HFTP® Acquires Leading Hospitality Industry Brands: Hospitality Upgrade, Hotel-Online, The CIO Summit and The Executive Vendor Summit
Hospitality Financial and Technology Professionals | June 25th, 2024
Crisis Management for the Pandemic and Beyond
Anne Sweeney | May 11, 2020
By Anne Sweeney Anne Sweeney gained experience in crisis management through her work in corporate communications at Pan American World Airways. I saved the world today. Everybody’s happy now, the bad thing’s gone away. — The Eurythmics It’s called crisis management and damage control — not make the bad thing go away. From major corporations with high-powered communications staffs to the boutique or restaurant on the corner, businesses are struggling to deal with the cataclysmic effects of COVID-19. This global disaster, made profoundly more dangerous by a lack of preparedness, misinformation, coverups, lies and politicizat...
Canada’s Hotel Construction Pipeline Remains Strong With Double Digit Increases Year-Over-Year*
Lodging Econometrics | May 11, 2020
May 11, 2020 – PORTSMOUTH, NH - Analysts at Lodging Econometrics (LE) report that at the close of the first quarter of 2020, the total construction pipeline in Canada remains strong with 304 projects and an all-time high of 40,291 rooms. The construction pipeline is up an impressive 15% by projects and 22% by rooms, year-over-year (YOY). A driving force of the pipeline’s double-digit growth is the surge in projects in the early planning stage at an all-time high of 103 projects/15,964 rooms, up 29% and 41% YOY, respectively. Projects under construction, also at record highs, are at 101 projects/12,563 rooms, up 9% by projects and 20% ...
Marriott International Reports First Quarter 2020 Results
Marriott International, Inc. | May 11, 2020
First quarter 2020 comparable systemwide constant dollar RevPAR declined 22.5 percent worldwide, 30.4 percent outside North America and 19.5 percent in North America; First quarter reported diluted EPS totaled $0.09, compared to $1.09 in the year-ago quarter. First quarter adjusted diluted EPS totaled $0.26, compared to first quarter 2019 adjusted diluted EPS of $1.41. First quarter 2020 reported and adjusted EPS included impairment charges, bad debt expense, and guarantee reserves of $0.45 and $0.42, respectively; First quarter reported net income totaled $31 million, compared to $375 million in the year-ago quarter. First quarter ...
World Tourism Remains at a Standstill as 100% of Countries Impose Restrictions on Travel
The World Tourism Organization (UNWTO) | May 11, 2020
From the start of the crisis, the United Nations specialized agency for tourism has been tracking responses to the pandemic. This latest research shows that while discussions on possible first measures for lifting restrictions are underway, 100% of destinations worldwide still have COVID-19 related travel restrictions for international tourists in place. Out of all 217 destinations worldwide, 156 (72%) have placed a complete stop on international tourism according to the data collected as of 27 April 2020. In 25% of destinations, restrictions have been in place for at least three months, while in 40% of destinations, restrictions were intr...
Baird/STR Hotel Stock Index Up 15.6% in April
Baird | May 11, 2020
HENDERSONVILLE, Tennessee, and MILWAUKEE—The Baird/STR Hotel Stock Index rose 15.6% in April to a level of 3,177. Year to date through the first four months of 2020, the stock index was down 39.7%. “Hotel stocks rebounded in April following one of their worst months on record, but the stocks remain well below levels seen earlier this year,” said Michael Bellisario, senior hotel research analyst and director at Baird. “Worst-case zero-occupancy scenarios have not unfolded as investors had feared, and the hotel companies have significantly bolstered their balance sheets with credit facility draws, bond offerings, and points pre-sales...
Shifting the Hospitality Service Paradigm in Difficult Times
Meng-Mei Maggie Chen | May 11, 2020
By Meng-Mei Maggie Chen A few years ago, Marriott had a commercial link with a storyline about an elderly lady who stayed in a Marriott hotel because she just lost her house during a mountain fire and needed time to reflect and think about her future. In the video, this lady described the friendship and support she received from the hotel employees. I used this video several times in my marketing courses because of how it appeals to a higher level of human needs (Maslow). How does it work? Instead of emphasizing product features or benefits, this video attempts to show an example that Marriott contributes to their host communities by...
Hersha Hospitality Trust Announces First Quarter 2020 Results
Hersha Hospitality Trust | May 7, 2020
- Implements Aggressive Cost Containment Strategies - - Amends Bank Credit Facility to Access Additional $100 Million - - Obtains Full Financial Covenant Waiver through March 31, 2021 - PHILADELPHIA, May 07, 2020 -- Hersha Hospitality Trust (NYSE: HT) (“Hersha,” “Company,” “we” or “our”), owner of high-quality upscale and lifestyle hotels in urban gateway markets and resort destinations, today announced results for the first quarter ended March 31, 2020. First Quarter 2020 Financial Results Net loss applicable to common shareholders was approximately ($29.1 million), or ($0.76) per diluted common share, in the first quart...
Ryman Hospitality Properties, Inc. Reports First Quarter 2020 Results
Ryman Hospitality Properties, Inc. | May 7, 2020
NASHVILLE, Tenn., May 07, 2020 -- 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, 2020. First Quarter 2020 Results (as compared to First Quarter 2019): Hospitality RevPAR decreased 20.6% and Hospitality Total RevPAR decreased 16.3% Consolidated Net Income Available to Common Shareholders declined 258.2% to a loss of $46.5 million including approximately $33 million in non-cash charges Consolidated Adjusted EBITDAre de...
Wynn Resorts, Limited Reports First Quarter 2020 Results
May 7, 2020
LAS VEGAS--May 7, 2020--Wynn Resorts, Limited (NASDAQ: WYNN) (the "Company") today reported financial results for the quarter ended March 31, 2020. Operating revenues were $953.7 million for the first quarter of 2020, a decrease of 42.3%, or $697.8 million, from $1.65 billion for the first quarter of 2019. Net loss attributable to Wynn Resorts, Limited was $402.0 million, or $3.77 per diluted share, for the first quarter of 2020, compared to net income attributable to Wynn Resorts, Limited of $104.9 million, or $0.98 per diluted share, in the first quarter of 2019. Adjusted Property EBITDA (1) was $(5.3) million for the first quarter of 20...
Hilton Reports First Quarter 2020 Results
Hilton | May 7, 2020
MCLEAN, Va. - Hilton Worldwide Holdings Inc. ("Hilton" or the "Company") (NYSE: HLT) today reported its first quarter 2020 results. The following results reflect the material impact that the novel coronavirus ("COVID-19") pandemic had on Hilton's business, the effects of which were not significant until March 2020. Highlights include: Diluted EPS was $0.06 for the first quarter, and diluted EPS, adjusted for special items, was $0.74 Net income was $18 million for the first quarter Adjusted EBITDA was $363 million for the first quarter System-wide comparable RevPAR decreased 22.6 percent on a currency neutral basis for the first ...
IHG – First Quarter Trading Update to 31 March 2020
IHG | May 7, 2020
Highlights Group Q1 comparable RevPAR1 down 24.9%; March down 55%; April expected to be down around 80% ~15% (~1,000 hotels) of the estate closed as at the end of April; ~10% (~440 hotels) in the Americas, ~50% (~560 hotels) in EMEAA and ~2% (10 hotels) in Greater China Occupancy levels in comparable open hotels in the low-to-mid 20% range 4.6% YoY net system size growth to 882k rooms 6k rooms opened, including 1k in March Signed 14k rooms (104 hotels) in the quarter, including 4k in March, taking the pipeline to 288k rooms Delivering on our cost reduction and cash conservation actions across the System Fund and Fee Bus...
STR: Canada Hotel Results for Week Ending 2 May
STR | May 7, 2020
HENDERSONVILLE, Tennessee—Showing further COVID-19 impact, the Canadian hotel industry recorded steep year-over-year declines in the three key performance metrics during the week of 26 April through 2 May 2020, according to data from STR. In comparison with the week of 28 April through 4 May 2019, the industry reported the following: Occupancy: -75.8% to 16.6% Average daily rate (ADR): -37.5% to CAD101.69 Revenue per available room (RevPAR): -84.9% to CAD16.91 Among the provinces and territories, Newfoundland and Labrador experienced the largest decline in occupancy (-87.8% to 6.8%). British Columbia posted the steepest ...
ProfitSword Joins Special Edition of In Clear Focus Podcast to Provide Insight on How COVID-19 Is Transforming the Business Intelligence Landscape
ProfitSword, LLC | May 7, 2020
Leading provider of business intelligence technology for the hospitality and senior living industries offers guidance over how the pandemic has affected strategic business planning abilities for both markets and how industry professionals can best adapt moving forward. ORLANDO, Fla. – (May 7, 2020) – ProfitSword, the leading developer of business intelligence and data integration software for the hospitality and senior living industries, has announced its taking part in a special edition of the “In Clear Focus” Podcast with the goal of providing industry professionals with the latest expert insight over how the COVID-19 pandemic ha...
The Real Effect of COVID-19
H. Keith Thompson | May 7, 2020
Public interviews versus private interviews By H. Keith Thompson, Principal Avison Young Hospitality Group Publicly accessible interviews seldom tell the real story. The real story is only garnered through private conversations that are kept confidential. The reason is simple; no CEO wants to discuss publicly the real time performance, cash position, losses and contingency plans inherent in their company’s strategy. They have peers, competitors, investors and lenders who simply do not want this level of confidential information available for public consumption. Their public message is one of hope and optimism, but more times than not ...
Tourism Tidbits: After the Virus Passes: Travel Tips for Tourism Professionals
Dr. Peter E. Tarlow | May 6, 2020
By Dr. Peter Tarlow During the last three months, tourism has basically come to a halt. Organizations and business cancelled meetings one after another, hotels suffered from low to no occupancy, airlines faced their biggest challenge ever, and trade show ceased to exist. Yet despite the hardships of the last few months, slowly but surely tourism will be reborn and its leaders will once again have to create new ways not only for the pubic to travel but to lead by example and travel. Remember that the word hospitality is related to the word for hospital. A hospital takes care of our bodies and hospitality addresses the soul. Both are essenti...
The District of Columbia, Destination DC and Tourism Partners Discuss Importance of Recovery Plans Once Travel Is Safe
Destination DC | May 6, 2020
WASHINGTON, May 6, 2020 - Destination DC (DDC), the official destination marketing organization for DC, and partners today announced the current impact of COVID-19 on the tourism industry and steps toward recovery once travel is safe. Muriel E. Bowser, mayor of the District of Columbia, joined DDC President and CEO Elliott L. Ferguson, II today for the update. "When the time comes and we are able to safely reopen our city, I know our community will be eager to support the businesses, sites and restaurants that have made DC one of the top destinations in the world," said Mayor Muriel Bowser. "The reopening of our city won't all ha...
STR: Florida, Texas Lead Weekend Hotel Occupancy Gains
STR | May 6, 2020
HENDERSONVILLE, Tennessee—Led by Florida and Texas, 13 STR-defined submarkets showed greater than 10-point weekend vs. weekday occupancy gains for the week ending 2 May, according to data from STR. “The first ‘real weekend’ with eased COVID-19 restrictions showed an obvious jump in hotel demand, especially in popular, warm-weather leisure spots,” said Jan Freitag, STR’s senior VP of lodging insights. “Whether or not this becomes a trend remains to be seen, but the fact that there were people instantly willing to head out for leisure activity and stay in hotels is a positive sign for the industry. We have maintained througho...
Will Ancillary Revenues Become Primary Revenues in the COVID Era?
Ajay Mehtani | May 6, 2020
By Ajay Mehtani HVS ANAROCK spoke about ancillary revenues in early 2019 and the concept of focusing on Revenue Per Square Feet at our HOPE conference again in Bengaluru in August last year – thus, initiating a dialogue with the industry on the concepts of Total Revenue Management. When the times are good, Ancillary Revenues seem very small and we let the opportunity pass by, as the effort does not add up to the return! Yes, any new product or innovation starts small. For instance, let’s take the example of the food delivery industry. Frost & Sullivan estimated the global food delivery industry to be worth $82 billion in terms o...
A Crisis Management Framework to Leverage Your Housekeeping Department in COVID-19
Global Asset Solutions | May 6, 2020
By Alex Sogno With many hotels already closed, the first step of reacting to this crisis has been completed. This critical action hits pause on numerous cash outflows. Therefore, we suggest a financial restructuring framework [1] as a crisis response approach to look for what to do next. Now is the time to stabilize your employees, develop and implement your reopening plan to come out of these challenging times stronger than before. While often not at the forefront of hotel owners’ or asset managers’ minds, housekeeping is arguably one of the most important departments. After all, the housekeeping team takes care of the “house...
The Carver Companies Provide Task Force Teams to Help Hotels With Re-Opening
the Carver Companies | May 6, 2020
ATLANTA, GA – May 6, 2020 – The Carver Companies, the hospitality infrastructure powerhouse, announced that their Carver Hotel Group division has re-opening teams ready to assist hotels preparing for business after being closed due to the pandemic. As the world of hospitality works towards re-opening, the hotel industry is anticipating the demand for Task Force consultants to be greater than ever. “At The Carver Companies, we want to let the hospitality arena know that we've spent the past six weeks preparing for the increased demand,” said The Carver Companies’ Chief Development Officer Charlene "Charley" Carter. “If your h...
Majority of Corporate Travel Programs to Seek Lower Hotel Rates as COVID-19 Restrictions are Lifted
HRS | May 5, 2020
HRS Survey of Travel and Procurement Leaders Finds that 62 Percent See Opportunities for Rate Savings in 2020 and beyond, with 58 Percent Planning to Consolidate Hotel Suppliers COLOGNE, Germany -- May 5, 2020 --HRS today announced the results of its most recent Flash Survey of corporate travel program managers and procurement executives. The global survey, which ran from April 30 through May 4, gives the industry guidance on the delicate balance between hotel suppliers and managed travel programs as the business travel ecosystem looks towards recovering from the COVID-19 pandemic. Key findings from the survey: 62% of respondents f...
MGM Resorts International Reports First Quarter Financial and Operating Results
MGM Resorts International | May 5, 2020
The health and safety of our employees, guests, and communities are our top priority The Company has proactively reduced its cash outflows to $270 million per month during closures, excluding MGM China and MGP, and is well-positioned given its strong liquidity and recent $750 million senior notes offering Sports Betting, Japan and Macau remain priority long-term strategic initiatives LAS VEGAS, May 5, 2020 -- MGM Resorts International (NYSE: MGM) ("MGM Resorts" or the "Company") today reported financial results for the quarter ended March 31, 2020. "The year started strong with results ahead of expectations, however the ...
Wyndham Hotels & Resorts Reports First Quarter 2020 Results
Wyndham Hotels & Resorts | May 5, 2020
Company Completes Amendment to Credit Facility Waiving Covenant Testing until Second Quarter of 2021 PARSIPPANY, N.J., May 5, 2020 -- Wyndham Hotels & Resorts (NYSE: WH) today announced results for the three months ended March 31, 2020. Highlights include: Diluted earnings per share increased 5% to $0.23, and adjusted diluted EPS decreased 4% to $0.50. Net income was $22 million for the first quarter, a 5% increase over the prior-year quarter; adjusted net income was $47 million, an 8% decrease over the prior-year quarter. Adjusted EBITDA decreased 4% compared with the prior-year quarter, to $107 million. System-wide roo...
Marriott Raises $920M Through Amendments to Co-Brand Credit Card Agreements With JPMorgan Chase and American Express
Marriott International, Inc. | May 5, 2020
Marriott International, Inc. (“Marriott” or “the company”) today announced it has signed amendments to its existing co-brand credit card agreements with JPMorgan Chase & Co. (“Chase”) and American Express. These amendments will provide the company with $920 million of cash, further enhancing its liquidity, with $570 million coming from Chase and $350 million coming from American Express. The $570 million from Chase includes $500 million of prepayment of certain future revenues and $70 million from the early payment of a previously committed signing bonus under the co-brand credit card agreement. The $350 million from Americ...
