Written by: Jay Bhakta
Glamping has taken the hospitality industry by storm over the last few years with developments occurring overnight. These remote-style stays became especially popular over the course of the Covid pandemic, as they offered the distanced retreats and vacation getaways that many craved after lockdowns. Due to the lack of physical structures required, development is rapid and far less costly. However, with the unique service proposition provided, glamping properties are able to charge high ADRs. And, as these properties are valued based on the income approach, their valuations are derived from their cash flow — resulting in…
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Category: Hotels Food
Written by: Shane Middleton“There has to be a better way!” We hear it all the time – even in the accounting department. The truth is that we are always hardwired to want more and better. We are always looking for that miraculous, game-changing “easy button,” not realizing that often we don’t get the most out of what we have right in front of us. Why do we do this? Two truths tend to arise in this scenario. Either we do not like to admit we are doing things wrong, or we realize that we can change, but the work of…
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Written by: Dominika Duziak
Editor’s Note: This blog post will feature podcast episodes from the HospitalityVerse Podcast, a new series that discusses the latest trends in hospitality technology, including discussions on the Metaverse, blockchain, NFTS and more.
Remember NFT: one of the hottest buzzwords of 2021? Looks like last year’s hype died down — impacted by the “crypto winter” and the FTX meltdown.
Just to recap: non-fungible tokens (NFTs) represent unique digital assets recorded on a blockchain that certifies their authenticity and ownership. Typically, when we talk about NFTs, we think of digital art and collectibles. Christie’s, one of the…
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Written by: Robert Mandelbaum and Andrew Hartley
According to CBRE’s September 2022 Hotel Horizons® forecast for the overall US lodging industry, rooms revenue per-available-room (RevPAR) will exceed 2019 annual levels in 2022. This is driven by the accelerated recovery of average daily rate (ADR) which first occurred during the third quarter of 2021.
For owners and operators of full-service, convention, and resort hotels, unfortunately, food and beverage (F&B) revenue is lagging in recovery and yet to return to pre-COVID levels. This can be attributed to a combination of the following factors:
Health regulations
The lag in group demands recovery
Staffing…
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For HFTP, the year 2022 saw the return of some of its most popular initiatives and the launch of a successful new program. It marked the bittersweet departure of some beloved HFTP leaders, and the arrival of enthusiastic individuals ready to take up their mantles. Ready for a rundown of the most noteworthy highlights of the year? Keep reading.
The Return of the Biennial Compensation and Benefits Report:
Hospitality professionals regularly reach out to HFTP seeking the latest version of this long-standing research report. Over its 30-year history, this report has helped countless professionals gauge the latest industry trends to…
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Written by Shivam Sharma
As an institutional investor, consider your investments — a hotel, club, restaurant, anything. Being an investor requires knowing how to allocate the appropriate funds to the right assets at the right time. But what if you have someone who can intricately manage that for you? This is where an asset manager would step in and decide what exactly investors should expect in returns from their assets. They define the metrics and targets to be achieved so that the entire asset is optimized to its maximum potential. Then, there is ESG: environmental, social and governance.
Environment: issues…
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By: Frank Wolfe, CAE, FIH | HFTP CEO
ChatGPT has been dominating the news since (he? she? it?) was revealed to the world in late 2022 as the latest in AI-driven, natural language processing technology. Is this new chatbot launched by OpenAI something to fear or something to embrace? I recently “interviewed” ChatGPT to learn more. Currently, the chatbot does not have a voice and only communicates by text. To give full credit, I have cut and pasted ChatGPT’s text responses to my questions verbatim, without any edits. Enjoy!
FW: Who is ChatGPT?
ChatGPT: ChatGPT is not a person, it…
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The UK has been all over the news for quite a while. But the UK has been making rounds even on hospitality news because of one problem: A staff shortage is so bad, hotels have to resort to shutting down a few hours or a few days a week.
Hoteliers are no strangers to the difficulties of finding, training and retaining staff. With the pressure to make hospitality experiences enjoyable and memorable, the labor shortage can cause serious issues. Especially since traveler volumes have been rising consistently, it’s now high time to find solutions to this pervasive problem.
The problem…
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