SPOTLIGHT ON David Tarr, Hyatt’s Senior Vice President, Real Estate and Development, Americas
It has been a challenging year for the hotel industry but also the opportunity to stand strong as a brand and respond with grace and compassion.
Development
FAIRMONT CHATEAU WHISTLER Announces New Outdoor Dining Domes
With the ski season just around the corner, Fairmont Chateau Whistler today announced three new outdoor private dining experiences.
Hyatt Debuts New Office for the Day Package, Offering Remote Workers a Much-Deserved Change of Scenery
Work from Hyatt: Office for the Day package is available at more than 400 participating locations across the Americas, starting at $65 per day with private workspace, exclusive wellbeing experiences, member benefits and more
Re-negotiating your Management Agreement: The Owner’s Perspective
COVID-19 introduced the hotel industry to a lot of uncertainties for the future. It also revealed several weak spots and high-risk areas within hotel management agreements (HMA’s).
Why a Backwards-Looking Trend Scan is Crucial for Long-Term Recovery in Meetings and Events
As we enter Q3, there is no question that the COVID-19 pandemic has significantly impacted businesses worldwide. Hospitality has already been singled out as having notably suffered from travel restrictions and lockdowns, but one could argue that meetings and events have it the worst.
Top Considerations for Hotel Balance Sheets Amidst COVID-19 and Beyond
Balance Sheets deserve more attention and are an often-overlooked financial statement. While it is the Operator’s responsibility to ensure accuracy, the simple fact that it isn’t tied to management fees means there is often little effort going into keeping it accurate.
Forecasting in a Time of Unknowns
With the advent of the ‘new normal’, hotel owners and operators must begin considering the various financial and operational scenarios in their forecasts extending into 2021. Accurate forecasting is notoriously tricky, even in “business as usual” scenarios.
How to Calculate and Monitor your Break-Even Point
As hotels begin to re-open, it is crucial that they’re mindful of their Break-Even Point (BEP) to understand their cost levels and to determine what RevPAR level is necessary to re-open. COVID-19 presented many challenges for hotels who are currently striving to merely break-even instead of maximizing profit as usual. While hotels usually aim for 35% occupancy threshold, many are hoping that COVID-19 cost reductions will lower the breakeven threshold.
Independent Hotel Owners should look at Integrating their Assets into a Portfolio
For hotel owners and investors, access to friendly capital, shared resources and additional capital appreciation provided by entering assets into a partnership – that famous “portfolio effect”, can these days be what stands between survival and losing control.
The Future of Hotel Design
The International Luxury Hotel Association’s NorthEast Chapter hosted a webinar on The Future of Design where they discussed how they have had to respond to the crisis in current projects and adapt with innovative solutions and technologies while placing a renewed value on vendor relationships as we all face a pandemic reality.
