Hotel Owner

OCTOBER 17, 2023

While occupancy levels still lag behind pre-pandemic levels, many consumers are opting for budget hotels, squeezing middle-market options. and budget hotels at £108.70. This gap has widened, with luxury hotel prices 268% higher than budget hotels in July 2023, compared to the pre-pandemic peak season at 244%.

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Revenue Hub

FEBRUARY 15, 2023

However, limited budgets will force many to adjust travel plans and reduce overall holiday spend. In this situation, cash reserves must be managed carefully. Read rest of the article at OTA Insight The post 8 Steps to Help Make Your Hotel Recession Proof in 2023 appeared first on Revenue Hub.

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Hotel Owner

FEBRUARY 19, 2024

A quarter of hospitality businesses have no cash reserves and a further 29% have less than three months’ worth, according to a joint survey by UKH, the BBPA, BII and Hospitality Ulster. This has increased by 6% compared with October 2023. The fact that a quarter has run out of cash reserves completely is a real cause for concern.

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OpenTable

MARCH 1, 2023

More than 87% say they’re likely to hire in 2023 if they can find qualified applicants, according to the National Restaurant Association. Here’s what to know about the restaurant staff shortage and what your restaurant business can do to staff up in 2023. Online reservations offer guests convenience and reduce the need for hosts.

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Boutique Hotel News

JANUARY 27, 2023

The company, which has €18 billion of assets under management, has committed to reducing embodied and operational CO2 emissions by 30 per cent and 50 per cent respectively before the end of 2023. 2023 is likely to see further political and economic uncertainty which will see winners and losers on the exchange rate see-saw.

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Revenue Hub

APRIL 30, 2024

The base management fee typically covers the services provided by the management company for the day-to-day operation of the hotel, including overall management oversight, staffing, training, budgeting, financial reporting, and operational support.

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Larry Mogelonsky

AUGUST 2, 2023

While there are lots of stats showing that travel numbers for 2023 will defy the economic gravity of a recession, the reactionary throttling of household discretionary spending – namely vacations – tends to only reveal itself as a lagging indicator. These trends are reaching the mainstay at the exact moment that hotels need more guests.

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SiteMinder

MARCH 13, 2024

billion in 2023, booking apps are where the money is – as well as your own hotel website. Cheapest hotel app There’s really no definitive ‘cheapest’ hotel app, since budget hotels and affordable accommodations can be found on all apps. Guests can also manage their reservations, and redeem rewards if they are a member.

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SiteMinder

DECEMBER 3, 2023

Holiday bookings refer to the reservations made by individuals or groups for accommodation, travel, and other related services during their vacation period. It ensures that guests have a seamless experience from the moment they make a reservation to the time they check out. What are holiday bookings?

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7 Shifts

JANUARY 20, 2023

Super Bowl 2023 Promotion Ideas for Bars and Restaurants 1. Be mindful of your own budget though. Relook at your reservations, talk to all your staff working on Sunday, and reconfirm their schedules four days before the big day. But behind it all, what matters most is HOW you attract clients.

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Modern Restaurant Management

DECEMBER 27, 2023

Even though cooling inflation is a positive, it’s still running ahead of the Federal Reserve’s 2 percent target and has not yet resulted in relief on costs. As of the end of 2023, the industry is still 14,000 jobs behind that pre-pandemic level. It’s the industry’s biggest concern.

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Revenue Hub

APRIL 4, 2023

If it isn’t already, metasearch should be a key element of your hotel’s digital strategy in 2023 to help rescue some of that painfully-paid commission. By connecting your hotel’s CRS (Central Reservation System) to major and regional metasearch channels, we can help you to show live room rates across Google, TripAdvisor, Trivago and more.

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EATER

APRIL 7, 2023

Sheraton, who grew up in New York, had a profound influence on modern food criticism, pioneering making reservations under false names and wearing wigs to dinner, in order to see how restaurants would treat “real” patrons. link] — Jason Diamond (@imjasondiamond) April 7, 2023 Sheraton’s legacy is one of brutal honesty.

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Revenue Hub

MARCH 22, 2023

In Cloudbeds’ 2023 State of Independent Lodging Report , we looked at data, surveys, and trends collected from thousands of independent properties to answer this question and more. Commission fees for some channels can be as high as 30% per booking, so it’s crucial not solely to rely on OTAs for reservations.

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EATER

MARCH 5, 2024

With over 94 million views on TikTok, it swept the 2023 holiday season after creator Tineke Younger , more commonly known as Tini, posted it on the platform in November. You first make a cheese sauce, though Budget Bytes calls for a combination of chicken broth and heavy cream instead of a roux. But could it be as satisfying?

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Xotels

SEPTEMBER 22, 2022

If it’s true that social media rarely play any role during the final step of guests’ reservations, they do in the first micro-moments of the booking journey. Chances are you’re aware of your booking engine’s conversion rate, but what about your reservation department? Train your staff to sell better.

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Revenue Hub

DECEMBER 8, 2023

In fact, the global hotel industry is expected to reach a market value of $870 billion by the end of 2023, with the luxury hotel market estimated at $115.8 Over 80% of hotels reported staffing shortages in Q2 2023. Your Hotel Needs to be Future-Ready Last year, we shared the Technology in Hospitality Trends and Priorities for 2023.

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SiteMinder

FEBRUARY 25, 2024

Table of contents Latest news in the hospitality industry A year of increased stability and growth At the beginning of 2023 the focus was firmly on growth, particularly given the effects of COVID on the travel sector over the preceding years. million visitors in 2023 , equal to 71.6% In other news: Hotels in London experienced a 4.2%

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SiteMinder

FEBRUARY 28, 2023

One result of this was the entertainment hub of Macau exceeding 55,000 daily arrivals in mid-January 2023, the highest since the pandemic began. Early data indicates that travellers from China will take 110 million international trips in 2023, two-thirds of 2019 volume. Naturally, this caused some consternation around the world.

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Hotel Business

MARCH 16, 2023

Booking source In 2019, OTA-sourced bookings made up 57% of all reservations, while non-OTA bookings made up the remaining 43%. During the pandemic, there was a significant shift toward direct bookings due to decreased advertising budgets for OTAs.

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Revenue Hub

DECEMBER 12, 2022

Hotels have probably submitted the budget for 2023 by now, most likely in the traditional format of the P&L with revenue by a few revenue sources and then an endless number of rows outlining the different cost categories. This is a direct cost of acquiring the reservation. Hotels pay transaction costs for some reservations.

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Hotel Business

MARCH 16, 2023

Why the reservation to replace this critical piece of a hotel’s infrastructure? No budget for capital expenditures. Outdated features are not flexible enough to meet current business needs With today’s aging PBX equipment, property owners with older hotels must budget for ongoing replacement equipment.

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SiteMinder

FEBRUARY 8, 2024

Hotels that are budget-conscious are therefore in the best position to capitalise on the growth in Chinese millennial travel. Chinese travel restrictions fell away at the beginning of 2023, though there was still some clear hesitancy from the populace at large due to the sudden opening. When will Chinese tourists return?

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Boutique Hotelier

FEBRUARY 20, 2023

That is because Michelin reserves its stars for restaurants. Don’t miss Michelin’s 2023 guide announcement either, to see which hotels will be retaining, gaining or losing a star. After all, what could be better than slipping into a king-sized bed after a big meal? There are two-night packages available too.

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eZee Absolute

NOVEMBER 10, 2023

CBRE Hotels 2023 Hotel Industry Outlook states ‘Hotels with meeting spaces generate 20% more revenue per room than hotels without it.’ It’s not just about appealing to the budget-conscious traveller; it’s about creating a profound sense of added value for each guest.

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SiteMinder

MAY 12, 2023

Whether it’s budgeting, forecasting , or cost planning, accounting makes it much more effective. Knowing that hotel revenue in the US is projected to reach US$408.80bn in 2023, accounting is important to help ensure you minimise lost revenue and maximise your profit. How do you maintain accounts in the hotel industry?

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InnQuest

AUGUST 15, 2023

Each OTA has its own system, interface and requirements for updating room availability, rates and reservations. Booking Synchronization: The channel manager also acts as a go-between for the reservation system and the distribution channels. To learn about hotel pricing strategies to boost revenue in 2023, read this.

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eZee Absolute

SEPTEMBER 13, 2023

According to Hotel Mize , online travel agencies (OTAs) accounted for 40% of global hotel bookings in 2023. So, today’s travellers value the freedom to modify reservations and seek options that accommodate their uncertainties. Hotels must assess their budget and financial stability to determine the feasibility of these changes.

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7 Shifts

MAY 15, 2023

Accessing their funds every week makes budgeting more straightforward. This is usually reserved for high-level salaried employees such as a GM or executive chef. Choose a platform that offers payroll along with other tools like time tracking, labor budgeting, and tip management. However, you may receive a 5.4%

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Hotel Business

MAY 3, 2023

She’s a strong communicator, a genuine team player and a natural leader with 23 years of hotel industry experience, 11 of those years dedicated to financial planning, budgeting, forecasting and decision support for all critical functions of the business. The sky is the limit for MJ’s revenue goals,” she added.

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7 Shifts

FEBRUARY 8, 2024

The ripple effects of the pandemic continue: the National Restaurant Association finds that off-premises dining continues to happen much more frequently than before, with 66% of consumers more likely to order takeout in 2023 than they were before the pandemic. It's arguably the go-to platform for diners looking to make a reservation.

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7 Shifts

FEBRUARY 8, 2024

The ripple effects of the pandemic continue: the National Restaurant Association finds that off-premises dining continues to happen much more frequently than before, with 66% of consumers more likely to order takeout in 2023 than they were before the pandemic. It's arguably the go-to platform for diners looking to make a reservation.

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Larry Mogelonsky

DECEMBER 11, 2023

The start of the fourth quarter brings on the all-too-important annual tradition of budget planning for next year, and yet 2024 ‘s specific challenges have given the more heavily integrated hotel technologies a unique time to shine.

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Modern Restaurant Management

JUNE 27, 2023

In its 2023 State of the Industry report, the National Restaurant Association found that exactly half of all operators expect to be less profitable as compared with the previous year. This year could be a tough one for many restaurant operators.

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EATER

MAY 9, 2023

Your budget does typically go further,” Morrill says. Some restaurants have dedicated spaces that are reserved as private dining rooms (or PDRs), where a group can celebrate while the restaurant continues operating. What’s the best way to do a restaurant wedding on a tighter budget? Scale back what you need.

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The Restaurant Times

JANUARY 18, 2023

taking table reservations, . taking table reservations, . In addition, it integrates seamlessly with your current restaurant information system (such as your budgeting and employee management solutions). Related Readings: Top Restaurant Technology Trends for 2023 . for managing phone calls, . loyalty programs, and .

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Hospitality Magazine

SEPTEMBER 20, 2023

Not in 2023, and that wasn’t the point. The reservation-less Golden Hours program will run throughout September and has been a hit with diners looking for budget-friendly food and drink in a premium setting. “I Is it possible to make money on a $2 oyster? I think there are more venues doing it these days,” says Bradey.

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