Hotel Law Blog · 30 Mar
The Comprehensive Situation Analysis should have gathered and considered all the relevant factors concerning the distressed hotel loan documents, the
haysmacintyre · 30 Mar
The hospitality industry has been one of the sectors most badly impacted by the Covid-19 pandemic. Across the UK, all pubs, bars and restaurants have had to close their doors and shut up shop, in order to abide by the unprecedented measures ordered by the Government.
The Hotel Financial Coach · 30 Mar
When people hear the term food cost, they generally think of the simple calculation of cost / selling price = food cost %. This calculation does little more than give you a percentage. Understanding and controlling food cost is much more complex.
green lodging news · 26 Mar
MGM Resorts International announced an array of initiatives intended to support those impacted economically by the coronavirus (COVID-19) pandemic, i
JMBM · 24 Mar
As the COVID-19 crisis grows in the US and elsewhere outside China, hotels and restaurants are among the businesses hardest hit. In select markets like Seattle and San Francisco, hotels are reporting single digit occupancies and crushed ADRs. Many hotels do not have the cash flow to keep their doors open. The major hotel companies are talking of furloughs for tens of thousands of hotel employees and many properties are looking at closure or skeleton team maintenance operations.
Hotel Law Blog · 23 Mar
20 March 2020 See how JMBM's Global Hospitality Group(r) can help you. Click here for the latest articles on distressed hotel loans and here for The
green lodging news · 23 Mar
TEMECULA, CALIF.--Dozens of giant 25-pound bags of onions, carrots and celery. Pallets of fresh ripe strawberries and blackberries. Thousands of poun
The Hotel Financial Coach · 23 Mar
Controlling the beverage cost is a big deal in hotels. People like to drink and that's great for the bar, but you have to remember the people serving your drinks need a tight set of checks and balances or else they will help themselves to your supplies. It's just human nature to mess around with the stuff at your fingertips all day long. There is a certain sense of entitlement as well because the wages are small, and people rely on tips. Bigger portions or the odd free one for a client can make a big difference in the tips left behind.
HVS · 21 Mar
As of February 2020, the market remained strong, with low-interest rates continuing to attract investors despite some softening in the outlook for the industry. It's a whole different world just a few weeks later. The coronavirus (COVID-19) has directly impacted the hotel industry through the expeditious cancellations or postponements of large events and business travel across the country.
HVS · 20 Mar
The coronavirus (COVID-19) pandemic is having a profound impact on the hospitality industry, as travel restrictions, limits on large gatherings, the closure of restaurants and bars and, perhaps most influential, fear of the virus, have brought travel—and most other aspects of hospitality—to a virtual halt. According to Chip Rogers, president and CEO of the American Hotel and Lodging Association (AHLA), "The impact to our industry is already more severe than anything we've seen before, including September 11th and the Great Recession of 2008 combined."
Spirides Hospitality Finance Company · 18 Mar
Along with all the other industries around the world the U.S. hotel industry has been blindsided by the COVID-19 Global Pandemic Black Swan Event. Instantly, hotel owners have found themselves with empty hotels, depleted cash reserves, and wondering how they will be able to make their monthly mortgage payments and payroll which were hardly ever considered to be a problem in the expansionary period leading up to COVID-19.
Hotel Law Blog · 17 Mar
For the last three to five years the pundits have increasingly speculated that the longest economic recovery in history could not endure and that we
HotStats Limited · 17 Mar
COVID-19 is putting an end to 11 years of unprecedented growth in the hotel industry. There is no sugarcoating it: the coronavirus has induced panic across the globe, throwing markets into chaos, postponing conferences, stamping out travel and emptying drugstore shelves.
CBRE Hotels · 17 Mar
The 11th edition of the Uniform System of Accounts for the Lodging Industry (USALI) defines resort fees as, "mandatory fees charged at either a flat amount or a percentage of the room rate." These fees are frequently intended to cover services such as fitness facilities, spas, pools, local phone calls, Internet access, airport transportation, and golf driving ranges, among other recreational facilities.
The Hotel Financial Coach · 16 Mar
In the business world protecting your assets is a critical strategy. Without it you are open to "things" happening that can cost you a fortune. I was trained with the concept of separation of duties as a foundation so in some respects I take it that everyone else has the same perspective.
HotStats Limited · 16 Mar
Hotel operating departments can be divided into two main groups: those that generate revenue and those that don't. Typically, hoteliers focus on the first group when analyzing financial performance— after all, that's where the money comes from!
Select service properties hold great appeal to hotel investors and operators at the present time. Contributing factors include their reasonable devel
Hotel & Leisure Advisors · 12 Mar
Looking back at the past always helps to give an indication of what the future may hold. The hotel industry has shown tremendous growth in all metrics since 2009.
HVS · 10 Mar
In the course of each year my colleagues and I see a huge number of hotel P&Ls and, within them, there are often wide variances in performance, even in like-for-like situations - whether it is better or worse revenue generation, cost control or effectiveness. Some hotel management companies don't produce an adequate return on their owners' investment by doing as much as they possibly can to increase revenues, reduce operating costs and improve bottom-line profits and cash flow. Only when given a 'kick' from the owner or from a third-party asset manager acting on behalf of the owner does the optimisation of a hotel's performance - and therefore its value - often become a reality.
JMBM · 9 Mar
Force majeure provides an excuse for a party's non-performance of its contractual obligations as a result of an extraordinary event or circumstance beyond the control of the parties, such as act of God, war, strike, riot, etc.
RoomPriceGenie · 9 Mar
I'm no health expert but, for what it's worth, I'm pretty pessimistic about this whole thing. The graph below shows spread so far (to March 6th) outside China, and, as you can see, the cases are exploding. More interesting to me, as a mathematician, is the logarithmic graph which shows the rate of growth.
Mishaps are inevitable in the hospitality industry. But these mistakes don't have to be fatal. In fact, the strategies you put in place to respond to
With the help of strong group and meetings dataset, hotels can leverage these insights to improve sales productivity, make smart revenue choices, and
JMBM · 6 Mar
One often doesn't know the extent of one's insurance coverage until a calamity occurs. So it is with force majeure provisions in contracts. Typically, force majeure provisions are included in contracts to excuse a party from contractual obligations if some unforeseen event beyond its control prevents performance of its contractual obligations.
Considerate Group · 5 Mar
Mark Carney, the Bank of England's outgoing governor announced on Tuesday: "We have to work out how to bridge this period. We don't want viable firms to go out of business because of the necessary steps that have to be taken to protect the British public."
The Hotel Financial Coach · 4 Mar
A lot has been said about the flue outbreak and the devastating effects it will have on the travel and hotel industry. But what can you do about it? The old saying, "you can't save your way to prosperity" still holds true, but you can be the best of class when it comes to being the least effected. Occupancy and rates are going to fall, they always do. The question is, where will the market go and how can we keep our REVPAR index. I'll leave that piece for the revenue and marketing pundits.