The Cost Of Labor
Do You Know How Much Labor Costs Affect Your Bottom Line?
According to CoStar, "Labor is typically one of the highest expenditures for hotels, representing, on average, 49% of total industry costs worldwide", so "managing labor cost efficiently is critical". Visit our parent company at costargroup.com
Spend Money To Make It
It's Time To Bring Back Perks That Will Set Your Hotel Apart.
Joseph Rael, STR's Senior Director of Financial Performance, states "Profit margins have held strong"…and "hotels have brought back services, amenities and F&B operations that were previously reduced, which have increased profits". Adding, "catering & banquet revenue" has been improving "due to rising…demand." Data solutions and insights available at str.com
Rising Of Room Rates
What Does The Cost Of A Room Mean For Your Bottom Line?
Comparison data between July 2019 and July 2022 from STR shows that "The U.S. hotel industry reported record-high monthly room rates on a nominal basis" at US$159.08 (+17.5%) in July 2022 compared to July 2019, and revenue per available room also increasing US$110.73 (+11.2%). Data solutions and insights available at str.com