TOP NEWS

🏨 On January 8, 2025, Rachel Roginsky, Principal at Pinnacle Advisory Group, gave her insights on the State of the Hotel Industry in a podcast episode for Hospitality Daily Podcast. Roginsky, a top hotel asset manager, provided her take on the research findings. The episode is a part of the podcast's content which also features other popular episodes recommended for listeners.

💾 Between 2019-2020, 63 million hospitality jobs were lost globally, and by 2022, the sector had 39 million fewer workers than pre-COVID-19. A 2024 McKinsey study across 30 countries found job vacancies in hospitality rose from 10.2% in 2010 to 11.2% in 2023. Hourly labor costs increased by 4.7% in the euro area and 5.2% in the EU in the second quarter of 2024 compared to the previous year. Research from the Cornell Center for Hospitality and Deloitte's 2024 Human Capital Trends highlights investing in employee-facing technologies boosts guest satisfaction and reduces operational costs.

🏨 Hotel operators focusing on corporate culture and growth opportunities attract top management talent, as per TPG Hotels & Resorts and Concord Hospitality. Concord's internal fill rate for leadership is 47%, with an Emerging Leaders Program that introduces about 24 candidates every 18 months to senior leaders in Raleigh. External recruitment involves proactive candidate hunting and leveraging company reputation, aiming for a 15-day post-to-hire process. Effective onboarding, including mentorship and regular check-ins, is crucial, with 86% retention linked to successful onboarding. Concord requires new managers to complete a leadership development course for ongoing growth.

🏨 Hotelogix introduced an hourly booking module for flexible hotel check-ins, targeting the hourly hotel booking segment forecasted to reach $25.62 billion by 2027 from $16.67 billion in 2019. Popular in the US, UK, India, Philippines, and Southeast Asia, this model can save guests up to 60% on accommodation costs. Hotelogix's feature includes packages, discounts, and custom reports for tracking revenue and booking metrics. Philippines-based GCGC, managing over 60 properties and 8,000 rooms, saw a 40% revenue increase per room and over 750 bookings averaging 6 hours each.

🍴 Steve Palmer, president of Indigo Road Hospitality, oversees 45 restaurants and 6 hotels, emphasizing robust training programs, especially post-pandemic, to onboard employees with less experience but the right attitude. Sean Kreiman, SVP of CHMWarnick, stresses hiring passionate staff and leveraging training tools, including Proph+IT, CHMWarnick's business intelligence platform with labor tools, offered at a reasonable price to owners and operators. Indigo Road provides a home loan program, pays for continuing education, and offers free mental health care to support and attract associates. They also conduct a Hospitality University for advanced learning in Charleston. Creating a positive culture has been key to attracting potential employees.

🍴 FOH Worldwide acquired Smart Buffet Ware, established 2009 by David Moreland, enhancing FOH's buffet category and securing a global distribution deal with Tiger Company LTD. This acquisition adds green battery technology, eco-friendly induction systems, 18/10 stainless steel chafing dishes, hot and cold beverage dispensers, carving stations, and multi-purpose trolleys to FOH's product portfolio, aiming to redefine buffet service with smarter, greener solutions for the hospitality industry.

💸 Hotel revenue managers face constant changes, including competitors lowering rates and unpredictable guest booking patterns, impacting productivity and morale. A new approach structured around four key pillars—Streamline, Clarity, Confidence, and Freedom—is suggested to transform their work, increasing productivity and improving the hotel's bottom line. Streamlining involves consolidating tools into one platform and automating tasks. Clarity refers to defining revenue goals and creating a roadmap. Confidence is built on data-backed decision-making and cross-departmental collaboration. Freedom explores new revenue streams beyond rooms. Embracing these principles can steer the role of revenue managers from reactive to proactive, contributing to the industry's future.