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
Marriott International Reports Fourth Quarter and Full Year 2022 Results
Marriott International, Inc. | February 14, 2023
Marriott International, Inc. (NASDAQ: MAR) today reported fourth quarter and full year 2022 results. Anthony Capuano, Chief Executive Officer, said, “Our performance in 2022 was terrific. Just two years after experiencing the sharpest downturn in our company’s history, we reported record financial results. Our fee-driven, asset-light business model generated significant cash during the year, allowing us to both invest in the growth of our business and return $2.9 billion to shareholders. “For the fourth quarter, worldwide RevPAR1 grew 5 percent compared to 2019, driven by a 13 percent increase in ADR. With the exception of Greate...
Use a Business Mindset: David Lund on Hotel Finance
David Lund | February 13, 2023
David Lund, a financial consultant for hotels, shares his thoughts on how hotels should approach hotel finance software and tools, and the role technology plays in daily operations, highlighting the skills needed to succeed. With vast experience in hospitality operations, finance, and accounting, David offers his unique view on the hospitality business and advocates financial literacy for hoteliers as one of the most crucial skills to have. How did your journey in hospitality start? I grew up in the shadow of the Algonquin Hotel in my hometown of St. Andrews, New Brunswick, in Canada. I ended up working there right out of high school and w...
Colebrook Financial Provides $10 Million Fixed Rate Receivables Loan to Global Exchange Development Corporation
Colebrook Financial Company | February 7, 2023
Middletown, CT (February 7, 2022) –Colebrook Financial Company, a leading lender to the timeshare and travel club industries, announced that it has provided an additional $10 million in financing to Global Exchange Development Corporation (GEDC). GEDC is the development company that builds or acquires the inventory for Global Exchange Vacation Club (GEVC), finances the purchases of the timeshare memberships, is the company responsible for selling GEVC’s memberships and in doing so hypothecates the consumer notes created by the sales. Colebrook and Global Exchange have had a relationship since 2009. GEVC is one of the most versatile...
Hospitality Financial Leadership – Why GMs Have Such a Hard Time Managing Their Financial Leader
David Lund | February 6, 2023
By David Lund This is not the case for all GMs, but it is definitely the case for many. The reason is simple: the GM has not been given any formal accounting training and they are intimidated by the numbers and their lack of knowledge. Because of this they tend to stay out of the way, so to speak, when it comes to digging into what is really going on with the numbers and the accounting department. That might seem like a natural thing to do, and it needs to be this way to a certain extent. But with a few clues and cues the GM can have a great handle on the numbers person and what they are up to. That is what this piece is all about...
Agilysys Fiscal 2023 Third Quarter Revenue Rises 26.5% to Record $49.9M
Agilysys | January 25, 2023
Includes Recurring Revenue of $30.2M and Subscription Revenue Growth of 28.8% Quarter Positive Adjusted EBITDA of $8.1M and GAAP EPS of $0.13 Per Share Raises Fiscal 2023 Annual Revenue Guidance to $195M to $198M; Reiterates Greater Than 15% Adjusted EBITDA ALPHARETTA, GA – January 25, 2023 - Agilysys, Inc. (NASDAQ: AGYS), a leading global provider of hospitality software solutions that deliver High Return Hospitality, today reported operating results for its fiscal 2023 third quarter and period ended December 31, 2022. Summary of Fiscal 2023 Third Quarter Financial Results • Total net revenue increased 26.5% to a record $49.9 m...
HFTP and AHLA Announce 10-Year USALI Agreement
AHLA | December 22, 2022
HFTP/AHLA Committee Will Jointly Produce Hospitality Accounting Standard Washington/Austin, Texas (Dec. 22, 2022) — The American Hotel & Lodging Association (AHLA) and the Hospitality Financial and Technology Professionals Association (HFTP) announced today a 10-year agreement to jointly produce the Uniform System of Accounts for the Lodging Industry (USALI). The USALI is used all over the world as the “standard” for hospitality accounting, and today’s announcement reverses HFTP’s decision earlier this year to publish the next USALI edition without AHLA’s formal involvement. AHLA and HFTP have reengaged the joint Global F...
Hospitality Financial Leadership: How to Write a Great Monthly Executive Commentary
David Lund | December 19, 2022
By David Lund They go by many names: owner’s commentary, monthly commentary, executive commentary and more. The names can be different but in essence, they are all the same thing – a review of the prior month’s results plus a forward look into the coming months from a financial and market perspective. The monthly commentary is a great example of the “full disclosure principle” and if you are wanting a brush up on that you can watch this short video. So, in this piece, I am going to explain a strategy you can use to get your team to produce a great monthly commentary. Not only will you have the information you need to expla...
RKS Hotels Group Streamlines Accounting Processes for Its Alberta Canada Properties
Aptech Computer Systems, Inc. | December 13, 2022
Hotel ownership and development group adds PVNG enterprise accounting solution from Aptech to provide cloud accessibility and customized reporting PITTSBURGH, December 13, 2022 — Two RKS Hotels Group Ltd. properties in Alberta, Canada, will go live with PVNG by Aptech this month. The enterprise accounting solution will automate all general ledger, accounts payable, statistics, financials, and bank reconciliation processes in the cloud for the Four Points by Sheraton Edmonton South and the Travelodge by Wyndham Edmonton West hotels. Aptech is an IBM and Prophix business partner offering web-enabled business intelligence, budgetin...
Hospitality Financial Leadership – How to Prepare a 5-Year Proforma
David Lund | December 5, 2022
By David Lund Preparing a five-year financial plan for your hotel might sound daunting, but it is all in your head. Let’s lay it out. You are either dreaming about a business that does not exist yet and you need a plan, or you are up and running and you want to look into the future and pave a path forward. Either way you need to same tools. The first tool you need is market information: CBRE or STR are both helpful. CBRE can provide you in-depth marketplace analysis that will draw you a very clear picture of the rates and occupancy of several different hotel asset classes in your area. If you are already up and running, it is yo...
Valuing Hotels Amid Rising Capital Market Costs: A Case Study
Anne R. Lloyd-Jones | November 30, 2022
By Anne R. Lloyd-Jones The capital markets have experienced a signficant shift in the past six months, and financing for hotel projects is both less available and more expensive than it was in the first half of 2022. Driven by successive increases in the federal funds rate, interest rates have risen and are now typically in the 6% to 8% range, depending on the asset and market. At the same time, concerns related to a potential recession and the impact of inflation on operating costs and consumer spending have induced a layer of caution about the near-term outlook for the industry. As a result, loan-to-value ratios have declined and amortiz...
Sonnenblick-Eichner Company Arranges $22 Million of First Mortgage Leasehold Financing for DoubleTree by Hilton Los Angeles-Commerce, Los Angeles, CA
Sonnenblick-Eichner Company | November 29, 2022
Beverly Hills, CA (November 29, 2022) -- Sonnenblick-Eichner Company announced today that it has arranged $22 million of non-recourse first mortgage financing for the leasehold interest in the Doubletree by Hilton Los Angeles-Commerce, a 201-room hotel located in the city of Commerce, approximately six miles southeast of downtown Los Angeles. The five-year loan was placed with an international money-center bank at a fixed interest rate of 5.9% for the entire term. Proceeds were used to pay off a maturing CMBS loan and provided for a return of equity to the partnership. Amenities at the hotel include a full-service restaurant and bar...
With Deal Leverage Shifting to Buyers and Financial Sources, All Eyes are On Hospitality Prognosis for 2023
Keith Worsham | November 15, 2022
By Keith Worsham In this article we take a look at the shifting landscape of hospitality industry transactions as post-pandemic travel trends begin to reveal themselves and operators grapple with the ramifications of more than two years of RevPAR setbacks. A Post-Pandemic Comeback... Of Sorts Prospects for the hotel industry going into 2023 fall somewhere between somewhat rosy and risky. The hospitality industry gathered in mid-August at the 14th Annual Hotel Data Conference in Nashville, Tennessee to discuss the near-term outlook, and as the editors of Hotel News Now (HNN) shared, “Speakers…acknowledged that the industry still is...
Controlling U.S. Hotel Utility Costs
Robert Mandelbaum | November 10, 2022
By Robert Mandelbaum and Ethan Gabany Annual changes in U.S. hotel utility costs and in the Consumer Price Index (CPI), or inflation, have historically proven to be strongly correlated. As of August 2022, CBRE is forecasting CPI growth to be 7.7 percent in 2022, followed by another 3.6 percent in 2023. Since inflation has averaged just 2.2 percent since 2000, these inflation projections have hoteliers concerned about operating costs. Given that rising energy costs are a significant driver of the current rise in CPI, hotel managers are especially worried about utility department expenses. Over the past 50 years, utility department expens...
The 2023 Annual Budget – A Captivating Story of Intrigue and Suspense
Gary Isenberg | November 10, 2022
By Gary Isenberg As summer tumbles into fall, hotel asset managers are challenged with reviewing and approving annual budgets. As they analyze page after page of next year’s proposed budgets from their management companies with input from all facets of hotel operations — from housekeeping and F&B to maintenance and marketing — hotel and resort asset managers ought to look beyond the spreadsheets and revenue projections before concluding whether they have a best-seller on their hands. In the case of a hotel budget, the primary focus is on the revenue goal and the strategy of how it will be achieved. Since all good stories have ...
Frontline Success Leader Beekeeper Lands $50 Million Series C
Beekeeper | November 9, 2022
Beekeeper doubles revenue over the pandemic, captures more than $100M in total funding and launches new product suite SAN FRANCISCO and ZURICH, Nov. 9, 2022 — Beekeeper, the leading frontline success system, today announced it has raised $50 million in Series C funding after more than doubling revenues since the start of the pandemic. New investors like EGS Beteiligungen and Kreos Capital joined the round alongside existing investors Energize, Thayer, SwissCanto, Keen Ventures, Alpana Ventures, Edenred Capital and Verve Capital. Beekeeper plans to use this round of funding to grow, continue to invest in product development and establish it...
Choice Hotels International Reports 2022 Third Quarter Results
Choice Hotels | November 7, 2022
ROCKVILLE, Md., Nov. 7, 2022 -- Choice Hotels International, Inc. (NYSE: CHH), one of the world's largest lodging franchisors, reported its results today for the three months ended September 30, 2022. "Our third quarter results and the acquisition of the Radisson Hotels Americas business are a significant leap forward in the evolution of both Choice Hotels' competitive position and future growth potential. For 11 consecutive quarters, our RevPAR growth has outperformed the hotel industry, confirming that our strategy of focusing our investments and growth on RevPAR accretive hotel segments and locations is working. Our future growth is...
GuestTek Announces Its Banking Relationship With Bank of Montreal
GuestTek | November 7, 2022
7 November 2022, Calgary, Alberta, Canada –– GuestTek Interactive Entertainment Ltd., the global leader in providing innovative and interactive technology solutions for the hospitality industry, is pleased to announce the refinancing of USD $25.0 million to a senior secured credit facility with Bank of Montreal for long-term operations and corporate growth. With principal operations located in Canada, Europe, Asia, and the United States, GuestTek’s focus on hospitality means we fully understand and deliver on the technology needs of today’s hotel guests, while engineering the in-room technologies desired by tomorrow’s guests. Our...
Total Spend Can Be Your Friend
Matt C. Panosh | November 4, 2022
By Matt C. Panosh I have always thought that stock traders would make great hotel revenue managers. They are highly competitive people, they understand optionality and risk, but most importantly, they know that when market volatility is large, the price of a financial instrument contains little or no information. Traders would have known instinctively what the pandemic should have taught hoteliers: asset valuations highly dependent on the average daily rate (ADR) contain risk; therefore, revenue diversification is not only desirable, but necessary. Unfortunately, the salary discrepancy between Wall Street trader and hotel revenue manager i...
Hyatt Reports Third Quarter 2022 Results
Hyatt Hotels Corporation | November 3, 2022
CHICAGO (November 3, 2022) - Hyatt Hotels Corporation ("Hyatt" or the "Company") (NYSE: H) today reported third quarter 2022 financial results. Highlights include: Net income was $28 million in the third quarter of 2022 compared to net income of $120 million in the third quarter of 2021. Adjusted net income was $72 million in the third quarter of 2022 compared to Adjusted net income of $241 million in the third quarter of 2021. Diluted EPS was $0.25 in the third quarter of 2022 compared to $1.15 in the third quarter of 2021. Adjusted Diluted EPS was $0.64 in the third quarter of 2022 compared to $2.31 in the third quarter of 2021. ...
Marriott International Reports Outstanding Third Quarter 2022 Results
Marriott International | November 3, 2022
Marriott International, Inc., (NASDAQ: MAR) today reported third quarter 2022 results. Anthony Capuano, Chief Executive Officer, said, “We are very pleased to report another quarter of outstanding results. Global RevPAR1 more than fully recovered, rising nearly 2 percent above 2019. In the third quarter, RevPAR compared to 2019 improved sequentially from the second quarter in every region around the world. “In the U.S. & Canada, our largest region, RevPAR exceeded 2019 levels by 3.5 percent in the third quarter. Occupancy in the region has been rising throughout the year, reaching 72 percent in September, just 2 percentage poin...
Wyndham Hotels & Resorts Reports Third Quarter 2022 Results
Wyndham Hotels & Resorts | October 27, 2022
Company Raises Full-Year 2022 Outlook Board Increases Share Repurchase Authorization by $400 Million Company Grows System-Wide Rooms by 4% and Development Pipeline by 10% PARSIPPANY, N.J., Oct. 27, 2022 -- Wyndham Hotels & Resorts (NYSE: WH) today announced results for the three months ended September 30, 2022. Highlights include: Global RevPAR grew 12% compared to third quarter 2021 in constant currency. U.S. RevPAR grew 2% compared to third quarter 2021 and represents 110% of 2019 levels. System-wide rooms grew 4% year-over-year, including 1% of growth in the U.S. and 9% of growth internationally. Development pipeline ...
Hilton Reports Third Quarter Results; Exceeds Expectations
Hilton | October 26, 2022
MCLEAN, VA - Hilton Worldwide Holdings Inc. ("Hilton" or the "Company") (NYSE: HLT) today reported its third quarter 2022 results. Highlights include: Diluted EPS was $1.26 for the third quarter, and diluted EPS, adjusted for special items, was $1.31 Net income was $346 million for the third quarter, exceeding the high end of guidance Adjusted EBITDA was $732 million for the third quarter, exceeding the high end of guidance System-wide comparable RevPAR increased 29.9 percent, on a currency neutral basis, for the third quarter compared to the same period in 2021 System-wide comparable RevPAR increased 5.0 percent, on a curren...
Hotel Franchising Gives Operators Support and Confidence in Tough Times, Finds HVS Study
HVS | October 21, 2022
21 October 2022, London: The pandemic has prompted many hoteliers, both independent and chain operators, to recognise the value of brand affiliation prompting a growing interest in hotel franchising across Europe, says a new report from global hotel consultancy HVS. “The past few years has opened the eyes of many operators to the benefits of having strong support and communication in tough times, as well as the importance of maintaining consumer confidence. Large brands have been major instigators in negotiating with industry associations and local governments to provide support to their franchisees and this has persuaded many independ...
Agilysys to Report Fiscal 2023 Second Quarter Results October 25th and Host Conference Call and Webcast
Agilysys | October 12, 2022
ALPHARETTA, GA. — October 12, 2022 — Agilysys, Inc. (AGYS), a leading global provider of hospitality software solutions and services that deliver High Return Hospitality, announced today that it will release its fiscal 2023 second quarter results after the market closes on Tuesday, October 25th, 2022 and host a conference call and webcast at 4:30 p.m. ET that day. Both the call and webcast are open to the public. All participants should register for the call using the participant registration URL: https://register.vevent.com/register/BIc5caabb8028c469696a4afbc87dc28da. Once registered, participants will receive a confirmation email...
