Sonnenblick-Eichner Company Arranges $30,500,000 of First Mortgage Financing for Little Palm Island Resort & Spa, Florida Keys, Florida
Sonnenblick-Eichner Company | January 12, 2021
Sonnenblick-Eichner Company Arranges $46,000,000 of First Mortgage Financing for Maison Dupuy, New Orleans, Louisiana
Sonnenblick-Eichner Company | August 13, 2019
Finance
Hospitality Financial Leadership: The First Fifty
David Lund | June 13, 2022
By David Lund As I write this piece, I am proud to say I am 58 years young. So far, my life has been great. Many challenges to overcome like anyone and many bumps in the road for sure. Someone once said that success is simply going from one disaster to the next and the trick with that is no stopping to lament on the carnage left behind. That might be a little tongue and cheek, but you get the point. Things happen to us all and our ability to move on and keep going without the permanent thoughts about what happened and why, I believe is the key to my life. That does not mean I do not learn from my mistakes, but it does mean I go easy on ...
Agilysys to Report Fiscal 2022 Fourth Quarter Results May 17th and Host Conference Call and Webcast
Agilysys | May 4, 2022
ALPHARETTA, GA. — May 4, 2022 — Agilysys, Inc. (AGYS), a leading global provider of next-generation, cloud-native SaaS and on-premise hospitality software solutions and services, announced today that it will release its fiscal 2022 fourth quarter results after the market closes on Tuesday, May 17th, 2022 and host a conference call and webcast at 4:30 p.m. ET that day. Both the call and webcast are open to the general public. The conference call number is 224-357-2393 (domestic or international) and the conference ID number is 9326259. Participants should call the conference line at 4:15 p.m. ET to ensure connection before the presenta...
Avison Young Closes 29 Hotel Transactions
Avison Young | May 3, 2022
ATLANTA – May 3, 2022 – Avison Young Hospitality Group announced today that the hotel brokerage firm has closed 29 separate hotel transactions over that last 150 days totaling just under ½ billion of value. 12 of the hotels were either Hilton, Marriott or Hyatt assets and were located in most US regions. Most notable was the Fall River Resort - Estes Park CO, Hotel Monaco - Chicago, 15 story IHG - Downtown Nashville, Hyatt Place/ Hyatt House dual brand – Scottsdale AZ and the Courtyard Oceanfront – Ocean City Maryland. Three of the sales represented pricing between 400k and 500k per room....
Avison Young’s Hotel Auction Team
Avison Young | April 28, 2022
ATLANTA – April 28, 2022 – Avison Young announced today that Brad Sinclair and Michael Bernath lead Avison Young’s hotel auction team. Over the past 10 months, the team has closed 8 hotels on the Ten-X Auction platform at an average sale of 23% over the reserve pricing. The latest hotel auction ended last week, ultimately selling for 74% over reserve. Avison Young has closed over 80 transactions through the Ten-X platform. Examples of recent closing include the Homewood Suites Lansdale PA, Hilton Garden Inn Cranberry PA, the Springhill Suites Albany/Colonie, NY and the Hampton Inn Omaha, NE. Brad Sinclair said: Our consistent and a...
What the 2022 Revitalization of EB-5 Financing Means Today: Part 1
Jim Butler | April 19, 2022
By Jim Butler and the Global Hospitality Group® Since the renewal of the EB-5 program this year, there has been a lot of talk about what this means for developers interested in taking on new projects. Our recent article in Westlaw Today sums up the latest information about the program. Part one is below; part two will be published next week. This article was originally published on Westlaw Today on April 14, 2022. What the 2022 Revitalization of EB-5 Financing Means for Real Estate Developers and Other Entrepreneurs: Part 1 After being sidelined for the last few years by circumstances culminating with the pandemic and the lapse o...
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...
Spirides Provides $7 Million in Loans to Refinance Debt & Renovate Two Hotels in Sylva, NC
Spirides Hotel Finance Company | March 29, 2022
TAMPA, FLORIDA—Spirides Hotel Finance Company has successfully provided and the borrower has officially closed $7 million in loans to refinance the existing mortgage debt and fund renovations to the Holiday Inn Express and Clarion Pointe hotels in Sylva, North Carolina. The 67-room Holiday Inn Express Sylva, NC is located at 26 Rufus Robinson Road. Its ownership retained the services of Spirides Hotel Finance Company to provide them with a new conventional mortgage which has a much lower fixed rate of interest than that of their previous mortgage as well as additional funds to perform a comprehensive Holiday Inn Express “Formula Blue...
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...
Hospitality Financial Leadership: The 6 Quadrants of GOPPAR
David Lund | March 7, 2022
By David Lund GO PAR is the new and exciting measurement everyone is talking about in the hotel business. But let’s be honest. It is a bit of a stretch to comprehend. It is a little more complicated than REVPAR. Why you ask? Well, REVPAR has two components: occupancy and rate. That is all you need to square the calculation. GO PAR has six components and I am going to lay them all out here. A big part of the struggle people have is the idea that GO PAR is an accounting thing. It is true that the calculation is based on accounting theory but stick with me here, it is a straightforward concept. GO PAR like REVPAR is easy to square. Yo...
International Visitors Spent $10.4 Billion in December 2021
NTTO | February 8, 2022
Data recently released by the National Travel and Tourism Office (NTTO) show that in December 2021: • International visitors spent $10.4 billion on travel to, and tourism-related activities within, the United States, an increase of 108% when compared to December 2020. • Americans spent nearly $8.3 billion traveling abroad, yielding a balance of trade surplus of $2.1 billion for the month—the second month in a row during which the United States enjoyed a balance of trade surplus for travel and tourism. • International visitors spent nearly $80.1 billion on U.S. travel and tourism-related goods and services year to date (Janua...
OTH Hotels Resorts Makes Its Accounting Operation Paperless With PVNG From Aptech
Aptech Computer Systems Inc. | February 8, 2022
The enterprise accounting solution is enabling this third-party management company to drive efficiencies and self-manage their finance processes affordably PITTSBURGH, PA — February 8, 2022 — With revenue volumes among its portfolio of independent, branded and soft-brand hotels and resorts on the rise, third-party management company OTH Hotels Resorts needed a way to streamline its financial processes without incurring costly support fees. Unable to self-administer changes directly into its existing accounting system, the young hotel company — founded in January 2020 — was paying exorbitant administrative costs just to modify a s...
How Refinancing SBA Loans Can Open New Doors for Hotel Owners
Alexander Cohen | January 26, 2022
By Alexander Cohen Just as travel was again on the upswing, a new variant of COVID-19, along with the global rise of cases has created yet another revenue setback for hotel owners and a slowdown in business meetings, conventions, and vacations. Thankfully, there is a new financing opportunity that can help hotel owners save money, access cash for improvements, and stay afloat during these uncertain times for the industry. A recent rule change from the Small Business Administration (SBA) allows hotel borrowers to refinance their floating-rate SBA 7a loan to a fixed-rate SBA 504 loan. This opportunity is phenomenal for nearly an...
Hospitality Financial Leadership: Why Managing the Budget in Your Hotel Is Like Playing Baseball
David Lund | January 24, 2022
By David Lund That’s a big statement because if you are involved in the budget in your hotel and you have played baseball then you are probably saying to yourself that I am off my rocker. The budget is a mean and unruly nasty guest that comes every year and sometimes does not leave completed for weeks, even months. And, it is certainly not fun and engaging like a good game of baseball can be. Alas, like all things, there is more than one way to look at the budget, and I did say “managing” in the title. So, let’s dig a little deeper and see what I am talking about. Much of life is how we choose to do battle and manag...
Hospitality Financial Leadership: Top 10 List for Controlling Labor Costs
David Lund | November 22, 2021
By David Lund Managing labor costs is a never-ending battle in any hotel. No wonder it adds up to on average 50 percent of the total revenue in hotels around the world. To say labor cost is important is an understatement so in this piece, I will highlight the key controls and features to make sure you are on the right track with this all-important aspect of hospitality. Use the list to come up with new action plans to tackle labor costs in your operation and bonne chance! Number 10 – Updated Daily Occupancy Forecast If the people in the departments inside your hotel do not have an up-to-date and accurate fore...
HFTP and GFC Get Ready for the USALI 12th Revised Edition; Plan to Release Exposure Drafts for Review by Industry Stakeholders
HFTP | November 17, 2021
Hospitality Financial and Technology Professionals (HFTP®) and the Global Finance Committee (GFC) are preparing for the Fall 2022 release of the 12th Revised edition of the Uniform System of Accounts for the Lodging Industry (USALI). The revision to the current 11th Edition (released in 2014) has gone through a well-considered, in-depth process. Ahead of publishing the newest edition, the HFTP and the GFC has invited leading industry stakeholders to participate in the review of exposure drafts, requesting comments for consideration ahead of the 12th edition publication. “The exposure draft process allows HFTP and the GFC...
Paramount Lodging Advisors Exceeds $1 Billion in Hotel & Hotel Note Auctions
Paramount Lodging Advisors | November 15, 2021
CHICAGO, IL — November 15, 2021 — Paramount Lodging Advisors (PLA) is pleased to announce a new milestone in hotel real estate transactions. PLA has surpassed $1 Billion in hotel and hotel note auctions. PLA has overseen more than 300 auctions and maintains a 95% closure rate. These statistics place Paramount Lodging Advisors as the most active and successful hotel broker on hotel auction platforms in the United States. Throughout the COVID pandemic period alone – the PLA team has overseen nearly 40 hotel and hotel note auctions culminating in transactions over $200MM in asset value. The PLA closure rate on hotel auction platforms ha...
Hospitality Financial Leadership – Profit and Loss Metrics
David Lund | November 8, 2021
By David Lund ...
Choice Hotels International Reports 2021 Third Quarter Results
Choice Hotels | November 5, 2021
ROCKVILLE, MD – November 5, 2021 – Choice Hotels International, Inc. (NYSE: CHH), one of the world's largest lodging franchisors, today reported its results for the three months ended September 30, 2021. "Our impressive third quarter results are a testament to the success of our long-term growth strategy and the investments we have made to position us to further increase our share of travel demand and benefit from trends that favor leisure travel, limited-service hotels and longer stay occasions," said Patrick Pacious, president and chief executive officer, Choice Hotels. "Today, we are in an even stronger position to cap...
MGM Resorts International Reports Third Quarter 2021 Financial and Operating Results
MGM Resorts International | November 4, 2021
LAS VEGAS – November 4, 2021 – MGM Resorts International (NYSE: MGM) ("MGM Resorts" or the "Company") today reported financial results for the quarter ended September 30, 2021. "We delivered another strong quarter led by our domestic operations resulting in new historical Adjusted Property EBITDAR records for our Las Vegas Strip and U.S. regional segments. These results demonstrate the continued robust demand for our gaming entertainment offerings across the U.S. and the effectiveness of our operating model," said Bill Hornbuckle, Chief Executive Officer and President of MGM Resorts International. "The completion of our asset l...
Hyatt Reports Third-Quarter 2021 Results
Hyatt Hotels Corporation | November 4, 2021
CHICAGO – November 4, 2021 – Hyatt Hotels Corporation ("Hyatt" or the "Company") (NYSE: H) today reported third-quarter 2021 financial results. Net income attributable to Hyatt was $120 million, or $1.15 per diluted share, in the third quarter of 2021, compared to a net loss attributable to Hyatt of $161 million, or $1.59 per diluted share, in the third quarter of 2020. Adjusted net income attributable to Hyatt was $241 million, or $2.31 per diluted share, in the third quarter of 2021, compared to Adjusted net loss attributable to Hyatt of $150 million, or $1.48 per diluted share, in the third quarter of 2020. Refer to the table on page 1...
Five Tips to Tackle Hotel Costs
HotStats | November 1, 2021
Between the rising cost of labor, decreased demand and ever-changing COVID-19 protocols, hotels have taken numerous hits to profitability. Conditions likely are going to remain challenging for some time to come, but Chris Cylke, COO of asset manager RevPAR International, has a quintet of tips for hoteliers to manage costs more effectively. 1. Review Contracts should be reevaluated, Cylke advised. That may sound like a replay from the early days of the pandemic, but the time has come to once again renegotiate. “Due to the limited availability of goods and labor, costs are rapidly rising, but rebidding contracts ensures that each vendor ...
Wyndham Hotels & Resorts Reports Third Quarter 2021 Results
Wyndham Hotels & Resorts | October 28, 2021
PARSIPPANY, N.J. – October 28, 2021 – Wyndham Hotels & Resorts (NYSE: WH) today announced results for the three months ended September 30, 2021. Highlights include: U.S. RevPAR exceeded 2019 levels by 7%, growing 59% versus 2020. System-wide rooms grew 60 basis points sequentially, including 40 basis points of growth in the U.S. and 80 basis points of growth internationally. Diluted earnings per share of $1.09 compared to $0.29 in third quarter 2020; adjusted diluted EPS of $1.16 compared to $0.36 in third quarter 2020. Net income of $103 million compared to $27 million in third quarter 2020; adjusted net income of $109 ...
Hilton Reports 2021 Third Quarter Results
Hilton | October 28, 2021
MCLEAN, VA – October 28, 2021 – Hilton Worldwide Holdings Inc. ("Hilton" or the "Company") (NYSE: HLT) today reported its third quarter 2021 results. The following results reflect the material impact that the novel coronavirus ("COVID-19") pandemic has had on Hilton's business. Highlights include: Diluted EPS was $0.86 for the third quarter, and diluted EPS, adjusted for special items, was $0.78 Net income was $240 million for the third quarter Adjusted EBITDA was $519 million for the third quarter System-wide comparable RevPAR increased 98.7 percent on a currency neutral basis for the third quarter from the same period in 2...
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