Tag Archives: Managing Risk

by | January 21, 2015 · 11:06 am

Hospitality Industry Management Update: “How Lower Fuel Costs Will Pay Off for Hotels This Year”

Beyond just travel, oil prices also have a role to play in the operational expenses of hotels. Lower prices can bring down utility bills and transportation costs on goods and services and, depending on how long oil prices stay low, propertiesfuel may see this impact their bottom line. “There’s certainly going to be an operational benefit,” says PKF Hospitality Research President Mark Woodworth. “The ultimate benefit is mitigated quite meaningfully by the fact that 45 to 50 percent of hotel expenses are labor related.”

The 50 percent drop in oil prices during the second half of 2014 has put plenty of cash into consumers’ wallets and that could mean good things for the lodging industry this year. Crude oil is selling for $47.64 per barrel today compared to over $90 a year ago. And while prices have started to stabilize a bit, there’s still a chance for them to decrease even further due to the glut of crude and the expectations of weak global growth pulling down the market.

For more: http://bit.ly/183Hzmy

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by | January 20, 2015 · 8:18 am

Hospitality Industry Management Update: “International Travel: On the Move with the Millennial Traveler”

In 2014, more than 1 billion people, in all age groups, will have made a trip beyond the borders of their country. That is about one out of every seven people on the planet. Roughly 220 million, or about 20 percent of thoseinternational-millennial-travelers international travelers, were part of the millennial generation. By the year 2020, the number of millennial travelers is expected to increase by 47 percent to 320 million.

She is 27, single, and sells real estate in San Diego. She is paying off a college loan, shares a house with two roommates and gets to the beach as often as possible. He is 31, living in New York and working for an investment firm on Wall Street. If you were born roughly between 1982 and 2000 (the millennial), you are classified as a millennial or member of Generation Y.

The publishers of the Millennial Traveller report studied data collected from 7,600 young, international travelers between the age of 18-30. Millennials from more than 100 countries were surveyed and asked questions about their international travel preferences.

For more: http://bit.ly/1Bbhhbm

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by | January 19, 2015 · 9:37 am

Hospitality Industry Risk Update: “Preventing and Reacting to Child Trafficking”

While it’s important to speak up if suspicious behaviors arise, Guelbart stresses the importance of carefully assessing and reporting the situation. Trafficking endangers not only the victim in question but everyone underTrafficking-620x330 the hotel’s roof. “Trafficking is often connected with other criminal activity, including drugs or violent assault, and this can jeopardize the safety of hotel guests and employees,” Guelbart says. “You should never, ever directly get involved in a potential sex trafficking situation.”

Human trafficking may seem like a distant problem—something that only happens abroad or in the movies—but traffickers have checked into hotels across the nation. As the world’s second largest criminal industry, human trafficking exploits 100,000 to 300,000 American children (ages 12 and up) every year. In New York City alone, 44 percent of the child victims were sexually exploited in hotels.

The American Hotel & Lodging Educational Institute (AH&LEI) and ECPAT USA, an organization dedicated to ending child sexual exploitation, have joined forces to educate hotel owners and employees on this issue. “Traffickers are now using technology. They’re selling children online—less and less on the street—and they might be living in a hotel setting, or they’ll bring the victim to a hotel for the exploitation,” says Michelle Guelbart, ECPAT USA director of private sector engagements.

For more: http://bit.ly/1yA5NAw

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by | January 9, 2015 · 8:06 am

Hospitality Industry Risk Management Update: “Front Desk Best Practices”

[vimeo https://vimeo.com/96622404 w=500&h=281]

Petra Risk Solutions’ Loss Control Manager, Marco Johnson, offers a P3 Hospitality Risk Report – ‘Front Desk Best Practices’. 

P3 (Petra Plus Process) is the Risk Management Division of Petra Risk Solutions – America ’s largest independent insurance brokerage devoted exclusively to the hospitality marketplace.

For more information on Petra and P3 visit petrarisksolutions.com or call 800.466.8951.

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by | January 8, 2015 · 8:45 am

Hospitality Industry Legal Update: “House Passes Terrorism Insurance Bill”

“Already, companies are having trouble getting terrorism insurance, and many companies that had terrorism insurance have now lost it because thereJ_Mq7AKo were clauses written into their policies that said if TRIA is not there, they do not have the insurance coverage,” said Rep. Carolyn Maloney (D-N.Y.).

The House voted to reauthorize the Terrorism Risk Insurance Act (TRIA) on Wednesday, sending the legislation to the Senate.

The measure passed overwhelmingly by a vote of 416-5, with one lawmaker voting present.

Lawmakers failed to reauthorize the program during the last Congress, and it expired on Dec. 31, leading to uncertainty in the business community.

For more: http://bit.ly/142RaaB

 

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by | January 5, 2015 · 9:06 am

Hospitality Industry Management Update: “Looking Back to 2014, Ahead to 2015 at Natural Disaster Activity”

The report says that it is possible that the U.S. may still have two to three years of near-average flood-related damage before the next catastrophic loss occurs, based on projections from historic data.insurance-journal-logo-340 The 2015 flood losses could total between $5-6 billion, with flash flooding events continuing to account for a large percentage of overall annual damage

Fewer tornadoes, a mild hurricane season, lower acreage lost to wildfires, overall less flood  and other damage— all in all, 2014 was not as bad as it could have been for natural disasters in the U.S.

That’s according to global property information and analytics firm CoreLogic, which released its annual Natural Hazard Risk Summary and Analysis detailing the most significant natural disasters of 2014 and providing several projections for 2015.

The report provides a look at the year’s hurricanes, floods, hailstorms, tornadoes, wildfires, sinkholes, earthquakes, tropical cyclones and typhoon events in the U.S. as well as an international snapshot of the hazard events that caused significant damage across the globe.

For more: http://bit.ly/1DpKzDy

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by | December 30, 2014 · 8:27 am

Hospitality Industry Technology Update: “Marriott hotels lobby FCC for right to block outside Wi-Fi”

Most obviously, hotels would have a monopoly over Internet access and could charge guests with exorbitant Wi-Fi fees; much like Marriott did with its $1,000 access rates at the Gaylord Opryland HotelBlock wifi…Worse yet, hotels and other enterprises could also easily censor access to content deemed undesirable to the business via the Wi-Fi access contract terms. For example, Hilton could block all access to travel booking websites that list hotels with lower rates.

As the battle for Net Neutrality rages on, Federal regulators may soon be ruling in another dispute between consumer access and business control of the Internet.

In a petition to the U.S. Federal Communications Commission made public last week, the American Hospitality & Lodging Association and Marriott International asked the FCC to declare that a hotel operate can deploy equipment that “may result in ‘interference with or cause interference’ to a Part 15 [Wi-Fi] device being used by a guest on the operator’s property.”

“Wi-Fi network operators should be able to manage their networks in order to provide a secure and reliable Wi-Fi service to guests on their premises,” Marriott argued.

For more: http://bit.ly/1vEjyXZ

 

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by | December 29, 2014 · 10:31 am

Hospitality Industry Legal Update: “Hotel Industry Takes Action with 911 Direct Dial”

To date, 10 of AH&LA’s largest hotel member chains have activated 911 direct dial access at nearly all of their owned and managed properties, with the remainder expected to complete the process very soon.911 Further, more than half of these chains have updated, or are in the process of updating, brand standards to ensure franchisees upgrade their phone systems as well. Led by AH&LA, all of these chains, as well as the broader hotel industry, also have worked hard to educate franchisees and their properties on the need to make the switch as quickly as possible.

One year ago, tragedy struck an east Texas town. Not only did our community lose a loving mother, daughter, and sister, but the nation also lost trust in a system it relies on in life-threatening circumstances.

Last December, Kari Rene Hunt Dunn was murdered by her estranged husband in a hotel room in Marshall, Texas. Kari’s 9-year-old daughter, while witnessing the unthinkable, did exactly what we train our children to do in an emergency—dial 911. However, in this case, the daughter could not get through to the authorities because she failed to dial 9 to get an outside line.

For more: http://bit.ly/1rvrX3F

 

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by | December 23, 2014 · 9:33 am

Hospitality Industry Management Update: “Due Diligence – Standard Operating Procedures: Don’t Play Russian Roulette with Your Business”

By now you should understand how critical it is to have policies and procedures in place. Remember that it’s not enough to just have the SOPs and SSOPs documented in writing. It is imperative that you monitor compliance on a routine basis.due diligence It also requires timely updates; yearly should be sufficient. Once your policies and procedures have been established, it is important to keep your staff informed of any changes or updates as they occur

In order for a restaurant to run smoothly and deliver excellence on a consistent basis, Standard Operating Procedures (“SOPs”) and Sanitation Standard Operating Procedures (“SSOPs”) are an integral part of the business. No matter whether you’re a corporate chain or an independent owner/operator, it behooves you to take a moment to think about your SOPs and SSOPs. You have them, of course, don’t you? Or are they only in your head and it takes a visit to Total Recall in order to pluck them from your brain? Are they written policies or are they handed down verbally from person to person? Or will it take a lawsuit in order for you to address your policies and procedures?

For more: http://bit.ly/1vk9WRZ

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by | December 22, 2014 · 8:57 am

Hospitality Industry Risk Management Update: Carbon Monoxide” (VIDEO)

The holiday season is upon us and our P3 team here at Petra knows that, that means more use of fireplaces and heaters. Because of this, we have put together a video on the dangers of carbon monoxide poisoning and the steps your staff can take to help best protect your guests and themselves in these colder months!

[vimeo https://vimeo.com/114357192 w=500&h=281]

Petra Risk Solutions’ Loss Control Manager, Marco Johnson, offers a P3 Hospitality Risk Report – ‘Carbon Monoxide’. 

P3 (Petra Plus Process) is the Risk Management Division of Petra Risk Solutions – America ’s largest independent insurance brokerage devoted exclusively to the hospitality marketplace.

For more information on Petra and P3 visit petrarisksolutions.com or call 800.466.8951.

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