Group items tagged

For small and medium-sized enterprises (SMEs), maintaining adequate liquidity is essential to ensure smooth operations and sustainable growth. Effective liquidity management involves optimizing cash flow, allowing businesses to meet short-term obligations and invest in new opportunities. The correct strategies help mitigate financial risks and enhance the company's ability to navigate economic fluctuations. Optimizing cash flow Creating detailed cash flow forecasts is necessary for SMEs to predict inflows and outflows accurately. These forecasts help businesses anticipate potential shortfalls and address them proactively. Maintaining a cash reserve provides a buffer against unforeseen expenses or economic downturns, ensuring stability during challenging times. Prompt invoicing with clear payment terms accelerates receivables and improves the cash flow cycle. Electronic invoicing and payment systems enhance efficiency and reduce delays, allowing companies to access their funds more quickly. Negotiating favorable payment terms with suppliers also offers more flexibility in cash management, enabling them to hold onto their cash for longer periods. In addition, regular reviews and audits identify areas for cash flow optimization. By closely monitoring performance, businesses can implement corrective actions promptly, ensuring that cash flow remains steady. Advisors or consultants can provide tailored strategies to enhance liquidity and improve overall financial health. Additionally, automating routine tasks can free up valuable time and resources, allowing staff to focus on more strategic activities. These practical measures help SMEs improve their liquidity, reduce financial risks, and support sustainable growth.

THE NATIONAL LABOR Relations Board recently withdrew its appeal of a Texas judge's ruling blocking its joint employer rule that would have broadened the shared responsibility for employees between franchisers and franchisees. Opponents of the rule said it would have damaged small businesses, including hotels, while President Joe Biden's administration said it would better enable employees to protect their rights. On Friday, the NLRB asked the U.S. Court of Appeals for the Fifth Circuit to dismiss its challenge, saying it believes the rule is lawful but wants "to consider options for addressing the outstanding joint employer matters before it," according to Bloomberg Law. The appeal had been related to a March 8 ruling in a lawsuit filed in the U.S. District Court for the Eastern District of Texas by the American Hotel & Lodging Association, the U.S. Chamber of Commerce and other business associations challenging the rule's legality.

Bob Gilbert, president and CEO of the Hospitality Sales and Marketing Association International, retired after 30 years in executive leadership roles. Juli Jones, HSMAI senior vice president, will serve as interim managing director while the association, aided by SearchWide Global and HSMAI's management company MCI, searches for the next president and CEO, HSMAI said in a statement. Gilbert accelerated his retirement due to a serious health issue. Kristin Miodonski, MCI associate vice president and HSMAI content director, will serve as interim managing director for the HSMAI Foundation, the statement said. "It is with the utmost respect that we announce the retirement of Bob Gilbert from his role of president and CEO of HSMAI," said Andrew Rubinacci, HSMAI Americas chair and chief advisory officer at FLYR Hospitality. "Bob has been a mentor and friend to so many of us in the industry and has taken the association to new heights over the course of his incredible 30-year tenure, expanding HSMAI across the globe. The association will benefit from his leadership for many years to come."

THE U.S. HOTEL industry reported higher performance in the second week of July compared to the previous week, but lower year-over-year results, according to CoStar. The first hurricane of the season impacted one top 25 market. Occupancy climbed to 69.2 percent for the week ending July 13, up from 61.3 percent the previous week, but down 3.7 percent year-over-year. ADR increased to $158.21 from $157.27, marking a 1.5 percent decline compared to last year. RevPAR increased to $109.51 from $96.35 the previous week, reflecting a 5.2 percent decrease from the same period in 2023. Among the top 25 markets, Houston recorded the highest year-over-year increases in key performance metrics: occupancy rose 13.4 percent to 72.2 percent, ADR increased 22.4 percent to $137.17, and RevPAR grew 38.8 percent to $98.97. The market's performance was impacted by Hurricane Beryl.

HomeTowne Studios Greenville is now open in Greenville, South Carolina. The owner Surya Hotel Corp. recently invested over $1 million to fully renovate the extended-stay hotel, located next to the 52-room Red Roof Inn. The 50-room hotel is near Clemson University, Roper Mountain Science Center, Greenville Technical College, Bob Jones University, Furman University, Saint Francis Hospital, Paris Mountain State Park and Lake Conestee Nature Park. Greenville-Spartanburg International Airport is a short drive away.

NEW YORK CITY Council members recently introduced a bill requiring hotels to obtain additional licenses to operate in the city. However, the American Hotel & Lodging Association called the bill "destructive," warning it would permanently alter hotel operations and threaten thousands of jobs in the city. The bill's sponsors claim it addresses several issues, including prohibiting hotels from using subcontractors for core functions, adopting minimum hygiene standards and committing to policies to prevent prostitution and human trafficking. AHLA urged the council to slow down on the proposed licenses, noting they would decimate the hospitality economy. "This abrupt and destructive bill would permanently alter how hotels operate and threaten the jobs of thousands of New Yorkers," said Kevin Carey, AHLA's interim president and CEO. "If it becomes law, thousands of hotel jobs could be lost, hotels will shutter, and New York City's economy - especially small business retailers, restaurants, and other hotel service providers - will suffer substantially."

THE AMERICAN HOTEL & Lodging Association launched the "Hospitality Law Database," giving hoteliers quick access to state and local laws affecting hotel operations. The online platform aids hotel owners, managers, HR professionals and lawyers in navigating the changing legal landscape of the hotel industry. The tool tracks laws across all 50 states, the District of Columbia and the top 25 U.S. hotel markets, AHLA said in a statement. "AHLA is laser focused on advocacy in support of legislation to protect and promote the hotel industry," said Kevin Carey, AHLA's interim president and CEO. "AHLA's new Hospitality Law Database is a natural extension of our robust advocacy efforts, giving members easy access to the laws governing operations in the states and key markets where they operate."

Group travel business can bring hotels much needed revenue. Jeff Bzdawka, CEO of research firm Knowland, offers tips on how smaller hotels with limited meeting space can capitalize on this revenue stream. There is a science to sales. Those of us who work in the hospitality industry know many essential qualities are needed for successful sales outcomes. Qualities include verbal and non-verbal communication skills, listening skills, and the ability to convey information persuasively. Empathy, product knowledge, problem-solving skills, and a goal-oriented mindset are crucial when understanding and relating to the customer's needs, concerns, and emotions. When these skills come together, the salesperson can build trust and rapport. These are the essential elements for closing the deal.

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.

IDEAS, A SAS company specializing in hospitality revenue management software, recently integrated nearly 2,000 properties with the Oracle Hospitality Integration Platform. This connects their RMS solutions, including IDeaS G3 RMS, with Oracle's OPERA Cloud platform, accessible via OHIP and the Oracle Cloud Marketplace, the companies said in a joint statement. "The hospitality industry has long craved faster data exchanges and more capabilities to handle ever-increasing data volumes, and OHIP delivers precisely that," said Klaus Kohlmayr, IDeaS' chief evangelist and development officer. "By accelerating data exchange and efficiently transmitting the staggering 12 billion pricing decisions IDeaS processes daily, OHIP empowers us to innovate faster as partners with Oracle. This goes beyond pricing and forecasting. It unlocks the true potential of data-driven revenue management, allowing hoteliers to make smarter decisions and achieve optimal results." The two companies share nearly 10,000 clients, the statement said. IDeaS is connecting 50 to 100 hotels per week, allowing for faster implementation of future capabilities and additional solutions.

WITH 67 PROJECTS and 7,772 rooms in its construction pipeline, Charlotte, North Carolina, ranks 15th among the top 25 U.S. markets by project count, according to Lodging Econometrics. LE predicts continued growth in the city's future. Hotels under construction in the city total 11 projects and 1,435 rooms at the end of the first quarter, with 31 projects and 3,466 rooms set to begin construction in the next 12 months, and 25 projects totaling 2,871 rooms in early planning. LE's first quarter hotel development data for Charlotte, released ahead of the Hospitality Industry Technology Exposition and Conference, showed that more than 65 percent of the projects are upscale and upper-midscale brands, totaling 44 projects and 5,007 rooms combined.

Explore Egypt affordably by visiting during off-peak times, staying in budget accommodations, using public transport, and eating at local eateries.

Bill Fanning is now the chief revenue officer at Stayntouch, a cloud-based hotel property management software developer. Previously, he was senior vice president of sales at Compeat, part of Restaurant365's enterprise suite, covering accounting, inventory, scheduling, payroll, and HR solutions. In his new role at Stayntouch, Fanning will oversee revenue strategy and expansion efforts, focusing on customer value, strategic partnerships and global commercial growth across North America, Europe and global markets. "We are pleased to welcome Bill Fanning to our team," said Jacob Messina, Stayntouch's CEO. "His exceptional track record and experience in the hospitality industry and enterprise sales make him the perfect fit to lead our commercial strategy. Bill shares our unwavering commitment to customer success and innovation. His expertise will be instrumental in strengthening our relationships with hotel partners and enterprise customers, ensuring we continue to deliver solutions that address the most pressing challenges faced by hotel owners and operators today."

COSTAR GROUP, A real estate marketplace and analytics provider, granted STR's hotel data subscribers access to its full product suite, enabling users to leverage multisegmented market analytics and forecasts. The services include a tenant database of 7.8 million spaces, an inventory of 6.7 million properties, a pipeline tracking 79,000 projects and a transactions database with 4.2 million sales comparables, CoStar said in a statement. "Today, CoStar becomes the product for tens of thousands of hotel users worldwide," said Andy Florance, CoStar Group's founder and CEO. "With access to the full product offering, hotel owners, operators and brand representatives will gain comprehensive insights across all commercial asset categories, enabling them to refine their sales strategy and identify new investment opportunities." STR's latest benchmarking solution debuted within the CoStar product in May 2023, the statement added. This comprehensive, multilingual tool offers enriched STAR Reports, detailed property and portfolio insights, and advanced visualizations to streamline revenue and performance management, operations, sales, marketing, and finance.

UNIFOCUS, A WORKFORCE management system provider led by CEO Moneesh Arora, recently partnered with Nonius, a guest-facing solutions company for hotels, to integrate Nonius' platform with the Unifocus operations management system. This partnership ensures guest requests inform operational priorities, enabling real-time adaptation to guest needs and improving service delivery and staff efficiency. By integrating Nonius' guest messaging solution, Unifocus connects hotel staff with guests more effectively, the companies said in a joint statement. "Our partnership with Nonius isn't just an additional feature, it's a transformative bridge connecting the guest experience with hotel operations," said Arora. "It blends technology with the guest journey, enhancing human connections and setting the stage for the future of hospitality."

U.S. HOTEL PERFORMANCE improved in the second week of June compared to the previous week, showing mixed year-over-year results, according to CoStar. All key metrics, including occupancy, RevPAR and ADR, increased compared to the prior week. Occupancy rose to 70.3 percent for the week ending June 15, up from 69.1 percent the previous week, despite a slight 0.6 percent year-over-year decrease. ADR increased to $161.70 from $160.90, a 0.9 percent rise compared to last year. RevPAR increased to $113.62 from $111.26 the previous week, marking a 0.3 percent increase compared to the same period in 2023. Among the top 25 markets, San Francisco recorded the highest year-over-year increases: occupancy rose 14.8 percent to 71.1 percent, ADR increased 11.3 percent to $226.70, and RevPAR grew 30.3 percent to $179.97. The market's performance was boosted by the Data + AI Summit.

THE U.S. HOTEL industry showed improved performance in May compared to the same month last year, according to CoStar. All three performance metrics-occupancy, ADR, and RevPAR-increased year-over-year. The top 25 markets reported higher occupancy and ADR than all other markets. Occupancy increased to 65.7 percent in May, up from 65.2 percent in April, and increased by 1.5 percent compared to May 2023. ADR climbed to $160.40 from $157.31 the previous month, a 2.4 percent rise from 2023. RevPAR reached $105.46, up from $102.51 the preceding month, reflecting a 4 percent increase from May of the previous year. Among the top 25 markets, New York City led in all three key performance metrics: occupancy rose 5.8 percent to 88.9 percent, ADR increased 6.3 percent to $339.25, and RevPAR climbed 12.5 percent to $301.57. Markets with the lowest occupancy for the month included Detroit at 46.1 percent and Chicago at 49.4 percent.

Red Roof Inn Stroudsburg in Stroudsburg, Pennsylvania, is now open. The owner, 100 Park Ave LLC, led by Urvish Shah, recently invested $500,000 in renovations for the 58-room property situated near the Pocono Mountains. The pet-friendly hotel is in Stroudsburg's entertainment district, close to Shawnee Mountain Ski Area, Camelback Ski Resort, Delaware Water Gap National Recreation Area, Lafayette College, Pocono International Raceway and Jack Frost Ski Resort. Lehigh Valley International Airport is nearby. Two other Red Roof properties recently opened: Red Roof Inn Charlotte-Airport in Charlotte, North Carolina, owned by Shree Shradhaa Saburi LLC, led by Kiran Patel, and Red Roof Inn Doswell-Kings Dominion in Doswell, Virginia, owned by SJ Hotel LLC, led by Nilang Maniarah.

PEACHTREE GROUP RECENTLY issued a $40-million retroactive Commercial Property Assessed Clean Energy loan to BLG San Diego LLC for the newly opened 147-room AC Hotel San Diego Downtown Gaslamp Quarter. The proceeds enabled BLG to reduce its senior loan with California-based Preferred Bank and E.Sun Commercial Bank to under $20 million, thereby mitigating the banks' exposure, Peachtree said in a statement. "This innovative capital structure significantly alleviated the immediate financial pressures, enabling the hotel to establish a solid cash flow foundation during its initial years of operation," said Greg Friedman, managing principal and CEO, Peachtree Group. Peachtree is led by Friedman, with Jatin Desai as managing principal and chief financial officer, and Mitul Patel as principal.