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Hospitality and Tourism

According to the American Hotel and Lodging Association, “Tourism is the fastest growing industry on the planet, with international tourism expected to grow at an average of 4.1% through 2020.” Businesses that are involved in or those who provide services to the hospitality industry are very susceptible to issues such as business interruption, physical damages and extra expenses that can impact their ability to serve their customers.

Hospitality and Tourism Forensic Accounting Experts

MDD has extensive experience working with professionals and attorneys who represent clients in this sector. MDD’s professionals have the credentials and training required to perform accurate, and credible quantifications of economic losses. Equally important, we have a solid understanding of seasonality, market conditions and other factors related to the hospitality industry that need to be taken into account when assessing damages.

Recently, we helped an independent adjuster quantify the lost revenue associated with a natural disaster that crippled the tourism industry in a major metropolitan area. We also assisted the adjuster by reviewing property damage invoices and cost estimates with local building consultants and engineers.

When required, MDD can provide expert witness testimony that will stand up to the scrutiny of cross-examination. We have provided litigation support services to our hospitality clients – including writing reports and other forms of documentation – on numerous occasions.

MDD provides hospitality services such as:

  • Calculating lost profits, business interruption losses and extra expenses incurred
  • Reviewing the company’s operational financial records
  • Interviewing key management, staff
  • Analyzing industry data to determine the event’s impact on profits
  • Performing comparative analysis of the company’s projected performance to its actual performance before, during and after the impacted period
  • Examining non-loss-related events and conditions that may have affected actual sales during the impacted period
  • Calculating damages solely attributable to the incident and identifying/verifying extra expenses that served to mitigate the loss of business income
  • Analyzing demands of loss of income arising from personal injury claims.
  • Providing expert witness testimony and litigation support services when necessary

For help in arriving at rapid and equitable settlements for hospitality related claims hire MDD.

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