A study of the "Mega Vacation Rental" business model (companies with a minimum of fifty and often hundreds of rental units) shows some significant differences when comparing their operations and metrics to their established hotel industry brethren.
We are sitting in a meeting with the CMO and a new marketing operations director from a large, well-established company. They had called and asked for a meeting to help kick their marketing metrics and dashboard up a notch.
The Hospitality industry is one of the most volatile to invest in. The mantra 'customer is king' must have emanated from this Industry because there is no other sector where customer satisfaction is more emphasized as it is in hospitality. While you might offer the most luxurious facilities, overlooking simple issues can instantly lead to a criticism from your customers. In this age of instant communication, the situation is even worse because the information about your poor services will be shared rapidly. As a hotel maintenance manager, you should always be on the lookout for any glitches that can lower customer satisfaction levels. This is however easier said than done; from floor management, to house-keeping management and much more. The job profile is really hectic. This is where Computerized Maintenance Management System (CMMS) comes in handy. The system helps optimize hotel maintenance, thus assuring high customer levels throughout. To understand better how CMMS software helps you achieve outstanding customer satisfaction, consider the following factors:
Like it or not, corporate governance is about to change in a big way. President-elect Donald Trump has already been talking tough about "dismantling" the Dodd-Frank Act. Many of the Dodd-Frank policies were put in place to curb banks from causing another financial crisis, but others like "Say on Pay" make little sense. While the U.S. Congress and Trump battle it out in 2017, there are a number of trends and actions in corporate governance that public boards should be thinking about in the New Year:
I was recently interviewed by GlobeSt.com to discuss Chinese investment in the United States, including why the US is an attractive market for Chinese dollars, how it helps the US economy, and what it means for the Chinese market. Some selected excerpts from our conversation are below.
An internal audit is a good way to begin to review your competitiveness. Internal assessments or audits help uncover and highlight asset and people relationships key to positively impacting customers' results. The purpose of the audit is to assess your organization's resources and capabilities. A good competitive asset assessment methodology requires two key ingredients, a champion and a framework...
Years ago, and well before my hotelier days, I traveled to Bentonville, Arkansas selling ergonomic furniture, mouse pads and the like. The Walmart offices were huge then and I can only imagine how much they have grown since. Today, Walmart is the world's largest company by revenue ($288 billion) and employees (2.2 million), rivaling the GDP of many nations, including some that are traditionally defined as first-world.
The strengthening of the rand against the pound and the dollar is unlikely to deter visitors to South Africa. Initial concerns that Brexit would stop Europeans from making long-haul trips have proved incorrect.
A hotel's value can be categorized into real property and personal property. Real property includes the land and improvements. Personal property includes tangible1 and, sometimes, intangible2 personal property. When valuing a hotel for ad valorem tax purposes, it is often necessary to separate the tangible personal property value from the real property value, as many jurisdictions tax the real property separately. This article describes a methodology for separating the tangible personal property from the real property value of hotels.
Who hasn't heard of the "absent-minded professor"? These individuals illustrate the reality that intelligence in principle doesn't always equate to intelligence in practice. Smart actions are mostly proactive versus reactive in nature. Smart business and interpersonal decisions stem from measured and strategic thought… and this means thinking beyond both the moment and oneself. Of course, this is much easier said than done, as research on brain functioning shows that humans are fundamentally hardwired to think and act in more reactive ways. Yet many studies also validate the critical importance of Emotional Intelligence (EQ) and Self- Awareness in thinking beyond oneself to function effectively as a leader. Relating to others, reading and responding to social cues and adapting presentation and messaging style are the advantages that come with a high EQ. It also takes keen self-awareness to recognize one's limitations and be receptive to the value that others bring to the table. It also takes high EQ and self-awareness to know both when and how to address conflict.
Chaos is a reality in too many organizations. Thriving in the midst of madness can be nerve wracking and exhausting. During the holiday season this can be exacerbated even further. During these trying times it is important to maintain focus on our own goals and the goals of our organizations. We have to know that we have something to achieve, a mission to accomplish. Being cognoscente of our aspirations can help us to overcome minor inconveniences. Frustrations are bound to be abundant during hectic situations. We have to maintain our resolve and retain our sense of passion for the work we do.
Trump International Hotel & Tower New York is among more than a dozen hotels across the world owned by renowned businessman turned POTUS, Donald Trump. As it is, the man is no stranger to the hospitality industry, a fact that gives optimism to industry players not only in the US but also to the entire world. Trump's hotels are eminent for their lavish style of architecture and facilities as well as their prominent residential locations that offer nothing less than class.
HVS is pleased to share the analysis and insights of the 2016 Hotel Development Cost Survey – India. The development cost is an important aspect of a hotel project that determines its viability. HVS, over the years, has helped investors estimate the overall cost of developing a hospitality project as part of the multiple feasibility studies we have performed for varied asset types across all positioning. This survey endeavours to enhance the knowledge and understanding of industry stakeholders on the subject based on actual development costs of recently opened hotels in India.
Over the past few years, the popularity of multi-branded properties has exploded. Less than a decade ago, a dual-branded hotel was an oddity. Then dual branding became more common, and some properties began to use more than two brands, so "multi-branding" was born in the hotel industry. In the early days, multi-branding resulted from unique circumstances. Today, it is driven by a number of factors discussed below, and there are nearly 100 properties with multiple brands and nearly that many again in construction.
Whether the setting is sun-and-sand, snow-and-ski, or an indoor water park, today's destination resorts commonly feature real estate ownership programs. Structured as whole ownership, fractional ownership, or timeshare, these "residential" condominiums typically feature fully equipped kitchens and multiple bedrooms. This article provides a brief overview of this concept, using a turnaround case study to demonstrate methodology for evaluating ownership component economics.
41% of recruiters who work in the catering or hospitality industry find 'word of mouth' to be the most effective form of recruitment, according to a recent survey by catering equipment specialists Nisbets.
Having recently returned from the European Foodservice Summit in Zurich I was reminded of the fact that the restaurant sector is one where entrepreneurs are still able to challenge the 'big players'. Creativity and innovation are thriving and those that are willing to take risks are being rewarded by customers who flog to those new restaurants in search for 'the next big thing'. London, it seems, remains one of those global 'hot- spot' for up-and-coming restaurants. Robin Rowland, CEO at YoSushi! described the city's food scene at the conference as "unique, sizzling and exciting".
Hotels and resorts are usually sold as operational entities. As such all operational agreements made with the previous owners are passed on to new owners to be honoured. This includes, for example, new bookings, equipment hire and staff contracts. This makes the sale of a hotel different from typical property transactions, where the property is sold without such complications.
You've competed for the business and won the contract. Now comes the opportunity to fulfill your promises and demonstrate the wisdom of the owner's choice. Third-party managers can be perceived as heroes or conquerors depending on their initial approach. Just as a firm handshake, eye contact and a warm smile set the stage for a cordial, productive meeting, a seasoned third party manager knows that success will come more swiftly if they approach their new team with respect and understanding. Follow these simple tips and you'll start building success with your new team from day one."
Expert opinion is coming together: many now point to mid-2017 as the end of the current boom cycle in the hotel and resort business and, no, few experts anticipate anything like a crash or the mayhem of the recent Great Recession. But the good times, and the forever upwards urge of RevPAR, probably is indeed coming to a halt within nine or ten months.