In the ever-competitive world of hospitality, understanding guest willingness to pay (WTP) is the golden key to unlocking optimal pricing strategies and maximizing hotel revenue. WTP essentially translates to the highest price a guest is prepared to shell out for a hotel room and its associated services. By deciphering this value, hotels can strike a delicate balance between attracting guests and securing healthy profit margins. READ MORE

In the post-Covid hospitality industry, former employees have been reluctant to return. Hospitality 2.0, is a true PROFESSION, where an individual is educated in STEAM: the Sciences (food and beverages and psychology), Technology and Engineering (software galore and robotics on the way), Arts (on-stage performing, learning the art of communication), and Mathematics (revenue management, operating statements). READ MORE

The hunt for affordable property and liability coverage for hotel operators requires dedication, accountability, awareness, creativity and an agent well versed in the hotel industry. The insurance industry is amid a hard market, which has crippled the industry. A hard market occurs when insurance companies are no longer profitable after paying out more in claims than they receive in revenue. READ MORE

Expense lines can shrink or swell depending on the handling of injuries. With focus, a company can avoid most injuries and ensure those hurt heal quickly. This article will talk about prevention and key steps to ensure your people heal, return to work and remain highly productive. Manage Workers' Compensation correctly and reap the benefits of cost management and most importantly, a culture of care. READ MORE

In an April 2023 article entitled "Three Innovations to solve hotel staffing shortages," it was stated that 70 percent of hotel staff were furloughed or laid off during the COVID-19 closures. Hotel staffing shortages | McKinsey. This article will address the current challenges in the hospitality industry and some strategies for organizations to cultivate a dynamic and fulfilled workforce. READ MORE

Social media is crucial for hotels and restaurants to connect with audiences and drive growth. Effective strategies include leveraging authentic content, tailoring approaches for different platforms, collaborating with influencers and embracing emerging trends. Hospitality businesses should focus on creating a cohesive brand experience, avoiding common pitfalls and measuring success through meaningful metrics to stay competitive in the digital age. READ MORE

Analyzing lodging operations as to their product, market and competition is not a new process but one that demands continual and up-to-date measurement from the owner, general manager and all parties involved with the intended success of this venture going forward. The answers to this procedure, while different for every property, will always be reliable. READ MORE

Social media is more than pictures and hashtags, it's a strategic marketing channel where every post can turn casual scrollers into future guests via organic social, paid social advertising, and influencer marketing. Common pitfalls, like relying too heavily on AI or treating your Instagram like a bulletin board should be avoided. An adept team can turn social media into a revenue generating platform in its own right. READ MORE

In an age of increasing technology and social media, there is an uptick in guests booking hotels based on reviews, aesthetic and presented imagery. With this in mind, there needs to be an emphasis on the role that photography and other multimedia tools play in crafting a hotel's brand identity in addition to increasing booking rates and guest satisfaction. READ MORE

Frontline hospitality managers and their workers are experiencing a range of issues, which include low tips, burnout, and low employee engagement. Now, new survey results from Axonify highlight how these ongoing issues are impacting hospitality workers, as well as the actions their employers can take to lighten the workload and help their organization determine a better path forward. READ MORE

Workplace culture is, primarily, the personality of an organization from the employee perspective. Understanding how to build an effective culture is essential to organizational success and if we use this definition, ensuring that culture is aligned with employees as intended is critical to success in all business, but especially in hospitality. Learning how to cultivate a positive an effective work culture is difference making in today's economic environment. READ MORE

Hotels are prime targets for cyberattacks due to their reliance on connected devices and sensitive guest data. The hospitality industry faces significant threats like ransomware and data breaches, leading to financial losses and reputational damage. Collaboration and information sharing are crucial for effective cybersecurity. By joining industry groups like RH-ISAC, hotels can access valuable threat intelligence and strengthen their defenses against cyberattacks. READ MORE

The hospitality industry has historically played a role in promoting cross-cultural understanding. Western brands have thrived in China, but recent geopolitical tensions and regulatory challenges have led to declines in foreign investment, student exchanges, and tourism. Despite these challenges, sectors like hospitality and biotech continue to see opportunities in China's vast market and talent pool, although the future of Western engagement in China remains uncertain. READ MORE

Franchising is a key strategy in the hotel industry, enabling rapid expansion with minimal capital investment. While it offers benefits like brand recognition and financial efficiency, challenges include maintaining quality control and managing franchisee relationships. The model's future will be shaped by emerging markets, technology, and evolving consumer preferences, requiring careful balance between growth and brand integrity. READ MORE

Many hoteliers joined the hospitality industry due to a passion for people. This passion often exhibits as altruism in our communities. The responsibility to make a profit and desire to do good in our communities is not a juxtaposition. This article begins with an explanation of hospitality personalities moves into best practice examples of how lodging has leveraged unique capabilities to do good in communities. READ MORE