Hotel Industry Paper (Final)

8/3/2019 Hotel Industry Paper (Final)

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HSBC GLOBAL PAYMENTS AND CASH MANAGEMENT

Asia-Pacific Hospitality and

Lodging industryBanking Solution Suite

PREPARED FOR: ASP PCM DATE: February 2009


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Contents

1. Research Background

2. Hospitality and Lodging Industry The Basics

3. Trends and Opportunities

4. Banking Requirements

5. Solution Suite


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1.Research Background


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1. Research Background

In view of cash management opportunity based on two recent wins in the sector (JW Marriot Sky City and StarwoodGroup), this project was commissioned with the objectives to:

Understand better how the Hospitality and Lodging industry operates

Review major trends / issues affecting the industry

Perform opportunity analysis of the top ten hotel operators in the region

Design packaged solution for Hotel Operators in a combined proposition across Cash, Merchant CardAcquiring, and Personal Financial Services (PFS - Co-branded cards and ATM service)

Researches comprising significant breath and depth was conducted to collate the necessary information and analysisinto this Asia-Pacific Hotel Industry Cash Management Suite:

Primary research, interviews with:

Industry consultants

Group Treasurer of the Intercontinental Hotels Group (IHG)

Secondary research, information from:

Hotel Groups Annual reports and press releases

External reviews and analysis from various media (press, internet, etc.)

Internal reviews, reports, business analysis and industry experiences


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2. Hospitality and Lodging

Industry The Basics


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CUSTOMERS

2.1 Industry Players

HOTELS

TRAVEL

AGENTS

INTERNET

MARKETS

VENDORS /

SUPPLIERS

Business

Vacation

Operator Owned Hotels (5%)

Operator Managed Hotels (10%)

Franchised Hotels (85%)

Energy,Catering,Cleaning,Toiletries...... etc.


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2.2 The 3 Business Models

Operator Owned Hotels (less than 5%) Flagship hotels that Hotel Operators (e.g. IHG) own and manage (e.g. Intercontinental Hong Kong)

All cash management / back office management are run by operators

Highly capital intensive for Operators

Operator Managed Hotels (10-15%) Owned by 3rd party owners separate from the operator or potentially joint ventures with a local player

Typical owner profile can vary from large property developer to individual entrepreneur/owner/group of investors

Operators typically provide management including the General Manager, Financial Controller, and other back office processes such asa finance team and other hotel management expertise while the owners provide the capital funding and local operating expertise andknowledge

Franchised Hotels (85-90%) Owned by 3rd party owners separate from the operator

Independently operated via certain rules and guidelines stipulated in franchise agreement

Operator provides brand and access to international reservation system, which can generate up to 1/3 of all bookings revenue for thefranchised hotel

Franchisees own and operate on their own with little interference from operators

OWNING, MANAGING & FRANCHISING A Case Study of Intercontinental Hotel Group (IHG)

Brand Marketing & Distribution Staff Ownership Capital IHG Income

Owned IHG IHG IHG IHG High All Revenue

Managed IHG IHG IHG supply General

Managers as a minimum

Third Party Low/none Fee% of total revenue

plus % of profit

Franchised IHG IHG Third Party Third Party None Fee% of rooms revenue


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2.3 Transactional flow structure

Management Fees (LCY / USD / EUR) Royalty Fees (LCY / USD / EUR)

System Fees


Centralised Liquidity Funding / Defunding

Customer receipts(Credit Card, cash, cheques)

Local travel agents

Local Vendors Overseas Vendors Cost of Sales expenses Payroll Energy etc.

Fundamentally, the operating model in a cash management context is sound and runs fairly smoothly, especially at the Hotel

Operator level where sophisticated cash management techniques are engaged including cash pooling arrangements with banks,

internal house bank for FX management and leading/lagging and other netting techniques are employed globally

Operator OwnedHotel

Hotel Owner

(Managed Hotel)

Hotel Owner(Franchised Hotel)

Hotel Operator

E.g. IHG

External Capital Funding Receipts from global 3rd party

travel agent

Dividends, share repurchase Taxes CapEx Centralised cost of sales


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3. Trends and Opportunities


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3.1 Major Market Trends

WHATS POSITIVE

Across the industry 1 million additional rooms

required by 2012.

Hotel operators divesting in owned hotels and

focusing on growth through franchises and

management fees

New markets travelling e.g. China, Russia, Macau:

China to grow into biggest in-bound traveltraffic in the next 10 to 15 years whileoutbound trips will grow tenfold in the next10 years (from 10 million to 100 million)

Gaming revenues in Macau continue togrow rapidly, posting a 52% growth rateduring the eight months ended August 2008

Branded hotels growing at three times the pace of

non-branded hotels while bargain hunters go downvalue chain to look for lower tier hotels

Growth in internet usage is making travel more

accessible

WHATS CHALLENGING

Global recession to hit vacation travel demand hard

and many pipeline projects on hold as supply is

being reared in due to slowdown in demand globally

Tightening credit environment will hamper hotelgrowth plans as capital markets dry up

From perspective of hotel operators, franchise and

management contracts with real estate / propertyowners may become less favourable as operatorswill need to compete for equity capital from hotelowners

Trademark protection an issue in countries with lessdeveloped legal system (e.g. China, India)

The Chinese government tightening visa restrictionsin recent months, which threatens to stifle the rapidgrowth in Macau.

Increasing use of third party online reservationchannels will put pressure on hotel bottom line


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3.2 Industry Statistics

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Aust ralia China

Hong Kong India

Indonesia JapanMalaysia New Zealand

Pakist an Philippines

Singapore South Korea

Taiwan Thailand

Viet nam$0

$500,000,000

$1,000,000,000

$1,500,000,000

$2,000,000,000

$2,500,000,000

2004 2005 2006 2007 2008

Total Sales in Asia Pacific Revenue Per Available Room in Asia Pacific


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3.3 Top 10 Players in Asia Pacific Hospitality and Lodging

(in US$000) Category Estimated ASPWallet Annualized ASPPCM OI (2008) % of OI againstWallet

Accor Gold 1,225 1,246 101.69%

Intercontinental Hotel

GroupSilver 1,000 54 5.40%

Starwood Hotels & Resorts Silver 732 184 25.09%

Global Hyatt Corporation Silver 521 18 3.45%

Hilton International(1) Unprioritised 460 0 0.00%

Marriot International Gold 419 674 161.11%

Wyndham Worldwide Unprioritised 413 62 15.09%

Choice Hotels International - 307 0 0.00%

Carlson Hotels Worldwide - 307 0 0.00%

Best Western - 266 0 0.00%

(1) Hilton International is marked as former client on CV.


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3.4 Opportunity Focus Operator Owned Hotels

From a corporate banking opportunity perspective, it is in our opinion that the majority of ouropportunity will come from Operator-owned Hotels, although they account for a relatively lowpercentage of the total hotels in operation (~5%)

Managed hotels are typically owned by property developers who have strong existing bankingrelationship on a group/company level, which would not be the most effective point of entrance

Franchised hotels are typically locally owned, with strong relationships with local bankers whichhave likely provided the financing to build the hotel initially, and breaking into this relationship would beextremely difficult, given the operators limited ability to influence Franchisees bank of choice

Around 90% of franchised hotels are single-owner owned, and at onset it may seem there could bea quick win opportunity in providing a simple packaged product (such as core cash), the amount of effortand investment in educating this subset would likely significantly reduce the attractiveness of thisopportunity, without consideration into the difficulties of breaking into these relationships for abovementioned reasons and franchisee owners have 100% veto towards which banks they choose as theiroperating bank

Additionally, many managed hotels hold accounts jointly with their Operator, where the Operator, withincertain limits, is able to draw out funding for fees owed in the form of franchising and overhead fees, sothis could be a good relationship entry point


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4. Banking Requirements


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4.1 Banking Requirements

BANKING

APPROACH

Global overlay bank with regional bank coverage and local banks to fill in the gaps

As hotel operators run finances very centrally, payments and receipts are both fairly straightforward

Number of transactions (e.g. incoming and outgoing TT) could be quite large in volume (e.g. with

the 4000 hotels of IHG, at minimum one transfer per month or more for the different fees assessed)

For the daily revenue feeds from managed/franchised hotels, all transactions are routed through

back office accounting system that routes daily revenue feeds to H.O., which needs to reconcile this

data on a monthly basis to incoming electronic payments. These processes are typically outsourced

to shared service centers

Payments:

Tax authorities (LCY)

Dividend payments mostly

USD/EUR)

Limited vendor payments (LCY)

Payroll (LCY)

Other overhead payments (LCY)

Collections

Managed and Franchised Hotels:

Franchise fees (mostly USD/EUR)

Systems fee (mostly USD/EUR)

Royalties (mostly USD/EUR)

Daily Revenue feeds (mostly USD/EUR)

3rd party travel agency - most hotel operators

work with 1 global partner (mostly LCY)

Travelers (mostly LCY)

PAYMENTS

&

COLLECTIONS


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4.1 Banking Requirements (contd)

Further study: Operators and Owners Dynamics

Certain levels of bureaucracy and distrust exist between the Hotel Operators and Owners dueto the differing agendas and conflicts of interest

Operators have limited access to draw out fees from the Hotel owners operating accounts.

However this process is not always completely well defined. In many cases Owners will

defund the account to prevent this (this may have been a JV structure employed in China)

At the owners level:

There exist many layers of authorizations required before a payment is processed. For

example, an invoice coming through for a payment, managed hotel finance staff and

financial controller will approve it but then evaluation and approval is needed again from

the operator

Inconsistent payment tools utilised (paper / cheques are very prevalent)

PAYMENTS

&

COLLECTIONS

This is extremely important for hotels and the hotel industry as over 90% of customer receipts is in

credit card payments. From a hotel operators perspective, a good proposition needs to be provided

for their franchisees and managed hotels

The speed of the POS (point of sales) Service device is not essential for hotels as there arenumerous administrative steps occur concurrently while the hotel staff is dealing with payment

arrangements

FOREX at reasonable rates is important as hotel guests bear the cost of the exchange

Pre-authorisation of credit cards artificially draw hotel guests credit card limit to ensure payment

when the guest checks out. It can take up to a month to uplift the limit earmark due to batch

processing of these offline payments

CARD

ACQUIRING


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4.1 Banking Requirements (contd)

GLOBAL LIQUIDITY STRUCTURE

Global hotel operators and large regional players control funding very centrally

IHG as an example, has already achieved full visibility of its cash flows, and has the cash pooling

and concentration structures in place across Europe, US, and Asia to achieve near same day value

for most funds

Global operators are able to do this because they manage very few hotels world wide, and most

franchising fees are conducted in USD and other freely tradable currencies and are received as

incoming telegraphic transfers as opposed to drawing money out of an entity which brings forth

many taxation and other regulatory issues Fundamentally, a liquidity management solution with Head Office multi-currency accounts sitting in

a friendly domiciled location for pooling / cash con would be fairly effective for most hotel operators,

although further analysis of each hotel operator should be conducted at a more bespoken level

DOMESTIC LIQUIDITY REQUIREMENTS

If hotel is new, typically cash hotel is cash strapped as it is funding debt repayments from initially

building of the hotel, so first few years of liquidity management will be aimed towards lowering costof debt, which a simple cash concentration structure can provide

As hotel pays off its debts, and becomes more cash rich, focus changes to repatriation of funds to

owner, or to actively manage and ensure operating funds are making a return

LIQUIDITY

MANAGEMENT


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5.Solution Suite


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5.1 Integrated Payment Solutions


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Head office are cost centers, while owned hotels are profit centers

Funding and defunding between head office and owned hotels

Both head office and owned hotels require various payments capabilities

Payment volumes and values are higher for owned hotels

Number of users will be higher for owned hotels

Vendors Suppliers Payroll Overheads Tax

Dividends, share repurchase

Tax CapEx Centralised payments Overheads Payroll

Payments at a glance

Centralised Liquidity Funding / Defunding

Operator OwnedHotel

Hotel Owner(Managed Hotel)


Hotel Operator


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HSBCs Integrated Payment Solutionsfullysupporteverypaymentneedofhoteloperators, atboth headoffice andoperation levels

Dividends, Share Repurchase Tax CapEx Centralised Payments Overheads Payroll

Hotel Operator

Payment types Beneficiary Method HSBC

Dividends /

share repurchase

Shareholders TT

ACH Tax Tax authorities ACH

CapEx Owned Properties TT

Inter-account Transfer

Centralised payments Vendor /

Suppliers

TT

Cheque

RTGS

Overheads ACH

Payroll Staff ACH

TT

Funding / defunding Owned Properties TT

Inter-account Transfer

OperatorOwned Hotel

Vendors Suppliers Payroll Overheads Tax

Funding / Defunding

Payment types Beneficiary Method HSBC

Outsourcing Vendors Cheque

ACH

Purchasing Suppliers Cheque

ACH

Payroll Staff ACH

Overheads ACH

Tax Tax authorities ACH

Funding /defunding HO TT

Inter-account

Transfer


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Payments Summary

HSBCnetis HSBCs global internet banking platform,

which can be accessed across multiple geographies

through internet browser

Real-time information available on the platform

Integration capabilities with systems such as

enterprise resource planning (ERP) and treasurymanagement system (TMS)

Payments of different currencies, from different

account and of different payment types all in one

instruction file

International

Wire transferBook transfer

Cheque OutsourcingServices

(CO, DD, etc.

)

Domestic

RTGS

ACH

Book transfer

Overheads

Suppliers

Tax Authorities

Vendors

Shareholders

Employees

HotelOperator

OperatorOwned Hotel

HSBCnetprovide a single log-in to ALL payment types

for ALL countries

Flexible payment authorisation matrix can be set up for

control purpose

Remote payment authorisation capability to give

convenience

HSBCnetalso provides access to other value-added

services like Cheque Outsourcing Service and

Payments Advising

Paymentadvising

Paymentadvising


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Cheque Outsourcing ServiceStreamliningyourcheque paymentprocedures tofree youfrom intensive manualtasks

Cheques can be labour intensive, time-consuming and expensive.

HSBCs Cheque Outsourcing Services (COS) enables you to outsource your local and foreign currency chequepayment production and issuance to HSBC

1. Input &upload data

Print & mail to the beneficiaryor back to the hotel

3. Processing

2. Authorise &send file

HSBCs backoffice system

COS delivers:-

Cheque items printed withcompany logo

Payments warehousing,

allowing payments to be future-dated

Automated accounts payablereconciliation

Comprehensive online enquirycapabilities

An online stop-cheque servicesubject to local regulations

Benefits

Reduce administrative effort andcosts

Increase internal control


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Payment AdvisingDelivering comprehensive information toyoursuppliers, vendors and employees

Hotel operators makes a significant number of payments to suppliers and vendors for their goods and services

HSBCs Payment Advising solutions ensure delivery of comprehensive information to your beneficiaries

Payments Advising offers:-

Customised advicesincorporating enrichedremittance information

Multiple invoce advising tosupport delivery to multiplerecipients (3-6 advices pertransaction)

Real-time advice issuance viaemail (fascimile and mail)

Benefits

Better credit relationship with

suppliers and vendors

Goods and services forwardedearlier

Reduce time spent onanswering payee queries onpayment status

Short Advice

Payment Amount

Charges Details

Value Date

Remitter

Remitting Bank

HSBC

TransactionReference

Other Reference

Long Advice

Additional payment

details in free text or

tabular format


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Payments Capabilities Summary

Countries

Electronic Payments (via HSBCnet) Paper-based Payments

Payment

Advising(via HSBCnet)

Cross-Border

TelegraphicTransfers

Domestic Real

Time Payments(RTGS)

Domestic batched

payments (ACH /Giro)

Cheques

Outsourcing(via HSBCnet)

Paper ChequeBook

Australia

Bangladesh N/A In-house

Brunei N/A In-house -

China

Hong Kong

India

Indonesia

Japan -

Korea -

Macau - In-house

Malaysia

Mauritius N/A In-house -

New Zealand

Philippines

Singapore

Sri Lanka

Taiwan

Thailand

Vietnam N/A In-house -


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5.2 Integrated Receivables Solutions


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Collections at a glance


System Fees


Funding / Defunding

Customer receipts(Tourists / Companies)

Local travel agents Rental Fees (Shops)

Operator OwnedHotel

Hotel Owner(Managed Hotel)


Hotel OperatorE.g. IHG

External Capital Funding

Receipts from global 3rd partytravel agent

Head office has simple collection requirements it receives mainly electronic payments from various parties

Owned hotels, as profit centers, have more complex collection requirements receipts predominantly cash and

credit cards


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HSBCs Integrated Receivables Solutionfullysupporteverycollections needofhoteloperators, atboth headoffice andoperation levels

Management Fees Royalty Fees System Fees Global Travel Agent Receipts

Hotel OperatorE.g. IHG

Collections type From Method HSBC

Management Fees Managed /

Franchised hotels

TT

Royalty Fees Managed /

Franchised hotels

TT

System Fees Managed hotels TT

Global Travel Agent

Receipts

Global Travel

Agents

TT

OperatorOwned Hotel

Customer Receipts Local Travel Agent Receipts Rental Fees

Collections type From Method HSBC

Customer Receipts Tourist /

Companies

Credit Card Card Acquiring

Cash Cash Pick-up /Deposit

Cheque Cheque Pick-up

/ Deposit

Local Travel Agents

Receipts

Local Travel

Agents

RTGS

ACH

Rental Fees Shops Cheque Cheque Pick-up

/ Deposit

ACH

Surplus revenue


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At Corporate Head Office Level

Corporate office receives revenue

feeds, management fees, royaltyfees and system fees from owned /managed / franchised hotels alloverthe region

Also receives funds from global 3rd

party travel agencies

Transactions by cross-bordertelegraphic transfers

Incoming TT fully supported byHSBC in the region


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At Local Operation Level

Your collections a/c

Tourists

Business travelers

Travel agencies

Shops

(within the hotel)

Operator-owned hotel

Creditcard /Cash /Cheque

Cheque

Electronicpayments (e.g. ACH)

Electronicpayments(e.g. ACH)Creditcard /Cash

Cardacquiring

Cash / cheque deposit

(Cash / cheque pick-up)

Account

Reporting


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HSBC provides Credit and Debit Card Acceptance & Point-of-Sales

solutions World-class, web-based card payments processing platform to be

deployed across the Asia Pacific region

Internet-enabled chargeback management system

Online reporting tool for merchants card activity

Highly secure with real-time fraud monitoring system

Country Card Acquiring

Australia

Bangladesh -

Brunei

China

Hong Kong

India

Indonesia

Japan -

Korea -

Macau

Malaysia

Mauritius -

New Zealand -

Philippines

Singapore

Sri Lanka

Taiwan

Thailand

Vietnam -

Point-of-Sales (POS) Solutions

Stand-alone POS terminals

POS Network in a LAN environment

POS integrated with Electronic Cash Registers

Wireless POS Terminals

GRPS

WiFi

Contactless Tap and Go

Fully-integrated POS solutions

Card AcquiringLeading Asia Pacificmerchantacquirerwith world-class infrastructure expertise


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Convenient cash /

cheque deposit to

the nearest branch

/ HSBC alliance

collection points

19 countries

/ 458 branches

Extensive alliance

network with more

than 100,000

collection points

Cash / cheque

pick-up

arrangementsavailable, subject

to client

requirements &

security

considerations

Country Branches

Alliance

Outlets

Australia 24 800

Bangladesh 9 784

Brunei 10 -

China 67 75,700

Hong Kong 143 906

India 47 14,201

Indonesia 14 458

Japan 6 -

Korea 11 -

Macau 3 30

Malaysia 40 -

Mauritius 12 -

New

Zealand

4 290

Philippines 8 1991

Singapore 11 -

Sri Lanka 14 145

Taiwan 33 10,601

Thailand 1 9,385

Vietnam 1 812

Paper-based CollectionsExtensive branch andalliance network coverage in the region


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CountryCourier Pick-up

Cash Cheque

Australia

Bangladesh Conditional Conditional

Brunei -

China N/A

Hong Kong

India

Indonesia

Japan - -

Korea Referral only Referral only

Macau Referral only Referral only

Malaysia

Mauritius - -

New Zealand - -

Philippines

Singapore

Sri Lanka

Taiwan

Thailand

Vietnam

HSBC also offers courier pick-up services for hotels situated in placeswhere there is no HSBC branch / alliance nearby

Subject to customer requirement and security considerations

Cash / cheque pickedup by vendors (e.g.security companies)assigned by HSBC

Branch

Your collections a/c

CreditingHotel

Courier Pick-upA value-added service forthose outofreach


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Collections Capabilities Summary

CountriesHSBC

Branch

Alliance

Network

Inward Electronic

Collections

Card

Acquiring

Courier Pick-up

Cash Cheque

Australia 24 800

Bangladesh 9 784 - Conditional Conditional

Brunei 10 - -

China 67 75,700 N/A

Hong Kong 143 906

India 47 14,201

Indonesia14

458

Japan 6 - - - -

Korea 11 - - Referral only Referral only

Macau 3 30 Referral only Referral only

Malaysia 40 -

Mauritius 12 - - - -

New Zealand 4 290 - - -

Philippines 8 1991

Singapore 11 -

Sri Lanka 14 145

Taiwan 33 10,601

Thailand 1 9,385

Vietnam 1 812 -


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5.3 Integrated Delivery Channel


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eChannel

YOUR NEEDS OUR SOLUTION - HSBCnet

All information on one single platform to achieve

global monitoring, regional oversight and local control

Access to cash management services for execution oftime-critical decisions

Flexible configuration (e.g. authorisation level) at

global / regional / local level

Easy access via Internet

Operations in different locations across various

time zones would lead to information gaps

Funding and liquidity mismatches might be

caused

A good Management Information System is

needed so that quantum and timing of funding

can be determined accurately

Tools to operationalise the decisions

A secured banking platform which provides multiple levels of

accessibility, visibility and control over the accounts of

different stakeholders (e.g. owned / managed / franchised

hotels) in different countries


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5.4 Integrated Liquidity Solutions


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Liquidity Management

The Challenge HSBCs Liquidity Solutions

Due to business nature, hotels have large

fluctuation in cash flows (highly dependent on

number of visitors in different seasons)

Also, the geographic spread and time zone

difference of hotels make control and monitoring

at head office level difficult

Idle funds not being optimised

Flexible account structures to meet business needsacross geographies

Automated multi-country platform that supportsextensive and consistent cash concentration featuresfor physical consolidation of cash balances

Expanding notional pooling platform to optimiseinterest returns on the net aggregate pool position, ona multi-country, multi-currency level

A full range of investment services for domestic oroffshore deposits

Consolidated enquiry and reporting to provide visibilityat a liquidity management level

Time

Revenue

Visibility and control

Idle funds at different locations minimised

Excess surplus concentrated for better management

Debit interest costs reduced

Investment of surplus funds to maximise yield


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Roadmap to Effective Liquidity Management

y Step 1 - In-countryvisibility & control

All in-country accounts with HSBC

All accounts linked and reporting to HSBCnet

Visibility of all account positions locally and at regional treasury level

y Step 2 - Optimise in-countryaccount balances and positions Create in-country pooling or sweeping structures

Local Currency & USD currency accounts

Automatically sweep balances between accounts

Optimise in-country investment options for surplus funds

y Step 3 - Optimise regionalaccount balances and positions

Aggregate & manage surplus country balances at regional treasury level

Regional overview and ownership of cash position and liquidity management


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Countries

In-country notional pooling In-country cash concentrationCross-border cash

concentration

Local Currency ForeignCurrency Local Currency ForeignCurrency LocalCurrency ForeignCurrency

Australia

Bangladesh - - - - -

China - - - - -

Hong Kong

India - - - - -

Indonesia -

Japan - -

Korea - - - -

Macau -

Malaysia - - - -

Mauritius - - - - - -

New Zealand

Philippines - - -

Singapore

South Africa

Sri Lanka - - - - -

Taiwan - - - - -

Thailand - - - - -

Vietnam - - - - - -

Liquidity Capabilities Summary


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Summary


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HSBCs offering

PayablesFlexible, automated and scalable end-to-end payments solutions across the region, enablingprompt electronic payments, payment advising, and outsourcing of cheque payment issuing.

CollectionsWith more than 100,000 collection point, extensive courier and card acquiring service in the

region, HSBC fully supports every collection needs of hotel clients.

ChannelsHSBCnetprovides real-time visibility of accounts and transactions, with secure access/controlfrom any computer across the globe.

Liquidity Effective use of surplus cash via in-country and cross-border liquidity management. Real-timevisibility offered by HSBCnetenables optimal investment decisions to be made.

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Hotel Industry Paper (Final)

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