Fitch: Expectations for U.S. Speculative Grade Corporates Coverage Ratios Weakened by Pandemic
September 22, 2020
As the economy and the capital markets navigate toward a new normal, Fitch Ratings tracks how the pandemic affects its forecast fiscal 2020 performance, focusing on key liquidity benchmarks and how they evolve over time across industries and market segments. Coverage Ratios Weaken The overall forecast for median operating EBITDA/interest in Fitch’s portfolio weakened to 2.8x in mid-August from 3.2x at the end of March. Between the end of March and mid-August, expectations for median operating EBITDA/interest ratios for 2020 weakened the most for Gaming, Lodging & Leisure (GLL); Transportation; Media & Entertainment ...
BLLA Concludes First Digital Summit, 10th Annual StayBoutique Awards
the Boutique & Lifestyle Leaders Association (BLLA) | September 22, 2020
LOS ANGELES (Sept. 22, 2020) -- Hotelier Ian Schrager and Thrive Global Founder and CEO Arianna Huffington were amongst the headliners who shared their hospitality insights with several hundred virtual attendees during the first Digital Summit by the Boutique Lifestyle Leaders Association (BLLA) on Sept. 17 and 18. The summit gathered boutique professionals from across the globe for two days of commerce, culture and art, concluding with the announcement of the winners of BLLA’s 10th annual StayBoutique Awards. Guests attended the conference via BLLA’s exclusive summit app available on mobile and desktop, which hosted over 80 speakers v...
Border Uncertainty Could Cripple Queensland’s Economic Rebound Warns Accor
Accor | September 22, 2020
With estimates that border closures are costing Queensland $17 million* a day, Accor Pacific, Australia’s largest hotel group, is calling for urgent action to save the ailing state. Simon McGrath, Chief Operating Officer for Accor Pacific, said: “The current border restrictions mean that Queensland will miss out on the summer dollar, a crucial period for local businesses, the economy and jobs. Now is when people are booking visits for the next 3 to 6 months and if they don’t have certainty that Queensland will be open, then Queensland will miss the surge in travel and fall behind other states. Queensland could go from leadershi...
European Hotel Investment Market: H1 2020
EHL Hospitality Insights | September 22, 2020
When Warren Buffett’s Berkshire Hathaway sold all of its airline stocks in April, it appeared as an affirmation to some investors that the future of travel was on the rocks – while for others, it reignited discussions on whether the widely respected Orcale of Omaha had ‘lost his touch’. The travel and tourism sector has undoubtedly been facing tumultuous times in the wake of COVID-19, with the International Air Transport Association (IATA) itself announcing that air travel will not recover until 2024. However, it would be hasty to presume that the prospects of hospitality are all doom and gloom. Newly released data from Cushman &am...
Benchmarking 101: The Bottom Line on Utility Costs
HotStats | September 22, 2020
In the age of COVID, numerous operating costs have decreased, as hoteliers have done all they can to reduce expenses to help offset the extreme reduction in revenue. Still, there’s never zero cost. Even a closed hotel has expenses. So, too, do hotels operating at reduced capacity. One of the areas that hoteliers should always be mindful of is utilities, which in the 11th edition of the Uniform System of Accounts for the Lodging Industry (USALI) are recorded in the Property & Maintenance schedule. Utilities include electricity, gas, propane, oil and water/sewer. Utilities can have a massive impact on a hotel’s profit. And even...
Hotel Equities Enter Strategic Alliance With The Witness Group, Assumes Management of 36-Hotel Portfolio
Hotel Equities | September 22, 2020
ATLANTA — (September 22, 2020) — Hotel ownership, management and development firm, Hotel Equities (“HE”), and its global private equity affiliate, Virtua Partners (“Virtua”), announced they have entered into a strategic alliance with The Witness Group (“TWG”), a premier hospitality development and investment group. Hotel Equities transitioned and assumed operations of The Witness Group’s portfolio of 36 hotels on September 1. Brands represented are Marriott, Hilton, IHG and Hyatt. Discussions on the strategic alliance began in early 2020. After identifying immediate synergy in company culture, values and vision, the con...
Nobody Asked Me, But… No. 237: Hotel History: Hotel Allegro, Chicago, Illinois
Stanley Turkel | September 22, 2020
By Stanley Turkel, CMHS Hotel History: Hotel Allegro, Chicago, IL, (483 rooms) The Hotel Allegro was created on the site of old Bismarck Hotel in 1998. The original Bismarck Hotel was built in 1894 by Emil and Karl Eitel, brothers from Stuttgart, Germany. The Eitels were pioneers who installed ice-boxes in the hotel's kitchen and air conditioning in the hotel's restaurants. During World War I, the Bismarck was renamed the Randolph Hotel because of anti-German sentiment. After the war, the Bismarck name was restored. When the Eitel brothers built a new 19-floor Bismarck Hotel, the 22-story Metropolitan Office Building and the 2500-seat P...
Frontline Staff Key to Top Performance in Inaugural J.D. Power Third-Party Hotel Management Guest Satisfaction Benchmark
J.D. Power | September 22, 2020
Crestline Hotels & Resorts Ranks Highest in Guest Satisfaction among Large Third-Party Hotel Management Companies TROY, Mich. - September 22, 2020 - Even in the age of digitally enabled, contactless hotel bookings and hand-sanitized check-ins, a key element driving hotel guest satisfaction with third-party management companies is staff service. That’s the central finding of the new J.D. Power 2020 Third-Party Hotel Management Guest Satisfaction Benchmark,SM released today. For the first time, J.D. Power evaluates guest satisfaction for the largest third-party management companies. J.D. Power does so by analyzing guest responses t...
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Nobody Asked Me, But… No. 237: Hotel History: Hotel Allegro, Chicago, Illinois
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