Globalization, increasing freedom of movement between countries, and the growing interdependence of national economies have boosted cultural diversity in many industries. Nowhere is this paradigm shift more evident than in hospitality. How to manage cultural diversity effectively in hospitality is crucial in light of these changes.
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Compensation Declaration: Why the Growth of Management Company Fees Slowed in 2023
Prior research conducted by CBRE Hotels Research revealed that hotel management companies were rewarded handsomely as the U.S. lodging industry recovered from the COVID-19 pandemic. An analysis performed by CBRE in April 2023 found that total hotel revenue increased by 153 percent from 2020 to 2022, while gross operating profits (GOP) grew by 437 percent. This resulted in a 68 percent increase in … [Read More...]
Copthorne Hotel Aberdeen Celebrates Extensive Refurbishment
Copthorne Hotel Aberdeen, a landmark of hospitality since its inception in 1974, is excited to announce the completion of an extensive refurbishment across all guest rooms and public areas. This marks a pivotal moment in the hotel's storied history, with enhancements designed to position it as a front-runner in luxury accommodations within the region. Comprehensive Upgrades for a Modern Guest … [Read More...]
Mews launches Flexible Financing funding program
Mews has launched the Flexible Financing funding program, which provides hospitality businesses with access to capital, as the number of hoteliers branching out to offer additional amenities for guests has more than doubled in the last year. Flexible Financing is delivered in collaboration with financing provider YouLend, enabling eligible customers to receive funding of up to 1 million euros … [Read More...]
Placemakr expands in Texas with four new properties
Placemakr, a flexible-use hospitality and multi-family operator, will expand across Texas with four new property launches, bringing the company’s total operations to more than 800 units in the state. The expansion includes the acquisition of Placemakr Downtown Austin, formerly named 3Waller, a 259-unit property in the heart of downtown Austin, marking the 6th property acquisition for … [Read More...]
Sonesta opens hotels in Wyoming and Michigan
Sonesta International Hotels Corporation has opened Red Lion Gillette in Gillette, WY, and Sonesta Grand Rapids in Grand Rapids, MI. Red Lion Gillette is a 159-room, select-service value hotel, while Sonesta Grand Rapids Airport is a 183-room upscale property. “We are excited to open the first Sonesta hotels in Gillette, WY, and Grand Rapids, MI,” said Norman Leslie, cofounder, Lodging Opportunity … [Read More...]