An evolving industry offers great opportunity and, at times, difficult challenges. Recent hospitality industry developments and changing consumer behaviors have led to the need for businesses to adapt and overcome challenges to ensure success. As hospitality companies are faced with balancing rising operating costs and seasonal trends in an effort to maximize profitability, guests are constantly looking for fresh and innovative offerings that enhance their experience with brands.
Let Withum’s Hospitality Services team members help you make the right decisions to efficiently run your business so that you can focus on providing the exceptional five-star service your customers expect. As trusted advisors to hospitality and hotel clients ranging from small, local associations to large, international companies, we are dedicated to providing the skills and resources of a national firm with the outstanding service that our clients have come to expect.
Who We Help
- Hotels ranging from small, boutique to large, international chains
- Owner Associations including HOA’s, Multi-Use Condominiums, Large-Scale associations, Commercial Condos and Cooperatives
- Vacation Ownership including Timeshare Developers, Associations, Management Companies and Exchange Companies
Catering to Your Needs
Hospitality businesses may benefit from tax-saving opportunities such as a property cost segregation study resulting in improved cash flow.
Cybercrime can critically impact your hospitality business and reputation among consumers. Protect your business and safeguard guests personal identifiable information with comprehensive cyber and information security strategies.
The experience economy is real, and the millennial generation is pushing that transformation. Using data to sell your destination as an experience rather than a destination is a powerful tool. Grow your hospitality business by making smarter, data-backed decisions.
Innovative Hospitality Accounting and Advisory Solutions
Success in an evolving industry demands customized services that are tailored for your specific business needs. Withum’s team of hospitality accountants and consultants know that diversified knowledge and specialized services are paramount to staying ahead of the curve. We offer a suite of hospitality-specific accounting, tax and advisory solutions that help you make smarter business decisions and improve your bottom line.
Hospitality Accounting Services
- Accounting and financial audits
- Agreed-upon procedures
- Budgetary consulting and forecasting
- Compliance with federal and state regulations
- Fee-for-service modeling
- Gross receipts and concession audits
- Ground lease audits
- Outsourced accounting
- Research and development tax credits
- Tax services
Hospitality Advisory and Consulting Services
- Cost segregation studies
- Cybersecurity assessments
- Forensic accounting and fraud investigation
- Internal control analysis
- Litigation support
- Management advisory services
- Purchase price allocation (PPA) studies
- Rental occupancy testing
- SOC audits
Best Practices for Weathering the Worst Conditions
Preparing for the unexpected is crucial for business recovery when disaster strikes. Having the right plans and steps in place to protect business continuity can help ensure you’re better equipped to weather the worst conditions.
Competitive Benchmarking at Your Fingertips
Identify potential problem areas and get insights on improving your resort’s overall financial health. Withum’s annual Timeshare Benchmarking Study conducts a comparative analysis of timeshare associations’ financial performance to help you stay informed on current financial trends among your peers.
Hotel Case Studies
Upon entering into a co-investment opportunity, the potential hotel investment group committed funding for a 45% stake in a joint venture to acquire, redevelop and reposition approximately 30 hotels located in the United States. The hotels were to be completely renovated and reopened under a nationally-recognized brand. Withum was initially engaged to perform due diligence for three underperforming hotels. One of the buyer’s challenges was assessing the properties’ future success after the renovations were complete, given the current and future geographic and demographic factors and competitive market forces.
Transaction Risks Assessed Through Due Diligence Analysis
A large publicly-traded real estate investment trust with a diverse portfolio of hotels and resorts had spun off from a larger corporation and established itself as an independent company. There was little existing technology infrastructure in place, and the company was legally required to migrate their content off of their servers to Microsoft Office 365 in a short amount of time.
Content and Digital Workplace Migration Improves Collaboration
A chain of hotels underwent significant renovations, with the original allocation for tax purposes being very general. The client, who owned the hotel chain, wanted to explore cost savings to improve profitability, including the possibility of performing a cost segregation study, which would potentially increase cash flow by accelerating depreciation deductions and deferring federal and state income taxes.
Cost Segregation Study Results in Cost Savings
Withum’s Hospitality Services Team members are actively involved in national and regional centers of influence.
For more information or to discuss your business needs, contact Withum’s Hospitality Services Team.
Transform Frontline Operations and Improve Employee Experience With Microsoft 365
Recently, I led a webinar on a day in the life of a frontline worker, where we talked about the many capabilities and benefits contained within Microsoft 365 (M365) for […]
Lodging Insights and Innovations Podcast
The lodging industry is changing fast, and you can’t afford to be behind the curve on technology, trends and strategies. Staying current on the latest is essential for lodging businesses – but where do you begin and what can you do to keep your business competitive?
Cyber Insurance 101: Protecting Your Guests and Your Bottom Line
Cyber incidents continue to rise and are becoming increasingly prevalent within the hospitality industry. According to a 2022 case study report published by Ponemon and IBM Security, the average total […]