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 [...]
One of the unique aspects of hotels is that in addition to being a real estate asset, they are also operating businesses. The daily performance of each moving part of a hotel directly impacts [...]
Working with local municipalities is a key part of the hotel development process. Establishing strong relationships with key players at the local level can streamline entitlements and permitting, ensure a smooth working relationship, potentially [...]
Now that we have covered location, brand selection, financing, and development, the last major component of a hotel is operations. After all, you’re not just building an asset, it will be a 24/7 functioning [...]
In the first three posts of this series we reviewed location, brand selection, and financing the project. Now we move into the heart of the hotel development process. Development Getting through site selection, brand [...]