18 October 2017
As a first-time participant to the HFTP Annual Convention (possibly the first from the Middle East area), I will be looking for all of the insights the event will provide during its three-day agenda later this month. I believe this convention will be the best of its kind (those of an educational and informative nature) and provide tremendous networking opportunities.
10 October 2017
We have selected our guest bloggers for the 2017 Annual Convention, and they are ready to begin sharing their stories and event experiences with you. The convention will take place October 25-27 at the Omni Orlando Resort at ChampionsGate in Florida.
5 October 2017
In today’s competitive world, a great management team focuses on optimizing revenue in every department — including rooms, spa, ski, golf, ticketing, food and beverage, and retail. Where is the additional revenue going to come from? You need to track the success of upselling, promotions, cover charges and more. In addition to maximizing revenue, it is also crucial to control costs, from monitoring fixed expenses to labor costs. At the end of the day, accurately tracking data throughout all areas is a necessity.
27 September 2017
Revenue recognition standards have been converged and are now changing for both IFRS (IFRS 15) and US GAAP (ASC 606-10) beginning in 2018. US GAAP will allow non-public companies to transition beginning in 2019. After receiving input from the HFTP Hotel Advisory Council, the American Hotel & Lodging Association Financial Management Committee recently issued an article published on Hotel News Now on the change to US GAAP:
20 September 2017
This year, the HFTP Annual Convention will be held October 25–27 in the Orlando area, my home turf. And for the third year, the convention program includes HFTP Helps which raises funds for a charity based in the surrounding area of the host city. When planning, HFTP Global conferred with HFTP Mid-Florida chapter leaders for local charity suggestions. Without hesitation, we named Camp Boggy Creek, a free, safe and medically-sound camp environment that enriches the lives of children with serious illnesses and their families. The HFTP Mid-Florida Chapter has been raising funds for Camp Boggy Creek through an annual golf tournament, and September 29 will be the chapter’s 15th tournament to benefit the camp. I thought I’d share a bit of my experience working with the camp, and why our chapter has been so dedicated to it.
18 September 2017
In 2014, the HFTP Asia Research Center was established in collaboration with the Hong Kong Polytechnic University (PolyU) School of Hotel and Tourism Management (SHTM). The center is based in Hong Kong, the central city in Asia geographically.
12 September 2017
I have been to more sessions on what it means to be a leader that I can count. Often the presenter will have a white board or a flipchart and have everyone yell out characteristics or attributes of a great leader. By Lisa Martin, CHAE
8 September 2017
The European Union (EU) General Data Protection Regulation (GDPR) that was announced in April 2016 put in place a substantial mandate on EU-based organizations, as well as any organization doing business with EU citizens. The GDPR will be in force in the EU starting May 25, 2018 posing significant challenges to the hospitality industry as one that manages a vast amount of personal data. To address this question, Hospitality Financial and Technology Professionals (HFTP®) united a multidisciplinary team of experts to address the different facets of the impact of the GDPR in the hospitality industry. The task force met in July 2017 to prepare for the upcoming deadline.
23 August 2017
Returning this year, HFTP Connect is looking for up to three professionals involved with the hospitality industry who would like to write original and educational blog posts about their Annual Convention experience. Guest bloggers do not have to be professional bloggers; however, must have good writing skills and an interest in sharing their Annual Convention experience.
23 August 2017
Are apps dead? This was a question presented during a session on mobile applications at HITEC Toronto 2017. Between upgrades to phone operating systems and the rapid marketplace acceptance of voice operated technology, some in the press have declared that 2017 will be the end of apps as we know them. Additionally, it is predicted that by 2020, 82 percent of mobile devices will have some sort of speech recognition technology. Are these two trends related, and what do they mean for hospitality?
28 July 2017
Earlier this year, the nominating committee — comprising past HFTP Global past presidents, advisory council chairs and chapter presidents — were tasked with picking the HFTP members that would replace the outgoing directors of the HFTP Global Board. After a long day of interviews, the nominating committee was able to narrow their choices down. Here is the official slate for the 2017–2018 HFTP Global Executive Committee and Board of Directors.
14 July 2017
Online travel agencies (OTAs) such as Expedia and Booking.com are the channel of choice for approximately 14 percent of all hotel bookings in the United States. Typically, these channels are responsible for collecting occupancy tax directly from the guest and then pay the hotel directly for the reservations. Recently, OTAs have come under scrutiny for the way they collect occupancy tax. Typically, taxes and fees are bundled together on the OTA website and the guest does not know what portion are taxes and what portion are fees. Furthermore, when the guest selects the option to pay at the hotel, the hotel charges tax on the full rate paid (retail) while the OTA only charges tax on the amount paid to the hotel (wholesale). Since the OTA receives a commission of between 20 to 30 percent, this discrepancy in tax collection can result in millions of dollars of losses to cities, counties and states.
13 July 2017
Another HITEC down, and it may have been one of the best yet. “O Canada” how you impressed me! I must admit I had my doubts on what level of turnout there would be, with potential hassles of passports, border crossings and foreign transaction fees. What I did not expect was the ability to dodge all rain storms, because of the genius design of The Path, which allowed me to walk almost anywhere staying inside. I did not expect to pose with the Art Ross and Calder Trophies from the NHL Hockey Hall of Fame (I was ok that the Stanley Cup was off visiting with my beloved Pittsburgh Penguins). And I did not expect to turn in the HITEC Toronto exhibit hall to see a whole peninsula of additional vendor booths just as I thought I had gotten through all of the aisles!
6 July 2017
Written By: Ron Hardin - Confession: I can not stop playing with the fidget spinner I picked up at the ALICE booth. My wife, a well-known “anti-fidgeter” (ask my kids), rolled her eyes when she saw it come out of my HITEC Toronto swag bag. Correction: In my previous blog post (HITEC Toronto: Our Story Thus Far), I mentioned the “sunset over Lake Erie” as seen from the CN Tower. My gentle readers are either all too polite – or slept through geography – because Toronto is on Lake Ontario, and the lake is southeast of the city – not southwest – so it was technically “sunset over Kitchener.” It was lovely, nonetheless.
29 June 2017
Written By: Jennifer Jones - As a native to Baltimore, Maryland USA, I was excited to see that the Orioles are in town this week playing the Blue Jays. Now that I reside out west, I do not get to see them much anymore. Granted with a full schedule of meetings, sessions and receptions, sneaking out of HITEC Toronto to catch a few innings just was not possible. However, I made a better decision with my schedule and decided to attend the Entrepreneur 20X (E20X) hospitality technology pitch competition. This was my first time watching the event, and I encourage everyone to make sure that they make E20X a vital part of their HITEC ritual every year.
28 June 2017
The curtain descends on the second day of HITEC Toronto (#HITECtor), and it has been a busy couple of days. This is my first visit to Toronto, and I hope I get to come back to Canada someday when I have more free time. With the exception of a few showers, we have been blessed with lovely weather. For those of us who have attended this mid-summer event in more southern climes in recent years, the moderate temperatures have literally been a refreshing change.
22 June 2017
I have attended HITEC now for several years, as both an exhibitor and an attendee. Regardless of my role there, I have learned one valuable lesson: take a vacation after to catch up on sleep! I know that is not realistic, but if my day-to-day job could stop for a week after to allow me to sort through all of the business cards and collateral I collected, not to mention the overflow of emails that came in while at the show, I would not dread the post-HITEC “hangover.”
22 June 2017
It sounds like one of those essays you had to write in school: “what I did on my summer vacation,” “what extracurricular activities mean to me.” It also sounds blindingly obvious – of course HITEC Toronto is important. After all, it is by far the world’s largest and oldest hospitality technology exposition and conference brand. HITEC Toronto is also historically significant, being the first-ever HITEC North America event to be held outside of the United States. #HITECtor will take center stage from June 26-29, anchoring a trilogy of international events in 2017 that include the debut of HITEC Amsterdam and HITEC Dubai. So, HITEC is clearly a big deal. But why?
9 May 2017
This is the second time I have attended a China Hospitality Technology Alliance (CHTA) event. Last month, I attended the CHTA Disruptive 2017 Innovation and Technology Expo from April 26-28, 2017 located at the Marriott QianJiang, HangZhou in Hangzhou, China. Featured exhibitors, impressive talks and discussions on heated topics contributed to a successful exhibition in the beautiful city. First introduced by Clayton M. Christensen in 1995, “disruptive innovation” – the event’s concept – is an innovation that provides different values and significantly affects the existing market. This might be the reason why the organizer chose this theme.
4 May 2017
I was able to realize another first recently – attending the inception of a new HFTP chapter. I was privileged to travel to Orange County, California USA for a grassroots membership drive to re-establish an HFTP chapter in the area.
Revenue Recognition: Comments Due June 1, 2017 on Implementation Issues Facing the Airlines, Gaming, Hospitality and Timeshare Industries
26 April 2017
Since 2002, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have been working together to bring the guidance provided in the United States General Accepted Accounting Principles (GAAP) and the International Financial Reporting Standards (IFRS) in closer alignment. Historically, the U.S. GAAP provided complex transaction and industry specific revenue recognition guidance. For example, U.S. GAAP consisted of various revenue recognition requirements for specific transactions and industries which resulted in differing revenue recognition practices for similar transactions.
24 April 2017
The Cloud was once conversation for techies and a distant future goal for visionary business leaders. How times have changed! Today, internet-based or “Cloud” computing is enabling businesses of all sizes to gain on-demand access to a growing pool of shared computing resources that includes networks, services, storage, VoIP phone systems and even complete omnichannel contact center solutions.
3 April 2017
Hotel tech professionals from all over the world gathered at HITEC Amsterdam last week. After dozens of informative sessions, inspiring keynote speeches and one thrilling hotel tech start-up pitch competition, one thing was very clear: The number of companies offering technologies that can benefit a hotel business is overwhelming. How is a hotelier to know which is the right piece of technology to implement? To help with that quandary, here are a couple of takeaways from the 45th HITEC—also the first ever to be held in Europe.
31 March 2017
As it was my first visit up to the Midwest, I was really looking forward to attending the Midwest Regional Conference March 16-18, 2017 in Bloomington, Minnesota. Bloomington is a suburb of Minneapolis and the conference was located at the at the Radisson Blu hotel which is right next to the Mall of America. Just to give you an idea how big it is, to walk around one level is 1.15 miles of the mall and nine Yankee Stadiums can fit inside the Mall of America. It is a big mall.
8 March 2017
Who does not enjoy a little friendly, but very competitive, competition? Whether you are a budding hospitality technology entrepreneur or just interested in the startup world, it is thrilling to watch bold entrepreneurs compete. Making its debut in Europe this month, HITEC Amsterdam attendees should start with the action-packed Entrepreneur 20X (E20X) competition on March 28, 2017. Viewers will feel the suspense, and remain on the edge of their seats, as representatives from the competing startups present their technologies.
21 February 2017
With the recent stories of guests getting locked out of hotel rooms – or, in some reports, guests being locked in hotel rooms – it is hard to sort the fact from the fiction. A few weeks ago an Austrian hotel’s computer system was attacked by hackers. After all the dust settled, the truth about the attack was revealed and early reports of guests being held hostage in their hotel rooms was unfounded. The hackers were not interested in holding guests hostage, but were interested in disrupting the hotels business and holding the computer systems hostage. The hackers knew that the property management system is at the heart of the hotel’s operation, and without it the hotel would be crippled and unable to operate.
10 February 2017
As a hospitality student, and a millennial, I frequently hear discussions about how millennials behave. It is indeed intriguing, and somewhat entertaining, to see the labels being placed upon millennials when you are one of the subjects being studied. But from time to time, I just want to say, “that does not sound right!” As my peers and I are going into the workplace soon, I would really like to “right some wrongs,” and answer a few questions about hiring us millennials.