PERSPECTIVE
Prime
Performance
IN OWNING A HOTEL , GETTING TO PROFITABILITY COULD MEAN DOING THIS DIFFERENTLY .
Contributed by TED DARNALL , PRESIDENT AND CEO OF LODGING AND TECHNICAL SERVICES , HEI HOTELS AND RESORTS
In today ’ s tricky hospitality market , savvy hoteliers have had to find creative ways to remain profitable amid emerging and challenging trends . The hotel industry has never been able to chart a clear path to normalcy following any economic disruption and it has constantly been challenged to pivot its focus based on changing global trends . Therefore , it is a good idea for owners and asset managers to rethink their fiscal strategy for the remainder of the year .
Hotel operators have expressed optimism over the past two years as they await a return to profitability among corporate travelers and events , trends that , in many cases , have yet to materialize . Growing top-line revenue in this environment is far from easy , but it can be done with careful planning and decision-making , erring on the side of people and productivity over short-term gains .
First , operators must be less influenced by the forecasts they receive from the brands and third-party data analysts and make decisions based on real-time
68 68 hotelsmag . com . com May May / June / June 2024