In the ever-evolving hospitality industry, the question of how to effectively compensate hotel operators remains crucial. While the basic premise of paying managers for their management skills holds true, the prevalent incentive fee structures may no longer adequately align with market realities, particularly for owners.
Hala Matar Choufany shares updates and insights on Hotel Valuation Index 2021
This article provides a summary of the Indian hotels sector's performance in 2020.
Most hotels have implemented quick cost-saving changes to their largest cost components i.e. compensation and energy costs as they try to stay afloat during the pandemic. However, the industry needs to take a step further by evaluating and scrutinizing their cost structures even deeper to make some radical changes. Are we ready & is it time?
Is it time for the hotels sector to embrace some of the revenue management practices followed by the aviation industry? Read on to know more.
Following waves of asset of appreciation, the pendulum has swung, and many hotels will be facing significant value declines in the current economic climate. As owners look for every way to reduce operating expenses, they should remain vigilant to pending fluctuations in real property assessment levels and proactive on appealing their assessments, if warranted.
Former FSU hotel school Professor Dukas' Seven Steps to Food Cost Control from his book, "How to Operate a Restaurant" provides a concise list of things to think about to effectively manage food cost.
The Meluha, an ECOTEL Hotel, in Mumbai makes sustainability integral to the company's business strategy. The article focuses on the strategies used by the hotel for conservation of resources and reduction in landfill waste with concomitant savings.
In most hotel P&Ls, usually towards the bottom, is a heading called Non-Operating Income and Expense, formerly known as Fixed Expenses. Few costs are uncontrollable in a hotel. There are simply some expenses which take longer to reduce than others!
A hotel manager's most important tasks are making money for the owner and maintaining the asset. Satisfied guests and motivated employees are among the tools, but cost controls are also critical components of the formula.