Cookies on HFTP Bytes

This site uses cookies to store information on your computer. Some are essential to make our site work; others help us give you the best possible user experience.
By using the site, you consent to the placement of these cookies. However, you can change your cookie settings at any time. Read our Privacy Notice to learn more.

I understand
  • HFTP Research Report: Pre-opening Expenditures in Hospitality

    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.

  • New Global Directors Join the 2018-2019 HFTP Board

    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.

  • Internal Controls and the Important Roles They Play in Eradicating Fraud

    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.

  • Members Only: 2018 HFTP Compensation and Benefits Report

    By Tanya Venegas, MBA, MHM, CHIA. Results to the biannual survey conducted by Hospitality Financial and Technology Professionals (HFTP). Information includes data on compensation and benefits trends for finance and technology professionals in the club and lodging industries.

New Ways to Increase Revenue Besides Heads in Beds

Hotel Business Review by hotelexecutive.com·17 March 2019
The synchronized autonomy within the travel and hospitality industries, along with the tremendous evolution over the last several decades, have created a dynamic mindset among leaders in the industry. While the idea and principles of Revenue Management are still relatively new in the history of hotel and lodging, it is safe to say that in the short time since its inception, we are now at a point where we can differentiate between Revenue Management and Revenue Strategy.

5 Ways to Comply With Efforts to Crack Down On Sexual Harassment in The Hotel Industry

Hotel Business Review by hotelexecutive.com·17 March 2019
Have you ever answered the hotel door in less than publicly appropriate attire in response to that ever familiar knocking call – *knock, knock, knock* "housekeeping"? According to a study in Chicago, 49 percent of housekeepers have been greeted by a guest in his or her birthday suit on at least one occasion, and 58 percent of housekeepers say they have been sexually harassed by a guest.

The Gravity of HR Management Practices in Small/Medium Hotels

Hotel Business Review by hotelexecutive.com·17 March 2019
Human Resource Management (HRM) in a small business can be a vital task leading to success. Specifically in the service sector, service quality depends mostly on the quality of personnel since it is labor intensive and requires face-to-face interaction with customers. For a firm to be successful, effective management of the employees is crucial which depends on a significant extent on human labor.

Rising Capex, Development and Wellness Construction

Hotel Business Review by hotelexecutive.com·10 March 2019
Over the last decade, the spa and wellness sector has faced tremendous growth in the hospitality industry. This evolution has significantly evolved over the last few years. Many hotels and resorts have found it increasingly necessary to adopt new performance models, renovate existing structures, and greatly enhance their food and beverage programs. This has also stimulated innovative property updates to accommodations, public spaces and spa and wellness facilities.

Optimization: The Hotelier's Best Weapon Against an Uncertain Economy and Tight Labor Market

Hotel Business Review by hotelexecutive.com·10 March 2019
The first quarter is already painting an interesting picture for 2019, with promising forecasts for growth in the hospitality industry tempered by the possibility of an economic recession by the end of the year. Here are just a few of the projections and points of view offered by experts that have contributed to this complex outlook.

How to Improve the Guest Experience by Investing in Tech That Saves Power and Money

Hotel Business Review by hotelexecutive.com· 3 March 2019
As smart home technology continues to permeate households across North America, consumers are growing accustomed to automation and voice-activated controls to adjust their interior environment. It's no surprise that consumers are looking more and more for hospitality settings to mirror these conveniences for a top-of-the-line guest experience.

New Hotel Brands: Are There Just Too Many?

Hotel Business Review by hotelexecutive.com· 3 March 2019
No-one can accuse the hotel industry of not listening to its guests. But is there such a thing as listening too well, when you have so many people who all want different things? The multitude of new hotel brands launched over the past 5 years, particularly in the select service and lifestyle sectors, offers such a wide range of experiences that one can't help but wonder whether there are enough guests to match the number of available accommodations.

Maximizing Motivation: How to Get the Most out of Hotel Employees

Hotel Business Review by hotelexecutive.com· 3 March 2019
There is near universal acceptance that having motivated employees is a prerequisite to delivering a positive customer experience. While it is hard to think of any industry where this isn't true, there is probably no environment where it is truer than the hospitality industry. Hospitality is an incredibly high touch experience for guests, who are likely to encounter many employees during their stay, and each of those interactions drives their willingness to return to both that property, and other properties in the portfolio.

Being a Smart Buyer When Purchasing Hotel Technology

Hotel Business Review by hotelexecutive.com·24 February 2019
Technology is significantly impacting nearly every area of hospitality. This includes obvious ones like brand and property web sites; guest reservation and communication systems; revenue management systems; and in-room Internet and entertainment as well as others that are less obvious to the average guest.

A Hospitality Lawyer's Guide to M&A Deals

Hotel Business Review by hotelexecutive.com·24 February 2019
Corporate M&A activity has increased significantly in recent years. In the first nine months of 2018 alone, approximately $3.3 trillion in mergers and acquisitions were announced globally. Although global M&A deal volume fell in Q3, 2018 remains on track to surpass the record-setting $4.1 trillion in M&A activity in 2007.

Hotel Restaurants Should Step Up Their Game to Meet the Needs of Today's Foodie Culture

Hotel Business Review by hotelexecutive.com·24 February 2019
With "foodie culture" being a relatively non-existent term just a decade ago, things were quite simple. Business travelers and tourists alike were content with concierge-recommended establishments, and easily walkable destinations offering straightforward fare. In many cases, hotel guests were satisfied with the traditional, on-site three-meal-a-day option.

What Happens in Vegas... is a Design Laboratory for Global Hospitality Design

Hotel Business Review by hotelexecutive.com·17 February 2019
Dog years. That is a relatively fitting metaphor for describing the life expectancy of most hospitality spaces in Las Vegas – guest rooms, entertainment venues, restaurants – compared to the same types of spaces located on hospitality properties elsewhere.

Including AEDs As Part of Your Five-Star Service

Hotel Business Review by hotelexecutive.com·17 February 2019
When checking into a hotel, guests automatically expect a clean room and smooth check-in process. And many also expect the property to have an automated external defibrillator (AED) on site. In fact, a recent Harris Poll found that 69 percent of Americans believe hotels should have an AED installed.

Examining the Impacts of Positive and Negative Online Hotel Reviews

Hotel Business Review by hotelexecutive.com·17 February 2019
These days, consumers are likely to read online consumer reviews to learn about others' experiences and thoughts regarding a concept of their interest. Consumers were and are exposed to communications from firms (e.g., hotels) in form of promotional materials in different channels. The difference nowadays is that a consumer also has access to communications from real consumers who have tried services promoted by hotels and can attest whether or not a hotel delivered what they had promised or at least their services had been up to scratch.

The Gig Economy: What Hoteliers Need to Know

Hotel Business Review by hotelexecutive.com·10 February 2019
Call it what you will – the gig economy, sharing economy, freelance economy, on-demand economy, platform economy, [fill-in-the-blank] economy – the nuts and bolts of how we go about accessing people and services has changed dramatically in recent years. Want a ride? Grab an Uber. Hungry? DoorDash delivers. Need groceries? Instacart to the rescue. With just a couple of taps on a smart device, our every wish can seemingly be granted.

From Pyramid to Pillar: Opportunities Abound in the Baby Boomer Market

Hotel Business Review by hotelexecutive.com·10 February 2019
I'm a nerd of sorts. Especially when it comes to numbers, statistics, data, and algorithms. I suppose part of it comes with just being a PhD. After all, a doctoral degree is, in essence, a research degree. And research essentially means a lot of numbers. But my interest in data probably stems more from growing up in a family business whose success depended on numbers. Customers. Sales. Inventory. Costs.

U.S. Department of Labor Changes Rule for Tipped and Non Tipped Work

Hotel Business Review by hotelexecutive.com· 3 February 2019
The U.S. Labor Department's Wage and Hour Division ("DOL") recently revoked its so-called "80/20 rule" for employees who receive tips. This "rule" had attempted to provide guidance about what happens where restaurant servers and other tipped employees work on tasks that don't directly generate tips, such as rolling silverware or wiping tables. The rule generally stated that where a tipped employee spent a "substantial amount of time (in excess of 20 percent) performing general preparation work or maintenance," the employer could not take a tip credit and needed to pay the employee the full minimum wage.

The Duniway Hotel: Why Portland is Bold and Unafraid of Change

Hotel Business Review by hotelexecutive.com· 3 February 2019
Located right in the heart of downtown Portland's business and entertainment district, the Duniway is a refreshingly lively boutique hotel that embraces the artistic, creative and independent nature of Portland. Indeed, the hotel is named after Abigail Scott Duniway, an author and pioneer suffragist in the Pacific Northwest who devoted more than forty years in the 19th and early 20th centuries to seeking the vote for women and tirelessly promoting women's rights. Her independent spirit lives on today in the Duniway, our employees and the experiences we treat visitors to.

Key Aspects in Growing a Hospitality Portfolio and Organization

Hotel Business Review by hotelexecutive.com· 3 February 2019
Hospitality is a demanding, fast-paced operating business all rolled into a complex commercial real estate investment. As we know, those entities looking to expand their portfolios, and their accompanying organizations at the property level and in the C-suite, have their work cut out for them.

Margaritaville: South Florida's Destination Paradise

Hotel Business Review by hotelexecutive.com·27 January 2019
The way travelers are taking vacations has changed. Expectations are higher. Travelers want a worry-free vacation with personality. It is all about the experiences and maybe more importantly, how those experiences translate to an emotional connection. The story, the people, the adventure is as important as, maybe even more important than, the physical deliverable.

"Sustainable Stays": How Green Hotel Design Improves Occupancy and Operations

Hotel Business Review by hotelexecutive.com·27 January 2019
Sustainable design has made its way into the upper hierarchies of a hotelier's priorities as it has proven to correlate with increased revenue. Benefits of the "greening" of the hospitality industry result in higher occupancy rates, coupled with efficient and profitable operations. To say that sustainability has become desirable among modern consumers and hoteliers alike, would be an understatement. As previously witnessed in other business sectors, sustainable measures have made a lasting impression on the hospitality industry.

Hotel and Resort Developments Thrive with a Great Playground

Hotel Business Review by hotelexecutive.com·27 January 2019
In an ever-increasingly competitive hospitality marketplace, owners and operators look to enhance their competitive advantage by providing uniquely positive, memorable experiences. Hotel and resort owners and operators agree that a hospitality brand holds the potential to create such novel guest experiences through the amenities leaders select for the brand's identity.

Delivering Service in a Labor-Scarce Economy

Hotel Business Review by hotelexecutive.com·20 January 2019
With unemployment holding at historically low rates, hospitality and food service are among the industries most affected by the labor shortage, according to the Bureau of Labor Statistics. The immigrant workforce, a vital source of labor for the hospitality industry, is being impacted by a government crackdown at a time when the U.S.-born population is aging and shrinking. Adding to the challenge is that with job opportunities outpacing available labor, more workers are targeting higher skilled (and higher paying) positions, leaving lower-paying service jobs unfilled.

What Hotels Can Do to Build Brand Loyalty with Millennials

Hotel Business Review by hotelexecutive.com·20 January 2019
They're young, active, travel-savvy and eager to choose experiences over physical purchases, so it's easy to see why millennials are the group to nurture when it comes to hospitality. The challenge -- building brand loyalty with them is easier said than done. These travelers, many of whom had a front-row seat to the late 2000s financial crisis, are keenly aware of their own spending, making them a tough group to capture with old-school loyalty plays such as points programs. In fact, according to one study, 80 percent of millennial travelers said they would switch their brand allegiance just to save a few dollars.

Sound and Vision: How Audio is Becoming the New Visual for Hoteliers

Hotel Business Review by hotelexecutive.com·20 January 2019
Hotel owners are usually experts in the importance of marketing, recognizing how much their business image can impact on their bottom line. If website photography isn't suitably aspirational, it can put customers off before they have even booked a room and poor social media branding, non-mobile optimized websites or negative reviews on TripAdvisor can be equally damaging.

Staying Ahead of the Competition in 2019: Why Smart Hotel Owners and Investors Should Consider A Brand Conversion

Hotel Business Review by hotelexecutive.com·13 January 2019
If you ask business leaders to describe what drives the most successful organizations around the globe, they will likely mention concepts such as market insight, organizational adaptability, new product development and customer service. While these ideas may seem to best define a resilient technology company, they are actually quite relevant for hotel owners and operators across nearly every segment of the industry.

Newletter

Thank you for subscribing. Your email address has been added to our mailing list.
Close
To subscribe to the Finance Bytes Newsletter please enter your contact details below.
An error occured, please check your input and try again.
I do want to receive the Finance Bytes email newsletter.
By submitting this form, you have read and agreed to the Privacy Notice of HFTP.
You may unsubscribe to these emails at any time.
CancelSubscribe