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  • 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.

  • Letter from the HFTP Global President: At the End of the Year, We Reflect on the Best of the Year

    As we prepare to transition to the new HFTP Global board at the 2018 Annual Convention in October, I would like to take the time to reflect on my year serving as HFTP Global president.

  • 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.

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.

Brand Safety in Digital Advertising - What Every Hotel Brand Needs to Know

Hotel Business Review by hotelexecutive.com·13 January 2019
We live in a digital-first environment where hotels are increasingly reliant on digital advertising and marketing efforts to drive bookings. With the average American spending 24 hours every week online, digital advertising is a key strategy for hotel brands to achieve the greatest revenues. However, brand safety and reputation can be challenging to maintain in the ever-changing digital landscape and is of paramount concern for hoteliers. With all of the competition, one cannot afford to have their well-earned reputation sullied by easy-to-avoid mistakes like poor ad placement.

Anatomy of a Hotel Audit

Hotel Business Review by hotelexecutive.com· 6 January 2019
These are challenging times for the hotel industry. Due to skyrocketing operating costs, most U.S. hotel groups have still been unable to reach operating margins commensurate with the industry peak in 2007. Consumer preferences demand upgrades in technology and room renovations, cutting into the bottom line even as rising salaries, wages, benefits and staffing levels add to labor costs.

Top 9 Ways to Mitigate Risks During a Hotel Renovation

Hotel Business Review by hotelexecutive.com· 6 January 2019
You feel the pressure to make your hotel stand out from the crowd. And that means you must complete any hotel renovations more quickly than renovations of standard commercial buildings. After all, your hotel's guests expect the latest amenities.

Finding the Perfect Hotel Employee

Hotel Business Review by hotelexecutive.com· 6 January 2019
Making the wrong hire can have ghastly repercussions for a hotel property or travel tech company. Between the costs associated with paying for poor performance, the drain on employee morale, time spent in training and onboarding, time needed to find another new employee, recruiter fees and the opportunity cost of not selecting the right person, getting it right the first time is critical. The US Department of Labor estimates that the cost of a bad hire is 30% of that person's income; for a startup in travel tech or an established property, this is a massive investment in… nothing.

Beyond the Ordinary: Historic Hotels and Unique Event Venues

Hotel Business Review by hotelexecutive.com·16 December 2018
Events can take many forms, from small intimate gatherings to blockbuster conventions, from a business meeting to weddings and soirees. Regardless of the size and form, in an increasingly competitive hotel marketplace, the role of the event as a value-added component to the bottom line cannot be underestimated. Events have a significant direct and positive impact on a hotel's bottom line, but also indirectly in exposure and positive reviews, whether formally in publications or informally through social media and word of mouth.

The Travelers Have Spoken: Capturing and Leaning into Guest Review Sentiment

Hotel Business Review by hotelexecutive.com·16 December 2018
There's no denying the power of the hotel review: "Will NEVER ever stay at this place again. The rooms are dirty, never cleaned or vacuumed under bed, stains on linens, just icky." "The staff was excellent, and the rooms were very clean. The only complaint I had was the elevator was slow."

Hotel Recruiting Obstacles: Budget, Brand Reputation, and Location

Hotel Business Review by hotelexecutive.com·16 December 2018
Every property, management company and travel tech company (and really any organization) has recruiting challenges to overcome. While no two properties are exactly alike, there are commonalities that tend to appear, and can be lumped into three buckets: Budget, Brand and Location.

Hostels: The Hot New Market

Hotel Business Review by hotelexecutive.com· 9 December 2018
With the rise of the sharing economy and the exponentially expanding competitive set within the hostel sector, the hospitality industry has been going through a number of dramatic shifts over the last few years. Brands like Airbnb and Uber, in particular, have revolutionized the way we travel, and continue to influence and inspire the development of new peer-to-peer platforms.

What Subscription Models Tell Us About Driving Loyalty and Revenue

Hotel Business Review by hotelexecutive.com· 9 December 2018
Consumers are subscribing to an ever-growing diverse set of categories and services – and at greater rates. There is easy access to everything from meal delivery kits to clothing and beauty products. Several automobile companies are even testing and making progress on their own subscription-based models including Porsche, Volvo and Mercedes. But gaps do remain in many industries jumping to offer and capitalize on subscriptions.

How to Keep Hospitality Entertaining

Hotel Business Review by hotelexecutive.com· 9 December 2018
The passionate airline pilot loves soaring above the clouds, savoring the feeling of power and freedom from our home planet's strong pull. However, when "on the job," she or he must attend to a long, prescribed protocol of pre-flight, takeoff, in-flight and landing procedures and responsibilities. It takes knowledge, experience and attention to detail, as well as being able to react at a moment's notice to a "change in flight plans," to safely and productively navigate to one's destination.

Big Data and Advanced Technologies: What Role for Frontline Staff?

Hotel Business Review by hotelexecutive.com· 2 December 2018
Call it a sign of maturation mixed with puzzlement. We are morphing quickly along a seemingly inevitable path from the Information Age to a Big Data and AI (Artificial Intelligence) one. As we do, more and more observers are expressing concern over how entities of all sizes will manage the incredible amounts and constant stream of data that are now made available to us - as frontline operators; as property and asset managers; as human resources and other administrators; and as owners and investors.

New Strategies for Recapturing the Value of Hotel Food Waste

Hotel Business Review by hotelexecutive.com· 2 December 2018
Food waste wastes money. In the US alone, we waste more than $160 billion worth of food each year. Reducing waste is a perfect example of how more sustainable business practices can sustain people, planet, and prosperity all at the same time. The food waste debate often focuses on how to keep waste out of landfills by diverting it to people, animals or compost (in that order). That's a worthwhile goal, but it's not the best way to save money-or the planet. Rather, preventing food waste is the most effective way to save money and the environment.

Using F&B to Establish a Unique Character for Your Hotel

Hotel Business Review by hotelexecutive.com·25 November 2018
A hotel's restaurants and bars offer one of the best opportunities for the hotel to express its unique character. Food and beverage (F&B) is nothing less than hospitality in motion, on display and interactive in a way that everyone can see. It only makes sense to use F&B to help differentiate hotel properties, now more than ever.

When it Comes to Millennials, Bet the House on Las Vegas

Hotel Business Review by hotelexecutive.com·25 November 2018
Hospitality marketers are currently facing a more challenging landscape than ever when it comes to attracting and appealing to millennials. The methods used for generations past are proving to be irrelevant for this current audience, not just in where they are going, but why. A recent article from Gary Green, renowned casino expert and host of "Casino Rescue," depicts this conundrum as it relates to one of the most famous vacation destinations – Las Vegas.

The Changing Landscape of Water: How to Save On Hotel Water Demands and Expenses

Hotel Business Review by hotelexecutive.com·25 November 2018
Across the United States, fresh water supplies are reaching sustainable limits. Factors such as steadily increasing populations, relocation of people to water-strained regions, escalating irrigation demands, and climatic events are combining to strain our nation's water resources. Readily available water supply sources have largely been allocated, so the shift toward water conservation and development of alternative sources to meet increasing demands is widespread. State and local regulations to protect the natural resource and limit demands are also on the rise.

The Power of an Integrated Marketing Campaign: How to Make 1 + 1 = 3

Hotel Business Review by hotelexecutive.com·18 November 2018
When integrated marketing communications was first introduced decades ago, many marketers deemed it as a phase with no lasting-power. Since then, it has managed to become the go-to approach for forward-thinking companies, especially as technology has evolved to play a key role in the way consumers live, acquire information and interact with brands. I strongly believe in the power of delivering an integrated message to consumers across all channels in a brand's arsenal. Businesses that recognize the importance of this will reap the rewards.

Skill Sets Required to Manage the Hotel's (Digital) Customer Touchpoints: Collaboration Necessary

Hotel Business Review by hotelexecutive.com·18 November 2018
The Increasing Number of Hotel's Customer Touchpoints: The customer's booking and digital connection journey changes rapidly each day as new platforms are introduced and guests continually adjust their method of connecting with brands (as well as their expectations of the hotel companies). Thus, the number of touchpoints a customer uses to contact hotels, for a multitude of actions, continues to expand. From travel agent distribution channels to social media, online travel agencies and chat bots, the guest journey is far from linear.

Form and Function: Utilizing Experiential Design and Theming to Attract Guests

Hotel Business Review by hotelexecutive.com·18 November 2018
Experiential design, what exactly is it? Well if you have ever been to an airport, hotel, casino, or even an everyday shopping mall, chances are you have engaged with this kind of design and not even been aware of it. This design discipline, which may be relatively unknown outside of architecture and construction circles, is meant to entice individual. More engaging than other types of design, it adds to the overall experience of a product or a place, just as the name implies.

3 Most Effective Ways to Retain Your Hotel Employees

Hotel Business Review by hotelexecutive.com·12 November 2018
Hiring great people is critical to the success of a hotel or hotel tech company. It takes considerable effort and money to find employees that are the right blend of cultural and experiential fit. But hiring is only one part of the human resources equation. After going to great lengths to find the right employees, it is just as critical to keep them.

Evolution of Multi-Branded Hotels

Hotel Business Review by hotelexecutive.com· 4 November 2018
Not long ago I coauthored a book published in 2012 titled Hotel Design Planning and Development, Second Edition with Richard Penner and Stephani Robson in which I wrote a chapter on Multi-branded hotels. In that chapter I described one of the newest trends in hotel development, a unique new product, that has since evolved into a significant hotel type with unique characteristics, advantages and challenges. In this article we will look at this relatively new product, how it is being developed today and what the prospects are for future development.

Room Pricing: Using Relevant Data and Machine Learning for Precise Pricing

Hotel Business Review by hotelexecutive.com· 4 November 2018
Emerging technology is always a hot topic. It's gone from Big Data to data science, artificial intelligence, machine learning, predictive analytics, and most recently, blockchain. Keeping up with these technologies is never easy, especially for the hotelier focused on running a strong, profitable operation with a memorable guest experience.

Training, Maintaining & Elevating Top Hotel Revenue Management Talent

Hotel Business Review by hotelexecutive.com· 4 November 2018
Remember that whiz kid in reservations? He had grown up with computers and seemed able to fly around the property management system with natural ease and skill. Sure, his job was just to answer calls and make reservations, but he had a knack for finding cool reports buried deep in the system. Not only that, but he had also somehow mastered Excel and was able to create dazzling charts that seemed to bring the numbers to life.

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