Martijn Barten

💰 A hotel budget is an estimate of revenue and expenditure over a given timeframe, crucial for financial planning. The hotel industry is part of the service sector, focused on temporary accommodation. Effective budgeting involves analyzing historical data, demand forecasting, tracking staff productivity, recognizing operational factors, accounting for incentives, comparing year-to-date performance, and estimating fixed labor attrition. Investments should be made in digital marketing, sustainable practices, and customer-first technologies. Revenue management and pricing strategies are essential to optimize income and should include KPIs such as occupancy rate, RevPAR, ADR, and ARPA. Open pricing can also enhance revenue by offering various price points. Hotel asset management is key for increasing revenue, reducing costs, and improving the guest experience.