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Horwathhtl Indonesia Hmase

Horwathhtl Indonesia Hmase

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Published by TravelDailyNews
Some investors wish to build and manage the hotel(s) themselves, whilst others wish to outsource management to a professional local or international hotel management company.
Some investors wish to build and manage the hotel(s) themselves, whilst others wish to outsource management to a professional local or international hotel management company.

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Categories:Types, Presentations
Published by: TravelDailyNews on Feb 23, 2014
Copyright:Attribution Non-commercial

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06/29/2014

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Hotel, Tourism and Leisure 
TM
Unlocking the Mysteryof Hotel Management Agreements
INDONESIA
 
Unlocking the mystery of HMAs
TM
www.horwathhtl.com
INDONESIA
Unlocking the mystery of HMAs 
TABLE OF CONTENTS
1.1 Introduction 31.2 Uniform System of Accounts for the Lodging Industry 31.3 Technical Services Fees 41.4 Management Fees 41.5 Centralised/Group SystemsFees 51.6 Operating Bank Account (OBA) 61.7 Operating Capital 71.8 FF&E Reserve 71.9 Hotel Staff 81.10 Hotel Budgets 91.11 Owners Right to Terminate 91.12 Pro-Forma Profit & Loss Statement 101.13 Non-Competition 111.14 Brand Standards 111.15 Sample Profit & Loss Statement 12Horwath HTL Asia Pacific 13
 
1.1 INTRODUCTIONTERMINOLOGY:
HMC
 Hotel Management Company
HMA
 Hotel Management Agreement,made between HMC and Owner 
GM
 General Manager 
FD
 Finance Director 
FF&E
 Furniture, Fixtures and EquipmentThe following discussion provides a preliminaryoverview of key commercial terms ONLY.Most terms within a HMA are negotiable andowners are therefore encouraged to seek legaland commercial advice prior to signing a HMA.The relationship between an owner and an HMCis complex and lasts many years and often throughmany economic cycles.The establishment of a mutuallybeneficial agreement that recognises: the HMC’s need to operate the property withoutundue interference; AND the owner’s right to participate in decisions whichare important to them;will go a long way to ensuring an amicable andrewarding long term partnership.
1.2 UNIFORM SYSTEM OF ACCOUNTSFOR THE LODGING INDUSTRY
Why must the hotel’s accounting follow the Uniform System of Accounts? 
The Uniform System of Accounts establishesstandardised formats and account classificationsto guide hotel management in the preparationand presentation of financial statements.It permits internal and external users of financialstatements to compare the financial position andoperational performance of a particular propertywith similar types of properties in the lodging industry.It is internationally recognised standard practice for hotels and resorts.
Unlocking the mystery of HMAs
TM
www.horwathhtl.com
INDONESIA

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