Hospitality Net

OCTOBER 2, 2023

Navigating the intricacies of a budget process can often feel like embarking on a complex journey. From financial planning and resource allocation to decision-making and prioritisation, understanding how budgets are formulated and executed is crucial for individuals and organisations alike.

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Budgeting 67

Hospitality Net

FEBRUARY 12, 2024

As hospitality businesses navigate a “new normal” in 2024, many of the top owners and operators have shifted focus from traditional annual budgeting to a more dynamic and responsive forecasting approach. Let’s explore key budget and forecasting strategies to guide you in 2024.

Budgeting 61

Budgeting 61

Hospitality Net

NOVEMBER 3, 2023

This is no less true for budget season, although for many in the hotel sector, it can also come with a sense of foreboding. Each season brings with it change and, depending on the time of year, the chance for renewal and growth.

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Budgeting 63

Revenue Hub

APRIL 22, 2024

For too long, the hospitality industry has managed marketing with an emphasis on the expense side of the ledger. The absence of marketing at key points in a traveler’s booking journey due to budget restrictions should be recognized for what it is—opportunity cost. They are letting 87% of the revenue walk out the door.

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Budgeting Book Presentation Marketing 104

Hospitality Net

SEPTEMBER 5, 2023

As the hotel industry prepares for its annual budget planning for 2024, we’re at a critical moment where technology and financial strategy blend together. This goes beyond simply setting aside funds for new digital tools; it’s about fully integrating technology into our financial and operational plans.

Budgeting 86

Budgeting 86

Hospitality Net

JANUARY 17, 2024

As another budget season in the books, it’s a good time to pause and reflect on the lessons learned from this critical period. I talked with the HSMAI Rising Revenue Optimization Leader Council about the challenges faced and strategies employed during this time. Here are our key takeaways for future planning and continuous improvement.

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Budgeting Book 61

Hospitality Net

SEPTEMBER 20, 2023

Budgeting effectively is a challenge at the best of times, but hoteliers looking to set their 2024 budgets have to do so amid lingering uncertainty across the travel industry.

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Budgeting 76

Hospitality Net

OCTOBER 19, 2023

Budget season is upon us, and around the world hotel owners and operators are buried deep in data trying to come up with 2024 performance numbers. What unique challenges are hotels facing in the 2024 budgeting and planning process? HotStats reached out to global hospitality leaders to find out.

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Budgeting 76

Hospitality Net

NOVEMBER 9, 2023

In the second of our series on the budget approval process, we are looking at specific areas to look at which can ease the approval process and ensure a more accurate budget and a profitable following year.

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Budgeting 45

Hospitality Net

AUGUST 22, 2023

In a groundbreaking move that is likely to reshape the Indian hospitality landscape, Cozzet Hotels & Resorts has proudly unveiled its latest venture: the “ Cozzet Collection”. Cozzet Hotels & Resorts is affiliated with Cygnett Hotels & Resorts.

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Budgeting Marketing 88

Hospitality Net

SEPTEMBER 26, 2023

In the dynamic world of the hospitality industry, the key to sustainable success lies in effective financial management. One powerful approach that has been gaining momentum is “Zero-Based Budgeting” (ZBB). In this blog, we’ll dive into the concept of Zero-Based Budgeting and how it can reshape the financial landscape of hotels.

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Budgeting Blog 56

Hospitality Net

AUGUST 15, 2023

Budgeting stands as a pivotal process for hoteliers, allowing them to strategically structure their operations, personnel, and resources to meet their forthcoming financial objectives.

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Budgeting 69

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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Budgeting Events Reservations Marketing 98

Hospitality Net

APRIL 28, 2023

But when you have a limited hotel marketing budget, it can be difficult to determine how to best use your funds. How can you maximize your marketing campaign and extend your brand’s visibility without blowing your budget?

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Budgeting Marketing 64

Hospitality Net

DECEMBER 20, 2023

NEW ESTABLISHMENT OF THE ACCOR BRAND - IN ALLIANCE WITH ITS FRANCHISEE CONTINUUM HOTEL MANAGEMENT - LOCATED IN WHAT WILL BE THE LARGEST LOGISTIC CENTRE IN MADRID.

Budgeting 92

Budgeting 92

Hospitality Net

AUGUST 30, 2023

Operating a property of this stature takes precision and hospitality excellence – especially when it comes to financial matters. This month, the property will go live with Aptech’s budgeting and forecasting solution, Targetvue, to give its accounting team “one version of the truth.”

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Budgeting Accounting 79

Hospitality Net

JANUARY 10, 2024

A whopping 64% of travel enthusiasts are reshaping their budgets, cutting back on other expenses to fuel their globetrotting desires. Hilton’s recent Trends Report, surveying over 10,000 globetrotters, reveals that 2024 is shaping up to be a year when wanderlust takes center stage.

Budgeting 61

Budgeting 61

Hospitality Net

OCTOBER 27, 2023

For hotels, the annual budget process is like a high-stakes poker game in which the owners keep their cards close to their chest and the operators try to guess what cards they’re holding and if they’re bluffing. By the time everyone shows their hands and the year kicks in, the game has often changed significantly, and all bets are off.

Budgeting 59

Budgeting 59

Hospitality Net

OCTOBER 31, 2023

We face a transformative period as we enter budget planning for 2024. While the process remains, the focus and strategies are evolving. The HSMAI Sales Advisory Board recently met to dig into the best practices.

Budgeting 40

Budgeting 40

Hospitality Net

NOVEMBER 2, 2023

For hotel owners and operators alike, the annual budget is often a gruelling and time-consuming process. This year, with persistent inflation, added pressures on cost control, and uncertainty about the economy, the process is as fraught as ever.

Budgeting 59

Budgeting 59

Revenue Hub

APRIL 23, 2024

In today’s competitive hospitality landscape, hoteliers are constantly seeking ways to stand out and attract guests. Smarter Ad Spend: Marketing budgets are precious. AI helps you optimize your spending by prioritizing your budget and focusing on users most likely to convert into paying guests.

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Marketing Budgeting Book Information 87

Hospitality Net

MAY 16, 2023

PVNG enterprise accounting and Targetvue budgeting and forecasting solutions from Aptech fit the bill for their ability to affordably give operators the insight, flexibility and control they desired.

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Accounting Budgeting 65

InnQuest

AUGUST 3, 2023

In the hospitality industry, guest satisfaction is the ultimate goal. To ensure continuous improvement and success, hospitality businesses must adopt effective methods to measure guest satisfaction. The bottom line benefits of guest satisfaction in hospitality industry are customers’ recommendations and repeat business.

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Guest Satisfaction Book Document Blog 217

Boutique Hotel News

JANUARY 16, 2023

Industry leaders share their thoughts on the travel, hospitality and economic landscape in 2023. This more positive outlook is also seen in business travel, which now promises a long-awaited rebound with more than half of global company travel budgets back to pre-pandemic levels. . BHN reports. Stephen McCall , CEO, edyn: .

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Pricing Marketing Budgeting Training 246

Hotel Owner

JANUARY 31, 2023

It also refers to fundamental transparency, such as ‘objective and honest information’ that should be provided by tourism suppliers about their destinations and the conditions of travel, hospitality and stays. This is the critical timeline for science-based targets in a hotel’s Sustainability Action Plan.

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Travel and Tourism Accounting Communication Budgeting 111

Hospitality Net

APRIL 11, 2024

The restaurant business is a juggling act: exciting, social, you learn new things every day and you get instant gratification daily. Proper planning in the pre-opening phase can ensure long-term success.

Budgeting 62

Budgeting 62

Hospitality Net

OCTOBER 12, 2023

Hoteliers know that guest experiences drive revenue. In recent years, leading hoteliers have responded to the pressure to leverage data to deliver more personalised, streamlined stays for their guests.

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Budgeting Back of House 73

Hospitality Net

JANUARY 31, 2024

Many companies still believe that customer service is what happens when something goes wrong. However, that is only one part of customer service. The bigger picture is that customer service happens throughout a customer’s entire experience while doing business with you.

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Customer Service Budgeting Training Marketing 59

Hotel Owner

NOVEMBER 7, 2023

Q3 adjusted net incomes increased by 6% to $92.4m (£75.2m), driven by a 6% growth in the global rooms pipeline, totaling over 99,000 rooms. AGO Hotels, a UK-based hotel operator with 14 properties, called on the government to support the hospitality industry in the Autumn Budget.

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Budgeting Scheduling 87

Hospitality Net

SEPTEMBER 6, 2023

Imagine this — it’s the height of the holiday season, and your hotel is fully booked. You have limited staff, but you’re not worried. Because your text messaging app helps guests easily communicate their needs and an AI assistant automatically provides accurate answers. How much simpler would that make your daily operations?

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Budgeting Communication Book 68

Modern Restaurant Management

MARCH 13, 2020

The hospitality business is particularly hit hard by the war for talent and the turnover is pretty high and difficult to manage. Do you think it is not in your budget? That seems familiar and chances are they have no safety net and hopelessly watch healthcare costs go up at a startling rate. Think again.

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Budgeting Accounting 184

Hotel Owner

JANUARY 29, 2024

The University of Gloucester has partnered with renowned hotel brands, including Red Carnation Hotels, The Dorchester, JW Marriott Grosvenor House London, and PPHE Hotel Group, to offer the first-ever degree-level apprenticeship in hospitality management. The expansion aims to address the undersupply of budget hotel rooms in Ireland.

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Hospitality Management Budgeting Scheduling Events 52

Hotel Business

MARCH 13, 2024

By Jared Lerner In the competitive landscape of the hospitality industry, hotels are constantly seeking innovative ways to optimize their operations, increase revenue and enhance guest satisfaction. Microstays also provide hotels with an opportunity to connect with budget-conscious travelers who may be priced out of their rooms otherwise.

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Guest Satisfaction Catering Budgeting Scheduling 69

Larry Mogelonsky

MARCH 7, 2024

Artificial intelligence (AI) is at the forefront of hospitality technology heading into 2024, and in looking at specific tasks where it can be deployed, a very lucrative application is in attribute-based shopping (ABS). You give a guest four room types and they have no problem selecting which one fits their needs and budget.

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Book Budgeting Reservations Presentation 100

Hospitality Net

DECEMBER 8, 2023

The developer of Hilton’s two newest brands is leaving the company in 2024. Hilton and its chief brand officer, Matthew Schuyler, "agreed that Mr. Schuyler would move to a short-term advisory role" with the company at the start of 2024 and should fully depart by the end of June, according to a company filing with the U.S.

Budgeting 40

Budgeting 40

Hospitality Net

NOVEMBER 27, 2023

The current state of hospitality is leading operators to embrace a fast, reactive approach to hotel management, which thrives on nimble decision-making supported by technology and light automation.

Budgeting 40

Budgeting Property Management Communication 40

Hospitality Net

MAY 1, 2024

For small- and medium-sized businesses (SMBs), those trips can lead to a positive impact on a company’s bottom line – but can also be challenging to coordinate, budget and manage. million business trips take place every day in the U.S., according to American Express Business Travel. But it doesn’t have to be.

Budgeting 64

Budgeting 64