Benchmarks: Difference between revisions
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{{General header}} | {{General header}} | ||
== Benchmarks == | == Benchmarks == | ||
Benchmarks are interesting, as they give you | Benchmarks are interesting, as they give you numbers to compare with your own hotel's numbers. In your [[Team File]] the Dashboard tab shows two interesting lines with benchmarks on occupancy rates. If we look at the long term numbers, of course during [[Covid]] the situation was totally different. Still, the long-term numbers are relevant if we look ahead, at the recovery of the industry. | ||
In your [[Team File]] the tab | |||
Check the actual numbers on [https://www.statista.com/statistics/206825/hotel-occupancy-rate-by-region/ Statista, hotel occupancy rate per region]. <br> | Check the actual numbers on [https://www.statista.com/statistics/206825/hotel-occupancy-rate-by-region/ Statista, hotel occupancy rate per region]. <br> | ||
Of course there | Of course, there are big differences depending on the season, political situation, prices and all kinds of other things. On average, hotels of the likes of Emerald Forest will score 50% if we look at the total of a year (before COVID). Information in an individual hotel's dashboard might look like this: <br><br> | ||
[[Image: | [[Image:benchmarks_2021.jpg|thumb|600px|center| <center>''Benchmarks as shown in your hotel's dashboard.''</center>]] <br> | ||
* The first line is the benchmark | * The first line is the benchmark of the hotel industry as a whole. So, an average | ||
* The second line shows the top-performing city hotels in the world. | * The second line shows the top-performing city hotels in the world. | ||
* The blue bars are the results of the heavily under-performing hotel in this example. | * The blue bars are the results of the heavily under-performing hotel in this example. | ||
This gives you some perspective on the occupancy rate you | This gives you some perspective on the [[occupancy rate]] you can or should realize each year. When you take over, the [[occupancy rate]] is 50%. <br> | ||
Other interesting [[ratios]] can be found on the 'Results' tab and the 'Dashboard' tab. | |||
== More numbers == | == More numbers == | ||
The website [https://www.fixr.com/costs/build-hotel what does it cost to build a hotel] gives some outlines on the total | The website [https://www.fixr.com/costs/build-hotel what does it cost to build a hotel] gives some outlines on the total investment needed to build a new hotel. [https://assetsamerica.com/hotel-renovation-costs-companies/ This website gives some insights] on renovation costs. To see KPI's and ratios in general, check [https://businessblog.trivago.com/revenue-management-tips-small-hotels/ this site].<br> | ||
Of course, any situation is different, any time frame (think of the [[Covid]] period) | Of course, any situation is different, and any time frame (think of the [[Covid]] period) has its own characteristics and requirements. <br><br> | ||
<hr> | <hr> | ||
''→ GO! [[#top|top of this page]]'' | ''→ GO! [[#top|top of this page]]'' | ||
<center><small>''Emerald Forest Hotel'' | <center><small>''Emerald Forest Hotel'' offer an <font color="green">'''emerald''' </font color="green">hotel experience! | ||
| Run your own hotel in this management simulation.</small></center> | | Run your own hotel in this management simulation.</small></center> | ||
Latest revision as of 14:31, 5 September 2023
Benchmarks
Benchmarks are interesting, as they give you numbers to compare with your own hotel's numbers. In your Team File the Dashboard tab shows two interesting lines with benchmarks on occupancy rates. If we look at the long term numbers, of course during Covid the situation was totally different. Still, the long-term numbers are relevant if we look ahead, at the recovery of the industry.
Check the actual numbers on Statista, hotel occupancy rate per region.
Of course, there are big differences depending on the season, political situation, prices and all kinds of other things. On average, hotels of the likes of Emerald Forest will score 50% if we look at the total of a year (before COVID). Information in an individual hotel's dashboard might look like this:
- The first line is the benchmark of the hotel industry as a whole. So, an average
- The second line shows the top-performing city hotels in the world.
- The blue bars are the results of the heavily under-performing hotel in this example.
This gives you some perspective on the occupancy rate you can or should realize each year. When you take over, the occupancy rate is 50%.
Other interesting ratios can be found on the 'Results' tab and the 'Dashboard' tab.
More numbers
The website what does it cost to build a hotel gives some outlines on the total investment needed to build a new hotel. This website gives some insights on renovation costs. To see KPI's and ratios in general, check this site.
Of course, any situation is different, and any time frame (think of the Covid period) has its own characteristics and requirements.
→ GO! top of this page
