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4 Alternative Uses for a Hotel During COVID-19
HotStats | July 30, 2020
Every second that hotels sit vacant, money is being burned. It’s an unfortunate byproduct of COVID-19. However, savvy hoteliers are finding creative ways to repurpose these now underused hotel spaces to generate extra revenue. Here are five alternative hotel revenue generators and how to put them into action: 1. First Responder Quarters By providing housing to first responders and essential workers, hotels can supply a much-needed service and bring in extra cash. In some cases, cities have offered to lease hotels for an estimated $1 million per month to house emergency medical staff. In addition to acting as an additional revenue ...
How Government Loan Assistance Has Helped Prop Up Hotel Profitability
HotStats | July 28, 2020
The tidal wave of COVID-19 has left many in the hotel industry gasping for air amid choppy financial waters. Luckily, governments across the globe have tossed hotels a much-needed financial floatation device. Unfortunately, keeping government loan assistance straight can be tough, especially if you’re trying to keep a hotel running or investments profitable. Wondering how government loan assistance is helping hotels get back on solid financial ground? We’ve mapped out how governments across the globe are using funding to jump-start hotel profitability. How Has Government Assistance Helped the U.S. Hotel Industry...
Global Hotel Profit Performance Sticks to Script
HotStats | July 27, 2020
In 1973, English rock band Led Zeppelin was filmed over three days of concerts at Madison Square Garden in New York. The footage was released three years later under the title: “The Song Remains the Same.” The film was promoted as the first time the world had a front row seat to the legendary band. Unfortunately, as the hotel industry continues to labor through COVID-19 and its impact, the emerging trend mirrors the Zeppelin title: “The Story Remains the Same.” A front row seat to a fright show. As the second quarter of 2020 closed, global regions continued to struggle with the effects of the coronavirus, with some areas jum...
How Consulting Data Can Help Build Your Profit Back
HotStats | July 21, 2020
The punches thrown by COVID-19 onto the hotel industry have been incessant. First, it landed a blow to public and employee health. Next came a punishing economic swing that knocked out nearly 200 million jobs globally. Now, many hoteliers may feel like they’re left laying on the mat — heads spinning from the chaos. It’s time to get back up and fight back with a plan. Make no mistake, the damage from COVID-19 will keep coming. But hoteliers can use data to soften the impact of future blows and emerge from the COVID-19 era in better shape. Here’s how: Establish a Financial Baseline Before moving forward, hoteliers need to get ...
The Impact of Social Distancing on Hotel F&B Operations
HotStats | July 17, 2020
When 2020 is over and done with (could not come sooner, right?), “social distancing” will be the frontrunner for buzz term of the year. It doesn’t even matter that the World Health Organization has lobbied vigorously for the phrase to be dropped in favor of “physical distancing.” Poppycock ... hogwash ... piffle ... social distancing shall proceed as the preferred patois of the pandemic. Social distancing will play a key role in hospitality operations going forward, and in no place will this be more pronounced than food and beverage operations (F&B), which include restaurants, bars and conference and banqueting. F&...
Breaking Even and the 5 Stages of Grief
HotStats | July 9, 2020
By David Eisen In 1969, Swiss-American psychiatrist Elisabeth Kübler-Ross published “On Death and Dying,” which posited five stages of grief: Denial Anger Bargaining Depression Acceptance Hotel owners have been made to suffer through these phases at the cruel hands of COVID-19, which at its outset thoroughly destroyed the collective industry, bringing travel to a halt, wrecking revenue and drying up profit. After the preceding years of relative operational success, 2020 was the wakeup call the hotel industry didn’t want to hear, but was forced to. When occupancy rates instantly fell 50 percentage points, ho...
Asia-Pacific Hotels Post Monthly Performance Gains
HotStats | June 29, 2020
Asia-Pacific hotels may have reached their bottom. And that's a good thing. Gross operating profit per available room (GOPPAR) in May showed its first month-over-month (MOM) since December 2019, up 78.2% MOM jump, and at -$3.04 is making strides towards breaking-even after turning negative in March. Occupancy in May was up 7.4 percentage points compared to April to 26.6%. Though this is still 43.6 percentage points below May 2019 numbers, it’s the first time since February that occupancy placed above 25% in the region. This rise in volume drove the 39.5% MOM surge in RevPAR. Further contributing to the top-line, F&B revenue per av...
Fragile U.S. Hotel Industry Records Monthly Performance Gains
HotStats | June 26, 2020
April showers just may have been the thing hoteliers in the U.S. needed. Though May wasn't a full bouquet of flowers, green shoots certainly abounded. In the U.S., between April and May, total revenue per available room (TRevPAR) was up 39% (down 92% year-over-year) and gross operating profit per available room (GOPPAR) was up 32% to $-17.25 (down 116.2% YOY). The uptrend is a sign that April may have been the bottom and absent a surge in cases, which is a possibility, the expectation is that month-over-month (MOM) numbers will continue to improve, especially as more states move into Phase Two, which allows for non-essential travel to c...
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