Maintaining good relationships are the foundation of any successful business. In our industry this can be demonstrated by client relations, relations with guests, the relationship between team members and management, the relationship between management [...]
Let’s face it, traveling can be a stressful experience. Things outside of anyone’s control can occur that negatively impact a guest’s experience. That is why training our team members on how to appropriately handle [...]
Mergers & Acquisitions have been a hallmark of business for centuries, but in particular the last forty years. In our industry M&A activity has picked up most notably with the 2016 acquisition of Starwood [...]
Okay, that may be a bit of a reach but let’s face it, hospitality is one of the largest industries in the world and the steps we take can have an enormous impact on [...]
Hospitality is a team endeavor and one of the most important things in dealing with a team is the element of trust. While seemingly a simple matter, one of the things that sets teams [...]
Buying a hotel is a prolonged, multi-step process. Among the many steps of a hotel acquisition process are identifying an asset, getting to the owner, and arranging financing. Once you settle on a hotel, [...]
One of the incredible things about the hospitality industry is that teamwork is truly at the center of our success. No one person can succeed on his or her own be it in hotel [...]
Part 3: Increasing Asset Value Is The Name Of The Game Now that we have covered Operating Revenue, Departmental Expenses, Undistributed Expenses, and GOP, let’s determine how we use the hotel financial statement to [...]
Part 2: GOP Is More Than a Political Party In the first post of this series, we introduced the concept of the Uniform System of Accounting for Hotels and then looked at Operating Revenue [...]
Part 1: These Are Funny Looking Financial Statements Among the questions we’re commonly asked is why hotel financial statements look different. The simple answer is that they reflect the actual operations of a hotel [...]