Hotel Investment Executives Remain Bullish
In an era of nonstop 24-hour news, even the slightest discouraging word can put a damper on the mood of an industry. Thus, nearly 2,000 executives gathered earlier this week in New York for the New York University International Hospitality Industry Investment Conference fresh from a news cycle headlined by a less-than-positive report on jobs growth and downright bad news on housing starts. As a result, the mood at the conference, at least initially, was one of caution: everyone agreed hotel industry fundamentals are gathering significant steam, but the state of the U.S. economy had some speakers and attendees wondering about the future....
Hotel Leader Tisch Calls for Infrastructure Overhaul
Loews Hotels CEO Jonathan Tisch called on the hotel and tourism industry to tackle what he calls one of the next defining challenges: repair and restoration of the country’s crumbling infrastructure, starting with the air transportation system but also including roads, bridges, tunnels and public transportation....
MLIS Offers Mid-Year Look at Lodging
As the hotel industry continues to rebound, owners, operators and developers are looking for the next growth opportunities. One place they can find it is at next month’s fourth annual Midwest Lodging Investors Summit, which will be held July 17-19 at the Hyatt Regency McCormick Place in Chicago....
Defenses Against Bed Bugs and Lawsuits
Running any hotel has more than its share of potential lawsuits that can emerge for any number of reasons, whether a guest falling on a wet floor, employees suing for union-related issues, and sometimes, plaintiff claims that defy the imagination. Surprisingly, in today’s environment, one of the most critical legal developments is the onslaught of bed bug infestations and the havoc ...
Making Sense of Debt Yield Ratios
When applying for a mortgage on your hotel, it is useful to understand the various analytical tools lenders use to evaluate the size and terms of the loans they are making. Up until a few years ago, the preferred benchmark lenders relied on was the debt coverage ratio. Recently, a new tool called the debt yield ratio came into vogue, which seems to be used by most hotel lenders today. Let’s look at ...
Residence Inn’s New Cost-Effective Renovation Package
There’s probably no better indication of the hotel industry’s (and country’s) healthy obsession with cost control than Residence Inn’s approach to its latest generation of property upgrades. The 622-unit chain, the long-time leader in the upscale extended-stay segment, recently introduced a new cutting-edge suite renovation package that brand executives say costs about $15,000 per key, which is “not a penny” more than the price of the brand’s previous upgrade package....
Why It Pays for Hotels to Be Pet Friendly
When Philip and Cherie Crouch traveled, the couple wanted to take their chows with them, but it wasn’t easy to find a place to stay. Today, Phil and Cherie are general manager and assistant general manager, respectively, of two hotels in Needles, CA, the Best Western Colorado River Inn and Rio del Sol Inn. They’ve made hos-PET-ality part of their daily business. ...
What Kind of Year Has It Been for You?
The crucial summer travel season is underway, and most owners and operators should have a fairly clear idea of their prospects of success for the next three months and probably the whole year....
Morgans Finds Early Success with Mondrian SoHo
Morgans Hotel Group opened its third Mondrian-branded hotel in early spring. The 270-room Mondrian SoHo has been five years in the making and is managed by Morgan’s for owner/developer Cape Advisors....
Pain at Pump Won't Hurt Memorial Day Travel
Despite gasoline prices teetering around $4 a gallon in most regions, two recent reports indicate more Americans plan on traveling this Memorial Day weekend than last year. As the official start to the summer travel season, this weekend should be a bellwether of what’s to come....
HSMAI Rebrands With New Mission, Services
By third quarter 2011, members of the Hospitality Sales & Marketing Association International will see a new website, newsletter and logo. The changes are the visible part of the association’s rebranding work. Less visible, but more important, are a new mission statement, new Expert Communities and expanded educational opportunities. ...
Burt Cabanas: 30 Years of Excellence
Burt Cabanas moved to Miami from Cuba when he was 10 years old, following the death of his father. While his family planned to return to Cuba, they were unexpectedly exiled to this country in the aftermath of Castro's revolution. At 14, the young Cabanas’ took his first job was in the hospitality industry: Pool boy at a Miami Beach hotel. He never really left the industry...
New Hotel Technology Likely to Bring Sticker Shock
The need for a new generation of computers, data centers and security equipment for the nation’s hotels is driving up the expense of technology in the hospitality industry, says Mitesh Shah, chief executive officer at Atlanta-based Noble Investment Group, a privately-held company that invests in and manages hotels. ...
Choice Accelerates Plans for Recovery
Steve Joyce’s message to franchisees was simple. It was also the title of Choice Hotels’ annual convention—“Time to Accelerate”—held in Boston the past three days....
The Truth About the Billboard Effect of OTAs
Most of you have heard of the billboard effect that creates increased bookings on your brand’s website when your hotel is also listed on an online travel agency (OTA) site. Chris Anderson, an assistant professor at the Cornell School of Hotel Administration, has been doing a series of studies on the billboard effect and wanted to test what the benefit might be (if any) for a large, well-known lodging company. ...
Steve Belmonte Launches New Hotel Franchise Brand
Calling it “the most franchise friendly brand in the hotel industry,” lodging industry veteran Steve Belmonte yesterday launched a new franchise company, Centerstone Hotels....
Regional Investors Shy About Caribbean Hospitality
Despite a slight rebound in the region’s tourism business, most investors are still shy about financing hospitality projects in the Caribbean. A new KPMG study introduced at last week’s Caribbean Hotel & Tourism Investment Conference in Jamaica shows only 36% of lenders in the region are optimistic for the Caribbean tourism industry over the next 12 months....
Chinese Target Caribbean for Tourism Investment
The Chinese have set their sights on the Caribbean—and particularly the region’s tourism business—as a significant investment target. And governments in the region, as well as the private sector, are welcoming them with open arms....
Baymont At Home With Wyndham
Quick, name the hotel company that created the Baymont Inn & Suites brand. Yes, the midscale limited-service brand currently resides with Wyndham Hotel Group, but no, that’s not where it began. Baymont was briefly La Quinta’s other brand, but it actually started in 1974 as the Budgetel Inn brand from Milwaukee-based Marcus Corp....
Education Key to Preventing Credit Card Fraud
Last year, the hospitality industry became the most targeted industry for data breaches according to Trustwave's Global Security Report 2010. The situation has grown in such a way that recently, one of the largest hospitality industry associations put forward guidance on how to take simple steps to secure payment card data within the industry....
Mold Eradication: Protecting Lodging from Lawsuits
Owners and operators of hotels, motels or any lodging establishment need no reminders about the ever-present threat of mold along with the litigation associated with its discovery. ...
Memo to Distressed Hotel Investors: Understand the Opportunities and Risks
Many investors and other potential buyers have been trying to determine whether the time is right to invest in distressed hotels. The recovering U.S. economy and hotel market indicate that the hotel industry’s severe recession has bottomed out, which has investors wondering whether they should make some investments in the near term before prices rise and the steep discounts disappear. ...
CWI Invests $43.6 Million in Waterfront Hotels in Long Beach, Calif.
Carey Watermark Investors Inc. (CWI) has closed on a joint venture investment of approximately $88 million with Ensemble Hotel Partners LLC, the owner of two hotel properties located on the waterfront in Long Beach, Calif. CWI’s investment is approximately $43.6 million....
Inside Look at Hotel Franchise Fees
Every two years HVS evaluates the fees charged by hotel franchise companies in the U.S. The purpose of this analysis is to provide a comparative review of various hotel franchise brands based on the applicable franchise fees. The selection of an appropriate franchise affiliation affects a property’s ability to compete in the local market, generate profits, achieve a certain image or market orientation and benefit from referral business. Because the success...
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