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  • New Global Directors Join the 2018-2019 HFTP Board

    The HFTP 2018-2019 Global Board of Directors was installed during the association's 2018 Annual Convention and introduces new directors Toni Bau, Carson Booth, CHTP and Mark Fancourt. These extensive director profiles give insight into the distinguished professions and personal goals of HFTP's newest association leaders.

  • Letter from the HFTP Global President: At the End of the Year, We Reflect on the Best of the Year

    As we prepare to transition to the new HFTP Global board at the 2018 Annual Convention in October, I would like to take the time to reflect on my year serving as HFTP Global president.

  • Members Only: 2018 HFTP Compensation and Benefits Report

    By Tanya Venegas, MBA, MHM, CHIA. Results to the biannual survey conducted by Hospitality Financial and Technology Professionals (HFTP). Information includes data on compensation and benefits trends for finance and technology professionals in the club and lodging industries.

  • IT Spending in the Lodging Industry Three-year Analysis: 2015–2017

    By Agnes DeFranco, Ed.D., CHAE; Arlene Ramirez, CHE, CHAE; and Tanya Venegas, MBA, MHM, CHIA. PART II: An analysis of IT spending data in the lodging industry based on reporting in the new USALI Schedule 6 — Information and Telecommunications Systems.

Hotel Profit and Loss Statement: how to create it?

Xotels ·2h
Hotel Management isn't merely about strategy. There are many layers, each of which require your undivided attention. Human resources, operations, budgeting, and income and cost control are but a few areas which necessitate focus, as well as the requisite knowledge and skill. But how can you efficiently assess the business areas that generate maximized profits?To accomplish this step and provide the best platform from which your hotel will succeed, the key is to prepare and execute a carefully structured profit and loss statement. In this article as we review a Hotel P&L sample based o the Uniform System of Accounts for the Lodging Industry (USAL), a rich resource that provides numerous key insights for hotel managers.A hotel profit and loss (PnL) statement provides you with an analysis of your hotel's revenue, cost and profit performance. It helps you understand how much bottom line margin the property is making. Therefore, it is essential for any hotel manager to fully understand each line item of their P&L statement, and where pertinent, how to interpret the data to inform business decisions.Note: You may also see P&L statement referred to as your hotel income statement, profit and loss report, statement of financial results, income and expenses statement, or statement of profit and loss.They are typically carried out on a monthly, quarterly and annual basis. Although the frequency is entirely at your discretion and what you think is best for your hotel, I would recommend to review such a report at least with a monthly frequency to avoid the business moving off beyond control. Larger hotels even provide such reporting on a weekly or even daily basis to really micromanage their financial successThe importance of profit and loss statements for independent hotels1. HIGHLIGHTING CAPITAL FLOWSPeriodic P&L reports are essential for the success of your hotel, as they highlight where your profits are coming from and where your expenses are going. For this reason it is a key tool you want to make data-driven decisions on expenses and revenue at an operational level.2. UNDERSTANDING PRECISELY HOW EACH DEPARTMENT IS PERFORMINGYour P&L statement provides a close scrutiny of departmental performance across your hotel. It also allows you as the hotel manager to analyse this performance compared with your overall and departmental budgets per week, month, quarter or year.The key benefit is that it provides you with insights to identify financial performance weaknesses and strengths. You can then act accordingly to make improvements, such as through cutting hotel costs, enhancing underperforming areas, or investing in new revenue growth streams.The P&L is of course strongly linked to your other two essential financial statements:1. Balance Sheet and Liabilities (A&L) Statement2. Cash Flow StatementThe P&L feeds both these statements. Therefore, its correct and accurate structure, execution and understanding is critical to help small and independent hotels keep a tighter rein on cost control.The simple 5-step plan for an effective hotel profit and loss statement templateImplementing the following four steps will provide a strong foundation from which to develop an effective P&L report:1. Sound management of all revenue operations, producing accurate and timely numerical information for your hotel accounts department (sales figures, expenses and so forth)2. Periodic accounts department preparation of accurate and insightful P&L reports to deliver to management3. Management analysis of the P&L with the purpose of identifying where the hotel is meeting or exceeding established goals / budgets and where improvements can be made. Management must determine the correct course of action to take in order to maximize outcomes, based on the information provided by correct and accurate P&L statements4. Hotel management oversees and implements the previously decided course of action regarding improvements and the resolution of problem areas5. Periodic reviews of the entire P&L workflow process, from drawing up your P&L reports to interpretation and implementation of decisions based on their insights. Rigid commitment to a review process helps you to identify where further improvements can be made and what is and isn't contributing to the provision of value-added data and informationKPIs and elements of a hotel P&L statement:For the specific case of hotels, the most important KPIs to look at in our Profit & Loss statement are the GOP (gross operating profit) and NOI or NOP (net operating income or profit)Working out your GOP (gross operating profit)1. Add the revenue and costs from all operational departments (restaurant, bar, banquets, front office, housekeeping, engineering and others).2. Deduct all the undistributed, fixed and overhead costs to work out your NOI (net operating income) and EBITDA (Earnings Before Interest Taxes Depreciation). This is basically the profit generated from the hotel's own operations.A hotel P&L statement includes the following elements:1 . REVENUE OR TOP LINEThis is typically itemised into individual revenue sources. These include room turnover, food and beverage revenue (restaurant, breakfast, bar, room service), and if applicable, events, activities, spa membership and gift shop income, among other possible revenue sources.Once you have the figure of the total sales revenue, the cost of sale (commissions that are paid to different sales channels, for example to the OTAs ) should be diminished to obtain your gross profit.2. COSTSa) Operational expensesThese are the operational costs for delivering the services of each revenue source, for instance: restaurant, bar, banquets, front office, housekeeping, cleaning, engineering and others.b) Undistributed expensesOverheads such as administration, staff, and property-related costs.c) Fixed expensesThese costs remain constant. They include property tax, property-related costs such as building and/or equipment rental, amortization, depreciation, insurance and the interest to pay on loans or debt, such as from loans, lease and insurance.d) Interest, taxes, amortization and depreciation3. EARNINGS OR BOTTOM LINEDifference of deducting the cost from the revenue. It is also known as net income, profit or earnings.Here's a sample hostel profit and loss statement:1. REVENUE OR TOP LINETo calculate the total revenue generated:Room RevenueFood & BeverageBreakfast RevenueBar RevenueRestaurant RevenueRoom Service RevenueOther Departmental revenue:EventsActivitiesSpaTelephoneGift ShopParking2. COSTSa) Operational expenses:RoomsPayrollCleaningLaundryOtherF&BFood CostBeverage CostPayrollCleaningLaundryOtherOther departments: spa, events and othersPurchasing CostsPayrollOtherb) Undistributed costs:Administration, excluding what has been taken into account already for being related to services of the hotel.Marketing and distribution expenses, you can take into account: cost of commission to OTA, cost of metasearch, marketing expenses and other sales channels costStaff not directly related to rooms, including F&B, spa and events staffCleaningOtherc) Fixed expenses:Property taxProperty rentalEquipment rentalInsuranceBy applying the following formula we obtain our NOI (net operating income) or EBITDA (Earnings Before Interest Taxes Depreciation Amortization):Revenue - Expenses before Interest, Taxes, Depreciation and AmortizationTo conclude with the P&L statement, the final step is to calculate the following:InterestTaxesDepreciationAmortizationThe above sample is of course a simplified version of a hotel P&L statement. Your accounting department may wish to break your own P&L statements down into more detail to aid greater understanding and provide deeper insight.A final wordTo understand your P&L as well as possible, what it boils down to, simply, is this: total sales minus total costs equals hotel profits. While it doesn't need to become complicated, the more detailed your P&L, the better for your understanding and insight regarding overall hotel operability and performance.Any hotel management business that wishes to achieve healthy financial results, should invest a good amount of time to build a well structured profit and loss statement, and review it monthly with the members of the hotel executive and management team. It is a key step to your success!Download your free copy of a sample hotel P&L statement in Excel or PDFAs ever, please let me know your thoughts!Cheers,Patrick Landman @ Xotels

Lingerfelt Commonwealth Sells Five Hotels in Orlando, Florida, Atlanta, Georgia, and Charlotte, North Carolina

Hotel Online·18 December 2018
Lingerfelt Commonwealth Partners, LLC, a Richmond, Virginia-based commercial real estate investment firm, today announced a portfolio sale of five hotels in Orlando, Florida, Atlanta, Georgia, and Charlotte, North Carolina, which closed on December 13, 2018. The hotels were sold by Lingerfelt Commonwealth to AD1 Global, a privately-held hospitality company located in Hollywood, Florida, for $92.5 million.

DOL Releases New Guidance on Minimum Wage for Tipped Workers - Employment Law This Week

Hospitality Labor and Employment Law Blog·18 December 2018
Featured on Employment Law This Week: The Department of Labor (“DOL”) rolls back the 80/20 rule. The rule prohibited employers from paying the tipped minimum wage to workers whose untipped side work—such as wiping tables—accounted for more than 20 percent of their time.
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Nor1 and Great Wolf Resorts Expand Commercial Relationship; Accelerating Guest Personalization and Pack Member (Employee) Engagement

Nor1 ·18 December 2018
December 18, 2018 -Silicon Valley, CA and Chicago, IL - Great Wolf Resorts, Inc., North America's largest family of indoor water park resorts agreed to expand their relationship with Nor1, the leader in hospitality upgrade and merchandising technology, by extending Great Wolf's utilization of the Nor1 Product Suite across their portfolio to include CheckIn Merchandising in addition to eStandby Upgrade, already in use at Great Wolf.The Nor1 Product Suite, powered by Nor1's patented, dynamic decisions intelligence engine, PRiME, is designed to drive value based on an intelligent, data-driven approach to guest engagement across the entire guest lifecycle, and includes eStandby Upgrade and CheckIn Merchandising."We are extremely excited to extend our relationship with a partner that focuses on continually elevating the guest experience," states Jason G. Bryant, Nor1's Founder & CEO. "Great Wolf fully embraces the Nor1 premise that to make significant gains in guest satisfaction while increasing company financial performance, an organization must deliver an authentic 'sales through service' approach. We know guests who are afforded the opportunity to personalize their vacation through enhanced experiences, activities and products are more likely to return. With the countless in-lodge family activities, dining options and character themed room types, Great Wolf is a perfect fit for the Nor1 suite."The Nor1 product suite provides intelligent merchandising solutions for every stage of the reservation lifecycle and guest experience, enabling hospitality companies to offer their guests the products, services and experiences most likely to make their trip more enjoyable, and at the a when they're actively planning their getaway."At Great Wolf Resorts, our renewed partnership with Nor1 provides us with powerful, easy-to-use tools that allow our pack members to fully focus on our guests and families. By delivering exceptional service while authentically presenting each family with unique, memory-making opportunities, we forge a closer relationship between our guests and front-line pack members" explains Brian Casebolt, Senior Vice President of Ancillary Revenue. "From our frontline team to lodge and corporate leadership, the feedback is clear - Nor1 has accelerated our performance - driving higher guest satisfaction, greater pack engagement and improved profitability. A win-win for all involved."Nor1 services more than 1 million rooms at over 5,000 properties that currently benefit from its real-time, data-driven pricing and merchandising solutions. The company holds patents on the industry's only real-time decision engine related to premium inventory which leverages the latest machine learning and artificial intelligence methods and maintains over 150M unique buyer behavior records.About Nor1, Inc. Nor1 is the leader in hospitality upgrade, up-sell, and merchandising technology. Headquartered in Silicon Valley with offices across the world, Nor1 provides data-driven pricing and merchandising products that maximize incremental revenues for Hilton, IHG, Radisson Hotel Group, Accor, Wyndham, and other global hotels and resorts.Nor1's real-time pricing and merchandising intelligence engine, PRiME, powers eStandby Upgrade, eXpress Upgrade, CheckIn Merchandising, eReach, and eDirect to recommend the most relevant upgrade to the right guest at the right time for the most optimal price.Our investors include Concur Technologies, Goldman Sachs, and Accel Partners.For more information, please visit www.nor1.com.About Great Wolf Resorts, Inc.Great Wolf Resorts, Inc. is North America's largest family of indoor waterpark resorts, and through its subsidiaries and affiliates, owns and operates family resorts under the Great Wolf Lodge brand. Great Wolf Resorts is a fully integrated resort company with Great Wolf Lodge locations in: Wisconsin Dells, Wis.; Sandusky, Ohio; Traverse City, Mich.; Kansas City, Kan.; Williamsburg, Va.; Pocono Mountains, Pa.; Niagara Falls, Ontario, Canada; Mason, Ohio; Grapevine, Texas; Grand Mound, Wash., Fitchburg, Mass., Charlotte, N.C.; Garden Grove, Calif., Colorado Springs, Colo., Bloomington, Minn., LaGrange, Ga., and Gurnee, Ill. Additional resorts planned include Scottsdale, Ariz. (late 2019) and Manteca, Calif. (mid 2020).Additional information may be found on the company's Web site at www.greatwolf.com.Media Contact:Great Wolf LodgeJason Lasecki, Director of Corporate CommunicationsC: 608.807.8061 / E: JLasecki@greatwolf.comAll product names, logos, and brands are property of their respective owners. All company, product and service names used in this press release are for identification purposes only. Use of these names, and brands does not imply endorsement.

Analysts watch cautiously as Travelport heads back to private equity

PhocusWire·18 December 2018
Travelport's decision to come off the public financial markets via a sale to private equity has drawn a lukewarm reaction to its long-term future.

Gaming CEO pay in a year of reckoning

4hoteliers.com·18 December 2018
The last eighteen months has been a reckoning for powerful men in the business world and gaming has been no exception.

Hospitality Financial Leadership: OTA's and How Hotels Can Best Use Them

Hotel Online·17 December 2018
A lot gets said about OTA’s and most of it is negative coming from the hotel world. I get it on one hand as I was the one having to explain to owners each month why our commission expense was constantly on the increase. However, on the other hand I also knew we had our backsides saved many months because we turned on the tap and let them in.

Jack in the Box Inc. Exploring Strategic and Financing Alternatives to Maximize Shareholder Value

Hospitality Technology Magazine·17 December 2018
Jack in the Box Inc. announced that its Board of Directors and management team, with the support of legal and financial advisors, is exploring a range of strategic and financing alternatives to maximize shareholder value. Potential alternatives could include, among other things, a sale of the Company or executing on the Company’s previously announced plans to increase its leverage.

South Africa's Visa Problems and 9 Other Tourism Trends This Week

skift.com - Destinations·16 December 2018
This week in tourism, we looked at the fallout from South Africa's prohibitive visa requirements for minor travelers, and how TUI survived the summer's northern European heat wave by being strategic with its cruise ships and hotels.

Value Added Tax in the GCC

HFTP ·14 December 2018
Details on the new VAT established in the region covered by the GCC, including implementation best practices and documentation requirements. By Tanya Venegas, MBA, MHM, CHIA. From Hospitality Financial and Technology Professionals (HFTP).

Primary Club Metrics

HFTP ·14 December 2018
Survey results identify which club metrics are most often used to determine performance. By Agnes DeFranco, Ed.D., CHAE; Tanya Venegas, MBA, MHM, CHIA; and Amanda Belarmino. From Hospitality Financial and Technology Professionals (HFTP).

IT Spending in the Lodging Industry Three-year Analysis: 2015-2017

HFTP ·14 December 2018
By Agnes DeFranco, Ed.D., CHAE; Arlene Ramirez, CHE, CHAE; and Tanya Venegas, MBA, MHM, CHIA. PART II: An analysis of IT spending data in the lodging industry based on reporting in the new USALI Schedule 6 -- Information and Telecommunications Systems. From Hospitality Financial and Technology Professionals (HFTP).

What LVMH's Belmond Buy Means for the Future of Luxury Travel

Hotel F&B·14 December 2018
LVMH might not have been the most obvious of suitors for Belmond's luxury assets, but now that it's close to owning them, it's a deal that makes a lot of sense in this post-experience economy still contending with the concept of new luxury.

A Rise In Hotel And Cruise Bookings

bbc.com ·14 December 2018
A rise in hotel and cruise bookings has helped European travel group Tui sail through another year with more than 10% growth in profits.It said next year, profits would grow a similar amount as customers also bought more excursions and holiday activities.Tui has seen double-digit growth for the last four years.Last month, smaller UK rival Thomas Cook reported a loss of PS163m, blaming warmer summer weather for lower numbers of bookings."Our own holiday experiences content accounts for more than 70% of our earnings: hotels, cruises, excursions and destination activities. This enables us to clearly differentiate ourselves from the competition," said Fritz Joussen, Tui's chief executive.

Hotels expect Christmas holiday season will be the best in 10 years

Mexico News Daily ·14 December 2018
The hotel sector is expecting average occupancy of 70% during the Christmas vacation season, which would be the highest level in the past decade.The forecast comes from the Mexican Association of Hotels and Motels (AMHM) whose president, Rafael Garcia, said that occupancy in the winter period last year was just 59%, with the September 2017 earthquakes and United States travel alerts both contributing to the low rate.But this year is expected to be different.

Canadian Hotel Occupancy Up 3.0 Percent to 61.2 Percent For Week Ending 8 December 2018

STR ·14 December 2018
The Canadian hotel industry recorded positive year-over-year results in the three key performance metrics during the week of 2-8 December 2018, according to data from STR.In comparison with the week of 3-9 December 2017, the industry reported the following:* Occupancy: +3.0% to 61.2%* Average daily rate (ADR): +3.3% to CAD145.89* Revenue per available room (RevPAR): +6.4% to CAD89.24Among the provinces and territories, Quebec reported the largest increase in RevPAR (+22.4% to CAD114.22), driven by the only double-digit lift in ADR (+10.3% to CAD161.68) and the second-highest rise in occupancy (+11.0% to 70.6%).Manitoba experienced the largest increase in occupancy (+11.7% to 72.9%) and the only other double-digit jump in RevPAR (+17.3% to CAD92.45).Six of the 11 reporting provinces and territories saw RevPAR growth.The Northwest Territories posted the second-largest increase in ADR (+8.5% to CAD167.26), but saw the steepest decline in occupancy (-19.6% to 63.9%).Newfoundland and Labrador posted the largest decreases in ADR (-9.7% to CAD119.26) and RevPAR (-24.7% to CAD53.93).Prince Edward Island experienced the second-largest drop in occupancy (-19.2% to 36.8%), which resulted in the second-steepest decline in RevPAR (-19.8% to CAD39.98).STR provides clients from multiple market sectors with premium, global data benchmarking, analytics and marketplace insights. Founded in 1985, STR maintains a presence in 10 countries around the world with a corporate North American headquarters in Hendersonville, Tennessee, and an international headquarters in London, England. For more information, please visit str.com.

U.S. Hotels - Who's Buying?

JLLH ·14 December 2018
As of YTD 2018, hotel transaction volume in the United States reached $29.7 billion, more than a 25 percent year-over-year increase, with private equity groups representing 37 percent of hotel acquisitions in the United States, or $11 billion.Hotel acquisitions have posted strong numbers and private equity has secured this year's lion's share. As of YTD 2018, hotel transaction volume in the United States reached $29.7 billion, more than a 25 percent year-over-year increase, with private equity groups representing 37 percent of hotel acquisitions in the United States, or $11 billion. This compares to 30 percent ($7.1 billion) for all of 2017.According to JLL Hotels & Hospitality, private equity groups have more pockets of capital than they've had in the past, allowing them to pursue a wider variety of investment strategies related to hospitality, ranging from core plus to opportunistic plays. Additionally, private equity hotel buyers are focusing on acquiring complex full service hotels and portfolios.While private equity may currently be the most dominant buyer, there are several other groups who are also demonstrating a strong appetite for hospitality product. Development companies have become more active in 2018, accounting for 13 percent ($4.0 billion) of YTD 2018 hotel acquisitions, compared to 10 percent for all of 2017. Additionally, offshore activity has observed a slight increase: YTD 2018 figures show offshore capital is equal to $4.0 billion of U.S. hotel acquisitions, compared to $3.6 billion over the same period in 2017.Factors contributing to the uptick in investment activity, particularly from private equity, include:A strong economy, including the lowest unemployment rate in half a century and third quarter annualized real GDP growth clocking in at 3.5 percent, above the economy's long-run potential of two percent growth.Continued leisure and corporate travel demand, with transient room night demand recording growth of nearly four percent as of August 2018 and group demand growing at 1.2 percent on a 12-month moving average basis.The hotel industry attracting more nontraditional and general real estate investors, in addition to traditional hotel investors.

Hoteles City Express Concludes its 2018 Development Pipeline Reaching 152 Hotels in Operation

Hoteles City Express ·14 December 2018
Hoteles City Express S.A.B. De C.V. ("Hoteles City Express" or "The Company") (BMV: HCITY) announces the opening of 8 hotels reaching 152 hotels in operation and more than 17,100 rooms installed over the next weeks.On December 17 2018, City Express Plus Merida will open its doors, meanwhile The City Express CDMX La Villa, City Express Plus Ensenada, City Express Ensenada and City Express Plus Tijuana hotels will start operations between December 22 and 31 of the present year. Additionally the City Express CDMX Tlalpan, City Express Plus Chihuahua and City Centro San Luis Potosi hotels will open their doors in the first weeks of the coming year.With these openings, The Company concludes its development pipeline of the year with 17 new units compared to the 135 hotels that operated at the end of 2017.The following is a summary of the 2018 Development Pipeline.

Oyo's Push Into Southeast Asia Is a Wake-Up Call for Budget Hotel Chains

skift Inc. ·14 December 2018
On its own, Oyo entering Southeast Asia should concern existing budget hotel players. Oyo with Grab should make them go shaky in the knees. Consolidation or new alliances will not surprise anyone.Southeast Asia's budget accommodation sector has been under the long shadow of China and India. Strange, because the hotel space in Southeast Asia is three times as big as India's, and dotted with invisible, non-classified hotels waiting to be spruced up, branded, and redistributed efficiently. Maybe existing players prefer that they stay in the shadows. But that won't be for long as Oyo marches into the region.The king of budget hotel brands is expected to shake up or wake up a rather sleepy playground, again strange, given that numbers that matter for the sector are bright. In Indonesia alone, where Oyo is putting in $100 million to expand, there are around 300,000 non-classified and 233,000 classified hotel rooms, according to Statistics Indonesia 2016. The majority (70 percent) are three stars and below. Share of supply inched 3 percent towards midscale and budget from upper upscale between 2013 and 2017, according to STR.On the demand side, the number of domestic travelers -- the heart of business for budget accommodations -- keeps rising. Last year, there were 264 million domestic tourists, leisure and business, exceeding the Indonesia tourism ministry's target of 260 million. The International Air Transport Association estimates that the number of domestic passengers carried by Indonesian airlines will rise to 355 million in 2036, making Indonesia the fifth-largest air travel market in the world, behind China, the U.S., India and Turkey.

Asia Pacific's Construction Pipeline, Excluding China, Continues in a Topping Out Formation

Lodging Econometrics ·14 December 2018
According to a recent report from analysts at Lodging Econometrics (LE), Asia Pacific's total construction pipeline, excluding China, remains near its high with 1,738 projects/367,886 rooms. Projects currently under construction stand at 943 projects/211,361 rooms and projects scheduled to start construction in the next 12 months are at 389 projects/77,390 rooms. These two stages reached their peaks over the last four quarters. There are 406 projects/79,135 rooms in the early planning stage which peaked much earlier in 2015.The pipeline is expected to decline in 2019 as the present development cycle cools. Construction starts have been declining for six quarters while new projects announcements into the pipeline have been declining for five quarters. These two metrics are the most significant for forecasting the future direction of the pipeline. The Asia Pacific region had 274 new hotels/48,822 rooms open at the close of the third quarter, with another 71 new hotels/11,764 rooms expected to open in the 4th quarter, bringing the total forecast for new hotel openings to 345 by the end of 2018. The LE forecast anticipates that 388 projects/70,037 rooms are expected to open in 2019, and 406 projects/79,072 rooms in 2020, the highest levels since LE first began recording in 2007. Countries with the largest pipelines in Asia Pacific, excluding China, are dominated by Indonesia, with 400 projects/67,977 rooms which accounts for 23% of Asia Pacific's total pipeline. Next is India with 222 projects/33,785 rooms, then Japan with 203 projects/41,816 rooms. These countries are followed by Thailand with 143 projects/33,855 rooms and Malaysia with 132 projects/34,853 rooms. Asia Pacific cities with the largest construction pipelines are led by Jakarta, Indonesia with 99 projects/18,820 rooms. Next is Seoul, South Korea with 74 projects/13,730 rooms and Tokyo, Japan with 62 projects/15,572 rooms. Bangkok, Thailand follows with 50 projects/11,662 rooms and then Kuala Lumpur, Malaysia with 49 projects/12,929 rooms.The top four franchise companies, accounting for 40% of guest rooms in the total construction pipeline, are AccorHotels with 248 projects/53,196 rooms, Marriott International with 198 projects/45,870 rooms, and InterContinental Hotels Group (IHG), which set a new record high for the company, with 148 projects/33,177 rooms. Hilton Worldwide follows with 85 projects/18,978 rooms. Top brands in Asia Pacific's construction pipeline, excluding China, include AccorHotels' Ibis brands with 62 projects/12,440 rooms and Novotel with 48 projects/10,807 rooms. Marriott International's Courtyard has 33 projects/6,697 rooms, and the full-service Marriott Hotel has 24 projects/6,533 rooms. IHG's Holiday Inn has 57 projects/13,715 rooms and Holiday Inn Express has 34 projects/6,838 rooms, while Hilton Worldwide's DoubleTree has 30 projects/6,368 rooms and the full-service Hilton Hotel & Resort brand has 27 projects/6,919 rooms. Both the full-service Marriott Hotel and the full-service Hilton Hotel and Resort brand are at record highs for their respective companies.

Click. daily update: Italy expected to be top destination for 2019

Click by booking.com·14 December 2018
Italy is proving popular as ever with American travellers, having been selected as the top destination for in 2019 in a recent survey conducted by PwC for the United States Tour Operators Association. Iceland secured the second spot, with Japan, Vietnam and Australia following suit.

The Importance of Understanding the Profit and Loss Statements.

Hotel F&B·14 December 2018
As CEO of a hotel management company that has generated over €190 million in the last year, I can tell you how important it is to control every detail of your business’s finances, both on the revenue and cost side.

TUI's operating result up by nearly 11 per cent

Hotel F&B·13 December 2018
TUI again delivered double-digit earnings growth in the financial year 2018 – for the fourth consecutive year.

Emaar launches business development operations in China

Emaar Hospitality Group ·13 December 2018
Emaar, the developer of the iconic Burj Khalifa and the upcoming Dubai Creek Tower, has commenced business development operations in China. This follows the announcement in July of the company's expansion to the country, coinciding with the coinciding with the historic visit of President Xi Jinping of China to the UAE.Emaar has a team of dedicated business development professionals in the country, specially recruited from China, and has started the design and fit-out of two premium offices in CBD of Beijing and Shanghai. In addition to promoting the UAE and Dubai as a high-growth investment destination, the two Emaar showrooms will showcase the flagship and ongoing premium lifestyle, shopping and hospitality developments in Dubai, like The Dubai Mall and Address Hotels as well as touristic destinations such as Burj Khalifa and Dubai Aquarium & Underwater Zoo.The diverse international educational opportunities such as New York University and Sorbonne University Abu Dhabi - a keen requirement by Chinese investors in property - as well as the healthcare amenities that are available close to Emaar's communities are highlighted at the state-of-the-art showrooms.Emaar aims to work with the UAE embassy in China to promote the nation's appeal to Chinese investors, with guidance from HE Ali Obaid Al Daheri, UAE Ambassador to China, who has been actively promoting UAE-China ties, by fostering trade relations and tourism, as well as highlighting the UAE's appeal as an investment hub.Emaar is also expanding its premium luxury hotel and serviced residences brand, Address Hotels + Resorts, to China. Address branded hotels will open in key cities in the country, building on the familiarity that the brand enjoys among Chinese tourists. Today, Emaar's hotels are among the most-preferred by Chinese visitors, given their central location and access to lifestyle destinations such as The Dubai Mall.Emaar's expansion to China complements the 'Belt and Road Initiative' announced by President Xi Jinping, in which the UAE will have a significant part to play. Chinese visitors can enjoy visa-on-arrival and have effortless connectivity with the city with Emirates operating to the key cities in China.

ASFONA Reconfirms its Strategy as an Independent, Non-Brand Affiliated Hotel Owner/Operator Association

ASFONA ·13 December 2018
Philadelphia -- The announcement earlier this year of ASFONA's "Diversification Strategy" has seen the organization branch out and incorporate additional international hotel companies into their meetings, as well as continuing to assist Marriott International with the successful integration of the "Starwood Legacy Brands" into the Marriott portfolio.At the November 29-30 ASFONA Board of Directors meeting, held at the Warwick Hotel - Rittenhouse Square in Philadelphia, the association's newly independent stature was re-stated and attendees informed of how positively the new strategy had been received by the hotel industry. The ASFONA Board of Directors now, in addition to Marriott International, also interacts with other international hotel companies who will be individually and separately invited to join future Owner Board Meetings and General Sessions. The overall goal associated with this new strategy is for ASFONA to establish a line of communication with all leading hotel companies and to create conduits to engage, align and strengthen the relationships between selected hotel brands and key hotel owner/operators in North America.The implementation of ASFONA's Diversification Strategy began at the Spring 2018 Board of Directors Meeting in Washington D.C., which provided the opportunity for Virgin Hotels CEO, Raul Leal and his executive management team to join the group and present the Virgin Hotels brands, along with their positioning and development opportunities to the ASFONA Owner Board members and Associate members in attendance.At the recent Philadelphia meeting, Wyndham Hotels & Resorts became the second major international hotel company to join the ASFONA group meeting and members of its executive management team gave a comprehensive overview of the 20 brands within Wyndham Hotels & Resorts, along with an update on their development pipeline and performance. With their recent acquisitions, which included La Quinta Inns, The Wyndham hotel portfolio now comprises 9,000 properties in 80 countries around the world with 400 under direct management, making it the world's largest hotel franchising company."Wyndham Hotels CEO Geoff Ballotti has led this company to become a truly dynamic organization and ASFONA was honored to welcome some of his executive management team to our Philadelphia meeting," said John Shingler, ASFONA's President. "We greatly enjoyed learning more about this exciting hotel organization and its brands. Going forward, we are equally excited about the opportunity to welcome additional international hotel groups to be our guests at our meetings, providing them with a forum to discuss industry issues of mutual interest and align these interests of the hotel owner/operator community with their respective brands."For more information on ASFONA, please visit www.asfona.com.

Market Report Senegal

·13 December 2018
Senegal benefits from a strategic location on the West coast of Africa bordering the North Atlantic Ocean, and represents a gate-way to the landlocked Sahelian countries. According to United Nations projections, the population of Senegal should reach 40 million by 2050, underlining the great potential for the domestic market.

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