Accor - First half 2024: solid performances in line with growth targets
The first half of 2024 confirms Accor's growth outlook, as presented at the Capital Markets Day on June 27, 2023 and reiterated in recent earnings and revenue releases.
News
The Top 7 Pain Points in Hospitality Procurement and How to Overcome Them
Siloed and fragmented procurement software often complicates the procure-to-pay process. Outdated solutions are typically expensive, inflexible, and inefficient, yet many organisations persist in using these antiquated systems. This reliance on old-fashioned procurement management systems hinders operational efficiency.
By Johannes Vocke, Chief Financial Officer, FutureLog AG
Global Hotel Alliance Reports Strong Q2 Performance with Revenue and Room Night Growth in Double Digits
UAE-headquartered Global Hotel Alliance has reported robust Q2 results across all key performance indicators positioning the world’s largest alliance of independent hotels brands for a positive second half of the year.
Aptech Teams with BirchStreet Systems to Bring Procure-to-Pay Processing to Twenty Four Seven Hotels
Aptech has teamed with BirchStreet Systems to deliver efficiency and automation where it is most needed – the procure-to-pay (P2P) process. Based on customer demand, this collaboration brings together the best in cloud-based enterprise accounting and P2P software to deliver better control over purchase orders, invoicing, budgeting, order delivery, flexible payment options, invoice imaging, and financial review efficiency with drill down from P&L to invoice image.
HFTP, AHLA and GFC Unveil Groundbreaking 12th Revised Edition of the Uniform System of Accounts for the Lodging Industry (USALI™)
A newly-revised edition of the Uniform System of Accounts for the Lodging Industry (USALI™) is now available, published by Hospitality Financial and Technology Professionals (HFTP®). The publication is available for purchase and download here.
Why a Data Strategy Is Key to Menu Engineering Success
Amid a growing travel market and steady inflation, hoteliers are under increased pressure to differentiate themselves from competitors and remain profitable. While room rentals are often considered the greatest source of hotel revenue, your culinary offerings also serve as a valuable opportunity to attract and retain business.
By Johannes Vocke, Chief Financial Officer, FutureLog AG
HFTP Launches Clubs-Online, Offering Exclusive Content for the Club Industry to Power Management Decisions
Hospitality Financial and Technology Professionals (HFTP®) is expanding its news and information distribution arm with the launch of Clubs-Online™, a newsletter catering to club professionals. The newsletter, available to HFTP members and subscribers, will feature exclusive content presented by industry experts and geared to club professionals, owners, and board directors as it relates to finance and technology.
Revamping Fort Lauderdale: Convention Center Expansion and Omni Hotel Development
Fort Lauderdale, a staple South Florida beach destination, is shifting its focus beyond leisure tourism with a $1.3-billion investment in the Broward County Convention Center and adjoining Omni Hotel. Following this project, Fort Lauderdale will position itself as both a vacation destination and a commercial city.
By Emeldina Paratusic, Project Manager, Miami, HVS
Europe Hotel Transactions Bulletin - Week Ending 05 July 2024
Room Mate acquires the Staying Valencia portfolio, ISTAR Club-Deal sells Best Western Premier Opera Opal in Paris, Entra sells Clarion Collection Hotel Savoy in Oslo, Kaya Tourism Group acquires Great Northern Hotel in London, VOIhotels acquires Arenella Resort in Sicily, Italy, Dudok Real Estate acquires Holiday Inn Express Rotterdam Central Station.
Asia Pacific Hospitality Newsletter - Week Ending 28 June 2024
JHR is Acquiring Two Hotels Each in Okinawa and Tokyo for a Total of JPY 56.2 Billion, MRA Acquires the Randor Hotel Hiroshima Prestige in Hiroshima for JPY 2.58 Billion, Ananda Sold Five Service Apartment Business Subsidiaries for THB 2.54 Billion, TAP Secures SGD 5.33 Million from Apricot Capital in Funding Exercise for Planned Expansions, Tuan Sing Holdings Limited Announces Rebranding of Hyatt Regency Perth Hotel in Perth, Australia.
From Chaos to Control: Why P2P Software Is a Must for Efficient Hospitality Contract Management
Maintaining strong, equitable vendor relationships is key to any successful hotel enterprise, especially during periods of economic uncertainty. When done effectively, these partnerships ensure that hotels can navigate supply disruptions, provide consistent, high-quality amenities, develop unique and competitive offerings for guests, and meet industry standards and regulations. For many hotels, cooperation with suppliers was essential for surviving the pandemic and continues to help set them apart from competitors.
By Johannes Vocke, Chief Financial Officer, FutureLog AG
Measuring Economic Impact Is a Win-Win for Developers and Municipalities
Introduction: At a time when financing for hospitality development projects is challenging for developers, it can often mean that some projects won’t ever come to fruition. At the same time, municipalities would like to increase their hotel or resort offerings to attract travelers to their destinations while remaining fiscally responsible. When developers seek government assistance for development projects, state and local authorities must balance the needs of developers in the community with the financial realities of the project.
By David Sangree, MAI, CPA, ISHC, is President of Hotel & Leisure Advisors, Hotel & Leisure Advisors (H&LA)
The Top 10 Accounts Receivable Controls
“AR” as we commonly refer to the sub department of the accounting function is a mainstay in any larger group-based hotel. In these juggernauts the importance of efficiently collecting your money is mission critical. Not only do we take the chance that the group will come and stay after we hold all those rooms, but we also roll the dice and give them credit.
By David Lund, The Hotel Financial Coach, David Lund
Scandic launches sustainability-linked long-term financing
Scandic has carried out a refinancing of the company’s credit facilities with a group of banks that will ensure robust, flexible and long-term financing adapted to the Group’s growth strategy and strong financial position.
New USALI 12th Revised Edition Update – ESG related changes
Following the last edition published in 2014, the new 12th Revised Edition of the Uniform System of Accounts for the Lodging Industry (USALI) has its debut this year (the e-book version will be available in July) and will be placed in effect on January 1, 2026. Besides other adaptations, new elements i.e. schedules have been introduced which further increase transparency and alignment with contemporary practices. These include reporting guidelines concerning the executive/club lounge; payroll FTE; all inclusive; brand and operator costs; guest loyalty program; and energy, water & waste (EWW). In the first of our USALI update series, we summarise the new EWW Schedule 9 which relatesto the E in ESG.
Asia Pacific Hospitality Newsletter - Week Ending 21 June 2024
Kasumigaseki Capital Acquires Hotel and Land in Japan for Future Hotel Development, Star Asia Group Acquires Japan-based Hotel Operator Minacia from Unison Capital, Malaysia Extends Visa-exemption for Chinese travelers until the End of 2026, Capital Property Group Announces Mixed-use Development in Canberra’s City-Business District, South Korea to Expand Cruise Industry Through Construction of a New Wharf and Maritime Passenger Terminal.
'Bifurcation' in Data and Tone Drives Hotel Industry Conversation
After spending two days in sessions and the hallways at the 46th annual NYU International Hospitality Industry Investment Conference, I am now less optimistic than I was at the beginning of the conference on Monday morning.
By Jan Freitag, National Director, Hospitality Market Analytics, HotelNewsNow
Data Plus Unveils New Website: HotelFMS.com
Massachusetts, June 24, 2024 – Data Plus is excited to announce the launch of its new and rebranded website, HotelFMS.com, an upgraded web presence to showcase Data Plus’s comprehensive financial management solution tailored specifically for the hospitality industry. The new site will help Data Plus in expanding its products and partnerships content associated with its rapidly growing and robust suite of Financial Management System (FMS) solutions, DP Finance, DP Supply, and newly introducing DP Pay, the latest addition.
How to Recognize When It’s Time to Upgrade Your Generic Accounting Platform to a Hotel-specific Solution
When you think of the most important department in a hotel, accounting may not be the first one that comes to mind for many people. The truth is, however, a hotel or multiproperty hotel organization requires accurate data from its accounting systems to sustain its financial health and run efficiently, and that affects all of the other departments.
By Jill Wilder, President, Aptech
Mews adds point-of-sale to its embedded payments experience, bringing time savings to staff and guests
Mews, the industry-leading hospitality cloud, has announced the addition of Mews POS (Point-of-Sale) to the embedded payments experience offered with Mews Hospitality Cloud, bringing increased operational time savings for hotels and frictionless experiences for guests.