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Six Potential Challenges and Growth Opportunities in the Hotel Industry

Hotel Business Review by hotelexecutive.com - ·8h
In a panel moderated by PwC's Scott D. Berman, Chris Cahill, chief executive officer, Luxury Brands, AccorHotels; ex-chief executive officer Fairmont Hotels Steve Haggerty, global head of Capital Strategy, Franchising, and Select Service, Hyatt Hotels Corporation; Kevin J. Jacobs, executive vice president and chief financial officer, Hilton; Elie Maalouf, chief executive officer, The Americas, InterContinental Hotels Group (IHG); and Mit Shah, chief executive officer and senior managing principal, Noble Investment Group, discussed the industry's growth potential as it related to geopolitical and economic shifts. Most have seen, and believe they will continue to see, moderate growth.
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Getting Creative to Make an Experience Not Just Another Meeting

Hotel Business Review by hotelexecutive.com - ·8h
In the past, group and meeting business was considered a great 'filler' for soft transient demand periods in hotels. That sentiment has clearly shifted over the years and most hotels have adopted a robust group sales strategy as an essential part of their revenue mix. The recession and subsequent corporate 'hangover' that persisted, along with the virtual elimination of government travel, combined with the continual growth and adoption of virtual meeting services had the industry scrambling to source and replace meeting and group opportunities for years.
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How to Read Your Hotel's Financial Statements

Hotel Business Review by hotelexecutive.com - ·8h
The first thing you need to know about reading a hotel financial statement is there are basically 2 different statements that you will want to get comfortable with. The two different statements are the income statement, some call it the P&L for profit and loss statement and the second in the balance sheet. Now I know what you're thinking, balance sheets are for the accounting types and they are complicated. Nothing could be further from the truth and I am going to give you a new understanding and share a secret about the balance sheet and the relationship to the P&L.One thing to always keep in mind is the fact that many miss. It's the existence of a the 11th addition of the uniformed system of accounts for the lodging industry.

The Key to Unlocking the MICE Industry for Hotels

Hotel Business Review by hotelexecutive.com - ·8h
A lot is said about maximizing hotel revenue per available room, but what of revenue per available square meter? It is a broadened mindset that may be needed from any hotel that aspires to attract the world's several million business travelers to their property but doesn't quite know where to begin. Indeed, as Hotel Analyst's Katherine Doggrell recently observed: "MICE has been a thorn in the side of the sector since windowless rooms with biscuits were invented. Any hotel worth its salt has to have them, but selling them is ... hardly an efficient process. Dead space in which many go to die."
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Not All Meetings are Created Equally

Hotel Business Review by hotelexecutive.com - ·8h
Historically a hospitality selling professionals' training typically included qualification of an event through a series of questions addressed to the meeting planner who is an employee of the company hosting the event or a sourcing manager employed by an agency of record managing travel. In the association market, the planner could be a paid staffer or even a committee member tasked with soliciting bids from various hotels. The National Sales or Global Sales force for the major brands might also act as an intermediary should that customer have brand preferences or even negotiated contract terms for all of their business.
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Unconventional Event Spaces in Today's Boutique Hotels

Hotel Business Review by hotelexecutive.com - ·8h
Who doesn't love the neighborhood speakeasy bar pouring prohibition cocktails, or the two-lane bowling alley where world-renowned DJs rule the guest list? We forgot to mention the cozy cabaret-themed screening room that plays the year's top indie films which keep winning every award at 'that' international film festival. And, these special snugs can be found in a boutique hotel near you. Boutiques have gone off-site as well, combining the experiential component into their marketing ventures. Building their brand means sponsoring the pop-up bar at an Art Basel event or an actual pop-up of their hotel itself at the Cannes International Film Festival. Boutique hotels are further enhancing their neighborhoods with their conceptual take-over of annex retail spaces thanks to a deal struck to convert the street level storefront into something more whimsical than whimsical.
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Yield Management by Distribution Channel

Hotel Business Review by hotelexecutive.com - ·8h
The hospitality industry is one of those industries where the people running the show of hotel business cannot lay back and earn easy revenues. Revenues of a hotel may fluctuate like weather depending upon a number of factors like demand, competitor rates, climatic conditions, security & political situation, holiday season, events etc. Revenue managers are always on their heels to ensure that the hotel operates at maximum occupancy throughout the year. Every empty hotel room is a loss of revenue as the operational cost of running a hotel remains broadly the same for 50 customers or 100 customers.
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Evaluating Spa Trends for Profitability and Longevity

Hotel Business Review by hotelexecutive.com - 18 September 2017
In the midst of managing the day-to-day operations, hotel and spa owners and managers must constantly look forward and evaluate how to increase efficiency and profitability. As you balance overseeing current business and forecasting for the future, you are faced with the challenge of considering what changes will bring the most benefit to your organization. For spas, keeping watch of the latest trends in the spa industry and making relevant changes to your facility, treatment menu and customer service practices are important for success. But how do you know which trends and latest innovations will bring that success, and which ones may not be worth their return on investment?
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Staying Relevant in the Constantly Changing World of Meetings

Hotel Business Review by hotelexecutive.com - 18 September 2017
As a supplier, it takes extreme creativity at the venue level. Starting with the initial design, event space must be as flexible, innovative and as Instagram-worthy as possible. In the past ten years, we have seen rooftops, outdoor gardens and terraces become the norm at emerging hotels. I. Planners expect expansive guest suites that can double as event space, boardrooms with views and natural light- anything but your standard meeting room. Every space must be multi-purpose and have multiple functions to have the maximum impact and success. Hotels are now competing with museums, restaurants, rooftop bars and shared workspaces for the same events and meetings. How do we stand out and not only remain relevant but exceed expectations of ownership and attendees alike? This takes a thorough plan that encompasses design, creative menus, digital presence, aggressive and empowered sales professionals, and ongoing training.
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Bridging Today's Technologies to Customer Service Needs

Hotel Business Review by hotelexecutive.com - 18 September 2017
One is tempted to call them our phantom guests. With today's technologies, a guest can make a reservation, sign in and, perhaps, check out without talking to or being seen by someone at the front desk. Timed right, a guest may not even interact with maintenance or housekeeping. We are starting to confront realities like this in an industry grounded on deep human interaction and the personal touch. We pride ourselves on being good listeners, both verbal and nonverbal. We are rewarded for anticipating and responding to the needs of others. The "guest we don't see" is just one example of how modern communications, our own human resources systems, marketing or transaction technologies continue to transform what it means to be a hotelier.
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Creative Meetings Through Food & Beverage

Hotel Business Review by hotelexecutive.com - 18 September 2017
I had a bit of an "out of body" experience recently. I was attending a corporate meeting, which was held in a hotel meeting room. As usual, I was multi-tasking for most of the meeting. Doing my best to remain engaged with the meeting content, while simultaneously managing an ever-growing email inbox and "To Do" list. During a break, I was pacing outside the meeting room, on the phone with my office, when I noticed some snacks and beverages set-up adjacent to the meeting room entrance. Coffee, sodas, cookies, fruit - your basic "break". As I approached the beautifully displayed selection of caffeine and sugar, I was contemplating if I should or should not ingest my 10th legal stimulant of the day, when a moment of panic came over me. I stared at the perfectly placed apples and bananas, carafes of coffee creamer and packets of raw sugar, and froze. My feet were like cement blocks and my heart was racing. I couldn't remember where I was. Am I in Chicago? Denver? Boston? The prior evening, I enjoyed a blissful night's sleep in the hotel where my meeting was hosted, why couldn't I remember? I racked my brain…was it a Hilton? Marriott? Hyatt?
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Making it Easy for Meeting Planners to go Green

Hotel Business Review by hotelexecutive.com - 18 September 2017
Meeting planners have more than enough to think about when it comes to searching for the perfect venue - and eco-consciousness is increasingly making its way top of mind for many. It is currently estimated that the average hotel guest generates 2.2 pounds of waste each night of their stay. And, with the meetings and event industry recently being deemed as the second most wasteful sector in the United States by the EPA, we at JW Marriott Austin knew we had to go above and beyond to deliver more efficient meetings and events with the lowest possible carbon footprint.
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The Importance of Engagement During the Selling Process

Hotel Business Review by hotelexecutive.com - 18 September 2017
Engagement and commitment are at the core of our professional lives in a 24 hour a day, 7 day a week operation. No matter the size or complexity of the box, engagement and our commitments should be a core fundamental that not only surfaces in our every interaction, but guides and directs our proactive decision making and our strategies and executions. Hospitality 101 teaches us as hospitality professionals, to engage with our guests, to make eye contact at 10 feet, to speak within 5, to escort when possible and to use our guests name in conversation. We are taught to answer the phone in just a few rings, to professionally engage our customers and clients at every interaction and be the key stakeholders of their happiness during their time with us. Commitment to our client's and guest's comfort and happiness, successful planning and meetings should live at the core of our hospitality spirit. Far too often forgotten is engagement within our sales discipline. How, as executive level leadership are we asking our sales people to be engaged and how are we committing ourselves to their success? Are we hiring committed, passionate, truly professional sales people that come to work every day to do exactly what we hired them to do? Sell.

Energizing Hotel Lobbies

Hotel Business Review by hotelexecutive.com - 18 September 2017
Hotel lobbies are undergoing an exciting evolution. Architects, designers, hotel owners, and operators are re-thinking hotel lobbies and transforming them into active social hubs that are becoming the heart of hotels. With flexible designs, professionals are creating spaces that support work and play, dining venues and bars that morph throughout the day, communal tables with computers, library settings for quiet reflections, and game rooms for pure play. In many cases, the goal is to make the lobby as interactive as possible and to attract visitors and locals alike. In some cases, such as the Fairmont Washington, D.C., where ForrestPerkins renovated the public spaces, activated lobbies can translate into increased ROI.
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The Right Fit? Evaluating Spa Trends for Profitability and Longevity

Hotel Business Review by hotelexecutive.com - 18 September 2017
In the midst of managing the day-to-day operations, hotel and spa owners and managers must constantly look forward and evaluate how to increase efficiency and profitability. As you balance overseeing current business and forecasting for the future, you are faced with the challenge of considering what changes will bring the most benefit to your organization. For spas, keeping watch of the latest trends in the spa industry and making relevant changes to your facility, treatment menu and customer service practices are important for success. But how do you know which trends and latest innovations will bring that success, and which ones may not be worth their return on investment?

The Discipline of Luxury Touchpoints are Not Just for the Leisure Traveler

Hotel Business Review by hotelexecutive.com - 13 September 2017
Group business is a wonderful driver of market share in all tiers of our industry. The ability to understand the details of luxury touchpoints can be an important competitive advantage. I hope to share a few stories and examples of how applying the disciplined approach to crafting luxury touchpoints can create tremendous energy, increase group market share and achieve authentic guest engagement.
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Are You Properly Managing Your Hotel's Hazardous Waste?

Hotel Business Review by hotelexecutive.com - 12 September 2017
As hotels continue to focus on their sustainability efforts, the importance of proper hazardous waste management cannot be overlooked. The proper management of hazardous waste is crucial to maintaining a hotel's brand reputation, remaining compliant with government regulations and being a good steward to the environment.
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Three Ways to Pinpoint Great New Hires

Hotel Business Review by hotelexecutive.com - 12 September 2017
So you're looking to hire a new team member... While graduation is mostly over, the workforce is still adjusting to an influx of recent college grads. In hotels, leadership and hiring managers have likely already met multiple candidates in making an addition to the staff, and in some cases, making the decision to hold off. It can be hard to choose the right candidate for the job for many reasons, but there are ways hiring managers can identify candidates that will ultimately be successful in their roles.
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Ancillary Services Can Bring New Profits - and New Risks

Hotel Business Review by hotelexecutive.com - 12 September 2017
Hotels provide a variety and growing number of ancillary services from child care to swim lessons to spa treatments. With so many different services being offered in one hotel, it can become increasingly difficult for hotel owners and operators to make sure they have the right protections in place in case anything goes wrong. Unfortunately, when a hotel is providing day care services, youth related events or intimate spa services, among other things, risks abound. In this article, we talk about the insurance coverages hotel owners and operators should consider when they add additional service offerings to their suite of hotel guest services.
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How Guest Feedback Aligns with Your Hotel's Top Goals

Hotel Business Review by hotelexecutive.com - 11 September 2017
In a recent interview, Airbnb co-founder and chief strategy officer Nathan Blecharczyk said their future goals lie in "becoming a platform for the entire trip, so no longer just about accommodations…really trying to reinvent every aspect of travel." I believe hoteliers need to think along the same lines: how do we reinvent the travel experience - from search to booking to providing a top-notch experience on-site - to not only compete with the likes of Airbnb but also to achieve your hotel's top goals?
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Three To Pinpoint Great New Hires in the Hospitality Industry

Hotel Business Review by hotelexecutive.com - 11 September 2017
So you're looking to hire a new team member... While graduation is mostly over, the workforce is still adjusting to an influx of recent college grads. In hotels, leadership and hiring managers have likely already met multiple candidates in making an addition to the staff, and in some cases, making the decision to hold off. It can be hard to choose the right candidate for the job for many reasons, but there are ways hiring managers can identify candidates that will ultimately be successful in their roles.
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Staying Competitive in the Group Meeting Market

Hotel Business Review by hotelexecutive.com - 11 September 2017
Selling to the right group segments is important. Achieving the right mix of group and transient is also key to success. The variances in rate structures, for example, for the transient and group segments (often in stark contrast to one another) are key to maximizing revenue opportunities in a high-demand market. Transient pricing strategies are, of course, designed for individual guests staying at a hotel, whether for business or for pleasure. High demand enables hotels to quickly raise these rates as high as the market will tolerate. More or less, there is almost no limit as to how high hotels can raise transient rates if the demand is strong enough, as long as the hotels have rooms to sell. Effective pricing and the right segment pricing strategies, therefore, allow inventory management to drive ADRs higher and higher. Group pricing, coupled with variances in booking pace, can present rate ceilings that hinder revenue maximization strategies if careful analysis is not applied.

The Discipline of Luxury Touchpoints

Hotel Business Review by hotelexecutive.com - 11 September 2017
Group business is a wonderful driver of market share in all tiers of our industry. The ability to understand the details of luxury touchpoints can be an important competitive advantage. I hope to share a few stories and examples of how applying the disciplined approach to crafting luxury touchpoints can create tremendous energy, increase group market share and achieve authentic guest engagement.
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Hotel Ancillary Services Can Bring New Profits - and New Risks

Hotel Business Review by hotelexecutive.com - 11 September 2017
Hotels provide a variety and growing number of ancillary services from child care to swim lessons to spa treatments. With so many different services being offered in one hotel, it can become increasingly difficult for hotel owners and operators to make sure they have the right protections in place in case anything goes wrong. Unfortunately, when a hotel is providing day care services, youth related events or intimate spa services, among other things, risks abound. In this article, we talk about the insurance coverages hotel owners and operators should consider when they add additional service offerings to their suite of hotel guest services.
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Sales Managers and Meeting Planners: Different Hats - Same Team

Hotel Business Review by hotelexecutive.com - 11 September 2017
Throughout the years, I have heard meeting planners say, "back in the day we did it this way" or "it was easier when we did it that way." As cities are welcoming more hotels and new sales managers are coming into the hotel sector; we need to learn to adapt. Although meeting planners might say hotels and sales managers have changed; I am here to tell you why and how we can work together effectively in today's thriving marketplace.
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Group Business Strategies for Every Season

Hotel Business Review by hotelexecutive.com - 11 September 2017
Seasonality is a blessing and curse for hospitality professionals who want to plan ahead. Cvent's customer success team receives calls, emails, and tweets every day from hoteliers looking to take the reins of the data they've already collected to fill need periods. Whether they want to maintain repeat group business or expand to new markets, so many of our partners value the importance of using predictable, recurring behaviors to make strong sales and marketing strategies that last.

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