Finance, Op Planning & Forecasting

Planning for the future of your hotel business has never been more challenging or vital. Delve into key insights and resources for smarter forecasting.

Nobody Asked Me, But… No. 254: Hotel History: St. Regis Hotel

Hotel History: St. Regis Hotel (550 rooms) : In 1904, Colonel John Jacob Astor broke ground for the building of the St. Regis Hotel at the corner of Fifth Avenue and 55th Street, in the most exclusive residential section of New York at the time.

Innovations for the Future of Senior Living: Hospitality Bridging Health (H2H)

A Pathways Discovery Hospitality Bridging Healthcare (H2H) panel was held at the School of Hotel and Restaurant Management at Northern Arizona University exploring senior living and hotel/hospitality management. Michael Tompkins chaired the expert panel; his background is in both the medical field and hospitality industry. He transitioned from healthcare as a registered nurse manager in long-term care to hospitality with Canyon Ranch Health Resorts as part of their Executive Management team.

It’s Time for Hotel Finance Teams to Re-Evaluate their Budget ‘Drivers’

As we are all aware, budgeting for 2022 will present some challenges. Without a crystal ball we are going to need to use our knowledge to form new ways to plan for our future. While historical drivers helped hoteliers in previous years with their future planning, it’s a whole new ballgame today, as the very way a hotel operates is radically different from even a year ago. As in the past, just comparing departmental profits from previous months is just one piece of the puzzle. To have better, more accurate budgeting numbers for the year ahead, hoteliers need to re-evaluate their drivers and establish a new baseline data set.

Hospitality Financial Leadership – Critical Importance of Accruals and Deferrals

A lot gets written about certain things in the hotel industry and others not so much as a mention. I am not saying it is simply a matter of blatant favoritism or anything like that but it is not lost on me that certain items get the limelight. In this piece, I am going to shine a light on two of the hotel team’s third-line mainstays. This pair keeps us on track month after month and they need a little more respect.

Nobody Asked Me, But… No. 253; Hotel History: Hotel Pennsylvania

Hotel History: Hotel Pennsylvania (1704 rooms) : An iconic hotel in mid-town Manhattan is closing its doors for good. The Hotel Pennsylvania will not reopen, succumbing to this past year’s Covid 19 pandemic and years of narrowly avoiding the chopping block. The fourth-largest hotel in New York City was well situated, right across from Madison Square Garden and Penn Station, making it a natural and affordable stop for travelers and concert-goers alike.

Will That Be Cash, Card or Crypto for Your Booking?

The first half of 2021 saw cryptocurrencies go from theoretical speculation amongst circles of computer geeks to a popular dinner conversation topic with a much more diversified pool of investors. Whether you deem this asset class as viable over the long-term or the purest form of bubble just waiting to burst, the sheer growth alone dictates that this is not a monetary system you can ignore any longer.

What Hotels Can Learn from Tripadvisor's New Program

While the pandemic was raging on, TripAdvisor did not simply contend with having to wait out the storm. Indeed, not unlike other big platforms such as, the COVID-19 outbreak has been a time for change and self-reflection for the leader of travel review websites. And as we will see, the result of this year-long brainstorming throws a lot of our past assumptions regarding the hospitality market out of the window…

Why It’s Time for Hotels to Prioritize Long-Term Controlled Spending

After the year that was 2020, 2021 seems to be a period defined by cautious optimism. A world on the precipice of a long-awaited reopening, with a predicted surge of social and economic activity ready to shift our respective communities from the ‘new’ normal to the normal we once knew. The desire for this return is palpable and warranted, but we must acknowledge that much still remains uncertain in that same breath. Our attention is fixed on the future, but what does that future hold from an economic perspective? More importantly, what is the most fiscal path forward for businesses – especially those in sectors that were severely shuttered by the pandemic, like hospitality?

All about Hotel Digital Concierges: What to Look for - and Avoid

We have seen different kinds of technology make its way into our hotels and casinos. According to the market research firm, MarketsandMarkets, by 2021, the smart hospitality market will be a US$18.1 billion market, up from $5.7 billion in 2016. While some technology solutions still seem futuristic such as smart rooms and VR tours, others such as hotel digital concierges are a reality.

The Recipe For Hotel Food And Beverage Profitability

Getting the alchemy just right for food and beverage service in a hotel is challenging, but necessary if the hotel is to be successful.

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