Welcome to our blog! We’ll break down industry data, offer profitability tips and share expert advice to benefit hotel owners and operators alike.
Evaluate, Review and Benchmark … these are the three steps involved in our fourth Crown Jewel, driving Gross Operator Profits.
As we dive deeper into the process of increasing hotel profitability, we focus first on evaluating all of the current costs of operating the property. From this vantage point you can better spot areas that need trimming. Next, we recommend reviewing all current contracts and purchasing agreements to review pricing of services, identify overcharging, or unnecessary fees. The third and final step involves benchmarking operator performance relative to the industry.
I’m discussing tangible tips for employing each of these steps in the video below.
Next time we get together, we’ll look at improving Net Operating Income (NOI) our fifth Crown Jewel.
Year-over-year results in the three key performance areas have been mixed during the week of September 30 through October 6 in comparison to the first week of October in 2017. The following metrics were recorded:
Recent natural disasters have been to blame for large dips in metrics in certain areas. Tampa/St. Petersburg, Florida, saw a significant occupancy decrease (-13.6% to 66.4%), resulting in the third-largest decrease in RevPAR (-14.1% to US$79.16).
*Data source: STR
In the last two months, Mother Nature has dealt our industry blow after blow. Hoteliers have been forced to work double time to prepare properties for either severe damage or to accomodate evacuees. But no matter which side of the natural disaster they landed, our hospitality professionals have risen to the occassion.
They’ve worked 18 hours shifts, converted conference rooms into family shelters and assisted displaced staff members in any way possible. Hospitality industry professionals are driven to serve but it’s in the time of crisis we truly see their hearts. For a more detailed look at how hoteliers in Georgia and Florida responded to Hurricane Michael, click here to read the Hotel News Now article.
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