“Accessibly written and thoughtfully edited, making it essential reading for those studying hospitality and embarking on a career in the industry.” - Peter Lugosi, Oxford School of Hospitality Management “This text is a fascinating read… Roy Wood has spent 25 years teaching, researching and writing on the hospitality industry - much of that learning is here in this book.” - Erwin Losekoot, Auckland University of Technology “All different aspects of the hospitality industry are elaborated on… All in all a wonderful course book for for our students!” - Claudia Rothwangl, ITM College This book covers the major concepts students are likely to encounter throughout their study within the hospitality management, giving a comprehensive and up-to-date overview as well as providing engaging everyday examples from around the world. A leading figure in the field, Roy Wood has successfully gathered international contributors with direct experience of hospitality management and the hospitality industry as a whole, ensuring the academic, geographical and practical integrity of the book. Key Concepts in Hospitality Management is written for undergraduate students and those studying short postgraduate or executive education courses in hospitality management, events management, tourism management and leisure management.
Chapter : Editor's Introduction
Income Statements in Hospitality Finance
See also: Franchising; The hospitality finance environment; Investing in hotels
People choose a career in hospitality management for various reasons – for example the ‘romance’ of hotels, and the prospect of an international career. Whatever the case, it is essential to recognize that hospitality businesses are, with few exceptions, like any other – they exist to make money for their stakeholders. It is therefore [Page 91]essential that managers and owners are financially literate and able to correctly interpret financial data to answer questions such as: are hotel guest rooms being sold at reasonable rates? Are the personnel of the organization deployed efficiently? Is the organization selling the right meals and beverages (namely those that contribute most ...