INTEGRATIVE APPROACHES TO FINANCIAL FORECASTING IN THE HOSPITALITY SECTOR - A COMPREHENSIVE ANALYSIS OF HOTEL TAMIŠ

Nenad Ćosić; Miloš; Aleksandar Božić

doi:10.5937/turpos0-57721

Nenad Ćosić Academy of Applied Studies Belgrade - The College of Hotel Management
Miloš Academy Of Applied Studies Belgrade - The College Of Hotel Management
Aleksandar Božić Academy Of Applied Studies Belgrade - The College Of Hotel Management

DOI: https://doi.org/10.5937/turpos0-57721

Keywords: Hotel Tamiš, F&B, Financial forecasting, Matinee, Management, Hospitality

Abstract

This paper explores the financial forecasting models applied to the matinee services at hotel Tamiš, which encompass food, drinks, and music offerings, over the period from July 1, 2023, to July 1, 2024. Utilizing SPSS 26. for comprehensive financial analysis, the study examines key metrics such as total revenue, raw material costs, and profit margins associated with these services. Findings indicate that effective management of raw material costs, which account for a significant portion of expenses, alongside strategic pricing, plays a crucial role in enhancing overall profitability. The integration of diverse revenue streams from food, drinks, and live entertainment is highlighted as a key factor in optimizing financial performance. The paper emphasizes the importance of adapting services to meet guest expectations and suggests avenues for future research, including the impact of guest’s feedback on the success of matinee offerings in the hospitality sector.

References

Ampountolas, A. (2024). Addressing complex seasonal patterns in hotel forecasting: a comparative study. Journal of Revenue and Pricing Management, 1-10.

Bulchand-Gidumal, J. (2022). Impact of artificial intelligence in travel, tourism, and hospitality. In Handbook of e-Tourism (pp. 1943-1962). Cham: Springer International Publishing.

Cengiz, E., Cengiz, F., Demirciftci, T., & Cobanoglu, C. (2018). Do food and beverage cost-control measures increase hotel performance? A case study in Istanbul, Turkey. Journal of Foodservice Business Research, 21(6), 610-627.

Chen, S., Miao, B., & Shevlin, T. (2015). A new measure of disclosure quality: The level of disaggregation of accounting data in annual reports. Journal of Accounting Research, 53(5), 1017-1054.

Claveria, O., Monte, E., & Torra, S. (2015). A new forecasting approach for the hospitality industry. International Journal of Contemporary Hospitality Management, 27(7), 1520-1538.

Doborjeh, Z., Hemmington, N., Doborjeh, M., & Kasabov, N. (2022). Artificial intelligence: a systematic review of methods and applications in hospitality and tourism. International Journal of Contemporary Hospitality Management, 34(3), 1154-1176.

Harris, P. (2010). Accounting and finance for the international hospitality industry. Routledge.

Hinson, R. E., Mensah, I., Amoako, G. K., Mensah, E. A., Coffie, I., & Khosa, E. (2024). Hospitality and Tourism Marketing: Building Customer Driven Hospitality and Tourism Organizations. CRC Press.

Ivanov, S., & Zhechev, V. (2012). Hotel revenue management–a critical literature review. Tourism: an international interdisciplinary journal, 60(2), 175-197.

Kim, S. Y. (2018). Predicting hospitality financial distress with ensemble models: the case of US hotels, restaurants, and amusement and recreation. Service Business, 12(3), 483-503.

Kwon, W., Lee, M., & Back, K. J. (2020). Exploring the underlying factors of customer value in restaurants: A machine learning approach. International Journal of Hospitality Management, 91, 102643.

Marjanovic, M. (2020). Service orientation of the employees in Serbia's tourism agencies. Economic Horizons, 22(1), 67-77.

McSporran, A. J., & Cho, Y. C. (2017). Analyzing The Determinants of Attitude, Behavior, And Satisfaction On Imported Products: Implications For The Growing Food And Beverage Industry. Journal of Service Science (Online), 10(1), 13.

Noone, B. M., Enz, C. A., & Glassmire, J. (2017). Total hotel revenue management: A strategic profit perspective.

Ristić, L., Bošković, N., & Despotović, D. (2019). Sustainable integral development of agriculture and tourism in the Republic of Serbia. Economic Horizons, 21 (1), 57-73

Rushmore Jr, S., & O’Neill, J. W. (2015). Updated benchmarks for projecting fixed and variable components of hotel financial performance. Cornell Hospitality Quarterly, 56(1), 17-28.

Shaheen, O. H. A. G., Morsy, M. A., Qoura, O., & Zaki, K. M. G. (2021). The Impact of Yield Management on the Profitability of Food and Beverage Department in Five-Star Hotels. International Journal of Heritage, Tourism and Hospitality, 15(1), 116-126.

Vujić, T., Vujić, M., Zrnić, M., Gajić, T., & Vukolić, D. (2022). Selected quality factors in the function of creating guests' satisfaction. Marketing, 53(4), 276-283.

Yeh, C. Y., Chen, C. M., & Hu, J. L. (2012). Business diversification in the hotel industry: A comparative advantage analysis. Tourism Economics, 18(5), 941-952.

Zhang, Q., Khan, S., Khan, S. U., Khan, I. U., & Mehmood, S. (2024). Tourist Motivations to Adopt Sustainable Smart Hospitality: An Innovation Resistance Theory Perspective. Sustainability, 16(13), 5598.

Zrnić, M., Gajić, T., & Vukolić, D. (2023). Importance of food management system–illustration from hotel Moskva. 13th International Scientific Conference Science and Higher Education in Function of Sustainable Development – SED 2023. 56-60.

Zrnić, M., Gajić, T., Vukolić, D., Knežević, S., & Knežević, M. (2023). Managing food and beverage in hotels: Challenges, opportunities and best practices. Turističko poslovanje, (31), 63-70.