COVID-19 and Hospitality: 7 Alternative Ways to Cut Costs and Save Your Business…BEFORE Resorting to Layoffs
Nicole Dehler, Vice President of Product Management | March 26, 2020
By Nicki Dehler The hospitality industry is entering uncharted territory. As concerns surrounding the continued transmission of COVID-19 continue to mount, we find ourselves isolated in our homes, unsure of when this pandemic will pass. What does the future hold for our communities? Moreover, what will this crisis mean for those businesses who have ceased operations due to recent recommendations and mandates for complete shutdowns? There is no denying that from a business perspective, travel and hospitality have taken the brunt of the pandemic’s economic impact. Hotels and airline companies have suffered unprecedented losses as escala...
Hospitality Financial Leadership: What to Do in a Financial Crisis
David Lund | March 9, 2020
By David Lund A lot has been said about the flu outbreak and the devastating effects it will have on the travel and hotel industry. But what can you do about it? The old saying, “You can’t save your way to prosperity,” still holds true, but you can be the best of class when it comes to being the least affected. Occupancy and rates are going to fall, they always do. The question is, where will the market go and how can we keep our REVPAR index? I’ll leave that piece for the revenue and marketing pundits. Here is a list of the top 10 things you can do today to mitigate the financial tsunami that’s coming. I have lived and manage...
Access Point Financial to Finance Hitalk Hotels’ Acquisition of Hyatt Place Mohegan Sun in Connecticut
Access Point Financial | March 5, 2020
Leading hospitality industry lender selected to finance hotel acquisition near the famed Mohegan Sun Casino in Uncasville, Connecticut ATLANTA – March 5, 2020 – Access Point Financial, LLC (APF), a leading direct lender and specialty finance company focused exclusively on the hospitality industry, has signed an agreement with Hitalk Hotels to provide financing for the company’s acquisition of the Hyatt Place Mohegan Sun in Uncasville, Connecticut. Access Point Financial provided $10.1 million in financing for the acquisition of the property, which will be managed by Aimbridge Hospitality. The hotel is expected to now undergo a ren...
How to Control Payroll for Better Profit
HotStats | February 24, 2020
For hoteliers and investors, it’s easy to be dazzled by revenue numbers. Unfortunately, when labor costs jump, revenue can quickly disintegrate. This is why getting a grasp on payroll data is at the heart of driving profit. Rising labor costs have put a fright into even the most seasoned of hoteliers. And there's reason for concern: Not accounting for payroll can eviscerate profit. Consider how U.S. hotels performed in the third quarter last year. Total revenue (TRevPAR) jumped across the board, but had trouble filtering down to the bottom line. Why? Hotels were hit by a 3.7% year-over-year increase in labor costs. The good n...
Hospitality Financial Leadership – Two Lies You Need to Stop Telling Yourself
David Lund | February 3, 2020
#1 – The Lie is Complexifying Everything That’s a word that means we’re making things complex or what complexifying also means: You are taking one issue and applying it to many situations or people. For instance, the issue of leaders not giving you the information you need so you can do your job is complexifying. You are putting them all into the same basket. What you want to be able to do is take one by one—the conversations you need to have—and think about them one by one rather than thinking that nobody wants to help you, nobody wants to do their forecast, nobody wants to give you their month end stuff. You can’t put everybo...
Sonnenblick-Eichner Company Arranges $17,750,000 of Interim First Mortgage Financing for The Normandy Hotel, Washington, D.C.
Sonnenblick-Eichner Company | January 28, 2020
Beverly Hills, California – January 28, 2020 – Sonnenblick-Eichner Company announced today that it has arranged $17,750,000 of interim first mortgage financing for The Normandy Hotel, a six-story, 75-room boutique hotel located in the upscale Kalorama district of Washington, D.C. The Kalorama district is one of Washington, D.C.’s most desirable neighborhoods, located just blocks from Dupont Circle, and minutes from the White House, Capitol Hill, Smithsonian Museums, National Zoo and the Walter E. Washington Convention Center. The non-recourse LIBOR-based loan has a term of 5 years and paid off an existing acquisition and renovation l...
Hospitality Financial Leadership: Duty Meals
David Lund | January 20, 2020
By David Lund Recently I attended a hotel association conference where I was a speaker for one of their breakout sessions. The opening morning of the convention started with a breakfast where we listened to the many great developments within the association in the past year and heard a fantastic story from the morning keynote about evacuating an entire city without one casualty or serious injury from an oncoming forest fire. What a morning! But the thing that got me more that anything else that day was a memory. The memory of being in that very room some 35 years earlier having breakfast all by myself. You see it was the hotel and dinin...
Sonnenblick-Eichner Company Arranges Interim Leasehold First Mortgage Financing for Residence Inn by Marriott Walnut Creek, Walnut Creek, California
Sonnenblick-Eichner Company | January 15, 2020
Beverly Hills, CA – January 15, 2020 – Sonnenblick-Eichner Company has arranged interim first mortgage leasehold financing for the Residence Inn by Marriott Walnut Creek, located in Walnut Creek, CA. The non-recourse LIBOR-based loan funded upon completion of construction and the opening of the hotel. The Residence Inn by Marriott Walnut Creek is a 160-room, six-story, extended-stay hotel located in the heart of downtown Walnut Creek. The 77% loan-to-cost loan with a credit spread in the low 300s over LIBOR, provided a return of cash equity to the borrower and relieves them of the recourse obligations associated with the construction l...
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