Hotel Operators Face Thorny Choices for 2023 Budgeting
25.08.2023 - 14:41
/ skift.com
/ Sean Oneill
Hoteliers are now in the middle of 2023 budgeting. It’s a tricky task given the uncertain forecasts.
For insight, I checked in with Andrea Grigg, who leads the global asset management practice at JLL’s Hotels & Hospitality Group, which manages about 90 hotel assets worth more than $6.8 billion.
Here are some key 2023 insights from Grigg.
Overall, optimism about 2023 seems sensible.
The coming months are a golden moment for many full-service hoteliers.
To regain 2019 levels of profit, hoteliers will have to get better at upselling and cross-selling customers. That way, they can layer in more high-margin revenue on top of the basic room.
Hoteliers should keep labor costs in check.
Hotels that reduced capital expenditures on physical upkeep during the pandemic need to increase spending in 2023.
JLL Hotels and Hospitality will this week release its second annual Global Asset Management Report, offering additional advice and data points for hoteliers.
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