The number of people who choose to bring their pets on holiday is increasing every year, so much so that travel with pets is one of the fastest-growing trends in the travel industry. As a result, hotels are adapting the way they do business to tap into this increasingly important customer segment and maintain their client appeal in the face of stiff competition.
Following the global outpoor on International Women’s day last March 8 (2019), hoteliers around the world should take some time to look into a very important market segment, the solo female traveler. Tapping into and capitalizing on new and growing niches such as solo and experience-focused travel has become a major asset for hotel manager, but also to open up new revenue streams. “Female-friendly” is one such niche, which is now experiencing considerable growth in the hospitality industry.
As CEO of a hotel management company that has generated over €190 million in the last year, I can tell you how important it is to control every detail of your business’s finances, both on the revenue and cost side.
Hotel Management isn’t merely about strategy. There are many layers, each of which require your undivided attention. Human resources, operations, budgeting, and income and cost control are but a few areas which necessitate focus, as well as the requisite knowledge and skill. But how can you efficiently assess the business areas that generate maximized profits?
To accomplish this step and provide the best platform from which your hotel will succeed, the key is to prepare and execute a carefully structured profit and loss statement. In this article as we review a Hotel P&L sample based o the Uniform System of Accounts for the Lodging Industry (USAL), a rich resource that provides numerous key insights for hotel managers.
Travelling with children is an adventure in itself, and as a hotel manager you venture into it when you host families at your hotel.
Helping parents with the logistics of travelling with their kids is a huge part of the job while simultaneously providing a stay at your hotel that is fun, inspirational and relaxing.
Our role as Xotels has developed over time from revenue management into a full hotel management company, we are now looking way beyond pricing and distribution for hotels. We are actually also developing new hotel concepts, and for this it is important to keep up to date with the latest developments in the hospitality industry.
So by now we should all know that Millennials represent the largest consumer demographic group in the world today. And more importantly for the hotel sector, they love to travel. For these reasons, it is critical to the success of your hotel management strategy to appeal to the millennial market.