At Thistle, we use HotStats in a number of ways across our business. HotStats forms part of the monthly reviews with individual hotel teams and senior management. The hotels’ management also use the HotStats reports internally for their own tracking purposes. In addition, we utilise HotStats in communicating market performance at our quarterly forecast reviews with our Chairman.
Our General Managers are the primary users of HotStats, although the actual analysis will be provided by the finance teams within the hotels. Senior management, including the Managing Director, as well as the Operational and Finance teams, also review HotStats for regional and area performance. For the managed Thistle hotels, we utilise individual and consolidated HotStats performance in our monthly management information pack along with other market data.
We find the strength of HotStats lies in the detailed presentation of cost metrics, which we use to gain an understanding of our cost control and efficiencies.
HotStats has proved to be an extremely important management tool, enabling us target some £20m of annual savings across the entire estate in one year. Additionally we utilise HotStats on an ad hoc basis for analysis of particular marketplaces, for example, using the data provided by HotStats helped us to gain a better understanding of the 5* market around one of our key hotels, so that we could assess where we had both cost overspends and areas where we were not devoting enough resource.
In summary, HotStats has proved to be an invaluable management tool within our company, both in identifying potential cost savings across the whole estate, in on-going monthly hotel reviews, as well as for bespoke assessments of individual marketplaces.