It’s no easy path being a hotel owner. The hospitality industry is fiercely competitive, and constantly changing to meet the needs of the customers. Yet, there are great opportunities for financial rewards if success is achieved.
With the New Year rapidly approaching, there’s no better time to take a look at some of the biggest hotel owner mistakes made. By contemplating mistakes you might have made, or hope not to make, you can arm yourself with the best weapon of all – knowledge.
When it comes to hotel renovations, the term can be fairly vague at times. For our purposes we will be discussing major capital renovations. Meaning renovations that will increase the life of your asset.
Typically the purpose of a renovation is to strengthen, add or improve revenue streams, which can and will happen when the life of your asset is increased.
When it’s all said and done, we are always striving to increase the value of our hotels, and renovations are an excellent way to do so.
How often should your hotel be renovated? There is no perfect equation that will help you determine that, but keep in mind the fierce competition in the industry as well as constantly changing trends and technological advancements.
Of course, any renovation desired needs to bring a substantial return on the investment for it to be worth it, so as we suggest some renovations that may increase the value of your hotel, be sure to meet with your financial team to discuss what is realistic for your asset.
People venture into a restaurant to eat the food. People visit their fitness studios to workout. People travel to a hotel to sleep. If any one of those businesses simply relied on the purported “main service,” would they be profitable? Maybe somewhat, but not as much as they could be. Restaurants train team members on
Though it may be more fun attracting leisure and transient travelers, group and meeting business make up a substantially larger piece of the revenue pie for hotels. Often times, group and business events make up nearly 50% of a hotel’s revenue – that’s some serious cash! Most likely you’re already well aware of the revenue percentage your hotel receives from groups and meetings, but are you equally as aware of every ancillary income opportunity? Do you have the most profitable strategies and practices in place, that will help positively impact your bottom line? As we head into the new year, it’s imperative that your entire management team has the knowledge and tools in order to hit every revenue goal throughout the year. Heed the following advice and practices, and you will be one of the profitable hotels exceed all revenue goals for 2016.
10, 9, 8, 7… the countdown has begun, and no, not for the epic ball drop ringing in 2016, but for the rapidly approaching due date of your hotel’s budget and marketing plan for the new year. This is an instrumentally important tool for your hotel, it can truly influence the success or failure for the next year.
A Coach pours over each play by play of past games, taking notes, jotting down fresh ideas. As the team practices every day until the next game, the coach implements new strategies and teaches his players new tactics. It’s game time once again, the team is ready, they’ve rehearsed their new plays a hundred times.
Be prepared, not scared. Budget planning season has rolled around once again, and with it tends to come stress, worry, and frustrations, but that doesn’t have to be the case. Of course, budget and marketing plans are developed to set goals, targets, and hold everyone accountable. With that being said, this is also a learning
Think back, what’s your earliest memory of having a story read to you? For as long as humans have existed on this Earth, storytelling has existed. It isn’t difficult to discern why humans love stories – emotion. Listening to, or a reading a story offers an opportunity to connect with people, places, and events emotionally. People love stories, because stories are an opportunity to feel something. Hotel’s should use stories as an opportunity to significantly increase revenue, through emotionally connecting with guests.
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