The concept of double-entry accounting has been around for over five centuries. In 1494 an Italian monk named Luca Pacioli who was also an accomplished mathematician devised a process for keeping buying and selling among fifth century merchants equitable who did business with each other.
HVS was a proud sponsor of this year’s ALIS conference, where the sentiment was upbeat and optimistic for the year ahead. This article provides our key takeaways from the conference.
Business is, at its core, about problem-solving. To be a good entrepreneur is to be a good problem solver. To create a successful brand is to see a gap in the market – an opportunity to bring disruption with a new solution or build upon what currently exists in a meaningful way. In this sense, leaders in any industry are fluent in the language of their customers’ problems, wants, and needs. They know what keeps them up at night, and they make it their mission to help them rest easy. In the case of Frank Dierberger, the CEO at FutureLog, the mission was simple on paper but lofty in practice – solve the procurement problem by digitising and automating the procurement process.
F&B is usually the second-highest profit driver in the hotel after the rooms. Nevertheless, its margin is not always as high as it the rooms due to the nature of the business with high fixed costs. It is usually divided into two categories: the banqueting and the other outlets such as restaurant, bar and room service.
The year-in-review of hotel media, what was top of mind and who stole the headlines. The annual review is back, in a year of come-back things have shifted a lot. It is clear that what hoteliers have been reading was back to the usual concerns, trends, OTAs and more. A big thank you to hospitality.today and hospitalitynet.com for providing data on the most read articles on their websites.
This second part of EHL Institutional Visibility’s three-part series on China looks into the long-awaited return of Chinese tourists. It also addresses shifting trends in Chinese travel. We turn to Dr Yong Chen, Associate Professor of Economics at EHL Hospitality Business School, for insights.
No one can explain accounting. I have some pretty crazy situations presented to me by potential clients. I say crazy and I what that means is that it is almost unbelievable that anyone would find themselves in such a mess with their business and their books. I also say potential client. Almost always it is never going to be a client, but because I am out there – and in order to find real customers – I must kiss a lot of frogs.
Ensuring the satisfaction of your team members involves offering benefits that cater to their unique needs. It requires a deep understanding of your workforce and tailoring benefits to different groups within your organization. While your management and sales leaders play a vital role in driving revenue, it’s your team members who interact with guests on a daily basis and hold down the fort overnight, contributing significantly to your bottom line. The satisfaction of your guests is heavily influenced by the interactions they have with these team members. Often, these employees live paycheck to paycheck, which means certain things matter more to them compared to your executive team members. Additionally, many of them work part-time and are unable to take advantage of the benefits offered to full-time employees.
“The problem is serious.” And when it’s the head economist at the International Monetary Fund who says so, eyebrows are indeed raised. The comments made by Pierre-Olivier Gourinchas in early October at an IMF meeting in Morocco underscored the gravity of China’s current economic balancing act. The world’s second-biggest economy is staring down an unprecedented real estate crisis that could drag the country down with it.
‘Another day, another brand’ could well be the catchphrase of our sector, but as with everything in this industry we call home-from-home, it’s never as simple as that. The past couple of decades have seen a rapid evolution away from the owner/operator model, which has kept the sector ticking along for thousands of years, and we’d all be forgiven for feeling dizzy from the shift.
In today's dynamic and complex environment, the task of extending your travel or hospitality services into new markets is fraught with distinct challenges. The hotel and travel industry, characterized by its close-knit community and exclusive dynamics, often poses significant barriers to new entrants. When you introduce your platform into these markets, it's not just about offering a new solution; it's about understanding and integrating into an established ecosystem.
A 363 room hotel and conference center was purchased early in 2021, but one year later, there remained significant inconsistencies between the expected operational goals by corporate and the actual performance of management. The hotel was located in Clarksville, Indiana, just a few miles from Louisville, Kentucky, the home of the Kentucky Derby.
In my life, there are few if any financial moments that have created a lasting positive memory. At least that is how it has been for me. Not too many earth-shattering activities, but one on the money side stands out. So that is what this one is about, one of those moments where a financial miracle happens, and it is at the hand of one of my heroes.
Switzerland is justly famous for many things; from stunning natural beauty to watches and diplomacy but perhaps most notably are their banks. Inscrutable, discrete and going about their business for centuries with a watchful eye over both profit and risk. Perhaps coincidentally, another great Swiss icon is the eponymous multi-faceted Army Knife; an item noted for versatility and adaptability.
Credit Suisse’s recent troubles can partly be put down to a series of scandals that have eroded confidence in this banking giant. Indeed, a company’s reputation can be totally ruined by the uncovering of accounting irregularities. If all companies wish to preserve their image, are they all in the same boat?
As an asset manager, it’s my job to create and manage the relationship between owner and brand, to ensure that all parties are working together towards one goal: a profitable property.
As we head to the end of 2023 and towards 2024, a certain uneasiness rests in the air. Hotels are budgeting to be up in revenue for 2024, albeit at diminished increases relative to the preceding three years. Operators are cautiously optimistic along with their owners. Buyers and Investors stand by as interest rates remain above the average of the last two decades and the economy shifts between slow and moderate speeds.
In our previous article, we shared insights and advice from global hospitality experts on how to make the 2024 hotel budget process as smooth and painless as possible. Here, we share five ways to improve budget accuracy and performance in uncertain times.
Hala Matar Choufany, President & Managing Partner, Middle East, Africa & South Asia at HVS, together with Engr. Suwaidan Al Dhaheri, CEO Imkan Properties, Fahad Abdulrahim Kazim, CEO Lakhraim Group & Millenium Hotels MEA, and Michael McGovern, Director Compass Project Consulting, discuss the topic of building hotels in a challenging environment within the Middle East. Hala Matar Choufany shares her view on the current and future hospitality market in the region. The main takeaways are:
In this piece, you will discover highlights from the 7th Hospitality Finance & Economics Conference jointly organized by NUS Institute of Real Estate & Urban Studies and EHL Hospitality Business School, including research paper presentations, panel discussions, fireside chats, and a keynote address exploring the latest advancements in hospitality and real estate.