Brandt Hospitality Group Getting Great Results From Accounting Software Partner
Aptech | June 5, 2024
Hospitality Financial Leadership: Why Prioritizing Employee Development Has the Best ROI for Owners Too
David Lund | March 27, 2023
Finance
Cornell Study Shows How Tax Reform Could Boost Hospitality Investment
AHLA | April 3, 2024
WASHINGTON (April 3, 2024) – The Tax Relief for American Families and Workers Act of 2024, H.R. 7024, could provide substantial tax relief to hotels across the country, incentivizing investments in renovations and property upgrades, according to a Cornell University study commissioned by the American Hotel & Lodging Association. The study, conducted by Cornell’s Center for Hospitality Research, highlights how hotels of all sizes and service levels stand to benefit from H.R. 7024’s provisions to extend 100% bonus depreciation and expand deductibility of business interest. The bipartisan bill to temporarily extend these provisi...
Gaining Control of Utility Costs
Robert Mandelbaum | April 2, 2024
By Robert Mandelbaum, Joe Snider Over the past four years, utility costs at U.S. hotels have increased at a pace greater than total operating revenue. As a result, utility department expenses increased from 2.9 percent of total revenue in 2019 to an estimated 3.3 percent in 2023. As hotels have struggled to recover from the pandemic, any rise in cost ratios is an area of concern for owners and operators. The good news is that the pace of growth appears to be slowing down. Year-over-year growth rates for utility expenditures have declined on a dollar per-available-room (PAR) basis from a high of 21.4% in 2022 to an estimated 4.0% in 2023...
Industry-Leading Finance Technology To Be On Display at ‘Hunter Hotel Investment Conference’
Aptech | March 13, 2024
As a Silver Sponsor, Aptech will showcase the latest in enterprise accounting, business intelligence, and budgeting/forecasting automation in Booth #812 PITTSBURGH, March 13, 2024 — With relationship building always top of mind, Aptech will be exhibiting at the 35th Annual Hunter Hotel Investment Conference to display its integrated enterprise accounting, business intelligence, and budgeting/forecasting software for hotels. To be held March 19 to 21 at the Atlanta Marriott Marquis, the event is designed to foster networking and create connections. In addition to learning about upcoming investment trends and connecting to the indust...
Avison Young Closed 12 Hotel Transactions Over Last 90 Days
Avison Young | March 11, 2024
ATLANTA – March 11, 2024 – Avison Young announces today that the firm has closed 12 hotel transactions over the last 90 days. Four of the sales were Hilton-branded hotels, two were Marriott-branded hotels, and an IHG and other brands made up the balance. Geographically the hotels were located in the following states – IN, KY, PA, CO, VA, AR, MA, GA, and TN. Of special note, Thierry Roch and Rick George closed a sale on a boutique hotel in the Cape Cod area for close to 1m per room and Chris Kilcullen closed the sale for the upscale Ascent on Main in Parker, CO. Chris Stark, Brad Sinclair, Mike George, Thierry Roch and Rick George were t...
Operational Benchmarking in Practice
Arlene Ramirez | March 4, 2024
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American Liberty Hospitality Leveraging AI for Enhanced End-to-End Hotel AP Automation
Aptech | February 28, 2024
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Hyatt Reports Fourth Quarter and Full Year 2023 Results
Hyatt Hotels Corporation | February 26, 2024
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Accor Releases Full-Year 2023 Results: Record EBITDA of More Than €1 Billion
Accor | February 22, 2024
RESULTS ABOVE 2023 GUIDANCE RESUMED ATTRACTIVE SHAREHOLDER RETURNS POLICY CONFIDENCE IN GROWTH PROSPECTS FOR 2024 * * * RevPAR UP 23% LFL REVENUE UP 20% TO €5,056 MILLION EBITDA UP 49% TO €1,003 MILLION NET PROFIT GROUP SHARE UP 57% AT €633 MILLION Sébastien Bazin, Chairman and Chief Executive Officer of Accor, said: “Accor generated record-high results in 2023, with EBITDA breaking the €1 billion mark for the first time in its history. While there were numerous reasons for this success, the solid performances were above all attributable to the Group’s teams. I would like to thank them for their commitm...
Choice Hotels International Reports Fourth Quarter and Full-Year 2023 Results
Choice Hotels International, Inc. | February 20, 2024
Achieves Record Revenues in 2023 Exceeds Full-Year 2023 Outlook for Unit Growth Grows Global Rooms Pipeline Sequentially 6% including a 16% Increase for Conversion Hotels NORTH BETHESDA, Md., Feb. 20, 2024 -- Choice Hotels International, Inc. (NYSE: CHH), one of the world's leading lodging franchisors, today reported its fourth quarter and full-year 2023 results. Highlights include: Record total revenues grew 10% to $1.5 billion for full-year 2023 compared to the same period of 2022. Net income was $258.5 million for full-year 2023, representing diluted earnings per share (EPS) of $5.07. As a result of one-time items, i...
IHG Shares Full Year Results for the Year to 31 December 2023
IHG | February 20, 2024
2023 20221 % change Underlying2 % change REPORTABLE SEGMENTS2: Revenue2 $2,164m $1,843m +17% +19% Revenue from fee business2 $1,672m $1,434m +17% +17% Operating profit2 $1,019m $828m +23% +25% Fee margin2 59.3% 55.9% +3.4%pts Adjusted EPS2 375.7¢ 282.3¢ +33% GROUP RESULTS: Total revenue $4,624m $3,892m +19% Operating profit $1,066m $628m +70% Basic EPS 443.8¢ 207.2¢ +114% Total dividend per share 152.3¢ 138.4¢ +10% Net debt2 $2,272m $1,851m +23% 1. Re-presented for the adoption of IFRS 17 ‘Insurance Contract...
MGM Resorts International Reports Record Fourth Quarter and Full Year 2023 Results
MGM Resorts International | February 19, 2024
Las Vegas Strip Resorts achieved record full year and fourth quarter net revenue and Adjusted Property EBITDAR MGM China achieved record full year and fourth quarter Adjusted Property EBITDAR $2.3 billion in share repurchases in 2023 and $629 million during the quarter MGM Resorts senior secured credit facility expanded to $2.3 billion, providing increased liquidity LAS VEGAS, Feb. 19, 2024 -- MGM Resorts International (NYSE: MGM) ("MGM Resorts" or the "Company") today reported financial results for the quarter and year ended December 31, 2023. "Our Las Vegas Strip Resorts and MGM China set new all-time records for full ye...
Wyndham Hotels & Resorts Reports Strong Fourth Quarter Results With Record Openings, Retention and System Growth
Wyndham Hotels & Resorts | February 19, 2024
Increases Quarterly Dividend by 9% Reiterates Full-Year 2024 Outlook PARSIPPANY, N.J., Feb. 19, 2024 -- Wyndham Hotels & Resorts (NYSE: WH) today announced results for the three months and year ended December 31, 2023. Highlights include: • System-wide rooms grew organically by 3.5% year-over-year, a record high. • Opened a record 66,000 organic rooms, representing a year-over-year increase of 3%. • Global retention rate - including all terminations - improved another 30 basis points to a record 95.6%. • Development pipeline grew 1% sequentially and by 10% year-over-year to a record 240,000 rooms. • Grew ECHO Suites p...
National Hotel Miami Beach Embracing Flexible Financial Management Tools to Streamline Back-Office Operations
Aptech | February 14, 2024
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The Role of USALI and Operational Benchmarking in Financial Management
Arlene Ramirez | February 13, 2024
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Marriott International Reports Strong Fourth Quarter and Full Year 2023 Results
Marriott International, Inc. | February 13, 2024
Fourth quarter 2023 comparable systemwide constant dollar RevPAR increased 7.2 percent worldwide, 3.3 percent in the U.S. & Canada, and 17.4 percent in international markets, compared to the 2022 fourth quarter; Fourth quarter reported diluted EPS totaled $2.87, compared to reported diluted EPS of $2.12 in the year-ago quarter. Fourth quarter adjusted diluted EPS totaled $3.57, compared to fourth quarter 2022 adjusted diluted EPS of $1.96; Fourth quarter reported net income totaled $848 million, compared to reported net income of $673 million in the year-ago quarter. Fourth quarter adjusted net income totaled $1,055 million, co...
Hilton Reports Fourth Quarter and Full Year Results
Hilton | February 12, 2024
MCLEAN, VA (February 12, 2024) - Hilton Worldwide Holdings Inc. ("Hilton," "the Company," "we," "us" or "our") (NYSE: HLT) today reported its fourth quarter and full year 2023 results. Highlights include: Diluted EPS was $0.57 for the fourth quarter and $4.33 for the full year Diluted EPS, adjusted for special items, was $1.68 for the fourth quarter and $6.21 for the full year Net income was $150 million for the fourth quarter and $1,151 million for the full year Adjusted EBITDA was $803 million for the fourth quarter and $3,089 million for the full year System-wide comparable RevPAR increased 5.7 percent and 12.6 percent, on...
H.I.G. Realty Establishes a €1 Billion Resort Hotel Platform in Southern Europe Under the Ella Hotels & Resorts Brand
H.I.G. Capital | February 6, 2024
LONDON--H.I.G. Capital (“H.I.G.”), a leading global alternative investment firm with $60 billion of capital under management, is pleased to announce that several of its affiliates have combined their hotel assets to create Ella Hotels & Resorts (“Ella”). Ella is a luxury, lifestyle and hotel group operating a collection of sustainable “eco-chic” resorts across Southern Europe. Following a phased development and refurbishment plan, Ella’s portfolio will be comprised of 13 hotels with a total of 4,500 rooms, located in five of Greece’s key tourist destinations. It is projected that Ella's current portfolio will command a ...
Hospitality Financial Leadership – Material and Immaterial Expenses
David Lund | February 5, 2024
By David Lund There is a critical understanding that all hospitality financial leaders need to clearly understand and communicate when it comes to expenses. It is a simple distinction that is many times missed or not clearly understood. That is what this piece is all about: Clearing up the mystery and setting the expense record straight. Here’s the scoop! That was quite a mouthful, and I do not want to downplay the importance of the need to understand the difference and impact of material and immaterial expenses on the monthly profit and loss statement. The materiality refers to the significance of the expense item in the context of t...
North America Hoteliers Say PVNG Accounting Software From Aptech Is ‘Grrreat!’
Aptech | January 30, 2024
For the second consecutive year the family owned and operated financial management software company has been named a ‘Finalist’ in the HTR ‘Best Finance & Accounting Software’ popularity index PITTSBURGH, January 30, 2024 — Bigger does not mean better. But better is how companies thrive. Such is the case for Aptech. PVNG by Aptech was recently named a finalist in the Hotel Tech Report “Best Finance & Accounting Software” 2024 popularity index for the second consecutive year. At the core of Aptech’s success is its deep and personal relationships with its customers – people the family-owned and operated financial ma...
Hotel Finance: Sign Up Today for Meet the Money 2024!
Jim Butler | January 16, 2024
Early Bird registration is now available for Meet the Money® 2024. Click here to register with a $200 discount off the regular rate of $1,495. Meet the Money® 2024 will be May 6-8, 2024 at the Marriott Los Angeles Airport hotel. More information is available on www.MeetTheMoney.com. Register now to secure your spot for the hospitality industry conference focused on 2024 hotel finance, investment, and deal-making. About Meet the Money® For 30 years, Meet the Money® has created an energetic environment to forge relationships, negotiate deals, and gain an in-depth understanding of hotel investment and finance. Our national ...
BluHost Taking Hospitality Financial Management Seriously With New Accounting System Upgrade
Aptech Computer Systems Inc. | January 16, 2024
Puerto Rico based hospitality management company hails PVNG from Aptech for its cloud-based reporting capabilities, remote access for staff, and responsive customer service PITTSBURGH, January 16, 2024 – BluHost is entering 2024 with a new enterprise accounting solution backing its portfolio of select service and ultra-luxury hotels and a mix of fine dining to casual restaurants. José M. Suárez, president and CEO of the Puerto Rico based hospitality management company, selected PVNG by Aptech because of past positive experiences with the company. “When BluHost was founded, it began looking for a unified financial system that cou...
Hospitality Financial Leadership – How to Properly Record Packages in Your Hotel
David Lund | January 15, 2024
By David Lund Packages are, on the one hand, straightforward. They are a well-established offering in most hotels, customers love them, and they are not going away. On the other hand, most hoteliers are at a loss to properly set up and manage the transactions so that they do not end up with a mess in their books and systems. That is what this piece is about: How to properly administer these seemingly complicated and unruly devices. First: Pricing aspect Packages are a combination of a room and at least one other component, like a bed and breakfast package. They can also combine many items like we see in a romance package: room, meals, ro...
U.S. Select-Service and Extended-Stay Hotel Outlook 2024
JLL | January 12, 2024
In the early 2000s, select-service and extended-stay hotels operated as more clearly defined sectors, differentiated by their target market and length of stays. During this period, individual owners dominated the market with only a handful of prominent brands available. However, in recent years, the distinctions between select-service and extended-stay hotels have become increasingly blurred. Select-service hotels now incorporate extended-stay amenities including in-room kitchenettes and flexible workspaces, while extended-stay hotels have added business centers with more of its brands incorporating 24/7 self-service marketplaces as see...
Global Travel and Tourism Sector Deal Activity Plunges 31.9% in 2023, Finds GlobalData
GlobalData | January 11, 2024
Global travel and tourism sector witnessed the announcement of a total of 723 deals (mergers & acquisitions (M&A), private equity (PE), and venture capital (VC)) during 2023, a decline of 31.9% compared to the 1,062 deals announced during the previous year, according to GlobalData, a leading data and analytics company. An analysis of GlobalData’s Deals Database reveals that all the deal types under the coverage witnessed notable decline in volume during 2023 compared to the previous year. While the volume for M&A deals fell by 32.8%, the number of PE and VC deals were down by 40% and 27.9%, respectively, during 2023 c...
