Benchmarks
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 on 'Dashboard' tab.
More numbers
The website what does it cost to build a hotel gives some outlines on the total of investments building a new hotel. This website gives some insights on renovation costs. Looking at KPI's and ratio's in general, check this site.
Of course, any situation is different, any time frame (think of the Covid period) has its own characteristics and requirements.
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