The hospitality industry is one of the most profitable in the world. It also happens to be one of the most competitive. There are situations when a financial crisis can occur for your hotel – to the point where the likelihood of hotel survival is questioned constantly.

At that point, it’s sink or swim. It is possible to “swim” and this guide will show you how to get it done. You’ll learn plenty of tips on what you need to do for your hotel to survive in the event of a financial crisis.

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If you own a hotel or manage a hotel team, you probably know that hotel management can make or break your business. Luckily, with all the new hotel technology that is available to you, it can be easy to see how your management team is performing.

You might be wondering if there are easy ways to tell if your management team is doing its duties. You can check the following signs to ensure your team is running well.

Your Average Daily Rate is High

The average daily rate or the ADR is the average rate per occupied room.

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When you have a business you sometimes need assistance with the growth of the business. Owning a business is a lot of work, and doing it alone can be daunting. If you are looking to grow your business you may need assistance. Business expansion consulting is a great place to start when you are ready to grow your business. If you want to know what business expansion consulting is and how it can help your business, continue reading below.

What Is Business Expansion Consulting 

Business expansion consulting is a firm that a business hires to help with growing its revenue.

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The last few years have been a big eye-opener for businesses. When the pandemic hit, many people were left in a bad place with their businesses. Many businesses closed temporarily when COVID hit, and some businesses even had to close down permanently. Since the beginning of the pandemic, business owners have been looking to get back on their feet and find a new sense of normal. 

Things were looking better for many businesses, then at the end of 2021, a new strain called Omicron hit. Omicron is causing another surge in infections and hospitalizations.

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If you own a restaurant, it’s obvious you’re more focused on money. How much is going in, how much is coming out, equipment costs, advertising costs, and so much more! However, there’s often a single trick that most restaurant owners don’t think of when it comes to money. This trick concerns the most important thing to a restaurant:

Food and food costs.

Most restaurants tend to focus on bulk costs. They know that 40 pounds of hamburger meat make a certain number of patties and that it costs a certain amount to buy every day. 

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Hotel Reflagging is when a hotel changes its brand. So a hotel that has always been a ‘Holiday Inn’ might reflag one day and become a ‘Hilton.’  Or the local Hilton might become its own independent hotel chain. 

To understand why hotels do this and the costs involved from these reflagging and de-flagging attempts, we must understand how hotels and their hotel chains work.

Before we get started, it’s important to understand that most hotels do have a flag outside of their buildings. In most cases, they fly the flag off their brand, but some hotels have national flags that signify that everyone is welcome in their building. 

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Rebranding can be a challenge, no matter what industry you are in. Hospitality rebranding is definitely challenging, but if done correctly, it can help launch your hotel into a new, better normal. There are a lot of reasons to rebrand your hospitality business from pricing and economic concerns to bad PR on your existing business.

The opportunity to rebrand your hotel or another hospitality business is a chance like no other. You are going to gain the attention of many, as you promote and publicize your rebrand well in advance of its completion.

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Sadly, many hospitality businesses are struggling right now. With the spread of the pandemic, many people are choosing to stay home. Are you worried about how your business is going to survive? Here are some vital tips to make sure that your business survives the crisis.

Understanding How the Market is Changing

The best way to ensure your business’s survival is you need to work to understand how the market is changing. With decreased travel, you should be doing everything you can to keep in contact with customers and keep them engaged- you do not want them to forget that you exist.

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Many in hotel management are worried about the coronavirus pandemic shutting down their businesses. With large gatherings being canceled, tourists are no longer checking in. Guests are changing plans, or outright canceling them. How should you respond for your best chance at hotel survival?

Here are 8 ways for hotels to survive the coronavirus pandemic.

1. Have a Plan

Set up a standard procedure for operating in a recession- this will also apply to the pandemic. The plan should be based on the long-term.

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When you run or own a hotel, you want it to be a popular destination for all vacationers and business travelers , known for its excellent customer service and top notch amenities. While your first thought might be to lower room rates to get more guests in the door, it is not a viable long term solution. It is not likely you will be able to book enough rooms to offset the lost revenue. There are other strategies that are better at creating demand and improving for brand awareness.

Here are 11 hotel marketing tips to increase bookings:

1.

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