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Over the past four years, utility costs at U.S. hotels have increased at a pace greater than total operating revenue. As a result, utility department expenses increased from 2.9 percent of total revenue in 2019 to an estimated 3.3 percent in 2023. As hotels have struggled to recover from the pandemic, any rise in cost ratios is an area of concern for owners and operators.
Article - Gaining Control of U.S. Hotel Utility Costs - By Robert Mandelbaum and Joe Snider - Over the past four years, utility costs at U.S. hotels have increased at a pace greater than total operating revenue. As a result, utility department expenses increased from 2.9 percent of total revenue in 2019 to an estimated 3.3 percent in 2023. As hotels have
Article - Hotel Insurance - A Rising Expense With Limited Control - By Robert Mandelbaum and Christopher Nassa - For most U.S. hotel owners and operators, one of the major challenges in 2023 has been the need to control expenses amidst slowing revenue growth. Through September of 2023, the properties in CBRE's monthly survey of hotel operating statements have seen their total operating revenues increase by 7.4% year-over-year, while total operating expenses grew by 10.0% during the same period. The net result was a decline in Earnings Before Interest, Taxes, Depreciation, and Amortization (EBI...
Incident prescriptions for ADHD medications significantly increased during the COVID-19 pandemic, relative to pre-pandemic levels.
Operational benchmarking is a crucial practice in today’s volatile, uncertain, complex, and ambiguous (VUCA) world, especially in industries like hospitality. In the hospitality sector, the Uniform System of Accounts for the Lodging Industry 11th edition (USALI™) serves as a standardized framework, enabling hotels to utilize operational benchmarking effectively to assess and enhance their financial performance. When hotels adapt USALI™ reporting, leveraging its structured approach, they can compare their financial performance against industry standards and competitors.