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forecasting

Home/Tag: forecasting

forecasting

forecasting

Aptech Offers Hoteliers Six Budgeting Tips for 2021

Aptech Computer Systems Inc. | September 29, 2020

At a time when revenues are at their lowest, it’s critical that operators understand where to trim costs and how to track spending per occupied room using historical drivers PITTSBURGH, Sept. 29, 2020 — With operating budgets thrown out the window by second quarter this year, hoteliers are scrambling to find useful historical data to help guide them through the 2021 budgeting and forecasting process. Aptech, a provider of budgeting and forecasting, enterprise accounting, and business intelligence solutions for hotels, is advising operators to rely on historical drivers rather than bottom line revenues to help them better plan for the d...

How to Create a Forecast Plan for Hotel Businesses in Unknown Times

Global Asset Solutions | September 11, 2020

With the advent of the ‘new normal’, hotel owners and operators must begin considering the various financial and operational scenarios in their forecasts extending into 2021. Accurate forecasting is notoriously tricky, even in "business as usual" times. Often, some operators need more pressure to deliver detailed breakdown forecasts and they rarely extend more than three months in the future. The objective of a forecast plan is to ask the hotel operator to propose tangible actions: to increase the performance of specific areas of the hotel, to manage the production of the personnel, to schedule productive activities and to increase custom...

IDeaS and SIHOT Expand Partnership to Provide Seamless Two-Way Data Integration for Hoteliers

IDeaS | June 4, 2020

Long-term partnership optimizes revenue for all hotels and room types and delivers increased operational effectiveness through automated pricing decisions LONDON—June 4, 2020—IDeaS, the leader in revenue management solutions, announced today a new technology integration with SIHOT. The two-way data integration between IDeaS’ revenue management solutions and SIHOT’s leading property management software, SIHOT.PMS, will help the global hotel industry accurately forecast business demand, maximize occupancy and ADR and increase overall operational effectiveness through automated pricing decisions. Increases revenue, productivity a...

Operating Performance at Low Occupancy Levels

Robert Mandelbaum | April 17, 2020

By Robert Mandelbaum Since January 2020, CBRE Hotels Research has been analyzing the impact of the COVID-19 virus to understand how the societal and economic impacts of COVID-19 will influence the performance of U.S. hotels. Initial guidance came in the form of updated Hotel Horizons® forecasts of occupancy, ADR, and RevPAR for the nation’s chain-scales, location categories, and 60 major markets.  Concurrently, we relied on the historical relationship between declines in RevPAR to estimate the potential decreases in profits.  For example, a 20 percent decline in RevPAR for a full-service hotel during 2009 resulted, on average, in a...

Real Hospitality Group Adopts Full Suite of ProfitSword Business Intelligence and Data Management Solutions

ProfitSword, LLC | January 28, 2020

Rapidly expanding hotel management company implements ProfitSage, ProfitPlan, ProfitPace and ProfitWizard to maximize business strategy efficiency and ability to achieve even greater organizational growth. OCEAN CITY, Md. (January 28, 2020) – ProfitSword, hospitality’s premier developer of business intelligence and data integration software, has been selected by Real Hospitality Group in order to obtain a real-time and fully comprehensive overview of its financial performance across the breadth of its organization. Recognized as one of the fastest growing hotel management companies in the U.S. and renowned for its corporate responsibil...

Hotel Data Digest: Seasonality vs. Moving Average

HotStats | November 4, 2019

Tracking the evolution of key performance indicators (KPIs) over time allows hoteliers to identify meaningful trends, create forecasts and budgets and assess the results of different strategies. To perform this kind of analysis, data has to be recorded within consistent time intervals and in chronological order. This is known as a time series. For example, daily occupancy for the past month is a time series: data (occupancy) is recorded within a consistent time interval (daily) and is chronologically displayed. There are many ways of looking at a time series, depending on the kind of insights you want to extract from it. In this article, w...

Quore CapEx Tool Is Helping Hotel Management Companies Save Time and Money

Quore | October 29, 2019

Franklin, Tenn. – October  29, 2019 – Budget season is over, and hotel owners/operators are breathing sighs of relief now that they’re through with the arduous weeks — maybe even months— of prepping annual budgets and taking care of a backlog of capital requests. Quore, an award-winning provider of workforce communication and engineering/housekeeping management technologies, has a tool that is helping multi-property management companies make better financial decisions by staying on top of all property-level capital requests. The CapEx app customizes and automates the flow of approved expenses for increased efficiency. The too...

ProfitSword Named as Central Florida Top Workplace by the Orlando Sentinel

ProfitSword, LLC | August 27, 2019

Hospitality-leading provider of business intelligence and data management solutions recognized for ability to boost employee potential and inspire enhanced performance. ORLANDO, Fla. – (August 27, 2019) – ProfitSword, hospitality’s premier developer of business intelligence software and data integration services, has been named by the Orlando Sentinel as one of Central Florida’s Top Workplaces in 2019. An annual listing that analyzes a company’s ability to motivate employees, encourage new ideas, inspire cooperation and provide confidence in leadership, this year’s awards saw ProfitSword earn a top 35 position out of 826 emplo...

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