BOSTON and NEW YORK—Bain Capital Special Situations and Smith Hill Capital, an affiliate of Procaccianti Companies, announced the formation of a joint venture to originate debt and preferred equity to serve the financing needs of companies and assets in the hospitality sector. The platform launches with the objective of deploying $1 billion of gross capital over the next several years. The joint venture will initially focus on new loan originations and debt refinancing exclusively in
Wyndham Hotels & Resorts Reports Q3 2023 Results
Category: Finance, Finance & Development, Market Reports
PARSIPPANY, New Jersey—Wyndham Hotels & Resorts announced results for the three months ended September 30, 2023. Highlights include: Global RevPAR grew 3 percent compared to the third quarter of 2022 in constant currency. System-wide rooms grew 3 percent year-over-year. The development pipeline grew 4 percent sequentially and 12 percent year-over-year to a record 237,000 rooms. Signed over 230 contracts, an increase of 8 percent year-over-year, including 60 new construction projects for ECHO Suites Extended Stay
This Week’s Comings & Goings
Category: Comings & Goings, People
Aligned Hospitality Management has promoted Tara Lundgren to vice president of operations. Lundgren, who served as the general manager of the DoubleTree Suites by Hilton Hotel Tucson Airport, will join the corporate team to enhance operations throughout the portfolio. The St. Regis Bal Harbour Resort announced the appointment of Stephen Power as the new general manager. Prior to joining the property, Power served as general manager of The Ritz-Carlton, San Francisco. Gulph Creek Hotels announced
Building a Security Culture: The Most Basic Best Practice Is to Train All Staff in Protecting Guests
Category: Featured, Operations, Smart Strategy
Discussions of guest expectations in today’s hotel industry often involve aspects such as hyper-personalization, digital transactions, guestroom entertainment, wellness, and sustainable practices. Perhaps because security is so fundamental to hospitality, it is less common as a trending topic. But the protection of guests and their assets will always be a priority, one that guests themselves are highly cognizant of. In fact, security deficiencies—perceived or actual—are among the most common complaints on guest satisfaction surveys, observed
MCLEAN, Virginia—Hilton Worldwide Holdings Inc. reported its third quarter 2023 results. Highlights include: Diluted EPS was $1.44 for the third quarter, and diluted EPS, adjusted for special items, was $1.67 Net income was $379 million for the third quarter Adjusted EBITDA was $834 million for the third quarter System-wide comparable RevPAR increased 6.8 percent, on a currency-neutral basis, for the third quarter compared to the same period in 2022 System-wide comparable RevPAR increased 11.4 percent,
