Click here to close now.

SYS-CON MEDIA Authors: Pat Romanski, William Schmarzo, Elizabeth White, Carmen Gonzalez, JP Morgenthal

News Feed Item

Award Winning Calculator Helps Local Agencies Predict Hotel Occupancy Tax Revenues

PKF Hospitality Research, LLC (PKF-HR) today announced the release of the “Hotel Occupancy Tax Calculator,” an Excel-based tool that gives local agencies the ability to incorporate objectively developed forecasts into their estimates of future hotel occupancy tax collections.

“The calculator helps agencies improve their projections and avoid operational inefficiencies, such as unjustified budget cuts, hiring freezes and changes in tourism promotion efforts,” said Jamie Lane, senior economist with PKF-HR.

The award-winning calculator estimates taxed revenues for the next five years using the PKF-HR Hotel Horizons® econometric forecasting methods. These highly accurate forecasts come from estimating the stable statistical relationship between measures of the economy and hotel performance for the metropolitan area in which the tax district is located.

“The Hotel Occupancy Tax Calculator allows users to customize their forecasts based on the taxing juristiction historical data and also make alternative assumptions about key inputs, such as occupancy tax rates,” Lane added.

The PKF-HR effort to assist local agencies dependent on the occupancy tax was recognized with an “Extra! Extra! Hear All About It” award at the 2014 Americas Lodging Investment Summit (ALIS) conference.

“The calculator makes the work of Destination Marketing Organization (DMO) and Convention and Visitor Bureau (CVB) managers easier by automating and improving occupancy tax revenue predictions. Important local agencies, such as stadium authorities, airport authorities and other public/private ventures, also will benefit. Linking future occupancy tax collections to future economic and hotel market conditions in jurisdictions represents a major innovation,” said R. Mark Woodworth, president of PKF-HR.

“Historically we have prepared our own lodging forecasts to project the tax revenues that will fund our organization,” said Gregory Pierce, EVP and CAO/CFO of the Atlanta Convention & Visitors Bureau. “The PKF-HR Hotel Occupancy Tax Calculator provides a rigorous and objective opinion that we weigh against our internal estimates.”

DMOs and CVBs can supplement the benefit of the Hotel Occupancy Tax Calculator by analyzing additional editions of the Hotel Horizons® reports that drive the tool. “In addition to the Hotel Horizons® forecast report for Chicago, we added subscriptions to Hotel Horizons® reports for five other lodging markets. This allows us to benchmark our hotel performance versus some of our closest competitors,” said David E. Czechowski, director and senior economist in the research and analysis department of Choose Chicago.

A new report entitled “Projecting Hotel Occupancy Tax Revenues: An Objective Approach” has been prepared by Natalie Koller, a consultant in the Atlanta office of PKF Consulting USA, LLC. The article describes how DMOs and other agencies benefit from more accurate forecasts of lodging revenues. The article can be downloaded gratis from www.pkfc.com/occupancytaxcalculator.

PKF-HR will be demonstrating the Hotel Occupancy Tax Calculator at the Destination Marketing Association International annual convention in Las Vegas from July 21 to 23, 2014. In addition, Mr. Woodworth will be presenting the PKF-HR lodging forecasts during a session entitled, “Travel and Tourism Industry Forecasts.” The session is scheduled for 3 PM on Wednesday, July 23. “We encourage everyone in attendance to attend Mark’s presentation, and stop by our booth in the exhibition hall during the Business Exchange for a demonstration,” Lane stated.

To purchase the Hotel Occupancy Tax Calculator for one of 55 markets in the U.S., please visit http://www.pkfc.com/store/products.aspx?CategoryID=452.

ABOUT PKF CONSULTING USA, LLC

Headquartered in San Francisco, PKF Consulting USA, LLC (www.pkfc.com) is an advisory and real estate firm specializing in the hospitality industry. PKF Consulting USA, LLC operates two companies: PKF Consulting USA and PKF Hospitality Research, LLC. The firm has offices in New York, Boston, Indianapolis, Chicago, Philadelphia, Washington DC, Atlanta, Jacksonville, Orlando/Tampa, Dallas/Houston, Los Angeles, Bozeman, and San Francisco.

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
SAP is delivering break-through innovation combined with fantastic user experience powered by the market-leading in-memory technology, SAP HANA. In his General Session at 15th Cloud Expo, Thorsten Leiduck, VP ISVs & Digital Commerce, SAP, discussed how SAP and partners provide cloud and hybrid cloud solutions as well as real-time Big Data offerings that help companies of all sizes and industries run better. SAP launched an application challenge to award the most innovative SAP HANA and SAP HANA...
There is no question that the cloud is where businesses want to host data. Until recently hypervisor virtualization was the most widely used method in cloud computing. Recently virtual containers have been gaining in popularity, and for good reason. In the debate between virtual machines and containers, the latter have been seen as the new kid on the block – and like other emerging technology have had some initial shortcomings. However, the container space has evolved drastically since coming on...
The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete at launch. DevOps may be disruptive, but it is essential. The DevOps Summit at Cloud Expo – to be held June 3-5, 2015, at the Javits Center in New York City – will expand the DevOps community, enable a wide...
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at @ThingsExpo, Robin Raymond, Chief Architect...
The web app is Agile. The REST API is Agile. The testing and planning are Agile. But alas, Data infrastructures certainly are not. Once an application matures, changing the shape or indexing scheme of data often forces at best a top down planning exercise and at worst includes schema changes which force downtime. The time has come for a new approach that fundamentally advances the agility of distributed data infrastructures. Come learn about a new solution to the problems faced by software orga...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at Internet of @ThingsExpo, James Kirkland, Chief Ar...
The world is at a tipping point where the technology, the device and global adoption are converging to such a point that we will see an explosion of a world where smartphone devices not only allow us to talk to each other, but allow for communication between everything – serving as a central hub from which we control our world – MediaTek is at the heart of both driving this and allowing the markets to drive this reality forward themselves. The next wave of consumer gadgets is here – smart, con...
Cloud Expo, Inc. has announced today that Andi Mann returns to DevOps Summit 2015 as Conference Chair. The 4th International DevOps Summit will take place on June 9-11, 2015, at the Javits Center in New York City. "DevOps is set to be one of the most profound disruptions to hit IT in decades," said Andi Mann. "It is a natural extension of cloud computing, and I have seen both firsthand and in independent research the fantastic results DevOps delivers. So I am excited to help the great team at ...
Container technology is sending shock waves through the world of cloud computing. Heralded as the 'next big thing,' containers provide software owners a consistent way to package their software and dependencies while infrastructure operators benefit from a standard way to deploy and run them. Containers present new challenges for tracking usage due to their dynamic nature. They can also be deployed to bare metal, virtual machines and various cloud platforms. How do software owners track the usag...
CA Technologies has announced it has signed a definitive agreement to acquire Rally Software Development Corp. for $19.50 per share, which equates to approximately $480 million, net of cash acquired. The transaction has been unanimously approved by both Boards of Directors, and is expected to close in the second quarter of CA’s fiscal 2016. Based in Boulder, CO, Rally has approximately 500 employees across four continents and FY 2015 sales of $88 million. “Software applications are changing the...
The security devil is always in the details of the attack: the ones you've endured, the ones you prepare yourself to fend off, and the ones that, you fear, will catch you completely unaware and defenseless. The Internet of Things (IoT) is nothing if not an endless proliferation of details. It's the vision of a world in which continuous Internet connectivity and addressability is embedded into a growing range of human artifacts, into the natural world, and even into our smartphones, appliances, a...
Enterprises are fast realizing the importance of integrating SaaS/Cloud applications, API and on-premises data and processes, to unleash hidden value. This webinar explores how managers can use a Microservice-centric approach to aggressively tackle the unexpected new integration challenges posed by proliferation of cloud, mobile, social and big data projects. Industry analyst and SOA expert Jason Bloomberg will strip away the hype from microservices, and clearly identify their advantages and d...
The OpenStack cloud operating system includes Trove, a database abstraction layer. Rather than applications connecting directly to a specific type of database, they connect to Trove, which in turn connects to one or more specific databases. One target database is Postgres Plus Cloud Database, which includes its own RESTful API. Trove was originally developed around MySQL, whose interfaces are significantly less complicated than those of the Postgres cloud database. In his session at 16th Cloud...
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo, June 9-11, 2015, at the Javits Center in New York City. Learn what is going on, contribute to the discussions, and ensure that your enter...
SYS-CON Events announced today that MetraTech, now part of Ericsson, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Ericsson is the driving force behind the Networked Society- a world leader in communications infrastructure, software and services. Some 40% of the world’s mobile traffic runs through networks Ericsson has supplied, serving more than 2.5 billion subscribers.