Agilysys Fiscal 2023 Third Quarter Revenue Rises 26.5% to Record $49.9M
Agilysys | January 25, 2023
Includes Recurring Revenue of $30.2M and Subscription Revenue Growth of 28.8% Quarter Positive Adjusted EBITDA of $8.1M and GAAP EPS of $0.13 Per Share Raises Fiscal 2023 Annual Revenue Guidance to $195M to $198M; Reiterates Greater Than 15% Adjusted EBITDA ALPHARETTA, GA – January 25, 2023 - Agilysys, Inc. (NASDAQ: AGYS), a leading global provider of hospitality software solutions that deliver High Return Hospitality, today reported operating results for its fiscal 2023 third quarter and period ended December 31, 2022. Summary of Fiscal 2023 Third Quarter Financial Results • Total net revenue increased 26.5% to a record $49.9 m...
HFTP and AHLA Announce 10-Year USALI Agreement
AHLA | December 22, 2022
HFTP/AHLA Committee Will Jointly Produce Hospitality Accounting Standard Washington/Austin, Texas (Dec. 22, 2022) — The American Hotel & Lodging Association (AHLA) and the Hospitality Financial and Technology Professionals Association (HFTP) announced today a 10-year agreement to jointly produce the Uniform System of Accounts for the Lodging Industry (USALI). The USALI is used all over the world as the “standard” for hospitality accounting, and today’s announcement reverses HFTP’s decision earlier this year to publish the next USALI edition without AHLA’s formal involvement. AHLA and HFTP have reengaged the joint Global F...
Hospitality Financial Leadership: How to Write a Great Monthly Executive Commentary
David Lund | December 19, 2022
By David Lund They go by many names: owner’s commentary, monthly commentary, executive commentary and more. The names can be different but in essence, they are all the same thing – a review of the prior month’s results plus a forward look into the coming months from a financial and market perspective. The monthly commentary is a great example of the “full disclosure principle” and if you are wanting a brush up on that you can watch this short video. So, in this piece, I am going to explain a strategy you can use to get your team to produce a great monthly commentary. Not only will you have the information you need to expla...
RKS Hotels Group Streamlines Accounting Processes for Its Alberta Canada Properties
Aptech Computer Systems, Inc. | December 13, 2022
Hotel ownership and development group adds PVNG enterprise accounting solution from Aptech to provide cloud accessibility and customized reporting PITTSBURGH, December 13, 2022 — Two RKS Hotels Group Ltd. properties in Alberta, Canada, will go live with PVNG by Aptech this month. The enterprise accounting solution will automate all general ledger, accounts payable, statistics, financials, and bank reconciliation processes in the cloud for the Four Points by Sheraton Edmonton South and the Travelodge by Wyndham Edmonton West hotels. Aptech is an IBM and Prophix business partner offering web-enabled business intelligence, budgetin...
Hospitality Financial Leadership – How to Prepare a 5-Year Proforma
David Lund | December 5, 2022
By David Lund Preparing a five-year financial plan for your hotel might sound daunting, but it is all in your head. Let’s lay it out. You are either dreaming about a business that does not exist yet and you need a plan, or you are up and running and you want to look into the future and pave a path forward. Either way you need to same tools. The first tool you need is market information: CBRE or STR are both helpful. CBRE can provide you in-depth marketplace analysis that will draw you a very clear picture of the rates and occupancy of several different hotel asset classes in your area. If you are already up and running, it is yo...
Valuing Hotels Amid Rising Capital Market Costs: A Case Study
Anne R. Lloyd-Jones | November 30, 2022
By Anne R. Lloyd-Jones The capital markets have experienced a signficant shift in the past six months, and financing for hotel projects is both less available and more expensive than it was in the first half of 2022. Driven by successive increases in the federal funds rate, interest rates have risen and are now typically in the 6% to 8% range, depending on the asset and market. At the same time, concerns related to a potential recession and the impact of inflation on operating costs and consumer spending have induced a layer of caution about the near-term outlook for the industry. As a result, loan-to-value ratios have declined and amortiz...
Sonnenblick-Eichner Company Arranges $22 Million of First Mortgage Leasehold Financing for DoubleTree by Hilton Los Angeles-Commerce, Los Angeles, CA
Sonnenblick-Eichner Company | November 29, 2022
Beverly Hills, CA (November 29, 2022) -- Sonnenblick-Eichner Company announced today that it has arranged $22 million of non-recourse first mortgage financing for the leasehold interest in the Doubletree by Hilton Los Angeles-Commerce, a 201-room hotel located in the city of Commerce, approximately six miles southeast of downtown Los Angeles. The five-year loan was placed with an international money-center bank at a fixed interest rate of 5.9% for the entire term. Proceeds were used to pay off a maturing CMBS loan and provided for a return of equity to the partnership. Amenities at the hotel include a full-service restaurant and bar...
With Deal Leverage Shifting to Buyers and Financial Sources, All Eyes are On Hospitality Prognosis for 2023
Keith Worsham | November 15, 2022
By Keith Worsham In this article we take a look at the shifting landscape of hospitality industry transactions as post-pandemic travel trends begin to reveal themselves and operators grapple with the ramifications of more than two years of RevPAR setbacks. A Post-Pandemic Comeback... Of Sorts Prospects for the hotel industry going into 2023 fall somewhere between somewhat rosy and risky. The hospitality industry gathered in mid-August at the 14th Annual Hotel Data Conference in Nashville, Tennessee to discuss the near-term outlook, and as the editors of Hotel News Now (HNN) shared, “Speakers…acknowledged that the industry still is...
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