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.
You will never have an extraordinary hotel, restaurant, bar, or any other type of business if your employees are complacent. You must strive for excellence and truly care about all facets of a business in order to be best in class. It doesn't come from formal on boarding, standard operating procedures, or client analytics. True excellence comes from a passion and an enthusiasm for every task within a business. Passion comes from within each of us. We can't look to anyone else to motivating us into being exemplary. If you want to be amazing, it's up to you. Only you can motivate, inspire, or pump yourself up. While you can research or study how to implement optimism into the way you serve others, only you can make the decision to implement techniques into your life to be better.
It may seem overly simple to say that successfully opening a hotel requires a clear strategy, but a surprising number of properties are developed and opened each year with less than a fully-developed strategy in place. A few of them struggle through and manage to make it, while a large number of them fail.
This article is designed to include the keys to business planning and development success but there are changes occurring in our industry that require monitoring. These include disruption (is it really disruption or is it innovation?) and changes that have transformed our industry from an art to a science. Before we complete our business plans for 2017, a review of macroeconomic data is in order. China's growth is slowing, Europe remains suspect due to the Brexit and limited growth signs but we do not anticipate a recession in the U.S. economy in 2017. Despite the economic uncertainty and global terror threats, we believe a soft landing will keep the U.S. slowing to about a 1.5 percent GDP growth rate in 2017.
Right now, the hotel industry is experiencing a virtual gusher of new brands. There are so many new faces on the logo tree that even as a keen observer of our niche in the world, I am having difficulty placing what brand goes with what house. I imagine that launching a new brand registers some excitement in the corporate head office, adding a somewhat pleasant diversion for the c-suite executives from the real work of fighting the real issues such as the encroachment of alternate lodging providers, elusive millennial travel desires, waning loyalty or the market domination of the OTAs.