CBRE | February 22, 2019
By Robert Mandelbaum and Viet Vo Technology, online intermediaries, social media, revenue management software, shared-services, and the proliferation of market intelligence reports have reshaped the way hotel Sales and Marketing Departments conduct business. The traditional organizational structure of assigning personnel by demand segments (commercial, group, leisure) has given way to assignment by function (revenue management, social media, channel distribution, customer relationship management). According to one industry executive, most of the "selling" of hotel rooms has moved from the property level to corporate and regional offices...
Robert Mandelbaum and Viet Vo | February 16, 2017
By Robert Mandelbaum and Viet Vo The offering of complimentary services and amenities by U.S. hotels is on the rise. From 2007 to 2015, hotel expenditures on complimentary food, beverages, in-room media, services, and gifts just within the rooms department increased at a compound annual growth rate (CAGR) of 3.6 percent. For comparison purposes, all hotel operating expenses rose at a 1.1 percent CAGR during the same time period. Much of the proliferation can be attributed to brand standards which mandate the offering of complimentary food, beverages, newspapers, internet, and other services and amenities. Most frequent travelers, especi...
the Authors and PKF-HR | October 20, 2015
by Robert Mandelbaum and Viet Vo Since 2001, PKF Hospitality Research, a CBRE Company (PKF-HR), has assessed the accuracy of hotel budgets. Over the past 14 years, one trend has become very predictable. During times of industry prosperity, hotel budgets are extremely accurate. During the depths of the 2001 and 2009 industry recessions, hotel managers underestimated their revenue levels by an average of 10.4 percent, while the profit deficits averaged 23.4 percent. Conversely, when the industry has been in periods of growth, the budget variance for revenues has been a positive 0.6 percent on average, while profit goals were exceeded by 1...
PKF Hospitality Research | January 15, 2014
The owners of the hotels that participated in PKF Hospitality Research, LLC's (PKF-HR) Trends® in the Hotel Industry survey paid management companies 5.0 percent more to operate their properties in 2012 than they did in 2011. This exceeds the average growth rate of 3.3 percent for all operating expenses during the same year. When growth of an expense item exceeds the overall average, owners become concerned. However, since management fees are designed to reward operators for positive performance, excessive growth in management fees is not necessarily unwelcome. Most management contracts include two components for compensation - a base...
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