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Finance

CBRE Arranges Sale of the Hyatt Place Emeryville/San Francisco Bay Area

CBRE | April 17, 2019

CBRE has announced the sale of the Hyatt Place Emeryville/San Francisco Bay Area, a 175-unit hotel located in Emeryville. Henry Bose and Mark McDermott of CBRE Hotels in San Francisco represented the seller in the transaction. Opened in 2016, the six-story hotel contains 175 units and enjoys a premier location in the vibrant Bay Street lifestyle center, surrounded by major corporate employers, such as Pixar, Novartis, Peet's Coffee corporate office and the Joint Bio Energy Institute. Hyatt Place offers visitors access to a fitness center, a patio with fire pits, a business center and a total of 150 parking spaces, along with sweeping vi...

Avison Young Announces Portfolio Sale in San Francisco

Avison Young | April 17, 2019

ATLANTA – April 17, 2019 – Avison Young Hospitality Group announced the firm closed a four-property hotel portfolio in downtown San Francisco. The portfolio contained 418 rooms and consisted of the following properties; Hotel Vertigo, Good Hotel, Americania Hotel and the Carriage Inn. The transaction closed on Monday April 8th. Avison Young represented Haiyi Hotels as the seller and the buyer was Oxford Capital Group LLC. This transaction represents the 6th closing Avison Young has completed in San Francisco within the last two months and the firm's 15th closing for 2019. Chris Stark, a Principal with the Avison Young Hospit...

Rainmaker Enters Q2 With High-Growth Momentum and Exciting New Advances

Rainmaker | April 16, 2019

Alpharetta, GA – April 16, 2019 - The Rainmaker Group (Rainmaker), a leading provider of cloud-based hospitality revenue and profit optimization solutions reports continued growth coming out of Q1, a steady pipeline and new advances to their revenue and profit optimization suite of solutions. "We're excited to kick off 2019 with a strong sales quarter," says Mike Cowles, CEO at Rainmaker. "We've added a lot of great names to our growing customer list, continued to make strides in expanding our global footprint, and are making great product enhancements to help our growing all-inclusive customer base." Rainmaker had a very successf...

Hospitality Financial Leadership: Nobody Gets to Be Wrong, Everyone is Wrong, No One Gets to Be Right, Everyone is Right

David Lund | April 15, 2019

By David Lund I use this quote to start many of my workshops. To me it's the way I want the participants to stand in their individual power during our time together. It's also how I see our industry. In the hotel business we all need to have an opinion and even more important we need to be able to share those thoughts. Reason being is, we all have something important to bring to the table. That's what I tell my workshop participants. To illustrate this, I often ask the following question. "What would you rather have to increase your GOP in your 300-room hotel that is currently operating at 75% occupancy with a $150 average rate, a $4 ro...

Avison Young Closes 260 Million YTD 2019

Avison Young | April 11, 2019

ATLANTA – April 11, 2019 – Avison Young Hospitality Group announced today the firm closed on its 15th hotel transaction of the year with year to date sales totaling 260 million. Since 2013, the Avison Young Hospitality Group has closed 106 Marriott branded hotels, 72 Hilton branded assets, 49 IHG branded assets and 158 historic, upscale boutique, resort and other branded hotels. ...

PDSI Completes $75M Restoration Project of Puerto Rico’s El San Juan Hotel, Curio Collection by Hilton

PDSI Inc. | April 10, 2019

ATLANTA, April 10, 2019 -- PDSI, a premier hotel development consultancy, is thrilled to announce the completion of the restoration of the El San Juan Hotel, Curio Collection by Hilton, after extreme damage from Hurricane Maria in 2017. The El San Juan is not only the most beautiful hotel on the island of Puerto Rico, it now stands as the epitome of luxury throughout the entire region. The resort is comprised of 388 guestrooms, suites, and oceanfront villas, as well as 40,000 sq. ft. of flexible meeting space, including an 11,000 sq. ft. grand ballroom. PDSI previously managed a $65M renovation of the El San Juan Hotel that completed 2 ...

Perception Is Reality: Pricing Psychology for Hotel Revenue Managers

the Author | April 9, 2019

By Dan Skodol, Vice President of Revenue Analytics, The Rainmaker Group "All our knowledge has its origin in our perceptions." ~ Leonardo da Vinci Is a pair of $50,000 Sennheiser Orpheus headphones really fifty times better than a pair that costs $1,000? Expensive items and experiences are often branded as high quality, exclusive, or bespoke. But are they really better than their less-expensive counterparts? And what truly motivates people to pay more for something? In the hectic daily life of a hotel revenue strategist, coming up with optimal pricing presents the greatest challenge – a challenge that's typically handled through r...

Hospitality Financial Leadership: OH, BROTHER

David Lund | April 8, 2019

David Lund It was early October 1987. I was newly married and questioning my hotel career plans. I aspired to be a general manager, but this hotel environment veered me off track. As these thoughts occurred to me, this was one of the places where fate and other people changed my life's direction. I'd been with the hotel for 18 months. Just another day at the office started with a ringing phone. It was the hotel manager's administrative assistant requesting my appearance in his office. Now! What did the manager need to see me about? My head was spinning with the possibilities. Most of them not good. I didn't know what I might have done t...

World-Class Mohegan Sun Partners With Duetto to Drive Innovation

Mohegan Sun | April 3, 2019

The massive tribal-owned casino business looks to implement a more modern approach to revenue management. Uncasville, Connecticut, April 3 — The Mohegan Sun gaming and entertainment destination in Connecticut and Mohegan Sun Pocono in northeastern Pennsylvania have implemented two of Duetto's cloud-based applications – GameChanger for pricing and ScoreBoard for reporting – as well as Duetto's newest product – the Duetto Rate Engine (DRE) – to drive more profitable revenue at the casino hotels. With GameChanger, Duetto's flagship revenue management application, Mohegan Sun has better visibility into total cu...

Avison Young Hospitality Group Announces Recent Closings

Avison Young | April 2, 2019

ATLANTA – April 3, 2019 – Avison Young Hospitality Group announced today the firm closed five hotel transactions in the month of March. The properties include two west coast boutique properties, a Hampton Inn in Pennsylvania, an hotel on the national historic registry in the southeast and a very exclusive resort in New England. The firm has seven transactions closing over the 20 days representing an upscale Marriott branded hotel north of Washington DC, a select service hotel in the Midwest, a resort hotel on the west coast and a portfolio of four hotels in the CBD area of a top 10 US market. Since 2013, the Avison Young Hos...

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...

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