The First Group Asset Management manages over 3,000 property units within Dubai and the UAE. It is led by a diversified team that combines more than 75 years of experience within the hotel, residential, serviced offices, retail management and consultancy sectors.
Feasibility Phase: Once a development has been secured and appointed to our team, the first task is to determine the hotel criteria, such as room mix, F&B outlets, leisure facilities, etc. We undertake an in-depth analysis of the market to identify niches that can be filled that will prove crucial to the hotel's long-term success.
"Valued Added Tax" (VAT) is an indirect consumption tax added to the price of goods and services at the time of purchase. Although the VAT is added at every stage of the supply chain, the final consumer of the good or service ultimately bears the burden of the tax.
The first draft of the hotel's budget needs to be submitted based on the management agreement. It is advisable that the owner and the appointed asset manager request the operator to submit the budget by 1st October.
Before assessing the opportunity, the HAM should understand the type of owner who will be buying the property. In this industry, the diversity of owners ranges from Real Estate Investment Trusts (REITs), individual owners, hotel owning companies to family offices.
Conventionally, the function of an all-day dining is to support the rooms department, serving as a convenient F&B outlet for internal guests. As the industry gradually shifts away from this model, it is the hotel asset manager's responsibility to advise both their owner and appointed operator to revise the dining concept.
Principle 1: On the top line, the Hotel Asset Manager (HAM) needs to divert away from strictly focusing on Rooms strategies.The risk of a hotel being treated as a commodity forces operators to solely compete on price, thus giving the hotel guests bargaining power.
What exactly is this shift in luxury and what are the causes?As wealth is being redistributed across the globe, the social hierarchy between the rich and poor is losing stature. Estimates reveal high growth within the middle class, which is expected to reach 3.
Based on our field and secondary research, we have come up with four critical strategies that can help to solve or limit this alarming issue.Strategy I: Apply correct recruitment strategy The key to reducing staff turnover starts with recruiting the most suitable employees for the positions available, emphasising the importance of identifying the correct fit.
In an industry first, hotel asset management specialist TFG Asset Management has revealed the financial impact of high staff turnover on Dubai's booming hotel industry.Dubai's hotel room supply grew five percent in 2016 to surpass the milestone of 100,000 rooms for the first time.
In this white paper, TFG Asset Management in collaboration with the Emirates Academy of Hospitality Management analyse the hospitality labour market in Dubai and identifies the main challenges facing operators in retaining elite staff.
