One of the initial steps when considering a new hotel development is the all-important hotel feasibility study. Or is it the market study? Or should you, the developer, be considering an interim step?
Wyndham Hotels & Resorts (NYSE: WH) today announced results for the three months ended June 30, 2024. Highlights include:
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.
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 Outdated solutions are typically expensive, inflexible, and inefficient, yet many organisations persist in using these antiquated systems.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.
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 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.
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.
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.
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.
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.
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.
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.
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.
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.
“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.
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.
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.
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.
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.
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.
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