alex sogno
Take Charge of Your Capital: You May Think You Are, But This May Not Be the Case
Alex Sogno | July 28, 2020
By Alex Sogno As you’re reading this, regardless of where in the capital stack you sit, you probably have a stronger than usual desire to know exactly what’s going on with the underlying asset, the cash flow, the promised CapEx program, the debt covenant compliance, and how badly you mispriced your risk (you’re not alone). Your focus is likely on re-balancing your risk/return proposition the best you can, by either 1) increase your return or 2) decrease your risk. During these Corona days, the most likely strategy to succeed would be the latter. Or is it? Given the right agreements with the right parties, and a shared understandin...
Cybersecurity Guidelines: Protect Your Business When Working Remotely
Alex Sogno | June 22, 2020
By Alex Sogno In the first half of 2020, Marriott International announced they had experienced a data breach, putting the personal data of 5.2 million guests at risk1. While this number dwarfs in comparison to the data breach of the 500 million Marriott and Starwood guests in late 20182, the message is clear: Hotels are a target for threats and need to focus on protecting their employees and guest data. With the advent of COVID-19, your company’s cybersecurity is at higher risk. As employees worldwide switch to working from home, the dangers associated with mobile devices, remote access to core business systems and poor online practic...
Impact of COVID-19 on Hotel Insurance Premiums: Are Refunds Possible?
Alex Sogno | June 5, 2020
With many hotels closed worldwide, hotel owners and investors are rightfully looking to their insurance policies for compensation after the pandemic. This article focuses on how to go about adjusting the settings on premiums in order to secure justifiable rebates. By Alex Sogno Much has already been written about insurance issues arising from the Covid19 virus. With many hotels closed throughout the world, it’s inevitable that hotel owners/investors are looking to their insurance policies for compensation under the Business Interruption section. But, sadly, for almost all hotels the probability is that their Business Interruption wordin...
Covid-19 Crisis Forces Hoteliers to Review Their Human Resources Strategies
Alex Sogno | May 13, 2020
By Alex Sogno Does the leisure and tourism workforce need to be rescued? Considering the industry contributes 10.4% of global GDP, supporting one in ten jobs on the planet [i], we can affirm that the tourism industry is one of the principal job providers. Furthermore, business recovery is expected to be slow: the UNWTO has estimated a 20%-30% global decline in international tourist arrivals [ii]. Major hotel chains are reducing their workforce. The business is performing 50% below normal levels in the European market and Asia Pacific, excluding China [iii] ; Marriott’s CEO Arne Sorenson said that the hotel business was running almos...
Best Practices for Reassuring Your Customers and Employees During the Closure of Your F&B Outlets
Alex Sogno | May 12, 2020
By Alex Sogno During this disruptive time, most hoteliers and F&B managers agree on one thing: A not-so “business-as-usual” future will follow the current changes. We know that as the hospitality industry begins recovering from COVID-19, there will be many new challenges ahead. But what can be done with F&B outlets now, to come out of this crisis stronger and better prepared for these future changes? Together with industry experts, we compiled best practices for providing reassurance to customers and employees during the closure of your F&B outlets. Furthermore, we offer you some suggestions on how to build up relationships...
A Crisis Management Framework to Leverage Your Housekeeping Department in COVID-19
Global Asset Solutions | May 6, 2020
By Alex Sogno With many hotels already closed, the first step of reacting to this crisis has been completed. This critical action hits pause on numerous cash outflows. Therefore, we suggest a financial restructuring framework [1] as a crisis response approach to look for what to do next. Now is the time to stabilize your employees, develop and implement your reopening plan to come out of these challenging times stronger than before. While often not at the forefront of hotel owners’ or asset managers’ minds, housekeeping is arguably one of the most important departments. After all, the housekeeping team takes care of the “house...
People Management During COVID-19
Global Asset Solutions | April 28, 2020
By Alex Sogno An industry of people taking care of people; Ladies and Gentlemen Serving Ladies and Gentlemen; People, Product and Profit. Whichever way you phrase it, people are at the core of hospitality. As a service-focused industry, our product is inseparable from the person delivering it. Therefore, a hotel’s success depends on how motivated, happy and engaged their employees are as this directly affects its product. So how does a people-focused industry take care of their people during COVID-19? 1. Communication is Key (even when it’s virtual) We’ve all heard it a million times, especially now when we cannot be face-to-face: ...
Easy to Use Key Points for Independent Hotels During the Current Pandemic
Paloma Guerra | April 17, 2020
By Paloma Guerra & Alex Sogno In Europe, we have seen that the large hotel operating companies have been as supportive as possible to their hotel teams, providing profit protection plans, business continuity plans and other useful guidance. This article is for independent hotels, which represent a large segment of our industry in Europe. Whether your hotel is closed or remains open, please see the strategies and tools below on how to deal with the current crisis. “Barbam propinqui radere, heus, cum videris, prabe lavandos barbula prudens pilos”, (roughly translated as “If you want to make peace, prepare for war”). This Latin ...
