This webinar will review the results of a recent HFTP Research Center and University of Houston Conrad N. Hilton College of Hotel and Restaurant Management study regarding the pre-opening process. The objectives of this webinar are:
Introduce the pre-opening process in the hotel environment and highlight some key findings of the study.
Analyze the type of costs that should be in the pre-opening budget versus other construction, working capital or FF&E budgets.
Discuss what is considered pre-opening per GAAP and how it applies to hotels.
Review the results of the survey in regards to staffing onboarding for management and hourly staff.
Outline the role of technology in the overall pre-opening process in regards to selection, training and installation of systems.
Summarize the overall importance of each component of the budget and the construction timeline and how overruns could be mitigated with proper planning.
Webinar participants will leave with a better understanding of what are considered pre-opening expenditures and the importance of monitoring of the construction process in order to maximize the pre-opening budget and avoid overruns.
July 22, 2019