Hotel operators know that there are countless incremental costs that add up to a lot of expenses. Industry executives discussed this topic at length at Hotel ROI Midwest conference, part of the Hotel ROI Series. Here are some of their insights on how reducing hotel costs. Eliminate Dead Space | According to Chris Winterhalter, CEO
According to a study by FutureCast, Millennials spend over $200 billion on travel each year. They are a valuable demographic for hotels, and they have very specific preferences in regards to travel and vacation expectations. 82% of millennials prioritize the hotel experience over luxury rooms and material goods. Hoteliers can appeal to millennial travelers by
Within the hospitality industry, every season has its revenue advantages and disadvantages. Finding revenue success lies in focusing and capitalizing on each particular seasons advantages. Know the purchasing habits of your clientele. Familiarize your team with how to upsell certain items or services in the summer months. Take action to prepare the team and hotel for the summer season.
The only reason the peak summer season may fail to bring in an abundance of revenue is if your hotel team is unprepared. There’s still time yet to plan and get organized, and we want to help!
If you own or operate a hotel, you’ll be well acquainted with two main reasons for a hotel’s existence – to provide a comfortable environment for guests to stay in and to bring in revenue.
Successfully owning and operating a hotel is a rewarding experience, but it isn’t without challenges along the way. One of the biggest challenges posed to the hotel industry is waste. Waste gets in the way of both aforementioned goals – providing a comfortable environment for guests to stay in and to bring in revenue.
How can the hotel regularly renovate, update, and improve if the revenue used for that is being wasted? How can a hotel determine how much real revenue is being earned, if much of it is leaking out due to waste?
If waste is an issue in your hotel don’t worry! Waste can and will be stopped. Half the battle is simply being aware of the waste, after that it’s about finding each and every area of waste, and rectifying it. So, hoteliers, we’ve prepared three steps you can take to minimize waste in your hotel.
In this technology-drive, social media focused society we all live in, it’s easy to forget that the single most important marketing tool you have, is having an excellent product.
Yes, the competition for hotels is intense, and yes having a robust and effective digital marketing strategy is key, but all of that is moot if some of the details have yet to be tended to. What many hoteliers may not realize, is just how crucial having an inviting lobby really is. To help further explain just why the lobby is so important, we’ve got five quick reasons ready:
It’s no easy path being a hotel owner. The hospitality industry is fiercely competitive, and constantly changing to meet the needs of the customers. Yet, there are great opportunities for financial rewards if success is achieved.
With the New Year rapidly approaching, there’s no better time to take a look at some of the biggest hotel owner mistakes made. By contemplating mistakes you might have made, or hope not to make, you can arm yourself with the best weapon of all – knowledge.
Though it may only be November, the new year will be here in the blink of an eye. The hospitality industry is constantly evolving, and you better believe plenty will change and evolve in 2017.
Due to the rapid pace of technology advances and social media, it often seems that hotel owners struggle to simply keep up with the changes. Yet, to be truly competitive in an increasingly competitive market, keeping up with trends isn’t always good enough – you want to strive to be ahead of the trends.
No one can predict the future, but based on data from 2016, you can likely expect these hot hotel trends to take root in 2017 – hint – this is your chance to be ahead of the curve!
What is the key to a hotel’s success? Excellent hotel management.
The location, decor and luxury level of a property are factors in success, for example, but surprisingly they aren’t the decisive factors.
Not everyone can afford a perfectly located, luxury hotel. Not all guests pay strict attention to the decor and design of a hotel.
But everyone pays attention to how smooth and welcoming their experience was. Everybody remembers how they were treated. People won’t forget the general feel of a hotel.
Those are all aspects of hotel management.
There is no singular way to define great hotel management, but it is known that excellent hotel management is the key to any hotel’s success, no matter the size or scope of the property.
What are some examples of great hotel management? What should you be looking for, asking for, when it comes time to choose a hotel management company?
Here are a few points to help you answer those questions:
When it comes to revenue opportunities for a hotel, there are two main categories: Sales and Savings.
Both categories are useful and can be applied in different settings. Adopting strategies and implementing new tactics that save money by cutting back on a cost is very beneficial, and is more of a long-term strategy. Investing money up front, perhaps in some sort of product that can be sold, is also an excellent source of income for a hotel.
All too often the quick-pace of life gets in the way of taking the time to assess where more revenue might be saved or acquired, ultimately hurting a hotel’s bottom line.
We’ve compiled a quick list of some often overlooked revenue ideas for hotels from both categories. Ways to save revenue (thus increasing it over time), or to immediately increase revenue.
Choosing the Right Hotel Management Company is Imperative to The Success of Your Hotel. Here’s What to Consider.
Whether you have a hotel already, are in the process of acquiring one or have plans to build one in the near future, you’re going to want to everything within your power to maximize your investment, right?
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