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...
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