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.
As Sophisticated Lodging Professionals, you know the Tax Savings strategy and benefits of a Quality Cost Segregation Study. You know, and understand, that a Quality Cost Segregation Study looks at all Commercial Non-Residential 39-Year Property, and all Commercial Residential 27.5-Year Property, and reclassifies a percentage (%) of that Property away from long-lived 27.5 & 39-year Tax Depreciable Property to short-lived 5, 7 & 15-year Tax Depreciable Property.
For most U.S. hotel owners and operators, one of the major challenges in 2023 has been the need to control expenses amidst slowing revenue growth. Through September of 2023, the properties in CBRE’s monthly survey of hotel operating statements have seen their total operating revenues increase by 7.4% year-over-year, while total operating expenses1 grew by 10.0% during the same period. The net result was a decline in Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of 0.2%.
Hotel values across Europe remained steady in 2023 buoyed by the consolidation of the post-pandemic recovery and a steady desire to travel keeping average room rates strong, according to the annual European Hotel Valuation Index (HVI) published this week by global hotel consultancy HVS.These influences combined to off-set the impact of a number of geopolitical challenges including the war in Ukraine, the war between Israel and Hamas and the shaky Chinese economy as well as increasing operating costs, and high interest rates.
Accor announces that it has concluded on March 11, 2024 a share purchase agreement to repurchase a block of 7 million of its own shares – representing 2.77% of its capital[1] – from Jinjiang International. The price per Accor share for this transaction is €39.22, i.e. at a discount of 3.0% compared to the closing price of March 11, 2024 of €40.43.
As the hospitality industry continues to evolve and adapt, it's crucial for professionals to stay ahead of the curve. Today, we are thrilled to announce the launch of our brand-new website, HotelFinancialCoach.com, designed to empower hospitality professionals like you with the information, leadership skills and knowledge needed to achieve financial excellence in the industry.
Accor, a global hospitality leader, is set to rejoin the CAC 40, the benchmark index of the Paris stock exchange. The decision, effective from March 15, 2024, was made by Euronext Paris's Expert Indices Committee following the quarterly review of the CAC 40 index. This milestone marks another significant achievement for Accor, which is already a member of the CAC 40 ESG index, recognizing companies for their exemplary environmental, social, and governance practices.
The Future Hospitality Summit (FHS), the region’s most influential hospitality and tourism investment event - now transformed and titled ‘FHS World ’ and double in size - returns to Dubai this September.
Volatile prices, extended lead teams for goods and services, and keeping up with guest preferences are just a few challenges that continue to impact hotel supply chains years into pandemic recovery. For leading hoteliers, investing in digital procurement innovation is crucial to addressing these concerns — not just as a way to bounce back from COVID-19 but as a lasting component of business growth, resilience, and prosperity for the hotel industry.
Choice Hotels International, Inc. (NYSE: CHH) ("Choice") urges the stockholders of Wyndham Hotels & Resorts, Inc. (NYSE: WH) ("Wyndham") to tender their shares into the exchange offer ahead of its expiration at 5:00 p.m. ET on Friday, March 8, 2024. Tendering shares will send a clear message to Wyndham's board of directors to constructively engage with Choice to reach a consensual agreement on the terms of a transaction. Depending on participation, Choice intends to either extend or terminate the exchange offer and will evaluate next steps related to its nomination of a slate of independent directors for election to the board of directors of Wyndham.
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