Hotel Finance Strategy

Do your hotel financial statements give you the information you need to effectively run your business? Are you able to see if your profits are where they should be in an enhanced top-line statement? Do your statements measure flow thru? Do you record your room’s business by proper segments and track the…

Forecasting is incredibly important because we need a fresh and current plan to help us execute our financial strategy and as the saying goes, “Without a map any road will take you where you want to go.” I know for many hotels the idea of having a monthly forecast seems far-reaching and…

After recently completing a policy manual for a client, I want to share what worked for this hotel company and what could work for you. I also want to clear the air on policy vs. procedure.

I know it is a big challenge to get a policy manual together for a hotel…

This Week’s Article by Guest Author Amin Himani, Senior Manager, Revenue Strategy at Coast Hotels Corporate Office in Vancouver, BC

This is a great article on revenue management and it’s also very timely.

I had the pleasure of having Amin as a student recently in my Hospitality Financial Leadership course at Royal Roads University.

Enjoy the read.
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The hotel business is a retail business and in order to stay on top of your business, you must fully and completely balance your daily revenues and settlements. This means dotting the eyes and crossing the Ts, examine them. Every day we begin anew and every day is a story unto itself…

I am a big fan of the Uniformed System of Accounts for the Lodging Industry (USALI), or as she is affectionately called “You Sally.” It has been the guide that our industry uses to properly present financial information for a long…long time, in fact almost 100 years. It lays out the format for our financial statement presentation and essentially…