Sustainability and Local Sourcing in the Hospitality Industry
In a world where tourism is growing tremendously, establishing sustainable local sourcing in the hospitality industry is no longer an option. The dire repercussions of a lack of sustainable local sourcing hospitality can already be felt across the global ecosystem, with the hotel sector accounting for around 1% of global carbon emissions, which will be […]
The Integration of Artificial Intelligence in Hospitality
As long as there has been technology, the hospitality industry has evolved along with it, and it’s no different with the latest and most significant advancement: Artificial Intelligence (AI). As predicted by hospitality industry trends, AI is continuously being adopted into different sectors across the hospitality industry as it improves. This largely comes from its cost-effectiveness, user-friendliness, […]
Finding the Right Broker
5 qualities that make for an effective partnership by Suraj Bhakta, CEO of NewGen Advisory Published May 2024 Understanding what you need from your hotel broker is paramount to securing a smooth transaction at an optimal price. Essentially, your broker is the captain of your transaction ship, and finding the right one can make or […]
Exploring Hotel Conversion Opportunities: A Guide for Hoteliers
The landscape of real estate and property development is continuously evolving, presenting new opportunities for investors and property owners. One such innovative approach is hotel conversions, where existing hotels are transformed into student housing, apartments, shelters, etc. This guide will delve into how you can determine if your hotel holds potential for such a conversion, […]
Navigating the Rising Costs of Hotel Insurance
In the complex world of hospitality, hotel insurance stands as a crucial but often burdensome expense. With a variety of risks ranging from natural disasters to liability claims, understanding and managing the costs of hotel insurance is vital for hotel owners and operators. This article delves into the intricacies of hotel insurance coverage, the challenges […]
Why Dropping Your Hotel Rates Will Not Create Additional Demand
In the competitive realm of hospitality, hoteliers are in a perpetual quest for strategies that boost occupancy and revenue. A frequently adopted tactic involves decreasing hotel rates, due to the assumption that cheaper rates will lure more guests. However, this strategy is often rooted in misconceptions and overlooks the complexities of demand generation in the […]
NewGen Advisory Recognized in the Annual Platinum Broker Awards by Crexi
Phoenix (March 21, 2024) – NewGen Advisory is thrilled to announce that eight of its distinguished agents have been recognized in the annual Platinum Broker Awards by Crexi, the leading commercial real estate marketplace and technology platform. The esteemed recipients of this year’s accolade are Dinesh “Dan” Rama, Jigar “Jay” Desai, Bharat Patel-Vakil, Ryan Bodine, […]
Navigating Rising Operational Costs: A Strategic Guide for Hoteliers
In the face of an ever-evolving economic landscape, hoteliers across the globe are confronting one of the industry’s most persistent challenges: rising operational costs. These increasing costs are influenced by a variety of factors from CapRates to labor. This not only put pressure on profitability, but it also compels hoteliers to rethink their operational strategies. This […]
Why Food & Beverage Is Important in the Hotel Business
The hospitality industry has seen a transformative shift in the role of food and beverage (F&B) services, evolving from a secondary amenity to a primary attraction for guests. This article explores the significance of F&B in the hotel business, catering to hotel owners, buyers, sellers, and investors seeking to understand its impact on profitability, guest […]
Understanding the True Cost of Running a Hotel Franchise
The decision to enter the hotel industry through franchising opens a world of opportunities, yet it’s accompanied by an array of financial commitments that demand careful consideration. The allure of leveraging a recognized brand, along with the comprehensive operational support a franchise offers, large loyalty programs, and brand recognition is undeniably attractive to aspiring hoteliers. […]