The Stow has always been a great hotel. Sitting high on the hill overlooking the river its bones and lines are completely classic. The 505 rooms all have a view of something great. For decades, the hotel had been the home away from home for the elite of the world.
Just like your auto mechanic checks your cars health you can completely review your hotels financial performance and get a clear reading on as many as 21 different flow thru performance points. Further to that you can even see what you need to do in most cases to correct the results! Its what I call super revealing.
The Baird/STR Hotel Stock Index increased 1.6% in September to 4,634. Year to date through the first nine months of 2019, the index was up 13.9%.
The Baird/STR Hotel Stock Index dropped 6.6% in August to 4,561. Year to date through the first eight months of 2019, the index is up 12.1%.
When it comes to payroll we are not just paying the cash wages. We have additional dollars that are substantial in the form of supplemental costs and employee benefits.
You see, the game of budgets in most hotel companies where the corporate or regional master needs to approve the plan before it is presented to the owner, is a game of under promise now and hopefully over deliver next year. Some people I know call this the practice of sandbagging. It is not mean or deceitful, rather it is a game. If you are asleep at the switch when you are doing the review, well, that is your problem.
Another way to assess the bottom-line health of the U.S. lodging industry is to examine the ability of hotel owners to meet their debt obligations. If hotel operations are generating enough funds to pay the interest on the loans taken out by the owners for purchasing, building, furnishing, or operating their properties, then the investment and lending community is at ease.
'If Service is Beneath You Then Leadership is Beyond You.' I cannot find an owner on Google for this statement, so I am going to claim it as mine. If someone already coined this phrase I will let it go, if not it is mine. The reason why is because it is the foundation for the transformation I experienced as a financial leader.
The Baird/STR Hotel Stock Index fell 1.0% in July to 4,883. Year to date through the first seven months of 2019, the index was up 20.0%.
In my recent travels working with clients and delivering keynotes as well as financial leadership workshops for management teams and hotel associations, I noticed an interesting way that more than one client used to subsidize their meetings – reducing their costs – and I wanted to share it with you.