Academic Articles in Hospitality Sales (Feiertag Collection)

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https://hdl.handle.net/10919/78367

This is a collection of peer-reviewed academic research in the area of Hospitality Sales that may be of interest to hospitality industry managers and executives.

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Now showing 1 - 20 of 63

Accounting Skills Hotel Enterprises Need Today
Kavčič, Slavka; Mihelčič, Eva (Tourism and Hospitality Management, 2006)
The article presents a view of current happenings in the business and economic environment that are significantly influencing the knowledge requirements of modern accountants both worldwide and locally. First, we define the specific skills accountants are required to have apart from an in-depth expert knowledge of accounting. These skills have set the final boundary between accounting and bookkeeping. Later, the perspectives of certified accountants in Great Britain and Slovenia, as well as accountants working for Slovenian hotel enterprises are presented as regards the key factors influencing a change in accountants' tasks. Finally, the skills of modern accountants are presented, along with the underlying education and training system needed for gaining the title of a certified accountant.
Advertising Efficiencies in the Hospitality and Tourism Industry
Bhagwat, Yatin N.; DeBruine, Marinus (hrcak, 2008-12)
Advertising provides growth in sales volume for the new products and services. The hospitality industry relies heavily on advertising through travel journals and travel sections of print media, television media, and the Internet. The hospitality industry encompasses hotels, cruise lines, theme parks and holiday resorts. The focus of this paper is to investigate the long-term relationship between accounting defined changes in earnings and changes in advertising expenditure by estimation of the degree of advertising leverage -- a measure similar to the degree of total leverage.
AirBnB Competition and Hotels’ Response: The Importance of Online Reputation
Aznar, Pedro; Sayeras Maspera, Josep Maria; Segarra, Guillem; Claveria, Jorge (Athens Journal of Tourism, 2018-03)
AirBnB and other similar platforms are changing the market structure of the accommodation industry, threatening the status quo of the traditional hospitality industry. This is a new paradigm in which low cost accommodation options press down prices in an industry with a non-flexible cost structure. This paper analyses the role of quality perceived by customers as a key factor explaining prices differences among hotels. In a context characterized by instant access to past guests’ valuations on the Internet, the role of these valuations is compared with the traditional rating system, which is less flexible through time and based in legal standards that vary across countries. According to our empirical research, quality as assessed by past customers increases a firm’s capacity to set higher prices, working as a signalling mechanism, including the hotels in the same star category. Managers capable of building a reputation of consistent high quality service will show a higher market power.
Analysis of Financial Indicators of Montenegrin Hotel Industry
Stanovčić, Tatjana; Moric, Ilija; Laković, Tanja; Peković, Sanja (Management International Conference, 2015-05)
Taking into consideration the slow increase of incomes and limited investments IN Montenegrin hotel industry, the purpose of this paper is to research the potential sources of efficiency via analysis of financial indicators in hotels in Montenegro. The special focus is given to analysis of the following indicators: operating revenue, revenue per room, room occupancy, investments, room rates, payroll etc. Using available secondary and primary data from hotels, government bodies and relevant international organizations, several factors are identified that affect the financial efficiency of SMEs in Montenegrin hotel industry. Key findings indicate that hotel industry in Montenegro is experiencing limited financial efficiency, especially in terms of following financial indicators: low average annual growth rate of the operating revenues per room of just 4% in period 2008-2013; room occupancy has grew from average annual 37% in 2008 to 39.5% in 2013; decrease in average investment in 2013 comparing to 2012 for 54.6%, together with negative prognosis for future investment till end of 2015; and serious regional disbalance in sense of key indicators (e.g. operating revenue, gross operation profit) in seaside, central and northern area of Montenegro, where level of demand in Northern (Mountain) region is still below the Montenegrin average, etc. The contribution of this research comes from the analysis of financial indicators and accounting system of hotel industry in Montenegrin, which provides the guidance and ideas for further improvements in the important sector of tourism.
The Basics of Yield Management
Kimes, Sheryl E. (Cornell University Press, 1989-11)
Yield-management systems have boosted revenue at many properties, but these electronic tools are not always compatible with the operating atmosphere of a hotel. If you want to introduce yield management at your property, you may need to make some changes first.
Change in the Hospitality Industry: New Paradigms, Frames, and Perspectives
Oshins, Mike (2017-06-12)
A comparative study of profitability analysis of selected hotel industries
Kayathiri Bai, B.; Buvaneshwaran, V. (International Journal of Applied Research, 2015)
The hotel industry is a mature industry marked by intense competition. Market share increases typically comes at a competitor’s expense. Industry-wide, most growth occurs in the international, rather than the domestic area. Hotels are a major employment generator in Hospitality industry. Work in the area of Hotel Management involves ensuring that all operations, including accommodation, food and drink and other hotel services run smoothly. It includes instructions in hospitality administration, hotel/motel management, restaurant and food services management, facilities planning, leisure studies, recreation administration, marketing, recreation equipment and grounds operations and maintenance, business finance, insurance and taxation, event management and guest services, personnel management, travel and logistics management, safety and health services, professional standards and ethics, and applications to specific vacation types and locations.
Considerations for Implementing a Hotel Revenue Management System
Mahesh, Akram (UNLV Theses, Dissertations, Professional Papers, and Capstones, 2015-05-01)
To fully understand and implement a revenue management system, hotel managers will need to research all aspects of a system, its requirements, and the hotel’s requirements to ensure that they are implementing a system that will work best for their property. This kind of research requires finding information in literature that is scattered in many locations. An owner or manager of a small to midsize hotel would need to invest a lot of time and energy into this process. Unlike giant companies like Marriott or Hilton, small to midsize independent hotels do not have the manpower to research and implement these systems without some help. What needs to be known before implementing a RMS? This paper will seek to answer questions and concerns hotel owners and managers have about the implementation of revenue management systems. What should managers expect to achieve by implementing a RMS and what could potentially hinder the RMS from achieving its full potential? What types of features are available in RMS and what are its benefits? What does management need to do to guarantee successful operation of an RMS? These questions will be answered by consolidating the scattered literature on revenue management systems and taking the experiences and insights from hotel technology vendors and combining it into a comprehensive guide that will bring to light information that should be known before implementing a RMS.
Correlation Between The Penetration Strategies And Marketing Mix Of International Hotel Chains In Romania
Adina, Cosma Smaranda; Fleseriu, Cristina; Marius, Bota (Review of Innovation and Competitiveness: A Journal of Economic and Social Research, 2016)
On the Romanian market there are 21 international hotel chains, having 51 hotels. The goal of the research paper is to analyze which are the marketing mix policies and strategies used by the hotels, belonging to an international hotel chain on the Romanian market. For this purpose, a descriptive research was implemented through investigation of all the hotels that are part of an international hotel chain. The research reveals that hotels operate by abiding the norms established by contract. The higher the risk, the investment and control are, the more influence the hotel chain has regarding the pricing strategies. Hotels use their own channels but also the parent chain channels. Promotion strategy takes into account global, regional and local issues encountered. The majority of the hotels have the possibility to decide some internal elements for their personnel. All the hotels apply norms and standardized procedures regarding the quality of the services. The most expected advantage for a hotel that belongs to an international chain is the visibility at international level.
The Debate Regarding Profitability: Hotel Unit and Hotel Brand Revenue and Profit Relationships
O'Neill, John W.; Mattila, Anna S. (Journal of Travel & Tourism Marketing, 2006)
The research note explores a debate in the hotel industry regarding the relationship between hotel RevPAR and profitability, a debate around which there is a great degree of “noise.” Using a sample of 1,954 actual hotels for which both top line and bottom line indicators were available for the same year, it is concluded through this statistical analyses that while hotels with higher revenue, and particularly higher room revenue, have a higher NOI in dollars, they do not necessarily have a more profitable business model in terms of NOI percentage. Also, brand level analyses is presented.
Developing a Price Management Decision Support System for Hotel Brokers Using Free and Open Source Tools
Kisilevich, Slava; Keim, Daniel; Byshko, Roman (SciTePress, 2011)
In the Internet age, e-commerce provides customers global reach to a wide variety of products and plays a dominant role in business activity and competition. Competition is especially aggressive in the online travel domain where wholesalers, e.g. brokerage companies, contract through their contract managers with thou- sands of hotel brands and trade hotel products (usually hotel nights) for travel businesses or end customers. In order to conclude a profitable contract, a contract manager should be able to compare all the particulars of the prospective partner hotel with those of the competing hotels in the target city. Given that the number of contract managers is comparatively small compared to the large number of hotels, the possible knowledge base is limited. Thus, the hotel brokerage companies are only able to bargain with a relatively limited number of hotels, and the contract profitability relies heavily on the contract managers’ expertise and communication skills. In this paper we present a price management decision support system (DSS) for hotel brokers that allows analysis of hotel prices using spatial and non-spatial characteristics, estimation of the objective relative hotel prices, and determination of the profitability of the existing or future contracts. We built our system using free and open source tools including geographic information system and data mining frameworks that allow companies with limited money resources or manpower to implement such a prototype. We show the ef- fectiveness of our tool by covering all the major components of the DSS such as data selection and integration, model management and user interface. We demonstrate our tool on the area of Barcelona, Spain using a real data of 168 hotels provided by one of the travel service providers.
Differences in seasonal price patterns among second home rentals and hotels: empirical evidence and practical implications
Salo, Albert; Garriga, Anna; Rigall-I-Torrent, Ricard; Vila, Mar; Sayeras Maspera, Josep Maria (Tourism Economics, 2012)
Hotels and second home rentals are two of the most important tourist accommodation options in Spain. In terms of seasonality, almost all previous studies have analyzed tourism demand from the point of view either of total arrivals or the number of tourists lodged in a single accommodation type (hotels, rural accommodation, etc). However, there are no studies focusing on price seasonality or comparing seasonality among different accommodation types. By using seasonality indicators and a price index constructed by means of hedonic methods, this paper aims to shed some light on seasonal pricing patterns among second home rentals and hotels. The paper relies on a 2004 database of 144 hotels and 1,002 apartments on the Costa Brava (northeast Spain). The results show that prices for second home rentals display a smoother seasonal pattern than hotels due to reduced price differences between shoulder (May and October) and peak periods (August).
Digital marketing budgets for independent hotels Continuously Shifting to Remain Competitive in the Online World
Lanz, Leora Halpern; Carmichael, Megan (Boston Hospitality Review, 2015)
The hotel marketing budget, typically amounting to approximately 4-5% of an asset’s total revenue, must remain fluid so that the marketing director can constantly adapt the marketing tools to meet consumer communications methods and demands. Though only a small amount of a hotel’s revenue is traditionally allocated for the marketing budget, the hotel’s success is directly reliant on how effectively that budget is utilized. Thus far in 2015, over 55% percent of hotel bookings are happening online, and mobile search queries have surpassed desktop queries (Google Research 2015). So as the world becomes deeply immersed in today’s digital universe, the marketing departments of independent hotels have directed their resources to the digital stratum, a necessity in today’s cluttered marketing environment and competitively branded arena.
Does Financial Performance Depend on Hotel Size? Analysis of the Financial Profile of the U.S. Lodging Industry
Schimidgall, Raymond; Singh, A.J. (Hospitality Review, 2013-02)
This research presents a financial profile of the U.S. Lodging Industry based on an analysis of 2,091 financial statements (fiscal year 2011) for individual hotels ranging in asset size of $500 thousand to $250 million. The study analyzes summary results of the financial position and profitability of hotels based on a common size analysis of Balance Sheets and Income Statements. Furthermore, the study analyzes 10 key performance benchmarks as measured by Liquidity, Solvency and Operating Ratios. The results of the study show a divergence in the hotel industry’s financial performance based on the size of the hotel and by upper, median and lower quartiles of the study sample.
Dynamic Pricing for Hotel Revenue Management Using Price Multipliers
Bayoumi, Abd El-Moniem; Saleh, Mohamed; Ativa, Amir F.; Aziz, Heba Abdel (Journal of Revenue Pricing Management, 2013)
In this paper it is proposed a new dynamic pricing approach for the hotel revenue management problem. The proposed approach is based on having “price multipliers” that vary around “1” and provide a varying discount/premium over some seasonal reference price. The price multipliers are a function of certain influencing variables (for example hotel occupancy, time till arrival, etc). We apply an optimization algorithm for determining the parameters of these multipliers, the goal being to maximize the revenue, taking into account current demand, and the demand-price sensitivity of the hotel’s guest. The optimization algorithm makes use of a Monte Carlo simulator that simulates all the hotel’s processes, such as reservations arrivals, cancellations, duration of stay, no shows, group reservations, seasonality, trend, etc, as faithfully as possible. We have tested the proposed approach by successfully applying it to the revenue management problem of Plaza Hotel, Alexandria, Egypt, as a case study.
The Effect of a Rise in Interest Rates on Hotel Capitalization Rates
Corgel, John B. (Cornell University School of Hotel Administration, 2016-11-10)
Capitalization rates for all commercial real estate are affected by changes in the general level of interest rates. Hotel capitalization rates should respond more quickly to interest rate changes than those of other property types because hotels do not experience the “lease friction” found in other commercial properties, with their lengthy leases. This analysis estimates the statistical connection between interest rate changes and cap rates. Holding other important factors constant, the model estimates that at current levels a 100-basis-point increase in the 10-year U.S. Treasury rate will produce a 28-basis-point uptick in hotel capitalization rates. Continuing improvement in the U.S. economy should eventually result in higher interest rates, but any improvement should also bring both compression of the hotel risk premium and stronger NOI growth, each of which place downward pressure on capitalization rates. With hotel capitalization rates currently in a range of 7.0 to 8.5 percent and an expected slow pace of interest-rate changes, the modelled outcome suggests that hotel property values will remain stable for the foreseeable future. Hotel investors should therefore have ample time to ponder disposition decisions without fear of losing gains while new investors will need to rely on the strong dividend flows currently being produced by hotels for a greater shares of total returns
Effect of Pricing Strategy and Growth of Selected Hotels in Nyeri County, Kenya
Wangui, Wachira Lucy; Kiragu, David; Wachira, Anita (International Journal of Academic Research in Accounting, Finance and Management Sciences, 2018)
Price is a very important part of the marketing mix as it can affect both the supply and demand of the firms’ products. Since pricing strategies influence has an impact on market share, performance and growth of the firm, every firm has its separate pricing policy or strategy for its products. This study therefore sought to examine the effect of pricing strategy on growth of selected hotels in Nyeri County, Kenya. The study was anchored on Ansoff matrix; 4C’s marketing model and Unique Selling Proposition. The study used descriptive research design. The study used questionnaire as the primary research instruments. The researcher used Cronbach alpha Coefficient to assess reliability of data using. The target population for this study was the 57 respondents from selected hotels within Nyeri County. A self-administered, questionnaire was used to collect data from the target respondents. Data analysis results generated using SPSS version 21 was presented in form of frequency tables. Bivariate Linear Regression results indicated that price had positive and statistically significant effect on hotel growth. The study recommends the hotel managers to review their prices regularly without compromising quality. In addition, hotels should come up with criteria that should ensure communication reach all the potential customers effectively. Future research should focus on other marketing mix variables such as promotion, place and product to establish the effect on growth of hotels.
Electronic Distribution Channels’ Effect on Hotel Revenue Management
Choi, Sunmee; Kimes, Sheryl E. (Cornell Hotel and Restaurant Administration Quarterly, 2002-06)
Even with the variety of distribution channels available, rate and length of stay remain the key factors in revenue management.
Factors Influencing Business Performance in Hotels and Restaurants
Zhang, Jie; Enemark, Astrid Estrup (Asia-Pacific Journal of Innovation in Hospitality and Tourism APJIHT, 2016)
The objective of this paper is to analyze the factors that influence business performance. Business performance, measured by turnover per employee, can be influenced by internal factors in firms, external economic and demand factors, as well as geographic location and agglomeration. The hypotheses were tested using an econometric model on the basis of micro business data. The results show that business performance in hotels and restaurants is positively related to traditional explanatory variables, such as profits, level of investment of firms, productivity of hotels and restaurants in their regions, and concentration of firms. The paper focuses on two extra factors, i.e. human skills and geographic location. The study found that professional education, e.g. chef, has a positive impact on performance in restaurant businesses. Employees with higher levels of education including university students in hotel businesses also have an impact on performance. The location factor showed that hotels and restaurants situated in city centers perform better than those located elsewhere. The contribution of this paper is that by applying micro business data in hotel and restaurant branches, it allows the analysis of the detailed factors that might influence business performance. In addition, the results also allowed a comparison between hotel businesses and restaurant businesses. The implication of this research is to understand the relationship between business performance and a series of influential factors, which could eventually help tourism businesses to improve their management.
Financial Accountant Versus Managerial Accountant in the Hotel Business System
Zubac, Ivana (TURIZAM, 2012)
From the perspective of financial or managerial accountant, subject of interest in this paper is the relationship of financial and managerial accounting in the hotel business. Being necessary functions within the business system of hotel company, their mutual connection as well as their differences are explained. The management of hotel company makes decisions based on accounting information from both parts of accounting. As support to hotel management in decision-making, financial accountant provides financial information about past events, while managerial accountant provides non-financial information oriented toward future. The example above is just one out of many specific tasks, which are performed by accountants of specific part of hotel accounting system. Without their support, the management could not make correct and timely decisions with certainty. The importance of the roles of financial and managerial accountant is reflected through need for a wide knowledge in the field of accounting in specific business conditions of hotel industry

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