The staff of Molinaro Koger (MK) sadly announced today the passing of the firm’s founder Joe Molinaro. Mr. Molinaro died at Memorial Hospital in Easton, Maryland. He was 86. “I deeply regret the loss of my long-time partner and mentor,” said Robert T. Koger, president of Molinaro Koger. “Joe gave me the opportunity of a lifetime when he welcomed me into the business. I am truly privileged to have known him and learned from him.”

The Berlin hotel market put in a punchy performance in October, according to the latest European HotStats survey of 10 European cities by TRI Hospitality Consulting. Daily profit per available room – as expressed by income before fixed charges (IBFC) – increased by 8 per cent to €95.08, making Berlin the third most profitable city in the survey. Berlin’s profitability was driven by rate growth, in large part thanks to the WBC World Heavyweight Championship at the O2 Arena. The unique boxing fixture attracted thousands of fans and VIPs, contributing to a 7.6 per cent rise in average room rate to €167.63. “

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InterContinental Hotels Group (IHG) took its first trip to the emirate of Fujairah, in the UAE, this week to sign an agreement with Abu Dhabi real estate developers Seba Properties for the InterContinental Fujairah Resort. The 291-room beachfront resort is expected to open by the end of 2010 on the emirate's east coast, and as well as being IHG’s first property in Fujairah it will be the first InterContinental beach resort in the UAE. IHG currently operates 23 properties across the UAE under its various brands.

Hotels across the UK mostly experienced a slow October in terms of both occupancy and rooms yield, according to preliminary monthly figures released today by PKF Hotel Consultancy Services. Room rate increased in some cities and both Liverpool and Leeds bucked the downward trend. In the capital, room rate rose 0.1% on last year to £147.45, but the slowdown in business travel meant occupancy saw a 3.2% decline from 86.5% to 83.8%. Overall, this meant rooms yield was down 3.1% from £127.58 last year to £123.61 this year.

The UK chain hotel market reported a 9 per cent fall in profit this October, according to the latest HotStats survey from TRI Hospitality Consulting. The amount of profit generated per available room – expressed as income before fixed charges (IBFC) – fell to a daily figure of £49.76 compared to £54.70 the same month a year earlier. Lower profit was primarily the result of higher costs and a shrinking pool of demand. The sample of 509 UK branded hotels reported a 3.2 percentage point drop in average occupancy to 77.4 per cent. “For most UK hoteliers the effects of the economic downturn were clearly felt in October. With fewer guests and higher operational costs, pressure on profitability was inevitable,” said Jonathan Langston, managing director, TRI Hospitality Consulting.

The U.S. hotel industry posted large year-over-year increases in all three key performance measurements during the week of 16-22 November 2008, according to data from STR. The year-over-year increases are in large part because of the date of Thanksgiving, which fell on 22 November 2007. This year, the holiday falls on 27 November. During the week ending 22 November 2008, year-over-year measurements included a 29.9-percent increase in revenue per available room. RevPAR ended the week at US$56.29 (US$43.35 in 2007). Average daily rate jumped 10.5 percent to finish the week at US$103.55 (S$93.68 in 2007). Nationwide occupancy climbed 17.5 percent to end the period at 54.4 percent (46.3 percent in 2007).

The global hotel industry’s four regions reported mixed year-over-year results when reported in U.S. dollars, euros and British pounds for October 2008, according to data compiled from STR Global. Figures for occupancy, average daily rate and revenue per available room range from double-digit losses to double-digit gains, depending on the market and the currency used for comparison. “The worsening economic conditions started by the banking crisis that has affected economies across the globe have resulted in RevPAR declines in more and more regions”, said James Chappell, managing director of STR Global. “In U.S.-dollar terms, South America and the Middle East are the only two regions which reported RevPAR growth for October 2008 compared with October 2007. Even Asia Pacific has started to decline this month as business in particular has started to tighten the belt at uncertain market conditions”

The U.S. hotel industry posted declines in all three key performance measurements during October, including the first year-over-year decline in average daily rate in more than five years, according to data from STR. In year-over-year measurements, the industry’s ADR in October fell 0.5 percent from October 2007 to close the month at US$107.60—down from US$108.19 in October 2007. The decline broke a streak of 63 consecutive months of positive year-over-year monthly ADR numbers—the last monthly ADR decline was a 0.8-percent drop in June 2003. The U.S. hotel industry’s year-over-year revenue per available room dropped 7.0 percent in October and finished the month at US$66.85—down from US$71.92 a year earlier. Occupancy also declined in October, falling 6.5 percent to 62.1 percent (from 66.5 percent in 2007).

A panel of casino company chief financial officers, reflecting a cross section of the gaming industry, on Wednesday painted a bleak picture for businesses looking to raise money over the next few years. The sinking national and global economies aren't going to cooperate, panel members said. The panel, which included representatives from MGM Mirage, regional casino operator Penn National Gaming, Macau casino operator Melco PBL and the Mohegan Sun Indian casino, all said money for expansions and other projects is tough to secure. "It's not a gaming or hospitality industry issue alone," MGM Mirage Chief Financial Officer Dan D'Arrigo told an audience at the Global Gaming Expo during a discussion on the state of the economy. "This is a wider issue that cuts across many other industries as well." D'Arrigo said he didn't believe any new resort development on the Strip, beyond projects under construction and expected to open next year, will be started for another five to seven years. "That's my own opinion." D'Arrigo said. "The cycle we're currently in, we'll eventually get out of. The incumbent companies that have properties today will be much stronger."