ACCOUNTING AND ECONOMICS BASICS FOR HOTELIERS COURSE

Course Overview

Understanding the basics of economics and how they apply to revenue optimization in the hotel industry is a prerequisite to learning about the market and how it impacts a hotel’s revenue optimization strategy.  The economic environment has a direct relationship with, and impact on, hotel pricing and revenue optimization strategies. Therefore, understanding the fundamental components of economics, including supply and demand and price elasticity of demand, is essential for all involved in developing a hotel’s revenue optimization strategies.

What you will learn

• Explain the different types of costs incurred by hotels
• Calculate gross and net profit and profit margin
• Understand the concept of breakeven
• Describe how the supply and demand relationship in hotels is different from other industries
• To comprehend how supply and demand impact a hotel’s revenue optimization strategy
• To understand the basics of microeconomics and how can impact a hotel’s performance

• To understand the key elements of how the revenue meeting impacts the important decisions the commercial team makes;
• To understand the importance of the Revenue Meeting and how it contributes to the culture across the business.