David Lund · 30 Aug

A lot gets written about certain things in the hotel industry and others not so much as a mention. I am not saying it is simply a matter of blatant favoritism or anything like that but it is not lost on me that certain items get the limelight. In this piece, I am going to shine a light on two of the hotel team’s third-line mainstays. This pair keeps us on track month after month and they need a little more respect.

David Lund · 26 Jul

From time immemorial, revenue per available room, or RevPAR, has been the go-to key performance indicator in the hotel industry. A simple calculation of average daily rate and occupancy rate, it is often thought of as the barometer of health for a hotel by those who work in the industry and those who make a living analyzing it.

David Lund · 12 Jul

Over the many years I have worked in hotels, I have had the pleasure of working with some exceptionally fine and talented individuals. This story is about one GM and his penchant for simplicity.

David Lund · 11 Jun

In the hotel business if you want to get ahead you better be ready to move. It’s the way in which you can multiply your opportunities and increase your chance for greater personal prosperity. That’s the way it was explained to me many years ago and it has certainly been my experience. On the flip side, moving is not easy and it can take its toll on you and the people in your relationships.

The Hotel Financial Coach · 7 Jun

In the hotel business if you want to get ahead you better be ready to move. It’s the way in which you can multiply your opportunities and increase your chance for greater personal prosperity. That’s the way it was explained to me many years ago and it has certainly been my experience. On the flip side, moving is not easy and it can take its toll on you and the people in your relationships.

The Hotel Financial Coach · 26 May

After recently completing a policy manual for a client, I want to share what worked for this hotel company and what could work for you. I also want to clear the air on policy vs. procedure.

The Hotel Financial Coach · 3 May

Practice is what we are missing. Practice with the financial piece is somehow a foreign concept. But in the hotel world practice is everywhere, right?

The Hotel Financial Coach · 19 Apr

The hotel business is a retail business and in order to stay on top of your business, you must fully and completely balance your daily revenues and settlements. This means dotting the eyes and crossing the Ts, examine them. Every day we begin anew and every day is a story unto itself when it comes to the revenues and settlements. I may sound like I'm repeating "revenues and settlements," but it cannot be emphasized enough.

The Hotel Financial Coach · 8 Mar

My hometown is St Andrews, New Brunswick in eastern Canada. The town overlooks Passamaquoddy Bay and to the south we are flanked by the great state of Maine. Every year in this part of the world the US governors and the Canadian provincial premiers get together for bilateral talks, some good food, and fun. This story is about one of those meetings, The Algonquin Hotel, and how I met our then Premier, Richard Hatfield who is partially responsible for my hotel career.

The Hotel Financial Coach · 1 Mar

This post will tell you about financial leadership in the hospitality industry. It is a summation of information from her research thesis at the Hotel Management School of Maastricht in The Netherlands. The aim of this research is to provide hoteliers with tools to improve their hotel's financial performance with effective financial leadership.

The Hotel Financial Coach · 18 Jan

I am a big fan of the Uniformed System of Accounts for the Lodging Industry (USALI), or as she is affectionately called "You Sally." It has been the guide that our industry uses to properly present financial information for a long…long time, in fact almost 100 years. It lays out the format for our financial statement presentation and essentially acts as a referee if you like, to tell us what goes where. What revenues, costs of goods, expenses, and payroll belong to which department.

The Hotel Financial Coach · 28 Dec

As you know the front office is the command post for your operation, and it's also the point where all the receipts come through. Making sure you have solid internal controls at the desk is not only good business, it's mission-critical. Without these safeguards you are wide open and as someone once said, good internal controls help keep honest people honest. Now don't get me wrong. I believe we need to trust the people we have on our teams, and I also have seen what can happen when there is an opportunity. So, this piece is about eliminating most of those weaknesses at the front desk.

The Hotel Financial Coach · 14 Dec

In this hard-hitting interview, you will learn what to tell your owner about how you're going to successfully manage their asset. What are the leadership strategies you will use to generate a superior return on their investment? How will you show up as the number one and instill confidence and lead your team around the money piece? If you're looking for the silver lining in all that is COVID in the hotel industry right now and getting your aspiring career back on track, then you are not going to want to miss this one.