Throw away the Ouija and dart boards. Apparently predicting the performance of U.S. hotels has become very easy for U.S. hotel managers. For the third consecutive year, management's projections of revenues, expenses and profits contained in their budgets have been extremely accurate.
The introduction of technology has influenced the duties of on-site hotel sales personnel over the years. The reach of the internet, social media, and sophisticated revenue management programs have provided marketing professionals with an array of new tools.
The U.S. lodging industry is well into its fourth year of recovery from the great recession of 2009. One of the pleasant surprises of the current recovery has been the very strong return of lodging demand.
Since 2001, PKF Hospitality Research, LLC (PKF-HR) has assessed the accuracy of hotel budgets. Over the past 12 years, one trend has become very predictable. During times of industry prosperity, hotel budgets are extremely accurate.