Tag: hotel

The Taylor Swift Effect:  Taylor Swift’s Eras World Tour and its Impact on the Hospitality Industry

Posted on by Katherine Wyles

As the UK & Ireland prepares for Taylor Swift’s highly anticipated ‘The Eras Tour’, excitement is building not only among fans but also within the hospitality industry. The tour, which has already achieved phenomenal success globally, is set to bring a significant economic uplift to the cities graced by the pop icon’s presence. This article explores the impact of the tour on the hospitality industry, highlights innovative business strategies that have emerged, looks at some instances where fan exploitation may have occurred, and offers insights into how the industry can harness the positive potential of such mega-events. 

The “Swiftonomics”of ‘The Eras Tour’
Taylor Swift’s ‘The Eras Tour’ has been a business phenomenon, with its ripple effects extending far beyond concert venues. As the tour weaves across the UK, beginning in Edinburgh and culminating at London’s iconic Wembley Stadium, it brings a wave of economic benefits. Hotels, restaurants, and local businesses are poised to experience a surge in patronage, with fans, affectionately known as Swifties, travelling from near and far to witness their beloved star in person. Barclays have noted that the UK is set to see a £1.2B bounce from the 15 concerts. 

While these ‘swiftonomics’ also cover a boost to retail, the majority of revenue will be going towards hospitality and tourism. The latest figures from STR suggest that Occupancy on the Books for June in the host cities of Edinburgh, Liverpool, Cardiff, and Dublin are all at least 10% ahead of this time last year. London, always more resistant to mega events due to a much larger supply, is also seeing a double digit difference for the concerts in August. Some hotel chains, such as Whitbread’s Premier Inn chain, have been completely sold out since the tour was first announced. In North America, hotels in the cities of Atlanta, Chicago, Detroit, Pittsburgh, and Cincinnati hotels saw an average uptick in ADR of 71% between 2022 and the U.S. Leg of The Eras tour in 2023. 

Swift Leverage
Businesses have been quick to adapt to the influx of Swifties, implementing creative strategies to attract increased business. For example, retailers have stocked up on Swift-inspired apparel in response to reports that one in five ticket holders would purchase new outfits specifically for the concerts . Restaurants have crafted special menus and cocktails named after Swift’s hit songs, turning ordinary dining experiences into celebrations of her music. 

Hotels have introduced themed packages, like Royal Champagne Hotel and Spa’s exclusive ‘Champagne Solution’, named after a song on Taylor’s latest album and designed to appeal to Swifties who may wish to follow Taylor’s lead, and find solace in high-end bubbles after heartbreak.  Likewise, a bakery in Paris is being inundated with special orders of “Taylor Swift on a stage with a microphone in fondant, Taylor Swift riding a unicorn, and cakes with her face on them …”. Liverpool has taken this creativity a step further as the whole city transforms itself into a Taylor Town Trail with art installations representing each Era set to be placed across the city centre as Anfield hosts three concerts in June. These creative efforts not only attract more business but also enhance the overall concert-going experience for fans. 

Employee Engagement
Much of Taylor Swift’s stock with her loyal fans has been built through a long term emotional connection. Her music and her interactions with fans has connected with fans who trust her so much that many re-purchased almost identical recordings of albums they already had, in order to support her in her battle with the owners of her original recordings. Hospitality businesses can further enhance customer experiences by leveraging their employees, many of whom may be huge fans, to offer some real authenticity to their guest offering.  

Communicating with your team and empowering employees to engage with guests about Taylor Swift’s music, tour dates and related local events could make interactions more engaging for guests and fans. If appropriate, employees could wear themed attire or participate in Swift-related activities, creating a festive and welcoming atmosphere. In hotels, concierge services may want to brush up on their pop culture and could offer personalised recommendations for local attractions or Swift-themed experiences, to ensure visitors make the most of their stay. 

A Reputation at Risk
Despite the successes, there have been instances where businesses have damaged their reputations by exploiting fan enthusiasm. The most notable example is the Ticketmaster fiasco, where fans faced a chaotic and frustrating ticket-buying experience, leading to public outcry and a tarnished reputation for the ticketing giant.  

In some cities, hotels dramatically increased room rates once tour dates were announced, resulting in backlash on social media. Hotel prices in Sydney and Melbourne in the week of concerts averaged nearly double the price of the next week. In Dublin, hotel prices are nearly triple what they are when the Taylor Swift tour isn’t in town. While this is likely the result of dynamic pricing and very normal in the industry, it has sparked widespread frustration among fans. Such opportunism can backfire, damaging the long-term reputation of these establishments. 

Lessons Learned
The ‘Eras Tour’ offers valuable lessons for the hospitality industry. It underscores the importance of preparedness for handling large-scale events and the need for innovation in customer engagement. Businesses that strike a delicate balance between capitalising on the opportunity and respecting the consumer by investing in their experience, will likely reap long term rewards. By fostering a positive environment and creating memorable experiences, hospitality businesses can ensure that the ‘Taylor Swift Effect’ translates into long-term loyalty and not just a fleeting ‘Love Story’. 

Fair Pricing Strategies
Businesses should balance capitalising on increased demand with maintaining fair pricing. Overcharging can lead to negative reviews and long-term reputational damage. Offering value-added packages that justify higher rates without seeming exploitative is a better approach. 

Creating Unique Experiences
Fans appreciate creative and thoughtful touches. Developing themed packages, limited-time offerings or in-room amenities that celebrate the event can enhance the customer experience and generate positive word-of-mouth.  

Employee Engagement
Leveraging enthusiastic employees to enhance the customer experience can be highly effective. Empowering the team to be knowledgeable and engaging with Swifties while incorporating themed attire or activities can create a memorable atmosphere. Concierge services offering personalised recommendations can further enrich guest experiences. 

Engagement and Transparency
Engaging with fans on social media and through direct communication can build a positive relationship. Transparency about pricing and availability prevents misunderstandings and builds trust. Responding to feedback, both positive and negative, shows that a business values its customers. 

Collaborations
Partnering with local businesses can create more comprehensive and attractive packages for visitors. Collaborations with transportation services, local attractions, and merchandise vendors can enhance the overall experience for fans. 

Taylor Swift’s ‘The Eras Tour’ has highlighted the tremendous potential for economic uplift and innovative strategies within the hospitality industry. By learning from both the successes and missteps associated with the tour, businesses can better prepare for future large-scale events.  

FM Recruitment, part of Hospitality People Group, remains dedicated to exploring all facets of the hospitality industry to provide relevant insights and support our clients’ people strategies. This commitment ensures that businesses can harness opportunities like the ‘Eras Tour’ to create lasting value and positive experiences for their customers. 

If you would like to discuss your people strategy further, then please get in touch. 

Chris Denison Smith, Managing Director – FM Recruitment 
+44 20 8 600 1160 / +44 7775 711923
chrisdenisonsmith@fmrecruitment.co.uk  

Andrea Shaw, Director – FM Recruitment 
+44 20 8 600 1160 / +44 7714 236469 
andreashaw@fmrecruitment.co.uk 

Taylor Swift – Image Courtesy of Paolo Villanueva

Director of Finance, London – Position Filled

Posted on by Katherine Wyles

This position has now been filled. Please check our latest job opportunities here

Exciting opportunity for an experienced Director of Finance to join a beautiful, five star luxury Central London hotel.

The role of Director of Finance will be responsible for all areas of finance, purchasing and IT – managing, controlling and enhancing all aspects of the departments.

Responsible for managing the monthly management accounts, within a self accounting environment, the Director of Finance will be part of the Executive team within the hotel, reporting to the Managing Director and the owners.

We are seeking an experienced individual with fantastic management skills and the ability to build and develop the team, and improve controls and systems within the hotel.

This is an office based position, with potential for a small amount of flexibility in the future. Good salary, bonus and benefits on offer for the right candidate.

For more information or to apply, please contact Chris at fm@fmrecruitment.co.uk or call on +44 20 8600 1160

Internal Audit & Risk Manager, London – Position Filled

Posted on by Katherine Wyles

This position has now been filled. Please check our latest job opportunities here

We are working with a Luxury European hotel group to recruit an Internal Audit & Risk Manager, responsible for the management of risk across the company’s hotel portfolio, liaising between head office and the hotel senior management teams.

The role will focus on reporting and controls, identifying and resolving issues within the hotels. Working with the senior management team, the Internal Audit & Risk Manager should have the confidence and experience to discuss and challenge risk and audit issues in order to seek resolution.

At a time of significant growth within the group, the Internal Audit & Risk Manager will also be very involved in assisting new hotel openings – working with the pre-opening project team to establish operational controls.

Candidate Requirements

  • Strong hotel operational finance background. Understanding of the importance of an accurate balance sheet when presenting management accounts.
  • Ideally qualified Accountant or Internal Auditor
  • Knowledge of Opera / Dynamics Navision desirable
  • Additional language skills – Italian, German, Russian would be beneficial

This role offers the opportunity for growth and development, as the hotel portfolio grows across Europe,

The position will have a London base – home / head office, and include a significant (25%) amount of international travel.

For more information or to apply, please contact Tairona at fm@fmrecruitment.co.uk or call on +44 208 600 1164

Financial Controller, Kenya – Position Filled

Posted on by Katherine Wyles

This position has now been filled. Please check our latest job opportunities here

We have an opportunity for a Financial Controller to work for our client in a luxury Beach & Golf Resort which offers unparalleled hospitality and lifestyle from pristine beaches to top-tier amenities and exhilarating experiences on the Kenyan coast.

Reporting to the Group Finance Director and Hotel General Manager, the Financial Controller will be responsible for safeguarding the hotel assets and financial resources to ensure that all are utilized to maximize revenues and hotel profitability.  As a part of the Hotel Leadership team, the FC will contribute to key strategic and operational decisions for the Hotel or Resort.

Core Duties:

  • Ensure the preparation of a comprehensive monthly and annual reporting of financial results of the hotel in established corporate formats and in accordance with generally accepted accounting principles and as required by the hotel management agreement.
  • Maintain files on all contracts, leases and agreements and ensure compliance with their requirements; ensure proper authorization has been obtained for all hotel specific contracts (including Engineering), leases and other agreements and competitive bids are on file where applicable and reviewed prior to execution of contract.
  • Assist General Manager in establishing policies, procedures, rules, internal controls and safeguards that are beneficial to the business.
  • As appropriate, based on the hotel’s accounting on behalf of owners, interest accruals on long-term debt may be recorded on the hotel’s books; the Financial Controller should ensure accuracy of the unpaid balance and applicable interest rate, and accrue the expense to the Interest Expense line item and record the corresponding liability in the Accrued Interest liability account.
  • Ensure compliance with the Uniform System of Accounts for Hotels as modified from time to time, or as per local GAAP.
  • Ensure that an organization meets the necessary tax, permit and all other relevant resort licensing requirements.

This position is open to local or expat candidates.  Full Board is offered on a single basis.

A full job description and further details available upon application.  Please contact Andrea at fm@fmrecruitment.co.uk or +44 208 600 1161 if you are interested, with contact details and available times to speak.

Financial Controller, Nuremberg – Position Filled

Posted on by Katherine Wyles

This position has now been filled. Please check our latest job opportunities here

Situated in the second largest city in Bavaria, we have an opportunity for a Financial Controller to join the team at a beautiful hotel in Nuremberg.

This historic hotel has been hosting guests for over 100 years and is situated very close to museums and shops, making it an ideal location for visitors to the city. Featuring over 150 rooms the hotel also offers excellent dining options along with extensive banqueting facilities.

The individual that our client is seeking will have the responsibility for Financial Planning & Analysis and Financial Activities.

Duties include:

  • Regularly reviewing the company’s budget to ensure the company GOP objectives
  • Analysing investments in aspects of cost and benefits, evaluating other options
  • Vendor negotiation and contract management in collaboration with the purchasing clerk and the vendor system of the owner
  • Monthly and yearly inventory management system in collaboration with the departments
  • Reviewing the company’s financial statements to ensure they are accurate
  • Providing accurate financial reports to management
  • Expense reduction initiatives
  • Recommending changes to improve financial performance
  • Reviewing policies or procedures that will improve financial performance

A full job description will be shared upon application.

Candidate requirements:

  • Fully fluent in German and English
  • German Work Permit
  • Strong analytical skills and attention to detail
  • Strategic thinking and leadership abilities
  • Professional experience in a similar management position with responsibility for leadership and budget
  • Cooperative and motivating managerial style
  • Decision-making and negotiating skills
  • Flexibility and resilience
  • Social competence and service orientation
  • Analytical thinking, accuracy and organizational skills
  • Strategic and economic thinking and acting

For more information or to apply, please contact Tairona at fm@fmrecruitment.co.uk or call on +44 20 8600 1164

Cluster Financial Controller, London – Position Filled

Posted on by Katherine Wyles

This position has now been filled. Please check our latest job opportunities here

Our client, a dynamic and growing hotel group with several new openings, is seeking an exceptional Cluster Financial Controller to be a key player in their expanding team. This office-based role is located in the vibrant city of London.

Position Summary:
As the Cluster Financial Controller, you will play a pivotal role in ensuring the seamless operation of the finance function across multiple hotels. Key responsibilities include:

  • Clear and consistent management of controls and compliance
  • Ensuring that the high level of reporting standards are being maintained
  • Provide business acumen to parties both within and outside the finance function to ensure that risk is mitigated and opportunity taken
  • Partner with the GM’s and other non-finance related disciplines to deliver on the overall objectives of the business

The successful candidate will be a strategic leader, adept at setting and achieving goals, and fostering a collaborative and results-driven team environment. This should include the business plans and strategy in the following areas:

  • Commercial Focus
  • Controls & Compliance
  • Month End
  • Weekly Tasks
  • People Focus

Additional Responsibilities:

  • Co-ordinate the Year End and Interim Audit processes of the portfolio including the review and sign-off of information being submitted to External Auditors
  • Budgeting / Interim Presentations – detailed reviews before submission. Ensure that the numbers make sense and reflect the strategy of the property.
  • Assist with the capital expenditure process, work with GM’s and senior team members to ensure accuracy of applications and submissions of requests.
  • ESG responsibility to include the monitoring of energy, gas, water & waste. To effectively communicate consumption and to fully support the ESG committee.
If you’re ready to take on a challenging yet rewarding role, apply now and be a part of their journey.
For more information or to apply, please contact Tairona at fm@fmrecruitment.co.uk or call on +44 20 8600 1164

Financial Controller, London West End – Position Filled

Posted on by Katherine Wyles

This position has now been filled. Please check our latest job opportunities here

With views overlooking Kensington Gardens, we have a great opportunity for an experienced Financial Controller to oversee a small finance team in our client’s 4 star hotel in the West End of London. Close to the Royal Parks, this really is a fantastic chance to join a company that offers great career progression as well as great benefits.

Position summary:

A small finance team will be under your daily line management as you complete time-bound tasks on a daily, weekly and monthly basis. In order to meet the hotel’s financial KPIs, you will work closely with the general manager and the central management team, balancing your reactive approach to everyday activities with a strategic leadership style. In addition to taking the lead on the hotel’s financial cost reduction measures, you will actively mentor the operational team to ensure that they follow sound procedures. Budgeting, forecasting, payroll, cost controls, accounting, and reporting are a few of the continuing responsibilities you will have

Specific Responsibilities:

  • Support the General Manager in leading the hotel’s annual budget process.
  • Ongoing cost controls, monitoring and auditing of processes and procedures. Providing coaching and training to management teams on cost control activity.
  • Support the production of a monthly capex report.
  • Management of payroll.
  • Self-accounting processes. Responsible for the management accounts and the P&L, balance sheet and ledger control.
  • Supporting the accurate forecasting of business.
  • Period end reports to be completed on time for all hotels.
  • Manage the purchase ledger and ensure invoices are entered onto the system regularly so suppliers are paid on time.
  • Line management of the finance team and their ongoing engagement and development.
  • Coaching and mentorship for the hotel’s management team and rising supervisory team members.
  • Line management of the finance team and their ongoing engagement and development.
  • Coaching and mentorship for the hotel’s management team and rising supervisory team members.

For more information, or to apply, please contact Tairona at fm@fmrecruitment.co.uk or call on +44 208 600 1164

Area Director of Finance, New York – Position Filled

Posted on by Katherine Wyles

This position has now been filled. Please check our latest job opportunities here

Our client is a London-based rapidly expanding lifestyle hotel group leading the pack in new ways of travel.  We are seeking an experienced and dynamic Area Director of Finance to join the NY finance team and oversee the financial operations of 2 New York City hotels that are both actively trading and very successful in their own rite.

The Area Director of Finance will play a critical role in ensuring the financial success and growth of these properties while maintaining the highest standards of financial integrity.

Responsibilities will include but not limited to:

  • Financial Strategy and Planning
  • Cost Control, Cash Flow and Expense Management
  • Financial Compliance
  • Team Leadership and Development
  • Strategic Partnerships

The ideal candidate will have:

  • Bachelor’s degree in Business, Hospitality, or a related field (Master’s preferred)
  • Minimum of 8 years of experience in finance, including at least 4 years in a leadership role
  • Strong knowledge of hotel financial operations
  • Proficiency in financial software and systems (e.g., Excel, financial reporting tools)
  • Excellent analytical and problem-solving skills
  • Strong leadership and team management abilities
  • Be highly commercial
  • Have a genuine interest and enthusiasm for what you do
  • Exceptional interpersonal and communication skills, both written and verbal

Salary:   Excellent Base Salary and benefits

For a full job description, please send your send your resume to Andrea at fm@fmrecruitment.co.uk or cell number and a time you can speak.

Assistant Financial Controller, London – Position Filled

Posted on by Katherine Wyles

This position has now been filled. Please check our latest job opportunities here

Our client is a hospitality and leisure company that operates luxury hotels, train services and river cruises worldwide.

They now have a opportunity for an Assistant Financial Controller to join the Finance Department based in London. The role itself will be based at the company’s depot office and whilst it is a fully sufficient office space it is off site and different to working in a hotel or office headquarters. Prospective candidates would need to be comfortable with this and also understand the role will sometimes require them to go to the operations, e.g to the kitchen to see the chef or depot to see engineers.

This position offers a Hybrid working system- three days in the office and two days working from home.

Position Overview
Reporting to the Financial Controller, the successful candidate will be responsible for assisting with the management of all Central functions for the Trains and Cruises business units, including, General Ledger, Revenue Accounting, Accounts Receivables, Accounts Payable, Taxation, Cash Management and the preparation of information that will assist management in making educated decisions.

Key responsibilities

  • Balancing of the passenger ticket revenue, deferred revenue, credit card refunds, discounts, cancellation revenue, rate discrepancy report and miscellaneous charges and staff charges to Travel Studio.
  • Overseeing the completion of daily banking tasks to ensure that all receipts recorded in Travel Studio posted by the Revenue and Central Accountant have been correctly reflected in the bank/credit card accounts.
  • Communicating the monthly revenues and ensure that all revenues are reviewed and approved by the Financial Controller (FC) and General Manager (GM) of the business units.
  • Supervising and managing the Central and Revenue Accounts Assistant and Credit Controller and Central Accountant including providing effective performance feedback in yearly reviews.
  • Assisting the FC with the preparation of the monthly reporting of the entire financial results of the business in established corporate formats and in accordance with generally accepted accounting principles (locally and as established by Corporate Office).

A full job description will be shared upon application

Candidate Requirements

  • 2 years+ relevant experience within a similar role
  • Proven leadership ability and experience in handling and coordinating different team
  • A diploma or relevant certificate from a recognised tertiary educational institution
  • Hospitality background is preferable but not essential, what is more crucial is a hands on approach to understand operations and an openess to work with them
  • An ability to communicate with all levels of staff, service providers and multiple stakeholders
  • VAT and Income Tax knowledge advantageous
  • Ability to work under pressure, multitask and prioritise
  • Accurate data entry & advanced Microsoft Excel skills
  • Experience in balance sheets and familiarity of accounting systems

Benefits

  • Competitive salary
    Private healthcare, Employer contribution pension
  • Hybrid working
  • Enhanced maternity and paternity pay

For more information or to apply, please contact Tairona at fm@fmrecruitment.co.uk or call on +44 20 8600 1164

Director of Finance, Hawaii – Position Filled

Posted on by Katherine Wyles

This position has now been filled. Please check our latest job opportunities here

We have an amazing opportunity for a Director of Finance to join the team at a luxury resort in the beautiful destination of Hawaii.

Reporting to the Managing Director, the main focus of the role is to oversee and manage the Finance Department and ensure its effective and efficient operations resulting in accurate financial and management reporting in a timely manner.

Main duties include:

  • Ensuring the internal control environment of the resort is maintained and complied with at all times in the resort
  • Providing key financial acumen support to the Managing Director and assist in driving hotel performance
  • Work closely with the Department Heads for Financial Support and advise them on spending and internal control matters.
  • This position will manage all key hotel finance employees and provide support for their monthly operation.

A full position description will be shared upon application

Candidate requirements:

  • Bachelors Degree – Typically degree in Accounting/ Finance/ Business, and a professional accounting designation or MBA in business are typically important.
  • International Managerial Accounting/Finance experience in luxury hotel/resort industry ideally 8+ years within a minimum of ideally 2 recognized branded properties or globally renowned properties.
  • Experience managing small finance teams
  • Competent in the use of Microsoft Office suite of products essential, especially Microsoft Excel
  • Strong knowledge and acceptance of USALI conventions for the Hospitality Industry reporting
  • Strong analytical and accounting skills
  • Good verbal, written communication (English) & interpersonal skills
  • Self-motivated, well organized & meticulous person, with an eye for details
  • Ability to plan, prioritize & implement effectively, multi-task while working effectively in a fast paced and ever changing and challenging environment
  • Must be able to adhere strictly to deadlines
  • Must legally be able to work in the United States

For more information or to apply, please contact Andrea at fm@fmrecruitment.co.uk or call on +44 7714 236 469

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