Ready to partake in the forward momentum of the recovering hospitality industry, the Hospitality Financial and Technology Professionals (HFTP®) Global Board of Directors has outlined multiple initiatives it will undertake to support its professional members and stakeholders.
Hospitality Financial and Technology Professionals (HFTP®) has introduced a new professional course from its HFTP Academy: the Hospitality Benchmarking Certificate, which demonstrates expertise in financial analysis and benchmarking. The course is a collaboration with the hotel benchmarking firm HotStats and will be supported by Ascend, a hospitality talent development company. The certificate is delivered as a comprehensive course available to all, with no previous experience required.
Accor announces that it completed the disposal of a 1.5% stake in Huazhu Group Limited (HTHT) for €239m. This transaction allows Accor to crystallize further value creation of the initial investment while simplifying its balance sheet. After this transaction, Accor owns a 3.3% stake in Huazhu and continues to be represented at the Group's Board of Directors.
NEW YORK-Highgate, the premier global real estate investment and hospitality management company, announces its receivership and loan resolution capabilities with the formation of a dedicated team that brings decades of expertise as court-appointed receivers and operators for hotels with distressed assets requiring lender involvement. The platform will be led by industry veterans Richard Millard and Joseph Klam.
Listen to the podcast with Sarah Dandashy (Ask a Concierge). The financial side of hospitality isn't as sexy (to some) as other parts, but it is, of course, what determines success and that's super sexy! In the hotel world, knowing the numbers translates to individual and organizational success.
Minor Hotels Partners with Funyard Hotels & Resorts for China Expansion, South Korea Supports Vietnam's Hue Smart City Plan With USD13 Million, Gold Mine Museum and Park to be Constructed in Bau, Kuching, Cambodia’s Kep Province to Become Tourist Hotspot.
In December, Scandic's average occupancy rate was approximately 15 percent with continued weak demand in all markets. Ongoing rent negotiations have thus far led to agreements for rent reductions and offers from landlords totaling approximately 850 MSEK.
The MGM Resorts International ("MGM Resorts") (NYSE: MGM) Board of Directors acknowledges Snow Lake Capital's letter related to MGM China Holdings Limited ("MGM China"), a separate, publicly traded company. MGM Resorts remains committed to Macau and will continue to take actions that are in the best interests of its shareholders and stakeholders. We appreciate continued constructive engagement with MGM China shareholders.
Snow Lake Capital Limited, a leading Asian alternative investment management firm with over US$3 billion in assets under management, today sent a letter to the MGM Resorts International (NYSE: MGM) ("MGM" or the "Company") Board of Directors urging them to sell 20% of their MGM China Holdings Limited (HKEX: 2282 HK) ("MGM China") business to a Chinese company as a strategic investor.
In November, Scandic's average occupancy rate was approximately 20 percent due to extremely weak demand in all markets. Recently intensified rent negotiations have thus far led to agreements for rent reductions and offers for rent reductions from landlords totaling approximately 500 MSEK.
Iris Capital Snaps up Accor Hotel Portfolio for AUD180 Million, Discovery Lodge Acquired by New Zealand’s Largest Private Hotel Investor, Victorian Government's AUD465 Million Tourism Package Include AUD200 Travel Voucher Scheme, ADB Approves USD484 Million Loan for Expressway Linking Myanmar’s Bago Region.
Travel spending in the U.S. is expected to finish the year 45% down from 2019 levels, and will still not have returned to its pre-pandemic strength by 2024, according to the latest figures released by the U.S. Travel Association.
Singapore-Hong Kong Air Travel Bubble to Start on 22 November 2020, Philippines Eases COVID-19 Hotel Restrictions and Lifts Foreign Travel Ban, Radisson Hotel Group Welcomes the Ninth brand, Alta Capital Real Estate Announced a New Hospitality Portfolio.
The 2020-2021 Global Executive Committee and Board of Directors for Hospitality Financial and Technology Professionals (HFTP®) have officially begun their term at the start of this month. The association leaders represent a wide variety of segments within the hospitality industry, including: clubs, academics, hotels, finance, technology and more. The HFTP Global Board volunteers its time and professional expertise to help guide and progress the association to the forefront of the industry as it carries out its strategic plan.
Singapore Eases Local Tour Restrictions from 1 November, Indonesia Government to Disburse IDR3.3 Trillion Grant to Tourism Industry, Ratanakorn Asset Appointed ONYX Hospitality Group for Three Developments in Pattaya, Singapore and Germany to Set Up Reciprocal Green Lane for Business and Official Travel.
On election day this year, voters in California will be choosing between maintaining the existing Prop 13 which has been in place for 42 years (since 1978) and Prop 15, the first meaningful adjustment to tax laws with regard to assessing real estate in California for property tax purposes.
Bill Navas, a 30-year hotel industry veteran has launched Rich-Port Hospitality Development, an innovative advisory firm primarily focused on executing capital projects for clients. Rich-Port also assists institutional investors with pre-acquisition due-diligence and provides hotel companies with outsourced brand representation and technical services.
Singapore to Allow Visitors from Australia and Vietnam from 8 October, Seychelles Review Travel Advisory and Open Borders to All Countries from 2 October 2020, Bandar Malaysia to Start with Over Twelve World-class Towers Worth MYR10 Billion in 2021, Australia Government Allocates AUD231 Million to Domestic Tourism.
Service Properties Trust (Nasdaq: SVC), or SVC, today announced that it has terminated the management agreements for 122 hotels with Marriott International, Inc. (NYSE: MAR), or MAR. As previously announced, SVC sent a letter requesting MAR advance $11.0 million to cover the cumulative shortfall between the payments SVC had received to date and 80% of the cumulative priority returns due to SVC for the eight months ended August 2020.
Fantauzzo Art Series Hotel Acquired by Ghassan Aboud's Crystalbrook Collection for AUD75 Million, Japan to Allow Entry for All Non-tourist New Visa Applicants from 1 October, Sabah Tourism Board Launches Domestic Travel Stimulus to Help Tour Operators, Thailand Approved Special Tourist Visa.