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Posted by Verdant

17 Essential KPIs Every Hotelier Should be Tracking

As a hotel manager, it’s important to be aware of key performance indicators (KPIs) and understand what they mean. This will help you track your hotel’s performance and identify areas for improvement.

What Are KPIs and Why Are They Important?

Key Performance Indicators (KPIs) are important metrics that hotel managers use to measure the performance of their hotel. Measuring these metrics enables managers to track progress over time, and make changes where necessary to improve their hotel’s performance.

There are many different KPIs that can be tracked, but the 17 most common ones are listed below. These KPIs can be used to measure a hotel’s performance in the following areas:

– Revenue

– Occupancy

– Food and Beverage Sales

etc.

As the hotel industry continues to recover and adapt to new market conditions the wake of the pandemic, it’s more important than ever that hotels closely monitor their KPIs to ensure their continued growth and success. Specifically, new technologies have given the hospitality industry new ways to measure and optimize their performance, and use that intelligence to streamline operations and increase profitability.

On the one hand, new technologies are making it possible to measure hotel performance in ways that were previously beyond our grasp. On the other hand, these new technologies are allowing hotel operators to refine how they measure a number of core KPIs that have always been fundamental indicators of how profitable a property is.

Indeed, the more a business can measure, the more it can improve its efficiency, and hotels are now able to quantify and measure KPIs that go beyond the traditional occupancy-based metrics. And these KPIs extend from daily operations to financial performance to marketing and customer service.

As new technologies give the hospitality industry new ways to measure and optimize its performance, it’s more important than ever that hotels closely monitor their KPIs, and use that intelligence to optimize their operations and increase profitability. On the one hand, new technologies are making it possible to measure hotel performance in ways that were previously beyond our grasp. On the other hand, there also remains a number of core KPIs that are still fundamental indicators of how profitable a property actually is.