Cornell Hotel School Presents 2006 Hospitality Industry Relevance Awards
ITHACA, NY, March 27, 2006. The Center for Hospitality Research at Cornell's School of Hotel Administration has presented 2006 Hospitality Industry Relevance Awards for the Center's most relevant Research Report and for its most relevant Research Tool. In both categories, the awards were presented to teams comprising academic and industry leaders.
The most relevant research report was "Why Discounting Doesn't Work: The Dynamics of Rising Occupancy and Falling Revenue among Competitors." The report was a collaborative effort among Cornell Hotel School Professors Cathy A. Enz, and Linda Canina, and Mark Lomanno, president of Smith Travel Research.
The report found that while discounting relative to the competitive set increases occupancy, hotels make more money compared to those competitors when they choose not to discount to fill rooms. The study, drawing on data from 2001 through 2003, found that when a given hotel discounted its room rates to a greater degree than its competitive set, RevPAR decreased compared to that competition, even though relative occupancy increased. Conversely, those with higher prices relative to their competitive set had lower occupancy and higher RevPAR. This study was replicated using 2004 data, with the same results.
The most relevant tool produced for the Center and its consumers is "Hospitality Valuation Software," created by HVS International Founder and President Stephen Rushmore, and Cornell Hotel School Professor Jan deRoos.
Hospitality Valuation Software is the only non-proprietary computer software designed specifically to assist in the preparation of market studies, forecasts of income and expense, and valuations for lodging property. The software provides an accurate, consistent, and cost-effective way for hospitality professionals to forecast occupancy, revenues and expenses, and to perform hotel valuations. The tool consists of three separate software programs written as Microsoft Excel files, as well as a users' guide.
The award committee ranked all eligible reports and tools against two equally weighted criteria. One criterion was the number of downloads from the CHR website during the first year in which the item was posted. The committee also considered the results of a survey of 2,000 registrants who had each downloaded at least five reports and tools.
"These two products represent some of the best and most useful work to be produced on behalf of the Center," said Gary Thompson, executive director of the Center and a professor at the Cornell Hotel School. "We congratulate these winners for developing products that are delivering substantial value to the hospitality industry."
Awards were presented in March in conjunction with the Center's Advisory Board meeting at Cornell.
All CHR Reports and Tools are available at no charge from the Center for Hospitality Research at www.chr.cornell.edu.
About The Center for Hospitality Research
A unit of the Cornell School of Hotel Administration, The Center for Hospitality Research (CHR) sponsors research designed to improve practices in the hospitality industry. Under the lead of the Center's 44 corporate affiliates, experienced scholars work closely with business executives to discover new insights into strategic, managerial and operating practices. The Center also publishes the award-winning hospitality journal, the Cornell Hotel and Restaurant Administration Quarterly. To learn more about CHR and its projects, visit www.chr.cornell.edu.
CHR Partners and sponsors: Cendant Corporation, Four Seasons Hotels and Resorts, HVS International, JohnsonDiversey, Inc., Kohinoor Group, Marsh's Hospitality Practice, Nestl'e, Smith Travel Research, Southern Wine and Spirits of America, Inc., SynXis (a Sabre Holdings Corporation), Taj Hotels Resorts and Palaces, Thayer Group of Companies, and Wimberly Allison Tong & Goo.
CHR friends: ARAMARK o DK Shifflet & Associates o ehotelier.com o Estrela Marketing Solutions o Fireman's Fund o Gerencia de Hoteles & Restaurantes o Global Hospitality Resources o Hospitality Confections o Hospitality Financial and Technology Professionals (HFTP) o HOP hospitalitynet.org o Hotel Asia Pacific o Hotel China o HotelExecutive.com o Hotel Interactive o Hotel Resource o International CHRIE o International Hotel and Restaurant Association o International Hotel Conference o KPMG Japan/Global Management Directions o Lodging Hospitality o Lodging Magazine o PKF Hospitality Research o Resort+Recreation o The Resort Trades o RestaurantEdge.com o Shibata Publishing Co. o The Lodging Conference o Taste & Travel o TravelCLICK o UniFocus o WageWatch, Inc. o WiredHotelier.com
Jennifer Macera, 607.255.3101; [email protected]
Cydney Peters, 607.255.8698; [email protected]
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