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USFRC Eighth Edition Update Postponed Due to Upcoming Changes in Accounting Standards

Hotel F&B· 7 December 2018
This year, the Club Management Association of America (CMAA) in conjunction with HFTP hired a project manager and gathered a committee to update the seventh edition of the Uniform System of Financial Reporting for Clubs (USFRC). After a productive summer, gathering feedback from HFTP members at the Club Forum 2018 and additional committee input, the two organizations decided to delay the eighth edition due to pending changes in three key accounting standards and their potential impact on private clubs.

Hotel Lawyer project development update: SLS Resort Residence & Marina Hallandale Beach

Hotel F&B· 7 December 2018
The Global Hospitality Group® of Jeffer Mangels Butler & Mitchell LLP is pleased to announce its client Ari Pearl’s development of the Diplomat Golf & Tennis Club in Florida into the SLS Resort Residence & Marina Hallandale Beach. The $220 million mixed-use project will include 240 hotel rooms, a 50-unit condo hotel, 250 branded apartments, a Katsuya restaurant and S Bar, and an 18-hole championship golf course.

TripActions Plans Partnership with Corporate Financial Management Provider

Hotel F&B Observer· 7 December 2018
Travel management company new entrant TripActions is teaming up with Divvy, which automates expense reports, tracks budgets in real time, aligns with accounting software providers like Quickbooks and supplies pre-budgeted payment cards, both virtual and plastic. The details of the venture aren't clear at the moment, but the partnership will "help companies spend smarter while saving money and time through simplifying business travel and expense-associated work trips," said TripActions CEO Ariel Cohen.

Fosun Tourism Raises Less Than Intended in Hong Kong IPO

skift.com - Destinations· 7 December 2018
The owner of Club Med and Atlantis Sanya eyed as much as $548 million but raised $426 million in its Hong Kong initial public offering.

Airbnb: $1B in Hotel & Tourism Taxes Collected; AHLA Responds

Hotel F&B Observer· 6 December 2018
Airbnb has partnered with more than 400 governments around the world to collect and remit hotel and tourist taxes (TOT). According to Airbnb, it has collected and remitted more than $1 billion in TOT taxes to date.

How Important Is Strategic Management Accounting to Hotel Managers?

Hotel F&B· 6 December 2018
While hotels have long used traditional management accounting practices, their use of contemporary strategic management accounting (SMA) techniques has not been as widespread. As researchers, this intrigued us because studies conducted outside the hotel industry had found that the relationship between firm strategy and firm performance was significantly enhanced through the use of SMA techniques.

Travelport Close to Being Taken Private by Activist Investor

skift.com - Digital· 6 December 2018
Travelport has only been on the public market for four years, but hedge fund Elliott Management believes it can engineer a leveraged buyout that will unlock more value from the company. A spin-off of payments unit eNett is a likely an early goal.

Club Med Owner Fosun Expects Tourism IPO to Hit Lower End of Pricing

skift.com - Travel Services· 6 December 2018
With stocks falling across the world, it might not be the best time to launch an IPO.

Oyo will be the world's largest hotel chain by 2023

· 6 December 2018
Oyo Hotels, the five-year-old startup for booking hotel rooms, is aiming to become the world's largest hotel chain by 2023 as it expands into newer countries in the Middle East, South East Asia and Europe, its founder Ritesh Agarwal said.Oyo, which began with one hotel in Gurgaon in 2013, has grown to over 330,000 rooms in 500 cities globally. While India was its first playground, it now has more rooms in China.In India, it operates in over 180 cities with 143,000 rooms. In China, where it began operations last November, it has expanded to over 265 cities with 180,000 rooms.

Pebblebrook Hotel Trust Completes Sale Of The Grand Hotel Minneapolis

Hotel F&B Observer· 6 December 2018
Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that it has closed on the sale of the 140-room, Grand Hotel Minneapolis in Minneapolis, Minnesota for $30.0 million.

Pebblebrook Hotel Trust Completes Sale of the Grand Hotel Minneapolis for $30 Million

Hotel Online· 5 December 2018
Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that it has closed on the sale of the 140-room, Grand Hotel Minneapolis in Minneapolis, Minnesota for $30.0 million.

Marriott CFO Refuses to Detail Potential Financial Impact of Hack

Hotel F&B· 5 December 2018
This hack is going to be extremely costly for Marriott, with costs inflated by whatever fines handed down by European regulators for privacy violations. One has to wonder whether an event like this was covered in Marriott's agreement to purchase Starwood, too.

VMS Enhancement: Google My Business Feature

Hotel F&B· 5 December 2018
A new “Google My Business Listing” area is now available on the VMS homepage that provides Vizergy clients a high-level performance overview and the ability to take actions on the business listing.

2018 Has Been A "Normal" Year For Hotel Transactions

· 5 December 2018
Despite average room rates in Dublin reaching a record EUR155.75 while occupancy rates reached 89.6% and revenue per available room (RevPAR) rose 9.7% to EUR139.51, 2018 has reportedly been a "normal" year for hotel transactions in the wake of several years of strong turnover in the hotel investment market from distressed Nama-driven sales.According to The Irish Times, director of hotels and leisure at Savills Tom Barrett stated, "International funds and domestic investors are still chasing hotel assets. So there is a good balance of buyers. The recently announced Budget 2019 increase in the VAT rate on the hospitality sector has put pressure on the industry and Brexit is adding plenty more uncertainty. But the outlook is stable for hotels.""Drying Up Of Distressed Asset Sales"Meanwhile, Cushman & Wakefield senior economist Deirdre O'Reilly said, "Investment in Irish hotels amounted to EUR36.5 million in the third quarter of 2018, which brings the nine-month turnover total to EUR79.3 million, across just eight transactions. Compared to the same period of 2017, this is a 10% fall in the value of sales recorded. This excludes any unconventional hotel sales such as company sales, loan sales and refinances.

What roles can cryptocurrency and blockchain play in hospitality?

The Morning Advertiser · 5 December 2018
Terry Fisher, chief marketing officer at BestBitcoinExchange.io considers what impact blockchain and cryptocurrency could have on the hospitality sector.

Driftwood Enters Atlanta Market With Three-Hotel Acquisition

Lodging Magazine· 5 December 2018
Driftwood Acquisitions and Development (DAD), a privately held investment firm specializing in the acquisition and development of quality hotel assets, announced its entry into the Atlanta market with the acquisition of three Marriott-flagged properties as part of a six-property Marriott select-service portfolio.

CEO Interview: Franck Gervais of AccorHotels Europe, on What European Hospitality Looks Like Today

skift Inc. · 5 December 2018
Europe's appetite for cutting-edge design, community-driven approaches, and contemporary food and beverage concepts is constantly evolving. Hotel brands, developers, and other leaders in the industry should take note.Most hotel brands are laser-focused on expanding in developing countries across Asia, Africa, the Middle East, and South America, but it would be a mistake to ignore what's currently unfolding in Europe. There's been a huge wave of innovation coming out of the continent's hospitality industry. The days of having to choose between either grande dame hotels or boring budget beds are over, replaced by a plethora of niche lodging options that focus on community, connectivity, and creativity.Franck Gervais, AccorHotels' CEO Europe, joined the company in November 2017 after working in France's railway sector for more than a decade. During his time as chief executive officer of Voyages-SNCF.com, he focused on projects designed to enhance the customer experience. As someone relatively new to the hotel industry, Gervais brings a fresh perspective to the topic of innovation within the European hospitality sector.SkiftX spoke to Gervais about his thoughts on hospitality in Europe today, how legacy brands are reinventing themselves, how developers are rethinking public spaces, and the future of AccorHotels in Europe.

2019 Hotel Accounting Trends Are All About the As

Hotel F&B· 5 December 2018
From an industry perspective, the next chapter of hospitality accounting will be all about the three “A’s”: apps, automation and analytics. Faced with greater demands in 2019, hoteliers will be forced to find new forms of automation to speed up financial processes and improve visibility on the backend, while enticing guests to utilize mobile apps through enhanced personalization on the frontend.

Pebblebrook sells two New York hotels

Hotel Management· 4 December 2018
Pebblebrook Hotel Trust traded two of its New York hotels to Highgate Hotels and the LeFrak Organization amid efforts to scale back its portfolio.

Hospitality Financial Leadership: What Is Leadership?

Hotel F&B· 3 December 2018
Leadership can be a confusing application. Just google leadership and you will get so much information it can make your head spin. I am going to try and simplify the definition of leadership in this article. I am writing this because I believe the idea of leadership and how it’s applied is very straightforward and quite practical when it’s used effectively. I also know that when a person has a clear vision of what’s required to move ahead, the trip speeds up.

ARA Asset Management enters U.S. with purchase of 38-hotel portfolio

Hotel Management· 3 December 2018
Singaporean real estate investment trust ARA Asset Management acquired a portfolio of 38 select-service hotels across 21 U.S. states. The portfolio consists of hotels within the Hyatt Place and Hyatt House brands.

Michelin Guide Owner Buys Tablet Hotels to Build a Travel Business

skift Inc. · 3 December 2018
Tablet Hotels found itself a world-class strategic buyer to propel its growth. Tablet as part of Michelin will face huge marketing hurdles, and the challenge of trying to reshape Michelins legacy guide offerings.Michelin, the France-based tire company that publishes Michelin guides for restaurants and tours, quietly acquired the booking site Tablet Hotels in October.The goal of the deal, which was announced Monday, is to have the Tablet Hotels team lead the digital transformation of the print-oriented Michelin Red Guides for restaurants and Green Guides for tourism, and to build a travel larger travel vertical, Tablet Hotels co-founder and CEO Laurent Vernhes told Skift.Revenue from the Michelin Guides is a rounding error, Vernhes said. They believe it could be more than that.In fact, in 2017 Michelin, which has a market cap of $18.8 billion, created a Michelin Experiences unit to combine and grow its various travel-related assets, and has tested things such as offering Chinese travelers kitchen tours with chefs at Michelin-starred restaurants. The company also has ambitions to create a Michelin club, which would build on the learnings of the Tablet Plus membership club, Vernhes said.Travelers and foodies are now looking for experiences which tell a story, and which help them discover a universe where they can show their appreciation of the local cultures, said Pascal Couasnon, director of Michelin Groups gastronomic and tourist activities, in a statement. Tablet is part of this new lifestyle that fully corresponds to the ethos of the Michelin guides. We want to offer our readers the best, by revealing places that offer this extra soul and express the fruit of the work of hoteliers and passionate chefs alike.In a presentation at a Goldman Sachs conference in London a few days ago, Michelin stated that it considers Experiences, including travel and fine dining, as one of four key growth areas for the company. Its strategy includes investments and acquisitions to propel value creation for this restaurants and travel division, which has seen net sales triple in 2018.

Marriott sued hours after announcing data breach

zdnet.com · 3 December 2018
Hours after announcing a data breach on Friday, two Oregon men sued international hotel chain Marriott for exposing their data. Their lawsuit was followed hours later by another one filed in the state of Maryland. Both lawsuits are seeking class-action status. While plaintiffs in the Maryland lawsuit didn't specify the amount of damages they were seeking from Marriott, the plaintiffs in the Oregon lawsuit want $12.5 billion in costs and losses.This should equate to $25 for each of the 500 million users who had their personal data stolen from Marriott's servers in the breach announced last week, on Friday.The two Oregon plaintiffs told a local newspaper, that they view the $25 as a minimum value for the time users will spend canceling credit cards due to the Marriott hack.The Maryland lawsuit was filed by Baltimore law firm Murphy, Falcon & Murphy, according to a press release.

Disney's Paris Operations Are a Target of French Tax Investigation

skift.com - Destinations·30 November 2018
This is a complicated case, but one thing is clear: Disney isn't happy French investigators raided its Paris offices, and authorities don't seem to care all that much about what the entertainment giant has to say.

Amadeus to Pay $3 Million to Settle an Antitrust Lawsuit in the U.S.

skift.com - Digital·30 November 2018
In settling this lawsuit, Amadeus doesn't admit to any wrongdoing or violations of antitrust law. Along with Travelport, Amadeus agreed to have its team engage in antitrust compliance training.

Demand drove UK hotel profits in October

Hotel F&B Observer·30 November 2018
October was a strong month for hotels in the UK, with a 9-percent, year-over-year increase in profit per room for the month, according to the latest data on full-service hotels from HotStats.

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