10 Effective Cost-Saving Strategies for Hotels
Inflation, labour issues, and rising cost to meet the needs of an increasingly tech-savvy and sophisticated guest journey. Is there anything more pressing on the minds of hoteliers, preventing them from having sleepless nights thinking about how to bring down their hotel`s cost and keep their business afloat? With an ever-increasing amount of cost-associated challenges […]
KPIs to Look Out For in a Hotel P&L Statement
A hotel profit and loss (P&L) statement provides an analysis of a hotel’s revenue, cost, and profit performance. It helps one understand how much bottom-line margin the property is making. Therefore, it is essential for any hotel manager to fully understand each line item of their P&L statement, and where pertinent, how to interpret the […]
5-Step Plan for an Effective Hotel P&L Statement
Hotel Management isn’t merely about strategy. There are many layers, each of which requires your undivided attention. Hotel asset management, human resources, operations, budgeting, and income and cost control are but a few areas which need focus, as well as the requisite knowledge and skill. But how can you efficiently assess the business areas that […]
The Importance of Profit and Loss Statements for Independent Hotels
A hotel profit and loss (P&L) statement provides an analysis of a hotel’s revenue, cost, and profit performance. It helps one understand how much bottom-line margin the property is making. Therefore, it is essential for any hotel manager to fully understand each line item of their P&L statement, and where pertinent, how to interpret the […]
How to Perform Hotel Market Research
No plan is viable without some form of research. Especially if you require outside investment you will need to demonstrate you have done a hotel market study for your new hotel concept. It will also be helpful for you to put your ideas on paper and benchmark them against the market to determine the chance […]
Tips to Respond to Changing Consumer Demands & Markets in the Hotel Industry
Predictability makes business much more straightforward. The key is to be agile in order to respond to market shifts well. The pandemic witnessed a lot of hotels going out of business or experiencing a massive downturn in customers, as a result of a failure to adapt to the shift from international to local and national […]
3 Tips for Hotels to Drive Direct Business
Online travel agencies (OTAs) dominate the market when it comes to spending power on research and hotel marketing. Some hotels come to derive most or all of their business from third-party entities. While they can have an important role to play in business generation, you must ensure to have a well-balanced business mix between all […]
10 Challenges the Hotel Industry Faces in 2023
In 2023, there are many challenges faced by the hotel industry, which may quickly feel overwhelming to address. However, with the right approach, tech stack, and process streamlining, hotels can drive their success in 2023 and beyond. Summer 2022 has seen tourism soar once more, as wanderlust returns to holidaymakers and travellers eager to make […]
Hotel Budget Season: Are you Ready for 2023?
A hotel budget is a plan that explains how revenue will be generated and spent each month for the upcoming year to reach the goals and objectives. It also helps hotels to make sure there’s enough money every month to pay the bills and reserve money for other expenses such as investments. In other words, the […]
Hotel Marketing Checklist for 2022 & 2023: Part 2
Today’s traveler’s journey is more fragmented than ever. With the recent proliferation of new travel super apps, distribution Goliaths such as Google and Expedia updating their ranking algorithms at a frantic pace, and the seemingly unstoppable growth of metasearch engine traffic, building and executing an effective hotel marketing strategy can seem intimidating. Maintaining a holistic, cross-channel approach […]
Hotel Marketing Checklist for 2022 & 2023: Part 1
Today’s traveler’s journey is more fragmented than ever. With the recent proliferation of new travel super apps, distribution Goliaths such as Google and Expedia updating their ranking algorithms at a frantic pace, and the seemingly unstoppable growth of metasearch engine traffic, building and executing an effective hotel marketing strategy can seem intimidating. Maintaining a holistic, cross-channel approach […]
10 Solutions to Challenges the Hotel Industry Faces in 2022
Summer 2022 has seen tourism soar once more, as wanderlust returns to holidaymakers and travellers eager to make up for lost time during the pandemic-induced periods of lockdown and travel restrictions. Many challenges in the hotel industry remain, though. However, with an informed strategic approach, hotel managers can meet these challenges head on and drive […]
