Is your hotel performing well on paper but falling short on returns? It's time to look beyond RevPAR.
In this episode, Ashleigh and Michael are joined by Graham Norris, Co-Founder of InnPractice, and Matt Hughes, Founder of Accommodate Consulting, to unpack one of hospitality's most persistent blind spots: the gap between strong trading metrics and actual owner returns.
Recorded against the backdrop of IHIF Berlin and timed with the launch of Accommodate Consulting's first Hospitality InnSights White Paper — Returns Beyond RevPAR — this conversation digs into why RevPAR alone is no longer enough, and what owners, investors and operators should really be paying attention to instead.
Together, we explore the disconnect between top-line performance and cash flow, the real cost of siloed decision-making, and how rising debt costs are reshaping what success looks like for hotel owners. Graham shares candid examples from his career — from turning around a loss-making five-star hotel to timing CapEx investments during Covid — while Matt breaks down his total value framework: cash today, value tomorrow, and resilience when things go wrong.
Whether you're an owner, operator or investor, this episode is a timely reminder that the full picture matters — and that every decision made at the top filters all the way down to the guest experience.
🔗 Download the Insights White Paper — Returns Beyond RevPAR — https://innpractice.com/returns-beyond-revpar-total-value-metrics-that-matter/
Connect with Us:
Email: [email protected]; [email protected]; [email protected]
Website: www.gohalo.co.uk
Instagram: @haloitsmichael and @haloitsashleigh
LinkedIn: Halo Business Consulting
Don’t forget to like, subscribe, or follow “The Halo Effect: Hospitality Stories with Ashleigh and Michael Donald” on your preferred podcast platform.
📖 Hospitality Acronym Glossary
New to the industry or just need a refresher? Here's a quick guide to some key terms used in this episode.
RevPAR — Revenue Per Available Room The most commonly used hotel performance metric, calculated by dividing total room revenue by the number of available rooms. While widely reported, it reflects top-line trading only and says nothing about profitability or owner returns.
TRevPAR — Total Revenue Per Available Room A broader measure than RevPAR, capturing all revenue streams across the hotel — rooms, food and beverage, spa, parking, and more. Particularly relevant for full-service and lifestyle hotels where non-rooms revenue is significant.
GOP PAR — Gross Operating Profit Per Available Room GOP expressed on a per-room basis, allowing for meaningful comparison across hotels of different sizes. As mentioned in this episode, Graham considers this the key operating metric owners should be focused on.
NOI — Net Operating Income The income remaining after all operating expenses and fixed charges — such as insurance, property taxes and reserve for replacement — have been deducted. A critical metric for owners and investors assessing the true financial health of an asset.
ADR — Average Daily Rate The average revenue earned per occupied room per day. Often used alongside RevPAR, but can be misleading in isolation — a high ADR with low occupancy may still result in weak overall performance.
CapEx — Capital Expenditure Investment in physical assets such as refurbishments, FF&E (furniture, fixtures and equipment) and building improvements. As discussed in this episode, the timing of CapEx is a critical strategic lever for owners — particularly during downturns.
IHIF — International Hotel Investment Forum One of the hospitality industry's most significant annual investment conferences, held in Berlin. A key gathering point for hotel owners, investors, operators and advisors from across the globe.
