BirchStreet Systems Appoints Bill Smith Chief Financial Officer
BirchStreet Systems, the market leader in P2P software for the hospitality industry, announces the appointment of Bill Smith as Chief Financial Officer.
Supplier News
M3 and Trintech Announce Strategic Partnership to Help the Hospitality Industry Streamline and Automate the Financial Close Process
GWINNETT, GA - M3, the hospitality sector’s #1 cloud-based accounting, financial, and data management platform in North America, and Trintech, an industry-leading global provider of Record to Report software solutions for the Office of Finance jointly announce a strategic partnership. This exciting new partnership was launched to help organizations in the hospitality industry streamline the financial close process by automating key processes and ensuring better internal controls. As a result of this partnership, M3 will offer Trintech’s Adra Suite as part of its financial solution portfolio for Business Process Outsourcing (BPO).
M3 Minutes - M3 & Hotstats
M3 customers can utilize HotStats’ comprehensive monthly profit and loss analysis reports to track financial performance across more than 500 key performance indicators (KPIs). Using data sourced from millions of guest rooms across more than 120 global hotel brands, HotStats' benchmarking services identify areas of outperformance and underperformance, helping M3 customers implement strategies to boost their revenue, contain cost, and improve the bottom line.
What’s the ‘Best’ Accounting Platform on the Market? Award-Winning Luxury Boutique Hotel ‘The Ivy’ Reveals its Pick
Hotels don’t need to be big to benefit from the best technology. Such is the case for The Ivy Hotel, a world-class historic mansion in Baltimore. Ranked No. 6 in the U.S. by TripAdvisor among its “Top 25 Luxury Hotels” and named a Travel + Leisure “Best Hotel on the Planet,” this boutique wedding and meetings destination boasts just 17 guestrooms, along with a small luxury spa, and an acclaimed culinary concept, Magdalena, A Maryland Bistro, that has earned Wine Spectator’s Award of Excellence and the OpenTable Diner’s Choice award. Behind all the accolades at the heart of the hotel sits Aptech, the industry standard for hospitality financial management.
Roomdex Receives Usd 10m Strategic Investment From Webjet Limited
ROOMDEX, a leader in automated hotel upselling solutions, announced today that it has received a strategic investment from Webjet Limited, a global digital travel business based in Melbourne, Australia.
OTH Hotels Resorts Makes its Accounting Operation Paperless with PVNG from Aptech
With revenue volumes among its portfolio of independent, branded and soft-brand hotels and resorts on the rise, third-party management company OTH Hotels Resorts needed a way to streamline its financial processes without incurring costly support fees. Unable to self-administer changes directly into its existing accounting system, the young hotel company — founded in January 2020 — was paying exorbitant administrative costs just to modify a single employee password or add/remove system access as staff came and went. Corporate Director of Finance David Wheeler knew it was time for a change. The 33-year hospitality veteran said he always had tremendous success with Aptech, the industry standard for hospitality financial management. Upon learning of PVNG, Aptech’s advanced enterprise accounting solution built on a Software as a Service (SaaS) model, OTH immediately made the switch, and Wheeler got his wish to operate as a paperless accounting operation.
BirchStreet Systems Announces Investment from Parthenon Capital
BirchStreet Systems (“BirchStreet” or the “Company”), a leading provider of procure-to-pay software to the hospitality sector, today announced an investment from Parthenon Capital (“Parthenon”), a leading growth-oriented private equity firm with deep technology and payments investing experience. Parthenon’s investment, in conjunction with existing investor Serent Capital, will further accelerate BirchStreet’s growth as the Company continues to deliver innovative solutions to its customers within the procure-to-pay software suite. Terms of the transaction were not disclosed.
myDigitalOffice Receives Strategic Investment From Cove Hill Partners
myDigitalOffice, a leading provider of software to hotel brands, operators, and owners, announced today that it has received a strategic investment from Cove Hill Partners (“Cove Hill”) to support the company in its next phase of growth.
Spa Space Announces $3 Million in Seed Round Funding
Spa Space announced recently the closure of a $3 million seed round of funding. The three-sided vertical marketplace for the spa and salon industries solves the therapist shortage with a wide range of on-demand staffing solutions. The debt and equity financing were organized by veteran technology investor Christopher Craig, who will be joining Spa Space’s Board of Directors. Funds will be used to increase brand awar eness, drive Cloud revenue, accelerate platform development, optimize customer success, and execute contracts in the pipeline.
RobertDouglas Advises Waterton on the $30-Million Financing for the Acquisition of the Sierra Nevada Resort & Spa in Mammoth Lakes, California
RobertDouglas announced today that it advised Waterton in securing a $30-million, non-recourse senior mortgage for the acquisition and renovation of the Sierra Nevada Resort and Spa in Mammoth Lakes, California. The floating-rate financing was provided by a leading alternative credit manager focused on high-quality, floating-rate debt.
Mews Announces Ambitious Hiring Targets to Accelerate Product Innovation for Enterprise Hospitality Brands
Mews, a leader in property management systems, today announces ambitious growth plans for product innovation, dedicated to enabling the largest hospitality enterprises in the world to create remarkable guest experiences. The company is committing to a global hiring plan that will see the business increase headcount by over 90% in the coming year across all functions, expanding offices in Prague, London and Amsterdam and opening new offices in the United States and across Europe. The company is also announcing that Salesforce Ventures, the global investment arm of Salesforce, has made a strategic investment in Mews.
arena4finance partners with US experts, Ascend, to offer HFTP certificates
Arena4finance is proud to introduce the arrival of a new online course for the hospitality industry: ‘A deep dive into the Uniform System of Accounts for the Lodging Industry (USALI)’.
Atomize raises 3.4 Million Euros in a pre-IPO funding round to revolutionize pricing in the hospitality industry
Atomize, the fast-growing revolutionary Revenue Management Software (RMS) provider is reshaping the hotel industry by using sophisticated AI-technology to improve operational efficiencies for hotels and other accommodation providers in the hospitality industry.
Spirides Provides $4.1 Million Loan to Refinance Debt of Best Western in San Angelo, Texas
Spirides Hospitality Finance Company has successfully provided and the borrower has officially closed a $4.1 million loan to refinance the existing mortgage debt of the Best Western SureStay in San Angelo, Texas.
Overwhelming sense of optimism from hospitality investors with 96% expecting improving economic conditions, with hotels leading the recovery
Hospitality Insights, the industry’s trusted investment and development news platform from Questex, has released the Q2 2021 results of the quarterly Investor Sentiment Assessment in collaboration with ABP Invest. Hospitality Insights provides deal-makers with the latest information on trends and opportunities and is the official news arm of top global hospitality conferences, including; The Annual Hotel Conference, The International Hospitality Investment Forum and The Resort & Residential Hospitality Forum.
Cvent, A Leading Enterprise Event Technology Provider, To Become Publicly Traded After Combining With Dragoneer Growth Opportunities Corp. II
Cvent, a market-leading meetings, events, and hospitality technology provider, and Dragoneer Growth Opportunities Corp. II (Nasdaq: DGNS) (“Dragoneer”), a special purpose acquisition company, today announced their entry into a definitive business combination agreement (the “Merger Agreement”). Upon closing, the combined company will operate as Cvent Holding Corp., and is expected to trade under the ticker symbol “CVT.”
M3 Named Gold Globee® Winner in the 13th Annual 2021 Golden Bridge Business and Innovation Awards
M3, the hospitality sector’s #1 cloud-based accounting, financial and data management platform in North America, has been named a winner in the 13th Annual 2021 Golden Bridge Business and Innovation Awards in the Business Intelligence Innovation category for its dedicated business intelligence solution, Insight.
M3 Welcomes Over 25 New Accounting Core Customers
M3, the hospitality sector’s #1 cloud-based accounting, financial reporting and data management platform, onboarded over 25 hotel management companies onto its entry-point software, Accounting Core, in Q1 and Q2 2021. The addition amounts to 320 new hotel properties utilizing M3 to drive cost savings and increase efficiencies.
ProfitSword Demonstrates the Cost Savings of Business Intelligence For Hotels With Newly Published White Paper
ProfitSword, a premier developer of business intelligence and data integration software, has announced the publishing of a white paper focusing on how hoteliers can save themselves from thousands of dollars in operational expenses when deploying an advanced business intelligence platform. Now freely available for hospitality professionals to download from the ProfitSword website, the new white paper takes a step-by-step approach to demonstrate precisely where and how much hoteliers can stand to save, while also providing valuable insight into how the same business intelligence solution can increase profits and result in more efficient use of available labor resources.
Night Audit And All You Need To Know About It
Hotel operation runs without breaks - 24 hours every day for seven days. Maintaining the load of check-ins and check-outs, catering to different kinds of guests and optimizing occupancy are some common challenges hoteliers are familiar with. For smooth running, the front office must routinely review and verify the accuracy of accounting records. Night audit is the process that intends to fulfil this need.