Ensuring Quality Assurance in the Hotel Industry
Quality assurance is important to the success of any business, and the hotel industry is no exception. In today’s competitive world of hospitality, building a positive reputation and driving revenue growth depends on delivering exceptional guest experiences. Quality assurance is integral to every successful hotel operation, ensuring that guest expectations are met and compliance with […]
Importance of Cap Rates in the Hotel Industry
Classified as income-producing assets, hotels are mainly valued based on their recurrent income-generating potential. Similar to other forms of commercial real estate, one fundamental indicator of their percentage profit is the capitalization rate (cap rate). So, is a higher cap rate always the sign of a great deal? Not entirely. What Are Cap Rates? A […]
Digital Marketing in the Hotel Industry
Digital marketing played an essential role over the last three decades in the hotel industry. In a time where travel planning is done entirely online, digital marketing assists hotels in gaining their greatest visibility and potential for near-instant conversions. “Digital marketing for hotels has become a crucial component of marketing for any hotels.” Says principal […]
Importance of Customer Service & Experience in the Hotel Industry
A recent report by Deloitte emphasizes that a remarkable 29% of hotel guests who receive exemplary attention are inclined to leave positive reviews. Moreover, resolving complaints promptly is found to significantly enhance the overall guest experience, with 40% of guests whose issues are resolved quickly more likely to share positive feedback. Recognizing and acknowledging the […]
Recessions Impact On The Hotel Industry
The hotel industry holds substantial prominence within the global economy, assuming a pivotal position in bolstering the travel and tourism sector. Nevertheless, akin to numerous other sectors, the hotel industry remains susceptible to the ramifications of economic downturns. As consumers within the hotel industry curtail their expenditures on travel and leisure pursuits, a subsequent decline […]
Top-Tier Hotel Brands Move Down Market
In the last few weeks, the top-tier hotel brands Hyatt, Hilton, and Marriott have all announced new Midscale Extended-Stay sub-brands, reinforcing an emerging trend over the last several years where top-tier brands expand into more Midscale and Upper-Midscale brand offerings. These new product offerings appeal to guests and owners alike. Guests are responding to economic […]
Do New Brand Hotels Affect Old Brand Hotels?
From premium economy hotel brand, Spark by Hilton to Accor’s stylishly curated Handwritten Collection, the past few months have seen a proliferation of new brand hotels in the U.S. These new hotel brands are causing a stir in the hospitality sector with many questioning whether the industry can equally sustain both new and old brand […]
Are Hotel Guests Really Loyal To Loyalty Points?
Customer loyalty is one of the most important aspects of a successful business. For large brands, this is especially true as customers may choose to consistently only stay at one brand regardless of where their travels take them. On the flip side, a smaller, independent hotel may become a local favorite for visiting guests if […]
What You Need To Know: Inflation In The Hotel Industry
Inflation is having a substantial impact on the hotel industry, particularly as it is related to the US hotel rate landscape. Prices of services and goods provided by hoteliers steadily continue to rise, including the cost of running hotels. Many hotel managers are hesitant to raise their current rate, fearing it might deter potential clients […]
5 Biggest Mistakes Of First Time Hotel Buyers
Buying a hotel is not like buying empty office space. You are purchasing a living, ideally thriving, property with an existing business model, clientele, and an environment that shapes the guest’s experience. Your first hotel will be an adventure filled with business models, renovation, hospitality management, and of course, financial strategy. If you want to […]