The Journal · 76 notes since 2021
Notes from the owner’s chair, and the kitchen, and the floor.
What I have learnt running hotels and restaurants, written down as it happened. Valuation and the numbers owners should ask for. Revenue, restaurants and service. A new note most weeks, published here first and then on LinkedIn.
2026
- China's eight cuisines, written downI grew up in Oberoi hotels and my first serious kitchen was Cantonese. For years after that I was a patron of the Chinatowns of Seattle, Vancouver, New York and San Francisco. Thirty years on I still…
- Reading a balance sheet, for hotel managersMost hotel managers can read a guest in seconds. Far fewer can read a balance sheet. That gap costs money, and it usually shows up quietly. I've put together a short deck for department heads who…
- Segments, rate categories and channels on one pageMost owner reviews I sit in open with occupancy and ADR. Very few open with segmentation, and that's usually where the real story is. I've put the room revenue framework on one page. Every room night…
- Restaurant revenue management, by the seat-hourMost restaurants still judge a night on covers and average check. Both numbers hide where the money is made. A table at 20:00 on a Saturday and the same table at 16:00 on a Tuesday are different…
- Revenue management for hotel ownersMany owners still see their hotel's revenue once a month, in a pack that leads with occupancy. By then the month is gone. Revenue management decides, room night by room night, which guest to accept,…
- Five productivity rules, applied to asset managementI came across a list of five productivity rules this week. I've used most of them for years without knowing their names. At Excelsior we've built them into how we run asset management. Here's each…
- China has eight great cuisines. Chicken Manchurian isn't one of themMost of us in India grew up with one idea of Chinese food. Chilli chicken, Hakka noodles, a plate of Manchurian. I like that food. I was born in Calcutta, and Chinese has been a core cuisine in many…
- Nobody in the building had read DickensThat was The Claridges when I walked in. Rooms at 3,000 rupees a night in Lutyens Delhi. Menus with spelling mistakes. A 130-key hotel with nowhere sensible to serve breakfast. A lounge nobody sat…
- The twenty-five commandments of The LodhiIn July 2016, I wrote twenty-five commandments for the colleagues of The Lodhi, New Delhi. They carried a turnaround: revenues 3.5x, RevPAR five-fold, the World's No. 2 Hotel. Today I am publishing…
- Nine out of ten restaurants do not know what their dishes costNot approximately wrong. Genuinely unknown. Recipes costed once at opening, suppliers changed, portions drifted, and nobody went back. I have spent years in food and beverage and I have come to think…
- You can trademark a logo. You cannot trademark a feelingThat, in one line, is the strangest thing about branding, and I say this as someone who has spent his working life inside luxury hotels watching it play out at the front door. Every brand lives…
- Two hotels, the same 14% returnNames changed. Numbers not. The first — call it the Palace — is 118 keys of eighteenth-century sandstone above a lake in Rajasthan. A stepwell in the second courtyard. Peacocks that wake the guests…
- SEO, PPC and AI search, as a lemonade standToo many meetings lately where SEO, PPC and "AI search" fly around the table and nobody asks what anything actually means. So here is the whole game as a lemonade story. You run a lemonade stand…
- Nested protection levels for hotel rates, in one Excel functionOne of the business hotels I asset manage had an ad hoc rate structure. Levels set by feel, closed by instinct. When I asked how protection levels were being calculated, the honest answer was that…
- Two extra parties an hour shouldn't break a dining roomMost managers feel the cliff. Few can show it. So let me solve a real room, stage by stage, with the exact formula every call centre on earth uses to size its staff — Erlang C. THE ROOM 10 tables. A…
- Care is what you do. Grace is how you moveWe spoke of Care. Now the harder half. Grace is the most elusive thing in hospitality. You cannot write it into a standard, audit it, or install it in a morning briefing. Yet you feel its absence in…
- Hospitality never meant abundance. It always meant careGo back to the word itself. The Latin hospes means host, guest, and stranger all at once — one root, one relationship, one obligation: to care for the person at your door. The Greeks called it xenia…
- Care is not a cost centre. It is the business modelTwo posts ago I argued hospitality always meant care. Last post, I described the new luxe — secluded, private, frictionless, untamed; authentic, localised, restoring; the quest that nourishes the…
- Seclusion can be bought. Care must be meantIn my last post I argued that hospitality never meant abundance — it always meant care. So what does the new luxury actually look like? It begins with the setting. Four words: Secluded. Private.…
- Kitchen exhaust hoods: BTU and CFM for F&B peopleI’ve conceptualized, designed, and operated kitchens and back-of-house systems across luxury hotels and restaurants for almost 3 decades. One thing I’ve noticed: F&B professionals feel inadequate…
- We romanticise the smile and forget the scaffoldingThe line doing the rounds — that luxury hospitality is no longer about marble or thread count but the warmth of welcome — is correct, but only half-said. The other half is harder. And it is the half…
- On the quiet return of the good lifePeople are beginning to tire of cities. Not literally — the great metropolises will endure. But the gilded urban hotel, however accomplished, increasingly fails to deliver what the discerning…
- Dysfunctional teams do not fail quietlyThe Most Expensive Lesson: Dysfunctional Teams Do Not Fail Quietly Twenty-eight years. Sixty-five restaurants and bars. Seventeen hotels and resorts. A portfolio of asset management and advisory…
- The hotel investment landscape: choose the structure before the brandSome Thought Starters not absolute truths:- The flag on the roof is not the investment thesis. India’s hotel development landscape now offers six distinct structures — HMA, Franchise, Third Party…
- The Gordon growth model in hotel valuation“valuation arguments” are really arguments about two things: 1. What cash flow is truly sustainable 2. What perpetuity assumptions you’re willing to defend One compact framework that connects the…
- Berkus valuation for hospitality: proof over prophecyMost early-stage hotel & restaurant valuations fail for one reason: they try to value tomorrow’s cashflows before the business has earned the right to predict them. That’s why I like the Berkus…
- P/E, PEG and PEGY: useful, not scriptureAs part of my work, I do hotel project valuations — and lately I’ve been building the mother of all hotel valuation + feasibility sheets. In the process, I’ve sat in boardrooms where EV/EBITDA and…
- Laal maas ala KhatipuraIngredients: 1 Kg Goat on the bone I prefer pieces from the goat’s leg and a little bit of the shoulder. 20 long dry Maithania Red Chillies. if Maithania is not available then try other dry red…
- Three doors before competenceIn 2026, leadership has a new sequence. Not because competence stopped mattering— but because competence is no longer the first filter. In a world of distributed teams, AI-augmented output, low…
- The architects of timeHospitality is moving from servicing lifestyle to supporting human emotions and biology. This is not a “wellness trend.” It is the next operating system for luxury. We live in continuous stimulation…
2025
- Hushpitality: designed silenceDesigned silence &. calm The advent of “Hush”pitality Silence is no longer accidental; it is designed, protected, and sought after. From deserts and rainforests to sound-aware retreats, hushpitality…
- Sixty-five restaurants: some hard truths65 + Restaurants across the world some hard truths. Yes it’s satisfying to run / own a restaurant but those who own it realise it’s a labour of love and sometimes an expensive hobby. It helps if one…
- The core five of serviceIn the age of automation there will be a premium on genuine human to human interactions 28 years in luxury hospitality across brands here is what my secret sauce is and it’s brand agnostic because it…
- Standards are the floor, not the ceilingThere’s a Quiet Shift I’ve Seen in Luxury Hospitality. Not in the marble and the thread count. In the moments between—where the guest decides whether they felt served... or genuinely understood. I’m…
- A simple take on hotel and restaurant brandingIt’s a vast subject and is a very progressive discussion and much deliberation in the evolution of brands, please read this short post as “THOUGHT STARTERS” and not “ABSOLUTE TRUTHS” If you had 4…
- Porter's value chain for hospitalityMost people treat Porter’s Value Chain like a textbook model. But in hospitality, travel, wellness, and restaurants, it’s actually a diagnostic tool for understanding where value is truly created —…
- Porter's five forces for hospitalityPorter’s Five Forces isn’t just an academic model. In hospitality, it’s a real-time radar for understanding pressure, power, and where profitability is quietly won or lost. Here’s a contemporary take…
- Strategy 101: thought startersWe still cling to the idea that strategy should deliver certainty. As if the right model, the right deck, or the right consultant will produce a perfect plan. But in hospitality, travel, wellness,…
- Food allergens: the new standard of serviceFood allergies and intolerances aren’t dietary trends—they’re medical truths. The Culinary & hospitality professional of tomorrow must master not just flavor—but also food safety. The Big 8 Allergens…
- The new status symbols of ultra-luxury travelIn 2026, the world’s most discerning travellers aren’t buying access anymore — they’re buying absence. Absence of noise. Of validation. Of the need to be seen. Because when everything is attainable,…
- Generative engine optimisation: hotels against the OTAsFrom OTAs to AI: The New Battle for Hotel Visibility For more than two decades, Online Travel Agencies (OTAs) have dominated the digital battlefield. Hotels watched as Booking.com, Expedia, Agoda,…
- Unseen and unheardMy lifelong pursuit of the Three U’s begins with the first: Unseen & Unheard. True hospitality lives not in spectacle, but in silence. The gestures that whisper become the ones guests carry with them…
- Uniquely unparalleledThe second of my Three U’s is Uniquely Unparalleled. In a world drowning in abundance, sameness is the greatest sin. Guests don’t want “amenities for all.” They crave singularity: the one gesture…
- Strategic asset managementIn today’s hospitality landscape, sophisticated asset management transcends traditional property oversight—it demands strategic orchestration of stakeholder alignment, capital optimization, and…
- The nightlife revolutionThe empirical evidence is unequivocal – we’re witnessing a paradigmatic transformation in social consumption patterns, and the most astute operators are already orchestrating their competitive…
- ADR, net ADR and triple net ADRMeasuring ADR or ARR should always come with a line of sight on NETADR & TRIPLE NET ADR. So in simple terms: ADR = Room Revenue divided by number of rooms nights sold. NET ADR = (Room Revenue LESS…
- Liquidity ratios: the hotel's pulseHospitality faces unique cash challenges - seasonal swings, high fixed costs, immediate service delivery. These ratios reveal your ability to meet obligations without asset liquidation. The Four…
- Money multiple, payback and profitability indexBuilding on our WACC, NPV, IRR discussions, these three metrics provide crucial risk insights that complete your investment analysis toolkit. What Are These Metrics? Money Multiple: Total cash…
- WACC for hotel professionalsUnderstanding your Weighted Average Cost of Capital (WACC) isn’t academic—it’s the cornerstone of strategic financial management for hospitality leaders. What is WACC? WACC represents the blended…
- IRR and XIRR for hotel investmentsIRR stands as the most intuitive investment metric, answering: “What return does this project actually generate?” Understanding both IRR and XIRR elevates your investment analysis capabilities. What…
- CAGR for asset managersWhat is CAGR? Compound Annual Growth Rate (CAGR) represents the mean annual growth rate of an investment over a specified period longer than one year. Unlike simple averages, CAGR accounts for…
- Four hotel valuation techniquesHotel valuation combines art and science, requiring multiple methodologies to arrive at accurate asset pricing. Understanding these four core techniques enables sophisticated investment decisions and…
- The cash conversion cycle in Indian hotelsWhat is CCC? Time it takes for your hotel to convert inventory investments into cash receipts. Measures how long cash is “trapped” in operations. Formula: CCC = DIO + DSO - DPO • DIO: Days Inventory…
- Economic value added in hospitalityEVA reveals whether your hotel operations truly create wealth or merely generate accounting profits, representing one of the most sophisticated performance measurement tools. What is EVA? EVA…
- NPV for hospitality professionalsNPV stands as one of the most reliable quantitative tools for investment appraisal, providing objective analysis for complex financial decisions. What is NPV? NPV measures the difference between…
- Linear programming in the hotel bakery🏨 HOTEL MANAGERS: Stop leaving money on the table! Linear Programming can revolutionize your resource allocation and boost profits by 15-25%. Here’s how using a simple bakery example 🧁 THE REAL…
- Why revenue missed budget: price, volume and their interactionMost hotel managers panic when they see revenue variances but don’t understand what’s driving them. Smart managers use three-component analysis to find the real story. Example: Hotel with 200 Cr Room…
- Org structures and the span of eightMost hotels use outdated structures. Here’s what works: 🔹 ORG STRUCTURES: Functional: Departments by specialty (housekeeping, F&B, front office) ✅ Clear expertise ✅ Efficient resources 🎯 *Best for:…
- FLOW and FLEX: beyond operating leverageBuilding on Operating Leverage, FLEX and FLOW are essential metrics measuring profit efficiency during revenue fluctuations. Definitions: FLOW = Change in GOP ÷ Change in Revenue (revenue increases)…
- Operating leverage: the profit multiplierDegree of Operating Leverage (DOL) quantifies how operating income responds to revenue changes - critical for understanding profit volatility and valuation impact. DOL Formulas: 1. Standard: DOL = (%…
- CAPM as a hurdle rate for capexThe Foundation of Modern Portfolio Theory The Capital Asset Pricing Model (CAPM) remains one of the most fundamental concepts in finance, helping investors understand the relationship between risk…
- The Greiner growth model in hospitalityOrganizational evolution follows a predictable pattern of growth phases interrupted by transformative crises. Larry Greiner's model illuminates this journey through six stages, each with distinctive…
- The new luxury of quiet hospitalityIn a world of constant noise and endless notifications, luxury has been repurposed. The ultimate indulgence now? Spaces that allow us to think deeply, sleep soundly, move slowly, and live quietly.…
2024
- The Lodhi, from good to greatDe-mystifying Magic..... I wanted to share a document that chronicles the "Good to Great" Journey of The Lodhi New Delhi. (This is hot on the heels of my previous post where I showcased some of the…
- USALI 12th edition: market segmentsExcited to share insights inspired by the new USALI 12th Edition on Market Segments! Having engaged with industry experts in Sales, Marketing, and Distribution, aligning terminology is key for data…
- Champagne bottle sizes, quarter to MelchizedekMany moons ago in the pre-google era (late 1990's), I was quizzed in an interview about Champagne Bottle sizes, and to their surprise, I knew the answer. For those interested, here are the…
- The 100-crore year at The ClaridgesWeitzel and Jonsson‘s model is a great way to plan a resurrection from organizational decline. Using this framework as a uguideline and blue ocean framework I have yet again managed to salvage a…
- Turning a breakfast problem into an advantageFolks happy to share an example of how to turn constraints into competitive advantage using a “Blue Ocean” thought process. Breakfast was distinctly a substandard and scattered experience at The…
2023
- Income statement, balance sheet and cash flowPerhaps a little more complex ... but very important for people starting out in the management field of anything to be aware of. This is as simplified as I could put it ! The income statement, cash…
- How the three statements connect: a worked exampleFollowing up on my previous post of INCOME STATEMENT | CASH FLOW & BALANCE SHEET. - let me give you an example to illustrate the connection between the three financial statements. Let's say we have a…
- The break-even pointBy popular demand a simple explanation of the BEP - something every operating manager should be aware of and track daily. The break-even point is the level of sales at which the total revenue equals…
- Operating leverage for non-finance managersI was asked by a few hospitality colleagues to explain Operating Leverage to non finance managers. I have attempted to put together a simple overview of this concept. It is of importance for managers…
- VAS design: a bar, before and afterHere’s another before after ...... VAS Design is not about putting insane money into something but reimagining the space with a creative story and spin...... so proud of this bar it has won numerous…
2022
- Upsize before you downsize: Ansoff's matrixDownsizing is usually tragic - I believe in upsizing the business and applying Ansoff’s Matrix to see how the business can be expanded by utilising the excess existing capacity / capability ! 1) New…
- Taj Exotica Maldives: my first GM roleFound an old document that encapsulates my first GM Role at Taj Exotica Resort and Spa, Maldives. I was stressed out in early 2006 but the hardwork put in by all of us we not only completed the…