The revision to the lodging industry’s authoritative financial and operating reporting standards has been led by the Global Finance Committee, sponsored by HFTP and AHLA.
The Global Finance Committee (GFC), jointly sponsored by Hospitality Financial and Technology Professionals (HFTP®) and the American Hotel & Lodging Association (AHLA), have restarted its work on the 12th Revised Edition of the Uniform System of Accounts for the Lodging Industry (USALI). The independent group of global financial leaders from the most prominent U.S. and international hotel brands, operators, owners and other industry authorities met January 31 – February 2 in Washington, D.C. The upcoming revisions and enhancements will incorporate financial and operating changes and a new sustainability section.
“We are extremely excited to get our group back together and re-engage on the important financial and operating changes that have taken place since the last edition was published in 2014,” noted GFC Co-Chair Raymond Martz, Co-President and CFO of Pebblebrook Hotel Trust (NYSE:PEB). “We are also excited about the new sustainability reporting section, which will provide valuable guidance to operators and owners focused on ESG concerns.”
“USALI is the global standard for financial and operating reporting in the hotel industry because it addresses brand, operator and owner interests in a balanced manner,” said GFC Co-Chair Gina Tallarico, SVP, Global Head of Acquisition Integration, Hyatt Hotels Corporation (NYSE:H). “We will continue this approach in the upcoming 12th Revised Edition.”
Notable changes to the 11th Revised Edition have been made and will be reflected in the 12th Revised Edition. One of the most significant changes is the new sustainability-focused reporting, which migrates the Utilities Schedule to Energy, Water, and Waste Schedule (EWW). The new EWW Schedule provides improved monitoring and benchmarking of EWW cost and usage while providing a road map to track a hotel’s greenhouse gas emissions. The GFC is also working on reporting enhancements for digital marketing, labor, brand and operator costs. Read a more detailed account of the expected changes on the HFTP Connect blog.
Over the next several months, the committee will issue updated sections for industry comment from invited stakeholders. In addition, the council will offer educational programming and editorial to keep industry professionals apprised of the changes.
The USALI is available as a digital subscription service or a soft-cover book. Before the release of the 12th Revised Edition, HFTP will make available a new, cloud-based platform for USALI subscribers. The digital publication will be accessible on smartphones, tablets and PCs. Users will have the opportunity for content engagement with the ability to add personalized notes and comments to the digital content. The subscription also provides access to a library with past editions, FAQs, supplemental resources and an expense dictionary.
The USALI is the global guide used for financial and operational reporting. Its primary purpose is to offer operating statements formatted to provide hotel owners, managers and other interested parties with operational information pertinent to the lodging industry. The USALI was first published in 1926.
Long-aligned with the publication, HFTP acquired the copyright to the USALI in 2018. In October 2019, HFTP and AHLA formed the co-sponsored GFC to update and expand the USALI 11th edition based on U.S. and international standards.
The GFC represents a span of industry organizations:
- Pebblebrook Hotel Trust
- Hyatt Hotels Corp.
- HotStats Ltd.
- Marriott International, Inc.
- CHM Warnick
- University of Houston
- Viceroy Hotel Group
- Hilton Hotels
- Apara Hotel Advisers Pte Ltd.
- Apple Hospitality REIT, Inc.
- Hotel Asset Value Enhancement, LLC
- KPMG LLP
- Host Hotels & Resorts, Inc.
- Aimbridge Hospitality
- HBI Consulting, LLC
- Xenia Hotels & Resorts, Inc.
- Fulcrum Hospitality
- CBRE Hotels Americas Research
- Cornell University
- Inntegrated Hospitality Management Ltd.
- Aqua-Aston Hospitality
- HVS Hotel Management & HVS Asset Management
- Hotel Asset Value Enhancement, Inc.
- Crescent Hotel & Resort
- Rosewood Hotel Management
- Garland Consulting
Visit the USALI site to purchase the book and view supplemental resources. For questions, contact HFTP at [email protected] or +1 (512) 220-4020. Follow news and information on the USALI, 12th Revised Edition on the HFTP website.