Avison Young Announces Recent 2019 Closings
Avison Young | October 10, 2019
ATLANTA –October 9, 2019 – Avison Young Hospitality Group announced that the firm recently closed several hotel transactions. A full-service hotel in Memphis, a Hyatt Place in Augusta GA and a Marriott hotel in Lancaster PA. The firm has 35 other transactions totaling 622 million dollars under sale agreement with expected closings throughout the 4th quarter 2019....
Hospitality Financial Leadership: How to Use 21-Point Flow Thru Inspection
David Lund | October 7, 2019
Just like your auto mechanic checks your car’s health you can completely review your hotel’s financial performance and get a clear reading on as many as 21 different flow thru performance points. Further to that you can even see what you need to do in most cases to correct the results! It’s what I call super revealing. And, the best point is you don’t need anyone’s help to do it because I’m going to give you the list! Flow thru is an essential concept to understand. If you are new to the idea read, my blog on flow first. https://hotelfinancialcoach.com Checking performance is a step-by-step exercise and we start at the most vit...
OYO Announces Partnership With Biz2Credit to Provide Small Business Financing Options to Hotel Owners
OYO Hotels and Homes | October 3, 2019
NEW YORK, NY, October 3, 2019 – OYO, the world's third-largest and fastest-growing chain of hotels, homes and spaces*, has partnered with Biz2Credit, a leading online financing resource for small businesses, to provide working capital and commercial real estate loans to existing and potential hotel partners across the United States. The partnership with Biz2Credit will aid its efforts to provide hotel owners with fast financing efficiently for a wide range of purposes, including renovation, redesign, infrastructure upgrade and investment in technology for improved revenue management and operations. “We are excited about partnering with...
Hospitality Financial Leadership: Global Food Cost vs Tracking Individual Outlet – Pros and Cons
David Lund | October 1, 2019
What is really important to realize is the food cost calculation in your hotel will always come back to the cost of goods formula. Any attempt to track and individualize the outlet food cost that I have ever seen is a big waste of time. It is a waste of time because it always comes back to the fact that the food cost is calculated by adding the opening inventory to the purchases and then subtracting the closing inventory – as well as any legitimate credits at month end – to calculate the food cost. This is never done in hotels by outlet simply because it is completely inefficient to do so. What I see time and time again is people tryin...
Hospitality Financial Leadership: Creating and Using Staffing Guides
David Lund | September 16, 2019
By David Lund In our business it is no secret that labor is our single biggest expense. Last year the average hotel in North America, according to data collected from thousands of medium- and full-service hotels by a popular industry partner, was right around 50 percent of total revenues. What is a secret is how most hotels manage their largest cost. In this piece I am going to talk about creating and using a staffing formula for all scheduled positions. In addition, I will talk about the best practices as it relates to having and using staffing guides. First of all, let’s define what a staffing guide is and what constitutes a staf...
Hospitality Financial Leadership: Creating Agreements vs. Having Expectations
David Lund | September 10, 2019
There is a popular saying in American spurned on by the slogan for a doughnut and coffee chain, "America Runs on Dunkin’." In this piece I am going to write about another thing that our western culture runs on even more than coffee and doughnuts, and that’s expectations. And just like coffee, and especially doughnuts, expectations are really bad for you. You are probably thinking I am nuts even creating the title Creating Agreements vs. Having Expectations. It sounds kind of Pollyanna. But I want to encourage you to read on. This is my second article on this topic, and I am especially passionate about showing you the distinction betwee...
Sonnenblick-Eichner Company Arranges First Mortgage Financing for Post Ranch Inn, Big Sur, California
Sonnenblick-Eichner Company | September 10, 2019
Beverly Hills, CA (September 10, 2019) – Sonnenblick-Eichner Company announced today that it has arranged first mortgage financing for the Post Ranch Inn, an iconic 39-room, full-service, luxury resort located in Big Sur, CA. The 10-year, interest-only, non-recourse loan has a fixed interest rate of 3.29 percent. The credit spread was sub-120 basis points. Overlooking the Pacific Ocean from the cliffs of Big Sur, Post Ranch Inn is internationally recognized as one of the finest destination resorts in the world. Situated on approximately 90 acres, the property features 39 guestrooms in 27 buildings, a spa, two cliff-top infinity-edge p...
Townhouse Hotel Miami Beach Builds Flexible Ownership Reporting With Aptech’s PVNG
Aptech Computer Systems, Inc. | September 10, 2019
Easy Upgrade from Profitvue® to PVNG Adds Multi-Property Cloud Accounting, Versatile Reporting for Excel and PDF PITTSBURGH, September 10, 2019 – Aptech Computer Systems, the industry standard for hospitality financial systems announced the Townhouse Hotel Miami Beach implemented the PVNG Enterprise Hotel Accounting System to move its back office to the Cloud for multi-property accounting. Townhouse Hotel Miami Beach is minutes from downtown Miami and combines modern design and authentic hospitality that make it an ideal retreat getaway. Aptech is an IBM Premier Solution Provider as well as a Prophix Premier Business Partner offering we...
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Breaking News
BENCHMARK® Names Bill Lee General Manager for Hilton University of Florida Conference Center Gainesville
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IHG Signs With Tan Holdings for Management of Fiesta Resort Guam
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