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.
Massachusetts, June 19, 2024 – Data Plus proudly introduces DP Pay, a revolutionary next gen web-based payment system now available to all customers. This innovative platform sets a new benchmark in invoice-to-pay automation, offering a sleek user interface and comprehensive virtual card supplier payment system.
The South’s award-winning collection of hotels and clubs has found new ownership in James and Jessica Whitley of Athens, Georgia. On Friday, June 14, 2024, the sale of Old Edwards Hospitality Group’s assets was completed between long-time owners Art and Angela Williams and the Whitleys.
Bet Capital Group acquires Spanish Izan Hoteles group, Ona Hotels acquires two hotels in southern Spain, Grupo Fagra acquires Occidental Castellana Norte hotel in Madrid from Covivio, Capilon Hotels Group and Prima AM acquire vacant hotel in London, Extendam divests easyHotel Malaga City Centre, HIS Group Hotels acquires Hotel Mercure Toulouse Sud, Advenis REIM acquires Pierre & Vacances Hotel Granada in Spain, Courbet acquires Christ-roi hotel in Lourdes, France.
As the hospitality industry continues to evolve, efficient management of Accounts Payable (AP) processes becomes crucial for maintaining financial health. The rise of electronic payments (ePayments) for business disbursements has highlighted the potential benefits of automation. However, while bank ePayables programs offer a seemingly straightforward solution, they often fall short, creating more work than they solve. This article explores why companies should thoroughly vet these programs and consider specialized Payment Automation providers to save time, enhance service, and mitigate the risks of payment fraud.
I don't think this is a good move from Booking.com as indeed advance purchase rates (with no refunds or cancellations) have been a useful tool to attract budget-conscious guests and ensure steady cash flow for hotels. Nowadays, guests are even more price sensitive so by removing completely prepaid rates at a discount, we (they) may lose some customers directly.
In some ways it appers much like the old model of travel agent relationships and vouchers, where the hotel received the funds from the agent after the guest had stayed and submitted their voucher for payment through the accounts receivable process.
Hotel advanced booking/pre-paid rates are typically 10%-20% below BAR (Best Available Rate). These rates have always been an important strategy to put as much business on the books and to decrease cancellation rates plaguing the industry for years, reaching as high as 50% in some destinations.
Over the last several years, hoteliers have been forced to tackle a variety of emerging challenges head-on, from labour shortages to supply chain disruptions and rapidly evolving guest demands. As travel volumes recover, leading hotels are investing in digital transformation and refreshed amenities for an increasingly experience-driven audience.
Obtaining leverage through debt financing is key to achieving the desired equity return on a hotel acquisition. The reduced availability and prevailing high cost of traditional loans are forcing buyers to be creative and consider alternative strategies to seize an acquisition opportunity. This article presents a few of these alternatives.
Hotel Financial Coach, a leading provider of financial management solutions for the hospitality industry, is excited to announce the launch of its groundbreaking Hotel Accounting Policy Manual & Internal Control Review Programs. This innovative suite of services is designed to enhance financial accuracy, operational efficiency, and regulatory compliance for hotels of all sizes.
AENDRE Group, a real estate platform focused on the development and conceptualisation of lifestyle aparthotels, has launched with backing from newly formed private equity firm JuneX Capital Partners, and co-investor New End, to execute on its strategy of creating and scaling disruptive hospitality brands.
Hotel development is a complex undertaking. It requires little of the skills to operate and monetize the asset. Owners and architects are often ill-equipped to measure up the requirements for running a successful hotel a few years down the road. While certain industry trends exist, fundamentals still need to be observed. Words of caution for those attached to specific brands or roles a hotel is meant to fulfill – in today’s world of hyper-efficiencies it is becoming more difficult to provide everything for everyone. Or specifically: provide a comprehensive range of service to all types of travelers. The real estate required to accommodate these service encounters has simply become too expensive to build.
Travel bookings are back. Online sales are expected to account for 76% of total revenue in the travel and tourism sector by 2028, by which time, revenue is set to reach £746.4bn (Statista).
CapitaLand Ascott Trust (CLAS) has acquired the remaining 10% stake in Standard at Columbia, a freehold student accommodation property in South Carolina, United States of America (USA). The earnings before interest, taxes, depreciation and amortisation (EBITDA) yield on total development cost is expected to be approximately 7%. This is higher than the 6.2% EBITDA yield that was projected in 2021 on the basis that the property has achieved stable performance. The acquisition is funded by proceeds from CLAS’ earlier divestments.
Sekisui House REIT Sold St. Regis Hotel Osaka for JPY 21.35 Billion, Fortress Acquired Phoenix Seagaia Resort in Kyushu from Sega Sammy, ARA H-Trust to Sell Two Hyatt House properties to GHM Properties for USD 31 Million, Hanoi’s Noi Bai airport’s International Terminal is Undergoing a USD 196 Million Expansion.
Accommodation providers - from hotels to serviced apartments - need more than just a tech plug-in to succeed in today’s digital-first landscape. As the distribution landscape becomes increasingly fragmented, and guests’ demands and expectations evolve at pace, operators are turning to representation companies to devise and implement wide-reaching commercial strategies.
Value hotel group easyHotel has further strengthened its financial position by securing a £42.5million loan from Santander UK to support its British and European expansion, alongside an additional £6 million loan from BRED Banque for one of its French hotel’s.
Over the past couple of months, it has become increasingly clear that interest rates for hotel financing, and just about everything else, may stay higher for longer. As markets adjust to this expectation, many investors are realizing that they may not be able to delay deals until rates drop back down to so-called “normal” levels. There is mounting pressure for financing decisions that will need to be made in the coming months. In this article, we have compiled and analyzed historical hotel interest rate data, as well as indications from the Federal Open Markets Committee (FOMC or “Fed”) on the anticipated direction of future interest rates, to help provide some context for the past, present, and future of the hotel financing market.
Digital procure-to-pay (P2P) solutions are a no-brainer for the modern hotelier, streamlining procurement cycles and generating insights for more strategic purchasing decisions. But these goals can’t be realised unless everyone is on board for the investment—particularly hospitality leadership and owners.
The Ernest N. Morial New Orleans Exhibition Hall Authority (the Authority) has approved two resolutions critical to moving forward with the development of a 1,000-room headquarters hotel for the New Orleans Ernest N. Morial Convention Center (NOENMCC). In addition to accepting a formal letter of intent (LOI) with Omni Hotels & Resorts (Omni) to own and operate the headquarters hotel, today the Authority voted to approve a purchase and sale agreement for property at Convention Center Boulevard and Andrew Higgins Boulevard. The site, currently operated as the Sugar Mill event venue, is immediately across the street from the Convention Center and is the preferred site for the new headquarters hotel.
We're looking at the finger and not at the moon. As the EC focuses on writing norms, the web for which these norms are written no longer exists. We are witnessing an evolution towards what I like to call a post-search era. AI assistants (be they conversational tools such as ChatGPT/Claude or physical devices such as Rabbit's R1) will one day become the primary (if not the only) interfaces for web access. These models could evolve into primary aggregators and distributors of information, particularly in over-fragmented industries such as ours.
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