A hotel’s food and beverage offerings can be one of the most difficult areas of the property’s operation to keep control of and, without rigorous oversight, can bleed money and lead to hard-to-explain holes at the end of the month.
The waterpark industry continues to flourish in the United States and Canada. While the pandemic slowed demand and growth in 2020 and 2021, 2022 has largely been a return to normal for operators but also for developers and investors looking for new opportunities to leverage the growing popularity of waterpark resorts along with increasing consumer demand for fun, family-oriented vacation options.
’Jack of all trades, master of none’ is an English idiom which dates from Elizabethan times, when it was once used to describe Shakespeare. It is not a complement, so next time you’re looking for something flattering to say about your boss, don’t be tempted.
With the first half of the year now in the books, 2022 has thus far provided an unexpected and tumultuous ride. It was only six months ago when the S&P 500 reached all-time highs in a world where lingering supply chain pressures and potential COVID outbreaks seemed to be the two most pressing risks to economies across the globe. While those two dangers are abating, a refreshed slate of macro-overhangs may be more daunting than ever. Included are the ongoing war in Ukraine, rising interest rates and soaring levels of inflation.
Insights about the job description and specific tasks of a Hotel Asset Manager by visiting lecturer, Heinz Wehrle. Hotel Asset Management requires a holistic overview and understanding of the hotel business in its entirety. It is one of the few disciplines which demands both strategic thinking and analytical application.
David Sangree, MAI, CPA, ISHC had the opportunity to attend the NYU International Hospitality Industry Investment Conference on June 6-7 at the New York Marriott Marquis. The following are some key highlights from the conference.
The hotel sector has grown used to absorbing the blows as the pandemic has thrown punch after punch in their direction. Yet now, as the rather choppy recovery progresses, inflation could well be the blow that lands the knock-out punch to some in the sector.
Let’s not forget at this critical period that our industry accounts for 10% of the world’s GDP and almost 300 million jobs. Overall, worldwide supply accounts for about 45 million rooms and branded supply accounts for about one third of that volume.
The value of real estate can be protected and enhanced when negotiating post-closing price adjustments. After legal closing, the purchase price true-up occurs, to adjust for any difference between the purchase price, which is determined on a transaction’s closing date and based on estimated financial metrics, and the actual purchase price, which is determined using financial metrics that become known only after the closing date.
The value of real estate can be protected and enhanced when negotiating post-closing price adjustments. After legal closing, the purchase price true-up occurs, to adjust for any difference between the purchase price, which is determined on a transaction's closing date and based on estimated financial metrics, and the actual purchase price, which is determined using financial metrics that become known only after the closing date.
Experts expect to see a flood of interest in the EB-5 program, both from foreign investors anxious to immigrate to the US, and from real estate developers with shovel-ready projects seeking capital.
As the world was emerging from a once in century pandemic, global and national events during the first three months of 2022 have resulted in a transformative quarter unlike any for nearly 80 years. During the nuclear superpower age, the notion of an unprovoked brutal attack and invasion of a sovereign state was the stuff of fiction. “Never again” is a phrase associated with the Holocaust, the genocide of European Jews during World War II. Unfortunately, the phrase is merely two words as history is currently repeating itself in Eastern Europe.
Since the renewal of the EB-5 program this year, there has been a lot of talk about what this means for developers interested in taking on new projects. Our recent article in Westlaw Today sums up the latest information about the program. Part one is below; part two will be published next week.
The hotel development and financing world is buzzing with the news that the EB-5 program has been renewed, creating new opportunities for upcoming projects. My partner David Sudeck and I have written the short update below to help get you up to speed.
During the pandemic we had to make changes driven by the need for more robust health and safety, to ensure that everything was hygienic and because everything needed for every stay had to be dry cleaned afterwards, we had to be more efficient, only putting out what was needed.
As we get ready to close out the first quarter, the Hunter Conference offered the industry’s latest perspectives on where we find ourselves today and predictions about how the rest of 2022 may play out. Highlights of what we heard at the event are captured here.
With demand recovering faster than expected in 2021, hotel companies put the COVID-blues behind them and pressed the accelerator on their expansion plans, resulting in a year-over-year increase of over 24% in brand signings by keys. During the year, 135 new hotels with 12,359 rooms entered the branded hotel market, while 58 hotels with 3,108 rooms were rebranded.
In December 2021, the U.S. Consumer Price Index (CPI) exceeded its 2020 level by more than 7%, the highest rate since the 1980s, according to the St. Louis Federal Reserve. This dramatic upswing has rekindled debates over the effects of high inflation.
One of the main economic engines of the San Francisco Bay Area, Silicon Valley experienced tremendous growth during the last business cycle. Major companies such as Google, Apple, and Meta (formerly Facebook) have expanded their presence in recent years, which has historically translated to strong lodging performance. However, with the onset of the pandemic and a market-wide shift in policy toward remote working in 2020, hotels have been severely affected, particularly in terms of average rate. Moreover, the influx of new supply over the last several years has been significant, which has substantially heightened competition within most Silicon Valley submarkets.
Ever-changing market factors, including external economic forces, shifting demand patterns and changing competitive pressures, can all influence a property's success and constantly require hotel property owners to re-evaluate their asset's position to improve its image, profitability and value.