Welcome!

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
Gemini is Yahoo’s native and search advertising platform. To ensure the quality of a complex distributed system that spans multiple products and components and across various desktop websites and mobile app and web experiences – both Yahoo owned and operated and third-party syndication (supply), with complex interaction with more than a billion users and numerous advertisers globally (demand) – it becomes imperative to automate a set of end-to-end tests 24x7 to detect bugs and regression. In th...
"Space Monkey by Vivent Smart Home is a product that is a distributed cloud-based edge storage network. Vivent Smart Home, our parent company, is a smart home provider that places a lot of hard drives across homes in North America," explained JT Olds, Director of Engineering, and Brandon Crowfeather, Product Manager, at Vivint Smart Home, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Enterprises are adopting Kubernetes to accelerate the development and the delivery of cloud-native applications. However, sharing a Kubernetes cluster between members of the same team can be challenging. And, sharing clusters across multiple teams is even harder. Kubernetes offers several constructs to help implement segmentation and isolation. However, these primitives can be complex to understand and apply. As a result, it’s becoming common for enterprises to end up with several clusters. Thi...
The question before companies today is not whether to become intelligent, it’s a question of how and how fast. The key is to adopt and deploy an intelligent application strategy while simultaneously preparing to scale that intelligence. In her session at 21st Cloud Expo, Sangeeta Chakraborty, Chief Customer Officer at Ayasdi, provided a tactical framework to become a truly intelligent enterprise, including how to identify the right applications for AI, how to build a Center of Excellence to oper...
"IBM is really all in on blockchain. We take a look at sort of the history of blockchain ledger technologies. It started out with bitcoin, Ethereum, and IBM evaluated these particular blockchain technologies and found they were anonymous and permissionless and that many companies were looking for permissioned blockchain," stated René Bostic, Technical VP of the IBM Cloud Unit in North America, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventi...
"Cloud Academy is an enterprise training platform for the cloud, specifically public clouds. We offer guided learning experiences on AWS, Azure, Google Cloud and all the surrounding methodologies and technologies that you need to know and your teams need to know in order to leverage the full benefits of the cloud," explained Alex Brower, VP of Marketing at Cloud Academy, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clar...
"We work around really protecting the confidentiality of information, and by doing so we've developed implementations of encryption through a patented process that is known as superencipherment," explained Richard Blech, CEO of Secure Channels Inc., in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
While some developers care passionately about how data centers and clouds are architected, for most, it is only the end result that matters. To the majority of companies, technology exists to solve a business problem, and only delivers value when it is solving that problem. 2017 brings the mainstream adoption of containers for production workloads. In his session at 21st Cloud Expo, Ben McCormack, VP of Operations at Evernote, discussed how data centers of the future will be managed, how the p...
It is of utmost importance for the future success of WebRTC to ensure that interoperability is operational between web browsers and any WebRTC-compliant client. To be guaranteed as operational and effective, interoperability must be tested extensively by establishing WebRTC data and media connections between different web browsers running on different devices and operating systems. In his session at WebRTC Summit at @ThingsExpo, Dr. Alex Gouaillard, CEO and Founder of CoSMo Software, presented ...
High-velocity engineering teams are applying not only continuous delivery processes, but also lessons in experimentation from established leaders like Amazon, Netflix, and Facebook. These companies have made experimentation a foundation for their release processes, allowing them to try out major feature releases and redesigns within smaller groups before making them broadly available. In his session at 21st Cloud Expo, Brian Lucas, Senior Staff Engineer at Optimizely, discussed how by using ne...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
Coca-Cola’s Google powered digital signage system lays the groundwork for a more valuable connection between Coke and its customers. Digital signs pair software with high-resolution displays so that a message can be changed instantly based on what the operator wants to communicate or sell. In their Day 3 Keynote at 21st Cloud Expo, Greg Chambers, Global Group Director, Digital Innovation, Coca-Cola, and Vidya Nagarajan, a Senior Product Manager at Google, discussed how from store operations and ...
In his session at 21st Cloud Expo, Carl J. Levine, Senior Technical Evangelist for NS1, will objectively discuss how DNS is used to solve Digital Transformation challenges in large SaaS applications, CDNs, AdTech platforms, and other demanding use cases. Carl J. Levine is the Senior Technical Evangelist for NS1. A veteran of the Internet Infrastructure space, he has over a decade of experience with startups, networking protocols and Internet infrastructure, combined with the unique ability to it...
"Infoblox does DNS, DHCP and IP address management for not only enterprise networks but cloud networks as well. Customers are looking for a single platform that can extend not only in their private enterprise environment but private cloud, public cloud, tracking all the IP space and everything that is going on in that environment," explained Steve Salo, Principal Systems Engineer at Infoblox, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventio...
Data scientists must access high-performance computing resources across a wide-area network. To achieve cloud-based HPC visualization, researchers must transfer datasets and visualization results efficiently. HPC clusters now compute GPU-accelerated visualization in the cloud cluster. To efficiently display results remotely, a high-performance, low-latency protocol transfers the display from the cluster to a remote desktop. Further, tools to easily mount remote datasets and efficiently transfer...