Posted 11/13/2012 - 9:48:39 AM
NEW YORK—The American Hotel & Lodging Association and STR joined forces to create the first "Food & Beverage STAR Benchmark Report."
Created by the AH&LA Food & Beverage Council to develop a standard language or metric that quantifies hotel F&B revenues, the report eventually is expected to enable hoteliers to benchmark against properties within their brand, their competitive set and allow for universal training.
Although it will be a separate report, as with the STAR Reporting, the 44,000 hotels worldwide that participate will receive the data and define their own comp set. Toward this, data feeds must be provided to STR no later than January 2013. If sufficient data is reported, the goal is to create the first report by 2014, according to the partners, otherwise, the data could be limited by region or city.
This report is expected to be helpful for general managers to gauge local market potential, while F&B directors would be able to hone in on a comp set’s historical trends. Similarly, revenue managers would be able to build better reports; catering directors would be able to make better booking decisions; developers would be able to make more accurate site and property valuation; and designers would have more information for commercial space utilization and planning, according to AH&LA and STR.
“We’re excited to launch this important tool to help hoteliers make more informed decisions regarding their F&B venues,” said AH&LA President/CEO Joe McInerney. “I commend the Food & Beverage Council members for their forward thinking that F&B could and should be reported just as occupancy and related stats have been reported for decades.”