Group items tagged

PINAL PATEL WAS elected secretary of AAHOA in the culmination of 2024 AAHOA Convention & Trade Show held this week in Orlando. New members of the association's board of directors also were elected and new industry partners were announced. Pinal, of Goodlettsville, Tennessee, defeated H.K. "Hare Krishna" Patel for the secretary position. He was born in Bardoli, India, and his family moved to the U.S. in 1984 when he was 2, according to AAHOA. They lived in Nashville, Tennessee, Pinal said his parents did not speak any English when they brought him and his 1-year-old brother to America. Pinal's parents bought their first independent hotel in 1991, and he is a second-generation hotelier even after graduating flight school at Embry Riddle in Daytona Beach, Florida, before buying his first franchise property. Previously, he has served as an AAHOA ambassador and as AAHOA's director at large Eastern Division. "Hard work definitely pays off," Patel said. "I'm going to make sure we do what's right for the association and for the members. I promise to all my supporters, my family, and my fellow members that I will not let you down. I will do what's best for the association's interests."

Mit Shah today is CEO of Atlanta-based Noble Investment Group, a multi-million dollar company founded in his lifetime of experience growing up in the hotel business. It's a story he shares with many Indian American hoteliers, but he said it's a story that bears repeating, a story of the American dream. Shah retells his story here for Asian Hospitality's Leadership Series, the first episode for 2024. Along with his family history, he also discussed Nobel's investment practices, the economy in general and lessons learned from hosting interviews with industry leaders for the Bharat Shah Leadership Speaker Series, named after his father, at the Hunter Hotel Conference in Atlanta. "My parents were immigrants to the United States. In the 1960s they came here for a better life and education. As they were doing that, they had friends that found themselves in this industry and buying small properties throughout the country," Shah said, adding that his parents bought their first hotel, the Winkler Motor Inn in Winston Salem, North Carolina in 1979. "I was 10 years old at the time, my younger brother was six years old at the time and that was the family business, a very common story that we hear throughout our industry. It's an important story to continue to tell because it's deeply rooted in the American dream."

U.S. EXTENDED-STAY HOTEL room revenues increased by $1.1 billion in 2023, similar to 2018 and 2019, though with a lower relative gain due to a larger room base, according to The Highland Group. All three extended-stay segments reported record-high room revenues in 2023, with the upscale segment leading despite previously lagging behind the pandemic recovery. The 6.1 percent increase in extended-stay hotel revenues outpaced the corresponding 5.5 percent gain reported by STR/CoStar for the overall hotel industry, the report said. However, extended-stay hotel supply experienced its smallest annual increase on record in 2023, at just 1.8 percent. Factors such as re-branding, de-flagging of non-compliant hotels, and sales to other sectors influenced supply fluctuations, a trend expected to persist into the first half of 2024, particularly with older extended-stay hotels remaining on the market. The report also highlighted a 6.6 percent increase in economy extended-stay supply, alongside modest gains in mid-price and upscale segments, primarily driven by conversions. New construction in the economy segment is estimated at around 3 percent of rooms open compared to one year ago.

WYNDHAM HOTELS & RESORTS released fourth quarter and full year 2023 earnings that included record-high rooms growth. Geoff Ballotti, Wyndham's president and CEO, said the strong results reinforce the company's decision to refuse Choice Hotels International's ongoing efforts to buy Wyndham out. In its earning call, Wyndham reported that system-wide rooms grew organically by 3.5 percent year-over-year, a record high. The company opened a record 66,000 organic rooms, a 3 percent year-over-year increase. Its development pipeline grew 1 percent sequentially and by 10 percent year-over-year to 240,000 rooms, another record, including 98 new contract signings for its ECHO Suites brand, a 60 percent YoY growth in that part of the pipeline. Wyndham's shareholders, who will be key to determining the success or failure of Choice's efforts to acquire the company, saw several benefits from last year's performance. Fourth quarter diluted earnings per share was 60 cents with a net income of $50 million. The company returned $515 million to shareholders for the full-year through $397 million of share repurchases and quarterly cash dividends of $0.35 per share. Its board of directors also authorized a 9 percent increase in the quarterly cash dividend to $0.38 per share beginning with the dividend expected to be declared in first quarter of 2024.

TWO PROMINENT AAHOA members recently came out in support of Choice Hotels International's continuing efforts to merge with Wyndham Hotels & Resorts, including one who is among Choice's nominations for Wyndham's board of directors. However, AAHOA said it remains concerned about the impact of the deal and released results of a survey of its members that found most opposed the merger. Since Choice first made its offer for Wyndham public in October after Wyndham's initial rejection the two companies have traded barbs trying to convince Wyndham shareholders to support or reject the deal. When Choice earlier this week named its eight nominees for Wyndham's board, among them was Jay Shah, executive chairman at Hersha Hospitality Trust. While Hersha has not replied to two efforts to solicit a comment from Shah about his opinion on Choice's offer, the candidates are expected to support it if elected in Wyndham's 2024 shareholder meeting. Also, in an article in Reuters about the takeover attempt, Mike Leven, who co-founded AAHOA, spoke in favor of the deal.

Explorez le monde de la mode masculine avec notre sélection des 10 meilleures options de sacs banane tendance pour hommes en 2024. Alliant style et fonctionnalité, ces sacs banane sont parfaits pour garder vos essentiels à portée de main tout en ajoutant une touche de flair à votre tenue.

THE AHLA FOUNDATION recently held its 6th Annual Night of a Thousand Stars awards gala, recognizing leaders in the hotel industry and presenting Mark Hoplamazian, Hyatt Hotels Corp. president and CEO with the third annual Arne Sorenson Social Impact Leadership Award. The event also raised close to $1 million to support AHLA Foundation initiatives. Lina Patel, director of strategic franchise initiatives at Red Roof, also was recognized at the event held during the 2024 America's Lodging Investment Summit at the J.W. Marriott in Los Angeles. Shatterproof, a national nonprofit that promotes addiction treatment, also recognized Hoplamazian during ALIS. "The Night of a Thousand Stars Gala brings our entire industry together to celebrate the work and dedication of the unsung heroes of hospitality-the individuals at the heart of our industry," said Anna Blue, AHLA Foundation president.

HYATT HOTELS CORP. reported strong early 2024 performance, with RevPAR and revenue growth, fueled by pipeline expansion driving its core hotel business and global franchise network. Systemwide RevPAR surged by 5.5 percent compared to 2023, while all-inclusive resorts net package RevPAR soared by 11 percent. Meanwhile, U.S. RevPAR increased by approximately 2 percent, excluding the Easter impact, indicating normalized growth. Net rooms grew by about 5.5 percent, with net income at $522 million and adjusted net income at $75 million, Hyatt said in a statement. Adjusted EBITDA stood at $252 million, dropping by 9 percent compared to Q1 2023, mainly due to the Super Bowl in Phoenix, increased real estate taxes, higher wages, and transaction costs from ongoing asset sales.

AAHOA OFFICERS RECENTLY participated in a White House reception for Asian American, Native Hawaiian, and Pacific Islander Heritage Month. AAHOA Chairman Miraj Patel and Laura Lee Blake, the association's president and CEO, represented the association. President Joe Biden and Vice President Kamala Harris made remarks at the reception held in the Rose Garden, recognizing the AANHPI community, AAHOA said in a statement. "We were honored and privileged to represent AAHOA and our 20,000 members at the historic White House celebration," said Patel. "This event highlights the AA and NHPI communities' remarkable contributions to the U.S., mirroring AAHOA's representation of Asian American entrepreneurship in hospitality for the past 35 years. As we reflect on our rich heritage during AANHPI Month, we honor the incredible legacy of Asian American hoteliers and entrepreneurs who have shaped, and continue to shape, our industry and nation."

NEARLY EIGHT IN 10 Americans plan to travel by car to their summer destination, with the majority citing the enjoyment of driving, according to a recent survey commissioned by G6 Hospitality, parent company of the Motel 6 and Studio 6 brands. Most travelers prefer hotel stays, though they acknowledge that cost will influence their travel plans. The study, surveying 2,000 Americans with summer leisure plans, found that 80 percent distinguish between a "trip" and a "vacation". "There's nothing better than cruising on the highway with the windows down, sun shining and music playing, especially when you're surrounded by your loved ones - even those on four legs," said Julie Arrowsmith, G6 Hospitality's president and CEO. "Whether you're the planner or just along for the ride, Motel 6 and Studio 6 provide pet-friendly and affordable lodging so you can relax, enjoy the journey and focus on creating memories."

HIHOTELS BY HOSPITALITY International, a franchiser of conversion and new-build economy hotels, recently expanded its communication suite to enhance dialogue with its franchisees, supporting hotel owners through multi-channel engagement. The company maintains open channels at all levels, including direct access to the CEO, hihotels said in a statement. "At hihotels, the strength of our brands is rooted in the voices of our franchisees and the relationships we build," said Chris Guimbellot, hihotels' president and CEO. "We are small enough to listen, yet large enough to deliver-enabling us to focus on individual properties and provide unparalleled industry support." The expanded communication suite includes: Advisory council: Launched in 2023, this forum meets quarterly and includes franchisees, a vendor and the hihotels director, allowing franchisees to help shape hihotels' hihub: Introduced in December 2023, this digital platform facilitates continuous communication between franchisees and the hihotels team, offering educational resources to enhance hotel operations. WhatsApp group: Rolled out in the first quarter of 2024, the real-time messaging platform enables franchisees to contribute to system-wide improvements and build relationships with other franchisees and the hihotels corporate team. Newsletters: INNside Track, a quarterly newsletter, keeps franchisees informed on industry and marketing trends, company updates, events and networking opportunities. It is complemented by "An Update from Guimbellot," which highlights challenges, opportunities and new programs. Each communication includes Guimbellot's phone number and encourages franchisees to reach out with questions, concerns, ideas and feedback. Assurance & marketing program: This initiative has directors who help service properties and provide owners with ongoing sales, marketing and operations support. Regional conferences: Hihotels conducts smaller, regional conferences to nurture pe

WYNDHAM HOTELS & RESORTS is quietly bouncing back after Choice Hotels International's failed takeover bid. The company reported a net income of $86 million for the second quarter ending June 30, a 22.8 percent increase from $70 million the previous year. Wyndham's global pipeline grew 7 percent year-over-year, with a 5 percent increase in the U.S. alone. Its net income increase was driven by higher adjusted EBITDA, a benefit from the reversal of a spin-off matter and a lower effective tax rate, Wyndham said in a statement. "The resilience and highly cash generative nature of our business model was once again on full display this quarter," said Geoff Ballotti, Wyndham's president and chief executive officer. "Amid a normalizing domestic RevPAR environment, we delivered strong adjusted EBITDA driven by net room and ancillary fee growth. We awarded 33 percent more hotel contracts domestically which grew our development pipeline to a record 245,000 rooms, and drove significant increases in our U.S, international and global royalty rates. Year-to-date, we've returned over $250 million to shareholders, representing 4 percent of our beginning market capitalization this year."

U.S. REVPAR LEVELS hit a record high in the third week of July despite Hurricane Beryl's effects on the top 25 markets, according to CoStar. All metrics were up compared to the previous week, with positive year-over-year comparisons. Occupancy rose to 73.5 percent for the week ending July 20, up from 69.2 percent the previous week, marking a 1 percent year-over-year increase. ADR increased to $165.91 from $158.21, reflecting a 2.4 percent rise compared to last year. RevPAR reached $122.02, up from $109.51 the prior week, showing a 3.4 percent increase from the same period in 2023. Meanwhile, the U.S. RevPAR level reached the highest for any week on record.

U.S. HOTEL WEEKLY performance showed mixed results in the fourth week of May compared to the previous week but posted positive year-over-year comparisons, according to CoStar. Despite a slight uptick in occupancy, both ADR and RevPAR decreased week-on-week across all key metrics. Occupancy rose to 67.7 percent for the week ending May 25, up from 67.4 percent the prior week, reflecting a 1.6 percent year-over-year increase. ADR decreased to $160.67 from $163.11, yet still representing a 2.3 percent surge compared to last year. RevPAR stood at $108.73, a decline from the previous week's $109.93, but marking a 3.9 percent increase compared to the same period in 2023. Among the top 25 markets, Houston experienced the most significant year-over-year boosts in occupancy, soaring 20.9 percent to reach 74.1 percent, while RevPAR surged by 29.2 percent to $89.15. Las Vegas recorded the sole double-digit increase in ADR, climbing by 10.9 percent to $217.53.

U.S. HOTELS ADDED 700 jobs in May, highlighting persistent workforce shortages, with 191,500 vacancies since early 2020, according to the American Hotel & Lodging Association. However, a survey by AHLA of hoteliers in May found 76 percent of respondents are experiencing a staffing shortage and 13 percent reported they are severely understaffed, meaning the shortage is affecting their hotel's ability to operate. By comparison, in a January survey, 67 percent said they were experiencing a staffing shortage, and 72 percent said they were unable to fill open positions. Total hotel employment is now approximately 1.92 million, according to the Bureau of Labor Statistics. This is still 191,500 short of pre-pandemic levels in February 2020, highlighting the ongoing struggle to find workers.

U.S. HOTEL PERFORMANCE declined in the third week of June compared to the previous week, with mixed year-over-year results, according to CoStar. Key metrics such as occupancy, RevPAR, and ADR all decreased from the prior week. Occupancy declined to 69.5 percent for the week ending June 22, down from 70.3 percent the previous week, with a 2.5 percent year-over-year decrease. ADR fell to $159.88 from $161.70, despite a 0.1 percent rise compared to last year. RevPAR decreased to $111.17 from $113.62 the previous week, marking a 2.3 percent decrease compared to the same period in 2023. Among the top 25 markets, Seattle recorded the highest year-over-year increases, with occupancy rising by 11.1 percent to 84.9 percent and RevPAR growing 16.8 percent to $179.47. Meanwhile, Philadelphia saw the largest increase in ADR, rising 6.5 percent to $170.10.

PEACHTREE GROUP RECENTLY originated its first commercial property assessed clean energy financing in Tennessee, providing a $10.7 million loan for a Class-A office development in Nashville. Nashville's Division Street Development is developing the four-story, 75,000-square-foot project, slated for completion by October 2024, Peachtree said in a statement. "For eligible projects, CPACE financing remains one of the most attractive options to bring a project to completion," said Jared Schlosser, Peachtree's executive vice president and head of CPACE. "We are pleased to assist Division Street Development in securing the final piece needed to complete the financing puzzle for their office development."

THE NUMBER OF U.S. hotel rooms under construction in June reached its highest level in 16 months, according to CoStar. The construction volume increased year-over-year for four consecutive months, with upscale and upper midscale segments dominating pipeline activity. "The number of rooms in construction has grown year-over-year for four consecutive months," said Isaac Collazo, STR's vice president, analytics. "While upscale and upper midscale continue to dominate, accounting for about 50 percent of all rooms in the final phase of the pipeline, the pace of activity in these segments has slowed compared to last year. Midscale and economy have shown the most growth, up 42 percent and 34 percent, respectively, with newer brands and extended-stay accounting for most of the new construction across the midscale segment." Approximately 157,713 rooms were under construction in June, up 5.5 percent from the same month last year. Additionally, 266,619 rooms were in the final planning phase, a 9.8 percent increase from June 2023. The planning stage saw 333,827 rooms, a rise of 38.7 percent compared to the previous year.

THE 2020 COVID-influenced lodging industry recession resulted in some noticeable changes to the way hotels provide F&B service. Social distancing regulations forced operators to be creative in the way they served food and beverages to guests. Rising wage rates and sharp increases in the cost of food and beverage products compelled hotel managers to find ways to control costs. The inability of hotels to attract employees to fill the positions eliminated during the recession required creative solutions to improve productivity and offer more with less. These factors resulted in the following hotel food and beverage trends during the subsequent recovery period: The increased offering of kiosks and grab-and-go venues The closing of traditional three-meal-a-day restaurants A reduction in the menus, number of seats, and hours of remaining F&B venues Reductions in in-room dining and mini-bar service The conversion of food and beverage space to other revenue generating purposes To learn how these recent changes in hotel food and beverage operations have impacted revenues and expenses, we have analyzed the operating statements of 2,500 U.S. full-service, resort, and convention hotels that participated in CBRE's annual Trends in the Hotel Industry in 2021 and 2022. In 2022, these 2,500 properties averaged 285 rooms in size, and achieved an occupancy of 64.7 percent, along with an ADR of $225.60. To provide more current information, we also relied on the monthly operating statements of 1,200 properties during the period January through June of 2023.