Financial forecasting in the hospitality industry presents unique challenges such asseasonality, economic fluctuations, and rapidly changing consumer preferences. By following the best practices outlined in this article, finance executives in the sector can greatly improve the accuracy and effectiveness of their projections.

As an IT professional in the hotel industry, you're no stranger to the importance of a reliable Property Management System (PMS). While the familiarity of your current on-premises solution might make it seem like a safe choice, the benefits of migrating to a cloud-based solution are substantial. 

The hospitality industry is experiencing a rebound, with cloud-based Property Management Systems (PMS) at the forefront of this evolution. Selecting the right cloud PMS is crucial for hotels and resorts seeking to optimise operations, enhance guest experiences, and drive profitability. This guide will walk you through a step-by-step process to help you make an informed decision.

In the vibrant and welcoming land of Vietnam, the hospitality industry is facing a significant challenge this summer as tourist travel by air has plummeted by up to 60%. Instead of exploring the beauty of their own country, travellers are opting for international destinations like Thailand or Malaysia. The primary culprit behind this shift in travel patterns is the soaring cost of airfare within Vietnam.

Read more: Effective Labour Market Strategies to Combat Staff Shortages in the Hospitality Industry

The biggest sporting events in the world, such as the FIFA World Cup, Olympic Games, or Super Bowl, not only captivate global audiences, but they also have significant impacts on tourism and the overall economy of the host countries. Sports events have a unique ability to draw crowds and create a buzz that extends far beyond the stadiums.

From a financial standpoint, this is an unmissed chance for hospitality businesses to boost their revenue.

The hospitality industry is experiencing a welcome resurgence. Business travel is booming, but a new twist is emerging - the rise of "bleisure" travel, where business trips are seamlessly blended with leisure experiences. This trend presents a significant opportunity for hotel chains to attract new guests, increase revenue, and differentiate themselves in a competitive market. 

A modern hotel property management solution is essential for competitiveness and guest satisfaction in the fast-paced hospitality industry. Such systems are pivotal in streamlining operations, enhancing guest experiences, and boosting overall efficiency, yet many hotels fall into the trap of adhering to outdated software that hampers their growth.

With expenses on the rise and guest expectations constantly changing, taking a proactive approach to reducing unnecessary outflows is essential for hotel businesses more than ever. The secret lies not in slashing budgets or compromising the guest experience but in strategic management and resource optimisation.

The global hospitality industry has been observing strong signs of recovery heading into 2024, with demand rebounding to pre-pandemic levels. With travel on the rise once more, hoteliers must strategise effectively to capitalise on this revival period through proactive alignment with emerging trends.

Hotels and resorts are laying the groundwork for how they will do business in a new decade and beyond, in an effort to stay competitive, profitable, and ready to meet new challenges. Industry leaders are examining the workflows and mechanics of technology-driven processes, like data infrastructure, reservations, event planning, inventory control, competitive price setting, and revenue forecasting—and seeking out ways to tie them all together to better serve operations, revenue management, and brand strategy.