finance
Jamie Dimon Charts JPMorgan Expansion Plan Into Africa
JPMorgan Chase | October 17, 2024
By Nupur Anand NEW YORK (Reuters) -JPMorgan Chase, the largest U.S. lender, plans to enter Kenya and Ivory Coast this year and grow its footprint in Africa, CEO Jamie Dimon told Reuters. International markets are a growth area for JPMorgan, which has more than $4.2 trillion in assets and operates in over 100 countries. That compares with Citigroup, which does business in almost 180 countries and has the largest global footprint among U.S. banking giants. "We want to add a country or two (enter or deepen presence) in Africa, every couple of years or so," Dimon said by phone from New York on Friday before departing on a trip to Africa. The c...
Global Travel and Tourism Sector Deal Activity Plunges 31.9% in 2023, Finds GlobalData
GlobalData | January 11, 2024
Global travel and tourism sector witnessed the announcement of a total of 723 deals (mergers & acquisitions (M&A), private equity (PE), and venture capital (VC)) during 2023, a decline of 31.9% compared to the 1,062 deals announced during the previous year, according to GlobalData, a leading data and analytics company. An analysis of GlobalData’s Deals Database reveals that all the deal types under the coverage witnessed notable decline in volume during 2023 compared to the previous year. While the volume for M&A deals fell by 32.8%, the number of PE and VC deals were down by 40% and 27.9%, respectively, during 2023 c...
A Hotel Debt Quagmire: Borrowers With Maturing Loans Have Increasingly Fewer Options
The Plasencia Group | August 26, 2022
By Dexter Wood New Debt Has Vanished New debt for hotel acquisitions has all but vanished, but a bigger problem may be the wave of existing debt facilities of all types that are scheduled to mature this year and next. Beginning at the start of 2022 and through the end of 2023, nearly 45,000 CMBS hotel loans totaling about $30 billion in value were set to mature as illustrated in the graph at right. Although the lodging industry has made great progress since the depths of the COVID-19 pandemic, the recovery has proven to be uneven, selective, and vulnerable to a plethora of external factors. ...
Remote Accounting Is a Breeze for Treasure Island’s Fusion Resort and First Choice Hotel Management
Aptech Computer Systems | June 8, 2022
Financial services firm Grachan & Company relies on PVNG by Aptech to manage the hotel’s accounts payable, accounts receivable, and general ledger processes and share statistical data with operator First Choice Hotel Management PITTSBURGH, June 8, 2022 — Not every hotel has a full-service accounting department; some outsource financial services to a third-party to streamline processes and keep overhead to a minimum. Such is the case at Fusion Resort in Treasure Island, Fla. Operated by First Choice Hotel Management (FCHM), the company partnered with Grachan & Company, Certified Public Accountants, to oversee the property’s ...
Baird/STR Hotel Stock Index Increased 2.2% in March
Baird | April 11, 2022
HENDERSONVILLE, Tennessee, and MILWAUKEE — April 11, 2022 — The Baird/STR Hotel Stock Index increased 2.2% in March to a level of 5,882. Year to date through the first three months of 2022, the stock index increased 2.4%. “Hotel stocks increased in March but underperformed their benchmarks as stock market volatility eased and geopolitical concerns did not worsen,” said Michael Bellisario, senior hotel research analyst and director at Baird. “Underlying hotel fundamentals continued to improve in March, and the outlook appears more favorable today than just one month ago despite all of the background noise in the stock ma...
Hospitality Financial Leadership: The Key Attributes of a Proper Hotel Financial Statement
David Lund | April 4, 2022
By David Lund Having a monthly financial statement for your hotel is the key to creating an effective management process inside your business. But, like many things in life, hotel financial statements are not all equal. To be effective your statement needs to be in shape, and it must have the proper features that allow you the insight you need to make better operating decisions in a timely manner. That is what this is all about, defining what the modern-day standards are when it comes to designing and producing a good hotel financial statement. Monthly First and foremost, you MUST produce your financial statement each mo...
Hospitality Financial Leadership – Top 10 ‘MUST DO’ Separation of Duties and Controls
David Lund | March 28, 2022
By David Lund In your hotel internal controls are a mission critical element you must have up and working well to adequately safeguard your assets. If you forgo these controls, you leave yourself wide open for – and I hate to use this word – fraud. That is right. People who work for you are much more likely to steal from you if you do not protect what is yours with proper and effective controls. That fact is just the reality of being in business and the world is full of horror stories of those who trusted too much. As Theodore Roosevelt said, “Risk is like fire: If controlled it will help you, if uncontrolled it will reach up a...
Cost Efficiencies and Strong Investor Appetite Hold Hotel Values Relatively Firm, Says HVS Report
HVS | March 28, 2022
London - March 28, 2022 - Europe’s hotels saw a recovery in values in 2021 buoyed by cost efficiencies, strong demand in the second half of the year and continued investment interest, according to the annual European Hotel Valuation Index published this week by global hotel consultancy HVS. The report indicates a 5% average improvement on values compared with 2020. The fact investors maintained their interest in hotels during the pandemic has held values fairly steady, particularly in properties with good potential and in strong locations driving demand for deals that are realistically priced. There was no real volume of distressed s...
