The 6 (+6) Crucial KPIs Every Hospitality Business Should Be Tracking
2023 was mainly better than expected for companies in the hospitality sector. In the hotel space, occupancy rates were up 10%, and global RevPAR (revenue per available room) increased by 17%. (France was a happy outlier, with RevPAR up 123% — oui!) The restaurant space reported mixed results. While openings increased across Canada in 2023, the growth hasn’t yet translated positively to the bottom line, as food costs rose nearly 5%. We’re sharing these hospitality industry key performance indicators (KPIs) with you for a reason. KPIs are more than numbers. They are metrics that drive meaningful action and help you align your business’s broader objectives.
What KPIs should your hospitality business be tracking — how and why? We encourage you to check out this whitepaper from Sage Intacct for an in-depth look at the Six Crucial KPIs You Should Be Tracking for Your Hospitality Business. But before you do, here’s our spin on the subject.