HFTP, AHLA TO JOINTLY PRODUCE HOSPITALITY ACCOUNTING STANDARD

THE AMERICAN HOTEL & Lodging Association and the Hospitality Financial and Technology Professionals Association announced a 10-year agreement to jointly
produce the Uniform System of Accounts for the Lodging Industry, a statement said. The USALI is the global “standard” for hospitality accounting and HFTP purchased
rights to its contents in 2018.

AHLA and HFTP have reengaged the joint Global Finance Committee that is responsible for creating content for USALI’s 12th edition to be released next year, according
to AHLA. For many years, AHLA’s Financial Management Committee was responsible for creating content for the USALI. HFTP purchased USALI’s intellectual property,
publishing and distribution rights from the Hotel Association of New York City.

“After our decision to publish on our own, many in the industry contacted both HFTP and AHLA to see if we could find a way to work together,” said Frank Wolfe, HFTP’s
CEO. “Both organizations had the willingness to work together, but like any business deal the decision was in the details. Associations are a bit different animal
than corporate enterprises. Today we may work together on one project and tomorrow will be dead on competitors so there were lots of details to refine. The good news
is that both organizations worked exceptionally hard to put those competitive differences aside and advance the industry.”