Hotel Management Blog

Hospitality industry news, articles, publications, trends, tips, ideas, strategies and best practices …

2019 Plea to Hotel PMS providers for Distribution Cost Tracking Functionality

Hotel PMS Distribution Cost Tracking by Xotels

Over the last few years there has been much discussion in the the world of hotel revenue management on managing GOPPAR and NREVPAR over only REVPAR. Understanding the cost of distribution is vital to the financial success of every hotel. For this we would need our systems to support us in registering and calculating such costs. Unfortunately many hotel Property Management Systems (PMS) have not yet evolved sufficiently in this area.

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Opening your Dream Hostel: the Simple 5-Step Plan for Success

5-Steps plan to open your dream hostel - by Xotels

Build an outstanding hostel experience

Do you dream of opening a successful hostel? Or perhaps you’re closer to making it a reality, having already scoped out locations and gathered the required investment. Wherever you are on your journey to opening your very own successful hostel, I can relate from my own first-hand experience with my hostel management company.

I’ve worked through all types of pain points and concerns with countless hostel owners to create a strong foundation built for success, maximize profits and alleviate stress triggers.

If when assessing your hostel idea you ask, “What am I missing?”or “How can I improve my opportunities for success and minimize potential problems?”, you are in good company. The best and most profitable hostels make sure to ask and address these types of questions from the beginning. In fact, doing so is a sign that you are priming yourself for a profitable hostel business.

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How to Read your Hotel Profit & Loss Statement or PnL

 Hotel Profit and Loss Statement Sample - by Xotels

As CEO of a hotel management company that has generated over €190 million in the last year, I can tell you how important it is to control every detail of your business’s finances, both on the revenue and cost side.

Hotel Management isn’t merely about strategy. There are many layers, each of which require your undivided attention. Human resources, operations, budgeting, and income and cost control are but a few areas which necessitate focus, as well as the requisite knowledge and skill. But how can you efficiently assess the business areas that generate maximized profits?

To accomplish this step and provide the best platform from which your hotel will succeed, the key is to prepare and execute a carefully structured profit and loss statement. In this article as we review a Hotel P&L sample based o the Uniform System of Accounts for the Lodging Industry (USAL), a rich resource that provides numerous key insights for hotel managers.

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