Hyatt hotel -entrepreneur Essay Example for Free

Hyatt hotel -entrepreneur EssayHow does it note to stay in one of the most expensive and most luxurious hotels in the world? How does it quality to deem all sorts of amenities and numerous variations that enhance the quality and satisfaction of a clients stay at a hotel? No, it is not too good to be true since the establishment of the Hyatt raft in 1957. Hyatts first property called the Hyatt House was built at the International Airport of Los Angeles. Currently, on that point be over 215 Hyatt branded hotels and resorts in 43 different countries around the world. Hyatt corps includes the Hyatt, Grand Hyatt, Park Hyatt, and Hyatt Regency brands. Hyatt exposed their first overseas hotel, the Hyatt Regency Hong Kong, in 1969. It was later on in the 1980s when the Park Hyatt and the Grand Hyatt brands were introduced. in that location are hotels located in many culturally diverse rich destinations that attract not only if families, only when in like manner transaction travelers as well. These hotels include sophisticated technology, leisure, banquet, and conference facilities, and state of the art technology.Hyatt Corporations are most known for their deluxe and exclusive hotels located in major and secondary cities throughout the full(a) world. This international corporation has brought about more than 20,000 jobs opportunities for many around the world. It has provided excellent customer services and as an international cordial reception constancy, they also hold conferences, banquet parties, and catering events. It was not easy to set up an interview with the entrepreneur of this Grand Hyatt Hotel, Hyatt R.von Dehn, but I was fitting to meet him in person at a conference that was held at Park Hyatt Los Angeles. In the end, I was able to catch his attention for the outlast ten minutes with my curious questions. Mr. Von Dehn briefly explained to me that when he originally began his own business, he was tired of on the job(p) for other domi nating bosses and he knew that it took money, which he had enough, to make more money. In the early stage of the business, he was not expecting to make a lot back on his revenues, but with the support of his family he was able to preview and share the vision of success with them.This brought out one of the main key points that he told to me direction on when it came to starting up a business you have to be a self-motivated entrepreneur. A vocalize of advice which he gave me was, When you want to launch a successful business, it all depends on your own potentials and nobody elses. get under ones skin sure you choose to invest on something that you enjoy and that you are very passionate on. Every business established has numerous amounts of regulations and limitations that one must comply to.For Hyatt Hotels, there are a list of xxx different sanitary regulation, protection for the physical plant, and one of the most known would be the American with Disabilities bend (ADA). Hotel s have to quality and comply with trustworthy requirement which the government demands. These obligations may be related to certain fixtures that can vary from ceilings, walls, and flooring to telephones, water fountains, to cables. Sometimes certain regulation are not in all necessary, however, Mr. Von Dehn himself stated that anything that will benefit the hotels and its customers is something necessary.Of course, it is more convenient for his Hyatt hotels to have fewer regulations, but he also admitted that as a result of these detailed regulations, it has allowed Hyatt Hotels to rank so highly in the hospitality industry. Currently, the hotel measure rate is 6 percent and all Hyatt hotel owners, managers, and operators must collect taxes from their guests. Taxes are applied to every quiescency room that is being rented out. Certain main cities and different countries can vary on tax rate for the hotels, but it can vary up to 7 percent.Mr. Von Dehn did not specify what benefi ts he arrived from the taxes, but one thing that he would like to change are the rate of taxes in major cities and assorted countries. Despite the fact that raising 2 or 3 percent on tax range may not seem as much, when a busy hotel receives a lot of customers and clients, they also have to pay a higher hotel rate. Personally, I agree with him. I think that there should only be a specific tax rate for hotels that should be applied to most hotels.Like mentioned before, Hyatt is a snobbish owned corporation that has many branded hotels and resorts Hyatt Regency, Grand Hyatt, Hyatt, Park Hyatt, and Hyatt Resorts. Hyatt Corporations are located within the united States, Canada, and the Caribbean. International Corporations have Hyatt hotels and resorts overseas, such as China, Italy, Japan, Saudi Arabia, and much more. According to the financial statements for the Global Hyatt Corporation, it was enter that in 2005, hotels and resorts employed over 88,647 employees.Hyatt Hotels pr ovide its employees with significant and beneficial wages, healthcare, and pension increases every year. Employees that do not get tipped can range from having a wage increase from $12. 10 to $14. 60 per hour. Servers and the hold department receive $3-$5 per hour plus tips, but when business is seldom, their bosses will increase their periodical rate to minimum wage plus tips. Working on a long contract, employees may receive an average 7 percent annual increase on their salaries. Hyatt Corporation, Inc annual income statement declination 2005 December 2004.Revenue $11,555. 00 $10,099. 00 Cost of Goods Sold $10,242,00 $9,015. 00 Gross Profit $1,308. 00 $1,084. 00 Gross Profit Margin 11. 3% 10. 7% Operating Income $555. 00 $477. 00 Operating Margin 4. 8% 4. 7% Non-operating Income $268. 00 $304. 00 Non-operating Expenses $106. 00 $99. 00 Income Before Taxes $717. 00 $654. 00 Income Taxes $94. 00 $100. 00 boodle Income After Taxes $623. 00 $554. 00 Total Net Income $669. 00 $596 . 00 Net Profit Margin 5. 8% 5. 9% *US Dollar amount in millions Hyatt Corporation has an economic profit in the year 2005 compared to 2004.To begin, there is no negative profit and this already showed machinelike sign of profitability. Hyatts stocks are currently worth $47. 26 per share. They made a profit of over $1,456,000 from year to the next. Before when the industry was first established, business may no seem to go as well. nevertheless, it has been over five decades since its establishment and every hotel, resort, and vacation club creates a positive income and a profit. The rivalry for the hotel industry is always tight and competitive. Certain competitors include the Marriot Hotels, Sheraton Hotels, Ritz Hotels, and Hilton Hotels.Hyatt Hotels is a perfect competition where every hospitality industry fights for the beset positions and the highest ranking. This form of business does not perform neither homogeneous nor differentiated products since it is a hotel industry. F or other firms to enter this business, investors must qualify for certain acts and requirements. In the long run the firm is unceasingly growing and economically profiting annually. I would definitely invest on buying Hyatt stocks because I know that their industry is yet to increase.I have stayed at Hyatt Hotels myself and I can tell everyone that clients and customers need not to mystify because this five star hotel provides perfect satisfaction and quality to everyone.WORK CITED Bulletin, Manila. Hyatt Regency GM Farid Alain Schoucair Living One solar day at a Time. 8 June 2003. Little, Rebecca. Lodging Avoiding ADA violations that can cost you. http//www. lodgingmagazine. com/index. cfm? fm=Article. Detailaid=54 2006. The Five-Star Stars. business organization Asia. Vol. 8 September 2000.