Finance

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Finance

Sonnenblick-Eichner Arranges $36.3M of Acquisition Financing for Doubletree by Hilton Hotel Campbell Pruneyard Plaza Campbell (Silicon Valley), Ca...

Sonnenblick-Eichner Company | April 2, 2019

Beverly Hills, CA (April 2, 2019) – Sonnenblick-Eichner Company announced today that it has arranged $36.3 million of first mortgage financing for the acquisition of the DoubleTree by Hilton Hotel Campbell – Pruneyard Plaza, a 169-room, full service hotel located in downtown Campbell, California. The long-term, fixed-rate loan facilitated the acquisition of the property and provides funds for a $5.8 million renovation of the property. The 12-year loan was provided by a life insurance company and was priced at 4.48% with four years of interest-only payments followed by amortization on a 30-year schedule. The Hotel has an irre...

Hospitality Financial Leadership: Hotel Finances for Dummies

David Lund | April 1, 2019

David Lund My primary responsibility as the head of the finance and accounting departments in the hotel was to ensure the books were clean and balanced. What I really got paid for was serving as the "chief financial information officer." The reality was the financial information I had to work with stunk! In every business, communication is important, but especially around the financial piece of the business. Communication is key. Great communication can make the business successful, help it grow, cause it to take on a life of its own. Poor communication can make the business die either a long, lingering death or a swift, unexpected deat...

Hotel Booking Engine Launched by Bedvine

Bedvine | April 1, 2019

Bedvine today announces the launch of the company's new booking engine platform, suitable for all categories of accommodation: hotels, hostels, B&Bs, apartments and villas. The new offering allows potential accommodation providers to register and operate a fully featured booking engine at no monthly cost and no commission fees. Developed entirely in-house, the platform gives accommodation owners access to an on-line account where they can centrally set up and manage all of their properties. Other than the multi-property support, the platform also supports multiple currencies, multiple languages and unlimited rooms and room rates...

StayNTouch CEO and Director of Strategic Partnerships Talk Platform Power

Alan Young | March 28, 2019

Reimagining Hotel Technology with Open APIs Based on Strategic Partnership Alignment By Alan E. Young The last few years have been a whirlwind of innovation for hospitality technology. Despite its longstanding reputation for being resistant to change and slow to adopt technological evolution, the industry has made impressive strides toward reinventing its future. And yet, the gradual implementation of the latest advancements is only half the battle. With the rise of new technology (and subsequently, new technology vendors) comes the synonymous demand for strategic alliances and integrations. Recognized as hospitality technology visionar...

Azalea Hotels & Residences in the Philippines Sees a 30% Increase in Its Revenue With Hotelogix

Hotelogix | March 28, 2019

Bangalore, 29/March/2019: Hotelogix, a leader in cloud-based Property Management Systems has announced that the adoption and efficient use of its PMS have helped Azalea Hotels & Residences in the Philippines witness a 30% increase in its revenue. With 285 elegantly furnished suite rooms and spread over 5700 square meters, Azalea Hotels & Residences is located near the famous Boracay White Beach. Given its 4-star grade guest services, the property has been rated as 'Value for Money' in the region. It has received several credits from TripAdvisor – Certificate of Excellence in 2013, Traveller's Choice Award in 2018 and Most ...

RCD Hotels Taps Duetto to Drive All-Inclusive Technology Innovation

RCD Hotels | March 27, 2019

With Hard Rock and Nobu Los Cabos expected to open in summer 2019, RCD Hotels seeks a game-changing resort revenue strategy. Cancun, Mexico; March 27 — All-inclusive resorts require a unique revenue strategy, and RCD Hotels is partnering with Duetto to have better forecasting insights and drive more revenue at their two newest properties – Hard Rock Hotel Los Cabos and Nobu Hotel Los Cabos. RCD Hotels will initially install Duetto at five total properties, including the iconic Eden Roc Hotel Miami Beach and Nobu Hotel Miami Beach. They will implement Duetto's GameChanger application to simplify their pricing process, ScoreBo...

Sam Moon Group Celebrates Topping Out of the Hyatt Regency Stonebriar

Sam Moon Group | March 26, 2019

FRISCO, TX - March 26, 2019 - The Hyatt Regency Stonebriar is topping out its 18-story, 303-room hotel. A lunch will be held on April 12 as a celebration of reaching the construction half-way point for those working on the project. Members of the construction crew, architecture and design teams, City of Frisco, and other involved groups are expected to attend the ceremony. A tree will be hoisted on top of the hotel structure by a tower crane signaling the completion of the skeleton of the building. Sam Moon Group is the hotel developer; Brasfield & Gorrie is the contractor; HKS, Inc. is the architect and Looney & Associates is m...

Hospitality M&A Focus to Shift to Smaller, Niche Platforms in 2019

March 25, 2019

After a bumper 2018, more hotel mergers and acquisitions are expected this year. But don't expect a further slew of mega transactions. The focus instead is shifting towards more private deals with smaller platforms. The top brands only account for around a third of hotel rooms around the world, making more acquisitions in 2019 likely, says Tony Ryan, Managing Director of Global Mergers & Acquisitions in JLL's Hotels & Hospitality Group. "Most of the larger platform deals have already been done, so the big operators are now seeking out unique concepts and locations to complement existing product offerings – particularly as ...

Hospitality Financial Leadership: RevPAR vs. GOPPAR and Why We Need a New Champ

David Lund | March 25, 2019

David Lund I have been around awhile and it's not like I'm ancient or anything, but I have seen some BIG changes in how we as an industry look at numbers and what numbers we focus on. What's important and what people are talking about for metrics is always changing—albeit slowly. Inside the current look is the driver for how we operate. For the longest time RevPAR has been the king. However, it was not always that way and I think it's time for the king to move on. I can remember when we didn't even use RevPAR; it was only occupancy and rate. Long gone are those days. I can also remember when we didn't have anything more complex th...

Omni Hotels and Resorts Partners With IDeaS to Transform Total Property Revenue Performance

IDeaS | March 21, 2019

Omni will implement revenue science to strategically enhance portfolio-wide profits encompassing more than 21,000 guest rooms and nearly two million square feet of event space Tweet This: @OmniHotels will roll out @IDeaS_RevOpt G3 RMS to make automated pricing decisions for over 21,000 guest rooms and @IDeaS_RevOpt Smart Space to optimize nearly 2 million sq. ft. of event space www.ideas.com/news #RevenueScience MINNEAPOLIS—March 21, 2019—Omni Hotels and Resorts will roll out both IDeaS G3 Revenue Management System (RMS) and IDeaS Smart Space, a cloud-based meetings and events strategy application, across its portfolio of 6...

Leisure Real Estate Advisors, LLC Announces the Sale of the Holiday Inn Express & Suites, Newton, KS.

Leisure Real Estate Advisors, LLC | March 19, 2019

Leisure Real Estate Advisors, LLC, is pleased to announce it has arranged the sale of the Holiday Inn Express & Suites, Newton, KS. Leisure Real Estate Advisors, LLC based in metro Kansas City, represented a Kansas based developer, Broadway Hospitality, LLC. in the transaction. Newton Hotel Investments, Inc, an investment group based in Topeka and Kansas City, purchased the 68 unit hotel for an undisclosed price. The listing price was $5,300,000. "This Holiday Inn Express flag is a limited service premium brand and always attracts investment attention", comments Brent A. Jaynes, Managing Partner with Leisure Real Estate Advisors. "T...

Brookfield Asset Management to Acquire Four Hotels From Hotel Leelaventure for $576 Million

March 18, 2019

March 19-- Mar. 19--MUMBAI -- Canada's Brookfield Asset Management has agreed to acquire four hotels and a land parcel from India's Hotel Leelaventure Ltd for INR3,950 crore, in what would be the largest-ever hotel deal by value in India. The deal culminates more than a year of talks between Brookfield and various stakeholders of debt-laden Hotel Leelaventure, which has been in the middle of financial restructuring. The board of Hotel Leelaventure approved on Monday the sale and transfer of four of its hotel properties to an affiliate of BSREP III, Brookfield's latest real estate fund. The luxury hotel chain owns five hotels...

iVvy Venue Technology Achieves Oracle Validated Integration With Oracle Hospitality OPERA PMS

iVvy Venues | March 18, 2019

Next generation sales and catering solution iVvy now offers Oracle Validated Integration of contacts, blocks and room reservations plus, syncs ARI from OPERA PMS back to the iVvy dashboard. Australia (March 18, 2018) – Award-winning event and hospitality technology provider iVvy Inc. continues to expand its suite of software integrations, announcing today its latest collaboration with OPERA, Oracle Hospitality's premier property management system (PMS). As an Oracle PartnerNetwork (OPN) Gold level member, iVvy is delivering rich features and functionality to hotels to simplify and enhance end-to-end groups management. To achieve ...

Hospitality Financial Leadership: Understanding the Concept of Owner Spend

David Lund | March 18, 2019

The hotel business is unique with owners, brands and assets all vying for their individual needs and attention. All the while this delicate balance has some interesting business characteristics that are essential for hospitality financial leaders to understand. It's not terribly complicated, quite the opposite. It hides out in plain sight, so it can be easy to miss if you're not looking for it. I can remember an old boss telling me his thoughts on what I call "owner spend." I thought at the time he was full of whatever, yet the concept was bold and incredibly clear. It also struck me in that moment that no one else had ever spoken of th...

New Castle Hotels & Resorts Installs Aptech’s PVNG Enterprise Accounting System for 21 Properties

Aptech Computer Systems, Inc. | March 18, 2019

Aptech is The Industry Standard for Hospitality Financial Systems PITTSBURGH, March 18, 2019 – Aptech Computer Systems announced New Castle Hotels & Resorts upgraded its back office system to PVNG Enterprise Financial Accounting to centralize processes for 21 properties. New Castle Hotels & Resorts (NCH) is a prominent operator of Marriott, Hilton, Choice and independent properties. Aptech Computer Systems is the leading provider of business intelligence, budgeting and forecasting, and enterprise hotel accounting software systems in the hospitality industry. Click here for more on Aptech's products and services. "NCH used...

Margaritaville Celebrates Groundbreaking of New Hotel on Jacksonville Beach, Florida

Margaritaville | March 15, 2019

Orlando, Fla. – March 15, 2019 – Margaritaville Holdings, the global lifestyle brand synonymous with fun and escapism, made the official announcement today that a new Margaritaville Hotel broke ground on Jacksonville Beach on March 8th. Located adjacent to the beach on Ocean Front North, the property will feature 202 guestrooms with Margaritaville's casual-luxe design, signature food and beverage concepts, a fitness center, and an outdoor recreation area with a pool and fire pits. "Jacksonville is one of the fastest-growing destinations in Florida and is well recognized as a classic beach town escape. We look forward to brin...

Key International Breaks Ground on AC Hotel by Marriott in Fort Lauderdale Beach, Florida

Key International | March 13, 2019

MIAMI (March 13, 2019) ─ Prominent, Miami-based real estate investment and development company Key International has broken ground on an AC Hotel by Marriott, the design-led lifestyle hotel brand by Marriott International. The property, which was acquired in 2016 as three adjoining land parcels that span more than a half-acre, is located in prime Fort Lauderdale Beach, Fla., and will feature 171 guest rooms amidst 10 stories. Located just steps from the beach, at 3029 Alhambra Street, the AC Hotel by Marriott Fort Lauderdale Beach is situated directly abutting the area's most popular tourist thoroughfare, Florida State Road A1A. The d...

3 Important Reasons Why Hotel Asset Managers Have Become Such Hot Property

Fred Novella | March 13, 2019

By Fred Novella Hotel asset management is a booming profession. Thanks to the increasing complexities of today's hospitality market where disruptors seemingly turn up out of nowhere and operators consolidate at a fast rate – it is easy to understand why. Indeed, given the volatility in the travel market many hotel owners would no longer take the risk of entering a relationship with a hotel operator without the ongoing support of a hotel asset manager. Employed by the asset owner, the role of a hotel asset manager is to ensure a property reaches its full potential so that it can create increased returns in the long term or be sold ...

Hospitality Technology Leaders Recognized for 2018 Achievements

IDeaS | March 12, 2019

IDeaS Global Partner Ecosystem Awards given to key contributors for excellence in innovation, leadership and focus Tweet This: @IDeaS_RevOpt announces 2018 Global Partner Ecosystem Award recipients at 2019 ITB Berlin partner celebration www.ideas.com/news MINNEAPOLIS—March 12, 2019—IDeaS Revenue Solutions and its global ecosystem of partners strive to deliver better revenue management solutions to hotels all over the world. During ITB Berlin on March 7, 2019, partner representatives were recognized and awarded by their IDeaS peers for their exemplary levels in four categories: Innovation, Client Focus, Results Focus and Hig...

Hospitality Financial Leadership: The Next Big Thing

David Lund | March 11, 2019

David Lund For almost 10 years our industry has been a rocket ship of top line growth driven almost exclusively by big gains in RevPAR driven by solid increases in occupancy and rate. You also can't go too far inside the online world without finding articles that speak to when and if this growth will stop. We all know it will and it's never been a question of if it will stop, the question is when it will stop. Knowing this growth inevitably will stop and being cognizant that when it does stop it will go backwards, what can you do? History always repeats itself. When the growth stops and revenues year over year shrink what will hotels do...

Hotel Owners Have All the Juice

Alan Young | March 7, 2019

by Alan Young Who really has the buying power when it comes to hotel technology purchases? As any good salesperson knows, selling a product (or service) is as much about describing the features and benefits of product itself, as it is being able to effectively sell to the potential buyer. It's a dance, one in which an in-depth understanding of the buyer's unique expectations and values will (more often than not) be the key to making that sale. And of course, the key to appealing to buyers directly begins with understanding who holds the buying power. When it comes to the hospitality industry and the purchase of hotel technology,...

Hospitality Financial Leadership: Contra or Barter Exchanges – How to Record Them and Some Tips

David Lund | March 4, 2019

David Lund Contra, barter, trade outs, exchanges – they are all the same thing. Exchanging goods and or services is older than currency and it's still used today, especially in hospitality. How you can use this tool effectively and how to properly record these transactions on your books is the meat on the stick in this article. First thing you need to know that typically stops most people from pursuing trade out agreements is they do not have a direct positive impact on your profit and loss statement. The trade out itself if it's recorded properly will not reduce expenses. It only saves you cash. So, if cash flow is a conc...

Avison Young Hospitality Group Recent Closings

Avison Young | March 4, 2019

ATLANTA – March 4, 2019 – Avison Young Hospitality Group announced today the firm closed a two-property portfolio in San Francisco last Friday. The details of the two transactions are confidential in nature, but each transaction was accretive to both the buyer and the seller. The transactions were handled by Chelsea Wang, a hotel broker in the Avison Young San Francisco office. ...

Avison Young Hospitality Group Recent Closings

Avison Young | February 28, 2019

ATLANTA – February 28, 2019 – Avison Young Hospitality Group announced today the closing of six transactions since the first of the year. The properties include two full-service Marriott hotels, a SpringHill Suites in Bossier City, LA, a historic hotel located on the Rhode Island coast and two mid-market hotels in suburban locations. The firm has four transactions closing within the next 14 days representing two properties in San Francisco, a Hilton property near DC and a resort property in the Northeast US. Additionally, the firm has 35 other transactions under sale agreement closing over the next several months. Since 2013...

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