As a result of the recent turmoil in global stock and bond markets, there is no shortage of pontificators articulating down side economic risks and predicting near term recession. Generally, anxiety appears to be the flavor du jour as fewer market analysts are forecasting economic growth and prosperity. The reality is no one can state with absolute certainly that the economy is headed into a downward cycle.
Sound financial planning with an experienced accounting team can make FF&E and CapEx spending much easier. Early in my career, a client told me that if we do a great job on sourcing, purchasing and delivery of furniture, fixtures and equipment, but have issues in the accounting process, we will not be hired again.
Like Jimmy Walker, the luxury side of the hotel business is “Dyn-o-mite!”
But while the luxury segment is still enjoying ‘good times,’ there are of course current and future challenges facing these hotels. And it’s becoming more apparent as the strong hotel economy is ironically making it harder for luxury- focused hotel companies to operate.
With forecasting, labor, scheduling, inventory control and purchasing in line, you are not likely to be surprised when your monthly statements are published. At the time of writing this, the Powerball lottery is approaching $1 billion. I cannot help imagining a world in which I can spend $80,000 a day on my whims, never even touching the after-tax principal of $600 million. But odds are, my $2 quick-pick isn’t going to transport me to a life of bon-bons on the Riviera. So for now, I will need to survive on salary and incentive.
Surprise – the start of 2016 means that tax time is already here. For many of us, it means looking forward to a much-anticipated annual tax return, or paying that dreaded bill. It’s also the ideal time to take steps to protect yourself from tax fraud. You probably already know that identity theft has continued to increase in recent years, climbing along with related fraud instances. Tax prep time is open season for thieves, however, according to a recent Experian survey, many consumers aren’t even taking IRS-recommended steps to protect themselves during the filing process. What more can you do to amp up your security? Learn more from new study findings and see how you can keep your identity locked up during tax time.
We are back to the beginning of a new year – or at least for some of us, the Chinese will celebrate their New Year early February (the Year of the Monkey) by driving away evil with drums and symbols, parts of India will celebrate their new year in April with songs and dance, while the Muslim New Year won’t start until October with prayer.
It’s the dawn of a new day for Carl Berquist, who retired on Dec. 31 from his post as CFO of Marriott International.
Carl Berquist Carl Berquist The hotel company’s finance chief since 2009, he came aboard in 2002 as chief accounting officer after 28 years with Arthur Andersen, where his roles included global head of real estate and hospitality and managing partner of the Mid-Atlantic region.
More than half (57%) of hoteliers said they are increasing their marketing budgets for 2016, according to a TravelClick survey, with respondents saying that they will experience the most growth in mobile bookings, compared with any other direct booking channel, in 2016.
Well, it has finally happened. Last month, in a unanimous vote the board of the US Federal Reserve voted to raise interest rates one quarter of a percentage point. Although hovering at historic lows, during the near term additional interest rate increases are anticipated to slowly occur as the Fed continues its stance supporting further improvement in labor market conditions and a targeted return to an inflation rate of 2%.
We had recently a very interesting debate on the issue of pricing and service and reached the following conclusion: As a commodity, service should not be price sensitive or even price related. It is an integral part of any offering or product and consumers should be able to expect it and obtain it regardless of segment or price paid. What is more is that suppliers will need to ensure that within the range that a product sits they will need to deliver to the highest standard in order to remain competitive.
With a 0.6% year-over-year decrease in net room count, it might appear that Choice Hotels International’s third quarter performance was less than expected. However, executives pointed out on an earnings call with analysts that they are hard at work improving the quality of assets in the portfolio, including a continued push into the upscale segment.
Digital is killing your finance organization—and it’s the best thing that ever happened to it.
Bengaluru-based MRG Hospitality and Infrastructure, which owns a chain of boutique hotels under the 'Goldfinch' brand, has acquired the four-star business hotel Aura Grande in Mumbai for Rs 100 crore. The 94-room hotel is located in the Andheri suburb of the city.
Hospitality workers are the "best face of Britain" and any criticism that jobs in cafes, bars and restaurants are a "stopgap" are old-fashioned, according to a Government minister. Employment minister Priti Patel will use a speech to the British Hospitality Association to herald the two million UK jobs growth since 2010 and praise hospitality workers for delivering modern and attractive career options.
MyRoomIn is a Paris-based startup that’s built a luxury hotel booking platform. In a twist, MyRoomIn presents only a few rooms in each of the hotels they tout. It also claims that travelers will get the exact room that they select in the booking process. In another twist, unlike other such search engines, it enables people to select from more than 125 search criteria, such as free wifi, specific room sizes, and gluten-free dining options. The site launched last month with listings in Paris. It plans to add London and Rome hotels by year-end. The company has raised Euro 800,000 in seed funding, led by the Impala Group.
To help hospitality industry professionals better find relevant resources, Hospitality Financial and Technology Professionals created a unique search engine. Searching for information exclusive to the hospitality industry? You’ll soon be able to use an industry-specific search engine that Hospitality Financial and Technology Professionals plans to launch in October. PineappleSearch.com, which is owned and operated by HFTP, aggregates curated B2B content from multiple sources into a single-search, open platform.
Conglomerate Lotte Group said on Wednesday its South Korean hotel arm Hotel Lotte Co Ltd , a key vehicle for control for the group's South Korean businesses, will hire managers for an initial public offering by early September.
Nearly four months have passed since executives at Starwood Hotels & Resorts Worldwide announced their exploration of strategic and financial alternatives. And some investors are getting antsy. Most notable is Senator Investment Group, the multibillion-dollar hedge fund that was a vocal advocate of Starwood’s strategic review earlier this year. The company reportedly has exited its 1.3% ownership position, according to analysts. “It’s been fairly long, and a lot of investors are at least privately antsy,” said David Loeb, senior research analyst at Robert W. Baird & Company, of the process. The expectation for such strategic and financial reviews is anywhere between three and six months, he said. “This is getting a little long, but it’s not unusually long,” Loeb added. - See more at: http://www.hotelnewsnow.com/Article/16497/Investors-shift-as-Starwoods-review-rolls-on#sthash.ALYyREY3.dpuf
Hotels are already feeling the effects of Airbnb’s approach to room rentals, but continued growth could force the hotels to lower room prices. By the end of 2016, Merrill Lynch analysts say listings on home-renting platform Airbnb Inc. could make up as much as 1.2% of hotel offerings. But as a fast-growing startup, with an estimated 40% to 50% growth in listings per year, Airbnb listings could make up 3.6% to 4.3% of inventory by 2020, the analysts say.
Major Chinese hotel group Jin Jiang Hotels Group, which has been on a buying spree since late last year, is continuing to grow through acquisitions. The company has invested approximately US$289.8 million for an 80-percent stake in the midrange Vienna Hotel Group and its restaurants, according to ChinaTravelNews. Jin Jiang Hotels outbid major competitor HNA Hospitality Group and property developer giant Sino-Ocean in the acquisition bid, ChinaTravelNews reported.