Cost management in hotel business: Applications in five star hotels in the province of Istanbul

Increasing competition in today's market has made cost and profitability extremely important for businesses. Operating a correct and reliable cost table is one of the most important factors that will succeed. Under these conditions, businesses need to have good cost management in order to survive. When both competition and product variety are available, traditional cost methods are inadequate for realistic and accurate cost accounting. For this reason new approaches to costing methods have emerged. At the same time, these methods are guiding the decisions of the enterprises. The cost is especially important for hotel management, which offers more than one service at certain times and at the same time. For this reason, in this study, the cost systems of the five-star hotel management, which has a complicated structure by referring to the cost systems, has been given information about the cost system and its importance has been mentioned. The aim of the work is to get information about cost systems to find the most accurate costing system for hotel management. It is possible to reach the optimum profitability level with the cost method that is correctly determined and integrated into the system in hotel businesses. Considering that one of the most important factors in marketing rooms in city hotel business is price parity in the high-level competitive environment in the sector, the correct costing system applied determines the way to make more profit than competing hotels by marketing the rooms at a lower price than the sector average.