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
Why Rate Parity Still Has To Be “The Law of the Land” in Hospitality?
Max Starkov | November 14, 2023
By Max Starkov There was a recent discussion on LinkedIn about the need for maintaining rate parity in hospitality and its implications. Just to clarify for the non-revenue management folks here, Rate Parity traditionally means maintaining the same publicly available rate for the same room/same stay across all public distribution channels i.e. channels available to any member of the public that is not a loyalty member or member of some guest appreciation or reward program. Rate Parity is not a new online policy specifically designed for the OTAs. It existed long before the “commercial internet" came into being and there was only ...
How to Make the 2024 Hotel Budgeting Process as Smooth and Painless as Possible
HotStats | November 6, 2023
By Jeannette King, Marketing Manager at HotStats For hotel owners and operators alike, the annual budget is often a grueling and time-consuming process. This year, with persistent inflation, added pressures on cost control, and uncertainty about the economy, the process is as fraught as ever. Are there ways to make the 2024 budgeting process more streamlined and efficient? For insights and advice, HotStats reached out to leading hospitality experts around the world. 1. Start Early but Submit Late Hoteliers often complain that the budgeting process seems to start earlier every year. This is especially true for large hotel groups with mult...
Dr. Donald W. Wise and Turnbull Capital Group Recognized by London-Based Revenue-Hub
Turnbull Capital Group | November 2, 2023
Turnbull Capital Group (“TCG”) is pleased to announce that Co-founder and Chairman Dr. Donald W. Wise has been honored by London-based Revenue Hub for the third time as their featured hospitality investment banking speaker on the state of the industry. Please watch our most recent interview posted with London-based Revenue-Hub Coffee Time Chat (taped just days before the terrible events in Israel). Dr. Wise has been named by Real Estate Forum magazine as one of Rainmakers in Debt & Equity and has been a recent speaker at the monthly Mastermind Hospitality Zoom meetings. Dr. Wise authors weekly electronic mail updates ...
Accor Reports Third-Quarter 2023 Revenue of €1,286 Million Up 13% Like-for-Like
Accor | October 27, 2023
REVPAR UP 15% COMPARED WITH Q3 2022 UPGRADED REVPAR GROWTH GUIDANCE FOR 2023 EBITDA EXPECTED TO IMPROVE AT BETWEEN €955 MILLION AND €985 MILLION Sébastien Bazin, Chairman and Chief Executive Officer of Accor, said: “The Group’s strong performance during the quarter illustrates once again the strength of business momentum in all of our markets, notably in Asia, and for the brands in our two segments: Premium, Midscale and Economy, on the one hand, and Luxury and Lifestyle on the other. For Accor, this is the 6th consecutive quarter of growth since the return to post-pandemic business levels. These positive trends and our strict ...
Wyndham Hotels & Resorts Reports Third Quarter 2023 Results
Wyndham Hotels & Resorts | October 27, 2023
Company Raises Full-Year 2023 EPS Outlook Grows Development Pipeline by Another 12% PARSIPPANY, N.J., Oct. 27, 2023 -- Wyndham Hotels & Resorts (NYSE: WH) today announced results for the three months ended September 30, 2023. Highlights include: Global RevPAR grew 3% compared to third quarter 2022 in constant currency. System-wide rooms grew 3% year-over-year. Development pipeline grew 4% sequentially and 12% year-over-year to a record 237,000 rooms. Signed over 230 contracts, an increase of 8% year-over-year, including 60 new construction projects for ECHO Suites Extended Stay by Wyndham. Returned $134 million to sh...
Is the Annual Budget Process Still a Necessary Evil for Hotels?
HotStats | October 26, 2023
By Kathrin Cockhill For hotels, the annual budget process is like a high-stakes poker game in which the owners keep their cards close to their chest and the operators try to guess what cards they’re holding and if they’re bluffing. By the time everyone shows their hands and the year kicks in, the game has often changed significantly, and all bets are off. Does it have to be this way? Today, more data than ever is available to enable operators to budget and forecast based on current conditions rather than rely on outdated projections. But will this serve the needs of owners? For insights, HotStats reached out to hospitality leader...
Hilton Reports Third Quarter Results
Hilton | October 25, 2023
MCLEAN, VA - Hilton Worldwide Holdings Inc. ("Hilton" or the "Company") (NYSE: HLT) today reported its third quarter 2023 results. Highlights include: Diluted EPS was $1.44 for the third quarter, and diluted EPS, adjusted for special items, was $1.67 Net income was $379 million for the third quarter Adjusted EBITDA was $834 million for the third quarter System-wide comparable RevPAR increased 6.8 percent, on a currency neutral basis, for the third quarter compared to the same period in 2022 System-wide comparable RevPAR increased 11.4 percent, on a currency neutral basis, for the third quarter compared to the same period in 2...
Sonnenblick-Eichner Company Arranges First Mortgage Financing for The Lodge at Tiburon and Toll House Hotel Los Gatos, California
Sonnenblick-Eichner Company | October 24, 2023
Beverly Hills, CA (October 24, 2023) -- Sonnenblick-Eichner Company has arranged first mortgage financing for The Lodge at Tiburon and Toll House Hotel Los Gatos. The 5-year non-recourse floating rate loan pays interest-only for the entire term and provided proceeds to pay off a maturing loan. The new loan also provided for a SOFR floor of 3.75% equating to approximately 155 basis points below the SOFR index at closing allowing the borrower to realize a lower cost of capital if interest rates decline. The 104-room The Lodge at Tiburon and the 115-room Toll House Hotel Los Gatos are boutique hotels located in downtown Tiburon, a coastal ...
2024 Budget Planning: What Is Top of Mind for Hotel Owners & Operators?
HotStats | October 19, 2023
Budget season is upon us, and around the world hotel owners and operators are buried deep in data trying to come up with 2024 performance numbers. What unique challenges are hotels facing in the 2024 budgeting and planning process? HotStats reached out to global hospitality leaders to find out. By Michael Grove Chief Operating Officer HotStats 1. 2023 Hotel Performance: Growth Is Slowing In UAE, Saudi Arabia, India, Brazil, and the Caribbean, hotel profit margins in the first half of 2023 well surpassed 2019 levels, whereas they lagged in the UK, Germany, Spain, Poland, and Qatar. In China, hotels experienced tremendous growth rel...
Historic Windermere House Swaps ‘Dinosaur’ Software for Enterprise Accounting Solution
Aptech Computer Systems, Inc. | October 3, 2023
PITTSBURGH, October 3, 2023 – Overlooking Lake Rosseau since 1870, the iconic Victorian landmark Windermere House needed to modernize its accounting and back-office functions in keeping with its status as Muskoka’s premiere hotel and resort. Management company B•Hospitality tapped Aptech’s PVNG enterprise accounting solution to keep the property’s accounting and financial systems on the same page internally and companywide as B•Hospitality prepares for further growth. “Shortly after acquiring ownership of this iconic resort earlier this year, we discovered that several of our systems, including our back-office accounting syst...
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...
1
Industry Happenings
2
Technology
3
Operations
4
All Things Independent
5
Appointments/People on the Move
Today's News
Knowland Announces Certification Program to Advance Sales Proficiency and Increase Hotel ROI
Shatterproof Honors Mark Hoplamazian, President and CEO of Hyatt
Why Luxury Hotel Brands Are Hot on India
Accor Partners With Allenort Group for New Mövenpick Hotel in the Heart of Gdynia
As the first news aggregate for the hotel industry, Hotel-Online is the industry’s must-read daily news source for everything hotel curated for busy professionals. Sign up today for industry news delivered to your inbox.