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The Message is the Mission
The ongoing Covid-19 crisis had strenuous effects on hotel operations. In the face of this challenge, hoteliers have adapted and created many ingenious responses to make the situation more manageable.
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).
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.
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.
It can be difficult to properly tackle the issue of sustainability in hotels, and COVID-19 has further complicated this topic. These guidelines can help you build the proper framework to achieve a sustainable recovery.
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.
Sooner or later, COVID-19 will be a thing of the past. However, as the crisis will pass, many things will have changed. New ways of working, new consumption patterns, a new way of interacting with people, and most certainly, cleanliness standards as new ways of measuring the attractiveness of hotels will become the norm.
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.
Much has already been written about insurance issues arising from the Covid19 virus.
With many hotels closed throughout the world it’s inevitable that hotel owners/ investors are looking to their insurance policies for compensation under the Business Interruption section.
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 COVID-19 crisis led to major structural and operational changes for the restaurant industry, from the implementation of new health standards to adaptation to new customer expectations. We offer 100 ideas to allow independent restaurateurs or operating in hotels to meet these challenges and choose from this list the most suitable ideas for their activity.
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