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what to know in hospitality

In the hospitality industry, the fall into the holiday season is a crucial period. There’s no time to waste, and the more productive your hotel team can be during this time, the more successful the hotel will be.  Previously, we discussed why it’s crucial to focus on driving revenue during the holidays. Today we will focus on ways to get internally organized to be ready for the new year, here is what to know in hospitality.

Starting off 2017 on a strong note will set the tone for the rest of the year. Since the holidays often keep everyone overwhelmed and busy until January hits, it’s common for hotels to utilize the first month, or more, of the new year to play catch up. Don’t let this happen, get organized now and you won’t need to play catch up. Your bottom line will thank you for it.

When it comes to hotel renovations, the term can be fairly vague at times. For our purposes we will be discussing major capital renovations. Meaning renovations that will increase the life of your asset.

Typically the purpose of a renovation is to strengthen, add or improve revenue streams, which can and will happen when the life of your asset is increased.

When it’s all said and done, we are always striving to increase the value of our hotels, and renovations are an excellent way to do so.

How often should your hotel be renovated? There is no perfect equation that will help you determine that, but keep in mind the fierce competition in the industry as well as constantly changing trends and technological advancements.

Of course, any renovation desired needs to bring a substantial return on the investment for it to be worth it, so as we suggest some renovations that may increase the value of your hotel, be sure to meet with your financial team to discuss what is realistic for your asset.

10, 9, 8, 7… the countdown has begun, and no, not for the epic ball drop ringing in 2016, but for the rapidly approaching due date of your hotel’s budget and marketing plan for the new year. This is an instrumentally important tool for your hotel, it can truly influence the success or failure for the next year.

A Coach pours over each play by play of past games, taking notes, jotting down fresh ideas. As the team practices every day until the next game, the coach implements new strategies and teaches his players new tactics. It’s game time once again, the team is ready, they’ve rehearsed their new plays a hundred times.

Be prepared, not scared. Budget planning season has rolled around once again, and with it tends to come stress, worry, and frustrations, but that doesn’t have to be the case. Of course, budget and marketing plans are developed to set goals, targets, and hold everyone accountable. With that being said, this is also a learning

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