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Accountants and Financial Advisers Armstrong Watson are launching a new survey this month which will uncover invaluable information for the local hotel industry.
The Hospitality Benchmarking Survey will be circulated to over 700 hotel owners in the lake district, including those who are members of the Lakes Hospitality Association. As a result of the survey, those who complete it will be able to see a high level report showing the benchmark in the Lake District for key performance indicators such as occupancy rates, forward booking rates, wet margins, dry margins and much more.
Richard Andrew, Manager from Armstrong Watson’s Kendal office commented:
‘We’re committed to the Hospitality Industry in the Lake District. For years we have been manually pulling together information for our clients to aid with strategic decision making. The new survey will both expand and streamline the process and allow data to be collected on a regular basis, enabling trend identification for the industry. This information aids crucial decision making for Hoteliers in the Lake District helping them understand how their performance compares to their competitors and identify their key strengths, weaknesses and opportunities for growth in this beautiful part of the country. It’s all part of our ongoing commitment to provide our clients in this sector with a specialised service which gets to the heart of the specific issues the hospitality industry in the area is facing.’
Barney Cuncliffe, Owner of the Gilpin Lodge (Windermere) commented:
‘Benchmarking can be counterproductive unless you are comparing hotels with similar geography, price and quality. I am very interested in Armstrong Watson's regionalised approach and serious investment in this project. Furthermore, their internet based proposal promises to deliver results instantaneously. I'm not really interested in what happened several months ago, I want to know if I am making the right decisions now, for next month. I hope it is a success and the more hoteliers that endorse this, the more informative and successful it could be.’
Although the survey’s results are available for those completing it, Armstrong Watson will also be using the information to allow them to produce a bespoke, in depth, timely and high quality report available to any hotel owner in the sector wanting advice and help with decision making in what has been a challenging few years for the industry.
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