Finance & Development

/Finance & Development

Finance & Development

Hyatt Enters Agreement With Bay Street Holdings Limited to Develop First Hyatt-Branded Hotel in Malta

Hyatt Regency | June 13, 2019

CHICAGO (June 13, 2019) – Hyatt Hotels Corporation (NYSE: H) announced today that a Hyatt affiliate has entered into a franchise agreement with Bay Street Holdings Limited to develop the first Hyatt-branded hotel in Malta. Located on the scenic coastal destination of St. Julian’s, the 153-room resort is expected to open in 2021 as the ideal destination for every occasion – from seamless business meetings to memorable family vacations. “We are thrilled to announce plans for the first Hyatt-branded property in Malta, a country rich in historic architecture and now quickly becoming one of the most sought after destinations for busines...

IHG Signs With Hotel Paraag Limited in Bangalore for Two Hotels Set to Open in 2022

IHG | June 13, 2019

InterContinental Hotels Group® (IHG), one of world’s leading hotel companies has signed an agreement with Hotel Paraag Limited in Bangalore, for two hotels – the new built InterContinental Bengaluru Whitefield and Crowne Plaza Bengaluru Raj Bhavan Road, which will be a conversion hotel. The development marks the debut of the globally renowned luxury brand, InterContinental Hotels & Resorts in Bengaluru and expansion of IHG’s upscale brand, Crowne Plaza in the country. Both hotels are expected to be operational by Q1 2022 and will increase IHG’s system size in India by over 400 rooms. As the world’s first international luxury...

Valor Hospitality Plans Fall 2019 Opening of The Central Station Hotel in Memphis, Tennessee

Central Station Hotel | June 13, 2019

MEMPHIS, Tenn., June 13, 2019—Kemmons Wilson Companies along with Henry Turley Company announced today plans to open The Central Station, a 123-room boutique hotel in Memphis’ iconic South Main District. The neighborhood’s 105-year-old renowned transportation hub transformed into Memphis’ newest boutique hotel, The Central Station, part of Curio Collection by Hilton™, will open doors in Fall 2019. The hotel will feature mid-century architectural design, a stunning community style restaurant and bar, world-class curated music experience, diverse meeting room spaces, and captivating local art. Originally built in 1914 as a transit ...

Rainmaker VP to Participate in Panel Discussion at HSMAI ROC

Rainmaker | June 13, 2019

ALPHARETTA, GA. — June 13, 2019 — The Rainmaker Group today announced that Dan Skodol, the company’s vice president of revenue analytics, will participate in a panel discussion at HSMAI’s Revenue Optimization Conference, which will be held June 18-19 at the Minneapolis Convention Center in Minneapolis, MN. The company is a Platinum Sponsor of the event. Skodol will take part in the panel discussion entitled, “Think Differently About Revenue: Building a Better Room Merchandising Plan.” In this session, a group of industry professionals will discuss potential benefits of dynamically yielding at a granular, room type level. They ...

IDeaS Celebrates 30 Years of Innovation, Revenue Transformation and Global Momentum at HITEC 2019

IDeaS | June 13, 2019

Following a wave of unprecedented growth and major client wins, IDeaS continues worldwide, multi-vertical expansion plans Tweet This: @IDeaS_RevOpt is turning the big 3-0 and never felt better. Join us at HITEC and ROC on our home turf of Minneapolis—we have a lot to celebrate. www.ideas.com/news #RevenueScience #30YearsYoung MINNEAPOLIS—June 13, 2019—HITEC Booth #1415 (Minneapolis Convention Center)—IDeaS Revenue Solutions, the world’s leading provider of automated revenue management software and services, will showcase its cutting-edge revenue science technology products at the Hospitality Industry Technology Exposition ...

ProfitSword and WVC RubixCloud Partner to Provide Hotels With Comprehensive and Seamless Business Intelligence and Financial Accounting Platform

ProfitSword, LLC | June 12, 2019

In-depth integration provides both single properties and entire hotel portfolios with ability to ensure full data integrity between accounting and business intelligence systems.   ORLANDO, Fla. – (June 12, 2019) – ProfitSword, a leading provider of Business Intelligence solutions for the hospitality industry and WVC RubixCloud (WVCRC) providing best-in-class technology and accounting services, have partnered to create a comprehensive data management and accounting solution that provides key financial and operational benefits for the hospitality industry. The integrated solution is designed to allow a single hotel or an entire portfo...

Four Seasons Hotels and Resorts Unveils Plans for New Hotel and Private Residences in Minneapolis

Four Seasons Hotels and Resorts | June 12, 2019

TORONTO, June 12, 2019 -- Four Seasons Hotels and Resorts, the world's leading luxury hospitality company, in partnership with United Properties, a leading commercial property development and investment company in Minnesota and Colorado, today announced plans for Four Seasons Hotel and Private Residences Minneapolis, expected to open in early 2022 at RBC Gateway. The new 34-storey building will be situated at the convergence of business and leisure in Minneapolis, at the top of Nicollet Mall, the city's pedestrian thoroughfare. A few short blocks from the Mississippi River, the mixed use complex will also serve as RBC Wealth Management's U...

Radisson Hotel Group to Debut in Pakistan With Signing of Radisson Hotel, Lahore City Mall

Radisson Hotel Group | June 12, 2019

Brussels/Lahore - June 12, 2019 - Radisson Hotel Group is delighted to announce the signing of the Radisson Hotel, Lahore City Mall in Pakistan. This deal marks the group’s debut in Pakistan and the launch of its strategy to have 10 hotels and 2,000 rooms in operation and under development across the country by 2025. This brings the group’s South Asia portfolio to 136 hotels in operation and under development. Lahore, the capital of the Pakistani province of Punjab with a population of 11 million, is the second-most populous city of Pakistan. Rich in history, Lahore is a major educational, social, cultural and economic hub, contributi...

Noble Breaks Ground on Courtyard by Marriott & Element by Westin in Midtown Atlanta

Courtyard by Marriott | June 11, 2019

Atlanta, GA (June 11, 2019) – Noble Investment Group (“Noble”) today celebrated the groundbreaking of the Courtyard by Marriott & Element by Westin in Midtown Atlanta. Expected to open in mid-2021, the dual-branded hotel with a combined 282 guestrooms and suites will be the first-ever combination of the Courtyard by Marriott and Element by Westin brands under one roof. The upscale hotels will be located on the southwest corner of the famed intersection of Peachtree Street and Ponce de Leon Avenue. Peachtree Street is Atlanta’s primary north-south thoroughfare, while the intersection with Ponce de Leon in Midtown is home to Atla...

IHG Signs With Al Sraiya Hotels & Hospitality Group to Debut Hotel Indigo in Qatar

IHG ® | June 11, 2019

InterContinental Hotel Group (IHG®), one of the world’s leading hotel groups, has signed a Management Agreement with Qatari holding company, Al Sraiya Hotels & Hospitality Group which is under Al Sraiya Holding Group, to debut its global upper-upscale boutique brand, Hotel Indigo, in Qatar. A new built property, Hotel Indigo Doha Lusail is due to open in 2023 and will feature 200 rooms. Established in 2004, Hotel Indigo now has a presence in more than 15 countries with over 100 hotels, and nearly another 100 hotels in the pipeline. Just as no two neighbourhoods are alike, no two Hotel Indigo properties are the same, taking inspirati...

What Is TRevPAR (Definition and Why It Matters)?

David Eisen | June 10, 2019

By David Eisen In a previous blog post, I took aim at RevPAR. My pursuit: to puncture the long-held notion that it’s the most exemplary data point to consult within the hospitality industry. And, according to one comment, I succeeded in doing so (thank you, Don Weintraub, you made my mother very proud). My thesis was not that RevPAR is obsolete; following it is still necessary, especially since RevPAR tracks revenue derived from the rooms department, the largest source of revenue for a hotel. It’s akin to tracking cap rates when investing in hotels—one data point but not the end-all. RevPAR (a combination of rate and occupancy) is...

TraknProtect Selected to Present Location-Based Employee Security Platform During Entrepreneur 20X (E20X) Competition at HITEC 2019

TraknProtect | June 10, 2019

The pioneer of employee safety button technology chosen to participate in annual startup competition and showcase at the launch of HITEC Minneapolis 2019 Minneapolis – HITEC Booth #3017 – June 10, 2019 – TraknProtect, a leading provider of real-time location technology purpose-built for the hospitality environment, has been selected by HFTP (Hospitality Technology Financial Professionals) to present its award-winning solution during the Entrepreneur 20X (E20X) competition at this year’s HITEC Minneapolis on June 17, 2019. During E20X, selected companies prepare and deliver four-minute presentations which are then judged by a panel...

Hospitality Financial Leadership: Conducting Financial Operations Reviews

David Lund | June 10, 2019

By David Lund Hands down one of the best experiences I ever had in my career was being part of the team that reviewed the financial performance of the hotels in my region. The reason I enjoyed it so much, and have such great memories, is because I learned so much at each one and not only did I learn about the business of hotels, I had a lesson in people. The review team consisted of my boss, the hotel GM, the hotel Controller and me. In addition to the four of us, one by one the other executives or department heads would be in attendance or be called when it was their turn to review their area. The examination was a low-tech event. No P...

Mountain Shore Properties Named Hyatt’s 2019 Developer of the Year

Mountain Shore Properties (MSP) | June 10, 2019

June 10, 2019. Charleston, SC. Mountain Shore Properties, a Charleston, South Carolina-based developer, has been named Developer of the Year by Hyatt as part of Hyatt’s owner awards. Through this series, Hyatt recognizes owners and developers for their contributions and shared commitment to deliver a superior level of care. The awards were presented by Hyatt’s leadership team in April at Hyatt’s Americas owners conference in Nassau, Bahamas at Grand Hyatt Baha Mar. In receiving Developer of the Year, Mountain Shore Properties was recognized for its excellent construction quality, efficiency, and hotel development in strategic locatio...

Choice Hotels Signs With Legacy Partners to Develop Five Sleep Inn Hotels Outside of Houston, Texas

Sleep Inn® Dream Better Here® | June 10, 2019

ROCKVILLE, Md., June 10, 2019 -- Choice Hotels International, Inc. (NYSE: CHH) has signed an agreement with Legacy Partners, LLC to develop five Sleep Inn hotels outside of Houston, Texas. The first hotel is slated to open in 2020. "With more than 550 Sleep Inn properties currently open or in the pipeline worldwide, Sleep Inn continues to be a strong leader in the midscale segment that appeals to business-savvy developers and guests alike," said Brian Quinn, head of development, new construction, Choice Hotels. "The brand's Designed to Dream prototype offers developers the lowest cost-to-build in the midscale segment, while guests love its...

MSD Partners Closes Sale of 1,047-Room Boca Raton Resort & Club From Blackstone Group for $461.6 Million

MGM Resorts International | June 10, 2019

Jeff Ostrowski | The Palm Beach Post, Fla. June 07--In the biggest property sale in Palm Beach County history, the Boca Raton Resort & Club sold this week for $461.6 million, according to deeds made public Thursday. A company affiliated with billionaire Michael Dell announced in April that it would buy the iconic club from Blackstone Group, but the buyer and seller didn't disclose the price at the time. Dell's MSD Partners is the new owner of the 1,047-room hotel. Dell himself visited the hotel several times from 2000 to 2004, when the Boca Resort hosted annual meetings of The Business Council, an organization made up of the heads of th...

Briad Group Holds “Top-Off” Celebration for AC Marriott Bridgewater, New Jersey

The Briad Group® | June 10, 2019

Bridgewater, NJ, June 7, 2019 – AC Hotels by Marriott, an upscale lifestyle hotel, celebrated a major construction milestone yesterday with a “top-off” party marking the completion of the property’s roof. Conveniently located off of Route 202 and I-287, the hotel is minutes away from the Bridgewater Commons Mall and features a walkway to Zinburger Wine & Burger Bar, a boutique burger restaurant.  AC Marriott Bridgewater will be the brand’s first property in New Jersey and will employee approx. 100 people. The property is owned and managed by Briad Lodging Group, LLC, the hotel division of Livingston, New Jersey-based The Briad ...

Parisi Udvar Hotel Budapest Officially Joins The Unbound Collection by HyattThe Unbound Collection by Hyatt

The Unbound Collection by Hyatt | June 10, 2019

CHICAGO (June 7, 2019) Hyatt Hotels Corporation (NYSE:H) announced today the opening of Párisi Udvar Hotel Budapest as part of The Unbound Collection by Hyatt, following major restoration and full-scale renovation. The hotel is managed by Mellow Mood Hotels. It features 110 guestrooms and is situated on Ferenciek Square, between the River Danube and the bustling city center. As part of a collection of distinct hotels with their own unique stories, Párisi Udvar Hotel Budapest will offer an ideal location from which to explore the city’s rich history. Once home to Budapest’s most fashionable shops and cafés, the one-of-a-kind building...

Aiden by Best Western Opens in Austin, Texas Marking U.S. Brand Debut

Best Western Hotels & Resorts | June 9, 2019

Phoenix, Arizona (June 7, 2019) – Best Western® Hotels & Resorts today announced the arrival of Aiden® by Best Western in Austin, Texas. The first U.S. location for the company’s modern, suburban boutique brand, Aiden by Best Western @ Austin City Hotel will reflect Austin’s distinctive vibe while bringing comfort and convenience to guests. “We are excited to expand the footprint of Aiden to North America, and especially to the city of Austin, whose quirky vibe is perfectly reflected in the brand’s exciting style,” said Brad LeBlanc, Senior Vice President and Chief Development Officer for Best Western Hotels & Resorts...

Hyatt Enters Agreement for Hyatt Regency Coco Beach Resort in Puerto Rico

Hyatt Hotels Corporation | June 5, 2019

CHICAGO (June 5, 2019) - Hyatt Hotels Corporation (NYSE:H) announced today that a Hyatt affiliate has entered into a franchise agreement with Coco Hotel 1 LLC for a new hotel, expected to open July 2019 as a Hyatt affiliated hotel and then become Hyatt Regency Coco Beach Resort after an extensive renovation is completed this fall. The 486-room hotel with 93 branded residencies will be managed by Aimbridge Hospitality and signifies Hyatt's continued brand growth on the island of Puerto Rico and across the Caribbean region. The hotel will be the brand's only full-service property in Puerto Rico. The hotel will operate as The Resort at Coc...

Hilton Partners With OSK Property and Employees Provident Fund Malaysia for Hilton Melbourne Square

Hilton Hotels & Resorts | June 5, 2019

SYDNEY and MCLEAN, Va. - Hilton (NYSE: HLT) today announced the signing of Hilton Melbourne Square. Hilton Melbourne Square will be a major meetings and events hotel and will join the recent signing of Hilton Melbourne Little Queen Street, reinforcing Hilton's push to strengthen its presence in the Melbourne market. Hilton will manage the 600-room hotel under a management agreement with Yarra Park City, the joint venture company between OSK Property and EPF, and is slated to open in early 2023, with construction to commence 2020. Located in the centre of Melbourne's Southbank precinct, on the corner of Power and Kavanagh Streets, the ne...

Oxygen Hospitality to Renovate and Rebrand Palm Springs’ Ivy Palm Resort to Welwood Hotel

Dr. Welwood Murray | June 5, 2019

Palm Springs, CA (June 5, 2019) – Oxygen Hospitality's new vision for the Ivy Palm Resort near downtown Palm Springs today began to emerge as property renovations officially commenced. Repositioning of the 100-room hotel also took a step forward with the announcement of the hotel's new name, logo and identity: Welwood Hotel. Its name, Welwood Hotel, taps the rich history of this iconic city and from Palm Springs' first hotelier and important philanthropic founders, Dr. Welwood Murray. The words 'Wel' also suggests wellness, an ever-growing lifestyle choice and 'Wood' describing the natural design elements within the hotel. Renovat...

Concord Hospitality Plans August Opening of Cambria Hotel Milwaukee Downtown

Cambria Hotel Milwaukee Downtown | June 5, 2019

MILWAUKEE, Wis. (June 5, 2019) – Cambria Hotel Milwaukee Downtown, 503 N. Plankinton Ave., will officially open its doors this August. The new, sophisticated hotel serves as a hip destination in the up-and-coming metropolitan area, and was built by Chicago development company, Murphy Development Group (MDG). The hotel will be managed by Concord Hospitality, an award-winning hotel management company, and Murphy Asset Management (MAM), a subsidiary of MDG, will act as the Asset Manager. Located within walking distance of the Historic Third Ward, shores of Lake Michigan, Walker's Point, and the RiverWalk District, Cambria Hotel Milwa...

Hotel Equities Adds Resort-Style Holiday Inn Canmore to Management Portfolio in Canada

Hotel Equities | June 5, 2019

Atlanta, GA – June 5, 2019 – Today, hotel owner, operator and developer, Hotel Equities (HE), announced their appointment as the management firm for the Holiday Inn Canmore, located at 1 Silvertip Trail in Canmore, AB. The resort-style hotel is situated next to the TransCanada Highway and features stunning views of nearby Three Sister Mountain. The hotel is owned by 3G Equity Inc. of APX Hotels Group. In early 2019, APX Hotels Group established a strategic expansion partnership with Hotel Equities. At that time, HE assumed management of eight branded hotels developed and owned by 3G Equity/APX Hotels. In May, APX acquired Be...

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