Hotel owners and asset managers are frustrated.
They no longer want to hear about "branding initiatives" or fuzzy math from their management teams… they expect their sales and marketing leaders to contribute to revenue in a measurable way, communicate in number-speak and be accountable for tangible results.
So it's important to have complete fluency in the KPIs that affect the bottom line.
For each of the last several years, I have felt honored to work with the award winning Short Course of the Texas Hotel & Lodging Association. TH&LA for the past six decades has annually offered a week-long course at a very attractive rate for rising hospitality professionals.
Last year, one of the topic areas I addressed was marketing. Today's rising professionals are very savvy on social media and a number of related areas. Below are a sampling of questions for your review. Mark True or False and take a moment to think why you answered the way you did.
While the revenue recovery has been well documented, hotel owners, investors, and lenders are more interested in bottom-line performance. Based on PKF-HR'sTrends® in the Hotel Industry report, net operating income (NOI) for U.S. hotels has increased at a compound average growth rate (CAGR) of 10.7 percent from 2009 through 2013
To better understand hotel managers' ability to maximize profits during this period of increased revenues, PKF-HR studied the financial performance of thousands of hotels that voluntarily participated in its annual Trends® survey. For this analysis, NOI is defined as income before deductions for capital reserve, rent, interest, income taxes, depreciation, and amortization.
The important word is WANT, not NEED.Remember this at all times and watch the difference this makes to your business.
While the title indicates that there are 50, there are actually lots more once you visit the additional content contained in the links.