Hotel Accounting Services by Prism
Experts agree that the hospitality industry is on the rebound and revenues are forecast to improve for the next several years. How much of this additional revenue flows to the bottom line will be the true measure of success. Historically, expense increases proportionately outpace revenue increases during times of recovery following an industry wide decline. Efficiencies that might have been gained during the belt tightening of the last four years can easily be diluted or lost in the euphoria of rising RevPars. The customer is now more discerning and demands value. The best run properties will be able to deliver the best value and still make a fair profit, thereby commanding their respective markets.
Helping properties to do so is the goal of Prism Hotels & Resorts. If you aren’t in a position to bring in Prism’s full third party management services, but could benefit from asset management, or an enhanced focus specifically on hotel accounting services, we have a platform to assist. In many occasions, the operating entity can become “too close” to the operation and Prism’s advisory services can act as a checks and balances to collectively drive success (and peace of mind) for the owner.
We have extensive experience with distressed hotels and resorts requiring fast turnarounds and stabilization. Conversely, we have the expertise and direct experience with stabilized, upper-upscale properties as well. Regardless of your investment goals, we can help with our hotel consulting services. We can provide the following services as special projects or continuing asset management.
Consistent monitoring of results of operations is the key to insuring financial projections are met. Identifying variances to projections is half the task. Remedial action is the key to staying ahead of the challenges presented by constantly changing and unforeseen impediments to your financial goals. To assist you in this regard we offer the following services:
- Monthly operating results review
- Trend analysis – Early warning system
- Report card
- Benchmarking standards
- Forecast variance analysis with recommendations
Accurate forecasting is vital to effective expense control. The more accurate the forecast the more efficiently you can deliver the product and services your guests expect. We provide the following services.
- Forecast models and methods
- Labor controls
- Business plan development
Prism Hotels & Resorts can provide a wide range of financial services including the following:
- Hold / Sell analysis
- Acquisition / disposition assistance
- Capital Improvement planning and analysis
- Contract negotiation