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Ryman Hospitality Properties, Inc. Reports Third Quarter 2020 Results
Ryman Hospitality Properties, Inc. | November 4, 2020
NASHVILLE, Tenn., Nov. 04, 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 third quarter ended September 30, 2020. Third Quarter 2020 Highlights: Third quarter 2020 gross advanced room night bookings of approximately 669,000 room nights for all future periods, of which approximately 158,000 or 24% were unrelated to rebooking efforts Year to date through September 30, 2020 rebooked room nights of approximately 1.01 million room...
Summit Hotel Properties Reports Third Quarter 2020 Results
Summit Hotel Properties | November 4, 2020
AUSTIN, Texas, Nov. 4, 2020 -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company"), today announced results for the third quarter ended September 30, 2020. "We were encouraged by the significant improvement in demand during the third quarter as our portfolio RevPAR more than doubled from the second quarter driven by improved short-term leisure demand and significant market share gains. Our monthly corporate cash burn rate has been reduced by nearly 70% which has significantly extended our liquidity runway as our disciplined focus on cost controls and refining of an already efficient operating model lead to improved hotel-level pr...
Doubling Down on Revenue Management for Post-Pandemic Success
Larry Mogelonsky | November 4, 2020
By Larry Mogelonsky, MBA, P. Eng. (www.hotelmogel.com) One of the most worrisome aspects of how COVID-19 has affected the hotel industry is that we have had to furlough many of our best people. This doesn’t necessarily have to be the case, though. My hope in writing about the following management company is that hotel owners and operators can see that often a more bullish approach can work to maintain property solvency and even grow topline revenues in a depressed travel landscape. I’ve known members of the senior team at Newport Hospitality Group (NHG) for nearly two decades now, always admiring their commitment to developing thoro...
Can Leisure and Work-From-Home Demand Stimulate Extended-Stay Hotel Growth Beyond Covid-19?
Linchi Kwok | November 4, 2020
By Linchi Kwok The lodging industry is struggling to fill the empty rooms in 2020. For months, U.S. hotels are running at an occupancy of 50% or lower. Not every segment suffers the same impact from the pandemic, however. Demand for home-sharing facilities had already bounced back over the summer. Airbnb reported a higher booking than last year. Marriott’s home-sharing arm is also doing well, seeing a sevenfold increase in booking over last summer. Similar to what a residential rental or home-sharing facility offers, guestrooms in extended-stay hotels also feature a full-size kitchen or a kitchenette. Extended-stay hotels are desi...
Winner! Winner! Chicken Dinner!
Shep Hyken | November 4, 2020
By Shep Hyken This is a crazy idea, but hear me out. When I was a kid, we had home-cooked meals almost every night. I thought my mom was the greatest cook in the world. She could make the best chicken. As a matter of fact, she made chicken almost every night. It turns out she could follow a recipe and had bought a book that had 365 chicken recipes—one for each day of the year. I remember the day she came home with the cookbook. As a kid, I never tired of the taste of chicken. Can’t say my adult pallet would enjoy such monotony, but I digress. I started thinking about all those chicken recipes. There were so many: fried chicken,...
New Rush Street Gaming Casino Approved by Voters in Portsmouth, Virginia
Rush Street Gaming | November 4, 2020
PORTSMOUTH, Va. & CHICAGO - A great new place to work and play is coming to Portsmouth, Virginia. Chicago-based Rush Street Gaming will develop and operate the latest addition to its growing portfolio of gaming and entertainment venues—Rivers Casino Portsmouth. On Nov. 3, Portsmouth voters greenlighted Rush Street’s $300 million casino project planned for Victory Boulevard. Rivers Casino Portsmouth will bring 1,300 permanent jobs and 1,400 temporary construction jobs to the currently vacant site. As the anchor of Portsmouth’s up-and-coming Entertainment District, the new Rivers Casino includes plans for a hotel, indoor and ou...
Hilton Goa Resort Opens in India With 104 Guestrooms
Hilton Hotels & Resorts | November 4, 2020
GOA, India - Hilton (NYSE: HLT) today announced the opening of Hilton Goa Resort under the hotel company’s flagship brand, Hilton Hotels & Resorts. This opening marks Hilton’s third property in Goa. Located atop the scenic, terraced slopes of Saipem Hills, overlooking the Nerul River, the resort extends Hilton’s signature hospitality and tranquil retreat to leisure and business travelers. The chic full-service resort is 34 kilometers from the Goa International Airport and is ideally located 10 minutes away from the popular Candolim and Calangute beaches. The resort is operated by Hilton and owned by Soham Leisure Ventures Pvt. Ltd. ...
Hilton Reports Third Quarter Results
Hilton | November 4, 2020
MCLEAN, Va. - Hilton Worldwide Holdings Inc. ("Hilton" or the "Company") (NYSE: HLT) today reported its third quarter 2020 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 $(0.28) for the third quarter, and diluted EPS, adjusted for special items, was $0.06 Net loss was $81 million for the third quarter Adjusted EBITDA was $224 million for the third quarter System-wide comparable RevPAR decreased 59.9 percent on a currency neutral basis for the third quarter from the same period in 2019 Approved 17,400 ...
Great Wolf Resorts Names Tim Brown Chief Development Officer
Great Wolf Resorts, Inc. | November 4, 2020
CHICAGO (Nov. 4, 2020) – Industry veteran Tim Brown, who brings a proven track record of leadership in hotel and resort development with tenures at a number of large corporations, has been named Chief Development Officer for Great Wolf Resorts, Great Wolf Resorts CEO Murray Hennessy announced today. Brown, who begins his new duties as CDO in early December, will lead Development for Great Wolf Resorts at a time when the Company is poised to expand its “paw print” nationally. “As we look to expand the Great Wolf Lodge resort experience to new markets, and make significant investments into our existing resort locations, we are ex...
RIP BookingSuite: Protecting Your Hotel’s Digital Assets
Vikram Singh | November 4, 2020
By Vikram Singh On November 30th of this year, Booking/Priceline is shutting down its BookingSuite product, likely affecting hundreds of hotels worldwide. In short, they will stop running websites, booking engines, and revenue management software for their hotel clients. Even with the volume of hotels they amassed on their platform, the headache is clearly not worth it to them anymore. Sadly, they timed the shutdown during the toughest year on record for the hotel and travel industry. In addition to dealing with the pandemic, hotels on their platform now need to gather their digital assets and go vendor hunting. That’s not an easy task e...
Nobody Asked Me, But… No. 239: Hotel History: The Algonquin Hotel, NY (1902)
Stanley Turkel | November 3, 2020
by Stanley Turkel, CMHS Hotel History: The Algonquin Hotel (181 rooms) The Algonquin Hotel was originally planned as an apartment hotel with the idea of renting unfurnished rooms and suites on yearly leases to permanent tenants. When few leases sold, the owner decided to turn it into a transient hotel, which he was going to name “The Puritan”. Frank Case, the first general manager, objected and told the owner “it… contradicts the spirit of innkeeping. It is cold, forbidding and grim. I don’t like it.” When the owner replied, “You think yourself so smart, suppose you find a better name,” Case went to the public library to...
UK Looks Set to Lose 2.4M Jobs in 2020 Due to COVID-19 and Travel Restrictions, Says WTTC
WTTC | November 3, 2020
03/11/2020 - UK looks set to lose 2.4m jobs in 2020 due to COVID-19 and travel restrictions, says WTTC New figures reveal small, but positive job gains driven by air corridors In present circumstances, 1.9m UK Travel & Tourism jobs already lost Worst forecast can be avoided through international cooperation London, UK: A staggering 2.4 million jobs could be lost in the UK Travel & Tourism sector in 2020 if barriers to global travel remain place, the World Travel & Tourism Council (WTTC) revealed. The new figure comes from WTTC’s latest economic modelling, which looks at the punishing impact of COVID-19 and tr...
Preliminary 2021 Lodging Industry Forecast
Robert Rauch | November 3, 2020
[embed]https://www.youtube.com/watch?v=ehDvSoNCbE4&feature=youtu.be[/embed] By Robert Rauch We have made some assumptions for 2021 – first, Q4 2020 and Q1 2021 will remain flat as corporate business begins to build just as leisure business begins to decline. Second, a stimulus package is imminent right after the election, regardless who wins. The politics of this election, coupled with the divisiveness of the nation, has disrupted everything except for the stock market. Third, gross domestic product will increase about 3% after being down close to 5% in 2020. Our favorite economist, Bernard Baumohl sees a Biden victory as better fo...
Radisson Hotel & Convention Centre, Johannesburg, O.R. Tambo Opens in South Africa
Radisson | November 3, 2020
Brussels/Johannesburg - November 3, 2020 - Radisson Hotel Group is proud to announce the debut of its fourth brand in South Africa, the upscale Radisson, with the opening of Radisson Hotel & Convention Centre, Johannesburg, O.R. Tambo. This new addition further strengthens the group’s presence in one of its key African markets and brings the South African portfolio to 16 hotels in operation and under development. Located in an exclusive private location in Bredell tucked away from city life, Radisson Hotel & Convention Centre, Johannesburg, O.R. Tambo offers a peaceful stay with an array of exclusive facilities and services to s...
HFTP 2020–2021 Global Executive Committee and Board of Directors Begin Term
HFTP | November 3, 2020
The 2020-2021 Global Executive Committee and Board of Directors for Hospitality Financial and Technology Professionals (HFTP®) have officially begun their term at the start of this month. The association leaders represent a wide variety of segments within the hospitality industry, including: clubs, academics, hotels, finance, technology and more. The HFTP Global Board volunteers its time and professional expertise to help guide and progress the association to the forefront of the industry as it carries out its strategic plan. The HFTP Global Board is the primary decision-making body of the association. Under the Board's vision, HFTP is ab...
What Hotel KPIs Analyze Complete Operational Performance?
HotStats | November 3, 2020
Consulting the right hotel KPIs can help juice a hotel’s bottom line. But just any old metric won’t do. If hoteliers want to uncover financial weak spots, revamp operations and boost profit, it requires complete operational metrics. These KPIs measure efficiency throughout every corner of the hotel. Want to use data to drive more hotel profit? There are a few essential operational hotel KPIs you need to be tracking. Why Operational KPIs Are Important Before examining the most complete operational metrics, it’s worth noting why these KPIs are important in the first place. Unfortunately, it’s a point most of the hotel industr...
U.S. Hotel Profitability Stalled in September
STR | November 3, 2020
BROOMFIELD, Colorado—The U.S. hotel industry reported a third consecutive month with single-digit profitability, but improvements in year-over-year comparisons stalled, according to STR‘s September monthly P&L data release. In a year-over-year comparison with September 2019, the industry reported the following: GOPPAR: -91.7% to US$8.14 TRevPAR: -72.4% to US$68.58 EBITDA PAR: -109.3% to US$-7.03 LPAR (Labor Costs): -62.1% to US$31.94 Previous monthly GOPPAR comparisons came in at -91.3% (August), -93.3% (July), -105.4% (June) and -117.7% (May). “GOPPAR came in a bit higher than August on an absolute basis, but...
Hotel Industry Performance: EHL’s Pulse-Taker Reveals 5 Pain Points
Jochen de Peuter | November 3, 2020
By Jochen de Peuter The year 2020 will be marked in history, surely for the travel and hotel industry. Most hotels suffer from a sudden disruption due to COVID-19 crisis and the consequent travel regulations. Still during these days of crisis, hotel performance and business continuity varies significantly from one hotel to another. What makes a hotel more vulnerable than another? We try to find the answers in this article. EHL Advisory Services has developed an online Hotel Pulse-Taker tool that allows hoteliers to evaluate and benchmark the long-term sustainability of their hotel business based on a multi-dimensional questionnaire. A...
HOTEL THE MITSUI KYOTO, A Luxury Collection Hotel & Spa Opens in the Heart of Japan’s Ancient Capital
Marriott International | November 3, 2020
The Luxury Collection®, part of Marriott International Inc., today announced the opening of HOTEL THE MITSUI KYOTO, A Luxury Collection Hotel & Spa in Kyoto, Japan. Once the private residence of the aristocratic Mitsui family, the property’s 300-year-old main entrance, the Kajiimiya Gate, still stands today to welcome modern global explorers. HOTEL THE MITSUI KYOTO resides in the heart of Kyoto, the only luxury hotel in the city center with its own natural hot spring drawn from the thermal waters deep below ground. The hotel opens up to one of the world’s most enriching and desirable destination discoveries, including the 17th-centur...
Remington Hotels Appoints Keith Oltchick as Senior Vice President of Acquisitions & Development
Remington Hotels | November 3, 2020
DALLAS (NOVEMBER 3, 2020) – Remington Hotels announced today the appointment of Keith Oltchick as Senior Vice President of Acquisitions & Development, further bolstering the company’s budding third party management portfolio. Bringing over 20 years of experience and connections in the hospitality industry to his new role, Oltchick will be responsible for the growth and expansion of Remington Hotel’s third-party platform and supporting clients in acquisitions, management transitions and new build development efforts. “We’re thrilled to welcome Keith to the Remington Hotels team as part of the continued growth strategy of ou...
COVID Impacts Expected to Force Hotel Sales in 2021
HAMA | November 3, 2020
3 November 2020, Singapore – HAMA’s (Hospitality Asset Managers Association) member survey of the region’s hotel Ownership was just completed, and results confirm what many industry watchers have been whispering for months. Eric Levy, MD of Tourism Solutions International viewed the results of this survey and commented “In my 30 years in the region, we have had many crises, this one is different. We will see more forced sales of hotels, some by owners freeing up cash to reduce debt, some pressured by lenders and some perhaps even pushed into foreclosure/receivership by impatient lenders…something that lenders i...
Estatefy Chooses NextPax as Exclusive Channel Manager
Estatefy | November 3, 2020
Barcelona, November 2020 - Estatefy, a leading all in one software solution for property managers, real estate brokers, vacation home owners and vacation rental management companies selects NextPax, provider of one of the most advanced worldwide channel management technologies for hotels, resorts and vacation rentals as its exclusive channel manager. One of the main selling points for the Estatefy and NextPax combination is that real estate agents can now combine their real estate sales software with vacation rental software capabilities. This powerful combination will provide brokers with much more added value and income. ‘Our partnership...
HFTP Debuts CYBER HITEC to Large Virtual Crowd
Hospitality Financial and Technology Professionals | November 2, 2020
Hospitality Financial and Technology Professionals (HFTP®) has just wrapped up the first week of its premiere virtual event CYBER HITEC®, with the first-three days featuring live interaction. The event hosted over 1,840 registered participants engaging in hospitality technology-focused education sessions, 18 virtual exhibit halls and multiple networking opportunities. CYBER HITEC was a virtual adaptation of the 48-year hospitality technology convention and trade show HITEC® (Hospitality Industry Technology Exposition and Tradeshow), which traditionally is an in-person event. Also enveloped within the programming was the HFTP Annual Convent...
Bad vs Horrible – Depends on How Performance Is Measured
Allison Fogarty | November 2, 2020
The importance of considering Total Rooms Inventory (TRI) in measuring Lodging Industry performance. By Allison Fogarty Through the pandemic, hotel Occupancy rates have hit historic lows throughout the country. We have constantly been asked “how bad is it?” Reports early in the pandemic, while awful, seemed to actually understate the catastrophic effect of the pandemic on the hospitality industry. We studied figures provided by STR and other industry analysts and questioned their representatives to fully understand reporting methodologies in an effort to truly understand the current situation in the lodging industry. Unfortunat...
