Reporting and Property Management

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Both monthly and quarterly reports are prepared for ownership. These reports include an analysis of present, past and projected performance. The monthly financial statements include balance sheets, cash flow statements and income statements.

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A quarterly report is prepared to show and explain deviations in the income statement from the budget, personnel changes, market conditions, sales updates and capital improvement expenditures.

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Hospitality Solutions establishes and carefully monitors meaningful cost controls. Rates are structured, checked daily through our guest tracking report and changed as market conditions warrant. Rate maximization via yield management is an integral part of the operations strategy. Payroll is analyzed daily, energy costs controlled, preventive maintenance programs are established, and an extensive Policy and Procedures Manual is utilized by property management. To assure both a high degree of operating efficiency and administrative accuracy, an audit is conducted no less than twice a year. In addition to a thorough inspection of the physical property, the audit consists of a complete examination of the hotel's cash handling and reporting methods, the accuracy of daily reports, and analysis of payables and receivables, a check of all employment records, and a detailed review of all front office and administrative procedures.