Everything you wanted to know about buying and selling hotels.
Discover the financial landscape of the hotel industry and learn why the average annual expenses for U.S. sole proprietorship hotels surpass total revenue. Dive into the importance of expense-to-revenue ratios and strategic financial management for hoteliers to achieve profitability and sustainability in a competitive market.
Leveraging technology effectively is essential for hotels to boost revenue and enhance guest experiences. From proprietary mobile apps to AI-driven chatbots, embracing innovative solutions empowers hotels to streamline operations, drive direct bookings, and foster guest loyalty.
In today’s digital age, customers can easily share their experiences with others through online review platforms. This has made it more important than ever for hotels to monitor and manage their online reputations. When prospective guests trust a hotel's reputation, they tend to opt for direct booking with the hotel rather than utilizing third-party platforms. Direct bookings allow hotels to preserve more revenue by sidestepping commissions and forging a direct connection with guests.
In today's fast-paced hospitality landscape, effective reporting is key to delivering exceptional guest experiences. Here are three dynamic tips to streamline hotel reports and ensure comprehensive visibility across all touchpoints.
Hotel revenue management, rooted in the aviation industry's pioneering pricing strategies, has become indispensable for maximizing profitability and optimizing performance in the hospitality sector. By leveraging advanced tools like revenue management systems (RMS) and strategic pricing methodologies, hotels can outperform competitors, enhance guest satisfaction, and drive sustainable revenue growth. The future of revenue management lies in embracing technological innovations, fostering strategic partnerships, and prioritizing agile decision-making to thrive in a dynamic market landscape.
Crafting strategies for hotel improvement stands as a pivotal endeavor in the ongoing endeavor to uphold and augment your hotel's prosperity. From refining operational efficiencies and bolstering staff morale to enhancing guest satisfaction and bolstering revenue streams, the right hotel improvement initiatives wield the potential to significantly influence pivotal hotel metrics and KPIs. In times where time is scarce, generating novel ideas can prove challenging. Hence, we've curated a compendium of beneficial hotel improvement concepts tailored to fortify your arsenal of strategies....
Delve into essential financial statistics derived from IRS tax return data to optimize your hotel business strategy. Explore key metrics such as revenue, expenses, and profit margins to gain valuable insights for financial planning and decision-making.
Unlock the potential of your hotel venture with our guide to commercial mortgages. From deposit requirements to prevailing rates and eligibility criteria, empower yourself to make informed decisions and secure optimal financing for your hospitality business.
Tighter lending standards from regional banks are hindering US hotel developers' access to funding, leading to a slowdown in hotel construction. This trend, exacerbated by the aftermath of the regional banking crisis, poses challenges for developers, impacting the broader economy and prompting a shift in financing strategies.
Discover seven actionable strategies to enhance hotel revenue and adapt to changing market dynamics, from embracing remote work to optimizing event spaces and securing long-term contracts.
Discover how forward-thinking hoteliers are revolutionizing the hospitality landscape with innovative concepts that go beyond traditional offerings. From the aromatic allure of hotel bakeries to dynamic meeting spaces that adapt to every occasion, these strategies are reshaping guest experiences and enhancing revenue streams. Dive into the insights shared by industry experts and visionary hoteliers, and learn how integrating specialty coffee into hotel spaces is turning them into vibrant community hubs, fostering connections and driving success beyond room bookings.
Learn how hotels can leverage technology and strategic approaches to turn small group reservations into substantial revenue generators.
In February 2024, Canada's hotel industry witnessed a third consecutive month of declining occupancy rates but a continued rise in Average Daily Rate (ADR), particularly driven by Group ADR, which surged by 7.9 percent, outshining other segments. Despite the slight dip in occupancy to 58 percent, ADR climbed notably to $181.55, with Revenue Per Available Room (RevPAR) reaching $105.37. Manitoba led in occupancy at 69.8 percent, while Vancouver stood out among major markets with a 73.5 percent occupancy rate.
Several Days Inn locations across Canada have been acknowledged for their outstanding hospitality by Booking.com, receiving the prestigious Traveller Review Award for 2024. These awards, now in their 12th year, recognize accommodation partners who consistently deliver exceptional guest experiences.
The list of honored Super 8 by Wyndham properties for the 2023 "Pride of Super 8" awards spans a wide array of Canadian destinations. Among the esteemed winners are Super 8 by Wyndham 100 Mile House, Super 8 by Wyndham Amherst, Super 8 by Wyndham Brandon, Super 8 by Wyndham Canmore, and Super 8 by Wyndham Caraquet, alongside many others. These establishments have been recognized for their unwavering commitment to delivering exceptional service and providing guests with a superior hospitality...
Orkin Canada's annual list of bed bug-infested cities in Canada has once again ranked Toronto as the top spot for the seventh consecutive year.
Hotel executives lament the formidable challenges plaguing the construction sector, exacerbated by inflationary pressures and acute labor shortages.
Boost Hotel Revenue: 20 Strategies & Emerging Trends - In today's dynamic hospitality landscape, hoteliers face the dual challenge of meeting the rising demand for travel while navigating economic headwinds. To maximize revenue potential, hotels must deploy effective sales strategies tailored to modern travelers' preferences and behaviors. Here are 20 actionable tactics to boost revenue and stay ahead of emerging trends in the industry.
Maximize performance with key reports covering revenue, guest satisfaction, and operational insights. Leveraging existing systems and smart integration, unlock essential metrics for informed decision-making.
