Insider: Are You Ready for the Downturn?
By Brenda Fields, President, Fields and Company
Ms. Brenda Fields
Key markets, world wide have experience unprecedented occupancies, average rates, and RevPAR for over a decade. New York City and London in particular have experienced average occupancies well over 80% for the past several years, driving record average rates and RevPARs.
The immediate outlook remains promising but the future is less bright according to prominent analysts i.e. PricewaterhouseCooper and Smith Travel Research. One school of thought is “If it ain’t broke, why fix it?”. But we know that the hotel industry is driven by various economic factors that create many ups and down. The bad times don’t last forever and the good times don’t last forever, either. So what better time to address any weaknesses in the organization, flaws in the system, or product deficiencies, than when occupancies are strong and the outlook is favorable? The return on investment on ensuring high standards in all areas is far greater than the cost of a major upgrade and marketing expenses to bring customers back after their unsatisfactory experiences in your property. My article “Are You Ready for the Downturn?“ in the Hotel Business Review will address the benefit of early prevention and will identify areas to evaluate in order to ensure that your property is well positioned for any downturn so that it will remain profitable and vibrant.
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Sincerely,
Brenda Fields
President
Fields and Company
518-789-0117
brenda@fieldsandcompany.net
