Sonesta, the 8th largest hotel company in the US, today announced a new incentive program that provides a 2% incentive to franchisees who utilize Sonesta’s procurement program for purchasing needs. This initiative offers significant financial benefits to owners and underscores Sonesta's commitment to transparency, innovation, and strong franchise relationships.
Kasumigaseki Capital Transacted Two Japanese Hotel Development Sites, Osaka’s New Mixed-use Development Opens with Three New Hotels, The Light City Mixed-Use Development in Penang is Set to Welcome Two New Hotels, Malaysia Set to Enhance Cruise Tourism Infrastructure, Grand Fortune Hotel Bangkok to be Rebranded into a New Avani Hotel in Bangkok.
Premia to acquire two hotels in Greece from Nordic Leisure Travel Group, Atom divests Exe Coruna hotel in Galicia, Spain.
Anthony Capuano, President and Chief Executive Officer, said, “Marriott reported strong second quarter results, with net rooms up 6 percent year over year and worldwide RevPAR[1] growth of nearly 5 percent, as consumers continued to prioritize travel. International RevPAR increased more than 7 percent, with Asia Pacific excluding China leading the way, posting an impressive 13 percent RevPAR increase from the year-ago quarter.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.