Global Hospitality Report (May 18, 2015)

Fixed Expenses Aren't Really Fixed!  
By Kirby Payne

In most hotel P&Ls, usually towards the bottom, is a heading called Non-Operating Income and Expense, formerly known as Fixed Expenses. Few costs are uncontrollable in a hotel. There are simply some expenses which take longer to reduce than others!

Four Key Takeaways | CHRIS Conference 2015 
By Parris Jordan and Nicole Roantree

Hoteliers at the CHRIS conference in Miami explored investment opportunities in the Caribbean, where several factors have led to a surge in hotel performance.

Four Key Takeaways | Meet the Money 2015 
By Susan Furbay, and Luigi Major, MAI

Hoteliers and financiers met in Los Angeles to discuss the pitfalls and possibilities for U.S. hotel investment as the industry continues its upturn in performance.

Canadian Lodging Outlook - 1st Quarter, 2015 
By Monique Rosszell

The Canadian Lodging Industry is showing its nationwide resilience in the face of low oil prices and resulting weaker Canadian dollar. New supply is being absorbed, and in 2015/2016 Canadian lodging demand is projected to reach new RevPAR levels.

Increased Sea Connectivity Between Johor and Singapore 

Following recent bilateral talks between Singapore and Malaysia, it has been reported that connectivity via sea between Singapore and Johor will be improved. In 2013, Malaysia recorded an arrival of 13,178,774 Singaporean visitors, which represented 51.2% of its total source markets. With two existing causeways linking the countries, and ongoing construction for railways linking Singapore to Johor Barhu and Kuala Lumpur due for completion after 2020, commute via sea is not the most popular choice for travelers at present. Both governments are seeking to change this by creating demand through increasing supply. Currently, only two daily ferry services run between Changi Ferry Terminal and Tanjung Belungkor (Desaru, Johor) on weekdays and four on weekends; this frequency will be increased following the bilateral talks. Since 2012, Destination Resorts & Hotels (DRH) has rolled out aggressive plans to develop the Desaru coastline. Current hotel developments in the pipeline include Aman Country Club and Villa, Datai Desaru and a 350-key Westin Desaru Resort, among others, all of which are projected to open in 2017.

HVS Hodges Ward Elliott Advises on Sale of the Gritti Palace, Venice  

Starwood Hotels & Resorts has sold the Gritti Palace in Venice, Italy, to Qatar-based Nozul Hotels & Resorts for €105 million (approximately €1.3 million per room). Nozul, which also owns the W Doha Hotel & Residences, was represented by HVS Hodges Ward Elliott for the transaction. Part of Starwood's Luxury Collection brand, the 82-room Gritti Palace re-opened in 2013 after a 15-month, €40 million renovation. The property dates from 1525, when it was built as the palatial residence of Doge Andrea Gritti.


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