The Journal of the British Association of Hospitality Accountants MARCH 2011 In this issue: 4 BAHA Education Programmes - Student results 6 CRC - What does it mean for me? 8 Hotel financing in 2011: Back to the roots 10 PCI DSS Survey 11 London 2012 hotel prices set to double 12 GHN on my Mind 16 HOTSTATS UK Hotels Review Jan 2011 19 Advertise with BAHA 20 Forthcoming Events bahaTIMES BAHA members meetings Monday 4th April PwC Hotels Forecast 2011 & 2012 – How big a party for hotels in 2012? Latest industry forecast by BAHA Patrons PwC at 1 Embankment Place, London WC2N 6RH from 6.00pm Thursday 19th May PKF Breakfast Seminar Accounting and Reporting update for finance teams and consultants working in the hospitality industry PKF London Offices, Farringdon Road, London EC1M 3AP from 8.00am Servicing your needs Hospitality & Leisure We provide sale, acquisition, valuation, rating, property and building advice. bahaTIMES sponsored by: BOOKING ESSENTIAL To book your place at these members meetings please email [email protected]
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The Journal of the British Association of Hospitality AccountantsMARCH 2011
In this issue:4 BAHA Education
Programmes - Studentresults
6 CRC - What does it meanfor me?
8 Hotel financing in 2011:Back to the roots
10 PCI DSS Survey
11 London 2012 hotel pricesset to double
12 GHN on my Mind
16 HOTSTATS UK HotelsReview Jan 2011
19 Advertise with BAHA
20 Forthcoming Events
bahaTIMESBAHA members meetingsMonday 4th April
PwC HotelsForecast2011 & 2012– How big a party forhotels in 2012?Latest industry forecast by BAHA PatronsPwC at 1 Embankment Place, LondonWC2N 6RH from 6.00pm
Thursday 19th May
PKF BreakfastSeminarAccounting and Reporting update for finance teams andconsultants working in the hospitality industry
PKF London Offices, Farringdon Road,London EC1M 3AP from 8.00am
PwC UK Hotels Forecast 2011 & 2012: How big a party for hotels in 2012? BAHA Members meeting - 4th April 2011
It was a very good year for many London hoteliers in 2010 as they shrugged off the recession and average room rate (ARR) growth soared by 9%. Revenue per available room (RevPAR) was up 11.4% to almost £104, passing the £100 mark for the first time since we began forecasting in 2000. This helped make London the top performing hotel market in Europe. Our lat-est hotel forecast anticipates continued strong, but decelerating, RevPAR growth of 8.3% in London in 2011, while in the provinces we expect ARR to advance by 3.4% after two years of decline, supported by a continued revival in business travel. How big a party for hotels in 2012? Q3 2012 could make many hoteliers' dreams come true with the Farnborough International Airshow, the Olympics and the Paralympic Games all in the same quarter. But outside this crucial quarter, especially in the shoulder periods, we remain con-cerned that reduced demand and above average room supply will take their toll on London trading. Hotels planning a bout of price gouging during the Olympics will only worsen the hangover. It is what happens once the Games are over that really matters, particularly for London with its significant amounts of new supply coming on in 2011 and the first half of 2012. If you would like to discuss any of the issues raised in this report come and join Robert Milburn, UK Hospitali-ty and Leisure Leader, Liz Hall, Head of Hospitality & Leisure Research and Jas Ellis Macroeconomist at PwC for a special BAHA members meeting on 4th April from 6.00pm at PwC, 1 Embankment Place, London WC2N 6RH. Booking essential please email [email protected] to reserve your place. www.pwc.co.uk/hospitalitydirections
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PCI DSS Survey
The findings showed that 77% of the 1000 Level 4 Merchants surveyed claiming to be PCI DSS compliant – were in fact not compliant. Of the respondents surveyed claiming to be PCI DSS compliant, the results also indicated:
For more information or a copy of the survey please contact [email protected]
ORTHUS SURVEY INDICATES OVER 75% OF HOSPITALITY SECTOR BUSINESSES MISTAKENLY BELIEVE THEY ARE PCI DSS COMPLIANT.
London, United Kingdom, on March 7, 2011 – Orthus Limited released the results of a survey conducted of 1000 Level 4 Merchants* in the hospitality sector operating across the United Kingdom to verify their PCI DSS compliance status.
• 94% stated they had conducted the requirement quarterly vulnerability assessment scanning.
• 36% stated they had conducted required security penetration testing.
• 9% stated they had information security policies.
• 0% had conducted the required wireless scanning.
• 24% stated they had executed a self assessment questionnaire (SAQ).
• 48% of who stated they had executed a SAQ had submitted it to their Acquirer.
The results of the survey are disturbing and indicate that merchants are misinformed as to what constitutes compliance. A significantly high number of these Level 4 Merchants who mistakenly believed they were compliant stated that they were told by a vendor that compliance entailed nothing more than conducting vulnerability scanning. Upon completing the scanning, the Merchants understood themselves to be compliant and therein lay the problem. Merchants are getting their information primarily from vendors who have a vested interest in selling their product. “Misinformation is a significant problem in the market as vendors are selling their products as facilitating PCI DSS compliance and buyers are not doing their homework” says Orthus Data Compliance Specialist, Courtney Bryan. “If vendors are affiliated with an Acquiring Bank their products or services are even perceived as required for compliance, so after a Merchant makes the purchase they naturally assume they are compliant” states Bryan. “Something has to be done about this problem. Merchants need unbiased advice and assistance in implementing this risk management framework to prevent card data theft and fraud. There is a real knowledge void in the industry about what constitutes PCI DSS compliance and until it is addressed, vendors will continue to exploit it while the Merchants unknowingly carry all the associated business risks.
* A Level 4 Merchant is a company who processes less than 20,000 E-commerce Card Transaction annually as defined by VISA. Speak to your Acquiring Bank toconfirm your Merchant Level.
“I now know more about my business than I have ever known before” “The bottom line is the system has paid for itself in weeks and there are numerous tangible benefits”
You are invited to find out how - at a Free Seminar on
Wednesday 13th April at 2-00 pm to 5-00pm
at the Strand Palace Hotel, London
Agenda
2.00pm Introduction and Objectives for the DayMike Gadbury, Vice President – Strategic Sales, EasyRMS
To discuss what is important in an RMS To show an example of what is available today To see the impact of RMS at the Strand Palace
2.10pm Discussion: What is Important to You as Revenue Managers?Niels Mekenkamp, Vice President – Consulting Services, EasyRMS
Forecasting Market Segmentation vs other groupings Room Categories and Channels RevPar/other revenues, Arrival/Departure/Guests, in-house forecasts Business Intelligence Data analytics, history, trends, other revenues, planning and scheduling
3.00pm Tea
3.15pm Review of a Revenue Management SystemNiels Mekenkamp, Vice President – Consulting Services, EasyRMS Forecasting Business Intelligence
4.00pm The Impact of an RMS at the Strand PalaceBen Chapman, IT & T Manager - Strand Palace Hotel Control of rates and forecasting Updating of rates, PMS, CRS and Channels Business Reporting for all departments, forecasts and resource planning
4.30pm The GM's Perspective
David MacRae, General Manager - Strand Palace Hotel What has the investment done for the hotel?
4.45pm Q & A5.00pm Close & Bar
To find out more or to register, please email [email protected] call Raissa on 0207 495 0773.
bahaBRITISH ASSOCIATION of HOSPITALITY ACCOUNTANTS
April 4 BAHA Members Meeting. Latest Forecast presentation by PwC, Londonfrom 6.00pm
April 13 Revenue Management workshop. Strand Palace Hotel from 2.30-5.00pmwith EasyRMS
April 18 BAHA Members Meeting. Details to be confirmed
May 19 PKF Breakfast Seminar. Accounting and Reporting Update for Finance Teamsand Consultants working in the hospitality industry PKF London Offices, FarringdonPlace, 20 Farringdon Road, London EC1M 3AP from 8.00am
June 6 BAHA Taxation forum. London from 6.00pm
June 20 HRMC Revenue Management Debate. London from 6.00pm
July 14 BAHA Quiz Night.
The BAHA Meetings Programme is sponsored by Fourth Hospitality a leadingsupplier of on-demand business intelligence solutions for the Hospitality industry
Gold sponsors include:
Agilysys
Best Western Hotels
Clarity Hospitality
Fourth Hospitality
Global Blue
KPMG
Aston Scott
BDO
CMS Hospitality
CTB Accounts
Cowgill Holloway
EasyRMS
Eproductive
FM Recruitment
IDeaS - A SAS Company
Kerry Robert Associates
Keystep
Micros-Fidelio
Orthus
PAR Springer-Miller
PKF
PricewaterhouseCoopers
Rate Tiger
Shere
StockCheck
STR Global
Symon - Digital Signage
Rieo Communications
Rubicon
Softbrands, an Infor Affiliate
The Ritz Hotel, London
TopSource
Touchstone NAV
TRI Hospitality Consulting
Venners
Xn Hotel Systems Ltd
Zen Consulting
Patrons are valued members of the British Association of Hospitality Accountants, providing the Association and itsmembers with a wide range of services and technical advice.
Visit www.baha-uk.org/sponsorsandpatrons.asp to view links to all our patrons.