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.
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.
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.
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.
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.
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.
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.
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.
CFOs are on the move. Since 2022, the hospitality sector has witnessed a dramatic shift in its financial leadership environment. Data shows that during the first six months of 2023, 103 CFO (Chief Financial Officer) changes occurred in Fortune 1000 companies.[1] This number represents a 30% increase from the 79 changes in the same period in 2022. From a hospitality perspective, this CFO “carousel” and the high demand in 2023 for CFOs and other finance executives is unlike anything the industry has ever experienced. The demand for top talent has risen across all disciplines, but 2023 was definitely the year of the CFO. Surprisingly, we didn’t see as much movement in marketing, which usually shows very high turnover.
Over the past four years, utility costs at U.S. hotels have increased at a pace greater than total operating revenue. As a result, utility department expenses increased from 2.9 percent of total revenue in 2019 to an estimated 3.3 percent in 2023. As hotels have struggled to recover from the pandemic, any rise in cost ratios is an area of concern for owners and operators.
M3, LLC (formerly known as M3 Accounting Services, Inc.), the nation’s #1 hotel accounting software and financial reporting provider, as ranked by HotelTech Report, is thrilled to announce Tessa White as the keynote speaker for its highly anticipated 2024 Partners’ Meeting, coinciding with the 150th Kentucky Derby in Louisville. The event promises to be an enriching experience, bringing together top leaders from across the industry for collaborative discussions, insightful sessions, and valuable networking opportunities. Scheduled for April 28- May 1, 2024, attendees will have the opportunity to earn up to 75% of their annual required CPE credits, along with engaging content, collaborative case studies, and an exploration of the latest USALI v 12 publication.
The Meet the Money® 2024 program has launched on MeetTheMoney.com, and we’re excited to bring you a conference packed with the experts you want to hear from. Join us in Los Angeles for three days of high-level discussion panels and special industry presentations focused on financing, investment, deal-making, and success in this year’s market.
FutureLog, the leading provider of innovative cloud-based procure-to-pay solutions for the hospitality industry, is proud to announce that it has achieved the prestigious International Standard on Assurance Engagements (ISAE) 3402 Type I and Type II certifications. Awarding the certificates demonstrates FutureLog's ongoing commitment to maintaining the highest standards of operational efficiency, risk management, and client data security.
As one of the first international hotel companies to enter the China market, IHG Hotels & Resorts (IHG) upholds its "in China, for China" commitment. With a leading position in the industry, IHG anticipates trends in the tourism market and guest needs. Recently, IHG concluded its "Dream Bigger, Travel Bigger” 2024 Greater China Expo Roadshow in Beijing, Shenzhen, and Shanghai. This initiative further bolsters the revival of the business travel market and showcases IHG's robust expansion across Greater China region.
CPIPG sells 50% stake in eight Czech hotels to Best Hotel Properties, BG Hotels sells BG Portinatx Beach Club Hotel in Ibiza to Spanish hotel family, ASG sells Hampton by Hilton in Barcelona to UK family office, Millennium REIT sells Hotel Eurostars Lucentum in Spain.
The Atlanta Marriott Marquis was bustling this week with another successful Hunter Hotel Investment Conference. Kudos to the Hunter and Marriott teams for executing an extraordinary event! Some key takeaways from the HVS brokerage and consulting staff members who attended the conference are summarized in this article.
Milestone Inc. announces its integration with Olo, a leading restaurant technology provider, as an official Olo Connect Developer Partner. This integration enables businesses to expand website management beyond Milestone's platform and incorporate the restaurant capabilities provided by Olo.
M3 has announced it has earned the 2024 Top Workplaces USA award, issued by Energage, a purpose-driven organization that develops solutions to build and brand Top Workplaces. The Top Workplaces program has a 15-year history of surveying more than 20 million employees and recognizing the top organizations across 60 markets for regional Top Workplaces awards.
Travelodge OpCo Group, the UK’s first budget hotel brand which operates nearly 600 hotels, today announces the completion of the property acquisition as anticipated in the announcement of the agreement on 8 January 2024.
FutureLog, the leading provider of innovative cloud-based procure-to-pay solutions for the hospitality industry, made a significant impact as both sponsor and panel moderator at the recent Asian Hotel Industry Conference & Exhibition (AHICE) South East Asia held in Singapore. Hosted by HM Magazine, this year's event took place from February 27-29 and gathered industry experts, hotel professionals, and technology leaders from around the world.
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