Aptech Computer Systems, Inc., the leading provider of hospitality software for business intelligence, enterprise financial accounting, and resource planning, today announced that four hotel companies have selected the Profitvue® back office system for corporate and property financial accounting.
Innkeepers USA Trust, a real-estate investment trust that owns more than 70 midmarket hotels, is preparing to file for Chapter 11 bankruptcy protection in the coming days, said people familiar with the matter. Innkeepers could file for bankruptcy as soon as Monday, two of these people said, though the exact timing remained in flux. The hotel company, laboring under more than $1 billion in debt, holds interests in 73 extended-stay hotels and other properties operated under brands such as Hampton Inns, Courtyard by Marriott and Embassy Suites. The hotels are spread across 19 states and Washington, D.C.
The recession may be over from an empirical standpoint, but that doesn’t mean lenders have stopped pressuring owners. Now is the time when the aftereffects of the downturn are really taking hold, leaving many owners struggling to hang on by their fingertips. But there are alternatives to mailing in the keys, according to panelists during a session titled “Hotels In Default: What’s Next?” at the Midwest Lodging Investment Summit this week.
Three and a half years into their partnership, PKF Consulting, Inc. (PKFC) and Colliers International today announced that they will further leverage their relationship by co-branding within the United States. The global reach and diversity of real estate services offered by Colliers International augments the benefits derived from PKFC’s affiliation with PKF International. The co-branding underscores the successful combination of their individual strengths.
Nearly 200 professionals gathered to discuss current hospitality finance issues at Hospitality Financial and Technology Professionals' (HFTP®) Club and Hotel Controllers Conference. The conference, co-located with the 2010 Hospitality Industry Technology Exposition and Conference (HITEC®), was June 22-23 at the Orange County Convention Center in Orlando, Fla. It included an extended education schedule with two full days of education, and HITEC-related benefits like access to the largest hospitality technology exposition and an expanded group of peers to network with.
Following an in-depth vendor selection process, Starwood Hotels & Resorts Worldwide, Inc. selected Adaco.NET, the world's leading hospitality procurement platform. The announcement was made at the HITEC 2010 conference that opened here today, the world's largest hospitality technology event.
Officials of Shaner Hotel Group (SHG) today announced plans to acquire between $300 million and $500 million in hotel assets over the near term, possibly as soon as by year-end. The company also announced that its Shaner Mortgage Real Estate Investment Trust (REIT), funded by Shaner and Five Arrows Realty Securities V, L.P., has acquired $90 million face amount of performing first mortgage debt under its previously announced plan to acquire approximately $200 million of debt.
Hotel transaction volume in the United States looks set to surpass the prevailing forecast of $3.5 billion this year, as aspiring investors grouse about stiff competition and higher-than-expected prices for choice hotels. Through May, hotel investments amounted to about $2.2 billion, much of which has been the province of publicy-traded lodging real estate investment trusts (REIT), according to a Baird Research note published in late May.
The U.S. hotel industry reported increases in all three key performance measurements during the week of 23-29 May 2010, according to data from STR. In year-over-year measurements, the industry's occupancy increased 19.1 percent to 61.3 percent. Average daily rate was up 4.3 percent to US$97.21. Revenue per available room rose 24.2 percent to US$59.56.
The rewards of buying such loans are substantial, as they usually are sold at a discount—often steep—to the outstanding amount of the loan. The goal when purchasing a hotel loan is usually to obtain title to the hotel as quickly and inexpensively as possible, not to remain as the lender on the loan. However, too often buyers approach a note purchase like they are simply buying the underlying hotel—without adequately analyzing the numerous landmines along the path to hotel ownership. When you analyze whether to purchase a distressed hotel loan and what price to pay for it, it is important to assess all of those risks.
A Centerbridge-led consortium, which includes Blackstone and funds controlled by John Paulson, has agreed to pay $3.93bn for the bankrupt hotel chain Extended Stay Hotels, following a heated auction that ended early yesterday morning. Blackstone, the private equity firm, has owned the group before. It bought Extended Stay in 2004 for $2bn and $1bn in debt. It then sold the chain for $8bn to Lightstone Group at the peak of the market in April, 2007.
According to George Mason University’s Center for Regional Analysis, the Leading Index for the Washington MSA, which provides a projection of future economic conditions based on an amalgam of indicators, has seen month-over-month increases since the fourth quarter of 2009. While the market lost almost 8,800 jobs between March 2009 and March 2010, D.C. fared better than any of the other top 15 job markets in the country and still has the lowest unemployment rate among this group.
The more things change, the more they stay the same. Both political parties know a winning strategy when they see it. After a year where the principle focus was on health care, the whole focus seems to have shifted to jobs. Little if any time or importance was spent on taxes. However, it just puts more pressure on 2010 because of the expiration of a number of provisions during 2009 and even more at the end of 2010.
“HVS Property Tax Services has been formally established to meet the increasing demand of hotel owners seeking to reduce their property tax expense during the current economic climate,” explains Rushmore. “This new HVS division will specifically assist hotel owners and operators in analyzing their overall tax burden, and then represent them in the appeal process. HVS’s experience in property tax valuation spans 30 years, and our colleague Tom Dolan has been representing owners’ interests for the last ten.”
Overall hotel capitalization rates have declined 32 basis points from 2009 to 2010. We attribute the decline in hotel cap rates to the over-weighted influence of high-priced urban and luxury hotel transactions. Hotel cap rates are above 10 percent for extended-stay and select-service properties. While these property types are extremely popular with guests, they are also preferred by developers and run the risk of increased competition.
Hotel chains like Starwood and Host Hotels will book more business as the economy revives. But their stocks reflect a bit too much optimism. Hotel profits are highly sensitive to modest changes in occupancy levels and room rates. As they say in the industry, room rates change overnight, allowing hotel operators to benefit quickly from an economic upturn, like the one that's apparently under way in the U.S. Hotel stocks, however, look overpriced because the industry is only starting to come out of one of its deepest slumps in decades. ...
What is really happening with the recovery and how will it affect the hotel industry? Insightful perspectives from the experts at Meet the Money®. It is hard to walk down any office corridor or sit in any restaurant in the county and not hear a discussion that boils down to the following: "Thank goodness! The recession is over and the recovery is here!"
Just months after opening a 28-story tower in downtown Boston, the owner of the upscale W Boston Hotel and Residences filed for bankruptcy protection yesterday, a stunning financial breakdown for a developer that labored for more than a decade, only to open as the hotel market plummeted and condo sales still had not picked up.
Starwood Hotels & Resorts Worldwide Inc.'s (HOT) first-quarter earnings soared on prior-year charges as the lodging company saw demand continue to strengthen, though timeshare revenue declined. The results smashed analysts' expectations and the company forecast second-quarter earnings of 21 cents to 25 cents a share. Analysts polled by Thomson Reuters projected 19 cents. The year's target was raised by 25 cents to 88 cents a share as the growth forecast for revenue per available room was increased to 5% to 8% from February's boosted estimate of flat to up 5%.
Wyndham Worldwide Corp.'s (WYN) first-quarter earnings rose 11% on fewer charges as the lodging company reported stronger timeshare revenue and got a boost from favorable exchange rates. Results topped expectations and the company projected second-quarter earnings of 38 cents to 42 cents a share, while analysts polled by Thomson Reuters recently expected 37 cents. In addition, it raised its 2010 adjusted earnings projection to $1.56 to $1.71 a share from $1.48 to $1.69 while raising the low end of its revenue view.
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