Cayuga Hospitality Consultants · 16 Apr
It has been one year since the historical COVID-19 pandemic made its debut, affecting the entire population and economies around the world. It is evident that out of all the industries negatively affected by this economic tsunami, the hospitality industry has been, and will most likely remain, the most impacted and the slowest to recover.
Cayuga Hospitality Consultants · 12 Apr
First and foremost, should you pursue an insurance claim? YES! The first step in this process is filing your initial claim.
Cayuga Hospitality Consultants · 3 Mar
We are all trying to find silver linings from this now nearly year-long unimaginable situation that has somewhat stopped us in our tracks. We find comfort and sanity in things like spending more time with our families, picking up new or dormant hobbies, appreciating and improving our homes, keeping up with goings on around us, and so many others. The one you don't hear too much, if at all, is how much better my business is operating.
Cayuga Hospitality Consultants · 5 Feb
Cayuga Hospitality Consultants don't always agree, but when asked to predict the future of hospitality, everyone felt the same: Don't expect recovery to be quick.
Cayuga Hospitality Consultants · 29 Dec
In the world of forensic accounting there is a somewhat similar collection of cautioning indicators called Red Flags. Unfortunately for us, the Red Flag list is not limited to seven "sins". As you can imagine, for every hotel's control environment and operating structure the opportunities for Red Flags to emerge can be fluid, especially in the COVID-19 era we are operating.
Cayuga Hospitality Consultants · 25 Dec
During crisis times, the hospitality industry becomes fragile as demand is driven by guests. Conditions that affect guests also affect the business. As its nature, hospitality investments usually have longer return on investments, and sometimes detached investor profile as owning a hotel and operating it are two different practices.
Cayuga Hospitality Consultants · 23 Dec
Many hotel owners made quick decisions this past Spring to survive the uncertainty ahead. The need has never been greater to rethink what the optimal plan is to move forward in the fast-changing market. Don't assume that the current business model will still yield the highest and best use going forward.
Cayuga Hospitality Consultants · 21 May
I wanted to share with you some thoughts I have around the potential unintended consequences connected with the necessary winnowing of hotels' finance and operational headcount. First and foremost, hotels had to take all steps necessary to stem their evaporating cash. Every minute counted. Many of these decisions resulted in reassignment of roles and responsibilities that under normal business operations would not be acceptable as it violated generally accepted internal control protocols.
Cayuga Hospitality Consultants · 11 Dec
Over the years and in various roles I found myself in serious disagreements with a brand's development and hospitality feasibility group.
Cayuga Hospitality Consultants · 14 Oct
The Uptrend Is Ending, Now What? Most people don’t see all the obstacles a hotel owner faces once their hotel revenues start declining; such as if the next travel recession strikes or new hotel competitors enter the market, cash flows fall, and tensions rise.
Cayuga Hospitality Consultants · 9 Oct
Disasters are inevitable. So, do you know what reports you will need to determine lost revenue after a disaster? From a hotel owner perspective, coming up with fact-based hotel projections for lost revenue in the event of a disaster will ensure smooth discussions with your insurer and moving on with rebuilding your business as quickly as possible.