTA – August 2, 2017 – The Avison Young Hospitality Group announced today that it brokered nine hotel transactions in July, including locations in the Pacific Northwest, Southeast and Midwest. Andy Broad, Thierry Roch, Niven Patel, Collin Foran, Wendy Blissett, Victor Kalyanji, Rick George, Mike George and Eric Gunderson represented Avison in the transactions. The hotels include a historic property in Houston's central business district (CBD), two Marriott-branded hotels, three all-suite hotels, two Florida select service hotels and a hotel in San Francisco. "July's closings are indicative of the strength of today's equi...
