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Rising cost pressures, particularly from skyrocketing wages, are making it more difficult to maintain profits at hotels, but hoteliers say a combination of strong rate growth and more efficient operating models have helped keep their businesses thriving.
Hotel guests' expectations for food-and-beverage offerings have risen with the record-high average daily rates across the country. But meeting those expectations amid staffing issues is no piece of cake.
Business-transient demand for hotels has been the slowest segment to rebound since the start of the COVID-19 pandemic, and Jan Freitag, national director for hospitality market analytics at CoStar, believes the segment may have permanently shifted.
Dragonfly Strategists announced the promotion of Alise Deeb as its new chief revenue officer to take charge of driving revenue and profitability of the company's growing diverse portfolio. Ms. Deeb earned this position after 5 years at the company to support Dragonfly's client and company profitability.
Prior to March 2020, the tourism industry was booming worldwide. Hotels benefited from year-on-year growth in tourism and the continuous onslaught of guests during peak holiday seasons. As hotel business thrived, no one gave much thought to where their revenue was coming from, considered long-term investments, or clearly understood the implications to profitability.