Miami and Qatar led the major global markets in hotel profit recovery for 2022, according to STR‘s full-year P&L data release.
February was a stronger month all around for the global hotel industry, but escalating line item expenses could derail what’s already a fragile profit rebound.
Gross operating profit for U.S. hotels improved to 84% of the comparable 2019 level, labor costs also rose from the previous month and in comparison with 2019.
Maximising hotel profit during this post-Covid recovery requires a focus on the three core areas: customer satisfaction, increasing revenue and controlling costs. Key to achieving these objectives is strong leadership supported by a motivated, highly-skilled team – all of which can be bolstered through online continuous professional development.
Hotels must utilise their human capital with far greater efficiency levels. Questions have to be asked, rules have to be rewritten and mindsets have to change. WIll we be thanking this crisis for bringing about the much-needed renaissance to the modus-operandi of the lodging industry?
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