Maximizing hotel performance in the year ahead
Even as RevPAR is forecast to increase across most markets in 2024, the rise in expenses is making it more difficult to achieve the same profit margins
As the industry prepares budgets for the year ahead, controlling expenses, especially amidst rising costs, emerges as a major theme. Labor and goods expenses, fueled by inflation, are prominent concerns. Operators, managers, and hotel owners are addressing these challenges through technology, labor management, and guest services.
Key takeaways
- Finding cost-effective technology that enhances the guest experience while reducing labor expenses is crucial. Mobile check-in, in-room tablets, and guest chat systems are notable examples.
- A labor shortage in many markets necessitates the use of technology and efficient housekeeping policies.
- Careful consideration of guest amenities' costs versus their impact on satisfaction is vital for managing expenses while maintaining high guest satisfaction.
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