World Panel
Viewpoint 3 August 2020

In Step: Owners and Operators moving forward, together (or not)

Hotel Ownership, Development and Management

— 11 experts shared their view

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This viewpoint was created by
Demian Hodari, Associate Professor of Strategic Management at the Ecole Hôtelière Lausanne (EHL)
Alex Sogno
CEO - Senior Hotel Asset Manager at Global Asset Solutions

All stakeholders need to review the business model. 1) All invoices and contracts with should be reviewed, renegotiated or cancelled. Since 2008, we accumulated cost, which can be cancelled during this challenging period. 2) In addition, the payroll (largest expense in hotels) needs to be constantly reviewed versus pick-up in room, but also in F&B, and other operating departments. 3) The profitability by outlets should be checked every day. 4) Budget zero should be prepared for 2021. 5) In terms of revenue, the RM will also need to train the team for more upselling/cross-selling to ensure we maximise the opportunities on each guest.

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