M3 Honored As Gold Stevie® Award Winner In 2024 American Business Awards®
M3 was named the winner of a Gold Stevie® Award in the Company of the Year - Hospitality & Leisure – Medium category in The 22nd Annual American Business Awards® today.
News
Foundation to Finishing: Construction Management's Vital Role in Hotel Development and Revitalization
It’s not surprising hotel construction is often a demanding and exciting process, as hotels need to have the comfort of a home and the durability for heavy usage of a restaurant on the scale of an office building. In the dynamic realm of hotel development, success hinges on a multitude of factors, with construction management emerging as a pivotal force shaping project outcomes. This article delves into the profound impact of construction management on hotel development, renovations, and Property Improvement Plans (PIPs), shedding light on its growing importance in an increasingly competitive market.
By Marc Fugnitto, Vice President of Project Management, Interior Image Group (IIG)
Wyndham Hotels & Resorts Reports Strong First Quarter Results
Wyndham Hotels & Resorts (NYSE: WH) today announced results for the three months ended March 31, 2024.
Hilton Reports First Quarter Results
Hilton Worldwide Holdings Inc. ("Hilton," "the Company," "we," "us" or "our") (NYSE: HLT) today reported its first quarter 2024 results.
The Evolving Role of Hotel Controllers
Hotel professionals have a responsibility to mentor today's emerging leaders to be effective lodging professionals. We cannot be effective in mentoring these professionals unless we know what expectations they will likely face in their career.
By Justin Taillon, Professor & Department Head, Highline College
The Future of Hotel Procurement is in the Cloud—Here’s Why
If your hotel uses in-house software to manage procurement, leadership may be reluctant to adopt a cloud-based solution—especially if an on-premise system has served you well for many years. This mindset is likely to put your hotel behind competitors in the near future if it hasn’t already.
By Johannes Vocke, Chief Financial Officer, FutureLog AG
Key Secondary Economic Growth Indicators That Contribute to Lodging Development
It is common knowledge that in order for a lodging operation to be successful, market conditions that contribute to that success must be in place well before the operation opens its doors. While these conditions may be primary to the operation's success, there are secondary economic factors that should also be present before the property is operational.
By James Downey, Professor Emeritus, Lynn University
Economic Watch: Fed Holds Rates Steady; Still Expects Three Cuts This Year
The prospect of higher inflation in coming months will likely cause volatility in financial markets. However, CBRE expects inflation will ease toward the Fed’s 2% target as the year progresses. While it’s too early for the Fed to declare victory on inflation, forward indicators point toward softening in the labor market. This should give the Fed confidence to make its first rate cut in June. With two additional rate cuts expected this year, CBRE forecasts that the federal funds rate will end the year at a range of 4.50% to 4.75%, while the 10-year Treasury yield is expected to fall to 3.7% from about 4.3% currently.
Asia Pacific Hospitality Newsletter - Week Ending 12 April 2024
Weave Living and KKR has Acquired Seoul’s State Sunyu Hotel, LHN is Bringing Two Additional Coliwoo Properties to Singapore, Hilton has Acquired Sydell Group for Luxury Lifestyle Hotel Expansion, Quality Resort Siesta Sold to a Private Indian Syndicate.
On-the-Go and In-the-Know: Why Mobile Procure-to-Pay is the Key to Gaining a Competitive Advantage in Hospitality
Effective procurement departments have a significant positive impact on hotel performance. To endure persistent industry challenges—such as price volatility, tight profit margins, evolving guest preferences, and labour shortages—hoteliers must fine-tune their procurement operations to ensure greater efficiency, agility, and cost savings.
By Johannes Vocke, Chief Financial Officer, FutureLog AG
APAC Hotels & Hospitality Market Update: Japan
Despite being one of the last markets to fully re-open its borders to visitors following the end of the COVID-19 pandemic, the large number of foreign visitors and durable domestic demand have seen Average Daily Rates (ADRs) across all cities and categories increase significantly. STR data show aggregate daily rates reached JPY 18,403 as of February 2024 y-t-d, 35% higher than the same period of 2019.
Insights and Opportunities: Navigating Trends in Middle-Market Hotel Investment Sales
As we navigate the ever-changing landscape of the hospitality real estate market, our team at CBRE Hotels remains committed to providing you with the insights and guidance you need to make informed decisions. In this edition of our newsletter, we'd like to share some key observations from the front lines and offer our perspective on what lies ahead.Some of the most significant trends I've noticed in middle-market hotel investment sales, where we are the market leader, in recent months:
By Michael Yu, Vice Chairman, CBRE Hotels, Investment Sales, CBRE Hotels
The Belfry Hotel & Resort begins its multi-million-pound expansion
A major expansion and renovation project, in excess of £80 million, has begun at the multi-award-winning Belfry Hotel & Resort in the West Midlands. The impressive project, due for completion Autumn 2025, will see a flagship 852sqm event space, The Masters Suite, built and designed to host 648 guests for banqueting with a max capacity of 920, making it perfect for conferences and product launches, mini expos and weddings.
The Top 10 Cash Controls - Hospitality Financial Leadership
Cash is King. That’s an old expression but it’s also one that still rings true today. Everyone likes cash even if we don’t carry so much with us personally anymore. It’s important to recognize that some people will help themselves to your cash if you let them. That might sound extremely clinical and you’re right it is, but it’s also a fact. The only way to minimize your risk is to have a set of controls in place to keep honest people honest and the less than trusty, on their back foot.
By David Lund, The Hotel Financial Coach, David Lund
Actabl and M3 Boosts Strategic Alliance and Enhances Hospitality Industry Operations with API
Actabl, the leading hospitality software company dedicated to empowering hotels with actionable insights to drive profit, today announced an optimized alliance with M3, the pioneer and leading provider of financial and operational management solutions for the hospitality industry. The relationship is poised to enhance hotel operations with API connectivity, delivering added value for hoteliers seeking seamless data integration and analysis.
10 Must-Have Features to Look for in E-Procurement Software for Hotels
In recent years, hoteliers have entered a period of unexpected disruptions. To address these changes, leading chains and independent operators are looking to integrate modern technologies into their operations and guest offerings. According to Deloitte, over half of hoteliers expect automation to improve their bottom lines as well as guest experiences.
By Johannes Vocke, Chief Financial Officer, FutureLog AG
Streamlining Success: The Crucial Role of Hotel Finance System Integration in 2024
As the travel market continues to evolve, with occupancy levels exhibiting extraordinary growth in most major markets around the world, today’s hoteliers are facing an array of challenges in managing their operations efficiently. From guest experience enhancement to the digitization of financial and operational management, ensuring the seamless integration of disparate property systems has become paramount for success. Particularly within a hotel organization’s finance and accounting departments, the importance of system integration cannot be overstated. Ensuring that all elements of the tech stack complement each other’s capabilities not only streamlines critical property processes, but also enhances accuracy, transparency, and overall productivity.
By Jill Wilder, President, Aptech
Europe Hotel Transactions Bulletin - Week Ending 05 April 2024
Hilton acquires majority stake in Sydell Group, Archer acquires Shelbourne Hotel in Dublin from Kennedy Wilson, Trinity, Oaktree and UBS acquire Park Hyatt Zurich leasehold from Hyatt, King Street acquires Bauer Hotel in Venice from Signa, Aprirose acquires three hotel ground rents in the UK from Lloyds PF, La Llave de Oro acquires Hotel Ciutat de Barcelona from Ciutat, Azora Capital acquires two hotels in Brussels, Hotusa acquires Hotel Alma Pamplona in Spain from Alma Hoteles.
Analysis: Hotels projected to pay record taxes and wages in 2024
America’s hotels are projected to generate record levels of federal, state, and local tax revenue this year while paying employees historic totals of wages, salaries, and other compensation, according to state-by-state projections released today by the American Hotel & Lodging Association.
Cornell study shows how tax reform could boost hospitality investment
The Tax Relief for American Families and Workers Act of 2024, H.R. 7024, could provide substantial tax relief to hotels across the country, incentivizing investments in renovations and property upgrades, according to a Cornell University study commissioned by the American Hotel & Lodging Association.