Occupancy rate is one of the global hotel industry’s foundational performance metrics, showing the percentage of rooms occupied in a property, segment or geographic area for any given time. The objective of successful revenue management is to achieve the optimal occupancy level for driving growth in revenue per available room (RevPAR) and profitability.
Hoteliers juggle multiple factors in their room rates, including demand, costs, and the hotel’s current online visibility. Revenue management is the science of increasing your profitability every year and requires data from all departments. It’s not just about looking at the numbers: it’s about understanding why those numbers exist in the first place.
Hoteliers can benefit greatly from customer relationship management (CRM) software. A CRM in the hospitality industry is a powerful ally. In addition to creating a comprehensive database to hold all client-relevant information, a hotel CRM also promotes a hotel's long-term growth.
Technology in the hotel industry continues to advance at a rapid pace and hotel property management software (PMS) remains essential for hoteliers looking to improve how they run their business.
Hospitality. An industry as diverse as the culinary delights that grace its establishments’ tables. A customer-oriented mindset is the guiding principle of the industry. Then there is management that stands for leadership and responsibility. Put the two together, and you get “hospitality management”.
Having worked across several countries allowed me to receive exposure to the best business practices in the industry from international leaders in hospitality such as Marriott International and Relais&Chateaux. I could witness a difference between independently operated hotels and restaurants in Kazakhstan and their international counterparts. One of the most striking practices I witnessed was having a strict hierarchy in place in the hospitality industry. The two-Michelin star restaurant that I worked for in France had:
Picture this. You are sitting in an airport bar waiting for your flight. Your bartender comes by, and you ask for a Gin & Tonic. Without skipping a beat, the bartender, says, “Want to make it a double for just $4 more?”
You may have heard how important service culture is, especially in the hospitality industry. But what exactly is service culture and why is it so important? Let’s take an in-depth look at this concept and how it plays out through customer service culture examples.
There are over 27 million hotels in the world, which means that organizations interested in capturing the attention of customers will have to find a way to differentiate themselves from others in the industry, particularly those around their precise location. Not only does this require an intimate understanding of the target audience and what appeals to them about the hotel experience, but it also requires an understanding of the latest trends in marketing in the industry and where customers go to learn more about companies that can help solve their pain points and provide them with comfortable lodging when they travel.
When you have an idea to start a business, you create a business plan to describe the goals of your company and how you plan to reach them. From your marketing plan and financial information to employees, equipment needed, and planned methods of operations – a solid business plan is a clear roadmap of what your successful business will look like.
What are the origins of servitization? In 1988, Sandra Vandermerwe and Juan Rada presented what they termed the “servitization of business”, explaining how more and more corporations were adding value to their core corporate offerings through services. – For some well-intended temporal perspective here, this was the year before Tim Berners-Lee invented the “World Wide Web” while working at CERN and a full eleven years before Kevin Ashton coined the term “Internet of Things” during his time at Procter & Gamble. – Vandermerwe and Rada observed that companies were offering “bundles of customer-focused combinations of goods, services, support, self-service, and knowledge”, with services beginning to dominate.
Bring any group of intelligent, dedicated, and outspoken people into a room, and you have great potential - a potential to solve pressing issues, and even more of a potential to create chaos.
Facilitators bring out the best in individuals and groups of people. While facilitation could be a role in itself, it also involves skills you could use within many applications and occupations. Facilitation is essential in the business world and offers an effective method of educating people. Facilitation skills could help your resume stand out and prove you would be a valuable asset as a professional.
What is POS and why is it an important fiscal tool? Learn more about the different types, their functions and which one might suit you best.
Any credit activity facilitated by an online electronic platform that matches loans with lender interest is variably called "crowdlending", “loan-based crowdfunding”, “P2P lending” or “marketplace lending”. The lenders that invest in loans via crowdlending platforms are the "crowdfunders", “loan-based crowdfunders”, “peer-to-peer lenders” ("P2P lenders"), or “marketplace lenders”, respectively. The term used generally depends on the jurisdiction where the platform is located.
The hotel industry has long been obsessed with revenue. But if you care about a hotel's operational health, relying on revenue alone only tells one chapter of the whole story.
Real estate bonds are fixed-income capital market instruments that are secured by income-producing property (IPP). They come in the form of a property or mortgage bond.
The first-lien mortgage is the senior-most loan secured by real estate having priority claim against a property. It is first in the chronological order in which all mortgage loans are filed and recorded and payment upon the property's disposition. The senior mortgage has priority over all junior encumbrances and gives its holder priority to foreclosure proceeds in the event of borrower default.
Commercial real estate lending is provided to finance income-producing property that is to be built, to refinance and restructure existing real estate financing, and to acquire distressed or non-performing loans (NPLs).
Sustainable Human Factors (People)In the United States, hotel management companies typically employ all hotel staff. Outside the US, the owners of hotel property typically employ hotel staff and liable for all employee claims, while the management company only assigns certain personnel to serve in key positions.