HotStats | October 26, 2023
By Kathrin Cockhill For hotels, the annual budget process is like a high-stakes poker game in which the owners keep their cards close to their chest and the operators try to guess what cards they’re holding and if they’re bluffing. By the time everyone shows their hands and the year kicks in, the game has often changed significantly, and all bets are off. Does it have to be this way? Today, more data than ever is available to enable operators to budget and forecast based on current conditions rather than rely on outdated projections. But will this serve the needs of owners? For insights, HotStats reached out to hospitality leader...
Jill Wilder | September 14, 2021
By Jill Wilder As we are all aware, budgeting for 2022 will present some challenges, without a crystal ball we are going to need to use our knowledge to form new ways to plan for our future. While historical drivers helped hoteliers in previous years with their future planning, it’s a whole new ballgame today, as the very way a hotel operates is radically different from even a year ago. As in the past, just comparing departmental profits from previous months is just one piece of the puzzle. To have better, more accurate budgeting numbers for the year ahead, hoteliers need to re-evaluate their drivers and establish a new baseline data set...
May 28, 2019
San Francisco, CA – With hotels in the U.S. and globally preforming at record-breaking rates (STR, 2018), a new service is available to help underperforming properties get their part of the pie. Rob Sudakow, an expert in revenue management across the hotel spectrum, has launched RevUp Consulting to help distressed hotels build stronger bottom lines. RevUp offers a complete system, including revenue management, budget forecasting, competitor evaluation, e-commerce, and distribution. Clients can choose to have a virtual hotel revenue manager specifically for their property. With this service, clients receive hands-on support that is...
Kristi White | October 9, 2018
By Kristi White As summer's warm breezes and lush, green growth transform into the vibrant colors and crisp air of the fall season, another familiar season arrives in its wake: the often dreaded but always necessary Hotel Budget Season. To develop an accurate and functional budget for 2019, hoteliers must take a holistic approach to the process. This involves starting with a big-picture view that includes your top company initiatives, along with a drill-down into the data to identify significant, sustainable cost-reduction opportunities in conjunction with hotel-wide profit optimization strategies. This is all then compiled into a neat ...
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