HFTP, AHLA announce 10-year USALI agreement: The American Hotel & Lodging Association (AHLA) and the Hospitality Financial and Technology Professionals Association (HFTP) have announced a 10-year agreement to jointly produce the Uniform System of Accounts for the Lodging Industry (USALI). The system is used globally as a standard for hospitality accounting. The announcement reverses HFTP’s decision earlier this year to publish the next USALI edition without the formal involvement of AHLA. AHLA and HFTP have reengaged the joint Global Finance Committee, which creates content for USALI’s 12th edition, to be released in 2023, and all future editions.
McKibbon adds 3 in Miami: McKibbon Hospitality, the Tampa, Fla.-based hotel management company, has added three new greater Miami hotels to its management portfolio. Owned by Miami-based OPB Capital Group, the properties include Regency Miami Airport by Sonesta, Aloft Miami Doral and Element Miami Doral. The three new hotels add 460 rooms to McKibbon’s portfolio, bringing the total number of rooms to 12,310. The 176-room Regency Miami Airport by Sonesta features 8,000 square feet of meeting space and a full-service restaurant. The hotel recently underwent a full-scale renovation. The dual-branded Aloft Miami Doral and Element Miami Doral offer 145 rooms and 139 rooms respectively, along with combined 3,221 square feet of meeting space.
Best Western Brome Grange Hotel sells: London-based Insol Group has acquired the Best Western Brome Grange Hotel near Eye in Suffolk, UK, from Suffolk-based Cameron Ventures Group for an undisclosed sum. The 44-room hotel has been extensively refurbished and extended since it was purchased by Cameron Ventures Group in 2012 and has a three-AA star rating. The hotel includes a lounge, restaurant, spa and events space. The hotel’s sale was handled by Christie & Co’s hospitality team.
Braemar’s Q4 update: Braemar Hotels & Resorts, based in Dallas, has announced its preliminary expectations for net income and adjusted EBITDAre for Q4 ending December 31. The company reported a preliminary estimated range of net income of $0.5 million to $3.5 million and a preliminary estimated range of adjusted EBITDAre of $36 million to $39 million. The lower end of the preliminary estimated range of adjusted EBITDA is higher than the current average of the estimates published by the equity research analysts. Braemar’s RevPAR for October was $280, reflecting a 14% increase compared to October of 2019 and the company’s RevPAR for November was $253, a 15% increase compared to November 2019. The company expects its December RevPAR to be at a similar premium to 2019.
Agoda survey on family travel: Four out of five travelers will go for a vacation with immediate family in the next 12 months and although traveling with friends is more popular than traveling with extended family, about 52% are keen to vacation with relatives, revealed Agoda’s Family Travel Trend survey 2022. Travelers from Singapore (61%), Taiwan (61%) and Vietnam (59%) are most likely to take at least one trip with immediate family. Travelers from The Philippines (47%), Indonesia (40%) and Malaysia (35%) are most likely to plan two or more family holidays in 2023. Travelers from Japan, Korea and Singapore were the least likely to travel with their extended family. Travelers from Philippines (59%), India (44%), and South Korea (38%) showed a high preference for budget-friendly hotels, while those from Indonesia (42%), Malaysia (39%), and Taiwan (38%) preferred vacation rentals which tend to offer additional facilities such as kitchens or separate living and sleeping areas. This is in contrast to almost half of Japanese travelers (43%) who favored chain hotels as their accommodation of choice and 34% of Thai travelers who preferred the convenience of all-inclusive resorts.