We have been embracing the idea of “Where Hospitality Begins” this year. We believe in hospitality, for that is what lies at the true heart of any adventure. And we believe that every part of a hotel adds to that experience. Of course a huge part of that comes from the design. We’ll be exploring that idea a lot more …
In 2020, as the pandemic swept through the United States, many of its nearly 58,000 hotels remained solvent in part by deferring planned capital expenditure (CapEx) spending wherever possible, transferring allocated resources to operations and/or debt payments. A CapEx study released in December 2020 by Bjorn Hanson of the NYU School of Professional Studies Jonathan M. Tisch Center of Hospitality …
You have finalized a transaction, or received a PIP, or moved forward with construction approval. You know you are going to need to hire an FF&E purchasing agent for your new construction or renovation. When is the right time? When do you start engaging and hire a procurement specialist? The answer to that varies as all projects are unique in their own way. Here are a few key markers or triggers to give you a pretty good idea.
Over the last couple of weeks, we’ve covered a few of the primary basics to hospitality procurement, specifically in relation to the FF&E and OS&E purchasing. Our first week we discussed what goes into a preliminary budget and how a purchasing agent is the perfect person to help create an accurate budget. Last week we went a bit more into …
Last week we covered the basics of creating a preliminary budget for FF&E and the importance of accuracy. Go give that a read if you missed it. This week, it’s all about the details of the process. The details of the FF&E process of procurement are intricate. What is involved and where does the purchasing agent come in? Comprehensive Budget …
In this three part series, we wanted to break down FF&E and OS&E procurement down to its core, starting with preliminary budgeting and going all the way to after the installation is complete. The FF&E Process is very involved and the purchasing agent you have by your side makes all the difference. Let’s get started with the first step: putting …
The biggest question everyone wants to know is when travel will return, and when the market will get back to where it was in early 2020. The answer is a little deeper than just a simple date, but it varies on location, region, and chain scale. There are also positives and some good news that need to be addressed before …
Making preliminary budgets in any situation can be a daunting task. Creating them in such an unpredictable year can be even more difficult, but more important than ever. Here are a few things to keep in mind that are always true, and a few that will help avoid over or under budgeting during this unique set of circumstances. Plan your …
This year has been a year of adapting and changing like we haven’t seen in a long time. Any construction or renovation project relies on efficiency and a tight schedule. Currently, we are not seeing major bottlenecks with FF&E production itself, but rather with shipping and freight timelines. The supply is still outweighing the demand, so the issue isn’t with …
How will FF&E procurement be different due to the changing standards and regulations from the effects of COVID-19? Well the short answer is that it won’t really.
Whether it’s through hiring interior designer agencies, asset management teams, project management teams, or purchasing firms, the hospitality industry thrives on outsourcing to consulting firms. And why shouldn’t it? Outsourcing is one of the many ways that companies survived through 2008 and found it to be an efficient practice even in a normal economy. While it’s an option many companies …
First and foremost, our concern is for our clients, and everyone in this great, big, beautiful hospitality industry. Seeing the strength that is demonstrated in spite of hard times shows that our industry has always been and will always be about putting people first. The hospitality industry is resilient, and strong. At some point, travel and tourism will return, and …
History has shown time and time again just how resilient this industry is. While it is being widely and significantly impacted, we know that it will bounce back. We may not know when, but it will. Today, we want to direct our thoughts to that point, and have a thought experiment on some impacts this could have. What will the …
Every year brings another year of growth and new connections. 2019 has been a huge year for us, and as we reflect back on all the experiences, projects, and opportunities, we want to take a second to thank each and every one of you for being a part of this year with us. We believe that purchasing doesn’t have to …