Library Archives

 
David Chitlik

Assessors across the thousands of taxing jurisdictions in the United States are calculating the value of hotels for tax purposes. Often the most complicated part of determining the value of a property is how to include capital expenses. This problem is worsened by the lack of information assessors usually have on such expenses and projects, and the complicated rules around brand standards. In this article, Altus Group's hospitality tax specialists explore how to manage these situations through communication and information sharing through their combined seventy years of experience in property tax. Read on...

Paul van Meerendonk

How we find, manage, and retain top talent at revenue-managing hotels has changed dramatically since the big-data boom began. It's important that we continuously strive to provide ongoing education and support in this competitive job market. Blended learning approaches are key to accommodate varying levels of expertise, job roles, and employee age groups. On-demand, quick learning tools are especially relevant as high-turnover rates necessitate faster uptimes of skilled, productive employees. Beyond that, career trajectory and a clear pathway for upward mobility must also be considered to attract top performers. Properly training, maintaining, and elevating talent is essential to achieving an ongoing return on investment in your people, technology, and processes. Read on...

Melissa Maher

Hotel revenue management has been around for more than 30 years, yet adoption of revenue management technology has been slow. Although revenue performance is an important metric that drives pricing strategy and overall efficiencies, many of the tools and technologies available today make it difficult for hotels to measure their revenue performance and make smart pricing decisions. The solution: straight-forward measurement tools that can process real-time data to help hotels manage revenue and pricing. This byline will explore how technology is empowering hotels with strategic tools to optimize revenue management and help them make more informed decisions to better grow their business. Read on...

Nicholas Tsabourakis

Today's revenue managers have to deal with a lot more than just systems, rate management and reporting. More than analytical skills, revenue managers need to possess communication skills, leadership skills, and they also have to strive to be influential and motivational. This is where emotional intelligence plays a central role in the career of a revenue manager. If a person in such a position is incapable of being empathic about the challenges of others, and if they're unable to convey how valuable they are & the importance of their contribution, then they're at risk of failing to help others unleash their full potential, which directly affects their success and the performance of the hotel. Read on...

Mark Heymann

The same yield strategies that for decades have helped hoteliers optimize room revenues can lead to similar gains in their food and beverage operations. A restaurant seat, like a hotel room, is a perishable item, meaning that revenue lost anytime it sits vacant will never be recovered. And that’s the very challenge that yield management is designed to address. So why does the industry continue to overlook its potential? This article explores how hotel operators can apply a yield management approach to their restaurants to capture the maximum possible revenue from each seat. Read on...

Lily Mockerman

How can hotels, big and small, create opportunities to maximize their revenue? In this article, expert Lily Mockerman details the challenges and creative solutions for limited-service hotels to increase overall revenue. Though smaller properties may seem to be at a disadvantage, revenue optimization can be achieved by strategically monetizing every part of a hotel’s available space. With a seasoned perspective and out-of-the-box insight, this article reviews the ways limited-service hotels can increase their overall revenue and add to their value. Read on...

Paul van Meerendonk

Personalizing the guest experience is all the rage right now, and hotels are eager to capitalize on opportunities to monetize. Loyalty programs are no longer just marketing initiatives but also revenue management strategies to control top- and bottom-line performance. As travelers demand more tailored accommodation experiences—blame the millennials, of course—a “customer-choice pricing” model may be the best way to deliver the ideal product to the ideal guest at the ideal price. Read on...

James Downey

Planning on expanding your hotel's rooms division? There are many questions which you must answer first. Will the expansion prove profitable? Will construction costs be manageable? Will the market respond positively to the expansion? Hotel operators must weigh the benefits and costs associated with such a daring move in expanding their rooms division. The decision to expand is a very expensive, and time-consuming venture. Considering the factors presented here may help hotel owners and operators to make their room expansion plans go as smoothly as possible. This article will discuss those benefits and costs so as to assist with this physically and financially oriented decision. Read on...

S. Lakshmi Narasimhan

Owners are keen that employee workforce is kept engaged and motivated always with a fair compensation package, good development opportunities and a regular acquisition of new skill sets through training and other methods. Nothing upsets the owners more than a high employee turnover ridden workforce which is struggling to meet the demands of customers. Owners will want that the top management beginning with the CEO or head of the unit drive the succession plan process. This is enough evidence of the power of an effective succession plan process in developing and grooming an employee complement with requisite skill sets to meet the business challenges in future. Read on...

Lily Mockerman

Every hotelier has struggled with a dreaded slow season. Many have struggled through years of an economic downturn only to come out victorious on the other side - if weathered and savvier from the experience. The secret weapon to beat these downtimes is ancillary revenue streams. With more than 15 years of experience helping hoteliers combat market challenges and drive revenue, Lily Mockerman, founder and CEO of Total Customized Revenue Management, LLC (TCRM), shares her hard-won advice to help hoteliers innovate when times get tough and reach rock star status in ancillary revenue. Read on...

Lily Mockerman

Sharing the joys and challenges of driving hotel profitability during high seasons is revenue management professional and industry thought leader Lily Mockerman. Mockerman, president and CEO of leading revenue management company Total Customized Revenue Management LLC (TCRM), delves into the proven strategies and tactics to increase overall profits when rooms are at or near capacity. By approaching this challenge with a strong understanding of unconstrained demand, hoteliers can identify those times that limiting less profitable channels will actually increase overall profitability. This ensures the plan is achieving optimal performance levels, measuring results and proactively planning against common pitfalls found in high-demand strategies. Read on...

Nicholas Tsabourakis

Accurate demand forecasting is extremely important for a hotel as it drives strategic planning aimed at optimising sales, increasing operational efficiency, improving customer service and maximising profit. Predicting what the customer wants, anticipating the sales of products and services helps managers understand revenue opportunities and make informed decisions about pricing and business growth strategies. It involves attempting to gain an insight into the future while relying solely on past trends and present events. Forecasting is the scientific version of crystal gazing and while future events may deviate from past trends, the intelligent insights obtained from forecasting, provide a reliable platform to build upon. Read on...

Paul van Meerendonk

The concept of a revenue productivity engine begins with a theme lifted from W. Timothy Gallwey’s best-selling book, The Inner Game of Tennis. Tennis is not only a game of endurance and skill, but also very much a game of psychology. The same can be said about creating your revenue productivity engine. It’s imperative to understand your revenue psychology—making sure your revenue performance will equal your revenue potential, minus any interferences - before setting out on the journey. Operating in the here-and-now ensures you crystalize your goals throughout the organization. Using an analytics framework is the sure-fire way to instill a culture that operates on data proven by science and reduces overthinking which allows inconsistent judgment to cloud the vision. Read on...

S. Lakshmi Narasimhan

Owners as stakeholders of a hotel asset realize that continuous revenue generation and profit retention are the only paths to getting a decent return on their investment. Not for nothing have they poured big dollars in their hotel project. However, it is one of the ironies of diminishing revenues of a failing enterprise that often the business never looks right under their noses - at their capital commitments to understand the revenue erosion. That capital budgeting literally is a blueprint to determining how well an enterprise uses its assets to generate revenues is nevertheless a grossly underutilized phenomenon. A look at how to harness this powerful strategy. Read on...

Inger Oliver

From a 'set it and forget it' approach to dynamic daily rates, revenue managers have seen a dramatic shift in hotel pricing. Learning from the airlines decades ago, the hospitality industry quickly realized it needed to build a yield management system to spot trends over time. But the process of selling the right room to the right guest at the right time didn't end there. Four key factors - technology, demographics, consumer behaviors and markets - made the process even more complex. In this piece by hospitality veteran Inger Oliver, learn how studying the right insights can help revenue managers succeed in today's complex marketplace. Read on...

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Coming up in December 2018...

Hotel Law: New Administration - New Policies

In a business as large as a hotel and in a field as broad as the law, there are innumerable legal issues which affect every area of a hotel's operation. For a hotel, the primary legal focus includes their restaurant, bar, meeting, convention and spa areas of their business, as well as employee relations. Hotels are also expected to protect their guests from criminal harm and to ensure the confidentiality of their personal identity information. These are a few of the daily legal matters hotels are concerned with, but on a national scale, there are also a number of pressing issues that the industry at large must address. For example, with a new presidential administration, there could be new policies on minimum wage and overtime rules, and a revised standard for determining joint employer status. There could also be legal issues surrounding new immigration policies like the H-2B guest-worker program (used by some hotels and resorts for seasonal staffing), as well as the uncertain legal status of some employees who fall under the DACA program. There are also major legal implications surrounding the online gaming industry. With the growing popularity of internet gambling and daily fantasy sports betting, more traditional resort casinos are also seeking the legal right to offer online gambling. Finally, the legal status of home-sharing companies like Airbnb continues to make news. Local jurisdictions are still trying to determine how to regulate the short-term apartment rental market, and the outcome will have consequences for the hotel industry. The December issue of Hotel Business Review will examine these and other critical issues pertaining to hotel law and how some companies are adapting to them.