The new Global Finance Committee (GFC) is comprised of financial leaders from the largest U.S. and international hotel brands, operators and owners. The GFC's first order of business is to work on a revision of the current 11th edition and will begin the process at a meeting on October 3, 2019.
"By combining HFTP's and AHLA's resources, this will enable us to address the increased financial and operating complexities faced by both the U.S. and international lodging industry," said HFTP Chief Executive Officer Frank Wolfe, CAE. "As the lodging industry evolves and grows, our goal is to continue to keep the USALI as the standard for financial professionals in brand, owner and management companies, as well as for the lending and investment community"
In October 2018, HFTP purchased the copyright to the USALI. The original purpose of the USALI was to offer operating statements formatted to provide hotel owners, managers, bankers and other interested parties with standardized financial and operational information pertinent to the lodging industry. The USALI was first published in 1926.
"AHLA is excited to be partnering with HFTP on this new initiative, which we expect will become the global standard for the lodging industry," advised Chip Rogers, President and CEO of AHLA. "The Global Finance Committee is comprised of a diverse group of finance leaders from the lodging industry which will allow us to address the increased financial and operating complexities within our industry, not just today, but also in the future."
The GFC will be co-chaired by Raymond D. Martz, CFO of Pebblebrook Hotel Trust (NYSE:PEB) and Gina Tallarico, VP of Asset Management at Hyatt Hotels Corporation.
The USALI 11th edition was written by the Financial Management Committee of the AHLA. The new 12th edition will be written by the GFC, which is comprised of members from HFTP and AHLA's existing Financial Management Committee. The 12th edition will continue to be aligned with the Generally Accepted Accounting Principles (US GAAP) and will also address non-U.S. financial reporting standards including the International Financial Reporting Standards (IFRS). To ensure that the book represents the practices of the global industry, the GFC will be seeking comments and feedback from the lodging industry throughout the process. To provide input, please visit the USALI section of the HFTP website.
The targeted released date for the 12th edition is 2021 with adoption targeted for year-end 2022. For more information about the 12th edition revisions contact the GFC at USALI@hftp.org.
GFC Members Include:
About AHLAThe American Hotel & Lodging Association (AHLA) is the sole national association representing all segments of the U.S. lodging industry and contributes nearly $660 billion to the U.S. GDP. Headquartered in Washington, D.C., AHLA focuses on strategic advocacy, communications support and workforce development programs to move the industry and our employees forward. Every day, America's hotels make dreams come true, not just for our guests, but also for the 8.3 million people whose jobs we support—more than 1 in every 25 American jobs. Learn more at www.ahla.com.
Hospitality Financial and Technology Professionals (HFTP®) established in 1952, is an international, nonprofit association, headquartered in Austin, Texas, USA, with offices in Hong Kong, United Kingdom, the Netherlands and Dubai. HFTP is recognized as the spokes group for the finance and technology segments of the hospitality industry with members and stakeholders spanning across the globe. HFTP uniquely understands the industry's pressing issues and assists its stakeholders in finding solutions to their challenges more efficiently than any organization. It does this via its expert networks, research, certification programs, information resources and conferences/events such as HITEC. HFTP also owns the world's only hospitality-specific search engine, PineappleSearch.com. For more information about HFTP, email email@example.com or download the HFTP/HITEC media kit via the HFTP website.
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