Property Tax Trends: New Analysis Shows That Relief for U.S. Hoteliers Varies by Geography
Category: Featured, Finance, Finance & Development, Market Reports, Real Estate
Based on a sample of more than 3,000 hotels from CBRE’s Trends in the Hotel Industry database, U.S. hotel property tax expenditures averaged $2,626 per available room (PAR) in 2022. This is 10.8 percent less than the $2,943 PAR recorded in 2019, before the COVID-19 pandemic. Concurrently, the earnings before interest, taxes, depreciation, and amortization (EBITDA) for these same properties fell by 1.7 percent. From 2019 to 2022, the combination of EBITDA decreases and cap-rate
This Week’s Comings & Goings
Category: Comings & Goings, People
Crestline Hotels & Resorts, LLC announced Laura Mack as senior vice president of accounting and finance. Mack joins Crestline from American Campus Communities, Inc., where she held the position of senior vice president, chief accounting officer. Palladium Hotel Group announced a new role and management structure change; Zoe Lara has been promoted to senior vice president of sales and marketing for the Americas from country sales director for Jamaica and the Dominican Republic. PM Hotel
HOUSTON and DUBAI—Hospitality technology solutions providers WorldVue and Infrateq have announced they have signed an agreement that will mark the entry of WorldVue’s tech stack into the EMEA region powered by Infrateq. Michael Vargosko, managing director, international operations at WorldVue commented, “This agreement couldn’t have come at a more opportune time. As we close in on managing a million rooms installed globally, the business has been focused on strategic international growth with EMEA as a
Hyatt and Headspace Expand Collaboration to Bring Noise Collection to Guests
Category: Guest Experience, Wellness
CHICAGO—Hyatt Hotels Corporation and Headspace announced the expansion of the collaboration between the two companies to continue supporting guests’ well-being with noise content for World of Hyatt members and guests. Hyatt offers guests and members a sampling of sounds from Headspace’s noise collection. Available via the World of Hyatt App and in-room televisions at select properties across the United States, Canada, and Mexico, this spectrum of sounds can help guests drift off, relax, or focus.
Mixed-Use Momentum: Multifaceted Projects Provide Developers With Financing Flexibility
Category: Development, Featured, Finance & Development
Mixed-use development has long been a viable option for hotel owners looking to create multifaceted projects that drive different types of demand, but such projects have increasingly gained favor among developers of late as they offer a number of other financial advantages as well. With construction costs on the rise and financing increasingly difficult to come by, it’s becoming more challenging to have standalone, new-build hotels pencil out. Such challenges have been the driving force
