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Essay / Research Paper Abstract
An 8 page paper discussing the financial results of a Hong Kong hotel following the terrorist attacks of September 11, 2001. The market already was soft before the attacks, then it disintegrated as much travel ceased. The hotel's management foresaw a slow recovery when establishing its budget for 2002, and it has been able to achieve some savings beyond even that which was budgeted. The paper concludes that the hotel needs to further cut costs in administration, and increase funding for promoting the hotel in order to attract a greater number of those fewer potential customers available in the current climate. Bibliography lists 5 sources.
Page Count:
8 pages (~225 words per page)
File: CC6_KShotelFinAn.rtf
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Unformatted sample text from the term paper:
exception of small pockets of prosperity scattered throughout, the worldwide hospitality industry was suffering what can only be described as an "off" year during the first three quarters of 2001.
Softening economies throughout the developed world were causing both business and pleasure travelers closer home but still traveling. The terrorist attacks of
September 11 changed all that, and not for the better. The formerly sluggish US economy slid further down to recessionary levels, and people throughout the developed - i.e., non-Islamic
- world feared travel in the face of the possibility that a country other than the US could be targeted for a similar brand of terrorism.
Travel began recovering somewhat after developed nations reviewed and renewed travel security measures, but the hospitality industry continues to suffer the aftereffects. Travel rates still have
not recovered to pre-attack levels, and neither has the hospitality industry. The Hotels Business Results
The hotel currently is running at deficit levels in all aspects of its business except for divisions containing guest rooms and telephone. The fact that guest rooms represent one
of the two profitable components of the hotels business is encouraging. It is in the business of providing guest rooms, and increase now brings promise of additional increase later.
Guests traveling for whatever reason - whether for business or for pleasure - currently are extremely sensitive to whether they are getting true
value for their purchases (Drucker, 1998). The fact that the hotel is generating nearly twice the revenue from telephone charges than it is from guest rooms is far less
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