Editorial Board   

Mr. Lund

David Lund

Hospitality & Leadership Expert, The Hotel Financial Coach

David Lund is The Hotel Financial Coach, an international hospitality financial leadership expert. He has held positions as a Regional Financial Controller, Corporate Director and Hotel Manager with an international brand for over 30 years in Canada and the US.   Mr. Lund has personally reviewed thousands of budgets, forecasts, month end reports and commentaries. He has managed hotels with combined incomes of hundreds of millions and assets of more than a billion dollars. Throughout his career, David has combined his hotel business knowledge and communication skills to create strong financial teams and break with traditional accounting stereotypes. He believes that all hospitality leaders have the financial skills and talents and he works to see these talents come alive.   Mr. Lund authored an award-winning workshop on Hospitality Financial Leadership and has delivered this workshop and other workshops he has developed to hundreds of hotel managers. He coaches hospitality executives one on one and he delivers his Financial Leadership Workshops to hospitality teams throughout the world. Mr. Lund's workshops and coaching directly help hotels increase profits and build financially engaged management teams. Mr. Lund speaks at hospitality company meetings, hotel associations, and industry events on the subject of Financial Leadership. He has had several articles published in hotel trade magazines and he is the author of three books on Financial Leadership. Mr. Lund is a Certified Hotel Accounting Executive through The Hospitality Financial and Technology Professionals Association, HFTP and a Certified Professional Coach who received his coaches training and certification through the Coaches Training Institute, CTI.    Mr. Lund is based in Corona Del Mar, California where he lives with his wife Johanne who is also a hospitality financial consultant. Mr. Lund is a graduate of the Hospitality Management program at the New Brunswick College.

Please visit http://hotelfinancialcoach.com/freecall/ for more information.

Mr. Lund can be contacted at 949-791-2739 or david@hotelfinancialcoach.com

Coming up in October 2019...

Revenue Management: Focus On Profit

Revenue Management is still a relatively new profession within hotel operations and as such, it continues to evolve. One significant trend in this area is a shift away from using revenue as the foundation to generate key performance indicators (KPIs) and to instead place the emphasis on profit. Traditionally, revenue managers have relied on total revenue per available room (TrevPAR) and revenue per available room (RevPAR) as the basis of their KPIs. Now, some revenue managers are using gross operating profit per available room (GOPPAR) as their primary KPI. This puts profit at the center of revenue management strategy, and managers are increasingly searching for new ways to increase the profitability of their hotels. Return on Investment is the objective of any hotel investment, so it is only logical that profitability and ROI will be emphasized going forward. Another trend is an expanded focus on direct hotel bookings. Revenue managers know that one way to increase profitability is to steer guests away from online travel agencies (OTAs) and book directly with the hotel. This tactic also reinforces brand identity and loyalty, and encourages repeat business. In addition, it provides a valuable platform to market the hotel directly to the customer, and to upsell room upgrades or other services to them. Another trend for revenue managers involves automation in their software programs. Revenue management systems with automation are far more desirable than those without it. Automating data entry and logistics increases efficiency, allowing managers to spend more time on formulating strategy. As a bonus, an automated system helps with aggregating and interpreting data. The October issue of the Hotel Business Review will address these developments and document how some leading hotels are executing their revenue management strategies.