Journal Issue: Journal of Hospitality Financial Management: Volume 19, Issue 1
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2011 – A Mid-Year Review for Restaurant Firms
(2011-07-01) Sheel, Atul
The restaurant industry has shown a steady growth since its recent recessionary trough in 2008-2009. Per the latest NRA report, the outlook for this industry appears extremely positive for 2011, with the total annual sales expected to reach a record high of $604.2 billion for the first time in the history of the US restaurant sector. Wall-street experts, however, feel that some serious uncertainties still plague the economic recovery in 2011. Could such economic uncertainties signal rough waters for the recovering restaurant sector in the near future?
Current Trends in Non-Performing Hotel Loan Investments
(2011-07-01) Tutag, Robert; Singh, Arjun J.
Hotel real estate is subject to cyclicality of the broader commercial real estate market. The recent economic downturn resulted in converting several performing hotel loans into non-performing loans. However, a challenge to one hotel investor may present an opportunity to another. The study provides a comprehensive analysis of the historic context, current opportunities and investment strategies in the non performing hotel market. The study reveals that similar to the last major downturn in the real estate cycle, a confluence of regulatory, economic and political events brought the market once again to this juncture in 2008. The players, processes, motivations and investment strategies and transactions are discussed in detail. As such the paper provides a clearer perspective of current trends in non-performing hotel loan investments.
Digitizing Financial Reporting: A Profile of Early Hospitality Industry XBRL Adopters and Implications For the Industry
(2011-01-01) Jackson, Leonard A; Kwansa, Francis
XBRL has digitized the financial reporting landscape and continues to gain prominence in global financial reporting jurisdictions because of its ability to improve the financial reporting supply chain. This study identifies and develops a profile of early hospitality XBRL adopters and offers implications and suggestions that address the issues of data security, possible reasons for early adoption by some companies and the impact of XBRL on the uniform systems of accounts for the hospitality industry. As such the use of XBRL in the hospitality industry is better understood.
Financial Structure and Profitability Analysis of Greek Hotels
(2011-04-13) DIAKOMIHALIS, MIHAIL N
This study examines the financial structure and profitability of various categories of Greek hotels for the 2005-2007 period, three years following the 2004 Olympics in Athens and just before the 2008 economic crisis in Greece. The research sample consisted of 146 private two, three, four and five star hotels. Various ratios relevant to the financial structure and profitability of hotels were explored. Results revealed significant differences in the means of most financial ratios of the four Greek hotel categories, except for some ratios such as gross profit margin and net profit margin. Five star hotels in Greece recorded larger net profits and used a larger percentage of lending capital relative to hotels in other categories. While four star hotels in Greece registered significantly higher operating costs relative to hotels with two or three stars, short term financing seemed to decrease for hotels with more stars. As such, the financial attributes of hotels in Greece are better understood.
Labor Productivity - The Use of Staffing Guides and Other Productivity Methods in U.S. Hotels: A Survey Study
(2011-07-01) Dougan, James W
This paper examines the issue of labor productivity in hotels. It elaborates on various measurement methods used by American hoteliers including staffing guides, with a special focus on productivity standards. Advantages of physical, financial and mixed methods such as percentage methods, revenue per employee, value-added, Data Envelope Analysis and Stochastic Frontier Analysis are discussed. While the use of percentages and staffing guides were found to be commonplace, results revealed that some fairly stable standards were already in place in the surveyed hotels. Results also revealed that at least in the surveyed companies, few hoteliers attempted to monitor or improve revenue per employee, focusing instead on physical labor inputs and outputs or simple labor percentages.