non-refundable fees and reimbursements A. Computer Hardware and Software Systems A. Pre-Opening Technology Planning and System Implementation Prior to opening, the Owner is required to engage approved vendors to deliver comprehensive pre-opening technology planning and system implementation services. These services support the deployment of mandatory hotel operating platforms, including the property management system (PMS), central…
Balance sheet during crisis
Balance sheets deserve more attention and are an often-overlooked financial statement. While it is the Operator’s responsibility[1] to ensure accuracy, the simple fact that they aren’t tied to management fees means there is often little effort going into keeping them accurate. Meanwhile, the P&L statement predominates negotiations and is keenly scrutinized by all partners involved in…
PENFOLDS COLLECTION 2023 When the swag of new Penfolds wines is released each year, the inevitable focus is on Grange – Australia’s best performer in the fine wine space. Yet while I have become quite comfortable with a machinery that nurtures a suspended disbelief in the transcendence of terroir, with a house tradition of intrastate,…
Business plan
The Business Plan is an important part of the annual strategic planning process. It compiles and articulates the business environment the hotel will be facing in the coming year as well as the strategies the hotel team will employ to ensure success for the hotel, Management team and the hotel’s Owner(s). here are 5 considerations…
Pre Opening
your priorities are always about to start it right Online strategies Today, everything is about online, online, online. And that’s great! Changes keep businesses alive and in progress. So, what can you and your BD team do to prepare for an outstanding business opening?
Post pandemic era of Hotel industry
According to STR, the average occupancy rate in mainland China began to decline significantly and continuously from January 14, falling from the peak 70% to less than 10%, and stable between 5% and 10%. Compared to an average occupancy of 55% in previous Chinese Lunar New Years, the Covid-19 epidemic has caused great trauma to…
Hotels chain vs Asset Manager
The pandemic is shining the light on the role of hotel asset managers to support Asian owners in their worst crisis ever. But this also puts the spotlight on hotel chains’ ability to perform when push comes to shove. While asset management is an established fixture of the hotel industry in Europe and the US,…
Covid 19 Bear Market
A bear market is when a market experiences prolonged price declines. It typically describes a condition in which securities prices fall 20% or more from recent highs amid widespread pessimism and negative investor sentiment. Bear markets are often associated with declines in an overall market or index like the S&P 500, but individual securities or commodities can…
Hiring Momentum
I sit on both sides of the table, so I too often see dubious and sometimes outright dishonest tactics from both the employer and the job seeker. In the spirit of encouraging the best people to get hired by the most worthy employers, here are tactics I’ve often heard and how to preempt or counter…
Facilitating psychological safety at work
Psychological safety is a construct that helps to explain the differences that people experience and whether or not they feel comfortable admitting when they don’t know, or taking risks within their work group. Psychological safety refers to the belief that people are safe in taking these risks, and expressing their work relevant thoughts and feelings. The issue to think about here is if team members can’t bring themselves to speak what’s on their mind, that is, they censor themselves, then they won’t experience inclusion, nor will the group benefit from their perspectives. If team members don’t trust each other, then they’re going to waste time and energy thinking about what they should say, and what they shouldn’t say, and wonder about the true intentions of their peers when they’re interacting with them. In order to actually speak up within a group context, people need to know that even if they make a mistake, if it’s a well intentioned mistake, then others won’t think less of them, that they won’t be penalized, they won’t be resented for saying what they did, and that it’s okay for them to ask for help and for them to ask for information or feedback, that that’s not a sign of weakness. That instead it’s actually something that’s expected as a part of learning. Within the context of diverse groups…
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