New Report Shows Value of IP to the Tourism Sector
UNWTO | May 6, 2021
A new report published jointly by WIPO and the World Tourism Organization (UNWTO) on the value of intellectual property in boosting tourism shows how the IP system creates a favorable ecosystem for innovation, entrepreneurship and investment in the sector. The publication, entitled “Boosting Tourism Development through Intellectual Property,” highlights good practices, features case studies and recommendations for policymakers and other tourism stakeholders on how to ensure that creativity, innovation, traditions and cultural heritage in tourism are properly protected and commercialized and that the benefits are shared by all. In ...
The Unexpected Stands Out – Especially if It’s Bad
Shep Hyken | May 6, 2021
By Shep Hyken In the customer service world, people have expectations. They want to be treated with dignity and respect. They expect that if they buy something, it will work and do what it is supposed to. If it doesn’t, they expect the company to stand behind its products and services. The effort a customer makes to get the problem resolved – hopefully, it’s minimal effort – is ideally rewarded with an acceptable and expected resolution. In other words, if there is a problem, customers expect it to be handled appropriately, and when it is, they are usually happy to continue doing business with you. I share this because someon...
Three Ways to Make Your Hotel Company Attractive to Investors
Michael Teplin | May 6, 2021
By Michael Teplin As we emerge from the doldrums of the last year and watch demand trend upward, there is a great opportunity to create competitive advantages for your hotel company. Cash flow from new Investors can make or break any company’s runway to a sustainable forward path, and a hospitality company that can opportunistically grow in today’s unprecedented environment can leapfrog its pre-pandemic growth strategy. There are three specific areas to focus on as you shift gears from cash conservation to post-pandemic growth: Fully-operation, efficient Finance and Accounting team. Corporate and Social Governance. Time...
Developing a People-First Approach to Mergers and Acquisitions
Jeff Venza | May 5, 2021
By Jeff Venza For many, change is a terrifying concept – especially when it comes to business. But what we so often forget is that, although uncomfortable, change is the inevitable catalyst to transformation and innovation. Sometimes, the most disruptive moments in our respective careers are the ones that derive the most meaning, setting us on course for incredible development and professional alignment. And contrary to popular belief, mergers and acquisitions can represent precisely that kind of moment. Historically, the hospitality industry is both resistant to change and notorious for it. We are a firmly rooted sector in a traditio...
ProfitSword Demonstrates the Cost Savings of Business Intelligence for Hotels With Newly Published White Paper
ProfitSword, LLC | May 5, 2021
White paper analyzes how hoteliers can save thousands of dollars each month while reducing business planning errors and maximizing efficient use of employee time. ORLANDO, Fla. – May 5, 2021 – ProfitSword, a premier developer of business intelligence and data integration software, has announced the publishing of a white paper focusing on how hoteliers can save themselves from thousands of dollars in operational expenses when deploying an advanced business intelligence platform. Now freely available for hospitality professionals to download from the ProfitSword website, the new white paper takes a step-by-step approach to demonstrate p...
The Current State of the Hospitality Industry
ROBERT RAUCH | May 5, 2021
By Bob Rauch Where is the Hospitality Industry as of Spring 2021? Current conditions in the state of the hospitality industry include leisure travel, employee challenges and reinvented guest programming. While I do not know how we are going to pay for the government spending plans, I do know that in the short-term, we will see huge growth in gross domestic product with some forecasters projecting over 6% for this year. Lenders are back in the game and traffic on the roads seems to me like an increase in business overall. To date, all of the hotel business, by and large, is leisure business. Longer weekends...
Hospitality Financial Leadership: The System to Follow to Create Financial Leadership in Your Hotel
David Lund | May 3, 2021
By David Lund Practice is what we are missing. Practice with the financial piece is somehow a foreign concept. But in the hotel world practice is everywhere, right? If you and I worked in banquets and we were both rookies, we would show up every day and listen, work and learn, and in a relatively short period of Time, we would both be pretty good at setting up, servicing and tearing down the banquet. How is this different from learning the financial piece? It’s not, that’s the illusion. It looks different because it is money and we see that it has a certain illusionary power. The monthly financial circle in a hotel is the prac...
Analyzing Recovery: Total Room Inventory vs. STR Standard Methodology
STR | April 30, 2021
Occupancy has long been one of the key hotel performance metrics measured by STR. Reported on both a monthly and weekly basis, occupancy is easily calculated by dividing rooms sold (demand) by rooms available (supply), providing a straightforward representation of the percentage of rooms occupied during a given time period. However, even this traditional metric has not escaped the impacts of COVID-19. Voluntary and mandated hotel closures caused a fundamental shift in the way we record and report supply, and thus, a new hotel occupancy metric was born. The status quo In normal times, and in alignment with USALI guidelines, STR record...
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Today's News
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