The accounting year is from 01 January to 31 December and is divided into 13 four weekly periods. The trading week is from Friday to Thursday. Weekly trading reports are circulated to all heads of department. Period profit and loss accounts are sent to all heads of department and the area director.The business market is Monday to Thursday and preferential rates are offered to number of large organizations. Whilst the business market is expanding, there is fierce competition from two newly opened hotels some five minutes away from the Palgrave. The organized groups are mainly from the UK, Japan and USA. There are a number of contracts with British tour operators for the weekend breaks to shops, museums and theatres. A reciprocal booking arrangement exists between the other four London hotels within the group. The crew contracts with major airline have options on 45 rooms per night.Since opening the Palgrave Hotel in 1985, the first five floors of the hotel have remained unaltered. Even though quality materials were used at the time, these 80 rooms are no longer to a Bloomsbury Hotels standard. The ‘eighties’ style decoration of bright colours and worn furnishings are a dramatic contrast to the upper ten renovated floors.The rooms on floor 1 to 5 represent a potential risk to the hotel operation. The horizontal piping in the bathroom is in a poor state. At Christmas an abnormally high water pressure caused pipes to burst in fifteen rooms leading to flooding on all five floors and through to the lobby the damages caused was estimated at 40,000 pounds. We were lucky to be able to claim on insurance as under most. Project Management Report And Plan.
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