Kimpton San Antonio Celebrates Its Topping Out on Schedule
Kimpton Hotels & Restaurants | July 20, 2023
The Jamul Indian Village Development Corporation Announces New Hotel Expansion to the Jamul Casino
Jamul Indian Village of California (JIV or Tribe) | May 23, 2023
Finance & Development
North America Hoteliers Say PVNG Accounting Software From Aptech Is ‘Grrreat!’
Aptech | January 30, 2024
For the second consecutive year the family owned and operated financial management software company has been named a ‘Finalist’ in the HTR ‘Best Finance & Accounting Software’ popularity index PITTSBURGH, January 30, 2024 — Bigger does not mean better. But better is how companies thrive. Such is the case for Aptech. PVNG by Aptech was recently named a finalist in the Hotel Tech Report “Best Finance & Accounting Software” 2024 popularity index for the second consecutive year. At the core of Aptech’s success is its deep and personal relationships with its customers – people the family-owned and operated financial ma...
Canada’s Hotel Construction Pipeline Closes 2023 With a 10% Year-Over-Year Project Increase
Lodging Econometrics | January 29, 2024
January 29, 2024 – PORTSMOUTH, NH – According to the year-end Lodging Econometrics (LE) Construction Pipeline Trend Report for Canada, the country ended 2023 at 294 projects/38,396 rooms, a mere 11 projects short of the country’s peak of 305 projects achieved in Q4 2019. Canada’s pipeline is up 10% by projects and 7% by rooms, year-over-year (YOY). At the close of 2023, there are 66 projects/8,998 rooms under construction, up 27% by projects and 36% by rooms YOY. Projects scheduled to start construction within the next 12 months are at 85 projects/9,810 rooms, while those in early planning are at 143 projects/19,588 rooms, up 12% b...
The Heart of Europe and IHG Hotels & Resorts Partner to Operate Côte d’Azur Monaco Hotel Under the voco Brand
IHG | January 25, 2024
Dubai, United Arab Emirates, 25th January 2024: The Heart of Europe, Kleindienst Group’s flagship project, partnered with IHG Hotels & Resorts, one of the world’s leading hotel companies, to operate the ‘Côte d’Azur Monaco Hotel’ at The Heart of Europe in Dubai under the globally acclaimed voco brand, as ‘voco Monaco Dubai.’ This appointment complements The Heart of Europe’s ethos, which aligns with The World Island’s vision to bring the world together, showcasing the best from across the globe in design, development, innovation and energy efficiency. Starting in Q1 2024, the French Riviera-inspired 198-room hotel...
IHG Hotels & Resorts Signs LOI to Bring Its New Midscale Conversion Brand Garner to Japan in 2024
IHG | January 25, 2024
IHG launched Garner in August 2023 and expects this new brand to reach an estate of over 500 hotels over the next 10 years and 1,000 hotels over the next 20 years. This is the first time an LOI for the Garner brand has been signed outside of North America Three hotels in Osaka would refurbish and open under the Garner brand in 2024 The agreement continues IHG’s record growth momentum in Japan Tokyo, Japan – 25 January 2024: IHG Hotels & Resorts (IHG) plans to launch the Garner™ brand in Japan this year, marking the first deal outside of North America for its new midscale conversion brand. It follows the signing ...
IHG Continues Expansion of Vignette Collection With Sixth Signing in Thailand
IHG | January 25, 2024
Bangkok, Thailand – 25 January 2024 – IHG Hotels & Resorts, one of the world’s leading hotel companies, is proud to announce the signing of its sixth Vignette Collection property in Thailand. The beachfront resort along Nai Yang Beach joins IHG Hotels & Resorts’ growing Luxury and Lifestyle portfolio – now the second largest in the world – as its first collection brand strides towards its ambition to reach 100 properties in 10 years. Opening in 2028, Phuket Nai Yang Beach, Vignette Collection will be the third Vignette Collection property with partner Dinso Resort Co. Ltd, joining the recently-opened Dinso Resort &a...
Marriott International and Delonix Group Announce Strategic Cooperation Agreement in Mainland China
Delonix Group | January 25, 2024
Collaboration includes opportunity to affiliate over 100 full service Delonix hotels with Marriott’s Tribute Portfolio Marriott International and Delonix Group, one of the leading China-based hospitality companies, today announced a long-term cooperation agreement under which the two companies will work together to grow Marriott’s Tribute Portfolio brand in mainland China. The Delonix portfolio currently includes ten hotel brands with over 1,400 hotels open or in the development pipeline. The parties anticipate that at least 100 properties could become part of the Tribute Portfolio over the coming years. Through this collaboration, Ma...
Turnberry To Develop The St. Regis Nashville and The Residences at The St. Regis Nashville
Turnberry | January 24, 2024
NASHVILLE, Tenn., Jan. 24, 2024 - Turnberry, one of the premier real estate developers in the U.S. and a leading owner and operator of luxury destinations, today announced that it will develop and operate The St. Regis Nashville and The Residences at The St. Regis Nashville. Located at 805 Demonbreun Street in Nashville, the new luxury offering is being designed by award-winning architect Morris Adjmi. It will feature interiors by the distinguished design boutique Meyer Davis, whose principals hail from Nashville, and internationally established Smallwood, Reynolds, Stewart, Stewart will serve as the architect of record. The St. Regis ...
Global Hotel Investment Volume Will Accelerate in 2024, Exceeding the Previous Year by 15% to 25%
JLL | January 24, 2024
JLL’s 2024 Global Hotel Investment Outlook outlines the resilience and growth of the hotel sector as consumers continue to prioritize spending on travel CHICAGO, Jan. 24, 2024 – JLL’s Hotels & Hospitality Group has released their flagship Global Hotel Investment Outlook, which reveals that global hotel performance soared in 2023, reaching a full recovery. Though 2023 proved to be a challenging year for commercial real estate, marked by geopolitical tensions and capital market dislocation, the lodging industry demonstrated resilience, with RevPAR (revenue per available room) achieving a full recovery and surpassing 2019 levels b...
Dallas Dominates U.S. Hotel Construction Boom: Q4 ’23 Report Reveals Record-High Project and Room Counts
Lodging Econometrics (LE) | January 24, 2024
January 24, 2024 – PORTSMOUTH, NH – In the ever-changing landscape of the U.S. hospitality industry, the Q4 2023 U.S. Construction Pipeline Trend Report by Lodging Econometrics (LE) sheds light on dynamic trends across key markets. Dallas emerges as a powerhouse, leading the nation with a record-breaking 193 projects/22,291 rooms, signifying Dallas’s robust growth and confidence in the hospitality sector. Following closely is Atlanta, setting its own record with 151 projects/18,730 rooms. Nashville joins the ranks with 123 projects/16,148 rooms, followed by Phoenix with 122 projects/15,977 rooms, and the Inland Empire with 116 projec...
RREAF Holdings and Innisfree Hotels Partner to Develop Brand-New Margaritaville Resort on Galveston Beach
RREAF Holdings | January 24, 2024
DALLAS, Jan. 24, 2024 – RREAF Holdings LLC, a private real estate development firm, today announced its partnership with Innisfree Hotels, a best-in-class operator of beachfront hotels and resorts in the Southeastern United States, to develop a brand-new Margaritaville resort in Galveston, Texas. The deal totals just over $250 million and is located at 317 East Beach Drive. Once complete, the resort will occupy 300,000 square feet, making it one of the largest developments in eastern Galveston. The property will feature 334 rooms and include offerings such as a 2.5-acre elevated water park overlooking the beach, four restaurants, a ballr...
Hilton Launches Initiative to Open New Pathways to Hotel Ownership
Hilton | January 22, 2024
In a first for the hospitality industry, Hilton’s “Unlocking Doors” program provides education, networking and access to capital supporting new and aspiring hotel owners MCLEAN, Va. – In an effort to help create opportunity for people looking to realize the dream of owning or growing their own business, Hilton has announced the creation of “Unlocking Doors,” a program designed to support new and aspiring hoteliers on their journey to hotel ownership. Launching this week at the Americas Lodging Investment Summit (ALIS), Unlocking Doors will create meaningful pathways to hotel ownership for entrepreneurs who are new to the i...
U.S. Hotel Construction Pipeline Hits All-Time Record High Project Counts at Q4 Close
Lodging Econometrics | January 22, 2024
January 22, 2024 – PORTSMOUTH, NH According to the 2023 year-end U.S. Construction Pipeline Trend Report from Lodging Econometrics (LE), the pipeline stands at 5,964 projects/693,963 rooms. The pipeline hit record project counts at Q4, with the addition of 260 projects and 21,287 rooms over last quarter, and a 9% increase by projects and a 7% increase by rooms year-over-year (YOY). The previous project count high was Q2 2008 with 5,883 projects. At the close of 2023’s fourth quarter, there are 1,118 projects/141,768 rooms under construction, up 11% by projects and 5% by rooms YOY. Projects scheduled to start within the next 12 month...
SH Hotels & Resorts Embarks on a Major Global Expansion
SH Hotels & Resorts | January 18, 2024
The Groundbreaking Hospitality Company Behind 1 Hotels, Baccarat Hotels, and Treehouse Hotels Has More Than 30 Projects Open and in the Pipeline MIAMI, FL (January 18, 2024) - Reinforcing its position as a leader in the purpose-driven luxury and lifestyle hotel segment, SH Hotels & Resorts—founded by hospitality visionary Barry Sternlicht—is embarking on a significant worldwide expansion of its portfolio across four continents and 13 countries and territories. With more than 30 hotels and branded residential projects open and in the pipeline, plus a number of deals in the LOI stage, SH Hotels & Resorts is shaping the future of...
Marriott International and Aimbridge Hospitality Collaborate to Develop Three Hotels In Mexico
Marriott International | January 18, 2024
The companies are delighted to boost tourism in the Mexican market with the signing of three exclusive hotels under the Aloft Hotels and Sheraton Hotels & Resorts brands in Guadalajara, as well as Delta Hotels & Resorts in Puebla. Mexico City, January 18, 2023 – Marriott International announced today the expansion into important markets in Mexico with the signing of three agreements to bring the Aloft Hotels and Sheraton Hotels & Resorts brands to Guadalajara and Delta Hotels & Resorts to Puebla. With these agreements, the company reinforces its commitment to a strategic expansion in high-growth markets in Mexico, with a g...
Marriott International, Concord Hospitality and Whitman Peterson Celebrate Groundbreaking of First StudioRes Property in Fort Myers, Florida
Marriott International | January 18, 2024
Ceremony marks milestone for Marriott’s new affordable midscale extended stay brand in U.S. and Canada Today, Marriott International, Inc. (NYSE: MAR) celebrated the groundbreaking of its inaugural StudioRes brand hotel, as Concord Hospitality began construction of its first property in Fort Myers, Florida. Announced in June 2023, the StudioRes brand is Marriott’s new affordable midscale extended stay brand in the U.S. & Canada. The StudioRes property in Fort Myers is projected to open in Spring 2025 and is being developed by Concord Hospitality with its long-time partner Whitman Peterson. Concord expects to develop around 50 Stu...
Hard Rock International and Pointe Vista Holding Company to Develop Hard Rock Hotel and Residences at Lake Texoma
Hard Rock Hotels & Casinos® | January 17, 2024
LAKE TEXOMA, Texas, Jan. 17, 2024 -- Today, Hard Rock International in partnership with Pointe Vista Holding Company announced development plans for the Hard Rock Hotel at Lake Texoma and The Residences at the Hard Rock Hotel Lake Texoma. Set to begin construction in March 2024, the Hard Rock Hotel and Residences will be located within the Pointe Vista development, joining a 2,700-acre master-planned resort community featuring over 19 miles of shoreline, a golf course, enclosed waterpark, family entertainment center, amphitheater, casino and more. The project is expected to create over 9,000 jobs in the area. With a planned Q2 2026 o...
Hotel Finance: Sign Up Today for Meet the Money 2024!
Jim Butler | January 16, 2024
Early Bird registration is now available for Meet the Money® 2024. Click here to register with a $200 discount off the regular rate of $1,495. Meet the Money® 2024 will be May 6-8, 2024 at the Marriott Los Angeles Airport hotel. More information is available on www.MeetTheMoney.com. Register now to secure your spot for the hospitality industry conference focused on 2024 hotel finance, investment, and deal-making. About Meet the Money® For 30 years, Meet the Money® has created an energetic environment to forge relationships, negotiate deals, and gain an in-depth understanding of hotel investment and finance. Our national ...
BluHost Taking Hospitality Financial Management Seriously With New Accounting System Upgrade
Aptech Computer Systems Inc. | January 16, 2024
Puerto Rico based hospitality management company hails PVNG from Aptech for its cloud-based reporting capabilities, remote access for staff, and responsive customer service PITTSBURGH, January 16, 2024 – BluHost is entering 2024 with a new enterprise accounting solution backing its portfolio of select service and ultra-luxury hotels and a mix of fine dining to casual restaurants. José M. Suárez, president and CEO of the Puerto Rico based hospitality management company, selected PVNG by Aptech because of past positive experiences with the company. “When BluHost was founded, it began looking for a unified financial system that cou...
Shamal Holding Breaks Ground on Exclusive Baccarat Hotel and Residences Dubai
Shamal Holding | January 15, 2024
New exclusive lifestyle luxury mixed-use development, opening in 2026, set to deliver a new standard of elevated living experience Project will be led by renowned Dubai developer H&H Development alongside award-winning architects Studio Libeskind and interior design studio 1508 London Originating from New York, the development will be the first Baccarat Hotel and Residences in the UAE DUBAI, UAE, Jan. 15, 2024 -- In an exclusive ground-breaking ceremony, Shamal Holding, a diversified investment firm which manages a unique portfolio of investments, assets and experiences, has inaugurated the start of construction for the highly an...
IHG Hotels & Resorts, Pelligra Group and ONE7 To Elevate Adelaide Hotel to Crowne Plaza Mawson Lakes
IHG | January 15, 2024
Sydney, Australia, Monday 15 January 2024: IHG Hotels & Resorts, Pelligra Group and ONE7 are excited to announce the elevated positioning of their upcoming hotel in Adelaide which is slated to open its doors in 2024. Originally announced as a 130-room Holiday Inn & Suites, the Mawson Lakes property in Adelaide has undergone a transformation during the development phase and is now positioned in the upscale space, with higher than anticipated demand coming from corporate, leisure and conference and event customers. The decision has therefore been made to elevate and rebrand the hotel as Crowne Plaza Mawson Lakes, reflecting the ...
IHG Expands Portfolio in Saudi Arabia With Signing of Hotel Indigo Abha
IHG | January 15, 2024
Set to open in December 2025, the new-build boutique hotel will feature 110 rooms. Abha, Saudi Arabia, 15 January 2024: IHG Hotels & Resorts, one of the world’s leading hotel companies, has announced the signing of a franchise agreement for a new-build boutique hotel, Hotel Indigo Abha, in partnership with Firdous Abha Hotel Holding Company and under the management of Aleph Hospitality. The strategic signing underscores IHG’s commitment to expanding its Luxury & Lifestyle portfolio of hotels and elevating hospitality offering for the growing tourism sector in the Kingdom. Part of the IHG Luxury & Lifestyle portfolio, Hot...
Hospitality Financial Leadership – How to Properly Record Packages in Your Hotel
David Lund | January 15, 2024
By David Lund Packages are, on the one hand, straightforward. They are a well-established offering in most hotels, customers love them, and they are not going away. On the other hand, most hoteliers are at a loss to properly set up and manage the transactions so that they do not end up with a mess in their books and systems. That is what this piece is about: How to properly administer these seemingly complicated and unruly devices. First: Pricing aspect Packages are a combination of a room and at least one other component, like a bed and breakfast package. They can also combine many items like we see in a romance package: room, meals, ro...
U.S. Select-Service and Extended-Stay Hotel Outlook 2024
JLL | January 12, 2024
In the early 2000s, select-service and extended-stay hotels operated as more clearly defined sectors, differentiated by their target market and length of stays. During this period, individual owners dominated the market with only a handful of prominent brands available. However, in recent years, the distinctions between select-service and extended-stay hotels have become increasingly blurred. Select-service hotels now incorporate extended-stay amenities including in-room kitchenettes and flexible workspaces, while extended-stay hotels have added business centers with more of its brands incorporating 24/7 self-service marketplaces as see...
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...
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