Performance and Financial Analysis for the Golden Star - Case Study Example

HOTEL REPORT STUDENT’S NAME: INSTITUTION: INSTRUCTOR’S NAME: DATE: 1.0 Executive summary Hotel reports are reports prepared by hotel managers and they provide insight on the operations of the hotel for a specific period of about four or three years. The report provided performance results for the stated period and it is helpful to the hotel management in decision making especially when making decision on the next year of their service. The report has been designed to collect all the data on the performance of the previous year and analyze the data and present results of all the departments that contribute to the survival of the business in a competitive market. Hotel report will be used to understand the performance of the hotel industry and in this case I have developed a report for my hotel. The purpose of the report is to give us an insight on what has been going on in the hotel. The reports have been prepared so as to enable my hotel make appropriate decisions for the future. In this case, the hotel will provide a report on the performance of the past three years; I will, therefore, use these performance results to make strategies and decisions for the next year. The report has been helpful because they have given my hotel an insight on what should be done to correct some deviations at some point, it also give me the strengths of my hotel. Therefore, the report will help me make a judgment on the performance and use those judgments as a guideline towards my next strategy in deciding on the direction of the hotel. The performance below will help us understand and give opinions on the results and, therefore, make judgments. The purpose of this report is to provide the performance results of the Golden Star Hotel for the past three years and, therefore, draw conclusions and used the results to plan and strategize on the operations of the next year. The report provides all the performances, for example, food and beverage financial analysis which is used to rate the performance of food and beverage department so as to provide a preview on how the arrangement should be done in order to ensure quality service and avoid waste during low season. Refurbishment analysis has been done to give the results of the hotel expenditure on the refurbishment and, therefore, helps the hotel to plan for the costs. Short term and long term stability ratios also display the position of the hotel to strive in a competitive market environment while depending on the stability of the long term and short term ratios. Total revenue and net income analysis are used to display the performances of the hotel in terms of the ability of the hotel to be able to make profits enough from all the department and hence marinating its stability. The staff turnover analyses show the rate of staff turnover for the past years and therefore present the hotel with a challenge on designing an effective tool for motivating the staff and also enabling the hotel to maintain the staff turnover rate. The performance of occupancy and average daily rate are also used by the hotel to analyze the results and, therefore, they are able to predict the amount of revenue that can be earned during peak and off peak seasons. After analyzing all the performance, the results will be used in preparing a business plan for the next year whereby the results will contribute in the formulation of objectives and strategies. Table of Contents 1.0 Executive summary 2 2.0 Introduction 5 3.1 Performance and financial analysis for the Golden Star 6 3.1.1 Total hotel revenue and total hotel net income 6 3.1.2 Rooms department revenue and rooms net income 7 3.1.3 Food & beverage departments’ revenue and food & beverage net income 8 3.1.4 Return on capital employed (ROCE) 9 3.1.5 Occupancy, average daily rate (ADR), and REVPAR 10 3.1.6 Refurbishment spending and extra facilities built 11 3.1.7 Short term and long term stability ratios 11 3.1.8 Staff turnover 13 3.1.9 EMS spends and activities 13 4.0 Business Plan for Year 4 15 4.1SWOT-Strength, weakness, opportunity and threat 15 4.1.1 Strengths 16 4.1.2 Weaknesses 17 4.1.3 Opportunities 17 4.1.4 Threats 18 5.0 Objectives 19 6.0 Strategies 20 6.1.1. Corporate/weekday Market 20 6.1.2 Leisure/weekend Market 21 6.1.3 Other market segments 21 6.1.4 Food and beverage 22 6.1.5 Staffing and Service quality 22 6.1.6 Physical property condition 23 References 24 2.0 Introduction Business is the act of commercial activity that is geared towards making money, therefore, for any business activity; there are many things that are undertaken to ensure the success of the business. For example, designing strategies and implementing them according to the decisions made by the business, predicting the future using the past performances and the most is making reports for the performance of every year.al these activities relate together and, therefore, a business cannot strive in a competitive environment without carrying out all these activities. Positioning statement for The Golden Star Hotel “For our esteemed customers, the Golden Star Hotel services and hospitality are distinct and of good quality, unlike the services of other hotels because we integrate innovations and technology together with original knowledge on service provisions so as to meet the customer demand." The Star report which is a tool used to analyze hotel performances in terms of occupancy, average daily rate, revenue per available room, supply and demand. It helps the hotel by providing a comparison with competitors and also to various segments in the industry, it also track performance for multiple time, for example, current performance, yearly performance and after three months performance. Form the above insight on star report we can as well conclude by saying it provides that hotel with a simple way of making decisions and strategies by simply analyzing the performance which is helpful when making decisions in any business. In Golden Star Hotel, I have, therefore, used a star report in analyzing the performance of the last three years of the hotel. The hotel seemed to have had some fluctuations in stability for the three years and I feel there is a need to correct some deviations especially on the finance sector. The performances, however, have been fair and, therefore, the plans for the next year will focus more on improving these performances. The analysis for almost all the sectors that contribute to the strive of the hotel for the last three years helps in drawing conclusions and, therefore, I can say that my hotel business is actually growing and adapting to an external environment and the forces of demand and supply. 3.1 Performance and financial analysis for the Golden Star 3.1.1 Total hotel revenue and total hotel net income From the graph above on the net income and the total revenue, you find that, during the last three years the net income in the first year was a beyond negative as we can see it began from the negative side of the graph, as the months went by, the net income continued increasing although remaining in the negative side, this implies that the Golden Star was experiencing some loss in the net income. From the second year, we find that the net income increased gradually up to the third year. For the total revenue, we notice that there has been a gradual increase for the past three years. 3.1.2 Rooms department revenue and rooms net income The graph below displays the results of the room department in the past three years, from the graph it is clear that there is a relationship between the room departmental revenue and the room net income so that when there is an increase in the room departmental revenue, the room net income also increases, the results show how the two are related and it has shown a gradual increase for the past three years in the Golden Star. However, towards the end of year three, there has been a decline in both the revenue and the net income for the rooms such that the revenue declined from $650,000 to $ 480, 000, while the net income declined from $ 480,000 to $320,000 this shows that there is a challenge in the room department that needs to be fixed by developing strategies for the improvement in the next year. 3.1.3 Food & beverage departments’ revenue and food & beverage net income The food and beverage graph displays the performance on the sales of food and beverage for the past three years in the Golden Star. From the analysis, we can conclude that there has been a slow increase in the revenue and the net income sector. This is seen whereby an increase in the revenue department results in an increase in the net income of food and beverages. Therefore, the Hotel has been performing quit well in the sale of food and beverages, however, at some point between may, June, July and August of each year, we find that there has always been a decline in the sale of food and beverages, this is because these are the low seasons in the hotel business and the customer turn up is very low. Therefore, this result to developing a strategy, that will minimize wastage of food and beverages during these months and innovating other ways of making profits. 3.1.4 Return on capital employed (ROCE) The rate on capital employed in year 1 was seen to be low and it was -4.50.this implies that it was below the expected rate. in the year 2, the rate had increased to 14.3 which was seen to be quit a great change from the previous year 1.in year 3,the rate slightly increased from that of year 2 and it was seen to be 15.4.from the analysis we can, therefore, conclude that the rate on capital employed in the Golden Star is quit promising whereby it is gradually increasing, therefore, the same strategies that were used in year 2 and year 3 will be used in year 4 so that there will be a continuous increase n these performances. 3.1.5 Occupancy, average daily rate (ADR), and REVPAR From the graph above, we can notice that there are two variables that correlate and they are the occupancy rate and the REVPAR; we find that, from the past three years there has been an increase the same changes in both variables such that an increase or decrease in one variable causes the same effect in the other one. For the analysis of the ADR, we find that there is some slight difference in the results so that when there is an increase in the OCC and REVPAR there is a decline in the ADR. 3.1.6 Refurbishment spending and extra facilities built The financial analysis of the refurbishment and extra facilities shows that, in the first and second year, there was a high increase on the finance used in the month of November and December consequently. from the rest of the month in each year there have been fluctuations in the costs. Therefore, we can conclude by saying that the Golden Star has to spend on refurbishment and other costs towards the end of every year. 3.1.7 Short term and long term stability ratios Short term From the analysis, we can see that, in the first year the short term ratio was above 1, 2, in the second year, the short term ratio declined to 0.8 and this shows that the Golden Star was under a challenge on maintaining the finances from the short term decisions. However, the hotel experienced a great increase in the ratio towards year 3 whereby it recorded a financial short term stability ratio of 1.7. Long term The long term stability ratio of the Golden Star in the fists year was very low; a figure of 0.2, the ratio was experienced to rise in the second year where the record was 3. 50, this was seen as a great increase. In the third year we realize that the ratio increased slightly to approximately 3.9.the above analysis shows that, in the second year of the short term and the long term ratio, there were some problems in the financial stability ratios of the Golden Star. 3.1.8 Staff turnover In the first year, the staff turnover was seen to be above 50% which draws a conclusion that we encountered above average staff turnover. In the second year, however, the staff turnover declined to 30% which paused a question to the human resources department on the management of staff. The third year experienced a slight increase in the percentage of staff turnover to 35% it is still a problem that needs to be addressed in the next year. 3.1.9 EMS spends and activities From the analysis of EMS activities, we notice that there was no result from the first year all through to the half of the second year. The results were noticed in the July month of the second year where the cost of these activities rose to $17,000 and later declined to zero in the month of October and it remained at zero till the sixth month of year 3 where we experience a sharp increase in the cost to $ 38,000 and from there, there has been a sharp decline to zero in the month of August up to date. Conclusion and challenges drawn from the past three year performances From the results showing the performances of the Golden Star, we conclude that there have been quite impressive performances starting from the second year in almost all the departments. This has been seen by the changes that rate from the second year towards the third year. The first year seems to have had some challenges in coping up with the financial stability of all the departments and that is why there has been a fluctuation in the performances. The challenges encountered during the three years are; The financial stability ratio in the short term and the long term were not constant, this can be seen from the graph we can see that the two aspects are not constant in there rate of change. Therefore, it was a challenge to the Golden Star for maintaining the stability ratios. Maintaining the percentage rate of staff turnover has been another challenge in this hotel because, from the analysis we can see that there has been on and off rate of staff turnover which is an issue to be considered in the next year. The department of food and beverages is also another aspect that should be considered in the next year, whereby the hotel experienced a loss in some months where there was a low turn up of customers and therefore rendered the hotel to waste some perishable supplies in terms of food and beverages The hotel should also check on the timing of refurbishment costs whereby it will prevent a quick increase in some moths and a very minimal increase in other months. This is a challenge that requires critical analysis on the trend and coming up with appropriate budgets. 4.0 Business Plan for Year 4 4.1SWOT-Strength, weakness, opportunity and threat Before the hotel prepares a business plan for year four, it has decided to conduct a swot analysis whereby it will consider the external and internal factors that either way affect the company. The hotel will, therefore, come up with strategies basing on the outcomes of the swot analysis and will, therefore, implement these strategies by making decisions while basing on the past performances of the hotel. Form the results obtained from swot analysis, the hotel will develop strategies in four ways which are; Generate strategies that will use strengths to take advantage of the opportunities whereby the hotel will set strategies while considering the opportunities in the external environment and, therefore, using the internal strengths to benefit from the opportunities. Generate strategies that will take advantage of the opportunities by overcoming threats. The hotel will, therefore, set strategies that will use opportunities discovered from the external environment so that they will overcome the threats that are foreseen and in the external environment, as well. Generate strategies that will use strengths to avoid threats, the hotel in this case will develop strategies while considering the level of threats and their level of internal strength, this will enable designing a strategy that will work towards avoiding threats by using the strengths. Generate strategies that will minimize weakness and hence avoids threats, the hotel will, therefore, develop and implement strategies that will minimize weaknesses in the internal environment because the fewer the weaknesses it implies that the hotel will be in a position to avoid threats. 4.1.1 Strengths Strengths of the Golden Star hotel which has enabled it to strive in the competitive environment for the past three years have been categorized into; The Golden Star has a natural resource of land whereby we have constructed our buildings and, therefore, we have invested in developing beautiful and attractive gardens. The managers of the Golden Star have led to the success of the hotel service by interviewing every employee in order to recruit the best team that has been able to provide extraordinary services. We have invested in listening to the needs of our guest because they are our customers, therefore, we attend to every need accordingly and this has earned the Golden Star an image and also the customer loyalty. We have also differentiated our products and services so that there is a great distinction between what we offer and from the competitors, this has enabled our hotel to always remain unique in its services and products. We upgrade our rooms continuously to create a welcoming ambience to our guests, this is done almost yearly whereby we renovate and upgrade our rooms and also the whole hotel so that it has always remained elegant and clean. This is an aspect that has always attracted customers to our hotel. We have invested in time and capital in our security since the infrastructure of our hotel requires a good security that will enable the properties of the hotel together with those of our guests to be taken care of. 4.1.2 Weaknesses We do not have a premium room redemption option whereby our customers are not given a chance to pay more for a better room since we have designed all our rooms to be equal in terms of facilities and equipments used. The hotel does not give benefits on the guests that stay, these benefits should come in terms of a movie ticket or a tour to a specific place. 4.1.3 Opportunities There is a demand opportunity in the next year whereby some forces in the external environment will lead to rising in demand, take a look at the reducing cost of air bus travel; this is a great opportunity because people will be travelling for their own reasons but mostly for tourism purpose. This opportunity will lead to increased number of customers. The hotel has also discovered an opportunity on the use of electronic marketing whereby we are going to adopt the use of technology to reach more customers globally. This will be done through advertising through internet and the hotel will be able to attract and provide customer services online. These services will extend to reservations and also organizing for air travel to our current guests. There is also a discovered opportunity whereby corporate are demanding a mobile check in. This is where they will only log in to their hotel of interest and check in, the opportunity should be adopted in the hotel to allow time saving for customers who are always in a hurry. 4.1.4 Threats There are economic conditions that place our objective at risks and they include the fiscal and monetary policies. The government cannot predict these policies and, therefore, the hotel has to stay alert on these policies that may affect the operations of the hotel. There is also an identified threat from our competitors in that they have invested in expanding their services and opening up other branches globally, this is a threat to the Golden Star which is still young and its growth has not generated enough to expand its operations. 5.0 Objectives Objectives are the aspects that will enable the hotel to focus on their operations so as to achieve those objectives. The hotel has developed the objective's basing on the performances of the previous years and, therefore, these objectives are intended to be achieved in the fourth year of our business. These objectives are specific, measurable, attainable, realistic and time bound. Our aims therefore are; Operate the properties of the hotel so as to attain a three star standard of hotel classification To build a strong relationship with investors and secure some management contracts for the hotel and manage the investments as well Improve the market position reinforcement so as to strengthen our image and build customer trust and loyalty Achieve higher levels of profits so as to invest in other profit making operations and therefore accumulate some good returns to the shareholders and also the investors The hotel operations should provide satisfactory services to the clients in terms of quality and timely service of food and beverages together with other services. Market our hotel through trusted and recognized brands and also using the internet so as to achieve high standards of taste and ethics 6.0 Strategies Strategies are a form of comprehensive master plans that stipulate how the mission and objectives will be achieved. The strategies provide direction to where the hotel will follow so as to experience an increase in the rate of profit making. It, therefore, aims at maximizing the competitive advantages and minimizing the competitive disadvantages. For the Golden Star, we feel that there are some changes that should be implemented in the fourth year so as to bring a change in performances from the previous result. The hotel will, therefore, take advantage of the discovered opportunities so as to avoid the threats. The hotel, therefore, will make strategies in the finance department, human resource department, the marketing department and in the operations department. All these strategies will be implemented as explained below; 6.1.1. Corporate/weekday Market The corporate weekday market describes the product which is the advertising of the hotel products and services and also the promotion and sales used pricing and distribution. In the Golden Star, we strategize on the corporate market as follows Weekday and the weekend, we will use the business management press to advertize the products and services, (weekly expenditure—1600 each) Group corporate will be best if we use direct sales force, (weekly expenditure– 1700) Advertising the meals we sell will be best when using local radio or newspaper (weekly expenditure 300 each) Events: direct sales force (weekly expenditure– 1600) Conference: direct sales force (weekly expenditure– 1600) Weekly budget: the Golden Star will therefore have a total weekly budget for other operations like search engine (1300), contracting a web designer who will help us in optimizing our website, (1200) and also the expenditure on online advertising (1500) 6.1.2 Leisure/weekend Market The hotel plans on strategy of marketing the products and services that will be offered during the weekend when people spend their time for leisure. Therefore, our strategy is as follows; Advertising the meals we sell will be best when using local radio or newspaper (weekly expenditure 300 each).we will also use direct sales agents when advertising for the events (1200). Promotion will be done at the low season whereby we will provide services like swimming pool to the customers, beauty and massage parlor and free tickets for a movie. 6.1.3 Other market segments The use of mobile check in The hotel is planning to implement the use of mobile check in whereby it will help customers who are busy and have no time to queue for check in and payment. This program will add value to the service of our hotel and it will encourage more customers. Offering benefits for customers who stay for a long period in the hotel The hotel has planned to offer benefits that accrue to customers who spend a long time in the hotel. The benefit will come in the form of a ticket to a movie or being served some cold drinks. The purpose of such service is to add value to the hotel services and also it will encourage more purchase of the rooms. Embracing the use of technology in the hotel operations The use of information communication technology in the hotel is important because it will ease the operations of the hotel in terms of staff performance and in the end; the customer turn up will be very high. Internet, for example, will help in marketing online, researching for more information online and transfer of data. It is also used to provide customer care services globally. The hotel, therefore, plans to adopt the use of the internet so as to improve the hotel service and add value to the rooms and, therefore, increase the rate of occupancy. 6.1.4 Food and beverage The hotel plans to specialize more on food and beverages especially for the purposes of dinner. Our meals will be prepared by qualified and competent chefs. We will organize for the reduction of waste and also during low seasons; Golden Star will budget for the amount of food and beverages to be served to our customers so that we will experience no loss. 6.1.5 Staffing and Service quality The human resources department plans on recruiting staff based on their experience, competence and their technical ability. The purpose of recruiting more staff is because of the changes made, for example, expansion of hotel facilities such as conferences, business facilities and internet. Our staff will be paid according to the band level we have. For example, since our hotel is a 2 star, we will pay what other hotels of the same category pay because it will improve their morale. Our staff will also be trained so that they will be familiar with conduct and ethics of the hotel and how to handle customers, we will, therefore, hire a number of staff basing on the requirements of the added facilities. Our staff will be trained on the basics of quality service provision and ensuring the hospitality to our guests. The strategies for ensuring quality services are; Good food handling hygiene Professional handling of guests Timely service provision They should be presentable and neat 6.1.6 Physical property condition The physical property of the hotel will be renovated yearly so as to enhance the ambience and, therefore, attract more customers. These properties include buildings, furniture and vehicles used and the kitchen and laundry equipments. Their current status is good because we devoted towards the end of the third year. The purpose of proper handling of the physical equipments is to add value to the sale of the rooms and also to attract more guests. All the above strategies will be achieved through the use of all the managerial aspects of planning, organizing, controlling, staffing and coordination. The hotel will also implement the use of management control tools such as financial control, performance measurements and operations control, in order to achieve the goals of the next year. References http://griffith9.nethots.net/Login.aspx  Andrews, S. (2013). Hotel Housekeeping: A Training Manual. Tata McGraw-Hill Education. Copyright. Bard, j. A. (2011). Hotel Front Office Management. john willey and sons. Clifton, D. (2011). Hospitality Security: Managing Security in Today’s Hotel. CRC Press. Corporation, H. H. (1991). Annual Report: Hilton Hotels Corporation. Hilton Hotels Corporation. Ingram, H. (2013). Business of Hotels. Routledge. Michael J. O'Fallon, D. G. (2011). Hotel Management and Operations. johnwilley and sons. Peter Harris, M. M. (2012). Accounting and Financial Management. Routeledge. Singh, R. (2000). Hotel And Hospitality Management. Kalpaz Publications. Yu, L. (1999). The International Hospitality Business: Management and Operations. Haworth Press,. Current balance sheet December Current Year   Last Year $ $ Current Assets       Cash at Bank 3,104,588 1,072,102   Accounts Receivable 446,147 388,623   Inventories 63,655 54,165       Total Current Assets 3,614,390 1,514,890       Property & Equipment       Net Property & Equipment 12,214,428 12,882,836          TOTAL ASSETS 15,828,818 14,397,726             Current Liabilities       Accounts Payable 1,077,956 993,223   Carbon offset receipts 0 0   Income Tax Payable 635,318 367,120   Dividend Owed 0 0   Current Maturity of Long-term Debt 404,298 404,291       Total Current Liabilities 2,117,572 1,764,634       Long-term Liabilities       Long Term Debt 2,021,491 2,425,746       Owners' Equity       Share Capital 8,950,000 8,950,000   Retained Earnings 2,739,755 1,257,346       Owners' Equity 11,689,755 10,207,346       TOTAL LIABILITIES & OWNERS' EQUITY 15,828,818 14,397,726 Statement of income for year 3 Current Year Last Year $ $ Revenue       Room 495,687 467,989   Food & Beverage 449,573 384,015    Other Operated Departments 81,135 58,345   Other Revenue 0 0  Total Revenue 1,026,395 910,349   Expenditure       Rooms 147,412 138,367   Food & Beverage 227,957 195,325   Other Operated Departments 41,490 39,288   Administrative & General 35,921 35,240   Sales & Marketing 63,598 50,938   Property Operation & Maintenance 46,363 49,859   Utilities 33,121 31,754   Property Taxes & Insurance 16,024 15,788   Bank Charges 3,959 3,586   Interest Expense 9,404 10,960   Depreciation 102,642 108,259 Total Expenses 727,891 679,364   Income before Income Taxes 298,504 230,985 Monthly income indicator for year 3 December Year 3 3 3 3 3 3 Month 12 11 10 9 8 7 Weekday Transient 1528 1733 1537 1659 1363 1266 Weekend Transient 1521 2368 1439 1347 1444 1252 Weekday Contract 0 0 0 0 0 0 Weekend Contract 0 0 0 0 0 0 Meal (Weekday) 1614 1787 1456 1280 818 771 Meal (Weekend) 1553 1922 1359 1097 781 716 Liquor 11970 14071 10984 9152 7837 7533 Conference (Weekday) 737 992 633 575 869 439 Conference (Weekend) 232 322 200 185 283 143 Groups (Weekday) 158 127 162 88 52 155 Groups (Weekend) 180 146 177 102 55 168 Events (Weekday) 291 257 329 195 116 280 Events (Weekend) 256 228 291 164 110 250 Factors & Ratios             Total Rooms Sold 4,356 5,688 4,148 3,956 4,066 3,423 Room Occupancy (%) 62.2 65.0 59.3 56.5 46.5 48.9 Average Room Rate ($) 110.32 114.72 109.27 111.60 114.67 108.26    Weekday 111.22 110.00 112.46 112.14 110.86 110.54    Weekend 123.45 126.81 120.36 118.08 117.90 119.59    Contracts 0.00 0.00 0.00 0.00 0.00 0.00    Conferences 117.02 117.20 117.31 119.86 123.17 123.51    Groups 28.00 28.00 28.00 28.00 28.00 28.00 Guest Occupancy (%) 33.5 34.1 32.1 29.6 23.8 26.8 Staff Turnover (annual %) 20.0 64.0 20.0 20.0 81.3 0.0    Heads of Dept 0.0 208.0 0.0 0.0 0.0 0.0    Accommodation 0.0 54.7 0.0 68.4 54.7 0.0    Food+Bev 0.0 52.0 65.0 0.0 54.7 0.0    Front Desk 0.0 130.0 0.0 0.0 130.0 0.0    Conf+Banq 185.7 0.0 0.0 0.0 148.6 0.0    Other Staff 0.0 0.0 0.0 0.0 173.3 0.0 Average Weekly Training spend per Staff Member ($) 11.83 11.83 9.37 9.37 13.22 13.22 Rooms Market Share (%) 6.45 9.07 6.85 7.08 6.76 7.43 Market Image Index 46.07 49.59 47.35 49.45 51.96 50.49 Public Awareness Index 48.90 48.54 47.68 46.10 44.90 46.23 No Shows (%) 2.49 2.39 2.35 2.43 2.39 3.26 External Meal Sales (%) 60.0 56.1 57.4 50.4 46.1 47.7 External Liquor Sales (%) 19.2 18.0 18.5 16.8 21.3 22.7 REVPAR($) 68.65 74.58 64.75 63.07 53.28 52.94 GOPPAR($) 60.94 47.39 54.89 23.17 34.33 19.43 Total Room Revenue ($) 480,574 652,545 453,262 441,505 466,239 370,589    Weekday($) 169,942 190,629 172,857 186,032 151,107 139,942    Weekend($) 187,771 300,275 173,192 159,059 170,243 149,722    Contracts($) 0 0 0 0 0 0    Conferences($) 113,397 153,997 97,721 91,094 141,893 71,881    Groups($) 9,464 7,644 9,492 5,320 2,996 9,044 Food & Bev. Revenue ($) 449,573 528,906 408,863 341,675 287,011 264,694 Revenue ($) 1,026,395 1,299,871 955,924 870,530 851,195 720,906 Income before Income Taxes ($) 298,504 279,172 254,168 31,183 161,914 4,145 Refurbishment Status             Rooms Excellent Excellent Excellent Excellent Excellent Excellent Bar Excellent Excellent Excellent Excellent Excellent Excellent Restaurant Excellent Excellent Excellent Excellent Excellent Excellent Front Desk Excellent Excellent Excellent Excellent Excellent Excellent Conference Rooms Excellent Excellent Excellent Excellent Good Read More