Hospitality Financial Leadership: Why Prioritizing Employee Development Has the Best ROI for Owners Too
David Lund | March 27, 2023
Financial Future Is Bright at the NOUN Hotel
Aptech Computer Systems Inc. | February 15, 2023
Finance
Sonnenblick-Eichner Company Arranges $21,000,000 of First Mortgage Financing for Cotton Court, Lubbock, Texas
Sonnenblick-Eichner Company | September 12, 2023
Beverly Hills, California – September 12, 2023 – Sonnenblick-Eichner Company has arranged $21 million of fixed-rate, first mortgage financing for the Cotton Court hotel located in Lubbock, Texas. The five-year, fixed-rate loan is non-recourse and was funded by a Wall Street investment bank. The loan is interest-only for the entire term at an interest rate of 7.6%. A rate buydown was required by the lender to achieve this rate and proceeds. The 165-room upscale boutique hotel benefits from its excellent location in downtown Lubbock. It is one mile from both Texas Tech University, a campus with over 40,000 students, and Lubbock’s do...
The Peabody Getting Its Ducks in a Row via NEW Financial Budgeting & Forecasting Solution
Aptech Computer Systems, Inc. | August 30, 2023
PITTSBURGH, August 30, 2023 — Known as “The South’s Grand Hotel, The Peabody Memphis, a Forbes Four-Star and AAA Four-Diamond rated property, is an icon in Tennessee. Listed on the National Register of Historic Places, the hotel is home to five resident Mallard ducks that march daily through its lobby following their Duckmaster. Operating a property of this stature takes precision and hospitality excellence – especially when it comes to financial matters. For the last 20 years, The Peabody has relied on Aptech to automate its enterprise accounting processes. This month, the property will go live with Aptech’s budgeting and forecasti...
Pacific Pearl Hotels Modernizes Its Financial Management Solution Systemwide
Aptech Computer Systems Inc. | August 15, 2023
Independent hotel management company is leveraging the PVNG enterprise accounting solution from Aptech, and soon plans to add Aptech’s business intelligence solution, Execuvue, at select hotels PITTSBURGH, August 15, 2023 — When Pacific Pearl Hotels began investigating new accounting software for its growing portfolio of independent hotels, it conducted a deep dive into the leading accounting and financial management programs on the market. Enterprise accounting solution PVNG by Aptech won hands down for its wide scope of features, transparency, and ease of use. “Our staff is delighted with the results PVNG is providing, as well a...
Marriott International Reports Second Quarter 2023 Results and Raises Full Year Outlook
Marriott International, Inc. | August 1, 2023
Second quarter 2023 comparable systemwide constant dollar RevPAR increased 13.5 percent worldwide, 6.0 percent in the U.S. & Canada, and 39.1 percent in international markets, compared to the 2022 second quarter; Second quarter reported diluted EPS totaled $2.38, compared to reported diluted EPS of $2.06 in the year-ago quarter. Second quarter adjusted diluted EPS totaled $2.26, compared to second quarter 2022 adjusted diluted EPS of $1.80; Second quarter reported net income totaled $726 million, compared to reported net income of $678 million in the year-ago quarter. Second quarter adjusted net income totaled $690 million, c...
Hospitality Finance Breakfast Briefing: Bringing Down the Cost of Capital and Filling Your Capital Stack
Jim Butler | July 26, 2023
By Jim Butler and the Global Hospitality Group® Earlier this week, the Global Hospitality Group® co-hosted a breakfast briefing in Los Angeles with CREDE, a leading real estate development and project management firm. The program focused on how hotel owners and developers can reduce their cost of capital and costs of construction while filling in gaps in their capital stack through a few critical construction management techniques and exploitation of both traditional and alternative financing options. Luigi Major, Managing Director of HVS, opened the program with an economic overview, providing an inspiring update on the state of the i...
Avison Young Closes Last Hilton Hotel in Portfolio Sale
Avison Young | July 19, 2023
ATLANTA – July 19, 2023 – Avison Young announces today that the firm has closed the transaction on the last Hilton hotel in a 10-property portfolio sale. The portfolio were all Hilton and Marriott assets located in Maryland and Pennsylvania and consisted of four Home 2 Suites, two Homewood suites, two Hampton Inns & Suites, one Fairfield Inn and one Tru by Hilton. Brad Sinclair said, “This portfolio sale represents once again, the strength of the Hilton and Marriott brands and consistent yield for investors. Financing today is very challenging, but with the right property type and actual performance, debt is still available.”...
HVS Webinar: Higher Interest Rates Are Here to Stay but the “Old Normal” Will Come Back
Russel Kett | July 7, 2023
By Russell Kett We were delighted to welcome 425 delegates to our webinar on The Status of Hotel Debt Finance on Wednesday 5 July, hosted by HVS in conjunction with Bird & Bird, AlixPartners and EP Business in Hospitality. Tim Barbrook of HVS Hodges Ward Elliott and James Salford of Bird & Bird led off with a detailed presentation, explaining how we have got to where we are now, focusing on the impact of inflation and its effect on interest rates, and predicting what the future holds. They commented that lenders are now tending to focus their support on budget / limited service and luxury hotels. Interest cover...
PVNG Integrates With Plaid for Secure Financial Institution Connectivity for Hotels
Aptech Computer Systems Inc. | June 26, 2023
Aptech is the first hospitality company to link its hotel-specific enterprise accounting solution to the popular data network to achieve seamless, secure access to bank reconciliation data; Visit Aptech in Booth 1301 at HITEC PITTSBURGH, JUNE 26, 2023 — Aptech, provider of customizable financial-management software for single hotels or multi-property/multi-brand enterprises, announces an integration with Plaid, a data network powering the digital financial ecosystem. By connecting Aptech’s PVNG enterprise accounting solution to the Plaid platform, properties will achieve seamless and secure access to thousands of financial accounts for...
Aptech to Unveil NEW Solution Upgrades & Financial Reconciliation Integration at HITEC Toronto
Aptech Computer Systems, Inc. | June 22, 2023
Attendees are encouraged to visit the 100% hospitality focused provider of enterprise accounting, business intelligence and budgeting/forecasting solutions in Booth 1301 PITTSBURGH, June 22, 2023 — Next week at HITEC® Toronto, Aptech will reveal a series of upgrades to its three innovative financial-management solutions, PVNG, Execuvue, and Targetvue. Produced by Hospitality Financial and Technology Professionals (HFTP®), this premier hotel technology tradeshow is the ideal forum to shop for the latest in financial-management software designed to help operators cut costs and improve their bottom lines. Aptech’s 100% hospitality foc...
Hospitality Financial Leadership – Why You Need an Internal Control Review Program in Your Hotel
David Lund | June 19, 2023
By David Lund Here is the scenario You finally have a full-blown accounting policy manual in place. It has taken several months and a lot of work, but it is done. Something to be proud of indeed! But, wait a minute, it seems like no one knows about these policies and whenever you speak about such and such internal control not being followed, you get the deer in the headlights look. This all too familiar stare means one thing, these people have no idea what you are talking about. Your policy manual might be complete but you are still a long way from compliance. What is the solution? The answer is you need a regular program to test ...
Newport Hospitality Group Chooses Single Provider to Run ALL Financial Processes Across 50 Hotels
Aptech Computer Systems Inc. | June 19, 2023
From accounting and business intelligence to budgeting and forecasting, the results-driven hotel management company relies solely on Aptech to run its multi-property, multi-brand operations; Visit Aptech at HITEC Toronto in Booth 1301 PITTSBURGH, June 19, 2022 — Good things come in threes. For Newport Hospitality Group (NHG), this idiom is proven in its recent deployment of Execuvue, Targetvue, and PVNG – three innovative financial-management solutions from Aptech. This trifecta of accounting, business intelligence, and budgeting/forecasting software is now LIVE at 45 NHG managed hotels, representing Hilton, Marriott, Hyatt, Choice, Wy...
AHLA and SBA Secure PPP for Hotel Industry
AHLA | June 15, 2023
Eligibility changes protect loans to tens of thousands of hotels WASHINGTON (June 15, 2023) – American hotels will benefit from an important update to the Paycheck Protection Program (PPP). Following months of collaboration with the American Hotel & Lodging Association and hotel owners across the country, the Small Business Administration (SBA) issued new PPP eligibility guidelines today. The update clarifies that hotel owners who utilized third-party management companies and participated in PPP are eligible for PPP loan forgiveness for payroll expenses they paid via a management company. The changes SBA announced today will ens...
Hospitality Financial Leadership: Why You Need to Reconcile Your Credit Cards Every Day
David Lund | May 22, 2023
By David Lund The dreaded credit card reconciliation need not be such a big deal if we bite-size it. That is what this piece is all about: How and why you should balance your hotel credit cards daily. That is right – every day – and I mean you need to know the cards are balanced to three separate and connected points. First of all, just to properly date myself and reminisce just a little, I can remember mailing off the backs of the card imprints each day. I was working at the front desk, and we would separate the imprints by type and run a tape to balance to our front office Micros posting terminal. OMG, can you imagine? Then t...
AHLA Statement in Support of the Main Street Tax Certainty Act
AHLA | May 22, 2023
WASHINGTON (May 22, 2023) – American Hotel & Lodging Association (AHLA) President & CEO Chip Rogers is speaking out today in support of the Main Street Tax Certainty Act, which was introduced in the Senate by Sen. Steve Daines. “The Main Street Tax Certainty Act is a bipartisan effort to keep the Small Business Deduction from expiring in 2025. It would ensure permanent tax relief for millions of employers – including thousands of hotels – organized as sole proprietorships, S corporations, and partnerships,” said AHLA President & CEO Chip Rogers. “This critical legislation would provide hotel small business owner...
Agilysys Announces Fiscal 2023 Fourth Quarter Record Revenue of $52.9M and Full Year Record Revenue of $198.1M
Agilysys | May 17, 2023
Annual Revenue Includes Recurring Revenue of $118.3M and Subscription Revenue Growth of 27.5% Annual Record Adjusted EBITDA of $30.3M, Free Cash Flow of $27.2M and GAAP EPS of $0.49 Fiscal 2024 Annual Revenue Expected To Grow To $230M to $235M With Full Year Adjusted EBITDA of 13% ALPHARETTA, GA – May 17, 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 fourth quarter and full year ending March 31, 2023. Summary of Fiscal 2023 Fourth Quarter Financial Results • Total net revenue increased 13...
Travel and Tourism Sector Deal Activity Down by 43% YoY in January-April 2023
GlobalData | May 11, 2023
A total of 219 deals* were announced in the global Travel and Tourism sector during January to April 2023, which is a 43% decline over 384 deals announced during the same period in 2022, finds GlobalData, a leading data and analytics company. Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Deal activity in the travel and tourism sector suffered a significant setback across several key markets and regions as deal-makers seemed to have become cautious amid recession fears, geopolitical tensions, and uncertain economic conditions.’ North America, the traditionally dominant region in terms of travel and tourism related deal ac...
HVS Webinar: Private Equity Steps Up Its Interest in Hotel Assets
Russell Kett | May 11, 2023
By Russell Kett Organised by HVS with, Bird & Bird, AlixPartners and EP Business in Hospitality, the latest in our series of webinars kicked off with positive feedback from an audience poll in which 41% of attendees said they expected investment in hotels to grow by 10% or more over the next 12 months with city centre, full service hotels and resort leisure hotels the sectors most likely to attract investor interest. AlixPartners’ managing director Graeme Smith outlined the significant funds being raised by private equity although the rising price of labour, energy and the cost of living had prompted investment activity to...
Arch Amenities Group Introduces Wage Insights, a Tool That Provides Salary and Wage Benchmarking Data for Hotels and Wellness Centers
Arch Amenities Group | May 9, 2023
ROCKVILLE, Maryland (May 9, 2023) – Arch Amenities Group, a full-service, global provider of wellness, amenity management and meeting services for commercial and residential properties, hotels, private clubs and pools, today announced the launch of its proprietary survey and salary benchmarking tool, Wage Insightssm. Wage Insights obtains and leverages data across the hospitality and wellness sectors to enable hotels and wellness centers to better formulate their employee compensation and growth strategies. Barry Goldstein, Arch Amenities Group chief executive officer, called the Wage Insights survey and reporting tools “some of the...
Choice Hotels International Reports First Quarter 2023 Results
Choice Hotels International, Inc. | May 9, 2023
ROCKVILLE, Md., May 9, 2023-- Choice Hotels International, Inc. (NYSE: CHH), one of the world's largest lodging franchisors, today reported its first quarter 2023 results. Highlights of first quarter 2023 results include: Total revenues reached $332.8 million for first quarter 2023, a first-quarter record and a 29% increase compared to the same period of 2022. Net income exceeded the top end of the company's guidance and reached $52.8 million for first quarter 2023, representing diluted earnings per share (EPS) of $1.02. As a result of one-time items, including Radisson Hotels Americas integration costs, and the timing of net r...
Hyatt Reports First Quarter 2023 Results
Hyatt Hotels Corporation | May 5, 2023
CHICAGO (May 4, 2023) - Hyatt Hotels Corporation ("Hyatt" or the "Company") (NYSE: H) today reported first quarter 2023 financial results. Highlights include: Net income was $58 million in the first quarter of 2023 compared to net loss of $73 million in the first quarter of 2022. Adjusted net income was $45 million in the first quarter of 2023 compared to Adjusted net loss of $36 million in the first quarter of 2022. Diluted EPS was $0.53 in the first quarter of 2023 compared to $(0.67) in the first quarter of 2022. Adjusted Diluted EPS was $0.41 in the first quarter of 2023 compared to $(0.33) in the first quarter of 2022. ...
IHG Shares Q1 2023 Trading Update
IHG Hotels & Resorts | May 5, 2023
Highlights Q1 group RevPARa +33% vs 2022, with Americas +18%, EMEAA +64% and Greater China +75% Q1 group RevPAR +6.8% vs 2019, with Americas +11.1%, EMEAA +9.7% and Greater China (9.1)% Average daily rate +11% vs 2022, +10% vs 2019; occupancy +10%pts vs 2022, (2)%pts vs 2019 Gross system size growth +5.8% YOY, +0.9% YTD; opened 8.4k rooms (45 hotels) in Q1, ahead of 2022 Net system size growth +4.2% YOY on an adjustedb basis, +0.4% YTD Global system of 915k rooms (6,179 hotels); 66% across midscale segments, 34% across upscale and luxury Signed 16.5k rooms (108 hotels) in Q1, in-line with 2022; global pipeline of 287k...
Marriott International Reports First Quarter 2023 Results and Raises Full Year Outlook
Marriott International, Inc. | May 2, 2023
Marriott International, Inc. (NASDAQ: MAR) today reported first quarter 2023 results. Anthony Capuano, President and Chief Executive Officer, said, “We are off to a great start in 2023. First quarter worldwide RevPAR[1] grew 34 percent year over year, with meaningful gains in both occupancy and average daily rate. International markets were particularly robust, with RevPAR growth of 63 percent. The lifting of travel restrictions throughout Asia Pacific, particularly in Greater China, significantly boosted first quarter demand in the region. “In the U.S. & Canada, we saw solid demand across the leisure and group segments in the...
Wyndham Hotels & Resorts Reports Strong First Quarter 2023 Results
Wyndham Hotels & Resorts | April 27, 2023
Company Grows Development Pipeline by 11% and Global RevPAR by 12%; Raises Full-Year 2023 Outlook PARSIPPANY, N.J., April 27, 2023 -- Wyndham Hotels & Resorts (NYSE: WH) today announced results for the three months ended March 31, 2023. Highlights include: Global RevPAR grew 12% compared to first quarter 2022 in constant currency. U.S. RevPAR grew 4% compared to first quarter 2022. System-wide rooms grew 4% year-over-year, including 1% of growth in the U.S. and 9% of growth internationally. Development pipeline grew 11% year-over-year to 226,000 rooms, and signings increased 7%, excluding ECHO Suites Exte...
Hilton Reports 2023 First Quarter Results; Raises Full Year Outlook
Hilton | April 26, 2023
MCLEAN, VA - Hilton Worldwide Holdings Inc. ("Hilton" or the "Company") (NYSE: HLT) today reported its first quarter 2023 results. Highlights include: Diluted EPS was $0.77 for the first quarter, and diluted EPS, adjusted for special items, was $1.24 Net income was $209 million for the first quarter Adjusted EBITDA was $641 million for the first quarter System-wide comparable RevPAR increased 30.0 percent, on a currency neutral basis, for the first quarter compared to the same period in 2022 System-wide comparable RevPAR increased 8.0 percent, on a currency neutral basis, for the first quarter compared to the same period in 2...
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