Financial Benchmarking Your Resort & & U.S. Resort Industry Overview Presented by Mark Woodworth [email protected] Robert Mandelbaum [email protected] Presentation Outline
Industry Overview Benchmarking defined When did benchmarking start? How to benchmark! Why use benchmark$ Resort financial benchmarking Uniform System of Accounts Methods of financial comparison Case study HRGs Benchmarker
U.S. Resorts Annual Change In Total Revenue 12% 8% 7.1% 6.5% 8.9% 8.6% 5.0% 5.2% 4% 2.5%
2003 EST 2004 PROJ All Hotels Note:* - Before capital reserve, rent, debt service, income taxes, amortization, and depreciation Source: PKF/HRG Trends in the Hotel Industry Comparative Operating Performance Other Property Types 2003 Estimates Total RevPAR % Rooms Revenue % F&B Revenue
% Other Operated Revenue Total Payroll and Related Costs % Operated Dept. Income Income Before Fixed Charges N.O.I.* % Revenue N.O.I.* $ PAR Resorts $66,257 56.3% 33.1% 8.8% 33.7% 54.9% 31.2% 23.6% $15,623 Full Service $36,435
65.5% 28.7% 3.0% 33.9% 58.0% 30.9% 23.3% $8,502 % - Percent of total revenue * - Before capital reserve, rent, debt service, and income taxes. Source: PKF/HRG Trends in the Hotel Industry Limited Service $14,739 96.4% N/A 1.7% 25.5%
72.1% 42.5% 32.5% $4,790 Convention $58,417 61.0% 32.2% 3.0% 32.6% 58.3% 36.8% 27.8% $16,217 Comparative Operating Performance Comparable Full-Service Hotels Average Number of Rooms
Occupancy ADR Total RevPAR % Rooms Revenue % F&B Revenue % Other Operated Revenue Total Payroll and Related Costs % Operated Dept. Income Income Before Fixed Charges N.O.I.* % Revenue N.O.I.* $ PAR Resorts 374 66.3% $154.25 $66,257 56.3% 33.1% 8.8% 33.7%
54.9% 31.2% 23.6% $15,623 Full Service 367 66.9% $146.75 $55,957 63.1% 31.1% 2.3% 35.6% 59.0% 32.4% 25.2% $14,049 % - Percent of total revenue
* - Before capital reserve, rent, debt service, and income taxes. Source: PKF/HRG Trends in the Hotel Industry Definition bench-mark-ing Noun (1976): the study of a competitors product in order to improve the performance of ones own company Merriam-Websters Collegiate Dictionary When & Who Started Hotel Benchmarking?
Harris Kerr & Foster [PKF Consulting] Laventhol & Horwath Smith Travel Research The Hospitality Research Group [HRG] Benchmarker The COMP Set vs. Competitive - Sub Market Geography - Top Line - Market Share
Comparable / Criteria - Also Geography - Occ ADR RevPAR - Mix of Revenues - Bottom Line Comparison * Segment * Size * Location How To Benchmark! Subject / Pro Forma Property COMP Set 'A'
Loan Application Insurance loss Tax - reduction Measure management Budgeting Applying Financial Benchmarking To The Hotel Industry Common Language Uniform System of Accounts for the Lodging Industry 9th Edition Current 10th Edition
Release in 2004 For Use in 2005 Uniform System of Accounts Operating Departments Rooms, Food, Beverage, Minor Operated, Rental and Other Income Undistributed Departments A&G, Marketing, P.O.M., Utilities Fixed Charges Management Fees, Property Taxes, Insurance
Methods of Financial Comparison Total Dollars Percent of Department Revenue Percent of Total Revenue Dollars Per Available Room Dollars Per Occupied Room Comparable Property Selection Criteria Property Type
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