Global property adviser Knight Frank has completed the sale of The Old Bell Hotel, a 13th Century hotel in Wiltshire believed to be England’s oldest hotel, to American investors Whim Hospitality, selling off a guide price of £3.75m.
Hôtel du Palais Biarritz, part of The Unbound Collection by Hyatt, reopens following a meticulous restoration to reflect its prestigious history while introducing new, modern elements.
Hotstats have just released a report to assist hotels to get back on track toward profitability after the disruption of COVID-19.
It has been a challenging year for the hotel industry but also the opportunity to stand strong as a brand and respond with grace and compassion.
With the ski season just around the corner, Fairmont Chateau Whistler today announced three new outdoor private dining experiences.
Work from Hyatt: Office for the Day package is available at more than 400 participating locations across the Americas, starting at $65 per day with private workspace, exclusive wellbeing experiences, member benefits and more
COVID-19 introduced the hotel industry to a lot of uncertainties for the future. It also revealed several weak spots and high-risk areas within hotel management agreements (HMA’s).
As we enter Q3, there is no question that the COVID-19 pandemic has significantly impacted businesses worldwide. Hospitality has already been singled out as having notably suffered from travel restrictions and lockdowns, but one could argue that meetings and events have it the worst.
Balance Sheets deserve more attention and are an often-overlooked financial statement. While it is the Operator’s responsibility to ensure accuracy, the simple fact that it isn’t tied to management fees means there is often little effort going into keeping it accurate.
With the advent of the ‘new normal’, hotel owners and operators must begin considering the various financial and operational scenarios in their forecasts extending into 2021. Accurate forecasting is notoriously tricky, even in “business as usual” scenarios.
As hotels begin to re-open, it is crucial that they’re mindful of their Break-Even Point (BEP) to understand their cost levels and to determine what RevPAR level is necessary to re-open. COVID-19 presented many challenges for hotels who are currently striving to merely break-even instead of maximizing profit as usual. While hotels usually aim for 35% occupancy threshold, many are hoping that COVID-19 cost reductions will lower the breakeven threshold.
For hotel owners and investors, access to friendly capital, shared resources and additional capital appreciation provided by entering assets into a partnership – that famous “portfolio effect”, can these days be what stands between survival and losing control.
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