Five Tips to Tackle Hotel Costs

HotStats | November 1, 2021

Between the rising cost of labor, decreased demand and ever-changing COVID-19 protocols, hotels have taken numerous hits to profitability. Conditions likely are going to remain challenging for some time to come, but Chris Cylke, COO of asset manager RevPAR International, has a quintet of tips for hoteliers to manage costs more effectively. 1. Review Contracts should be reevaluated, Cylke advised. That may sound like a replay from the early days of the pandemic, but the time has come to once again renegotiate. “Due to the limited availability of goods and labor, costs are rapidly rising, but rebidding contracts ensures that each vendor ...