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armanyleblanc767

Data Security in Hospitality: Risks and Best Practices - 0 views

hospitalityinsights.ehl.edu/-in-hospitality-best-practices

technology hospitality hotel software business tech

shared by armanyleblanc767 on 14 Mar 20 - No Cached
  • Best practices for companies in the hospitality sector to protect data include:
  • Always encrypt payment card information. Operate a continuous training program in cybersecurity to maintain a well-trained workforce. Always adhere to relevant regulations, such as PCI DSS. Use cybersecurity measures such as firewalls, network monitoring, anti-malware, and traffic filtering to protect against common threats. Conduct tests against your organization’s cybersecurity defenses in which you mirror the behavior of an actual hacker. Know where your data is and enforce the principle of least privileges to limit access to sensitive information.
  • From the perspective of cybercriminals, hospitality appears to offer an ideal target vector for conducting crimes such as identity theft and credit card fraud due to the existence of multiple databases and devices containing both Payment Card Information (PCI) and Personally Identifiable Information (PII).
  • ...23 more annotations...
  • five of the biggest data security concerns in the hospitality industry and highlights some best practices for protecting hospitality data.
  • Data Security Concerns in Hospitality
  • complex ownership structures
  • groups may use different computer systems to store information, and the information can also frequently move across those systems.
  • Reliance on Paying By Card
  • t was reported in 2017 that out of 21 of the most high-profile hotel company data breaches that have occurred since 2010, 20 of them were a result of malware affecting POS systems.
  • can go unnoticed for months.
  • High Staff Turnover
  • In the U.K., for example, the job turnover rate in hospitality is as high as 90 percent.
  • challenge to maintain teams of well-trained staff.
  • Compliance
  • Insider Threats
  • t involves employees selling data to third parties without the knowledge of the organization that employs them.
  • Hotels, motels, resorts, and rented apartment complexes all gather and electronically store a range of sensitive personal guest data, such as names, phone numbers, addresses, and credit card details.
  • A case in point was the Wyndham Worldwide breaches of 2008 and 2010. Hackers gained access to the systems of an individual operating company through easily guessed passwords, and the attack easily proliferated through the entire corporate network, with the result that 619,000 customers had their information compromised.
  • Each of these groups may use different computer systems to store information, and the information can also frequently move across those systems.
  • ospitality appears to offer an ideal target vector for conducting crimes such as identity theft and credit card fraud due to the existence of multiple databases and devices containing both Payment Card Information (PCI) and Personally Identifiable Information (PII).
  • ybercriminals use this reliance on cards to infect point-of-sale (POS) systems with malware that steals credit and debit card information by scraping the data
  • The high level of turnover and high degree of staff movement between different locations makes it a real challenge to maintain teams of well-trained staff
  • While GDPR protects individual data within the EU and EEA, its ramifications have rippled through industries globally, and organizations are realizing the need to put greater compliance measures in place. PCI DSS is another important global regulation that protects credit card data, and fines for non-compliance begin at $500,000 per incident. The risk here is not just to data security but to the future survivability of hospitality companies, many of which would not be able to absorb the s
  • This type of data risk is more subtle and it involves employees selling data to third parties without the knowledge of the organization that employs them
  • Always encrypt payment ca
  • rd information. Operate a continuous training program in cybersecurity to maintain a well-trained workforce. Always adhere to relevant regulations, such as PCI DSS. Use cybersecurity measures such as firewalls, network monitoring, anti-malware, and traffic filtering to protect against common threats. Conduct tests against your organization’s cybersecurity defenses in which you mirror the behavior of an actual hacker. Know where your data is and enforce the principle of least privileges to limit access to sensitive information.
  • duyingli on 14 Mar 20
     
    This article highlights several important security issues in the hospitality industry, followed by the practice of protecting data from loss. The data structure of the hotel industry is complex, customers mainly use bank cards to pay, and the staff turnover rate is high. There are certain internal threats. In order to solve these problems and avoid data loss, it is not enough to strengthen network security. It is also important that employees are trained and familiar with and comply with relevant regulations.
  • ...3 more comments...
  • cdamo003 on 23 Feb 22
     
    Data security is a major issue in the hospitality industry. A lot of personal information is stored on the computers specifically credit card information of the guests staying at the hotel. It is the responsibility of the hotel to ensure that the data is protected. High turnover rate in the industry can make this an even bigger challenge. Ensuring that your staff is properly trained to ensure the highest level of security is maintained is highly important.
  • Danaisy Abascal-Yero on 17 Jun 22
     
    This article speaks about the data security concerns in hospitality. Restaurants, hotels, and other companies in the hospitality sector often have complex ownership structures in which there's a franchisor and a management company that acts as the operator. Businesses use different computer systems to store information. The nature of the hospitality industry is such that it is extremely reliant on cards as a form of payment. Cybercriminals use this reliance on cards to infect point-of-sale (POS) systems with malware that steals credit and debit card information by scraping the data. A vital part of protecting data is training staff to securely gather and store personal information. Well-trained staff also know how to recognize social engineering attempts and they understand an organization's compliance requirements. Data security risks in the hospitality industry extend far beyond the reputation hit that a hotel can take if guests' data is compromised. Industry and political regulators are becoming stricter in governing how organizations process and store personal data. Some of the best practices for companies in the hospitality industry to use are: always encrypt payment card info, operate training programs in cybersecurity regularly to keep everyone informed, adhere to regulations, know where the data is, and enforce limit access to sensitive info, and more.
  • slain006 on 03 Oct 22
     
    This article explains how data security is at an all time high in the hospitality industry. Focuses on the 5 security concerns and what are some practices that leadership can help employees detect when someone is trying to hack into sensitive information. Also, making sure employees are in compliance with company policy when leaving the company if they have access to sensitive data and making sure employees are not using to their advantage when leaving the company.
  • kspac001 on 04 Oct 22
     
    Hospitality offers an ideal target vector for conducting Cyber crimes such as identity theft and credit card fraud due to the existence of multiple databases and devices containing both Payment Card Information (PCI) and Personally Identifiable Information (PII). Restaurants, hotels, and other companies in the hospitality sector often have complex ownership structures with an individual owner or group of owners, and a management company that acts as the operator. Each of these groups may use different computer systems to store information, and the information can also frequently move across those systems.
  • armanyleblanc767 on 23 Jan 23
     
    In this article, we learn about the top five data security risks as well as best practices to help prevent data breaches. According to the article, the hospitality industry is a prime target since it stores a vast amount of sensitive guest information like names, phone numbers, addresses, and credit card numbers. Some of the five risks included complex ownership structures, reliance on paying by card, and insider threats to name a few. In order to avoid these threats, the article suggest that companies become PCI compliant, use cybersecurity measures like firewalls, and know where exactly their data is stored.
anonymous

Merlin launches RCI Property Management System interface - 0 views

www.rciventures.com/...ty-management-system-interface

business tech solution restaurant

shared by anonymous on 11 Feb 13 - No Cached
  • Merlin Software has started 2013 ahead of the game with the launch of an RCI interface that streamlines processes for affiliates.
  • Merlin customers that are RCI affiliates are now able to access: • Real time deposit verifications with little or no manual processes • Inbound guest lists automatically entered in to the Merlin system • Inbound guest reservations automatically booked • Timesaving in assigning units for inbound guests, and • Improved check-in process for resorts.
  • anonymous on 11 Feb 13
     
    Merlin Software has launched a new property management system software for Vacation Ownership. The software uses RCI interface and is one of the first to use the RCI interface for PMS. RCI launched Deposit Simplification Interface in 2012, which linked its system to an external property management system. Merlin Software is one of the first companies to use this link in a PMS. Users of Merlin's newest software can make deposits, which will be automatically validated and deposited into the cloud based software. I think this is an interesting software development in the PMS world. The ability for real time deposit verification makes the customers life easier because they will know if their deposit went through or not. I feel the system is easier since much of it is automatic and can help save time because inbound guest lists and reservations will enter the system in real time. This is a system many people can take advantage of from resorts to multi-site complexes. It makes vacation ownership easier for individuals.
  • anonymous on 12 Feb 13
     
    This article is about Merlin Software's newest addition, Merlin Software for Vacation Ownership. This property management software is ideal for everything from single site resorts to multi-site developments. It's also the first cloud-based software served on demand. It's accessibility allows users to access the service through any internet connection."Our team worked incredibly hard on this project because we understood the huge benefits it can bring to our clients who are RCI affiliates," said Mike Pnematicatos, chief architect at Merlin Software. I think that Merlin Software for Vacation Ownership will prove to be very beneficial for the hospitality industry. The ability to have a cloud-based service will allow for seamless remote access for management. In addition, the software will streamline the process of placing new products in the marketplace and creating appropriate marketing packages.
Ruoxi Wang

[Update] Global Hospitality Accounting System Project - HFTP Connect - 0 views

blog.hftp.org/lity-accounting-system-project

accounting hospitality

shared by Ruoxi Wang on 20 Oct 12 - No Cached
  • ecognizing that operating hotels is a global industry, HFTP determined that there is not a globally accepted method that financial professionals, ownership structures, investors and benchmarking information services can use to support efficient operations. There is also not a globally accepted method to monitor investment performance from region to region without significant assumptions and data mining.
  • Currently, research is being conducted into current practices. This research will identify who is doing what in different parts of the world, with a view to establishing best practice and providing practical guidance for students, practitioners and professionals involved in the industry.
  • In order to create a global resource for the hospitality finance industry, Hospitality Financial and Technology Professionals (HFTP®) began development on a global hospitality accounting system users guide this past March. Recognizing that operating hotels is a global industry, HFTP determined that there is not a globally accepted method that financial professionals, ownership structures, investors and benchmarking information services can use to support efficient operations. There is also not a globally accepted method to monitor investment performance from region to region without significant assumptions and data mining. HFTP’s Global Hospitality Accounting System Users Guide (GHASUG) will address this need. Where does the project stand right now? Currently, research is being conducted into current practices. This research will identify who is doing what in different parts of the world, with a view to establishing best practice and providing practical guidance for students, practitioners and professionals involved in the industry. The guidance will be formulated by industry experts, based on the research findings. To date HFTP has commitments from major information benchmarking companies, hotel corporations, hospitality associations and globally recognized hospitality schools around the world. Once completed, HFTP will make the outcome accessible online, together with analytical tools. It will be available at a minimal cost and users will have the capability to print versions if they desire. The hotel sector currently enjoys the benefits of an accounting structure developed in the USA specifically for the industry.  The Uniform System of Accounts for the Lodging Industry has been widely adopted, principally by US based operating companies, and linked to management contract terms.  HFTP has been involved in this project for many years and will continue to sponsor the 11th edition in support and via a monetary contribution.
  • ...1 more annotation...
  • The Global Hospitality Accounting System Users Guide will provide for a wider community of information users, and demonstrate approaches to the production of alternative analysis of data for hotel performance measurement.
  • Jingjia Zhang on 20 Oct 12
     
    In 01 Mar 12 someone share a article about the global hospitality accounting system. That article talks about how the Hospitality Financial and Technology Professionals (HFTP) are in the process of making a user guide for the global hospitality accounting system. This article is an update that publish recently. It shows where does the project stand right now and what is next for the project. However, the first part of phase one- covering the UK and continental Europe- is now well in progress.
  • ...2 more comments...
  • Sherine Mattison on 20 Oct 12
     
    It has been found by the Hospitality Financial and Technology Professionals that a global hospitality system needs to be developed. They recognized that there is no globally accepted method that can be used to support an efficient operation. "There is also not a globally accepted method to monitor investment performance from region to region without significant assumptions and data mining." The hotel sector in the USA currently has in place an accounting structure, but based on this research that is going on comparison will be made of what is happening globally and they will devise some best practices for persons involved in the industry.
  • Yuting Peng on 02 Mar 13
     
    Hospitality Financial and Technology Professionals began to create a global hospitality accounting system for the hospitality finance industry. Currently, the research is being conducted into current practices. This will give a view to establishing best practice and providing practical guidance for students, practitioners and professionals involved in the industry. Once it is completed, it will provide for a wider community of information users, and demonstrate approaches to the production of alternative analysis of data for hotel performance measurement. Now, the first part is in well progress covering the UK and continental Europe. And the project will still take a further 12 months to complete.
  • Xueling Wang on 04 Mar 13
     
    HFTP's Global Hospitality Accounting System Users Guide will set a global method for hospitality industry.   Recently, research is being conducted into current practices. This research will identify who is doing what in different parts of the world, with a view to establishing best practice and providing practical guidance for students, practitioners and professionals involved in the industry.
  • Ruoxi Wang on 16 Oct 13
     
    Hospitality Financial and technology professionals was developing a global hospitality accounting system in the past year. Their fist step is to cover the UK and continental Europe. The second step is to do search about South and central America and cover them. The third step will begin for China and India, and the last two segments will be Russia and North America. This is quite a large program. If the program was completed, a globally accepted method that financial professional, ownership structure, investors and benchmarking information services can use to support  efficient operations will be formed, and a globally accepted method to monitor investment performance from region to region will also be formed.
Ted Rood

New Hotel Owners Who Relinquish Control to Management Companies Are Putting Decision-Ma... - 0 views

www.marketwatch.com/...-in-the-wrong-hands-2012-07-10

shared by Ted Rood on 15 Jul 12 - No Cached
  • Lawrence Cohen, Executive Consultant and Hospitality Group Leader at Ne
  • w York-area accounting and consulting firm Marks Paneth & Shron LLP, has published a commentary examining the conflicts of interest and dangers hotel owners face when hiring a third-party management company.
  • hotel ownership requires strategic and operational decisions to be made in real time. As such, critical day-to-day decisions that can make or break a hotel's success are often not in the hands of ownership but rather within the purview of the third party management company.
  • ...1 more annotation...
  • The hotel's management staff may not be loyal to the hotel itself but to their employer, the management company -- The owner-franchisor relationship can be a conflict of interest between cost-effectiveness and guest satisfaction -- Hotel owners can benefit by building a team that has relevant hospitality experience and is loyal to the owner
  • Ted Rood on 15 Jul 12
     
    Lawrence Cohen, an Executive Consultant and Hospitality Group Leader recently examined the conflicts of interest that hotel owners face when hiring third party management companies. According to Cohen, owing a hotel requires both strategic and operational decisions to be made in real time. The problem occurs when real estate owners go from owning commercial property to owning hotels and are not used to making decisions on a daily basis. As a result, the most critical daily decisions that determine the success of the hotel do not fall into the hands of ownership but rather to a third party management company. These third party relationships may result in hotel management staff being loyal only to the management company rather than the hotel itself. Hotel owners could benefit by building a team with experience in the hospitality industry and hiring individuals loyal to the owner. 
afost026

Evaluating Hotel and Hospitality Management Software | By Ahmed Mahmoud - Hospitality Net - 0 views

www.hospitalitynet.org/...4067672.html

shared by afost026 on 01 Sep 17 - No Cached
  • stay in-sync with the latest trends
  • This is rather important since trends that are increasingly engaging attention soon can become a standard demand from your guests.
  • assess the direct and indirect costs
  • ...10 more annotations...
  • Total Cost of Ownership
  • bottom-line impact on profitability, asset turnover and a potential effect on stock value.
  • Return on Investment provides the cost justification and motivation for investing in hotel management software.
  • need to calculate the Total Cost of Ownership (TCO) and Return on Investment (ROI) as both of them comes as a handy solution
  • The result of this confusion created a market fragmentation
  • creating immense doubt and confusion in the minds of the IT Managers
  • started a price and promise war
  • he growth in the world economy and the hospitality industry has resulted in a clutter of new Hotel Management software companies vying to increase
  • responsible for maintaining physical room inventory, assignments of guests to rooms, maintaining housekeeping status of rooms, checking guests in and out of rooms, maintaining guest folios, and other functions.
  • Property Management Systems
  • rfern243 on 01 Sep 17
     
    Property Management System functions are commonly used in the hotel and hospitality management software. These functions are responsible for conserving room inventory, maintaining housekeeping status of rooms, checking out guests, and maintaining guest portfolios. PMS has not only started its new software but has also been establishing great doubt and confusion in the minds of IT managers and the decision makers. In evaluating hotel hospitality software they focus on ROI and Total Cost of Ownership. The ROI provides the cost and motivation for investing into the software and also carries intangible assets associated with such decision. The Total Cost of Ownership is basically used to help businesses assess the direct and indirect costs associated with information technology purchases. Consequently, having a lower TCO and a higher ROI are the true defining criteria for the right software choice, which emphasizes not only the benefits but also the intangible need to be considered before making big IT decisions. With this rapidly changing industry, hoteliers should always look for property management tools that will assist in the operations, automate procedures, reduce the risk of human errors and give hoteliers ample time to attend guests.
  • afost026 on 04 Sep 19
     
    This article was about all of the steps hospitality companies have to go through in order to pick the best PMS. Due to the high capacity of Property Management Systems coming from Canada and Europe, decision makers are having a hard time filtering out which ones will be beneficial to the company. Project managers should calculate the ROI and the TCO in order to see how profitable the system will make them.
Godelieve Olibrice

SAI's SynergyMMS Selected by Starwood Vacation Ownership for Enhanced Asset Management ... - 0 views

www.hospitalitynet.org/...4062361.html

shared by Godelieve Olibrice on 20 Nov 13 - No Cached
  • SAI's SynergyMMS Selected by Starwood Vacation Ownership for Enhanced Asset Management and Preventive Maintenance
  • SynergyMMS is a Software as a Service (SaaS) solution designed exclusively for hospitality to enhance asset life and longevity by creating "synergy" between front office, engineering and housekeeping staff for enhanced workflow and communications. Starwood Vacation Ownership offers flexible vacation options from spacious villa accommodations in the best locations in the most sought-after destinations to distinctive experiences around the world—all through Starwood Vacation NetworkSM.
  • extend the lifecycle of equipment, reduce energy consumption, minimize equipment downtime, and reduce guest-reported maintenance requests,
  • ...5 more annotations...
  • By tracking workflow in SynergyMMS for the maintenance of these assets, the tasks are completed efficiently. This also aids in establishing the equipment's useful life, prolonging replacement cycles for equipment, and reducing energy and water consumption.
  • n addition to improving the lifecycle of equipment, SynergyMMS also adds accountability for our Engineering teams,"
  • SynergyMMS not only helps identify what work needs to be done and when — both in the villas and across the entire property — but the system tracks exactly when work is completed. SynergyMMS provides another tool for our engineering leaders to monitor productivity and efficiency of the preventive maintenance program.
  • Hailed as the ultimate solution for today's mobile and multilingual workforce, SynergyMMS offers tools that help hotel maintenance staff work together without increasing demands on their time
  • SynergyMMS is all about time, efficiency, and solving today's most tedious preventive maintenance tasks.
  • Godelieve Olibrice on 20 Nov 13
     
    This is an interesting article about SynergyMMS software which is basically a software aimed at enhancing asset management and preventive management. This software is designed with the hospitality and tourism management in mind since it allows seamlessly communication among various departments of the hotels to improve guests' satisfaction. This system provides real time information about the workflow and maintenance for assigned villas and tracks when the work is completed . Additionally, this system can help monitor water consumption reduce energy consumption enhancing life of equipment cycle have an impact on guest satisfaction ( lower complaints) and less tear down for the hotels.
sigomezsh

Data ownership: The next big issue enterprise IT will have to tackle - 0 views

techgenix.com/data-ownership

Cloud Technology Tech

shared by sigomezsh on 24 May 21 - No Cached
  • The reason why the issue of data ownership has become somewhat unclear is because oftentimes organizations are not in direct possession of their data.
  • Consider how many business applications are currently available as software-as-a-service (SaaS) applications. In most cases, a SaaS provider hosts their SaaS application and also stores the data that the application generates.
  • Whenever possible, organizations should back up their SaaS data. This not only protects the data against accidental loss, but it also provides the organization with a tangible copy of its SaaS data.
  • ...3 more annotations...
  • While it is true that SaaS providers likely store your data on encrypted storage, it is also likely that the SaaS provider maintains control over the encryption keys that are used when accessing the data.
  • A SaaS provider might sell data (or insights into the data) to advertisers, government agencies, research analysts, or even your competitors.
  • After all, data leakage and breaches can have devastating financial consequences, and companies simply cannot afford to take a chance on a cloud provider that plays games with subscriber data.
LU DENG

Benchmark Powers Expansion with Centralized Accounting Platform - 0 views

www.hospitalitynet.org/...4057966.html

shared by LU DENG on 20 Oct 12 - No Cached
  • 3 October 2012 Benchmark Powers Expansion with Centralized Accounting Platform Management by the Numbers: Benchmark Integrates New Properties into Company Management Processes Quickly with ‘Private-Cloud’ Back Office System
  • Successful management comes from by-the-numbers decisions
  • Basing day-to-day management decisions on the numbers is another big part of successful management in today's economy. At one time, we had to wait until month end or later to see property financials. We do not have that luxury today, so we built a centralized 'private cloud' technology hub and data gathering platform. Now our managers make decisions based on month-to-date performance every morning.
  • ...4 more annotations...
  • Benchmark uses the Internet-enabled Profitvue enterprise back office system from Aptech Computer Systems to centralize property accounting
  • Pinkham said. "For example, we use the Profitvue back office accounting system at all our properties, which include luxury resorts, hotels, and conference centers. The system is Internet-enabled, so the only back-office hardware our hotels need is a PC. The same is true for our front office systems. This is a great savings for our owners."
  • This means when we take over a new property we can quickly integrate it into Benchmark's processes. We simply bring in financial team members from our other properties. They are familiar with the system and chart and G/L. It is a simple process for them to logon to Profitvue and create a new entity. We can have the new property up and running quickly without the usual hardware and software installation, and staff training. This saves time and money, and we can turn the property around much faster.
  • Our private cloud strategy benefits our financial stakeholders, management teams, and guests," Pinkham said. "Aptech is an important part of our strategy and operations at all our properties. They understand hotel accounting and Benchmark's business process and are always ready to support our innovations."
  • LU DENG on 20 Oct 12
     
    Having a clear understand of what makes a great hotel, resort, or conference centre and how to run it profitably is an essential part for a successful management company. Benchmark Hospitality International win the market through its day-to-day management decisions on the numbers. They built a  centralized 'private cloud' technology hub and data gathering platform based on which the managers can make decisions every morning while not wait until month end or later to see property financials. The private cloud helps to reduce its ownership costs and to protect data. Benchmark also uses the Internet-enabled Profitvue enterprise back office system from Aptech Computer System to centralized property accounting.  This is technology plays an important part of hotel operations. The Profivue back office accounting system is internet-enabled, so a PC is the only back-office hardware. The same for the front office systems. It is a great saving for its owners. Since Profivue is flexible enough for Benchmark to have a standard chart of accounts and general ledger for all its properties, Benchmark can quickly integrate a new property into Benchmark's processes. It just bring financial team members from other properties, who are familiar with the system and chart and G/L. So a new property can be ran very quickly without the usual hardware and software installation and staff training. Another advantage of this system is that Benchmark's financial stockholders, management teams, and guests benefit a lot from it, so they always support these innovations, which can later stimulate the company's success. Applying new technology in operation management can help company win a larger market share and develop fast.
Sungoo Kang

Hyatt Hotels to add digital upgrades to 60,000 rooms - WGN Radio - 0 views

www.wgnradio.com/...otels-20120316,0,4776173.story

upgrades hotels rooms technology Software

shared by Sungoo Kang on 25 Mar 12 - No Cached
  • Sungoo Kang on 25 Mar 12
     
    Hyatt Hotel Corp., one of the world's largest hospitality companies, announced plans to install iTV platform within the next two years in as many as 60,000 rooms. Guests also can order room service, interact with hotel associates, make restaurant reservations, edit and print documents as well as gain direct access to local dining, shopping, night life, cultural events or attractions all through a dynamic user interface on (the TV. I think this investment will bring a faster delivery of goods and services to clients, increased employee productivity and reduced production costs. To make a good decision on IT investment, firms should take into consideration its long-term performance value before investing on a new technology. Looking at the TCO (total cost of ownership) which is far more than just the sticker price would be the right way to determine whether to invest or not.
Michelle Wilson

COLUMBIA, Md., Feb. 21, 2012: Luxury Property and Residences at Trump Interna... - 0 views

www.bradenton.com/...y-property-and-residences.html

MICROS POS+systems point-of-service technology hotel hospitality

shared by Michelle Wilson on 27 Feb 12 - No Cached
  • Trump International Hotel & Tower® Toronto, which opened on January 31, 2012, has selected the MICROS OPERA Enterprise Solution and the MICROS Restaurant Enterprise Solution (RES) as its primary hospitality technology systems. 
  • MICROS RES was selected for its rich restaurant operations functionality.
  • Trump International Hotel & Tower® Toronto will utilize MICROS's mymicros.net business intelligence platform for robust reporting functionality including mobile reporting capabilities on smartphone devices, the powerful MICROS Workstation 5A (WS5A) point-of-service terminals, and Mobile MICROS handheld units to bring service to its clientele wherever they are enjoying the renowned Trump hospitality.
  • ...1 more annotation...
  • "Our partnership with MICROS for our primary hospitality systems allows us to standardize our technology and corporate best practices across our entire portfolio,"
  • Michelle Wilson on 27 Feb 12
     
    Trump International Hotels & Tower in Toronto has selected to use MICROS Opera and MICROS RES. The MICROS OPERA system includes property management, vacation ownership, and customer information to manage customer data and provides the most advanced technology. Trump selected MICROS RES because of it's rich restaurant operations functionality. Trump is pleased to be working with just one company that provides so much advanced technology. The company looks to gain more efficiency and secure processes and enable employees to provide superior experiences to their clients/guests.
Craig S. Wright

Morgans Hotel Group Reports Fourth Quarter and Full Year 2011 Results - MarketWatch - 0 views

www.marketwatch.com/...l-year-2011-results-2012-02-28

accounting GAAP reports earnings

shared by Craig S. Wright on 04 Mar 12 - No Cached
  • Adjusted EBITDA decreased by $1.1 million from the comparable period in 2010 primarily due to renovations at Delano and Hudson
    • Craig S. Wright
      Craig S. Wright on 04 Mar 12
       
      The company incurred additional expenses.
  • During 2011, the Company sold its ownership interests in five hotels while retaining management and terminated its management and ownership interests in the Hard Rock Hotel & Casino in Las Vegas
  • During 2011, the Company reduced its consolidated debt by approximately $232 million
  • ...3 more annotations...
  • In December 2011, the Company entered into a hotel management agreement for an approximately 360 room Mondrian-branded hotel to be located on the South Bank of the River Thames in London.
  • In February 2012, MHG completed a $10 million renovation at Delano South Beach, which boasts upgraded exclusive bungalows and suites, improved public areas, including the pool, restaurant and bar space, and additional meeting space
  • Adjusted EBITDA was $8.6 million in the fourth quarter of 2011
ernestbailey

Chinese Restaurant Owner Says Robot Noodle Maker Doing "A Good Job!" | Singularity Hub - 0 views

singularityhub.com/...-noodle-maker-doing-a-good-job

automation restaurant tech menu

shared by ernestbailey on 03 Sep 13 - No Cached
  • ernestbailey on 03 Sep 13
     
    Restaurateur's evaluation of machines purchased in move to automate noodle making process in business units owned. Owner reports that machines are working proficiently and cost of ownership provides good ROI vs human wages. Also mentioned were projected cost advantages achieved through greater economies of scale vs variable cost that would be incurred utilizing human-based alternative.
  • ernestbailey on 03 Sep 13
     
    Foodservice automation technology: Robot Serves Up 360 Hamburgers Per Hour | http://bit.ly/18p0HoW SushiBot Serves Up An Order Of 3,600 Per Hour | http://bit.ly/14gEmg3 Foodservice automation technology issues: Fast food strikes NYC | http://nbcnews.to/175TET1
  • Bing Kwok on 04 Sep 13
     
    Noodle Power Rangers! Only thing I am worry about is the sanitation standards, not to mention you have no idea what goes inside that noodle dough mix. Other than that, cute little robot with automation technology in food production.
Donald Wojciechowski

Red Lion Hotels Completes Expansion of Its Credit Facility with Wells Fargo :: Hotel Fi... - 0 views

www.hotelflow.com/Facility_with_Wells_Fargo.html

Accounting & Finance

shared by Donald Wojciechowski on 29 Jul 13 - No Cached
  • Red Lion Hotels Corporation (NYSE: RLH) announced last Thrusday that the company has completed the expansion of its credit facility agreement with Wells Fargo Bank
  • Under the secured facility, Red Lion Hotels obtained $45 million in a term loan with a 15-year amortization maturing in June 2018.
  • Proceeds from the term loan were used to refinance approximately $38 million in maturing CMBS debt and pay expenses in connection with the transaction.
  • ...2 more annotations...
  • "Since June 2011, Red Lion Hotels has reduced its debt by over $58 million and purchased $37 million of leased properties using proceeds from the sale of assets," said Shiflett
  • The Red Lion Hotels and Red Lion Inn & Suites network is comprised of 51 hotels with 9,088 rooms and 471,687 square feet of meeting space. The Leo Hotel Collection is comprised of one hotel with 2,956 rooms and 220,000 square feet of meeting space. The Company also owns and operates an entertainment and event ticket distribution business.
  • Donald Wojciechowski on 29 Jul 13
     
    This article discusses how red lion hotels secured a $45 million loan the 15 year amortization maturing in June 2018 proceeds were used to refinance maturing debt and pay expenses in connection with the transaction. The transaction is being done with Wells Fargo. Red lion hotels Corporation is a hospitality company that is engaged in ownership franchising and operation hotels in 10 states is of May 29 they had 53 hotels system wide
annastone

http://www.hospitalitynet.org/news/4060662.html - 13 views

Six technology trends revolutionizing the hospitality industry include but are not limited to SaaS, Mobility, Social, Personalized Systems, Integration, and Globalization. McIndoe points out that i...

technology hospitality tourism

started by annastone on 13 Jan 15 1 follow-up, last by annastone on 15 Jan 15
adel168

CHMWarnick Expands Accounting Services for Hotel Asset Management Clients | Hotel Business - 0 views

www.hotelbusiness.com/hotel-asset-management-clients

accounting services management hospitality

shared by adel168 on 26 Feb 19 - No Cached
  • this marks its formal entry into the space, making it the only third-party hotel asset management company providing full owner-entity accounting capabilities.
  • “CHMWarnick is the first and currently only asset management firm that provides a full suite of accounting services tailored to hotel owners,” said Celeste Cloutier Ledoux
  • Having this accounting expertise in-house also has proven to further elevate the firm’s asset management capabilities and effectiveness in delivering value for hotel owners.
  • adel168 on 26 Feb 19
     
    CHMWarnick has become the only third-party hotel asset management company providing full owner-entity accounting capabilities as it has expanded its accounting services available to asset management clients. It's ownership accounting include several services that have proven to further elevate the firm's asset management in delivering value for hotel owners.
delaneyverger

Evaluating Hotel and Hospitality Management Software | By Ahmed Mahmoud - 0 views

www.hospitalitynet.org/...4067672.html

software hotel hospitality management technology business

shared by delaneyverger on 27 Aug 16 - No Cached
  • The growth in the world economy and the hospitality industry has resulted in a clutter of new Hotel Management software companies vying to increase their footprint around the market. This has not only started a price and promise war amongst the new entrants, but has also been creating immense doubt and confusion in the minds of the IT Managers and decision makers in order to differentiate between many. Besides this, the assumption that the value of a Hotel Management Software is obvious and can be rarely defined either in abstract or practical terms fuels the confusion further.
  • For all hotels, resort or Inn and in order not to get confused when deciding to purchase any management software please consider the below 12 steps:- Select the Project Manager. Determine the budget and get sign off. Select the Evaluation Team. Define the property type and identify who the guests are. Identify business needs and identify guest needs. Drill down and identify specific needs in relation to the property management system. Research property management system vendors that offer the majority of features that match the needs assessment. Create a potential vendor list. From the potential Vendor list, break it down to a short list of 5 or less PMS Vendors. Arrange and participate in system demonstrations by Vendors from the short list. Make the decision. Ask for references and contact them.
  • Once you have a good business case with regard to ROI, conducting a TCO analysis helps to conclude the analysis. A thorough TCO analysis will pinpoint where the differences are in solution costs, over a multi-year timeframe. This two-pronged approach ensures that you will not only get a good return, but that you ultimately will work with the most cost-effective solution.
  • ...3 more annotations...
  • When evaluating the TCO of software, one should not restrict the calculation to the initial cost of purchase, but should also calculate the cost of managing the software to its complete life and should incorporate the following points in their calculations. Cost of initial deployment and employee training. On-going fees for maintenance, software updates and upgrades as well as help-desk support. Costs associated with downtime Cost associated with the business process re-engineering.
  • In this rapidly changing industry, hoteliers should always look for property management tools that will ease operations, automate procedures, reduce the risk of human errors and give hoteliers enough time to attend to guests.
  • As technologies advance, the old clears a path for the new. Some individuals may be inclined to hang on to what they are comfortable with, but they won't advance if they don't make room for the best and brightest
  • delaneyverger on 27 Aug 16
     
    This article talks about how important software is in the hospitality management industry and the different types of software that particularly businesses may use to best serve their needs. Property Management Systems provide a whole host of functions for hotels, including keeping track of guests checking in and out, monitoring room charges, and supervising the housekeeping of rooms. Because this software is so vital to the hospitality industry, there has been an upsurge by software companies trying to make their mark in the industry, which has led to a market fragmentation due to the numerous options available. This also puts a strain on managers, as there is much confusion about which software is best and the most cost-effective. There is a system to determining which management software best suits any particular company. Two key features in this process are the ROI, Return on Investment, and TCO, Total Cost of Ownership. ROI provides a cost-benefit analysis of a particular software with regards to the speed with which a company will make the money back that they invested in it, as well as the numerous features that a company would need from the software. TCO is an analysis that companies use to accurately ascertain the costs of the software. Companies should seek a lower TCO and a higher ROI when making any software purchase decisions. Because the technology market is ever changing, companies must stay up-to-date with the newest software in order to provide the best service for, and to keep up with the demands of, their guests. This can be exemplified with the recent trend in cloud-based PMS.
mitchlaferriere

6 Must-ask questions to consider before buying a PMS | By Stuart Dickinson - Hospitalit... - 0 views

www.hospitalitynet.org/...4084341.html

shared by mitchlaferriere on 07 Sep 17 - No Cached
  • A good PMS controls and automates a number of processes within a hotel, ideally reducing time-consuming tasks and inefficiencies within your operation.
  • It's not just about capturing bookings or keeping track of finance, but as technology evolves and expands, so does the need for your PMS to play an integral role in guest experience and loyalty management. Ideally, it should form the core of almost all hotel activity.
  • According to the 2016 Smart Decision Guide to Hotel Property Management Systems, the biggest benefits of having the right property management system include: Improved guest satisfaction and quality of the guest experience Streamlined hotel operations and reduced costs Increased hotel occupancy, revenue and profitability Improved performance reporting and business intelligence
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  • A good PMS offers unprecedented visibility that allows you to take full control of your hotel's administration, and will come with a wide array of options when it comes to data report dashboards. Having said that, it's still important to find out what level of custom reporting is available to you before buying.
  • With the constant development of new technologies, having a PMS with a growing integration partner list is becoming more important. An integrated partner could be anything from a channel manager to a mobile app or online guest feedback system. Less integration opportunities could mean that you end up with data spread over a number of different applications, or having to settle for apps that don't serve your needs like they should.
  • It's important to have a clear understanding of the PMS platform's customer support process before making a buying decision. It's also important to consider what kind of training is provided to hotel staff who will be using the system for the first time. More than 80% of hoteliers agree that user training is a key success factor in getting the most out of a PMS.
  • Thanks to rapid developments in technology, PMS platforms today aren't nearly as expensive as their predecessors. However, whether you choose a cloud-based or traditional computer-based system for your hotel, it's important to find out if you'll be making any surprise payments down the road – some examples include future software updates, technical support, infrastructure or maintenance etc.
  • How much time your new PMS will save in terms of managing front desk activities, like check-ins and check-outs, consolidating guest accounts, and managing rates and availability across all of your different channels (OTAs, travel agents and so on) is a critical consideration to make.
  • Lastly, it's important to look at the company's track record before making a buying decision. Even if they've been in business for years, check their client base to determine how reliable they are. The last thing you want is to be promised the world, only to be let down by poor service delivery.
  • Does the solution offer flexibility in functionality, including data access and performance reporting? How easily and seamlessly does the PMS integrate with third-party technologies and data? How long will it take for problems to be resolved? What is the total cost of ownership? Are there "hidden" costs? What return on investment (ROI) can be expected? What is the PMS solution provider's track record of success?
  • mitchlaferriere on 07 Sep 17
     
    This article makes some key assertions regarding points of consideration when choosing a PMS software. Getting the right PMS software is absolutely critical for any property, as it is at the core of the operation. According to this author, the necessary considerations involve asking six questions: -Does the solution offer flexibility in functionality, including data access and performance reporting? -How easily and seamlessly does the PMS integrate with third-party technologies and data? -How long will it take for problems to be resolved? -What is the total cost of ownership? Are there "hidden" costs? -What return on investment (ROI) can be expected? -What is the PMS solution provider's track record of success? The inception of cloud computing and faster data processing has led to a number of choices in PMS software. Obviously these questions are not a fool-proof path to picking the perfect PMS software out of the multitude of options, but obviously being able to answer these with a level of confidence is a step in the right direction.
anonymous

Blasting the 'gastro ceiling' with financial literacy - 0 views

www.nrn.com/...tro-ceiling-financial-literacy

Financial literacy glass ceiling women in business culinary

shared by anonymous on 20 Sep 20 - No Cached
  • former World Bank executive
  • trustee of the James Beard Foundation and co-founded the JBF Women’s Leadership and the Women’s Entrepreneurship Leadership programs
  • The culinary “gastro ceiling” is especially appalling with less than 7% leading women executive chefs
  • ...12 more annotations...
  • scholarships and more education will not make a dent in parity. It’s not a lack of entrepreneurial spirit either — according to the National Restaurant Association, 40% of restaurants are women-owned businesses, or WOB, and startups by women are growing much faster than the industry overall.
  • grim reality that 96% of WOB do not cross $1 million in revenue. Fewer than 8% seek external financing,
    • anonymous
      anonymous on 20 Sep 20
       
      Despite leading the way in education and opportunities, women are not accessing enough financial backing to support larger businesses
  • less than 4% of Small Business Administration loan dollars, and less than 2% of venture capital dollars.
  • o raise external financing and be successful entrepreneurs, however, women have to vanquish three areas.
  • women increasingly develop discomfort with math
  • by women learning to pitch themselves
    • anonymous
      anonymous on 20 Sep 20
       
      Step One: Build confidence by learning how to pitch, not apologizing, not phrasing comments as questions, and not letting others take credit for their work.
  • investing in public speaking and negotiations coaching.
    • anonymous
      anonymous on 20 Sep 20
       
      One way to accomplish this
  • 67% of executive women are in support roles (HR, Marketing, IT, et al) as opposed to running their own line businesses
  • ulinary world, women abound in the softer side (pastry, baking, freelance, cold stations, personal chefs
  • own best advocate
  • Policy should also incentivize commercial lenders and venture capital/private equity to do the same with their loan dollars
  • bottom-up solution of livable minimum wages and parental-leave benefits
  • anonymous on 20 Sep 20
     
    Despite women leading the way in scholarship and culinary education, they are suspiciously vacant at the top of the leadership ladder. According to Bloomberg, only about 7% of executive chefs are woman, and "67% of executive women are in support roles...as opposed to running their own line of business." This doesn't appear to be because of a lack of entrepreneurial spirt, as "405 of restaurants are women-owned businesses or WOB, and startups by women are growing much faster than the industry overall." This made me reflect on my own city, as I do see women in executive positions, such as Stephanie Izard, Sarah Grunenberg, and Mindy Segal, they all got to their positions in very different ways. Probably the most successful, with currently 7-8 restaurants, is Izard, she got her start by winning a reality tv show and then joining forces with two male business owners (BOKA). Grunenberg also started visa vi the reality TV route, and now eventually owns and runs a very successful restaurant downtown. Mindy Segal is the only woman executive in this group that has built her business, her cookbooks, her brand, and now her cannibis retail, mostly by herself. It is interesting to relate these women to this article because while they are all three incredibly successful, only one was able to pull herself there through the three points mentioned in this article. In order for women to break the glass ceiling in restaurants and culinary, they will need to accomplish three main goals: 1. Gain confidence, 2. Increase their aspirations, and 3. Learn and Maintain Financial literacy. The "grim reality (is) that 96% of WOB do not cross the $1 million in revenue...(and) fewer than 8% seek external financing. Women "receive less than 4% of Small Business Administration loan dollars and less than 2% of venture capital dollars. For confidence, this article recommends to women to learn how to advocate for yourself. Use coaches, practices public speaking, and learn how to pitch your business
zihanwang

Data Security in the Hospitality Industry | CSU-Global Blog - 0 views

csuglobal.edu/...ustry-risks-and-best-practices

security hospitality industry data information

shared by zihanwang on 03 Oct 19 - No Cached
  • Restaurants, hotels, and other companies in the hospitality sector often have complex ownership structures in which there’s a franchisor, an individual owner or group of owners, and a management company that acts as the operator. Each of these groups may use different computer systems to store information, and the information can also frequently move across those systems.
  • Cybercriminals use this reliance on cards to infect point-of-sale (POS) systems with malware that steals credit and debit card information by scraping the data. In fact, it was reported in 2017 that out of 21 of the most high-profile hotel company data breaches that have occurred since 2010, 20 of them were a result of malware affecting POS systems.
  • Well-trained staff also know how to recognize social engineering attempts, and they understand an organization’s compliance requirements. The risk is that the hospitality industry involves a great deal of of seasonal work in which people might move on after only a few months, or they might be transferred.
  • ...14 more annotations...
  • This type of data risk is more subtle, and it involves employees selling data to third parties without the knowledge of the organization that employs them
  • Data security risks in the hospitality industry extend far beyond the reputation hit that a hotel can take if guests’ data is compromised. Industry and political regulators are becoming stricter in governing how organizations process and store personal data.
  • the job turnover rate in hospitality is as high as 90 percent
  • High Staff Turnover
  • From the perspective of cyber criminals, hospitality appears to offer an ideal target for conducting crimes, such as identity theft and credit card fraud, due to the existence of multiple databases and devices containing both Payment Card Information (PCI) and Personally Identifiable Information (PII).
  • Here are five of the biggest data security concerns in the hospitality industry:
  • Complex Ownership Structures
  • Reliance on Paying By Card
  • Information security is a pivotal aspect of many industries
  • Compliance
  • Insider Threats
  • Best data-protection practices for companies in the hospitality sector include… Always encrypting payment card information.Operating a continuous training program in cybersecurity to maintain a well-trained workforce.Always adhering to relevant regulations, such as PCI DSS.Use cybersecurity measures such as firewalls, network monitoring, anti-malware, and traffic filtering to protect against common threats.Conduct tests against your organization’s cybersecurity defenses in which you mirror the behavior of an actual hacker.Know where your data is and enforce the principle of least privileges to limit acce
  • ss to sensitive information.
  • organizations in the hospitality sector are better placed to implement a comprehensive information security strategy that entails the necessary procedures, processes, and people to improve cybersecurity within the hospitality industry.
  • aflor094 on 03 Oct 19
     
    The article talks about cyber security threats in the hospitality industry. Threats range from high staff turn over so staff isn't trained thoroughly, to insider threats where employees can sell information to third parties, to Cyber-criminals who infect POS systems with credit cards.
  • zihanwang on 30 Jul 20
     
    Data information security is very important to a business development.In my opinion, I think the relationship is inversely proportional. In other words, the more effective cyber security budget is invested, the less potential impact there is of customer information being stolen (being hacked). Cybersecurity is the practice of protecting systems, networks, and programs from digital attacks. These cyberattacks are usually aimed at accessing, changing, or destroying sensitive information; extorting money from users; or interrupting normal business processes.
shannaton

4 hotel accounting challenges and solutions | Hotel Management - 0 views

www.hotelmanagement.net/...-solutions-to-hotel-accounting

shared by shannaton on 23 Sep 18 - No Cached
  • Adopting solutions that are developed by hoteliers exclusively for hoteliers gives users a critical leg up over their competition
  • From the front desk and housekeeping to security and management staff, it seems like hotels have infinite types of employees
  • “Adopting a solution that incorporates job standards, in addition to budget numbers, allows operators to ensure that proper staffing is in place based on the previous night’s stay and circumstances,
  • ...6 more annotations...
  • With the industry constantly claiming it must have data, the challenge then becomes how to best decipher that data to determine the story being told and then how to read the story to best react.
  • Managing the challenges of finances and accounting is no exception here, he said. While Watson said outsourcing isn’t for everyone, it can be an efficient and cost-effective solution for some
  • management companies work for multiple ownership groups that often have a variety of differing expectations and timelines
  • The solution: Partner up,
  • As a result, through month-to-month subscriptions, all hoteliers, from single-location owner operators to large-scale portfolio-management companies, can leverage best-of-breed accounting and financial technology at a fraction of the cost of ownership
  • It is critical for hoteliers to establish a balance between monitoring daily labor costs, managing overtime, overseeing daily payroll transactions and accessing simple reporting functions
  • Morgan Staley on 23 Sep 18
     
    This article describes the challenges that hoteliers face when it comes to accounting principles. There are four major issues that arise: Enterprise Resource Planning, Staff Variations, Data Overload, and Core Challenges. Choosing the proper system to manage your finances is an important issue when dealing hotel accounting. Taking into consideration your varying staff levels into the financial arena is also important. In addition you must choose what data is important to your financial success. Once you determine the data to use its very important on what you do with it. Its important to have someone on staff that will understand how to interpret the information and make it useful. If no one is on staff then the choice to outsource the task will be the next option.
  • ...3 more comments...
  • klint005 on 09 Oct 18
     
    The first challenge is Enterprise Resource Planning - Following through with solutions specifically for hoteliers made by a hotelier is the most effective. The second challenge is Staff Variations - Cloud-based tools will be a hoteliers best friend in managing earnings and transactions. The third challenge is Data Overload - When there's just too much data, hoteliers have to find a way to have an analytics tool that will show where improvement is needed. The fourth challenge is Core Challenges - To focus on core challenges, although this may not work for everyone, outsourcing can be a good way to save on costs and it's an efficient method.
  • imontenegro on 27 Feb 19
     
    It's no secret that hotel finances and accounting can be complex and come with their own unique sets of challenges. And those challenges often arrive during times when hoteliers are already stretched thin in terms of time and resources.
  • hchiebooth on 03 Jun 19
     
    This article explains the 4 types of challenges within Hotel accounting. It briefly describes each item with their pros and possible or actual challenges that may be presented. It gives the reader a more balanced idea as to what that option is capable, in addition to its limitations. Some solutions may work for certain types of hotels, while other options are simply not viable, or within the best interest of the company. Accounting options will have some sort of customization, depending on the property, it's the size and whether or not is a branded location.
  • Taj Buckley on 08 Mar 20
     
    Every hotel company would like to build their own enterprise back-office system. It is more cost effective solution would be to partner up and invest in hotel sector specific technologies. With needs to staff variations real-time monitoring of labor is essentially in reducing labor cost. Another cost-effective and efficient solution is to outsource any finances and accounting practices that the hoteliers can't perform themselves
  • shannaton on 06 Jul 20
     
    Its no secret that a hospitality companies financies and accounting tools can be complex with there own unique challenges. Cloud based reporting tools are there to help manage and monitor transactions in real time through an array of data sets.
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