Library Archives

 
Scott Watson

Hoteliers need to be equipped with the most up-to-date and cost-effective business solutions available. Finding the right technology partner can be like finding a needle in a haystack, so it's important that hoteliers come equipped to get the most of out of their investments. Especially for management companies balancing numerous properties, switching to an outsourced business model can make all the difference. For hoteliers looking to cut-costs and streamline their portfolios back-office operations, outsourcing hotel accounting can help tighten up loose ends and improve your management company's financial health. With so many technology solutions available, it's important to know your options and how they can best help your company. READ MORE

Kristi White

Taking a page out of Gary Chapman's bestselling book, The 5 Love Languages, The Secret to Love that Lasts, Kristi White, VP Product Management at Knowland, takes a look at how the various hotel stakeholders – from Owners and Operations Teams to Group Sales Managers and Revenue Managers communicate and connect. And what better month to do this than in February - the month of love. In this edition, Kristi explores the "love language" of a revenue manager. Is it Words of Affirmation, Receiving Gifts, Acts of Service, Quality Time or Physical Touch? Read this compelling take on how to better connect, work and align with your revenue manager for achieve a long, healthy and profitable relationship. READ MORE

S. Lakshmi Narasimhan

Does it make sense to adopt outsourcing as a strategy? Does it have a future? With asset management becoming a critical stakeholder driven role in business performance, outsourcing has been given a dose of steroids. By marrying key asset management strategies in the execution of an outsourcing exercise, predications of success have become better. Thus, the way forward looks bright for outsourcing and other asset management strengthened strategies as they seek to deliver the year on year growth that stakeholders seem to be obsessed about. Stakeholders could be laughing all the way to the bank with this approach to return on investment delivery. READ MORE

Rod Clough, MAI

Although legislation is working its way through Congress to raise the bar on how resort fees are communicated to consumers, these fees are unlikely to go away anytime soon. As consumer awareness evolves regarding these fees and the amenities included, it behooves a hotel owner and management team to be on the forefront of communicating the charges in the most direct way possible and to offer the best array of benefits for the dollars spent. We recently surveyed 50 resorts to uncover not only what their resort fee currently is, but what they offer to the consumer for this fee. READ MORE

Paul van Meerendonk

Revenue management plays a vital role in the modern hotel technology stack, and demonstrating ROI in a hotel's revenue technology investment goes deeper than year-over-year RevPAR uplift. The additional revenue from the proper implementation of revenue technologies and strategies directly impacts a hotel's bottom line, making it a valuable tool for optimizing the net value of a property. Forecasted earnings and asset sales proceeds are critical factors in applying revenue science to hotel real estate assessment. It's only a matter of time before the majority of the industry catches up to what leading hotel owners and asset managers have already realized: a smart investment into revenue strategy and technology is the key to driving greater property profitability and value. READ MORE

S. Lakshmi Narasimhan

So, what does the future hold in store for the wedding event as well as business? The hospitality industry is currently going through what can be termed as the guest experience customization craze. No one wants a cookie cutter stay in a hotel. They want their stay to be a memorable experience. Well, if that is the requirement, wedding events have a lot going for them. To begin with, they are already clear, important events in any one's life. Thus, the motivation to make it something to remember is already there. What new initiatives would you bring to your target market's wedding or anniversary events? READ MORE

Lisa Bonanno

Hotel property managers are tasked with ensuring that the ROI goals for their portfolio of properties are met. As part of that responsibility they are an integral to the budgeting process. Budget season is the perfect time to evaluate the efficacy of existing group sources of business to determine if they will continue to produce the same level of return going forward. As we approach economic uncertainty, it will be important to focus on controlling the bottom line and the impact derived from group business. READ MORE

Paul van Meerendonk

For the hospitality and travel industry, giving the customer the ability to personalize their experience, and thusly pay the right price for that experience, is all the rage. Airlines, restaurants, and even some resorts have pioneered new ways to give the people precisely what they want, but for the standard hotel operation, it's not proven to be so simple. In this article, we'll take a look at some of the hurdles hoteliers face when it comes to instituting customer-choice pricing into their sales processes, and we'll take the pulse of personalization in the industry and the evolving guest expectations driving this shift. READ MORE

Mostafa Sayyadi

I present hotel executives with a new idea in that when change becomes increasingly valuable, hotel executives can manifest themselves as catalysts to implement effective changes in hotel's internal resources. I suggest new insights to identify corporate culture and corporate structure as primary drivers, which influence financial performance that matters to hotel executives that care. The focus of this article is based upon the critical role of corporate culture and corporate structure which allows a rich basis to understanding the mechanisms by which financial performance is influenced. READ MORE

Rick Garlick

Over the past decade, most assessments of guest satisfaction show guest experience scores generally increasing year after year. As the competition becomes more crowded in the hotel space, it doesn't take long for competitors to start emulating one another, leaving industry leaders to think about their next enhancement to make the guest experience even better. Making the right decisions regarding upgrades and investments becomes critical in the evolution of hotel brand standards – but what's the best approach? This article will cover how to develop a strategy to measure the ROI of service, product, and amenity upgrades while maintaining brand integrity. READ MORE

Mostafa Sayyadi

This article offers practical contributions for hotel executives at all levels of the hotel. Hotel executives will see how hotel leadership not only can directly support financial performance, but it can also cultivate effective technological initiatives, which will enable organizational processes within hotels. I also present hotel executives with a new idea in that when change becomes increasingly valuable, hotel leadership manifests as a catalyst to implement effective changes in hotels' internal resources. Hotel executives leverage positive effects on information technology. Thus, I provide evidence that hotel leadership is used in corporate infrastructure for technological decision-making. READ MORE

S. Lakshmi Narasimhan

So, what does the future hold in store for guest loyalty? And more importantly loyalty for independent hotels? Well, independent hotels have their work cut out for them but do not need to despair. The customer is looking for value offerings and in recent times does not care whether they are from independent or chain hotels. A slickly executed marketing strategy on the foundation of strong differentiation and tying into guest personalization demands can bring the bacon home. Owners of these independent hotels who have already stuck their necks out with the investment can then laugh all the way to the bank. READ MORE

Ravi Mehrotra

Today's hoteliers face rising pressure to increase their total profitability. Hotel profit optimization through revenue management has traditionally focused on guest-room strategies alone without considering ancillary revenue streams and costs. In recent years, however, hoteliers have recognized the benefits of expanding their revenue management practices to incorporate a more holistic business view. As forward-looking hotel companies have adopted more scientific and analytical approaches to total property and portfolio-wide revenue management, they've experienced significant financial rewards. With increased scrutiny on driving total hotel profitability, what exactly does the industry need to know about profit optimization to finally do something about it? READ MORE

Paul van Meerendonk

By addressing channel performance-the concept of measuring key performance indicators across a complex, multi-channel booking landscape-hoteliers can optimize pricing and marketing across all channels, and boost revenue as a result. But for those new to the world of advanced revenue management practices and technology, how does one begin to map out a proactive and profitable distribution strategy? How you choose to distribute your offerings must be carefully and regularly assessed, with the goal of maximizing your profit potential always in mind. Evaluating channel acquisition costs, looking beyond online travel agencies (OTAs) for better revenue opportunities, and finding ways to drive more direct bookings are all good practices for monitoring and improving the health of your distribution strategy. READ MORE

Marcela Trujillo

Increasing ADR, in conjunction with appropriate occupancy levels, is an ever-present goal. Not only does this increase RevPAR, but gaining more revenue through ADR provides assets with increased profitability. Consistent application of the following proven techniques leads to consistent rate dominance. In this article, co-authors Marcelo Trujillo and David Beaulieu rely on their experience of more than 35 combined years to thoroughly analyze and explain the pathway to sustainable ADR to maximize a hotel's success. READ MORE

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Coming up in August 2020...

Food & Beverage: New Technological Innovations

In the past few years, hotel food and beverage departments have experienced significant growth. Managers are realizing just how much revenue potential this sector holds, both in terms of additional revenue and as a means to enhance the guest experience. As a result, substantial investments are being made in F&B operations as a way to satisfy hotel guests but also to keep pace with the competition. Though it has been a trend for many years, the Farm-to-Table movement shows no signs of abating. Hotel chains are abandoning corporate restaurants and are instead partnering with local chefs to create locally-influenced dining options. Local, farm-sourced ingredients paired with specialty beverages or local wine also satisfies the increasing demand from Millennial travelers who are eager to travel sustainably and contribute to a positive impact. A farm-to-table F&B program also helps to support the local economy, which builds community goodwill. Also popular are "Self-Serv" and "Grab & Go" options. These concepts stem from an awareness that a guest's time is limited and if a hotel can supply them with fast, fresh, food and beverage choices, then so much the better for them. Plus, by placing these specialty kiosks in areas that might be traditionally under-utilized (the lobby, for instance), they can become popular destination locations. Of course, there are new technological innovations as well. In-room, on-screen menus allow guests to order from any restaurant on the property, and some hotels are partnering with delivery companies that make it possible for guests to order food from any restaurant in the area. Also, many hotels are implementing in-room, voice-activated devices, so ordering food via an AI-powered assistant will soon become mainstream as well. The August issue of the Hotel Business Review will report on these developments and document what some leading hotels are doing to expand this area of their business.