A strategic alliance announced today by PKF hotel consultancy services and hotel industry online information service The Bench is set to boost the reporting of the UK hotel’s industry performance.
PKF has decided to upgrade its monthly statistics system to The Bench platform, giving all its subscribers access to daily, next day data. As a consequence, subscribers will now be able to track midweek/weekend occupancy and rates, and to benchmark their performance seven days a week.
In addition to the operational benefits daily information brings to individual hotels, PKF will produce an enhanced monthly bulletin from early 2006, providing a more accurate and insightful analysis into the current state of the hotel industry. Around 1,200 hotels will be included in its review of performance statistics, including daily average occupancy, room rate and rooms yield.
PKF has been producing monthly reports on the London and regional market since the early 1970s by analysing the views and performance of key industry players such as Hilton, InterContinental, Millennium & Copthorne and other well-known brands. The Bench (www.thebench.com
) has provided online statistics for the hotel industry on a daily basis since its launch four years ago.
Robert Barnard, partner and head of hotel consultancy services at PKF, said: “The Bench will combine its substantial database with ours and we will use our in-depth knowledge and experience to analyse the performance of hoteliers each month. The resulting reports will be more comprehensive than anything previously published and will be available online faster than ever before – just a few days after the month end.
“Hoteliers will find it extremely useful for seeing how they rank against average industry standards and investors, commentators and even consumers will benefit from the insights the reports will give on what’s happening right now.”
Jamie Chappell, Managing Director of The Bench, said: “We believe this partnering of The Bench’s cutting edge technology and PKF’s long established expert analysis will prove a winning combination. This strategic alliance will keep the UK’s hoteliers up to date by combining our market leading statistical data with PKF’s authoritative and incisive commentary.”
“The new service will offer unparalleled information and complements the basic daily tracking service already on offer.”
1.PKF (UK) LLP is one of the UK's leading firm's of accountants and business advisors and specialises in advising the management of developing private and public businesses. The firm has more than 1,500 partners and staff operating in over 23 offices around the country. Principal services include assurance and advisory; consultancy; corporate finance; corporate recovery and insolvency; forensic; and taxation. The firm has particular expertise in advising sectors such as small and medium sized companies; charities; hotels and leisure; medical; professional partnerships; public sector; and technology. The firm’s web site is www.pkf.co.uk
2.PKF is a member of PKF International, which has more 12,800 people operating in over 100 countries around the world.
3.PKF has been providing hotel consultancy services since the early 1970s and, in that time, has undertaken thousands of assignments throughout Europe, the Middle East and Africa and further a field. Services include: market evaluation and financial feasibility studies; operational and profit improvement reviews; asset management; business valuations; international property services; corporate strategy and planning; litigation support. PKF’s web site features regular articles from the firm’s hotel consultancy services experts on industry topics – the address is www.pkf.co.uk
4. PKF’s hotel trends surveys feature a broad range of hotels across the country although mainly in the 3 – 4 star categories and featuring rather more chain operated hotels than those operated independently. While there are a fair number of hotels in country and rural areas, there is a predominance of hotels in towns and cities. In London, supply featured is mainly in the 3 –5 star categories.
6. Definition of the key terms used in the surveys table are given below:
Room occupancy: the ratio of total occupied rooms to total available rooms
Average achieved room rate (AARR): room’s revenue divided by the total number of guest rooms occupied during the year.
Rooms yield: room occupancy multiplied by the average achieved room rate (also known as RevPAR).
7. The Bench
The Bench provides accurate market results for occupancy, average room rate, and revenue per available room on a daily basis. It gives users access to a huge database of information that allows them to produce reports at will, not only in their own market but also in every other city taking part.
The Bench is the first benchmark initiative to be held entirely on line and in real time, giving it unparalleled speed in bringing information to the marketplace.
The Bench’s methodology has been reviewed by competition authorities in the UK and major international markets.