Hospitality Financial Leadership – The Hotel Budget Guide “Everything You Need to Know”

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The Hotel Budget Guide
“Everything You Need to Know”

A Comprehensive Interview With Tons of Pro Tips and Best Practices

This guide will show you everything you need to know about hotel budgets and how to create your hotel budget for 2023.

To create this, I worked with David Lund, “The Hotel Financial Coach,” who has 30+ years of operational and financial leadership experience, working with companies such as Hilton, Best Western, Fairmont Hotels and Resorts, Coast Hotels, Watermark, Pacific Hospitality Group, Atlific Hotels, and many others. David Santos, Chief Financial Officer at Savoy Hotel & Beach Club, also contributed.

In this guide, you’ll learn:

1. What is a hotel budget?
2. Why do hotels create budgets?
3. Does every hotel need a budget?
4. When is hotel budget season?
5. How do you create a hotel budget?
6. Who reviews and approves the hotel budget?
7. Does a hotel budget change throughout the year?
8. The 3 ways to budget for expenses
9. The Uniform System Of Accounts For The Lodging Industry
10. What types of expense categories are there in a hotel budget?
11. Example expenses by department
12. Expense benchmarking for budget guidance
13. The difference between hotel operating expenses and capital expenditures
14. Metrics that matter for hotels
15. Why involving your teams in creating budgets is important
16. The big mistake hoteliers can make when creating a budget
17. How is a hotel budget used throughout the year?
18. Incentives to align around profitability
19. Advice for the 2023 hotel budgeting season

Let’s get started!

What is a hotel budget?

A hotel budget is a plan for how money will be generated and spent to achieve goals.

In Lund’s words, “A budget is a business plan focused on numbers.” He likens it to a map. “Before you go on a trip, you hopefully have a map of where you’re going so you can figure out your journey and changes you need to make to get to that final destination.”

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