A study of the pre-opening budget; the timeline for these expenditures; timeline for onboarding of staff; and the selection, installation and training of the technology component. By Agnes DeFranco, Ed.
The HFTP 2018-2019 Global Board of Directors was installed during the association's 2018 Annual Convention and introduces new directors Toni Bau, Carson Booth, CHTP and Mark Fancourt. These extensive director profiles give insight into the distinguished professions and personal goals of HFTP's newest association leaders.
Although I have been preoccupied with getting in the education sessions purely related to hospitality finance, technologies and hotel pre-opening, I made sure to participate in Fun with Fraud and Enchanting Employee Embezzlement in Clubs and Hotels presented by Jerry Trieber, CPA, CHAE, CFE, CFF, CGMA, HFTP Global past president and director of audit services/support at HEI Hotels and Resorts.
It has been many years now since Ethics education was added as a requirement for CHAE/CHTP maintenance. It was an addition that the HFTP Global board approved of during my tenure as a way to not only account for a designee’s knowledge of the industry, but also as a benchmark for the high standards established relative to behavior and decision-making.
The Hotel Financial Coach · 17 Jun
It is the worst lie financial leaders can tell themselves. Nothing is more important than the health of your books. If your books are not caught up and if your account reconciliations are not clean and up to date, nothing else you do in your financial world matters. Period. Full stop.
skift.com - Destinations · 16 Jun
The loosening of social restrictions in Saudi Arabia has residents wondering if breaking the taboo on alcohol consumption could be next. That would s
This study uncovers hotel brand positioning and competitive landscape mapping by text-mining user-generated content (UGC).
ProfitSword · 12 Jun
ProfitSword, a leading provider of Business Intelligence solutions for the hospitality industry and WVC RubixCloud (WVCRC) providing best-in-class te
hotelbusiness.com · 11 Jun
In its 100th year, Hilton revealed it is on track to celebrate the 100th hotel milestone in Mexico by 2022.
harvardbusiness.org · 11 Jun
Nathan Furr, assistant professor of strategy at INSEAD, researches what makes great innovative leaders, and he reveals how they develop and spend 'in
Hotel Management · 11 Jun
Pebblebrook Hotel Trust has agreed to sell the 132-room Hotel Amarano Burbank, while two Washington, D.C., hotels will join the Viceroy Hotels & Reso
hotelbusiness.com · 11 Jun
Mag Mile Capital, Square Mile Capital, Madison Realty Capital and Axilla Capital have recently made deals. Here's a look at recent transactions.
The Hotel Financial Coach · 11 Jun
Hands down one of the best experiences I ever had in my career was being part of the team that reviewed the financial performance of the hotels in my region. The reason I enjoyed it so much, and have such great memories, is because I learned so much at each one and not only did I learn about the business of hotels, I had a lesson in people.The review team consisted of my boss, the hotel GM, the hotel Controller and me. In addition to the four of us, one by one the other executives or department heads would be in attendance or be called when it was their turn to review their area. The examination was a low-tech event. No PowerPoints and no presentations - just financial statements, eyes, notes and questions. We would typically visit each hotel 2x per year to take a deep dive into what they were doing and how they were performing.There was always a bit of pomp involved in our visit. We would typically arrive the evening before and we were always treated very well. A nice room or suites and a special dinner in the hotel or some new hot restaurant were the standard fair. No expense spared here. I almost think it was like they knew we were "going away" tomorrow so they put on a big show just to deny one last time any guilt. They all knew that tomorrow the sheets were coming off and the truth would be revealed. You could feel the curious anticipation of the victims just like in the movies when you know the mobster knows he's going to get whacked!The day starts with breakfast in the private lounge where my boss and I cover some basics. He is a master at knowing what's really going on in each of his hotels. He wants nothing but a path forward to improved financial results for the hotel and he knows all the tricks. We run through the year-to-date performance to budget and the prior year. Flow through is the pulse and blood pressure of the patient. We zero in on what it should be and the difference equals what's been squandered. With our direction clear we head into the battleground so to speak, the meeting room. My job is mostly to listen and make notes. It's funny how some people see things. You see we're all friends so to speak. We know each other quite well. We have been working together for some time and it's a small world we live in. We always start with the welcome. Sometimes we're greeted by the core team for a hello and casual coffee. Often, we are welcomed by the whole department head squad like we're visiting politicians or celebrities. Occasionally they even line up as you would at a wedding to say hello. I remember one time we walked into the meeting room to be greeted by the core management team all sitting on one side of the table, their side of the table, like a military tribunal. Heads were down, books open, pens drawn. Serious business that day! What messages people send by their actions.We always start at the beginning with rooms revenue. What's going on in the market and how is the hotel performing relative to the competition, aka the STR comp set. Where is the RevPAR index YTD and what is driving the results? Product, competition, new supply, sales team, corporate resources, regional economics, renovations, asset, service levels, weather, citywide performance, etc. It all gets laid out to paint the picture of where the hotel is, where it has been and, most importantly, where it's going. A combination of the revenue management discipline, the sales strategy and the marketing plan get flushed out.The director of sales lays out the strategy and the information. You can tell very quickly if he or she has their act together. There is a very small circle of key indicators of performance in this arena and you can easily see what's working or what's missing. The sole purpose of the review is to find ways to improve moving forward. What strategies from the sales and marketing plan are working and what's not? What new ideas need testing and what old processes need to be deleted?From the rooms revenue, we turn our attention to F&B - namely banquets. What has been the performance of the conference services area with conventions and meetings and what's the social scene with catering and events? Banquets are the engine that runs F&B in any hotel with meeting space. Always an interesting aspect is a view of how the meeting space is managed. Group sales vs. catering. A good DOS knows when to release the space and when to hold on to it. Banquet performance is such that a hotel, when it's busy is like a turbocharger on your car's engine; you can feel it kicking in and propelling you further and faster.Now it's time to review the MOD's - any other department that makes revenues in the hotel. Here we take a different approach and do a top-down review looking at the whole picture. My boss is always looking for the path forward. He hates looking at a departmental statement with what he calls hooks! Or expressed another way - a loss. We sift through the revenue picture in each department and then the payroll and expenses looking very closely at each line and always asking the same 3 questions.
Travel Tripper/Pegasus · 11 Jun
ADA compliance lawsuits are on the rise. In 2018, the number of website accessibility lawsuits exceeded 2,250 — that's nearly triple the number from 2017. In this post, we explain the issues surrounding ADA-compliant websites and what to do if your hotel receives an ADA web compliance lawsuit. The Impact of ADA-related Lawsuits With the recent spike in lawsuits, it only makes sense to know what to do if your hotel receives a compliance lawsuit of its own. To add context to this issue, it's first worth highlighting a few recent examples. At the start of this year, a Fort Lauderdale woman and her attorney reached settlements with at least 20 hotels and motels in Florida because their websites' reservations systems "failed to provide any information regarding the accessibility of the hotel or rooms". In a separate case last year, Avanti Hotel in Palm Springs was accused of violating the Americans with Disabilities Act because its website was deemed as inaccessible to people with seeing or hearing problems. For the hotel to address the issue and make its website ADA compliant, it will cost about $3,000. Payment in damages to the plaintiff is reported to be an additional $8,000-20,000. Confusion Around ADA Compliance The surge in lawsuits is partly due to a lack of clarification around ADA, which was enacted back in 1990, before the rise of the internet. The law only provided the requirements for businesses' physical locations to properly accommodate disabled individuals but didn't provide any guidance for the internet, or web-based and mobile applications. Instead, hoteliers have to make their best judgment based on the suggested guidelines from the Worldwide Web Consortium or W3C — the governing body of the web. If a website does not meet these guidelines, it risks being on the recipient end of a compliance lawsuit. Yet businesses, including hotels, remain confused and continue to feel vulnerable by the overall lack of clarity. For that reason, we recommend having a plan that mitigates the risk of an ADA-related complaints, and being aware of the steps required How Your Hotel Should Handle an ADA Web Compliance Lawsuit Below, we've outlined the three key steps to take if your hotel finds itself on the receiving end of a website-related ADA compliance lawsuit. 1. Seek legal advice If your hotel receives notice that it's being sued for violation of the ADA, get in contact with a lawyer. Choose an expert who specializes in ADA compliance and Internet Law. 2. Get a website audit After getting in touch with a lawyer, you'll need to carry out a website audit. An audit will help you to identify if your website doesn't meet any of the accessibility guidelines set out by the W3C. There are plenty of audit tools available. If you're on a budget, you can use free-to-use options, such as Lighthouse, which can be added within the Chrome browser. However, bear in mind that the free version of Lighthouse won't fix any issues it uncovers — you'll have to do this yourself or ask your digital marketing agency to carry out the fixes for you. Premium tools offer a more comprehensive audit process. At Travel Tripper, our ADA Compliance auditing and monitoring platform is specifically designed for hotel websites. It includes automated scans, manual testing using accessibility tools, and testing across multiple desktop and mobile browsers, all of which helps guests to navigate your website and complete a booking. 3. Update your website After the audit is complete, you can start making any necessary changes to your website. Even if the lawsuit never makes it to court, your hotel website still needs to be ADA compliant — most obviously to help avoid further lawsuits. Of course, the main reason is that ensuring your website is accessible to anyone with a disability is clearly the right thing to do and shows respect and care for your guests. How to achieve ADA compliance It's actually relatively straightforward to make sure your hotel website is ADA compliant. Here are some of the main areas to consider: Ensure all of your images, graphics, animations and video have "alt" text that describes their content. Having easily resizable text. Make sure the code on your website and booking engine supports assistive tools, such as screen readers and alternative keyboard devices Make sure documents are available in HTML text-based formats For more in-depth information on this topic, read our comprehensive post to ensure your hotel website is ADA compliant or sign up for our webinar about how to mitigate the risk of compliance lawsuits. In the meantime, stay tuned for the final post in this series where we'll provide hoteliers with an essential checklist for ADA compliance. Travel Tripper & Pegasus can work with you to ensure your hotel website conforms to standards of ADA compliance. Request a consultation today to get more information and support!
Click by booking.com · 11 Jun
Whether building an entirely new property or simply refurbishing, enterprising hoteliers are turning to crowdfunding to raise funds for their busines
4hoteliers.com · 11 Jun
The announcement comes just six months after Accor celebrated its 1000th hotel and shows how rapidly the group is expanding in Asia.
hotelmarketing.com · 11 Jun
Marriott's four lifestyle, select-service brands are growing at a fast pace while bridging a gap between traditional select-service and full-service.
Hotel Management · 10 Jun
The fixed-rate loan was arranged on behalf of Legacy Ventures for the 321-key Embassy Suites Centennial Park.
Hotel Management · 10 Jun
When purchasing a hotel, it is important to ensure a property improvement plan is carried out effectively and on budget.
Aptech · 10 Jun
Aptech Computer Systems will standardize Concord Hospitality's accounting processes for 112 hotels on the PVNG Enterprise Hotel Accounting System to
Hotel Management · 10 Jun
American Hospitality Properties Fund III has acquired 17 upper-midscale and midscale hotels.
Hotel Management · 10 Jun
At the upcoming Annual Hotel Conference, Karr will discuss the latest trends in alternative accommodations.
Hospitality Technology Magazine · 10 Jun
Concord's 112 hotels will use the hotel accounting software.
PhocusWire · 10 Jun
For part two in our series on travel payments, we explore issues related to fraud and how machine learning can help to solve them.
hotelmarketing.com · 10 Jun
Foreign travelers to the United States bring billions of dollars into the economy each year. But that flow of people and money now appears to be at r
eHotelier.com · 9 Jun
A Guide demystifies the concepts and processes associated with strategic management, making the ideas accessible to as wide a range of managers withi
eHotelier.com · 9 Jun
The Ritz-Carlton Hotel Company announces a multi-year agreement with Mercedes-AMG Petronas Motorsport to be the first Official Hotel Partner of the l
skift.com - Travel Services · 8 Jun
You heard in Singapore first. The CEO of the Fosun Tourism Group did not deny the company was moving ahead with a larger play for Thomas Cook at Skif